Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 1367

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 4
Chunk 1367
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ifying the portfolio and establishing parameters to help manage exposures.

45 

Item 8.Financial Statements and Supplementary Data

REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors

NI Holdings, Inc. 

Opinions on the Consolidated Financial Statements and Internal
Control over Financial Reporting

We have audited the accompanying consolidated
balance sheet of NI Holdings, Inc. and Subsidiaries (the “Company”) as of December 31, 2024, and the consolidated statements
of operations, comprehensive income (loss), changes in shareholders’ equity, and cash flows for the year ended December 31, 2024,
and the schedule listed in Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). We also have
audited the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal
Control – Integrated Framework: (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial
statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024,
and the results of its operations and its cash flows for the year ended, in conformity with accounting principles generally accepted in
the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial
reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework: (2013) issued
by COSO.

We also have audited the adjustments to the Company’s
2023 and 2022 consolidated financial statements to retrospectively apply the change in accounting for (a) discontinued operations described
in Note 3 and Note 20, and (b) the adoption of ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures
described in Note 21. In our opinion, such adjustments are appropriate and have been properly applied. We were not engaged to audit, review,
or apply any procedures to the 2023 or 2022 consolidated financial statements of the Company other than with respect to the adjustments,
and, accordingly, we do not express an opinion or any other form of assurance on the 2023 or 2022 consolidated financial statements taken
as