Based on key financial metrics such as the price-to-sales ratio, shareholder yield and the price-earnings ratio, the following 3 stocks made the list for top value stocks in the Insurance industry. Those looking for value stocks to add to their portfolio may want to use this list as a starting point for further investment research.

Why Focus on Undervalued Insurance Stocks?

Value investors seek to buy stocks at a discount to their intrinsic value. Long-term returns show that such strategies are advantageous. Value stocks, as a group, tend to outperform growth stocks over extended periods of time. Typically, value investors perform financial analysis of numerous metrics, don’t follow the herd and are long-term investors.

AAII’s A+ Investor Value Grade is derived from a stock’s Value Score. The Value Score is the percentile rank of the average of the percentile ranks of the price-to-sales ratio, price-earnings ratio, enterprise-value-to-EBITDA (EV/EBITDA) ratio, shareholder yield, price-to-book-value ratio and price-to-free-cash-flow ratio. The score is variable, meaning it can consider all six ratios or, should any of the six ratios not be valid, the remaining ratios that are valid. To be assigned a Value Score, stocks must have a valid (non-null) ratio and corresponding ranking for at least two of the six valuation ratios.

What Goes Into AAII’s Value Grade?

Stock evaluation requires access to huge amounts of data as well as the knowledge and time to sift through it all, make sense of financial ratios, read income statements and analyze recent stock movement. AAII created A+ Investor, a robust data suite that condenses data research in an actionable and customizable way suitable for investors of all knowledge levels, to help investors with that task.

AAII’s proprietary stock grades come with A+ Investor. These offer intuitive A–F grades for more than just value. It is possible for a stock to appear cheap based on one valuation metric but appear expensive on another. It is also possible for one valuation ratio to be associated with outperforming stocks during certain periods of time but not others. Some stocks may even have null values for certain metrics like the price-earnings ratio or the price-to-book ratio but not others. An example of this would be a company with losses instead of profits or a negative book value because of heavy borrowing. Negative earnings or book value result in non-meaningful ratios that are left blank or null.

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3 Undervalued Insurance Stocks

Of course, there are countless value stocks that are worth mentioning, but this is a concise list of the top 3 undervalued stocks in the Insurance industry for Thursday, October 23, 2025. Let’s take a closer look at their individual scores to see how they measure up against each other and the Insurance industry median.

The Value Grade is assigned based on how each stock’s composite valuation compares to all other stocks.

The process for assigning grades starts with each variable for a given stock. The percentile rankings for all valid ratios that a stock has are calculated. So, for instance, a stock could have a price-to-book ranking in the 43rd percentile, a price-earnings ranking in the 67th percentile, a price-to-sales ranking in the 23rd percentile, etc. Then, those rankings are averaged for each stock. (A minimum of two valid variables are required, though all six will be used if available.)

Once the average of the individual variables is calculated, that average is ranked against all stocks. Put another way, each stock’s composite valuation is compared to all other stocks. These ranks are then sorted into quintiles from the cheapest 20% (a grade of A) to the most expensive 20% (a grade of F).

As always, we recommend that you conduct proper due diligence and research before investing in any security. We also suggest that investors utilize numerous grades, not just value, when it comes to deciding whether a company is a good fit for their allocation needs.

Crawford & Company’s Value Grade

Value Grade:

Crawford & Company provides claims management and outsourcing solutions for carriers, brokers, and corporations in the United States, the United Kingdom, Europe, Canada, Australia, Asia, and Latin America. The company provides claims management services to insurance carriers and self-insured entities risk, including property, public liability, automobile liability, and marine insurances; claims management and adjusting services to insurance carriers and self-insured entities from property and casualty insurance company markets; and field investigation and the evaluation and resolution of property and casualty insurance claims. It also offers claims management services, including workers' compensation, liability, and property; death and dismemberment, business travel, life, disability, critical illness, and credit protection claims programs; short and long term disability, family medical leave act, americans with disabilities act, and state leave claims; legal services, risk management information, and consultative analytical services; loss mitigation services, such as medical bill review, medical case management and vocational rehabilitation; risk management information services; and administration of loss funds established to pay claims. In addition, the company provides managed repair service and outsourced contractor management to national and regional personal and commercial insurance carriers; services to insurance companies on losses caused by all types of natural disasters comprising fires, hailstorms, hurricanes, earthquakes, floods, as well as man-made disasters, such as oil spills, chemical releases, and explosions; staff augmentation that provides temporary staffing resources; and outsourced subrogation claims management, recovery, and consultative services for the property and casualty insurance industry. The company was founded in 1941 and is headquartered in Atlanta, Georgia.

