Investors with an interest in Insurance - Multi line stocks have likely encountered both American International Group (AIG Quick QuoteAIG - Free Report) and M?nchener R?ckversicherungs-Gesellschaft (MURGY Quick QuoteMURGY - Free Report) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.

Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.

American International Group has a Zacks Rank of #2 (Buy), while M?nchener R?ckversicherungs-Gesellschaft has a Zacks Rank of #4 (Sell) right now. This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that AIG is likely seeing its earnings outlook improve to a greater extent. But this is only part of the picture for value investors.

Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.

Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.

AIG currently has a forward P/E ratio of 8.85, while MURGY has a forward P/E of 11.59. We also note that AIG has a PEG ratio of 0.88. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. MURGY currently has a PEG ratio of 2.67.

Another notable valuation metric for AIG is its P/B ratio of 0.92. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, MURGY has a P/B of 1.79.

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

AIG 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 AIG is likely the superior value option right now.