NI : Financial Supplement as of September 30, 2022

NI Holdings, Inc. (NODK)

Financial Supplement

Third 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)
	Third 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		Nine Months		3Q22 - 3Q21	3Q22 - 2Q22	9M22 - 9M21
($ in thousands)		3Q		2Q		1Q		4Q		3Q		2Q		1Q		2021		2020			2022		2021		% Change	% Change	% Change
Revenues:
Net premiums earned	$	89,532	$	84,496	$	69,587	$	78,000	$	82,173	$	76,281	$	63,135	$	299,589	$	283,661		$	243,615	$	221,589	9.0%	6.0%	9.9%
Fee and other income		476		415		428		437		501		520		317		1,775		1,801			1,319		1,338	-5.0%	14.7%	-1.4%
Net investment income		2,035		2,015		1,653		2,172		1,713		1,710		1,536		7,131		7,271			5,703		4,959	18.8%	1.0%	15.0%
Net realized gain on investments		83		1,027		938		8,258		2,733		2,875		3,902		17,768		7,771			2,048		9,510	-97.0%	-91.9%	-78.5%
Change in net unrealized gains (losses) on equity securities		(2,951)		(12,163)		(6,466)		(3,513)		(2,511)		1,826		1,909		(2,289)		5,853			(21,580)		1,224	-17.5%	75.7%	-1863.1%
Total revenues		89,175		75,790		66,140		85,354		84,609		83,212		70,799		323,974		306,357			231,105		238,620	5.4%	17.7%	-3.1%
Components of net income:
Net premiums earned	$	89,532		84,496		69,587		78,000		82,173		76,281		63,135		299,589		283,661			243,615		221,589	9.0%	6.0%	9.9%
Losses and loss adjustment expenses		78,917		108,595		40,129		50,830		65,742		62,918		36,889		216,379		168,473			227,641		165,549	20.0%	-27.3%	37.5%
Underwriting and general expenses (1)		23,501		26,246		23,404		26,114		25,348		23,589		21,238		96,289		85,068			73,151		70,175	-7.3%	-10.5%	4.2%
Underwriting gain (loss) (2)		(12,886)		(50,345)		6,054		1,056		(8,917)		(10,226)		5,008		(13,079)		30,120			(57,177)		(14,135)	-44.5%	74.4%	-304.5%
Fee and other income		476		415		428		437		501		520		317		1,775		1,801			1,319		1,338	-5.0%	14.7%	-1.4%
Net investment income		2,035		2,015		1,653		2,172		1,713		1,710		1,536		7,131		7,271			5,703		4,959	18.8%	1.0%	15.0%
Net investment gains (losses)		(2,868)		(11,136)		(5,528)		4,745		222		4,701		5,811		15,479		13,624			(19,532)		10,734	-1391.9%	74.2%	-282.0%
Total investment and other income		(357)		(8,706)		(3,447)		7,354		2,436		6,931		7,664		24,385		22,696			(12,510)		17,031	-114.7%	95.9%	-173.5%
Income (loss) before income taxes		(13,243)		(59,051)		2,607		8,410		(6,481)		(3,295)		12,672		11,306		52,816			(69,687)		2,896	-104.3%	77.6%	-2506.3%
Income taxes		(3,074)		(12,415)		568		2,267		(1,622)		(561)		2,890		2,974		11,472			(14,921)		707	-89.5%	75.2%	-2210.5%
Net income (loss)		(10,169)		(46,636)		2,039		6,143		(4,859)		(2,734)		9,782		8,332		41,344			(54,766)		2,189	-109.3%	78.2%	-2601.9%
Net income (loss) attributable to non-controlling interest		(184)		(726)		130		15		(122)		(90)		113		(84)		955			(780)		(99)	-50.8%	74.7%	-687.9%
Net income (loss) attributable to NI Holdings, Inc.	$	(9,985)	$	(45,910)	$	1,909	$	6,128	$	(4,737)	$	(2,644)	$	9,669	$	8,416	$	40,389		$	(53,986)	$	2,288	-110.8%	78.3%	-2459.5%
Loss and loss adjustment expense ratio (3)		88.1%		128.5%		57.7%		65.2%		80.0%		82.5%		58.4%		72.2%		59.4%			93.5%		74.7%		810 bps	-4040 bps	1880 bps
Expense ratio (4)		26.3%		31.1%		33.6%		33.5%		30.8%		30.9%		33.6%		32.1%		30.0%			30.0%		31.7%		-450 bps	-480 bps	-170 bps
Combined ratio (5)		114.4%		159.6%		91.3%		98.6%		110.9%		113.4%		92.1%		104.4%		89.4%			123.5%		106.4%		350 bps	-4520 bps	1710 bps
