Company: NODK
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001174947-25-000721
Chunk: 51

Company: NI Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 51
---
eded premium 
     (4,703) 
     (5,665)
  
    Total net premiums earned 
    $67,497  
    $69,884 

Net premiums earned for the three months ended March 31, 2025, decreased
$2,387, or 3.4%, compared to the three months ended March 31, 2024.

    Three Months Ended March 31, 

    2025  
    2024 
  
    Net premiums earned: 

    Private Passenger Auto 
    $22,658  
    $22,102 
  
    Non-Standard Auto 
     18,253  
     24,989 
  
    Home and Farm 
     23,721  
     21,414 
  
    Crop 
     (376) 
     (1,549)
  
    All Other 
     3,241  
     2,928 
  
    Total net premiums earned 
    $67,497  
    $69,884 

34 

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

Private Passenger Auto – Net premiums earned for
the three months ended March 31, 2025, increased $556, or 2.5%, compared to the same period in 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
three months ended March 31, 2025, decreased $6,736, or 27.0%, compared to the same period in 2024. This decrease was driven by strategic
decisions to exit Nevada and significantly reduce written premium in the Chicago market in recent periods to improve profitability. We
anticipate that this strategic shift away from Nevada and Chicago will result in a continued reduction of net premiums earned for Non-Standard
Auto in the near term.

Home and Farm – Net premiums earned for the three
months ended March 31, 2025, increased $2,307, or 10.8%, compared to the same period in 2024. Results were driven by new business growth
in North Dakota, rate increases, and increased insured property values. These increases were partially offset by lower retention rates