Since the start of January 2022, companies in the insurance industry are up 2.17% compared to the S&P 500 which is down 13.23% as of September 2, 2022. As the economy reopened, many Americans decided to travel and buy new goods with the money that they have saved up since March 2020.
With life getting back to normal, there will be more insurance claims, which will most likely cause a rise in insurance premiums.
According to Title Loanser, auto theft had been in a decline since the 1970s, until 2020, when vehicle theft increased by 11.8% which is the largest year-over-year gain measured by the FBI. These are three high yielding insurance stocks to benefit from the rise in economic activity and crime.
Prudential Financial Inc (NYSE:PRU) is offering a dividend yield of 5.06% or $4.80 per share annually, through quarterly payments, with a strong track record of increasing its dividends for 15 years. Prudential Financial is the second-largest life insurance company in the U.S., it is a diversified insurance company offering annuities, life insurance, retirement plan services, and asset management products.
During the second quarter, capital returned to shareholders of $832 million, included $375 million of share repurchases and $457 million of dividend payments.
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Everest Re Group Ltd (NYSE:RE) is offering a dividend yield of 2.41% or $6.60 per share annually, making quarterly payments, with a track record of increasing its dividends once in the past year. Everest Re Group is engaged in providing insurance services in the U.S., Bermuda, and international markets, with its operating segments in reinsurance and insurance.
“Our focus on underwriting profitability and operational efficiency, supported by our investment portfolio delivered $386 million in net operating income and a 15.3% operating ROE”, said President & CEO, Juan C. Andrade.
Erie Indemnity Co (NYSE:ERIE) is offering a dividend yield of 2.06% or $4.44 per share annually, utilizing quarterly payments, with a stellar track record of increasing its dividends for 32 consecutive years. Erie Indemnity’s results are tied to the performance of the Insurance Exchange, which principally provides automobile and homeowners insurance for individuals, along with multi-peril, workers' compensation, and commercial automobile insurance for its commercial clients.
In the first six months of 2022, net income was $149 million, compared to net income of $153 million in the first six months of 2021.
