Reliance Global Group, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 13, 2023 at 04:14 pm EST
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Reliance Global Group, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was USD 3.28 million compared to USD 2.82 million a year ago. Net loss was USD 0.139004 million compared to net income of USD 6.12 million a year ago. Basic loss per share from continuing operations was USD 0.05 compared to basic earnings per share from continuing operations of USD 5.44 a year ago. Diluted loss per share from continuing operations was USD 0.05 compared to diluted earnings per share from continuing operations of USD 4.83 a year ago. Basic loss per share was USD 0.05 compared to basic earnings per share of USD 5.29 a year ago. Diluted loss per share was USD 0.05 compared to diluted earnings per share of USD 4.69 a year ago.
For the nine months, revenue was USD 10.41 million compared to USD 8.73 million a year ago. Net loss was USD 2.98 million compared to net income of USD 25.96 million a year ago. Basic loss per share from continuing operations was USD 0.47 compared to basic earnings per share from continuing operations of USD 18.16 a year ago. Diluted loss per share from continuing operations was USD 0.47 compared to diluted earnings per share from continuing operations of USD 15.93 a year ago. Basic loss per share was USD 1.22 compared to basic earnings per share of USD 17.79 a year ago. Diluted loss per share was USD 1.22 compared to diluted earnings per share of USD 15.6 a year ago.
Reliance Global Group, Inc. is a InsurTech company leveraging artificial intelligence (AI), and cloud-based technologies, to transform and enhance efficiencies in the insurance agency/brokerage industry. The Company is engaged in managing assets in the insurance markets, as well as other related sectors. The Companyâs business-to-business InsurTech platform, RELI Exchange, provides independent insurance agencies an entire suite of business development tools. The Companyâs business-to-consumer platform, 5minuteinsure.com (5MI), utilizes AI and data mining, to provide online insurance quotes within minutes to everyday consumers seeking to purchase auto, home, and life insurance. In addition, the Company operates its own portfolio of select retail brick and mortar insurance agencies throughout the United States, offering a variety of insurance products. 5MI is a business to consumer Website which enables consumers to compare and purchase car and home insurance.