# NI Holdings, Inc. (NODK)

Informational only - not investment advice.

CIK: 0001681206
SIC: 6331 Fire, Marine & Casualty Insurance
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Insurance Carriers](/major-group/63/) > [SIC 6331 Fire, Marine & Casualty Insurance](/industry/6331/)
Latest 10-K filed: 2026-03-06
SEC page: https://www.sec.gov/edgar/browse/?CIK=1681206
Filing source: https://www.sec.gov/Archives/edgar/data/1681206/000117494726000305/nodk-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-06 · accession 0001174947-26-000305 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001681206.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 285,050,000 USD | 2025 | verified |
| Net income | -10,413,000 USD | 2025 | verified |
| Assets | 506,002,000 USD | 2025 | verified |
| Free cash flow | -15,489,000 USD | 2025 | computed |
| Net margin | -3.65% | 2025 | computed |
| Revenue YoY | -12.35% | 2025 | computed |
| ROE | -4.33% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | NODK | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -3.7% | 12.9% | 4 | 53 |
| Revenue growth | -12.3% | 9.4% | 0 | 53 |
| FCF margin | -5.4% | 19.9% | 0 | 36 |
| ROE | -4.3% | 15.9% | 4 | 53 |
| ROA | -2.1% | 3.9% | 4 | 53 |
| Liabilities / equity | 1.11 | 3.04 | 2 | 53 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6331 Fire, Marine & Casualty Insurance, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 285050000 | USD | 2025 | 2026-03-06 |
| Net income | -10413000 | USD | 2025 | 2026-03-06 |
| Assets | 506002000 | USD | 2025 | 2026-03-06 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001681206.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 163,747,000 | 189,140,000 | 212,370,000 | 270,779,000 | 306,357,000 | 323,974,000 | 267,782,000 | 304,020,000 | 325,204,000 | 285,050,000 |
| Net income | 4,551,000 | 15,991,000 | 31,081,000 | 26,401,000 | 40,389,000 | 8,416,000 | -53,096,000 | -5,476,000 | -6,060,000 | -10,413,000 |
| Gross profit | 34,248,000 | 56,753,000 | 76,632,000 | 76,728,000 | 115,188,000 | 83,210,000 | 29,990,000 | 105,601,000 | 102,645,000 | 69,867,000 |
| Diluted EPS |  | 0.71 | 1.39 | 1.19 | 1.84 | 0.39 | -2.49 | -0.26 | -0.29 | -0.50 |
| Operating cash flow | 7,307,000 | 18,425,000 | 20,955,000 | 25,665,000 | 51,010,000 | 29,168,000 | -15,294,000 | 51,028,000 | 38,506,000 | -15,272,000 |
| Capital expenditures | 548,000 | 1,334,000 | 1,552,000 | 1,290,000 | 616,000 | 739,000 | 878,000 | 661,000 | 991,000 | 217,000 |
| Dividends paid |  |  |  |  |  |  |  |  | 8,273,000 | 6,730,000 |
| Assets | 278,703,000 | 376,988,000 | 458,492,000 | 508,159,000 | 617,603,000 | 651,782,000 | 614,232,000 | 654,886,000 | 526,545,000 | 506,002,000 |
| Liabilities | 125,285,000 | 121,415,000 | 182,739,000 | 198,356,000 | 268,731,000 | 304,369,000 | 361,025,000 | 404,487,000 | 281,914,000 | 265,665,000 |
| Stockholders' equity |  | 255,573,000 | 275,753,000 | 309,803,000 | 348,872,000 | 347,413,000 | 253,207,000 | 250,399,000 | 244,631,000 | 240,337,000 |
| Cash and cash equivalents | 18,318,000 | 27,594,000 | 68,950,000 | 62,132,000 | 101,077,000 | 70,623,000 | 47,002,000 | 41,037,000 | 50,930,000 | 51,715,000 |
| Free cash flow | 6,759,000 | 17,091,000 | 19,403,000 | 24,375,000 | 50,394,000 | 28,429,000 | -16,172,000 | 50,367,000 | 37,515,000 | -15,489,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 2.78% | 8.45% | 14.64% | 9.75% | 13.18% | 2.60% | -19.83% | -1.80% | -1.86% | -3.65% |
| Return on equity |  | 6.26% | 11.27% | 8.52% | 11.58% | 2.42% | -20.97% | -2.19% | -2.48% | -4.33% |
| Return on assets | 1.63% | 4.24% | 6.78% | 5.20% | 6.54% | 1.29% | -8.64% | -0.84% | -1.15% | -2.06% |
| Liabilities / equity |  | 0.48 | 0.66 | 0.64 | 0.77 | 0.88 | 1.43 | 1.62 | 1.15 | 1.11 |

