Highly Successful RELI Exchange Platform Helping Drive Revenue Growth
Company to Host Conference Call Today at 12:00 PM
LAKEWOOD, N.J., Nov. 15, 2022 (GLOBE NEWSWIRE) — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which mixes synthetic intelligence (AI) and cloud-based applied sciences with the customized expertise of a conventional insurance company, yesterday supplied a business replace and reported monetary outcomes for the third quarter ended September 30, 2022.
Ezra Beyman, CEO of Reliance Global Group, commented, “We are extremely pleased to report a 61% year-over-year increase in revenue for the third quarter of 2022. Our strong growth has been fueled by our recent acquisitions, including Barra & Associates, which was successfully relaunched as RELI Exchange earlier this year. With the RELI Exchange platform, we believe we have built a best-in-class InsurTech platform and are not aware of any other offering in the insurance industry with its speed or versatility. The platform enables agents to quickly generate side by side quote comparisons across a broad universe of carriers, to ensure they are getting the best policies and value for their clients. RELI Exchange also simplifies an agent’s back-office burden and reduces their costs by streamlining their operations and minimizing paperwork, thus providing an agent more time to focus on clients, selling policies, and growing their business. The platform has scaled even faster than anticipated, as independent agents continue to join the network. I am pleased to report RELI Exchange now has more than 120 agency partners, up from just 65 a few short months ago.”
“We continue to add additional streams of revenue for our agency partners, which we believe will make RELI Exchange an even more compelling value proposition and help further accelerate growth of the platform. As an example, we recently added a new referral partnership with NRS Funding, whereby RELI Exchange agents are now able to offer their clients merchant cash advance services. In addition, there are several other services that are in the pipeline which we believe we will be rolling out to RELI Exchange agency partners in the near future.”
“Overall, we remain committed to achieving our goal of building RELI Exchange into the largest agency partner network in the U.S. and, based on our results to date, we believe we are moving in the right direction. In addition, we believe that our highly scalable business model will drive significant shareholder value as we move forward.”
Financial outcomes for the three months ended September 30, 2022
- Revenue for the three months ended September 30, 2022, was roughly $4.2 million, a rise of roughly 61%, in comparison with $2.6 million for the three months ended September 30, 2021. The enhance of $1.6 million was primarily pushed by natural progress and the extra insurance companies acquired in 2022.
- Operating bills for the three months ended September 30, 2022, had been roughly $5.7 million, in comparison with roughly $3.1 million for the three months ended September 30, 2021. The enhance was primarily attributable to fee expense, salaries and wages, normal & administrative, and promoting & advertising prices, which elevated as a consequence of a mixture of natural progress and the inclusion of the companies acquired in 2022. Operating bills for the three months ended September 30, 2022 embody roughly $1 million of non-cash and non-recurring bills.
- Net earnings for three months ended September 30, 2022, was roughly $6.1 million, in comparison with a lack of $595 thousand for the identical interval final 12 months. The enhance was primarily attributable to the $7.9 million change in honest worth of the warrant liabilities.
Financial outcomes for the 9 months ended September 30, 2022
- Revenue for the 9 months ended September 30, 2022, was roughly $12.6 million, a rise of roughly 78%, in comparison with $7.1 million for the 9 months ended September 30, 2021. The enhance was primarily pushed by natural progress and the extra insurance companies acquired in 2022.
- Operating bills for the 9 months ended September 30, 2022, had been roughly $18.5 million, in comparison with roughly $9.2 million for the 9 months ended September 30, 2021. The enhance was primarily attributable to fee expense, salaries and wages, normal & administrative, and promoting & advertising prices, which elevated as a consequence of a mixture of natural progress and the inclusion of the companies acquired in 2022. Operating bills for the 9 months ended September 30, 2022 embody roughly $4.4 million of non-cash and non-recurring bills.
- Net earnings for 9 months ended September 30, 2022, was roughly $26.0 million, in comparison with a lack of $2.5 million for the identical interval final 12 months. The enhance was primarily attributable to the $32.4 million change in honest worth of the warrant liabilities.
The full monetary outcomes can be found in the Company’s Form 10-Q, which was filed with the U.S. Securities & Exchange Commission yesterday.
Conference Call
Reliance Global Group will host a convention name at this time at 12:00 P.M. Eastern Time to debate the Company’s monetary outcomes for the third quarter ended September 30, 2022, in addition to the Company’s company progress and different developments.
The convention name might be out there by way of phone by dialing toll free 888-506-0062 for U.S. callers or +1 973-528-0011 for worldwide callers and utilizing entry code: 905469. A webcast of the decision could also be accessed at https://www.webcaster4.com/Webcast/Page/2381/47068 or on the investor relations part of the Company’s web site at https://relianceglobalgroup.com/investor-relations/.
A webcast replay may also be out there on the Company’s Investors part of the web site (https://relianceglobalgroup.com/investor-relations/) by November 16, 2023. A phone replay of the decision might be out there roughly one hour following the decision, by November 29, 2022, and may be accessed by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for worldwide callers and coming into convention ID: 47068.
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) an InsurTech pioneer, is working to remodel the normal insurance company mannequin by combining synthetic intelligence (AI) and automation, with the customized expertise of a conventional insurance company mannequin. Reliance Global Group’s progress technique contains the natural growth of 5MinuteInpositive.com, it’s on-line business-to-consumer platform that makes use of synthetic intelligence and information mining, to offer aggressive insurance quotes inside 5 minutes, and RELI Exchange, it’s B2B InsurTech platform and company associate community for insurance brokers and companies, designed to present impartial brokers a complete suite of business growth instruments and the power to successfully compete with nationwide companies. Additional details about the Company is out there at https://www.relianceglobalgroup.com/.
Forward-Looking Statements
This press launch accommodates forward-looking statements inside the that means of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements apart from statements of historic details included in this press launch could represent forward-looking statements and aren’t ensures of future efficiency, situation or outcomes and contain quite a lot of dangers and uncertainties. In some circumstances, forward-looking statements may be recognized by terminology comparable to “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and related expressions and embody statements such because the Company having constructed a best-in-class InsurTech platform, making RELI Exchange an much more compelling worth proposition and additional accelerating progress of the platform, rolling out a number of different providers in the close to future to RELI Exchange company companions, constructing RELI Exchange into the biggest company associate community in the U.S., the Company transferring in the precise path and the Company’s extremely scalable business mannequin driving important shareholder worth. Actual outcomes could differ materially from these in the forward-looking statements on account of quite a lot of components, together with these described infrequently in our filings with the Securities and Exchange Commission and elsewhere and danger as and uncertainties associated to: the Company’s capability to generate the income anticipated and the power to construct the RELI Exchange into the biggest company associate community in the U.S., and the opposite components described in the Company’sAnnual Report on Form 10-Ok for the fiscal 12 months ended December 31, 2021. The foregoing overview of essential components that might trigger precise occasions to vary from expectations shouldn’t be construed as exhaustive and must be learn in conjunction with statements which are included herein and elsewhere, together with the danger components included in the Company’s Annual Report on Form 10-Ok for the fiscal 12 months ended December 31, 2021, the Company’s Quarterly Reports on Form 10-Q, the Company’s current Current Reports on Form 8-Ok and subsequent filings with the Securities and Exchange Commission. The Company undertakes no obligation to replace any forward-looking assertion made herein. All forward-looking statements communicate solely as of the date of this press launch.
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