Allstate (ALL) will raise its quarterly dividend by 8.7 percent to $0.50 per share in the first quarter of 2019. The insurer hiked its dividend by almost 25 percent in 2018.

The next dividend is payable in cash on April 1, 2019, to stockholders of record at the close of business on Feb. 28, 2019.

 "This increase in the quarterly common stock dividend reflects our financial strength and ongoing commitment to providing cash returns to shareholders," said Mario Rizzo, Chief Financial Officer.

At a stock price of $92.25 the new dividend yield for ALL is 2.0% and 2018 marks the 9th consecutive year of dividend increases.

The Allstate Corporation is primarily engaged in the property and casualty insurance business and the sale of life and accident and health insurance products in the United States and Canada. The company is the largest publicly held personal lines insurer in the United States and the 2nd largest personal property and casualty insurer. Allstate became a publicly traded company in 1993 and has paid a dividend every year since its IPO.