## As-reported value updates

7 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/NODK/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001681206.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | -0.47 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.20 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | -0.38 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 92,749,000 | 231,000 | 0.01 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 94,414,000 | 6,625,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 91,350,000 | 6,419,000 | 0.30 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 87,807,000 | -19,622,000 | -0.94 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 88,984,000 | -2,705,000 | -0.13 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 73,914,000 | 9,848,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 71,434,000 | 6,460,000 | 0.31 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 76,057,000 | -12,051,000 | -0.57 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 76,568,000 | -1,666,000 | -0.08 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 60,991,000 | -3,156,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 59,602,000 | 12,508,000 | 0.60 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 70,234,000 | 146,000 | 0.01 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from NODK's latest 10-K: [/company/NODK/business/](/company/NODK/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from NODK's latest 10-K: [/company/NODK/risk-factors/](/company/NODK/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1681206/000117494726000777/nodk-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-07
Report date: 2026-06-30

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. 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 2025 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, except per share data, are in thousands.

Financial Highlights

2026 Second Quarter Consolidated Results of Operations

[[GREPCENT_TABLE]]
[["","\u00b7","Net income of $146, or $0.01 per share basic and $0.01 per share diluted"],["","\u00b7","Net premiums earned of $65,017"],["","\u00b7","Net investment income of $2,810"],["","\u00b7","Net favorable prior year reserve development of $6,077"],["","\u00b7","Underwriting loss of $4,987"],["","\u00b7","Combined ratio of 107.7%"],["","\u00b7","Operating cash flows of ($955)"]]
[[/GREPCENT_TABLE]]

2026 Second Quarter Consolidated Financial Condition

[[GREPCENT_TABLE]]
[["","\u00b7","Total cash and investments of $376,475"],["","\u00b7","Total assets of $543,134"],["","\u00b7","Unpaid losses and loss adjustment expenses of $134,757"],["","\u00b7","Total liabilities of $293,758"],["","\u00b7","Shareholders\u2019 equity of $249,376"]]
[[/GREPCENT_TABLE]]

31 

Results of Operations

Our consolidated net income (loss) was $146 and ($12,051) for the three
months ended June 30, 2026 and 2025, respectively. Our consolidated net income (loss) was $12,654 and ($5,591) for the six months ended
June 30, 2026 and 2025, respectively.

The major components of our revenues and net loss are shown below:

