Company: NODK
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001174947-25-001142
Chunk: 72

Company: NI Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 72
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in higher reinvestment rates in our fixed income portfolio.

41 

Gross and net return on average cash and invested assets increased
year-over-year, primarily driven by the favorable interest rate environment that resulted in higher net investment income on an increased
average fixed income securities balance (measured at fair value), partially offset by lower interest rates in the current year periods
for cash and cash equivalents. The increase in average cash and invested assets was driven by changes in the fair value of fixed income
securities due to the interest rate environment as well as positive operating cash flows during the first six months of 2025.

Net Investment Gains (Losses) 

Net investment gains (losses) consisted of the following:

    Three Months Ended June 30,  
    Six Months Ended June 30, 

    2025  
    2024  
    2025  
    2024 
  
    Gross realized gains 
    $246  
    $191  
    $749  
    $390 
  
    Gross realized losses, excluding credit impairment losses 
     (139) 
     (182) 
     (316) 
     (472)
  
    Net realized gains (losses) 
     107  
     9  
     433  
     (82)
  
    Change in net unrealized gains on equity securities 
     (517) 
     (589) 
     26  
     958 
  
    Net investment gains (losses) 
    $(410) 
    $(580) 
    $459  
    $876 

We had net realized gains of $107 and $433 for the three and six months
ended June 30, 2025, respectively, compared to net realized gains of $9 and losses of $82 for the three and six months ended June 30,
2024, respectively. The elevated net realized gains in the six months ended June 30, 2025, were driven by sales of equity securities that
were executed as part of the strategic management of our investment portfolio. No credit impairment losses were reported during any of
the periods presented.

We experienced a decrease of $517 and an increase of $26 in net unrealized
gains on equity securities during the three and six months ended June 30, 2025, respectively. We experienced a decrease in net unrealized
gains on equity securities of $589 and an