Chubb Limited (CB) is undervalued and Progressive Corp (PGR) is fairly valued.
Against our estimates of intrinsic value, CB trades at the wider discount: a margin of safety of +24%, against +3% for PGR.
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 2.50x, the multiple a 34.9% return on equity justifies, blended with earnings, values the shares at $213.51; the price of $206.94 is 3% below that value.
Leak Score 65/100 on 9 of 12 signals
| Metric | CB | PGR |
|---|---|---|
| Verdict | Undervalued | Fairly valued |
| Price | $335.77 | $206.94 |
| Intrinsic value | $442.13 | $213.51 |
| Margin of safety | +24% | +3% |
| Leak Score | 84/100 (3/12) | 65/100 (9/12) |
| Market cap | $129.5B | $120.3B |
| Revenue growth, 5 years | 10.7% | 15.5% |
| Operating margin | 23.2% | 16.6% |
| Net margin | 18.0% | 12.8% |
| Return on equity | 15.4% | 34.9% |
| Debt to equity | 0.31 | 0.24 |
| P/E | 11.9x | 10.4x |
| Forward P/E | 11.5x | 12.8x |
| P/B | 1.7x | 3.5x |
| Dividend yield | 1.2% | 4.7% |