NI : Financial Supplement as of June 30, 2022

NI Holdings, Inc. (NODK)

Financial Supplement

Second Quarter 2022

The Company has six reportable segments:

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.

All Other: includes excess liability and other coverages, and assumed reinsurance pools.

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	NI HOLDINGS, INC.
	FINANCIAL SUPPLEMENT
	(UNAUDITED)
	Second Quarter 2022
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	Karin Daly
Fargo, ND 58102	Vice President, The Equity Group, Inc.
701-298-4200	[phone]
	[e-mail]
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 and Primero Insurance Company, and its affiliate Battle Creek Mutual Insurance Company; Direct Auto Insurance Company; and Westminster American Insurance Company.

Westminster American Insurance Company was acquired by NI Holdings on January 1, 2020. This Financial Supplement includes Westminster American results from January 1, 2020 forward.

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NI Holdings, Inc.

Consolidated Statements of Operations (Unaudited)

		2022							2021							Twelve Months			Six Months			2Q22 ‐ 2Q21	2Q22 ‐ 1Q22	6M22 ‐ 6M21
($ in thousands)		2Q			1Q			4Q			3Q			2Q			1Q			2021			2020			2022			2021		% Change	% Change	% Change
Revenues:
Net premiums earned	$	84,496	$	69,587	$	78,000	$	82,173	$	76,281	$	63,135	$	299,589	$	283,661		$	154,083	$	139,416	10.8%	21.4%	10.5%
Fee and other income		415			428			437			501			520			317			1,775			1,801			843			837		‐20.2%	‐3.0%	0.7%
Net investment income		2,015			1,653			2,172			1,713			1,710			1,536			7,131			7,271			3,668			3,246	17.8%	21.9%	13.0%
Net realized gain on investments		1,027			938			8,258			2,733			2,875			3,902			17,768			7,771			1,965			6,777		‐64.3%	9.5%	‐71.0%
Change in net unrealized gains (losses) on equity securities		(12,163)			(6,466)			(3,513)			(2,511)			1,826			1,909			(2,289)			5,853			(18,629)			3,735		‐766.1%	‐88.1%	‐598.8%
Total revenues		75,790			66,140			85,354			84,609			83,212			70,799			323,974			306,357			141,930			154,011		‐8.9%	14.6%	‐7.8%
Components of net income:
Net premiums earned	$	84,496			69,587			78,000			82,173			76,281			63,135			299,589			283,661			154,083			139,416	10.8%	21.4%	10.5%
Losses and loss adjustment expenses		108,595			40,129			50,830			65,742			62,918			36,889			216,379			168,473			148,724			99,807	72.6%	170.6%	49.0%
Underwriting and general expenses (1)		26,246			23,404			26,114			25,348			23,589			21,238			96,289			85,068			49,650			44,827	11.3%	12.1%	10.8%
Underwriting gain (loss)(2)		(50,345)			6,054			1,056			(8,917)			(10,226)			5,008			(13,079)			30,120			(44,291)			(5,218)		‐392.3%	‐931.6%	‐748.8%
Fee and other income		415			428			437			501			520			317			1,775			1,801			843			837		‐20.2%	‐3.0%	0.7%
Net investment income		2,015			1,653			2,172			1,713			1,710			1,536			7,131			7,271			3,668			3,246	17.8%	21.9%	13.0%
Net investment gains (losses)		(11,136)			(5,528)			4,745			222			4,701			5,811			15,479			13,624			(16,664)			10,512		‐336.9%	‐101.4%	‐258.5%
Total investment and other income		(8,706)			(3,447)			7,354			2,436			6,931			7,664			24,385			22,696			(12,153)			14,595		‐225.6%	‐152.6%	‐183.3%
Income (loss) before income taxes		(59,051)			2,607			8,410			(6,481)			(3,295)			12,672			11,306			52,816			(56,444)			9,377		‐1692.1%	‐2365.1%	‐701.9%
Income taxes		(12,415)			568			2,267			(1,622)			(561)			2,890			2,974			11,472			(11,847)			2,329		‐2113.0%	‐2285.7%	‐608.7%
Net income (loss)		(46,636)			2,039			6,143			(4,859)			(2,734)			9,782			8,332			41,344			(44,597)			7,048		‐1605.8%	‐2387.2%	‐732.8%
Net income (loss) attributable to non‐controlling interest		(726)			130			15			(122)			(90)			113			(84)			955			(596)			23		‐706.7%	‐658.5%	‐2691.3%
Net income (loss) attributable to NI Holdings, Inc.	$	(45,910)	$	1,909	$	6,128	$	(4,737)	$	(2,644)	$	9,669	$	8,416	$	40,389		$	(44,001)	$	7,025		‐1636.4%	‐2504.9%	‐726.3%
Loss and loss adjustment expense ratio (3)		128.5%			57.7%			65.2%			80.0%			82.5%			58.4%			72.2%			59.4%			96.5%			71.6%		4600 bps	7080 bps	2490 bps
Expense ratio (4)		31.1%			33.6%			33.5%			30.8%			30.9%			33.6%			32.1%			30.0%			32.2%			32.2%		20 bps	‐250 bps	0 bps
Combined ratio (5)		159.6%			91.3%			98.6%			110.9%			113.4%			92.1%			104.4%			89.4%			128.7%			103.7%		4620 bps	6830 bps	2500 bps
Effective Tax Rate		21.0%			21.8%			27.0%			25.0%			17.0%			22.8%			26.3%			21.7%			21.0%			24.8%		400 bps	‐80 bps	‐380 bps

