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 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.