Company: NODK
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001174947-25-001142
Chunk: 62

Company: NI Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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 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 Second Quarter Consolidated Results of Operations

●Net loss of $12,051, or ($0.57) per share basic and ($0.57) per share diluted

●Net premiums earned of $73,005

●Net investment income of $3,146

●Net unfavorable prior year reserve development of $9,820

●Underwriting loss of $18,376

●Combined ratio of 125.1%

●Operating cash flows of $16,289

2025 Second Quarter Consolidated Financial Condition

●Total cash and investments of $406,097

●Total assets of $620,051

●Unpaid losses and loss adjustment expenses of $203,530

●Total liabilities of $376,728

●Shareholders’ equity of $243,323

37 

Results of Continuing Operations

Our consolidated net loss from continuing operations was $12,051 for
the three months ended June 30, 2025, compared to net loss from continuing operations of $7,478 for the three months ended June 30, 2024.
Our consolidated net loss from continuing operations was $5,591 for the six months ended June 30, 2025, compared to net loss from continuing
operations of $543 for the six months ended June 30, 2024.

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

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

    2025  
    2024  
    2025  
    2024 
  
    Revenues: 

    Net premiums earned 
    $73,005  
    $85,169  
    $140,502  
    $155,053 
  
    Fee and other income 
     316  
     695  
     546  
     1,099 
  
    Net investment income 
     3,146  
     2,523  
     5,984