Company: NODK
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001174947-25-001142
Chunk: 65

Company: NI Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 65
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2.3% from the first six months of 2024. Results were driven by new business growth in North Dakota as well
as significant rate increases in South Dakota and Nebraska, partially offset by lower new business and retention levels in South Dakota
and Nebraska as a result of underwriting actions taken.

Non-Standard Auto – Net premiums earned for the
second quarter of 2025 decreased $12,238, or 45.8%, compared to the same period in 2024. Net premiums earned for the first six months
of 2025 decreased $18,973, or 36.7% from the first six months of 2024. These decreases were driven by strategic decisions to exit Nevada
and significantly reduce written premium in the Chicago market in recent periods to improve profitability. We anticipate further continued
reductions in net earned premiums as a result of these decisions.

Home and Farm – Net premiums earned for the second
quarter of 2025 decreased $613, or 2.8%, compared to the same period in 2024. Net premiums earned for the first six months of 2025 increased
$1,692, or 3.9% from the first six months of 2024. Results were driven by new business growth in North Dakota, rate increases, and increased
insured property values, partially offset by lower retention rates and new business levels in Nebraska as a result of underwriting actions
taken to improve profitability. In addition, net premiums earned for the second quarter of 2025 were impacted by the recognition of higher
ceded premiums earned as a result of a significant catastrophe event in North Dakota during the second quarter of 2025.

Crop – Net premiums earned for the second quarter
of 2025, decreased $267, or 2.4%, compared to the same period in 2024. Net premiums earned for the first six months of 2025 increased
$906, or 9.6% from the first six months of 2024. The decrease in the second quarter of 2025 was driven by lower commodity prices compared
to the prior year. Net premiums earned for the first quarter of any year are typically the result of prior crop year premium adjustments
that correspond to the current year settlement of prior crop year claims. The year-to-date increase was driven by the recognition of more
favorable premium adjustments in the first quarter of 2025 compared to the first quarter of 2024.

All Other – Net premiums earned for