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,","","","Six Months Ended June 30,"],["","","2026","","","2025","","","2026","","","2025"],["Revenues:"],["Net premiums earned","","$","65,017","","","$","73,005","","","$","120,130","","","$","140,502"],["Net investment income","","","2,810","","","","3,146","","","","5,465","","","","5,984"],["Net investment gains (losses)","","","2,063","","","","(410",")","","","3,767","","","","459"],["Fee and other income","","","344","","","","316","","","","474","","","","546"],["Total revenues","","","70,234","","","","76,057","","","","129,836","","","","147,491"],["Components of net loss:"],["Net premiums earned","","","65,017","","","","73,005","","","","120,130","","","","140,502"],["Losses and loss adjustment expenses","","","48,417","","","","66,607","","","","71,773","","","","105,132"],["Amortization of deferred policy acquisition costs and other underwriting and general expenses","","","21,587","","","","24,774","","","","42,123","","","","49,934"],["Underwriting loss","","","(4,987",")","","","(18,376",")","","","6,234","","","","(14,564",")"],["Net investment income","","","2,810","","","","3,146","","","","5,465","","","","5,984"],["Net investment gains (losses)","","","2,063","","","","(410",")","","","3,767","","","","459"],["Fee and other income","","","344","","","","316","","","","474","","","","546"],["Income (loss) before income taxes","","","230","","","","(15,324",")","","","15,940","","","","(7,575",")"],["Income tax expense (benefit)","","","84","","","","(3,273",")","","","3,286","","","","(1,984",")"],["Net income (loss)","","$","146","","","$","(12,051",")","","$","12,654","","","$","(5,591",")"]]
[[/GREPCENT_TABLE]]

Net Premiums Earned

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,","","","Six Months Ended June 30,"],["","","2026","","","2025","","","2026","","","2025"],["Net premiums earned:"],["Direct premium","","$","71,104","","","$","82,542","","","$","129,495","","","$","154,704"],["Assumed premium","","","2,619","","","","696","","","","4,602","","","","735"],["Ceded premium","","","(8,706",")","","","(10,233",")","","","(13,967",")","","","(14,937",")"],["Total net premiums earned","","$","65,017","","","$","73,005","","","$","120,130","","","$","140,502"]]
[[/GREPCENT_TABLE]]

Net premiums earned for the three months ended June 30, 2026, decreased
$7,988, or 10.9%, compared to the three months ended June 30, 2025. Net premiums earned for the six months ended June 30, 2026, decreased
20,372, or 14.5%, compared to the six months ended June 30, 2025.

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,","","","Six Months Ended June 30,"],["","","2026","","","2025","","","2026","","","2025"],["Net premiums earned:"],["Private Passenger Auto","","$","22,094","","","$","22,923","","","$","44,390","","","$","45,581"],["Non-Standard Auto","","","942","","","","14,505","","","","3,546","","","","32,758"],["Home and Farm","","","26,118","","","","21,311","","","","51,812","","","","45,031"],["Crop","","","10,507","","","","10,711","","","","9,837","","","","10,335"],["All Other","","","5,356","","","","3,555","","","","10,545","","","","6,797"],["Total net premiums earned","","$","65,017","","","$","73,005","","","$","120,130","","","$","140,502"]]
[[/GREPCENT_TABLE]]

32 

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

Private Passenger Auto – Net premiums earned for
the second quarter of 2026 decreased $829, or 3.6%, compared to the same period in 2025. Net premiums earned for the first six months
of 2026 decreased $1,191, or 2.6% from the first six months of 2025. Results were driven by lower new business and renewal premiums in
South Dakota and Nebraska, partially offset by new business growth in North Dakota.

Non-Standard Auto – Net premiums earned for the
second quarter of 2026 decreased $13,563, or 93.5%, compared to the same period in 2025. Net premiums earned for the first six months
of 2026 decreased $29,212, or 89.2% from the first six months of 2025. These decreases were driven by the strategic decision during the
third quarter of 2025 to stop writing non-standard auto business in Illinois, Arizona, and South Dakota, with existing policies being
non-renewed. We anticipate further reductions in net premiums earned in the near term as a result of the decisions to run off these non-standard
auto operations.

Home and Farm – Net premiums earned for the second
quarter of 2026 increased $4,807, or 22.6%, compared to the same period in 2025. Net premiums earned for the first six months of 2026
increased $6,781, or 15.1% from the first six months of 2025. Results were driven by higher renewal premiums, increased new business and
rate increases in North Dakota, as well as lower ceded premiums earned compared to the prior year due to the significant catastrophe event
in North Dakota during the second quarter of 2025.

