This, coupled with its acquisitions, and a very cheap valuation with a P/E ratio of 5.6 (adjusted for discontinued operations), makes Allstate another solid company worth buying to protect your portfolio against inflation. Inflation can be hard to predict, so a good strategy for investors is to own solid long-term performers that could get an additional benefit from rising interest rates, like Chubb (NYSE: CB), Progressive (NYSE: PGR), and Allstate (NYSE: ALL). Allstate Allstate is another great insurer worth your consideration, especially as the company has made moves to scale up and improve its profitability in the past year.