Core Insights - The article identifies three overlooked U.S. value stocks—Allstate, Synchrony Financial, and HP Inc.—that are trading at low price-to-earnings ratios and have strong fundamentals, suggesting potential for long-term returns in 2026 [1]. Group 1: Allstate (ALL) - Allstate is a leading U.S. insurance company with a trailing price-earnings ratio around 5 times, making it one of the cheapest large-cap stocks available [1]. - The company achieved a revenue growth of 12% last year and is experiencing expanding operating margins, indicating strong financial health [1]. - Despite favorable market conditions, including a steepening yield curve, Allstate's stock has remained flat, presenting a potential buying opportunity for long-term investors [1]. Group 2: Synchrony Financial (SYF) - Synchrony Financial is trading at less than 7 times earnings, with a net income of approximately $4.5 billion and operating margins around 28% [1]. - The company experienced earnings growth of about 3% last year, showcasing its resilience in the consumer finance sector [1]. - The stock is viewed as a reasonably-priced investment, despite concerns in the consumer lending market, due to its strong balance sheet and staying power [1]. Group 3: HP Inc. (HPQ) - HP Inc. is trading at about 7 times earnings and offers a dividend yield of 6.5%, which is attractive in the current market [1]. - The company reported a 4% revenue growth in the last quarter and improved operating margins by 130 basis points, alongside generating $1.1 billion in free cash flow [1]. - Despite a decline of over 30% in stock price this year, HP is considered a valuable addition to a portfolio due to its strong brand and fundamentals [2].

Core Insights - Heritage Insurance (HRTG) is anticipated to show improvements in both revenue and earnings in its fourth-quarter 2025 results, scheduled for March 9, with revenues estimated at $212.6 million, reflecting a 1.1% increase year-over-year [1] - The earnings consensus estimate is projected at $1.61 per share, indicating a significant year-over-year increase of 143.9%, with a 53.3% upward revision in the past 30 days [2] Earnings Performance - HRTG has a strong earnings surprise history, having exceeded the Zacks Consensus Estimate in the last four quarters, with an average surprise of 100.05% [3] - The company is predicted to beat earnings expectations this quarter, supported by a positive Earnings ESP of +24.61% and a Zacks Rank of 3 (Hold) [4][5] Factors Influencing Q4 Results - The fourth-quarter performance is expected to benefit from rate adequacy, controlled exposures, and enhanced underwriting discipline, aided by data and analytics [6] - Growth in the homeowners insurance segment, particularly in coastal regions of the Northeast and Mid-Atlantic, is likely to contribute positively [6] Premiums and Investment Income - Gross premiums earned are projected to increase due to rate adequacy, organic growth, and new business across various segments [7] - Net investment income is expected to rise, with the Zacks Consensus Estimate at $9.9 million, contributing to total revenue growth alongside higher premiums [8] Expense and Profitability Metrics - The combined ratio is anticipated to improve, driven by a lower loss ratio and expense ratio, with the Zacks Consensus Estimate at 72.91 [10] - However, higher policy acquisition costs and increased general and administrative expenses may elevate the net expense ratio, estimated at 34.61 [9]

The Allstate Corporation Raymond James 2026 Institutional Investors Conference Jess Merten, President, Property-Liability 3.2.2026 Forward-looking statements and non-GAAP financial information The Allstate Corporation 2026 PAGE 1 › This presentation contains forward-looking statements and information. › This presentation also contains non-GAAP measures that are denoted with an asterisk (*). › You can find the reconciliation of those measures to GAAP measures within our most recent earnings release, investor ...

Investor Briefing FY25 Q4 Results Reported February 24th, 2026 1 Forward-looking statements and Regulation G Disclosure Statement Forward-looking statements This presentation may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "will," "plan," and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. Such statements may include commentary on ...

