Loews Corp (L) is slightly undervalued and Travelers Companies Inc (TRV) is undervalued.
Against our estimates of intrinsic value, TRV trades at the wider discount: a margin of safety of +21%, against +6% for L.
Values as of the 22 Sept 2026 close.
Book value at 1.18x, the multiple a 9.2% return on equity justifies, blended with earnings, values the shares at $112.52; the price of $105.91 is 6% below that value.
Leak Score 62/100 on 9 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 | L | TRV |
|---|---|---|
| Verdict | Slightly undervalued | Undervalued |
| Price | $105.91 | $362.01 |
| Intrinsic value | $112.52 | $459.92 |
| Margin of safety | +6% | +21% |
| Leak Score | 62/100 (9/12) | 96/100 (8/12) |
| Market cap | $21.7B | $75.5B |
| Revenue growth, 5 years | 6.0% | 8.8% |
| Operating margin | 14.0% | 22.0% |
| Net margin | 9.0% | 16.8% |
| Return on equity | 9.2% | 26.5% |
| Debt to equity | 0.47 | 0.27 |
| P/E | 13.0x | 9.7x |
| Forward P/E | — | 11.9x |
| P/B | 1.1x | 2.3x |
| Dividend yield | 0.2% | 1.3% |