21.	Segment Information

We have five reportable operating segments of our continuing operations, which consist of Private Passenger Auto, Non-Standard Auto, Home and Farm, Crop, and All Other (which primarily consists of commercial, assumed reinsurance, and our excess liability business). Prior to the sale of Westminster on June 30, 2024, we also reported a Commercial segment that consisted primarily of Westminster’s balances and results. Subsequent to the sale, Westminster is reported as part of discontinued operations, which is not included in our segment information. The commercial business that remains a part of our continuing operations has been included in the All Other segment for the current and prior periods presented. We operate only in the U.S., and no single customer or agent provides 10 percent or more of our revenues. The following tables provide available information of these segments for the years ended December 31, 2025, 2024, and 2023.

Our chief operating decision maker is our President and Chief Executive Officer (“CEO”). The primary profitability measurement used by the CEO to review segment operating results is underwriting gain (loss). The CEO uses segment underwriting gain (loss) to allocate resources (including employee, financial, and capital resources) for each segment predominantly in the annual planning process. Segment underwriting gain (loss) is used to monitor segment results compared to prior period, forecasted results, and the annual plan.

We do not assign or allocate all line items in our Consolidated Statement of Operations or Consolidated Balance Sheets to our operating segments. Those line items include net investment income, net investment gains (losses), fee and other income excluding Non-Standard Auto, and income tax expense (benefit) within the Consolidated Statement of Operations. For the Consolidated Balance Sheets, those items include cash and investments, property and equipment, other assets, accrued expenses and other liabilities, income taxes recoverable or payable, and shareholders’ equity.

	Year Ended December 31, 2025
	Private Passenger Auto			Non-Standard Auto			Home and Farm			Crop			All Other			Total
Direct premiums earned	$	95,947		$	50,070		$	111,496		$	36,707		$	15,562		$	309,782
Assumed premiums earned		—			—			—			2,141			486			2,627
Ceded premiums earned		(4,920	)		(70	)		(17,576	)		(17,183	)		(2,005	)		(41,754	)
Net premiums earned		91,027			50,000			93,920			21,665			14,043			270,655

Direct losses and loss adjustment expenses		57,354			67,848			96,657			14,920			10,652			247,431
Assumed losses and loss adjustment expenses		—			—			—			981			(375	)		606
Ceded losses and loss adjustment expenses		(2,096	)		—			(35,232	)		(4,761	)		(5,160	)		(47,249	)
Net losses and loss adjustment expenses		55,258			67,848			61,425			11,140			5,117			200,788

Gross margin		35,769			(17,848	)		32,495			10,525			8,926			69,867

Amortization of deferred policy acquisition costs		17,808			15,297			20,578			3,473			2,837			59,993
Other underwriting and general expenses ⁽¹⁾		11,981			7,660			13,410			1,182			2,365			36,598
Underwriting and general expenses		29,789			22,957			33,988			4,655			5,202			96,591
Underwriting gain (loss)		5,980			(40,805	)		(1,493	)		5,870			3,724			(26,724	)

Fee and other income																	997
Net investment income																	11,702
Net investment gains (losses)																	1,696
Income (loss) before income taxes																	(12,329	)
Income tax expense (benefit)																	(1,916	)
Net income (loss)																	(10,413	)
Net income (loss) attributable to non-controlling interest																	—
Net income (loss) attributable to NI Holdings, Inc.																$	(10,413	)

Operating Ratios:
Loss and loss adjustment expense ratio		60.7%			135.7%			65.4%			51.4%			36.4%			74.2%
Expense ratio		32.7%			45.9%			36.2%			21.5%			37.0%			35.7%
Combined ratio		93.4%			181.6%			101.6%			72.9%			73.4%			109.9%


Balances at December 31, 2025:
Premiums and agents’ balances receivable	$	25,462		$	830		$	11,670		$	458		$	3,155		$	41,575
Deferred policy acquisition costs		6,486			1,053			10,256			—			1,414			19,209
Reinsurance recoverables on losses		1,284			—			3,523			785			6,365			11,957
Receivable from Federal Crop Insurance Corporation		—			—			—			15,605			—			15,605
Goodwill and other intangibles		—			—			—			—			—			—
Unpaid losses and loss adjustment expenses		29,934			75,939			16,274			3,929			11,779			137,855
Unearned premiums		36,919			3,819			57,587			—			8,173			106,498

(1) Other underwriting and general expenses for each segment include expenses related to compensation, vendor services, and other administrative items.

	Year Ended December 31, 2024
	Private Passenger Auto			Non-Standard Auto			Home and Farm			Crop			All Other			Total
Direct premiums earned	$	94,865		$	95,502		$	102,073		$	36,421		$	13,024		$	341,885
Assumed premiums earned		—			—			—			2,147			837			2,984
Ceded premiums earned		(4,551	)		(277	)		(11,312	)		(17,426	)		(1,193	)		(34,759	)
Net premiums earned		90,314			95,225			90,761			21,142			12,668			310,110

Direct losses and loss adjustment expenses		54,340			76,130			66,968			12,310			11,243			220,991
Assumed losses and loss adjustment expenses		—			—			—			537			247			784
Ceded losses and loss adjustment expenses		(2,471	)		—			(2,407	)		(3,776	)		(5,656	)		(14,310	)
Net losses and loss adjustment expenses		51,869			76,130			64,561			9,071			5,834			207,465

