Reliance Global Group, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 10, 2023 at 08:11 am EDT
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Reliance Global Group, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 3.2 million compared to USD 2.85 million a year ago. Net loss was USD 1.06 million compared to net income of USD 10.5 million a year ago. Basic loss per share from continuing operations was USD 1.42 compared to basic earnings per share from continuing operations of USD 9.97 a year ago. Diluted loss per share from continuing operations was USD 1.42 compared to diluted earnings per share from continuing operations of USD 8.74 a year ago. Basic loss per share was USD 0.39 compared to basic earnings per share of USD 9.82 a year ago. Diluted loss per share was USD 0.39 compared to diluted earnings per share of USD 8.61 a year ago.
For the six months, revenue was USD 7.14 million compared to USD 5.91 million a year ago. Net loss was USD 2.84 million compared to net income of USD 19.84 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 12.8 a year ago. Diluted loss per share from continuing operations was USD 0.47 compared to USD 12.65 a year ago. Basic loss per share was USD 1.33 compared to basic earnings per share of USD 12.59 a year ago. Diluted loss per share was USD 1.33 compared to USD 12.84 a year ago.
Reliance Global Group, Inc. is engaged in managing assets in the insurance markets, as well as other related sectors. The Company is focused on acquisition strategy, initially and primarily focused upon wholesale and retail insurance agencies. The Company's insurance operation focuses on the acquisition and management of insurance agencies throughout the United States. Its primary focus is to undervalue wholesale and retail insurance agencies with operations in growing or underserved segments, including healthcare and Medicare, as well as personal and commercial insurance lines. The Company has also developed 5MinuteInsure.com (5MI), an online platform. 5MI is a business-to-consumer Website, which enables consumers to compare and purchase car and home insurance in a time-efficient and effective manner. The platform is primarily live in approximately 44 states and offers coverage with up to 16 carriers.
RELIANCE GLOBAL GROUP, INC. 
