Company: NODK
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001174947-25-001356
Chunk: 415

Company: NI Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 415
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 notes thereto included in Part I, Item 1, “Financial
Statements.” Some of the information contained in this discussion and analysis or set forth elsewhere in this Form 10-Q constitutes
forward-looking statements that involve risks and uncertainties. Please see “Forward-Looking Statements” included elsewhere
in this Form 10-Q. Part I, Item 1A, “Risk Factors” included in our 2024 Annual Report and Part II, Item 1A “Risk Factors”
included in this Form 10-Q, should also be reviewed for a discussion of important factors that could cause actual results to differ materially
from the results described, or implied by, the forward-looking statements contained herein.

All dollar amounts included in Item 2 herein, except per share
data, are in thousands.

Financial Highlights

2025 Third Quarter Consolidated Results of Operations

●Net loss of $1,666, or ($0.08) per share basic and ($0.08) per share diluted

●Net premiums earned of $71,905

●Net investment income of $3,040

●Net unfavorable prior year reserve development of $8,554

●Underwriting loss of $6,521

●Combined ratio of 109.1%

●Operating cash flows of ($28,511)

2025 Third Quarter Consolidated Financial Condition

●Total cash and investments of $365,238

●Total assets of $543,815

●Unpaid losses and loss adjustment expenses of $157,383

●Total liabilities of $300,015

●Shareholders’ equity of $243,800

37 

Results of Continuing Operations

Our consolidated net loss from continuing operations was $1,666
for the three months ended September 30, 2025, compared to net loss from continuing operations of $2,705 for the three months ended September
30, 2024. Our consolidated net loss from continuing operations was $7,257 for the nine months ended September 30, 2025, compared to net
loss from continuing operations of $3,248 for the nine months ended September 30, 2024.

The major components of our revenues and net loss are shown below:

    Three Months Ended September 30,  
    Nine Months Ended September 30, 

    2025  
    2024  
    2025  
    2024 
  
    Revenues: 

    Net premiums earned 
    $71,905