Gross margin		38,445			19,095			26,200			12,071			6,834			102,645

Amortization of deferred policy acquisition costs		17,177			30,395			17,970			3,465			2,250			71,257
Other underwriting and general expenses ⁽¹⁾		10,861			6,337			10,603			1,417			4,491			33,709
Underwriting and general expenses		28,038			36,732			28,573			4,882			6,741			104,966
Underwriting gain (loss)		10,407			(17,637	)		(2,373	)		7,189			93			(2,321	)

Goodwill impairment charge																	(2,628	)
Fee and other income																	1,938
Net investment income																	10,943
Net investment gains (losses)																	2,213
Income (loss) before income taxes																	10,145
Income tax expense (benefit)																	3,545
Net income (loss)																	6,600
Net income (loss) attributable to non-controlling interest																	—
Net income (loss) attributable to NI Holdings, Inc.																$	6,600

Operating Ratios:
Loss and loss adjustment expense ratio		57.4%			79.9%			71.1%			42.9%			46.1%			66.9%
Expense ratio		31.0%			38.6%			31.5%			23.1%			53.2%			33.8%
Combined ratio		88.4%			118.5%			102.6%			66.0%			99.3%			100.7%


Balances at December 31, 2024:
Premiums and agents’ balances receivable	$	25,843		$	13,757		$	10,560		$	103		$	2,644		$	52,907
Deferred policy acquisition costs		6,535			9,135			9,437			—			1,193			26,300
Reinsurance recoverables on losses		2,358			—			1,934			478			7,791			12,561
Receivable from Federal Crop Insurance Corporation		—			—			—			13,223			—			13,223
Goodwill and other intangibles		—			100			—			—			—			100
Unpaid losses and loss adjustment expenses		28,103			77,580			16,162			1,789			13,654			137,288
Unearned premiums		37,711			28,391			53,319			—			7,077			126,498

(1) Other underwriting and general expenses for each segment include expenses related to compensation, vendor services, and other administrative items.

	Year Ended December 31, 2023
	Private Passenger Auto			Non-Standard Auto			Home and Farm			Crop			All Other			Total
Direct premiums earned	$	87,431		$	88,170		$	93,130		$	45,273		$	11,586		$	325,590
Assumed premiums earned		—			—			—			2,262			1,308			3,570
Ceded premiums earned		(4,071	)		(410	)		(9,741	)		(21,718	)		(1,103	)		(37,043	)
Net premiums earned		83,360			87,760			83,389			25,817			11,791			292,117

Direct losses and loss adjustment expenses		59,385			63,041			52,455			17,669			2,588			195,138
Assumed losses and loss adjustment expenses		—			—			—			787			353			1,140
Ceded losses and loss adjustment expenses		819			—			(1,520	)		(7,663	)		(1,398	)		(9,762	)
Net losses and loss adjustment expenses		60,204			63,041			50,935			10,793			1,543			186,516

Gross margin		23,156			24,719			32,454			15,024			10,248			105,601

Amortization of deferred policy acquisition costs		15,797			29,585			16,446			3,828			1,975			67,631
Other underwriting and general expenses ⁽¹⁾		8,895			7,994			8,451			2,494			1,492			29,326
Underwriting and general expenses		24,692			37,579			24,897			6,322			3,467			96,957
Underwriting gain (loss)		(1,536	)		(12,860	)		7,557			8,702			6,781			8,644

Goodwill impairment charge																	—
Fee and other income																	1,940
Net investment income																	8,034
Net investment gains (losses)																	1,929
Income (loss) before income taxes																	20,547
Income tax expense (benefit)																	716
Net income (loss)																	19,831
Net income (loss) attributable to non-controlling interest																	250
Net income (loss) attributable to NI Holdings, Inc.																$	19,581

Operating Ratios:
Loss and loss adjustment expense ratio		72.2%			71.8%			61.1%			41.8%			13.1%			63.8%
Expense ratio		29.6%			42.8%			29.9%			24.5%			29.4%			33.2%
Combined ratio		101.8%			114.6%			91.0%			66.3%			42.5%			97.0%


Balances at December 31, 2023:
Premiums and agents’ balances receivable	$	24,152		$	19,853		$	9,755		$	89		$	2,305		$	56,154
Deferred policy acquisition costs		5,834			11,966			8,005			—			985			26,790
Reinsurance recoverables on losses		15			—			2,949			1,343			2,153			6,460
Receivable from Federal Crop Insurance Corporation		—			—			—			17,404			—			17,404
Goodwill and other intangibles		—			2,728			—			—			—			2,728
Unpaid losses and loss adjustment expenses		28,037			61,272			18,205			3,884			7,787			119,185
Unearned premiums		35,367			36,426			48,210			—			6,097			126,100

(1) Other underwriting and general expenses for each segment include expenses related to compensation, vendor services, and other administrative items.

Historical Timeline

Fiscal Year	Filed
2025	Mar 6, 2026	Showing above
2024	Mar 7, 2025

2023	Mar 15, 2024

2022	Mar 8, 2023

2021	Mar 9, 2022

2020	Mar 10, 2021

2019	Mar 11, 2020

2018	Mar 13, 2019

2017	Mar 7, 2018

2016	Apr 7, 2017

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

NI Holdings, Inc. Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures