Allstate (ALL)

For companies with intensive balance sheets, he sometimes values them on price to book (tells you what are you paying purely for the value of the shareholders equity). 

Trades at a discount to JPM probably because JPM is better, bigger, with better structural profitability. Some stirrings in the P&C markets of upcoming global softness, so premiums won't go up as much as before. Price competition will most likely depress profitability in the sector.

He'd prefer the banks.

They home and car insurance in North America, doing an amazing job. Over 20 years, they bought back 66% of their shares. At this rate, they will buy the rest in 16 years. Trades at 11x PE with double-digit earnings growth. Insurance rates are rising.

House insurance always goes up and it is the best in its field with little competition. Trades at 11X earnings.

P&C insurance. All they do is homes and cars in NA, no foreign exposure. In NA, but mostly US. Cheaper valuation than any in Canada, and at least as good a company as those in Canada. Bond portfolio benefitting now that rates are high.

Has owned company for 15 years, and will keep position. Company has purchased ~50% of shares last 10 years. Ability to raise prices with inflation. Very attractive capital allocation skills. Consistently raised dividend. 

Increase in catastrophic losses means most insurers are suffering this year. For P&C insurers, bad news is good news, as they just raise prices. Great capital allocators. Raise dividends. Favour profits over market share, so divesting unprofitable businesses. Spectacularly well run. Free cashflow machine. Yield is 3.28%.

Owns shares in company, continues to buy.
Reduction of share count by 50% the past 10 years.
Disciplined company that steadily increases dividend. 
Trading at 10x 2024 earnings projections.
Good long term investment. 

It is the premier property casualty company in the U.S. Over the past decade it has had double digit dividend growth, huge share buybacks, great cash flow and a very disciplined approach. It is an incredible asset allocator and also cheap. Its 3 1/2% dividend could double over time. The stock is down a little due to supply chain issues which increases the costs to fix houses and cars, but these issues are temporary. An app that tracks driving habits can give the client a discount but it gives the company a strong picture of those habits.