Stocks with a Value Score from 81 to 100 are considered deep value, those with a score between 61 and 80 are value and so on.

Crawford & Company has a Value Score of 77, which is considered to be undervalued.

When you look at Crawford & Company’s price-to-sales ratio at 0.38 compared to the industry median at 1.04, this company has a lower price relative to revenue compared to its peers. This could make Crawford & Company’s stock more attractive for value investors.

Crawford & Company’s price-earnings ratio is 17.10 compared to the industry median at 14.10. This means it has a higher share price relative to earnings compared to its peers. This could make Crawford & Company less attractive for value investors.

Now, let’s assess Crawford & Company’s EV/EBITDA ratio, also known as enterprise multiple. At 9.1, when compared to the industry median of 8.9, the company may be considered overvalued in relation to its peers. Value investors could use the enterprise multiple to identify stocks that are considered overvalued or undervalued relative to their industry.

Shareholder yield is the sum of a stock’s dividend yield (paid over previous 12 months minus special dividends) and the percentage of net share buybacks over the previous 12 months. Crawford & Company’s shareholder yield is higher than its industry median ratio of 0.80%. Value investors may look for an attractive shareholder yield because it can be a powerful tool for identifying if the company has a good management team.

As one of the most common value metrics, the price-to-book ratio evaluates a company’s current market price relative to its book value. Crawford & Company’s price-to-book ratio is higher than its industry median ratio of 1.56. This could make Crawford & Company less attractive to investors looking for a new addition to their portfolio.

Lastly, let’s take a look at Crawford & Company’s price-to-free-cash-flow ratio (P/FCF), which can indicate a company’s market value relative to its operating cash flow. Crawford & Company’s price-to-free-cash-flow ratio is lower than its industry median ratio of 9.00. This could make Crawford & Company more attractive because the lower P/FCF ratio indicates that Crawford & Company is undervalued. The P/FCF ratio metric can also be viewed over a long-term time frame to see if the company's cash flow to share price value is generally improving or worsening.

Old Republic International Corporation’s Value Grade

Value Grade:

Old Republic International Corporation, through its subsidiaries, provides insurance underwriting and related services primarily in the United States and Canada. The company operates in two segments, Specialty Insurance and Title Insurance. The Specialty Insurance segment offers accident and health, aviation, commercial auto, commercial multi-peril, commercial property, excess and surplus, general liability, home and auto warranty, inland marine, travel accident, and workers' compensation insurance products; and financial indemnity products for specialty coverages, including errors and omissions, fidelity, directors and officers, and surety. This segment provides its insurance products to businesses, state and local governments, and other institutions in transportation, commercial construction, healthcare, education, retail and wholesale trade, forest products, energy, general manufacturing, and financial services industries. The Title Insurance segment offers lenders' and owners' policies to real estate purchasers and investors based upon searches of the public records. This segment also provides escrow closing and construction disbursement services; and real estate information products, national default management services, and various other services pertaining to real estate transfers and loan transactions. The company was founded in 1923 and is based in Chicago, Illinois.

Stocks with a Value Score from 81 to 100 are considered deep value, those with a score between 61 and 80 are value and so on.

Old Republic International Corporation has a Value Score of 78, which is considered to be undervalued.

Old Republic International Corporation’s price-earnings ratio is 11.9 compared to the industry median at 14.1. This means that it has a lower price relative to its earnings compared to its peers. This makes Old Republic International Corporation more attractive for value investors.

Old Republic International Corporation’s price-to-book ratio is lower than its peers. This could make Old Republic International Corporation more attractive for value investors when compared to the industry median at 1.56.