Crop – Net premiums earned for the second quarter
of 2026, decreased $204, or 1.9%, compared to the same period in 2025. Net premiums earned for the first six months of 2026 decreased
$498, or 4.8% from the first six months of 2025. The decrease in both periods was primarily the result of prior crop year premium adjustments
that correspond to the current year settlement of prior crop year claims.

All Other – Net premiums earned for the second
quarter of 2026, increased $1,801, or 50.7%, compared to the same period in 2025. Net premiums earned for the first six months of 2026
increased $3,748, or 55.1%, from the first six months of 2025. Results were primarily driven by the Company’s decision to participate
on the catastrophe reinsurance programs of certain farm bureau insurance companies.

Losses and Loss Adjustment Expenses

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,","","","Six Months Ended June 30,"],["","","2026","","","2025","","","2026","","","2025"],["Net losses and loss adjustment expenses:"],["Direct losses and loss adjustment expenses","","$","49,836","","","$","109,382","","","$","73,905","","","$","149,761"],["Assumed losses and loss adjustment expenses","","","2,388","","","","284","","","","2,509","","","","51"],["Ceded losses and loss adjustment expenses","","","(3,807",")","","","(43,059",")","","","(4,641",")","","","(44,680",")"],["Total net losses and loss adjustment expenses","","$","48,417","","","$","66,607","","","$","71,773","","","$","105,132"]]
[[/GREPCENT_TABLE]]

Our net losses and loss adjustment expenses for the three months ended
June 30, 2026, decreased $18,190, or 27.3%, compared to the three months ended June 30, 2025. Our net losses and loss adjustment expenses
for the six months ended June 30, 2026, decreased $33,359, or 31.7%, compared to the six months ended June 30, 2025.

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,","","","Six Months Ended June 30,"],["","","2026","","","2025","","","2026","","","2025"],["Net losses and loss adjustment expenses:"],["Private Passenger Auto","","$","12,690","","","$","13,700","","","$","22,982","","","$","27,195"],["Non-Standard Auto","","","(1,524",")","","","16,860","","","","1,058","","","","31,397"],["Home and Farm","","","28,333","","","","27,011","","","","38,694","","","","36,799"],["Crop","","","7,672","","","","8,468","","","","6,979","","","","7,967"],["All Other","","","1,246","","","","568","","","","2,060","","","","1,774"],["Total net losses and loss adjustment expenses","","$","48,417","","","$","66,607","","","$","71,773","","","$","105,132"]]
[[/GREPCENT_TABLE]]

33 

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,","","","Six Months Ended June 30,"],["","","2026","","","2025","","","2026","","","2025"],["Loss and loss adjustment expense ratio:"],["Private Passenger Auto","","","57.4%","","","","59.8%","","","","51.8%","","","","59.7%"],["Non-Standard Auto","","","(161.8%",")","","","116.2%","","","","29.8%","","","","95.8%"],["Home and Farm","","","108.5%","","","","126.7%","","","","74.7%","","","","81.7%"],["Crop","","","73.0%","","","","79.1%","","","","70.9%","","","","77.1%"],["All Other","","","23.3%","","","","16.0%","","","","19.5%","","","","26.1%"],["Total loss and loss adjustment expense ratio","","","74.5%","","","","91.2%","","","","59.7%","","","","74.8%"]]
[[/GREPCENT_TABLE]]

Below are comments regarding significant changes in the net losses
and loss adjustment expenses, and the net loss and loss adjustment expense ratios, by business segment:

Private Passenger Auto – The net loss and loss
adjustment expense ratio decreased 2.4 percentage points and 7.9 percentage points in the three- and six-month periods ended June 30,
2026, respectively, compared to the same periods in 2025. The decrease in the three-month period was driven by lower weather-related losses
in North Dakota due to the significant catastrophe event in North Dakota during the second quarter of 2025. The decrease over the six-month
period also benefited from lower frequency of losses as well as favorable prior year development during the first quarter of the year.
Both periods were partially offset by lower net premiums earned.