Notes:

1. Underwriting and general expenses include the deferral and amortization of policy acquisition costs.
2. Underwriting gain (loss) equals net premiums earned less losses and loss adjustments expenses and underwriting and general expenses.
3. The loss and loss adjustment expense ratio equals losses and loss adjustment expenses divided by net premiums earned.
4. The expense ratio equals amortization of deferred policy acquisition costs and underwriting and general expenses, divided by net premiums earned.
5. 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.

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NI Holdings, Inc. Consolidated Selected Data (Unaudited)

		2022							2021							Twelve Months			Six Months			2Q22 ‐ 2Q21	2Q22 ‐ 1Q22	6M22 ‐ 6M21
($ in thousands)		2Q			1Q			4Q			3Q			2Q			1Q			2021			2020			2022			2021		% Change	% Change	% Change
Direct premiums written by state: (6)
North Dakota (a)	$	76,375	$	27,153	$	26,240	$	26,117	$	68,892	$	26,870	$	148,119	$	143,516		$	103,528	$	95,762	10.9%	181.3%	8.1%
Illinois		16,844			14,749			11,881			12,287			13,250			13,932			51,350			43,004			31,593			27,182	27.1%	14.2%	16.2%
Nebraska		13,070			11,193			10,597			10,921			11,591			10,138			43,247			41,843			24,263			21,729	12.8%	16.8%	11.7%
South Dakota (a)		7,001			5,720			5,922			5,764			6,344			5,017			23,047			20,790			12,721			11,361	10.4%	22.4%	12.0%
Georgia		6,442			2,934			2,932			2,299			4,691			3,163			13,085			5,836			9,376			7,854	37.3%	119.6%	19.4%
Maryland		5,571			1,856			5,428			1,486			4,888			1,746			13,548			10,522			7,427			6,634	14.0%	200.2%	12.0%
Minnesota (a)		5,302			120			169			431			2,645			105			3,350			3,624			5,422			2,750	100.5%	4318.3%	97.2%
Pennsylvania		3,706			1,540			2,013			1,836			3,273			1,113			8,235			9,131			5,246			4,386	13.2%	140.6%	19.6%
Virginia		2,921			1,650			1,632			1,040			1,965			1,625			6,262			5,955			4,571			3,590	48.7%	77.0%	27.3%
North Carolina		2,148			1,632			1,827			1,879			1,191			1,744			6,641			3,123			3,780			2,935	80.4%	31.6%	28.8%
New Jersey		1,884			2,530			2,443			1,380			2,276			2,195			8,294			11,065			4,414			4,471		‐17.2%	‐25.5%	‐1.3%
Nevada		1,239			1,415			1,643			1,993			2,314			2,182			8,132			8,350			2,654			4,496		‐46.5%	‐12.4%	‐41.0%
District of Columbia		1,017			971			1,227			691			1,093			1,044			4,055			3,810			1,988			2,137		‐7.0%	4.7%	‐7.0%
South Carolina		840			1,374			667			591			664			861			2,783			972			2,214			1,525	26.5%	‐38.9%	45.2%
Delaware		345			518			632			70			298			502			1,502			1,653			863			800	15.8%	‐33.4%	7.9%
Arizona		194			161			85			121			114			155			475			899			355			269	70.2%	20.5%	32.0%
West Virginia		63			17			‐			(1)			63			28			90			94			80			91	0.0%	270.6%	‐12.1%
	$	144,962	$	75,533	$	75,338	$	68,905	$	125,552	$	72,420	$	342,215	$	314,187		$	220,495	$	197,972	15.5%	91.9%	11.4%
Direct premiums written by segment: (6)								‐			‐			‐			‐
Private passenger auto	$	22,136	$	20,055	$	18,955	$	18,396	$	20,618	$	19,308	$	77,277	$	75,341		$	42,191	$	39,926	7.4%	10.4%	5.7%
Non‐standard auto		18,674			16,695			13,930			14,780			16,012			16,652			61,374			53,692			35,369			32,664	16.6%	11.9%	8.3%
Home and farm		25,338			21,087			21,190			20,691			23,332			19,987			85,200			83,393			46,425			43,319	8.6%	20.2%	7.2%
Crop (a)		50,771			(17)			(40)			1,426			42,170			(16)			43,540			39,893			50,754			42,154	20.4%	298752.9%	20.4%
