MediaAlpha, Inc. Q4 2025 Earnings Call Summary

The P&C insurance vertical delivered exceptional results as carriers shifted from rate adequacy to aggressive customer acquisition in a softening market. Management narrowed the Under-65 health insurance scope to improve the company's risk profile and sharpen strategic focus on core growth areas. Performance attribution for the Q4 beat was driven by open marketplace demand partners leaning in, resulting in a higher-than-expected take rate. The company is positioning itself as a core infrastructure l ...