Company: NODK
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001174947-25-001356
Chunk: 114

Company: NI Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 2
Chunk 114
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    Crop 
     10,364  
     10,885  
     20,697  
     20,315 
  
    All Other 
     3,834  
     3,293  
     10,633  
     9,273 
  
    Total net premiums earned 
    $71,905  
    $83,270  
    $212,407  
    $238,323 

38 

Below are comments regarding significant changes in net premiums
earned by business segment:

Private Passenger Auto – Net premiums earned
for the third quarter of 2025 increased $594, or 2.6%, compared to the same period in 2024. Net premiums earned for the first nine months
of 2025 increased $1,602, or 2.4% from the first nine months of 2024. Results were driven by new business growth in North Dakota as well
as significant rate increases in South Dakota and Nebraska, partially offset by lower new business and retention levels in South Dakota
and Nebraska as a result of underwriting actions taken.

Non-Standard Auto – Net premiums earned for
the third quarter of 2025 decreased $12,142, or 52.8%, compared to the same period in 2024. Net premiums earned for the first nine months
of 2025 decreased $31,116, or 41.6% from the first nine months of 2024. These decreases were driven by strategic decisions to exit Nevada
and significantly reduce written premium in the Chicago market. During the third quarter we also made the strategic decision to stop writing
non-standard auto business in Illinois, Arizona, and South Dakota, and existing policies will be non-renewed. We anticipate further reductions
in net earned premiums over the next twelve months as a result of the decisions to run off these non-standard auto operations.

Home and Farm – Net premiums earned for the
third quarter of 2025 increased $163, or 0.7%, compared to the same period in 2024. Net premiums earned for the first nine months of 2025
increased $1,856, or 2.8% from the first nine months of 2024. Results were driven by new business growth in North Dakota, rate increases,
and increased insured property values, partially offset by lower retention rates and new business levels in Nebraska as a result of underwriting
actions taken to improve profitability