8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of TheSecurities Exchange Act of 1934

Date of Report (Date of earliest event reported):  March 7,2025

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

On March 7, 2025, the Company issued a press release announcing its financial results for the quarter and year ended December 31, 2024. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein in its entirety by reference.

The information in this Item 2.02 and the exhibit attached hereto is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such document or filing.

(d) Exhibits

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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NI Holdings, Inc. Reports Results for Fourth Quarterand Year Ended December 31, 2024

FARGO, North Dakota, March 7, 2025 – NI Holdings, Inc. (“NI Holdings,” or the “Company,” NASDAQ: NODK) announced today results for the year ended December 31, 2024.

Summary of Year-End 2024 Results

(All comparisons vs. continuing operations forthe year-end 2023, unless noted otherwise)

Management Commentary

“I would like to reiterate the honor and privilege it is to have the opportunity to lead this organization,” said Seth Daggett, newly named President and Chief Executive Officer. “I am excited to continue to build off its excellent foundation and partner with our talented board, employees, and agents to further advance the Company toward a successful future.

Turning to results, we were pleased with our performance during the fourth quarter, particularly our Private Passenger Auto and Home and Farm segments, which benefited from improved weather and the aggressive rate and underwriting actions we’ve taken over the past two years. Our high-quality investment portfolio once again produced strong returns, resulting in a meaningful $2.9M year-over-year increase in net investment income. We continued to face challenging operating conditions in our Non-Standard Auto business, leading to another quarter of unfavorable reserve development in the segment. To that end, in the fourth quarter we began to execute aggressive strategic actions to address these issues and will continue these efforts in the coming year.

These actions, as well as the sale of Westminster American Insurance in the second quarter, support our immediate priority of improving our risk profile to target reduced earnings volatility, while ultimately supporting our ability to generate consistent profitable growth going forward.

Looking ahead, we will refocus our efforts on development of a comprehensive long-term strategic plan centered around our strong and longstanding foundation in North Dakota, including increased investments in people and technology, enhanced distribution management efforts, and a renewed focus on expense management initiatives. We’re confident this plan will support our primary objective of creating lasting value for our shareholders through sustained growth and profitability over time.”

Securities and Exchange Commission (SEC) Filings

The Company’s Annual Report on Form 10-Kand latest financial supplement can be found on the Company’s website at www.niholdingsinc.com.The Company’s filings with the SEC can also be found at www.sec.gov.

About the Company

NI Holdings, Inc. is an insurance holding company.The Company is a North Dakota business corporation that is the stock holding company of Nodak Insurance Company and became such in connectionwith the conversion of Nodak Mutual Insurance Company from a mutual to stock form of organization and the creation of a mutual holdingcompany. The conversion was consummated on March 13, 2017. Immediately following the conversion, all of the outstanding shares of commonstock of Nodak Insurance Company were issued to Nodak Mutual Group, Inc., which then contributed the shares to NI Holdings in exchangefor 55% of the outstanding shares of common stock of NI Holdings. Nodak Insurance Company then became a wholly-owned stock subsidiaryof NI Holdings. NI Holdings’ financial statements are the consolidated financial results of NI Holdings; Nodak Insurance, includingNodak’s wholly-owned subsidiaries American West Insurance Company, Primero Insurance Company, and Battle Creek Insurance Company;Direct Auto Insurance Company; and Westminster Insurance Company until the date of sale.

Safe Harbor Statement

Some of the statements included in this news release,particularly those anticipating future financial performance, including investment performance and yields, business prospects, growthand operating strategies, the impact of underwriting changes and other strategic actions on operating results, our plans to increaseinvestments in people and technology, enhance distribution management efforts, and focus on expense management initiatives, our abilityto generate consistent profitable growth and create lasting value for our shareholders, and similar matters, are forward-looking statementswithin the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Actual results could vary materially. Factors that couldcause actual results to vary materially include: our ability to maintain profitable operations, the adequacy of the loss and loss adjustmentexpense reserves, business and economic conditions, the changes in the international trade policies and the potential impact of suchchanges, interest rates, competition from various insurance and other financial businesses, terrorism, the availability and cost of reinsurance,adverse and catastrophic weather events, including the impacts of climate change, legal and judicial developments, changes in regulatoryrequirements, our ability to integrate and manage successfully the insurance companies we may acquire from time to time, the impact ofinflation on our operating results, and other risks we describe in the periodic reports we file with the SEC. You should not place unduereliance on any such forward-looking statements. We disclaim any obligation to update such statements or to announce publicly the resultsof any revisions that we may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated eventsor circumstances after the date of such statements.

For a detailed discussion of the risk factors thatcould affect our actual results, please refer to the risk factors identified in our SEC reports, including, but not limited to our AnnualReport on Form 10-K, as filed with the SEC.

Investor Relations Contact:

Matt Maki

Executive Vice President, Treasurer and Chief FinancialOfficer701-212-5976IR@nodakins.com