MediaAlpha reported record third-quarter results for 2025, driven by robust growth in its Property & Casualty (P&C) insurance vertical, with significant gains from top auto insurance carriers focusing on customer acquisition.

• Transaction value reached $589 million, up 30% year-over-year, led by a 41% increase in the P&C vertical.
• Adjusted EBITDA grew to $29.1 million, an 11% increase year-over-year, reflecting strong operational efficiency with a 64% conversion rate to adjusted EBITDA.
• Anticipating a strong fourth quarter, P&C transaction value is expected to rise approximately 45% year-over-year, whilst the Health vertical is projected to decline about 45%.
• The declining take rate is attributed to shifts in business mix and increased participation from high-spending P&C carriers, with expectations for a stable take rate of ~7% in Q4.
• Management remains optimistic about long-term growth driven by elevated carrier marketing expenditures and advancements in AI that could reshape insurance distribution dynamics.