You can read more about Old Republic International Corporation’s key financial metrics like shareholder yield, price-to-free-cash-flow and EV/EBITDA ratio, or learn more about its Momentum and Growth Grades, by subscribing to A+ Investor.

United Fire Group, Inc.’s Value Grade

Value Grade:

United Fire Group, Inc., together with its subsidiaries, provides property and casualty insurance for individuals and businesses in the United States. Its commercial lines include fire and allied lines, other liability, automobile, workers’ compensation, fidelity and surety coverage, and other insurance products; and personal lines comprise automobile, and fire and allied lines coverage, including assumed reinsurance for homeowners multi-peril coverage. The company sells its products through a network of independent agencies. United Fire Group, Inc. was incorporated in 1946 and is headquartered in Cedar Rapids, Iowa.

Stocks with a Value Score from 81 to 100 are considered deep value, those with a score between 61 and 80 are value and so on.

United Fire Group, Inc. has a Value Score of 97, which is considered to be undervalued.

United Fire Group, Inc.’s price-earnings ratio is 8.8 compared to the industry median at 14.1. This means that it has a lower price relative to its earnings compared to its peers. This makes United Fire Group, Inc. more attractive for value investors.

United Fire Group, Inc.’s price-to-book ratio is higher than its peers. This could make United Fire Group, Inc. less attractive for value investors when compared to the industry median at 1.56.

You can read more about United Fire Group, Inc.’s key financial metrics like shareholder yield, price-to-free-cash-flow and EV/EBITDA ratio, or learn more about its Momentum and Growth Grades, by subscribing to A+ Investor.

Other Insurance Stock Grades

Value is just one of the five Stock Grades included in our A+ Investor service. AAII members can see the top-graded stocks—those with grades of A or B for value, growth, momentum, earnings estimate revisions and quality—on the A+ Stock Grades Screener.

Also, if you want full access to all of AAII’s premium services, you can subscribe to one convenient bundled plan called AAII Platinum where you can try out A+ Investor, AAII Dividend Investing, the Stock Superstars Report, Growth Investing and VMQ Stocks. With the other premium services, you can dive deep into additional metrics, portfolios, commentary and information about Insurance stocks as well as other industrys.

Choosing Which of the 3 Best Insurance Stocks Is Right for You

Choosing which value stocks to invest in will ultimately depend on your individual goals and allocation; however, comparing similar value stocks in the same industry can help you analyze which might be better investments for you in the long run. So, let’s take a look at the Value Grade for all of our stocks.

• Crawford & Company stock has a Value Grade of B.
• Old Republic International Corporation stock has a Value Grade of B.
• United Fire Group, Inc. stock has a Value Grade of A.

Now that you have a bit more background about each of the 3 undervalued stocks in the Insurance industry as well as their overall grades, it’s time for you to conduct additional research to see if these could fit your portfolio needs based on your goals and risk tolerance. AAII can help you figure out both and identify which investments align with what works best for you.

We do so through a program of education that teaches you to invest for yourself and become an effective manager of your own wealth—no more relying on others for your financial independence. You can rely on AAII for timeless articles on financial planning and stock-picking, unbiased research and actionable analysis that makes you a better investor.

A+ Investor adds to that qualitative teaching by giving you a powerful data suite that helps you whittle down investment decisions to find stocks, exchange-traded funds (ETFs) or mutual funds that meet your needs.

Additional Resources About Insurance Stocks

Want to learn more about Insurance stocks to see if they could be the right investment for you? Check out some additional resources and articles to help you on your financial journey.

• 7 Undervalued Insurance Stocks for Thursday, October 23
• Is The Progressive Corporation (PGR) Overvalued?
• 3 Undervalued Insurance Stocks for Wednesday, October 22
• Is The Progressive Corporation (PGR) Overvalued?

AAII Disclaimer

We make no representations or warranties that any investor will, or is likely to, achieve profits similar to those shown, because past, hypothetical or simulated performance is not necessarily indicative of future results. Before making an investment decision, you should consider your circumstances and whether the information on our content is applicable to your situation. This information was prepared in good faith and we accept no liability for any errors or omissions. The full disclaimer can be read here.