Allstate Corp (ALL) is undervalued and Chubb Limited (CB) is undervalued.
Against our estimates of intrinsic value, ALL trades at the wider discount: a margin of safety of +55%, against +24% for CB.
Values as of the 22 Sept 2026 close.
Book value at 2.50x, the multiple a 46.1% return on equity justifies, blended with earnings, values the shares at $506.48; the price of $229.50 is 55% below that value.
Leak Score 90/100 on 9 of 12 signals
Book value at 2.50x, the multiple a 15.4% return on equity justifies, blended with earnings, values the shares at $442.13; the price of $335.77 is 24% below that value.
Leak Score 84/100 on 3 of 12 signals
| Metric | ALL | CB |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $229.50 | $335.77 |
| Intrinsic value | $506.48 | $442.13 |
| Margin of safety | +55% | +24% |
| Leak Score | 90/100 (9/12) | 84/100 (3/12) |
| Market cap | $58.0B | $129.5B |
| Revenue growth, 5 years | 10.1% | 10.7% |
| Operating margin | 23.8% | 23.2% |
| Net margin | 18.8% | 18.0% |
| Return on equity | 46.1% | 15.4% |
| Debt to equity | 0.22 | 0.31 |
| P/E | 4.6x | 11.9x |
| Forward P/E | 8.3x | 11.5x |
| P/B | 1.8x | 1.7x |
| Dividend yield | 1.9% | 1.2% |