Effective Tax Rate		23.2%		21.0%		21.8%		27.0%		25.0%		17.0%		22.8%		26.3%		21.7%			21.4%		24.4%		-180 bps	220 bps	-300 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		Nine Months		Six Months			3Q22 - 3Q21	3Q22 - 2Q22	9M22 - 9M21
($ in thousands)		3Q		2Q		1Q		4Q		3Q		2Q		1Q		2021		2020		2022		2021		2022		2021		% Change	% Change	% Change
Direct premiums written by state: (6)
North Dakota (a)	$	25,697	$	76,375	$	27,153	$	26,240	$	26,117	$	68,892	$	26,870	$	148,119	$	143,516	$	129,225	$	121,879	$	103,528	$	95,762	-1.6%	-66.4%	6.0%
Illinois		18,863		16,844		14,749		11,881		12,287		13,250		13,932		51,350		43,004		50,456		39,469		31,593		27,182	53.5%	12.0%	27.8%
Nebraska		11,966		13,070		11,193		10,597		10,921		11,591		10,138		43,247		41,843		36,229		32,650		24,263		21,729	9.6%	-8.4%	11.0%
South Dakota (a)		7,336		7,001		5,720		5,922		5,764		6,344		5,017		23,047		20,790		20,057		17,125		12,721		11,361	27.3%	4.8%	17.1%
New Jersey		3,109		1,884		2,530		2,443		1,380		2,276		2,195		8,294		11,065		7,523		5,851		4,414		4,471	125.3%	65.0%	28.6%
Georgia		2,782		6,442		2,934		2,932		2,299		4,691		3,163		13,085		5,836		12,158		10,153		9,376		7,854	21.0%	-56.8%	19.7%
Minnesota (a)		2,568		5,302		120		169		431		2,645		105		3,350		3,624		7,990		3,181		5,422		2,750	495.8%	-51.6%	151.2%
Maryland		1,947		5,571		1,856		5,428		1,486		4,888		1,746		13,548		10,522		9,374		8,120		7,427		6,634	31.0%	-65.1%	15.4%
Virginia		1,514		2,921		1,650		1,632		1,040		1,965		1,625		6,262		5,955		6,085		4,630		4,571		3,590	45.6%	-48.2%	31.4%
North Carolina		1,453		2,148		1,632		1,827		1,879		1,191		1,744		6,641		3,123		5,233		4,814		3,780		2,935	-22.7%	-32.4%	8.7%
Pennsylvania		1,108		3,706		1,540		2,013		1,836		3,273		1,113		8,235		9,131		6,354		6,222		5,246		4,386	-39.7%	-70.1%	2.1%
Nevada		1,014		1,239		1,415		1,643		1,993		2,314		2,182		8,132		8,350		3,668		6,489		2,654		4,496	-49.1%	-18.2%	-43.5%
District of Columbia		865		1,017		971		1,227		691		1,093		1,044		4,055		3,810		2,853		2,828		1,988		2,137	25.2%	-14.9%	0.9%
South Carolina		532		840		1,374		667		591		664		861		2,783		972		2,746		2,116		2,214		1,525	-10.0%	-36.7%	29.8%
Arizona		408		194		161		85		121		114		155		475		899		763		390		355		269	237.2%	110.3%	95.6%
West Virginia		(2)		63		17		-		(1)		63		28		90		94		78		90		80		91	-100.0%	-103.2%	-13.3%
Delaware		(13)		345		518		632		70		298		502		1,502		1,653		850		870		863		800	-118.6%	-103.8%	-2.3%
Total	$	81,147	$	144,962	$	75,533	$	75,338	$	68,905	$	125,552	$	72,420	$	342,215	$	314,187	$	301,642	$	266,877	$	220,495	$	197,972	17.8%	-44.0%	13.0%
								-		-		-		-
Direct premiums written by segment: (6)
Private passenger auto	$	20,040	$	22,136	$	20,055	$	18,955	$	18,396	$	20,618	$	19,308	$	77,277	$	75,341	$	62,231	$	58,322	$	42,191	$	39,926	8.9%	-9.5%	6.7%
Non-standard auto		20,647		18,674		16,695		13,930		14,780		16,012		16,652		61,374		53,692		56,016		47,444		35,369		32,664	39.7%	10.6%	18.1%
Home and farm		22,043		25,338		21,087		21,190		20,691		23,332		19,987		85,200		83,393		68,468		64,010		46,425		43,319	6.5%	-13.0%	7.0%
Crop (a)		2,628		50,771		(17)		(40)		1,426		42,170		(16)		43,540		39,893		53,382		43,580		50,754		42,154	84.3%	-94.8%	22.5%
Commercial		14,566		26,575		16,388		20,105		12,387		22,021		15,240		69,753		57,097		57,529		49,648		42,963		37,261	17.6%	-45.2%	15.9%
