While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

MS&AD Insurance Group (MSADY) is a stock many investors are watching right now. MSADY is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value.

Another valuation metric that we should highlight is MSADY's P/B ratio of 1.13. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 1.71. MSADY's P/B has been as high as 1.35 and as low as 0.79, with a median of 1.15, over the past year.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. MSADY has a P/S ratio of 0.75. This compares to its industry's average P/S of 1.2.

United Fire Group (UFCS) may be another strong Insurance - Property and Casualty stock to add to your shortlist. UFCS is a # 2 (Buy) stock with a Value grade of A.

Furthermore, United Fire Group holds a P/B ratio of 0.87 and its industry's price-to-book ratio is 1.71. UFCS's P/B has been as high as 1.02, as low as 0.62, with a median of 0.75 over the past 12 months.

Value investors will likely look at more than just these metrics, but the above data helps show that MS&AD Insurance Group and United Fire Group are likely undervalued currently. And when considering the strength of its earnings outlook, MSADY and UFCS sticks out as one of the market's strongest value stocks.

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