MediaAlpha, Inc. (NYSE: MAX), today announced that, in connection with White Mountains Insurance Group, Ltd.’s (“White Mountains”) Annual Report on Form 10-K filed today with the Securities and Exchange Commission (“SEC”), White Mountains was required to disclose certain summarized preliminary financial information for MediaAlpha’s fiscal year ended December 31, 2020, as set forth below:
- Total revenues of $584.8 million
- Total expenses of $575.4 million
- Net income of $9.4 million
- Total assets of $212.7 million
- Total liabilities of $315.8 million
As of December 31, 2020 MediaAlpha is a significant investee of White Mountains and accordingly, White Mountains presents certain summarized financial information within the notes to its financial statements. As of December 31, 2020, White Mountains owned 20,532,202 shares of MediaAlpha Class A common stock, representing 35% ownership interest (32% on a fully diluted, fully converted basis).
MediaAlpha’s total revenues for the fiscal year ended December 31, 2020 grew 43% year-over-year, exceeding the Company’s expectations due to better than expected revenue in its Health Insurance vertical, which grew 34% year-over-year driven by a stronger than expected annual enrollment period and strong performance in P&C, which grew 81% over the prior year on increased year-end budget allocations from demand partners. Further details and financial information, including outlook for the first quarter and full year 2021, will be discussed during the Company’s financial results call.
The summary financial information of MediaAlpha that is included in White Mountains’ annual report is preliminary, and may be revised in MediaAlpha’s Annual Report on Form 10-K for the year ended December 31, 2020. The summary financial information also may not be indicative of trends in other financial or operating metrics, including Adjusted EBITDA. MediaAlpha undertakes no obligation to update or supplement the information provided above until the Company releases its results of operations for the fiscal year ended December 31, 2020.
MediaAlpha will report its fourth quarter and full year 2020 financial results on Thursday, March 11, 2021 after market close. The Company will host a Q&A conference call to discuss these results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on the same day.
A live webcast of the call will be available on MediaAlpha’s Investor Relations website at https://investors.mediaalpha.com. To register for the webcast, click here. Participants may also dial in, toll-free at (833) 350-1346 or (236) 389-2445, with passcode 2458015.
An audio replay of the conference call will be available for two weeks following the call at https://investors.mediaalpha.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including with respect to the summary financial information for the fiscal year ended December 31, 2020. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would,” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.
There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including those more fully described in MediaAlpha’s filings with the Securities and Exchange Commission (“SEC”), including the Quarterly Report on Form 10-Q filed with the SEC on December 10, 2020. These factors should not be construed as exhaustive. MediaAlpha disclaims any obligation to update any forward-looking statements to reflect events or circumstances that occur after the date of this release.