Chubb Limited (CB) is undervalued and Travelers Companies Inc (TRV) is undervalued.
Against our estimates of intrinsic value, CB trades at the wider discount: a margin of safety of +24%, against +21% for TRV.
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 26.5% return on equity justifies, blended with earnings, values the shares at $459.92; the price of $362.01 is 21% below that value.
Leak Score 96/100 on 8 of 12 signals
| Metric | CB | TRV |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $335.77 | $362.01 |
| Intrinsic value | $442.13 | $459.92 |
| Margin of safety | +24% | +21% |
| Leak Score | 84/100 (3/12) | 96/100 (8/12) |
| Market cap | $129.5B | $75.5B |
| Revenue growth, 5 years | 10.7% | 8.8% |
| Operating margin | 23.2% | 22.0% |
| Net margin | 18.0% | 16.8% |
| Return on equity | 15.4% | 26.5% |
| Debt to equity | 0.31 | 0.27 |
| P/E | 11.9x | 9.7x |
| Forward P/E | 11.5x | 11.9x |
| P/B | 1.7x | 2.3x |
| Dividend yield | 1.2% | 1.3% |