Company: NODK
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001174947-25-001142
Chunk: 169

Company: NI Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 169
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 realized gains of $9 and losses of $82 for the three and six months ended June 30,
2024, respectively. The elevated net realized gains in the six months ended June 30, 2025, were driven by sales of equity securities that
were executed as part of the strategic management of our investment portfolio. No credit impairment losses were reported during any of
the periods presented.

We experienced a decrease of $517 and an increase of $26 in net unrealized
gains on equity securities during the three and six months ended June 30, 2025, respectively. We experienced a decrease in net unrealized
gains on equity securities of $589 and an increase of $958 during the three and six months ended June 30, 2024, respectively. These results
were driven by the impact of changes in fair value attributable to overall favorable or unfavorable equity markets during those periods.

Our fixed income securities are classified as available for sale because
we will, from time to time, execute sales of securities that are not impaired, consistent with our investment goals and policies. The
fixed income portion of the portfolio experienced net unrealized gains of $1,469 and $4,782 during the three and six months ended June
30, 2025, respectively, compared to net unrealized losses of $923 and $2,730 during the three and six months ended June 30, 2024, respectively.
The changes were primarily the result of changes in U.S. interest rates. The change in the fair value of fixed income securities is not
reflected in net income; rather it is reflected as a separate component (net of income taxes) of other comprehensive income.

Income (Loss) before Income Taxes

For the three months ended June 30, 2025, we had a pre-tax loss of
$15,324 compared to a pre-tax loss of $9,070 for the three months ended June 30, 2024. The year-over-year change was largely attributable
to the catastrophe losses for Home and Farm in North Dakota and unfavorable prior year loss reserve development for Non-Standard Auto,
partially offset by improved loss experience for Private Passenger Auto and higher net investment income.

For the six months ended June 30, 2025, we had a pre-tax loss of $7,575
compared to pre-tax loss of $237 for the six months ended June 30, 2024. The year-over-year change was largely attributable to the catastrophe