Non-Standard Auto – The net loss and loss adjustment
expense ratio decreased 278.0 percentage points and 66.0 percentage points in the three- and six-month periods ended June 30, 2026, respectively,
compared to the same period in 2025. These decreases were primarily driven by favorable prior year development on loss reserves in the
current year.

Home and Farm – The net loss and loss adjustment
expense ratio decreased 18.2 percentage points and 7.0 percentage points in the three- and six-month periods ended June 30, 2026, respectively,
compare

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1681206/000117494726000305/nodk-20251231.htm
Complete FY 2025 MD&A: /company/NODK/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-06
Report date: 2025-12-31

Item 7. 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 consolidated financial
statements alone. Unless otherwise noted, the information in the following discussion is being presented for our continuing operations.
The discussion should be read in conjunction with the consolidated financial statements and the notes thereto included in Part II, Item
8, “Financial Statements and Supplementary Data.” Some of the information contained in this discussion and analysis or set
forth elsewhere in this 2025 Annual Report constitutes forward-looking information that involves risks and uncertainties. Please see “Forward-Looking
Statements” and Part I, Item 1A, “Risk Factors” 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.

Our Management’s Discussion and Analysis of
Financial Condition and Results of Operations included in this document discusses 2025 and 2024 items and year-over-year comparisons between
2025 and 2024 as well as discussions of 2023 items and year-over-year comparisons between 2024 and 2023, which were included due to the
impacts of discontinued operations for those prior periods.

All dollar amounts, except per share amounts, are
in thousands.

Financial Highlights

2025 Consolidated Results of Operations

[[GREPCENT_TABLE]]
[["","\u00b7","Net loss of $10,413, or ($0.50) per share basic and diluted"],["","\u00b7","Net premiums earned of $270,655"],["","\u00b7","Net investment income of $11,702"],["","\u00b7","Net unfavorable prior year reserve development of $30,330"],["","\u00b7","Underwriting loss of $26,724"],["","\u00b7","Combined ratio of 109.9%"],["","\u00b7","Operating cash flows of ($4,859)"]]
[[/GREPCENT_TABLE]]

2025 Consolidated Financial Condition

[[GREPCENT_TABLE]]
[["","\u00b7","Total cash and investments of $378,680"],["","\u00b7","Total assets of $506,002"],["","\u00b7","Unpaid losses and loss adjustment expenses of $137,855"],["","\u00b7","Total liabilities of $265,665"],["","\u00b7","Shareholders\u2019 equity of $240,337"]]
[[/GREPCENT_TABLE]]

28 

Results of Continuing Operations

Our consolidated financial statements are prepared in accordance with
GAAP. Management evaluates our operations by monitoring key measures of growth and profitability, which may include the disclosure of
certain non-GAAP financial measures. Our results of operations are influenced by numerous factors affecting the U.S. property and casualty
insurance industry including competition, weather, catastrophic events, innovation and emerging technologies, changes in regulations,
inflation, general economic conditions, judicial trends, fluctuations in interest rates, and other changes in the financial markets.

Our premium levels and underwriting results have been, and will continue
to be, influenced by market conditions. The property and casualty insurance industry has historically been characterized by soft markets
(periods of relatively high levels of price competition, less restrictive underwriting practices, and generally low premium rates) followed
by hard markets (periods of capital shortages resulting in a lack of insurance availability, relatively low levels of price competition,
more selective underwriting of risks, and relatively high premium rates). During soft markets, we may lose business to other carriers
offering competitive insurance at lower rates. We may also choose to reduce our premiums or limit premium increases leading to a reduction
in profit margins and revenues. Our industry is also influenced by general economic conditions, which could reduce overall premium volume
for us and our competitors. Additionally, the industry is impacted by changes in customer preferences, including customer demand for direct,
point-of-sale, or other non-traditional distribution channels. We regularly monitor our performance and competitive position by line of
business and geographic market to determine appropriate rate actions.

