Chubb Limited (CB) is undervalued and Markel Group Inc (MKL) is undervalued.
Against our estimates of intrinsic value, MKL trades at the wider discount: a margin of safety of +31%, against +24% for CB.
Values as of the 22 Sept 2026 close.
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
Book value at 1.67x, the multiple a 12.6% return on equity justifies, blended with earnings, values the shares at $2546.87; the price of $1763.36 is 31% below that value.
Leak Score 70/100 on 10 of 12 signals
| Metric | CB | MKL |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $335.77 | $1763.36 |
| Intrinsic value | $442.13 | $2546.87 |
| Margin of safety | +24% | +31% |
| Leak Score | 84/100 (3/12) | 70/100 (10/12) |
| Market cap | $129.5B | $21.8B |
| Revenue growth, 5 years | 10.7% | 11.2% |
| Operating margin | 23.2% | 18.6% |
| Net margin | 18.0% | 13.8% |
| Return on equity | 15.4% | 12.6% |
| Debt to equity | 0.31 | 0.23 |
| P/E | 11.9x | 9.7x |
| Forward P/E | 11.5x | 15.7x |
| P/B | 1.7x | 1.1x |
| Dividend yield | 1.2% | — |