Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 160

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1
Chunk 160
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0.07) 
    $(1.18) 
    $(0.71)

96 

21.       Segment
Information

We have five reportable operating segments of
our continuing operations, which consist of Private Passenger Auto, Non-Standard Auto, Home and Farm, Crop, and All Other (which primarily
consists of commercial, assumed reinsurance, and our excess liability business). Prior to the sale of Westminster on June 30, 2024, we
also reported a Commercial segment that consisted primarily of Westminster’s balances and results. Subsequent to the sale, Westminster
is reported as part of discontinued operations, which is not included in our segment information. The commercial business that remains
a part of our continuing operations has been included in the All Other segment for the current and prior periods presented. We operate
only in the U.S., and no single customer or agent provides 10 percent or more of our revenues. The following tables provide available
information of these segments for the years ended December 31, 2024, 2023, and 2022.

Our CODM is currently our President and Chief
Executive Officer (CEO). The primary profitability measurement used by the CEO to review segment operating results is underwriting gain
(loss). The CEO uses segment underwriting gain (loss) to allocate resources (including employees, financial and capital resources) for
each segment predominantly in the annual planning process. Segment underwriting gain (loss) is used to monitor segment results compared
to prior period, forecasted results, and the annual plan. For purposes of evaluating profitability of the Non-Standard Auto segment, we
combine the policy fees paid by the insured with the underwriting gain or loss as its primary profitability measure. As a result, these
fees are allocated to the Non-Standard Auto segment (included in fee and other income) in the tables below. The remaining fee and other
income amounts are not allocated to any segment.

We do not assign or allocate all line items in
our Consolidated Statement of Operations or Consolidated Balance Sheets to our operating segments. Those line items include net investment
income, net investment gains (losses), fee and other income excluding Non-Standard Auto, and income tax expense (benefit) within the Unaudited
Consolidated Statement of Operations. For the Consolidated Balance Sheets, those items include cash and investments, property and equipment,
other assets, accrued expenses and other liabilities, income taxes recoverable or payable, and shareholders’