Premiums in the multi-peril crop insurance business are primarily influenced
by the types of crops planted, number of acres insured, and commodity prices because the rates are established by the RMA rather than
individual insurance carriers. The expected experience of this business for the calendar year may also significantly affect the reported
net earned premiums and losses due to the risk-sharing arrangement with the federal government. Multi-peril crop insurance premiums are
generally written in the second quarter, and earned ratably over the period of risk, which generally extends into the fourth quarter.
Premiums in the crop hail insurance business are also generally written in the second quarter and earned ratably until the end of the
third quarter.

Premiums in our other lines of business are written and earned throughout
the year based on their coverage periods. Losses on this business are also incurred throughout the year but are usually more frequent
and/or severe during periods of elevated weather-related activity.

Property Claims Service (“PCS”), a division of the Insurance
Services Office, maintains industry loss data related to catastrophe loss events. PCS defines a catastrophe as an event that causes damage
of $25 million or more in insured property losses and affects a significant number of insureds. When reporting on our losses from catastrophe
events, we may include losses from those events that were defined as a catastrophe by PCS or those events which may include losses that
we believe are, or will be, material to our operations, either in amount or in number of claims made. The frequency and severity of catastrophic
losses we experience in any year may significantly affect our results of operations and financial position. In analyzing the underwriting
performance of our property and casualty insurance business, we evaluate performance both including and excluding catastrophe losses.
Portions of our catastrophe losses may be recoverable under our catastrophe reinsurance agreements.

For more information on the Company’s results of operations
by segment, see Part II, Item 8, Note 21 “Segment Information.”

29 

Years ended December 31, 2025, 2024, and 2023

The consolidated net loss from continuing operations for the Company
was $10,413 for the year ended December 31, 2025, compared to net income of $6,600 for the year ended December 31, 2024, and net income
of $19,831 for the year ended December 31, 2023.

The major components of our revenues and net income (loss) for the
three periods are shown below:

[[GREPCENT_TABLE]]
[["","","Year Ended December 31,"],["","","2025","","","2024","","","2023"],["Revenues:"],["Net premiums earned","","$","270,655","","","$","310,110","","","$","292,117"],["Fee and other income","","","997","","","","1,938","","","","1,940"],["Net investment income","","","11,702","","","","10,943","","","","8,034"],["Net investment gains","","","1,696","","","","2,213","","","","1,929"],["Total revenues","","$","285,050","","","$","325,204","","","$","304,020"],["Components of net income (loss):"],["Net premiums earned","","$","270,655","","","$","310,110","","","$","292,117"],["Losses and loss adjustment expenses","","","200,788","","","","207,465","","","","186,516"],["Amortization of deferred policy acquisition costs and other underwriting and general expenses","","","96,591","","","","104,966","","","","96,957"],["Underwriting gain (loss)","","","(26,724",")","","","(2,321",")","","","8,644"],["Fee and other income","","","997","","","","1,938","","","","1,940"],["Net investment income","","","11,702","","","","10,943","","","","8,034"],["Net investment gains","","","1,696","","","","2,213","","","","1,929"],["Goodwill impairment charge","","","\u2014","","","","(2,628",")","","","\u2014"],["Income (loss) from continuing operations before income taxes","","","(12,329",")","","","10,145","","","","20,547"],["Income tax expense (benefit)","","","(1,916",")","","","3,545","","","","716"],["Net income (loss) from continuing operations","","$","(10,413",")","","$","6,600","","","$","19,831"]]
[[/GREPCENT_TABLE]]

30 

Net Premiums Earned

[[GREPCENT_TABLE]]
[["","","Year Ended December 31,"],["","","2025","","","2024","","","2023"],["Net premiums earned:"],["Direct premium","","$","309,782","","","$","341,885","","","$","325,590"],["Assumed premium","","","2,627","","","","2,984","","","","3,570"],["Ceded premium","","","(41,754",")","","","(34,759",")","","","(37,043",")"],["Total net premiums earned","","$","270,655","","","$","310,110","","","$","292,117"]]
[[/GREPCENT_TABLE]]

Net premiums earned for the year ended December 31, 2025 decreased
$39,455, or 12.7%, to $270,655, compared to $310,110 for the year ended December 31, 2024.

