The continued strength in job creation makes a rate cut unlikely in the first half of 2025.
The death toll from the fires rose to 24 from 16, and more than 12,000 structures have burned.
Allstate has consistently beaten estimates, but high expectations and competitive pressures may limit future growth, especially in the auto insurance market. The company's recent performance is strong, with significant improvements in underwriting income and new business levels across all distribution channels. Despite favorable current conditions, long-term margins may normalize, and ROE could decline, posing risks to sustained growth and profitability.
Shares of insurance companies tumbled on Friday as the deadly wildfires in Southern California that are still burning have already caused billions of dollars in damage.
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The majority of these losses are expected to come from homeowners' insurance.
Allstate (ALL) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.
ALL's emphasis on cost reduction and efficiency improvements is poised to bolster profitability and support long-term growth.
Product improvements, expanding embedded protection plans and initiatives to improve retention bode well for ALL.
Insurance stocks MCY, ALL, CNO, PRI and UNM outperform the Zacks S&P 500 Composite and crush the market and the Finance sector.
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Allstate (ALL) reachead $193.63 at the closing of the latest trading day, reflecting a +0.04% change compared to its last close.