Commercial		26,575			16,388			20,105			12,387			22,021			15,240			69,753			57,097			42,963			37,261	20.7%	62.2%	15.3%
All other (b)		1,468			1,325			1,198			1,225			1,399			1,249			5,071			4,771			2,793			2,648	4.9%	10.8%	5.5%
Total	$	144,962	$	75,533	$	75,338	$	68,905	$	125,552	$	72,420	$	342,215	$	314,187		$	220,495	$	197,972	15.5%	91.9%	11.4%
Net premiums earned by segment:
Private passenger auto	$	19,265	$	18,742	$	18,476	$	18,491	$	18,068	$	17,498	$	72,533	$	72,009		$	38,007	$	35,566	6.6%	2.8%	6.9%
Non‐standard auto		15,512			14,378			15,540			14,889			14,898			13,258			58,585			53,737			29,890			28,156	4.1%	7.9%	6.2%
Home and farm		19,955			19,212			19,190			18,775			18,373			17,454			73,792			74,879			39,167			35,827	8.6%	3.9%	9.3%
Crop (a)		12,295			(13)			5,724			12,724			8,353			47			26,848			35,718			12,282			8,400	47.2%	94676.9%	46.2%
Commercial		15,031			14,188			16,129			14,798			14,020			12,338			57,285			38,288			29,219			26,358	7.2%	5.9%	10.9%
All other (b)		2,438			3,080			2,941			2,496			2,569			2,540			10,546			9,030			5,518			5,109		‐5.1%	‐20.8%	8.0%
Total	$	84,496	$	69,587	$	78,000	$	82,173	$	76,281	$	63,135	$	299,589	$	283,661		$	154,083	$	139,416	10.8%	21.4%	10.5%
Loss and loss adjustment expenses by segment:
Private passenger auto	$	16,854	$	14,711	$	15,432	$	17,130	$	14,905	$	12,254	$	59,721	$	45,511		$	31,565	$	27,159	13.1%	14.6%	16.2%
Non‐standard auto		4,133			8,491			8,543			9,620			11,490			4,800			34,453			30,347			12,624			16,290		‐64.0%	‐51.3%	‐22.5%
Home and farm		61,831			6,840			10,150			16,155			18,208			7,632			52,145			36,745			68,671			25,840	239.6%	804.0%	165.8%
Crop (a)		10,330			(166)			5,456			12,482			9,332			561			27,831			31,379			10,164			9,893	10.7%	6322.9%	2.7%
Commercial		12,991			10,017			9,346			7,770			7,264			10,399			34,779			20,430			23,008			17,663	78.8%	29.7%	30.3%
All other (b)		2,456			236			1,903			2,585			1,719			1,243			7,450			4,061			2,692			2,962	42.9%	940.7%	‐9.1%
Total	$	108,595	$	40,129	$	50,830	$	65,742	$	62,918	$	36,889	$	216,379	$	168,473		$	148,724	$	99,807	72.6%	170.6%	49.0%
Loss and loss adjustment expense ratios by segment: (3)
Private passenger auto		87.5%			78.5%			83.5%			92.6%			82.5%			70.0%			82.3%			63.2%			83.1%			76.4%		500 bps	900 bps	670 bps
Non‐standard auto		26.6%			59.1%			55.0%			64.6%			77.1%			36.2%			58.8%			56.5%			42.2%			57.9%		‐5050 bps	‐3250 bps	‐1570 bps
Home and farm		309.9%			35.6%			52.9%			86.0%			99.1%			43.7%			70.7%			49.1%			175.3%			72.1%		21080 bps	27430 bps	10320 bps
Crop (a)		84.0%		n/a				95.3%			98.1%			111.7%			n/a			103.7%			87.9%			82.8%			117.8%		‐2770 bps	#VALUE!	‐3500 bps
Commercial		86.4%			70.6%			57.9%			52.5%			51.8%			84.3%			60.7%			53.4%			78.7%			67.0%		3460 bps	1580 bps	1170 bps
All other (b)		100.7%			7.7%			64.7%			103.6%			66.9%			48.9%			70.6%			45.0%			48.8%			58.0%		3380 bps	9300 bps	‐920 bps
Total		128.5%			57.7%			65.2%			80.0%			82.5%			58.4%			72.2%			59.4%			96.5%			71.6%		4600 bps	7080 bps	2490 bps

Notes:

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

1. Direct premiums written represents the amount of insurance premiums purchased by policyholders during the period.
   (a) Multi‐peril crop 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.
   (b) 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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