In This Story
NI Holdings Inc. (NODK-3.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing net income of $6,600, or $0.31 per share basic and diluted. Net premiums earned were $310,110, with net investment income of $10,943.
The company reported an underwriting loss of $2,321, and a combined ratio of 100.7%. Cash and cash equivalents at year-end were $50,930, with total assets of $526,545.
Total liabilities were reported at $281,914, with shareholders' equity amounting to $244,631.
NI Holdings experienced net unfavorable prior year reserve development of $13,517. The company also recorded a goodwill impairment charge of $2,628.
The filing details the company's reinsurance agreements, including property catastrophe reinsurance protection covering $133 million in excess of a $20 million retention.
NI Holdings' primary sources of funds include premium collections, investment earnings, and fixed income maturities. The company expects to generate sufficient funds from operations to meet future obligations.
The report also discusses the impact of climate change on the company's operations and the potential risks associated with changes in the legal and regulatory environment.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NI Holdings Inc. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.