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Financial Supplement as of September 30, 2024

U.S. Markets via PUBT

NI Holdings, Inc. (NODK)

Financial Supplement

Third Quarter 2024

Prior to the sale of Westminster on June 30, 2024, the Company had six reportable segments as described below. The Commercial segment consisted primarily of Westminster's balances and results. As a result of the sale, Westminter's results have been removed from the Commercial segment for all 2024 amounts (as discontinued operations) and any remaining commercial business not associated with Westminster has been reclassified to All Other.

Private Passenger Auto: provides protection against liability for bodily injury and property damage arising from automobile accidents and protection against loss from damage to automobiles owned by the insured.

Non-Standard Auto: provides limited protection auto insurance for both bodily injury and property damage.

Home and Farm: provides coverage for damage to buildings, equipment, and contents for a variety of perils, including fire, lightning, wind, hail, and theft; also covers liability arising from injury to other persons or their property while on insured's premises.

Crop: provides multi-peril crop and crop hail insurance. Multi-peril crop is a federal insurance program to provide protection against a variety of potential damages to crops, including both weather and non-weather causes. Crop hail is private coverage to provide protection against losses to crops due primarily to hail damage.

Commercial: includes commercial liability and physical damage coverages for 2023 amounts.

All Other: includes excess liability and other coverages and assumed reinsurance pools for 2023 amounts. Commercial liability and physical damages coverages, excluding Westminster, are also included for 2024 amounts.

NI HOLDINGS, INC.

FINANCIAL SUPPLEMENT

(UNAUDITED)

Third Quarter 2024

INDEX TO SUPPLEMENT

	Pages:
Consolidated Statements of Operations	3
Consolidated Selected Data	4

CONTACT INFORMATION
Corporate Headquarters Address:	Investor Relations Contact:
1101 First Avenue North	Seth Daggett
Fargo, ND 58102	Executive Vice President, Treasurer and Chief Financial Officer
701-298-4200	701-298-4348
	[email protected]

Website Address:

www.niholdingsinc.com

About NI Holdings:

NI Holdings, Inc. (NASDAQ: NODK) is a U.S. insurance holding company, specializing in property and casualty insurance coverages. NI Holdings' financial statements are the consolidated financial results of NI Holdings; Nodak Insurance Company, including Nodak's wholly-owned subsidiaries American West Insurance Company, Primero Insurance Company, and Battle Creek Insurance Company; Direct Auto Insurance Company; and Westminster American Insurance Company (sold on June 30, 2024).

NI Holdings, Inc.

Consolidated Statements of Operations (Unaudited)

		2024 (A)				2023 (B)
($ in thousands)	3Q	2Q	1Q	4Q	3Q	2Q	1Q

Revenues:

Net premiums earned Fee and other income Net investment income

Net realized gain (loss) on investments

Change in net unrealized gains (losses) on equity securities Total revenues

Components of net income:

Net premiums earned

Losses and loss adjustment expenses

Underwriting and general expenses (1)

Underwriting gain (loss) (2)

Fee and other income

Goodwill impairment charge (expense)

Net investment income

Net investment gains (losses)

Total investment and other income

Income (loss) before income taxes

Income taxes

Net income (loss)

Net income (loss) attributable to non-controlling interest

Net income (loss) from continuing operations attributable to NI Holdings, Inc.

Income (loss) from discontinued operations, net of tax

Loss on sale of discontinued operations, net of tax

Net income (loss)

Loss and loss adjustment expense ratio (3)

Expense ratio (4)

Combined ratio (5)

$ 83,270 491 2,811 45 2,367

88,984

$ 83,270 65,100 27,340

(9,170)

491

2,811

2,412

5,714

(3,456)

(751)

(2,705)

$ (2,705)

(2,705)

78.2%

32.8%

111.0%

$	85,169	$	69,884	$
	695		404
	2,523		2,755
	9		(91)

1,547
87,80774,499


85,169	69,884
69,358	40,144
27,519		25,522
(11,708)		4,218
695	404
-	-
2,523	2,755

1,456
2,6384,615

	(9,070)			8,833
	(1,592)			1,898
	(7,478)			6,935
	-			-
$	(7,478)		$	6,935	$

$	(996)	$	(516)
$	(11,148)	$	-
	(19,622)			6,419

81.4%57.4%

32.3%36.5%

113.7%94.0%

88,594	$	90,770	$	94,146	$	77,627
750		455				499	274
2,961		2,751				2,505	2,239
53		531				(119)	11,586
2,056		(1,758)				(55)	(10,170)
94,414		92,749				96,976	81,556
88,594		90,770				94,146	77,627
44,517		63,564				77,506	58,825
31,615		29,057				29,874	28,244
12,462		(1,851)				(13,234)	(9,442)
750		455				499	274
(6,756)		-				-	-
2,961		2,751				2,505	2,239
2,109		(1,227)				(174)	1,416
(936)		1,979				2,830	3,929
11,526		128				(10,404)	(5,513)
4,315		(170)				(2,169)	(1,013)
7,211		298				(8,235)	(4,500)
586		67				(113)	(290)
6,625	$	231	$	(8,122)	$	(4,210)

50.2%	70.0%	82.3%	75.8%
35.7%	32.0%	31.7%	36.4%
85.9%	102.0%	114.0%	112.2%

Effective Tax Rate

21.7%

17.6%

21.5%

37.4%

(132.8)%

20.8%

18.4%

Notes:

Values exclude results of Westminster which are shown separately as discontinued operations for GAAP reporting purposes.
Values include Westminster and are as disclosed in prior periods.

