Company: NODK
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001174947-25-000721
Chunk: 127

Company: NI Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 127
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 to compensation, vendor services, and other administrative items.

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Item 2. - Management’s Discussion and
Analysis of Financial Condition and Results of Operations

The following discussion is intended to provide a more comprehensive
review of our operating results and financial condition than can be obtained from reading the unaudited consolidated financial statements
alone. Unless otherwise noted, the information in the following discussion is being presented for our continuing operations. This discussion
should be read in conjunction with the unaudited consolidated financial statements and the notes thereto included in Part I, Item 1, “Financial
Statements.” Some of the information contained in this discussion and analysis or set forth elsewhere in this Form 10-Q constitutes
forward-looking statements that involve risks and uncertainties. Please see “Forward-Looking Statements” included elsewhere
in this Form 10-Q. Part I, Item 1A, “Risk Factors” included in our 2024 Annual Report should also be reviewed for a discussion
of important factors that could cause actual results to differ materially from the results described, or implied by, the forward-looking
statements contained herein.

All dollar amounts included in Item 2 herein, except per share data,
are in thousands.

Financial Highlights

2025 First Quarter Consolidated Results of Operations

●Net income of $6,460, or $0.31 per share basic and $0.31 per share diluted

●Net premiums earned of $67,497

●Net investment income of $2,838

●Net unfavorable prior year reserve development of $1,418

●Underwriting gain of $3,812

●Combined ratio of 94.4%

●Operating cash flows of $9,888

2025 First Quarter Consolidated Financial Condition

●Total cash and investments of $398,901

●Total assets of $525,364

●Unpaid losses and loss adjustment expenses of $135,886

●Total liabilities of $271,364

●Shareholders’
equity of $254,000

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Results of Continuing Operations

Our consolidated net income from continuing operations was $6,460 and
$6,935 for the three months ended March 31, 2025 and 2024, respectively.

The major components of our revenues and net income for the two periods
are shown below:

    Three Months Ended March 31, 

    2025  
    2024 
  
    Revenues: 

    Net premiums earned 
    $67,