Investors looking for stocks in the Insurance - Multi line sector might want to consider either M?nchener R?ckversicherungs-Gesellschaft (MURGY Quick QuoteMURGY - Free Report) or Zurich Insurance Group Ltd. (ZURVY Quick QuoteZURVY - Free Report) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.

There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.

Currently, M?nchener R?ckversicherungs-Gesellschaft has a Zacks Rank of #2 (Buy), while Zurich Insurance Group Ltd. has a Zacks Rank of #5 (Strong Sell). This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that MURGY is likely seeing its earnings outlook improve to a greater extent. But this is just one piece of the puzzle for value investors.

Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.

The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.

MURGY currently has a forward P/E ratio of 8.36, while ZURVY has a forward P/E of 13.58. We also note that MURGY has a PEG ratio of 0.63. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. ZURVY currently has a PEG ratio of 0.84.

Another notable valuation metric for MURGY is its P/B ratio of 2.19. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, ZURVY has a P/B of 3.

These metrics, and several others, help MURGY earn a Value grade of A, while ZURVY has been given a Value grade of D.

MURGY is currently sporting an improving earnings outlook, which makes it stick out in our Zacks Rank model. And, based on the above valuation metrics, we feel that MURGY is likely the superior value option right now.