Financial Data and Key Metrics Changes - Hippo generated over $1.1 billion of Gross Written Premium for the first time, an increase of 24% year-over-year [5] - Net Written Premium for the year was $422 million, up 13% [5] - Net Income for the year was $58 million, reflecting a significant improvement [18] - Q4 Gross Written Premium grew 40% year-over-year to $288 million [13] - Q4 Adjusted Net Income grew 20% year-over-year to $18 million [18] Business Line Data and Key Metrics Changes - Homeowners business wrote $379 million of Gross Written Premium, down approximately 10% from the prior year [7] - Renters business produced $175 million Gross Written Premium for the year, a 19% increase year-over-year [8] - Commercial multi-peril delivered $265 million of Gross Written Premium, increasing 75% over 2024 [9] - Casualty business grew 92% to $264 million of Gross Written Premium [9] Market Data and Key Metrics Changes - Homeowners accounted for 34% of Gross Written Premium in 2025, down from 47% in 2024, indicating ongoing portfolio diversification [14] - Casualty and Commercial multi-peril each accounted for 24% of 2025 Gross Written Premium [13] Company Strategy and Development Direction - Hippo's strategy focuses on three pillars: Strategic Diversification, Unlocking Market Growth, and Optimized for Risk Management [6] - The company aims to achieve over $2 billion in Gross Written Premium and $125 million in Adjusted Net Income by 2028 [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving and exceeding 2028 targets, with expectations for continued growth in newer lines of business [20] - The Homeowners business is expected to return to growth in 2026, driven by strategic partnerships and improved product offerings [21] Other Important Information - The Net Combined Ratio improved by 25 percentage points to 113% compared to 2024 [17] - Total Hippo shareholders' equity at the end of the quarter was $436 million, up 17% from the previous year [19] Q&A Session Summary Question: About the relaunch of the Homeowners book outside of Builders - Management discussed a thoughtful go-to-market strategy, emphasizing improved product terms and conditions, and plans to expand partnerships [24][25] Question: Insights on the casualty business growth - Management detailed the diverse portfolio underlying the casualty business, including cyber insurance and commercial GL, and discussed plans to increase retention thoughtfully [26][27][29] Question: Reserve development in the quarter - Management indicated that reserve development was primarily driven by one large liability claim in the Homeowners business, but overall reserve outlook remains positive [33][34] Question: Expected renewal premium increases in Homeowners - Management expects premium changes to continue in 2026, trending faster than loss costs, while maintaining rate adequacy [35][36][38]

Financial Data and Key Metrics Changes - Hippo generated over $1.1 billion in Gross Written Premium for the first time, an increase of 24% year-over-year [5] - Net Written Premium for the year was $422 million, up 13% [5] - Net Income for the year was $58 million, reflecting a significant improvement [19] - Adjusted Net Income for Q4 grew 20% year-over-year to $18 million [19] - Total shareholders' equity at the end of the quarter was $436 million, up 17% from the previous year [20] Business Line Data and Key Metrics Changes - Homeowners business wrote $379 million in gross written premium, down approximately 10% from the prior year [7] - Renters business produced $175 million in gross written premium, a 19% increase year-over-year [8] - Commercial multi-peril gross written premium increased 75% over 2024 to $265 million [9] - Casualty business grew 92% to $264 million in gross written premium [9] - Homeowners accounted for 34% of gross written premium, down from 47% in 2024 [15] Market Data and Key Metrics Changes - Casualty accounted for 24% of 2025 Gross Written Premium, reflecting strong growth [14] - Commercial multi-peril also accounted for 24% of 2025 Gross Written Premium [14] - Homeowners business saw a decline in market share, indicating a shift in portfolio diversification [15] Company Strategy and Development Direction - Hippo aims to achieve over $2 billion in Gross Written Premium by 2028, with a focus on strategic diversification and optimized risk management [6] - The company is expanding its premium base across personal and commercial lines to build a more balanced portfolio [6] - The relaunch of the homeowners product line is being approached thoughtfully, with a focus on profitability and competitiveness [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving and exceeding 2028 targets, citing positive momentum entering 2026 [6] - The competitive environment in homeowners is acknowledged, with a focus on improving product offerings and partnerships [24] - Management expects the homeowners business to return to growth in 2026, driven by strategic partnerships and improved product terms [25] Other Important Information - The company is leveraging its diversified portfolio and risk management capabilities to optimize performance across market cycles [6] - The net Combined Ratio improved by 25 percentage points to 113% for the full year [18] Q&A Session Summary Question: Can you discuss the relaunch of the homeowners book outside of Builders? - Management highlighted a thoughtful go-to-market strategy, focusing on profitability and competitiveness, with plans to expand partnerships and distribution [24][25] Question: What drives the growth in the casualty business? - The casualty business includes diverse exposures such as cyber insurance and commercial GL, with a focus on maintaining low risk participation [26][28] Question: What drove the reserve development in the quarter? - A large liability claim in the homeowners business impacted reserves, but overall reserve development for the year was positive [33][34] Question: How do you expect renewal premium increases in homeowners to trend? - Management expects premium increases to continue, albeit at a lower rate than the 15% achieved in 2025, while remaining ahead of loss costs [35][37]

