Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 938

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 2
Chunk 938
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    $34,749  
    $(8,527)

For the year ended December 31, 2024, net cash provided by operating
activities totaled $38,506 compared to $51,028 net cash provided by operating activities a year ago. This change was primarily driven
by the severance payments to our former Chief Executive Officer and former Senior Vice President of Operations in the current year as
well as the receipt of a significant income tax refund during 2023.

For the year ended December 31, 2024, net cash used by investing
activities totaled $4,541 compared to $8,813 net cash used by investing activities a year ago. This change was primarily attributable
to the proceeds from the sale of Westminster as well as a decrease in the net cash outflows for fixed income securities in the current
year, partially offset by a decrease in the cash inflows from equity securities in the current year.

For the year ended December 31, 2024, net cash used by financing
activities totaled $3,643 compared to $7,466 a year ago. This decrease in cash used was attributable to a reduction in share repurchases
in the current year partially offset by the final pooling settlement between Nodak Insurance and Westminster.

For the year ended December 31, 2023, net cash provided by operating
activities totaled $51,028 compared to $15,294 net cash used by operating activities during 2022. This change was primarily driven by
lower claim payments and the receipt of a significant income tax refund during 2023.

For the year ended December 31, 2023, net cash used by investing
activities totaled $8,813 compared to $25,048 net cash provided by investing activities during 2022. This change was primarily attributable
to a decrease in maturities and sales of fixed income securities and an increase in purchases of fixed income securities during 2023 compared
to 2022, partially offset by an increase in sales of equity securities and a decrease in purchases of equity securities.

42 

For the year ended December 31, 2023, net cash used by financing
activities totaled $7,466 compared to $18,281 during 2022. This decrease in cash used was attributable to installment payments on the
Westminster consideration payable during 2022, partially offset by an increase in share repurchases during 2023 compared to 2022.

As a holding company, a principal source of