Company: NODK
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001174947-25-001142
Chunk: 217

Company: NI Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 2
Chunk 217
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    Net cash flows from operating activities 
    $16,289  
    $34,760 
  
    Net cash flows from investing activities 
     (10,246) 
     (3,776)
  
    Net cash flows from financing activities 
     (189) 
     (202)
  
    Net change in cash and cash equivalents 
    $5,854  
    $30,782 

For the six months ended June 30, 2025, net cash provided by operating
activities totaled $16,289 compared to $34,760 a year ago. This change was primarily driven by lower levels of premium collections in
the current year, partially offset by lower levels of loss and loss adjustment payments in the current year.

For the six months ended June 30, 2025, net cash used by investing
activities totaled $10,246 compared to $3,776 a year ago. This change was primarily attributable to the proceeds from the sale of Westminster
and Westminster’s net cash provided by investing activities in the prior year, partially offset by a decrease in net cash outflows
for investment activities in the current year.

For the six months ended June 30, 2025, net cash used by financing
activities totaled $189 compared to $202 a year ago. This decrease in cash used was attributable to a decrease in the issuance of vested
award shares partially offset by an increase in principal repayments for finance leases.

As a holding company, a principal source of long-term liquidity will
be dividend payments from our directly-owned subsidiaries.

44 

Nodak Insurance is restricted by the insurance laws of North Dakota
as to the amount of dividends or other distributions it may pay to NI Holdings. North Dakota law sets the maximum amount of dividends
that may be paid by Nodak Insurance during any twelve-month period after notice to, but without prior approval of, the North Dakota Insurance
Department. This amount cannot exceed the lesser of (i) 10% of the Company’s surplus as regards policyholders as of the preceding
December 31, or (ii) the Company’s statutory net income for the preceding calendar year (excluding realized investment gains), less
any prior dividends paid during such twelve-month period. In addition, any insurance company other than a life insurance company may carry
forward net income from the preceding two calendar years, not including realized investment gains, less any dividends actually paid during
those two calendar years. Dividends in excess of this