NI (US:NODK)2025-05-09 20:06Financial Performance - Net income for Q1 2025 was $6,460, a decrease of 6.8% from $6,935 in Q1 2024[140] - Net premiums earned decreased by $2,387, or 3.4%, to $67,497 in Q1 2025 from $69,884 in Q1 2024[142] - The combined ratio for Q1 2025 was 94.4%, an increase of 0.5 percentage points from 93.9% in Q1 2024[161] - Underwriting gain decreased by $406 to $3,812 in Q1 2025 compared to $4,218 in Q1 2024[160] - The expense ratio increased to 37.3% in Q1 2025 from 36.5% in Q1 2024[158] - Net losses and loss adjustment expenses decreased by $1,619, or 4.0%, to $38,525 in Q1 2025 from $40,144 in Q1 2024[150] Investment Income - Net investment income increased by $83 to $2,838 in Q1 2025 from $2,755 in Q1 2024[163] - For the three months ended March 31, 2025, net investment gains totaled $869 million, a decrease from $1,456 million in the same period of 2024[165] - Net realized gains for the three months ended March 31, 2025, were $326 million, compared to net realized losses of $91 million for the same period in 2024[165] - The fixed income portion of the portfolio experienced net unrealized gains of $3,313 million for the three months ended March 31, 2025, compared to net unrealized losses of $1,531 million in the same period of 2024[167] Tax and Cash Flow - Pre-tax income for the three months ended March 31, 2025, was $7,749 million, down from $8,833 million in the same period of 2024[168] - The effective tax rate for the first quarter of 2025 was 16.6%, down from 21.5% in the first quarter of 2024[169] - Net cash provided by operating activities for the three months ended March 31, 2025, was $9,888 million, compared to $16,663 million in the prior year quarter[177] - The net increase in cash and cash equivalents for the three months ended March 31, 2025, was $6,272 million, down from $12,342 million in the same period of 2024[176] Liquidity and Dividends - The amount available for payment of dividends from Nodak Insurance to NI Holdings during 2025 is approximately $8,273 million as of December 31, 2024[182] - The company expects to maintain a high degree of liquidity in its investment portfolio to meet claim settlements and operating expenses for the foreseeable future[174] Premiums - Private Passenger Auto premiums increased by $556, or 2.5%, while Non-Standard Auto premiums decreased by $6,736, or 27.0%[144][145] - Fee and other income decreased to $230 in Q1 2025 from $404 in Q1 2024, primarily due to strategic reductions in the Non-Standard Auto segment[162]