On July 25, 2024, Reliance Global Group, Inc. released its financial results for the second quarter and first half of the year, reporting modest revenue growth and significant improvements in net loss and operational efficiencies. The company announced revenues of $3.2 million for the quarter and $7.3 million for the six months, marking 1% and 3% increases respectively from the previous year. Reliance also reported a 62% improvement in net loss from continuing operations for the quarter, down to $1.5 million, and a nominal AEBITDA loss. The 'OneFirm' strategy has been credited for creating cross-selling opportunities and operational efficiencies. The anticipated acquisition of Spetner Associates is expected to nearly double annual revenues to approximately $28 million and significantly boost AEBITDA. Reliance also formed a new real estate division...Show More

On July 25, 2024, Reliance Global Group, Inc. released its financial results for the second quarter and first half of the year, reporting modest revenue growth and significant improvements in net loss and operational efficiencies. The company announced revenues of $3.2 million for the quarter and $7.3 million for the six months, marking 1% and 3% increases respectively from the previous year. Reliance also reported a 62% improvement in net loss from continuing operations for the quarter, down to $1.5 million, and a nominal AEBITDA loss. The 'OneFirm' strategy has been credited for creating cross-selling opportunities and operational efficiencies. The anticipated acquisition of Spetner Associates is expected to nearly double annual revenues to approximately $28 million and significantly boost AEBITDA. Reliance also formed a new real estate division, led by Abe Miller, to drive growth and diversification. Additionally, the company simplified its capital structure by removing warrant overhang, aiming to unlock shareholder value. Reliance will host a conference call to discuss these results and updates. The company's InsurTech platforms, RELI Exchange and 5minuteinsure.com, continue to be central to its growth strategy, with the former providing a suite of business development tools to independent insurance agencies and the latter offering competitive online insurance quotes to consumers.