All other (b)		1,223		1,468		1,325		1,198		1,225		1,399		1,249		5,071		4,771		4,016		3,873		2,793		2,648	-0.2%	-16.7%	3.7%
Total	$	81,147	$	144,962	$	75,533	$	75,338	$	68,905	$	125,552	$	72,420	$	342,215	$	314,187	$	301,642	$	266,877	$	220,495	$	197,972	17.8%	-44.0%	13.0%
Net premiums earned by segment:
Private passenger auto	$	19,813	$	19,265	$	18,742	$	18,476	$	18,491	$	18,068	$	17,498	$	72,533	$	72,009	$	57,818	$	54,057	$	38,007	$	35,566	7.1%	2.8%	7.0%
Non-standard auto		17,579		15,512		14,378		15,540		14,889		14,898		13,258		58,585		53,737		47,469		43,045		29,890		28,156	18.1%	13.3%	10.3%
Home and farm		19,751		19,955		19,212		19,190		18,775		18,373		17,454		73,792		74,879		58,919		54,602		39,167		35,827	5.2%	-1.0%	7.9%
Crop (a)		14,566		12,295		(13)		5,724		12,724		8,353		47		26,848		35,718		26,848		21,124		12,282		8,400	14.5%	18.5%	27.1%
Commercial		15,884		15,031		14,188		16,129		14,798		14,020		12,338		57,285		38,288		45,103		41,156		29,219		26,358	7.3%	5.7%	9.6%
All other (b)		1,939		2,438		3,080		2,941		2,496		2,569		2,540		10,546		9,030		7,458		7,605		5,518		5,109	-22.3%	-20.5%	-1.9%
Total	$	89,532	$	84,496	$	69,587	$	78,000	$	82,173	$	76,281	$	63,135	$	299,589	$	283,661	$	243,615	$	221,589	$	154,083	$	139,416	9.0%	6.0%	9.9%
Loss and loss adjustment expenses by segment:
Private passenger auto	$	20,354	$	16,854	$	14,711	$	15,432	$	17,130	$	14,905	$	12,254	$	59,721	$	45,511	$	51,918	$	44,289	$	31,565	$	27,159	18.8%	20.8%	17.2%
Non-standard auto		11,958		4,133		8,491		8,543		9,620		11,490		4,800		34,453		30,347		24,582		25,910		12,624		16,290	24.3%	189.3%	-5.1%
Home and farm		28,822		61,831		6,840		10,150		16,155		18,208		7,632		52,145		36,745		97,492		41,995		68,671		25,840	78.4%	-53.4%	132.2%
Crop (a)		6,974		10,330		(166)		5,456		12,482		9,332		561		27,831		31,379		17,135		22,375		10,164		9,893	-44.1%	-32.5%	-23.4%
Commercial		9,812		12,991		10,017		9,346		7,770		7,264		10,399		34,779		20,430		32,821		25,433		23,008		17,663	26.3%	-24.5%	29.0%
All other (b)		997		2,456		236		1,903		2,585		1,719		1,243		7,450		4,061		3,693		5,547		2,692		2,962	-61.4%	-59.4%	-33.4%
Total	$	78,917	$	108,595	$	40,129	$	50,830	$	65,742	$	62,918	$	36,889	$	216,379	$	168,473	$	227,641	$	165,549	$	148,724	$	99,807	20.0%	-27.3%	37.5%
Loss and loss adjustment expense ratios by segment: (3)
Private passenger auto		102.7%		87.5%		78.5%		83.5%		92.6%		82.5%		70.0%		82.3%		63.2%		89.8%		81.9%		83.1%		76.4%		1010 bps	1520 bps	790 bps
Non-standard auto		68.0%		26.6%		59.1%		55.0%		64.6%		77.1%		36.2%		58.8%		56.5%		51.8%		60.2%		42.2%		57.9%		340 bps	4140 bps	-840 bps
Home and farm		145.9%		309.9%		35.6%		52.9%		86.0%		99.1%		43.7%		70.7%		49.1%		165.5%		76.9%		175.3%		72.1%		5990 bps	-16400 bps	8860 bps
Crop (a)		47.9%		84.0%	n/a			95.3%		98.1%		111.7%		n/a		103.7%		87.9%		63.8%		105.9%		82.8%		117.8%		-5020 bps	-3610 bps	-4210 bps
Commercial		61.8%		86.4%		70.6%		57.9%		52.5%		51.8%		84.3%		60.7%		53.4%		72.8%		61.8%		78.7%		67.0%		930 bps	-2460 bps	1100 bps
All other (b)		51.4%		100.7%		7.7%		64.7%		103.6%		66.9%		48.9%		70.6%		45.0%		49.5%		72.9%		48.8%		58.0%		-5220 bps	-4930 bps	-2340 bps
Total		88.1%		128.5%		57.7%		65.2%		80.0%		82.5%		58.4%		72.2%		59.4%		93.5%		74.7%		96.5%		71.6%		810 bps	-4040 bps	1880 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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