4th Quarter 2025 Financial Results February 25th, 2026 Disclaimers Forward-looking Statements Safe Harbor Certain statements included in this presentation that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan, ...

Core Insights - Florida may not be the best retirement destination for individuals with a monthly budget of $5,000 or more, as other states could provide better long-term value and lifestyle benefits [2] Group 1: Insurance Costs - Florida's annual hurricanes pose significant risks to homeowners, leading to higher insurance premiums that retirees must factor into their financial planning [3][4] - The potential for increased insurance costs due to climate change is a concern for future retirees considering Florida [4] Group 2: Real Estate Market - Florida's real estate market is characterized by volatility, with a history of "boom and bust" cycles, which could threaten long-term wealth for retirees [5] - Rising interest rates may contribute to a declining real estate market, adding risk to purchasing retirement homes in Florida [5] Group 3: Cultural and Educational Opportunities - Florida may lack diverse cultural and educational opportunities, which could be a drawback for retirees seeking intellectual stimulation [6][7] - Other states, such as California and regions in the Pacific Northwest, may offer a richer variety of recreational activities, dining, and cultural experiences despite higher living costs [7]

Core Insights - Mercury Insurance emphasizes the importance of late winter home maintenance to prevent costly repairs in spring, highlighting that average delayed home repairs now exceed $5,600 [1] - The company notes that nearly 75% of homeowners delay at least one repair, often underestimating the escalation of minor issues [1] - Deferred maintenance can increase overall costs by approximately 7% per year, with delayed maintenance potentially costing homeowners three to five times more than preventive care [1] Maintenance Recommendations - Late winter is identified as an optimal time for homeowners to address maintenance tasks such as sealing gaps around doors and windows, checking heating systems, inspecting roofs and attics, and clearing gutters [1] - Mercury Insurance provides a targeted home maintenance checklist that includes testing smoke and carbon monoxide detectors, weather-stripping, plumbing inspections, HVAC checks, and roof inspections [1] - Taking proactive maintenance steps can help homeowners avoid higher repair costs during peak storm and renovation seasons when contractor availability and material costs are elevated [1] Company Overview - Mercury Insurance is a multi-line insurance carrier offering personal auto, homeowners, renters, and commercial insurance through independent agents across several states [1] - The company has been operational since 1962, providing competitive rates and excellent customer service, supported by over 4,200 employees and a network of more than 6,340 independent agents [1] - Mercury Insurance has received an "A" rating from A.M. Best and has been recognized as a "Best Auto Insurance Company" by Forbes and Insure.com [1]

Core Insights - Florida's appeal as a retirement destination is diminishing due to rising costs and financial challenges faced by retirees [1] Group 1: Housing Market Dynamics - Florida experienced a significant population boom, becoming the fastest-growing state in the U.S. in 2021-22, leading to a sharp increase in home prices from an average of less than $300,000 in January 2021 to over $412,000 by January 2026 [2] - New homeowners in Florida often face drastically increased property taxes, as the assessed value of their homes resets to current market value, eliminating any previous homestead caps [4] Group 2: Property Tax Implications - Property taxes in Florida have surged by 108% over the decade ending in 2025, funding essential services but creating a financial burden for retirees [3] Group 3: Homeowners Insurance Challenges - Florida has the highest homeowners insurance premiums in the U.S., averaging $14,140 per year, significantly higher than the national average of $3,259, largely due to increased hurricane threats and market instability [6] - The insurance market in Florida has faced crises, with some companies going bankrupt and others exiting the state, leading to rising insurance costs for both flood and non-flood zones [5][6]