Underwriting and general expenses include the deferral and amortization of policy acquisition costs.
Underwriting gain (loss) equals net premiums earned less losses and loss adjustments expenses and underwriting and general expenses.
The loss and loss adjustment expense ratio equals losses and loss adjustment expenses divided by net premiums earned.
The expense ratio equals amortization of deferred policy acquisition costs and underwriting and general expenses, divided by net premiums earned.
The combined ratio equals losses and loss adjustment expenses, amortization of deferred policy acquisition costs, and other underwriting and general expenses, divided by net premiums earned.

NI Holdings, Inc.
Consolidated Selected Data
(Unaudited)
				2024 (A)						2023 (B)
($ in thousands)		3Q		2Q		1Q		4Q		3Q		2Q		1Q
Direct premiums written by state: (6)
North Dakota (7)	$	30,173	$	71,775	$	32,405	$	30,391	$	23,471	$	80,509	$	29,134
Illinois		13,999		17,625		28,179		27,371		21,805		14,054		23,118
Nebraska		13,756		14,997		12,578		12,308		12,799		13,920		11,671
South Dakota (7)		8,095		9,085		7,311		7,567		7,430		8,190		6,474
Arizona		766		1,578		1,914		895		1,312		867		1,003
Minnesota (7)		640		2,834		76		213		417		3,242		136
Nevada		275		578		578		624		685		793		836
New Jersey		-		-		-		2,763		2,231		2,514		4,031
North Carolina		-		-		-		4,684		2,513		2,415		2,211
Virginia		-		-		-		1,777		1,875		4,749		3,152
South Carolina		-		-		-		1,644		558		709		2,065
Pennsylvania		-		-		-		2,338		553		1,608		1,780
Maryland		-		-		-		4,830		2,400		4,960		1,199
Tennessee		-		-		-		276		151		1,218		907
District of Columbia		-		-		-		1,259		1,020		1,049		1,014
Georgia		-		-		-		2,115		1,966		2,316		1,180
Delaware		-		-		-		1,191		21		332		578
Kentucky		-		-		-		124		18		805		67
West Virginia		-		-		-		-		-		-		-
Total	$	67,704	$	118,472	$	83,041	$	102,370	$	81,223	$	144,250	$	90,556
Direct premiums written by segment: (6)
Private passenger auto	$	23,608	$	25,982	$	23,952	$	23,312	$	22,119	$	24,446	$	22,199
Non-standard auto		15,624		20,350		31,273		29,476		24,338		16,101		25,381
Home and farm		26,362		30,402		24,788		23,628		23,608		27,239		21,921
Crop (7)		(1,003)		37,780		(204)		(113)		(4,900)		50,296		(10)
Commercial		-		-		-		24,790		14,767		24,647		19,651
All other (8)		3,113		3,958		3,232		1,277		1,291		1,521		1,414
Total	$	67,704	$	118,472	$	83,041	$	102,370	$	81,223	$	144,250	$	90,556
Net premiums earned by segment:
Private passenger auto	$	22,612	$	22,471	$	22,102	$	21,929	$	21,235	$	20,543	$	19,653
Non-standard auto		23,001		26,743		24,988		24,005		21,231		21,645		20,879
Home and farm		23,479		21,924		21,415		21,674		21,309		20,415		19,991
Crop (7)		10,885		10,978		(1,549)		3,460		9,746		13,336		(725)
Commercial		-		-		-		16,067		15,751		16,641		16,017
All other (8)		3,293		3,053		2,928		1,459		1,498		1,566		1,812
Total	$	83,270	$	85,169	$	69,884	$	88,594	$	90,770	$	94,146	$	77,627
Loss and loss adjustment expenses by segment:
Private passenger auto	$	14,070	$	19,929	$	11,293	$	9,110	$	16,603	$	18,866	$	15,625
Non-standard auto		20,504		19,313		16,869		13,026		18,838		14,139		17,038
Home and farm		22,023		22,026		12,181		10,249		14,052		17,915		8,719
Crop (7)		6,190		7,311		(1,557)		(334)		3,690		8,210		(773)
Commercial		-		-		-		12,230		10,272		18,129		18,114
All other (8)		2,313		779		1,358		236		109		247		102
Total	$	65,100	$	69,358	$	40,144	$	44,517	$	63,564	$	77,506	$	58,825
Loss and loss adjustment expense ratios by segment: (3)
Private passenger auto		62.2%		88.7%		51.1%		41.5%		78.2%		91.8%		79.5%
Non-standard auto		89.1%		72.2%		67.5%		54.3%		88.7%		65.3%		81.6%
Home and farm		93.8%		100.5%		56.9%		47.3%		65.9%		87.8%		43.6%
Crop (7)		56.9%		66.6%		n/a		-9.7%		37.9%		61.6%		n/a
Commercial		n/a		n/a		n/a		76.1%		65.2%		108.9%		n/a
All other (8)		70.2%		25.5%		46.4%		16.2%		7.3%		15.8%		5.6%
Total		78.2%		81.4%		57.4%		50.2%		70.0%		82.3%		75.8%

Notes:

Values exclude results of Westminster which are shown separately as discontinued operations for GAAP reporting purposes.
Values include Westminster and are as disclosed in prior periods.

The loss and loss adjustment expense ratio equals losses and loss adjustment expenses divided by net premiums earned.

Direct premiums written represents the amount of insurance premiums purchased by policyholders during the period.
Multi-perilcrop and crop hail insurance premiums are generally written in the second quarter and earned ratably over the remainder of the calendar year. First quarter activity is the result of minor prior crop year adjustments which typically occur annually during first quarter.
All other includes primarily excess liability and other insurance coverages, as well as assumed domestic and international reinsurance programs which are intended to diversify the risk exposure of the company.

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Disclaimer

NI Holdings Inc. published this content on November 08, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on November 08, 2024 at 11:12:57.190.