Net premiums earned for the year ended December 31, 2024 increased
$17,993, or 6.2%, to $310,110, compared to $292,117 for the year ended December 31, 2023.

[[GREPCENT_TABLE]]
[["","","Year Ended December 31,"],["","","2025","","","2024","","","2023"],["Net premiums earned:"],["Private passenger auto","","$","91,027","","","$","90,314","","","$","83,360"],["Non-Standard auto","","","50,000","","","","95,225","","","","87,760"],["Home and farm","","","93,920","","","","90,761","","","","83,389"],["Crop","","","21,665","","","","21,142","","","","25,817"],["All other","","","14,043","","","","12,668","","","","11,791"],["Total net premiums earned","","$","270,655","","","$","310,110","","","$","292,117"]]
[[/GREPCENT_TABLE]]

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

Private passenger auto – Net premiums earned for
2025 increased $713, or 0.8%, from 2024. This increase was driven by new business growth in North Dakota, significant rate increases in
South Dakota and Nebraska, and improved retention in North Dakota and Nebraska, partially offset by lower new business and retention levels
in South Dakota. Net premiums earned for 2024 increased $6,954, or 8.3%, from 2023. This increase was driven by new business growth in
North Dakota as well as significant rate increases in North Dakota, 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 to improve profitability.

Non-Standard auto – Net premiums earned for 2025
decreased $45,225, or 47.5%, from 2024. This decrease was driven by strategic decisions to exit Nevada during 2024 and significantly reduce
written premium in the Chicago market for 2025 as well as the decision during the third quarter of 2025 to ultimately stop writing non-standard
auto business in Illinois, Arizona, and South Dakota, with existing policies being non-renewed. We anticipate further reductions in net
earned premiums over the next twelve months as a result of the decisions to run off these non-standard auto operations. Net premiums earned
for 2024 increased $7,465, or 8.5%, from 2023. Results were driven by prior period new business growth in Illinois and Arizona as well
as significant rate increases in the Chicago market where our non-standard auto business was concentrated, partially offset by lower retention
compared to the prior year and the decision to exit Nevada.

Home and farm – Net premiums earned for 2025 increased
$3,159, or 3.5%, from 2024. Results were driven by new business growth, rate increases, and increased insured property values in North
Dakota, South Dakota, and Nebraska, partially offset by lower retention rates in South Dakota. In addition, net premiums earned for 2025
were impacted by the recognition of higher ceded premiums earned as a result of reinstatement premium for a significant catastrophe event
in North Dakota during the second quarter o

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/NODK/mda/fy2025/
All MD&A years: /company/NODK/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/NODK/mda/fy2024/): filed 2025-03-07; accession 0001174947-25-000304 (https://www.sec.gov/Archives/edgar/data/1681206/000117494725000304/nodk-20241231.htm)
- [FY 2023 MD&A](/company/NODK/mda/fy2023/): filed 2024-03-15; accession 0001174947-24-000361 (https://www.sec.gov/Archives/edgar/data/1681206/000117494724000361/nodk-20231231.htm)
- [FY 2022 MD&A](/company/NODK/mda/fy2022/): filed 2023-03-08; accession 0001174947-23-000312 (https://www.sec.gov/Archives/edgar/data/1681206/000117494723000312/nodk-20221231.htm)
- [FY 2021 MD&A](/company/NODK/mda/fy2021/): filed 2022-03-09; accession 0001174947-22-000353 (https://www.sec.gov/Archives/edgar/data/1681206/000117494722000353/nodk10k2021.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6331 Fire, Marine & Casualty Insurance) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/NODK.md · JSON record: /company/NODK.json · verified financials: /company/NODK/financials.json / /company/NODK/financials.csv · machine TOC for the whole site: /llms.txt