Reliance Global Group, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 14, 2022 at 04:51 pm EST
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Reliance Global Group, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported revenue was USD 4.15 million compared to USD 2.58 million a year ago. Net income was USD 6.12 million compared to net loss of USD 0.595233 million a year ago. Basic earnings per share from continuing operations was USD 5.25 compared to basic loss per share from continuing operations of USD 0.75 a year ago. Diluted loss per share from continuing operations was USD 1.5 compared to USD 0.75 a year ago.
For the nine months, revenue was USD 12.6 million compared to USD 7.1 million a year ago. Net income was USD 25.96 million compared to net loss of USD 2.49 million a year ago. Basic earnings per share from continuing operations was USD 16.5 compared to basic loss per share from continuing operations of USD 3.75 a year ago. Diluted loss per share from continuing operations was USD 11.7 compared to USD 3.75 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.