Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 282

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1A
Chunk 282
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 (loss) 
    $(2,321) 
    $8,644  
    $(48,918)

    Year Ended December 31, 

    2024  
    2023  
    2022 
  
    Combined ratio: 

    Private passenger auto 
     88.4%  
     101.8%  
     112.3% 
  
    Non-Standard auto 
     118.5%  
     114.6%  
     99.3% 
  
    Home and farm 
     102.6%  
     91.0%  
     167.2% 
  
    Crop 
     66.0%  
     66.3%  
     64.7% 
  
    All other 
     99.3%  
     42.5%  
     96.2% 
  
    Total combined ratio 
     100.7%  
     97.0%  
     118.0% 

Underwriting gain (loss) measures the pre-tax profitability of our
insurance operations. It is derived by subtracting losses and loss adjustment expenses, amortization of deferred policy acquisition costs,
and other underwriting and general expenses from net premiums earned. The combined ratio represents the sum of these losses and expenses
as a percentage of net premiums earned and measures our overall underwriting profit.

The total underwriting gain (loss) decreased $10,965, or 126.9%,
for the year ended December 31, 2024, compared to the same period in 2023. The total underwriting gain (loss) increased $57,562, or 117.7%,
for the year ended December 31, 2023, compared to the same period in 2022. These results were driven by the factors discussed in the Losses
and Loss Adjustment Expenses and the Underwriting and General Expenses and Expense Ratio sections above.

The overall combined ratio increased 3.7 percentage points in the
year ended December 31, 2024, compared to the same period in 2023. The overall combined ratio decreased 21.0 percentage points in the
year ended December 31, 2023, compared to the same period in 2022. These results were driven by the factors discussed in the Losses and
Loss Adjustment Expenses and the Underwriting and General