Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 1016

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 2
Chunk 1016
---
5,749  
    $7,371 
  
    Unpaid losses and loss adjustment expenses 
     1,286  
     1,681 
  
    Net unrealized losses on investments 
     4,762  
     6,421 
  
    Loss carryovers 
     2,506  
     851 
  
    Deferred compensation 
     603  
     579 
  
    Other 
     1,040  
     1,269 
  
    Total deferred income tax assets 
     15,946  
     18,172 

    Deferred income tax liabilities: 

    Deferred policy acquisition costs 
     5,976  
     7,693 
  
    Intangibles 
     —  
     1,243 
  
    Other 
     140  
     318 
  
    Total deferred income tax liabilities 
     6,116  
     9,254 

    Net deferred income tax asset 
     9,830  
     8,918 

    Valuation allowance 
     (2,506) 
     (505)
  
    Deferred income tax asset, net 
    $7,324  
    $8,413 

At December 31, 2024 and 2023, we had no unrecognized
tax benefits, no accrued interest and penalties, and no significant uncertain tax positions. No interest and penalties were recognized
during the years ended December 31, 2024, 2023, or 2022.

At December 31, 2024 and 2023, the Company had no
income tax related carryforwards for alternative minimum tax credits or capital losses.

At December 31, 2024, the Company had $2.5 million
in state net operating loss deferred tax assets, all of which are offset by a valuation allowance due to the Company’s judgment
that it is more likely than not that it will be unable to realize the benefits.

Battle Creek, which was required to file its federal
income tax returns on a stand-alone basis until the demutualization on January 2, 2024, had net operating loss carryforwards of $3,756
and $3,963 at December 31, 2023 and 2022, respectively. Subsequent to the demutualization, Battle Creek will be included in the NI Holdings
consolidated tax