12 Best Property & Casualty Insurance Stocks to Buy Now

2. The Allstate Corporation (NYSE:ALL)

Number of Hedge Fund Holders: 62

The Allstate Corporation (NYSE:ALL) provides a wide range of insurance services, including auto, home, and life insurance. The company’s extensive network of agents and use of digital tools allow it to serve millions of customers across the United States.

Recently, The Allstate Corporation (NYSE:ALL) has made notable strides in both its financial performance and strategic business decisions. In the fourth quarter of 2024, the company reported a 30% increase in net income, amounting to approximately $1.9 billion, despite facing significant losses due to natural disasters. EPS for Q4 came in at $7.07, marking a 28.1% improvement compared to the prior year. Net investment income also saw a substantial rise, up 37.9% year-over-year to $833 million. However, homeowners insurance faced some challenges, with underwriting income falling by $99 million due to increased catastrophe losses, including expected $1.1 billion in net losses from California wildfires.

In a move to refine its business portfolio, The Allstate Corporation (NYSE:ALL) announced the sale of its Group Health business to Nationwide in January 2025 for $1.25 billion. The company has also been proactive in supporting communities impacted by disasters, such as the wildfires in Southern California, where it assisted affected customers and pledged substantial donations to various relief funds. These developments highlight The Allstate Corporation (NYSE:ALL)’s ongoing commitment to growth, financial stability, and corporate social responsibility.