LAKEWOOD, N.J., August 15, 2022 — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, today provided a business update and reported financial results for the second quarter ended June 30, 2022.
Ezra Beyman, CEO of Reliance Global Group, commented, “We are extremely pleased to report a 92% year-over-year increase in revenue for the second quarter of 2022. Our strong growth reflects the successful acquisitions of JP Kush & Associates, Medigap Health Insurance Company and Barra & Associates. Importantly, we are also experiencing solid organic growth, which illustrates the synergies of our portfolio. As an example, we recently relaunched Barra & Associates as RELI Exchange, our new business-to-business InsurTech platform and agency partner network, which builds on the artificial intelligence and data mining backbone of 5MinuteInsure.com. RELI Exchange combines the best of digital and the human element by providing agents and customers quotes from multiple carriers within minutes, while reducing back office expense and driving operational efficiency. Due to the competitive advantages and compelling value proposition of our platform, we are aggressively adding new agency partners to RELI Exchange, as evidenced by an increase in agents of more than 30% in just three months. We are committed to achieving our goal of building RELI Exchange into the largest agency partner network in the U.S. Overall, we have built a highly scalable business model that we believe will drive significant shareholder value for years to come.”
LAKEWOOD, NJ, Aug. 15, 2022 — via NewMediaWire – Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, today provided a business update and reported financial results for the second quarter ended June 30, 2022.
Ezra Beyman, CEO of Reliance Global Group, commented, “We are extremely pleased to report a 92% year-over-year increase in revenue for the second quarter of 2022. Our strong growth reflects the successful acquisitions of JP Kush & Associates, Medigap Health Insurance Company and Barra & Associates. Importantly, we are also experiencing solid organic growth, which illustrates the synergies of our portfolio. As an example, we recently relaunched Barra & Associates as RELI Exchange, our new business-to-business InsurTech platform and agency partner network, which builds on the artificial intelligence and data mining backbone of 5MinuteInsure.com. RELI Exchange combines the best of digital and the human element by providing agents and customers quotes from multiple carriers within minutes, while reducing back office expenses and driving operational efficiency. Due to the competitive advantages and compelling value proposition of our platform, we are aggressively adding new agency partners to RELI Exchange, as evidenced by an increase in agents of more than 30% in just three months. We are committed to achieving our goal of building RELI Exchange into the largest agency partner network in the U.S. Overall, we have built a highly scalable business model that we believe will drive significant shareholder value for years to come.”
Financial results for the three months ended June 30, 2022
Revenue for the three months ended June 30, 2022, was approximately $4.2 million, an increase of approximately 92%, compared to $2.2 million for the three months ended June 30, 2021. The increase of $2.0 million was primarily driven by expanded operations, both organic and due to the additional insurance agencies acquired throughout 2021 and 2022.
Operating expenses for the three months ended June 30, 2022, were approximately $6.2 million, compared to approximately $3.3 million for the three months ended June 30, 2021. The increase in operating expenses was primarily attributable to higher commission expenses, salaries, and wages, general and administrative, advertising and marketing expenses, reflecting operating expenses of the acquired insurance agencies during 2021 and 2022, as well as increased expenses to support the Company’s growth. Operating expenses also included certain non-cash expenses and non-recurring expenses related to financing activities.
Net income for three months ended June 30, 2022, was approximately $10.5 million, compared to a loss of $1.3 million for the same period last year. The increase is primarily attributable to the recognition and change in fair value of warrant liabilities of $12.6 million.
Financial results for the six months ended June 30, 2022
Revenue for the six months ended June 30, 2022, was approximately $8.4 million, an increase of approximately 86.7%, compared to $4.5 million for the six months ended June 30, 2021. The increase was primarily driven by expanded operations, both organic and due to the additional insurance agencies acquired throughout 2021 and 2022.
Operating expenses for the six months ended June 30, 2022, were approximately $12.8 million, compared to approximately $6.1 million for the six months ended June 30, 2021. The increase in operating expenses was primarily attributable to higher commission expense, salaries, and wages, general and administrative, advertising and marketing expenses, reflecting operating expenses of the acquired insurance agencies during 2021 and 2022, as well as increased expenses to support the Company’s growth. Operating expenses also included certain non-cash expenses and non-recurring expenses related to financing activities.
Net income for six months ended June 30, 2022, was approximately $19.8 million, compared to a loss of $1.9 million for the same period last year is attributable primarily to the recognition and change in fair value of warrant liabilities of $24.5 million.
The complete financial results will be available in the Company’s Form 10-Q, which is expected to be filed with the U.S. Securities & Exchange Commission later today.
Conference Call
Reliance Global Group will host a conference call today at 2:00 P.M. Eastern Time to discuss the Company’s financial results for the second quarter ended June 30, 2022, as well as the Company’s corporate progress and other developments.
A webcast replay will also be available on the Company’s Investors section of the website (https://relianceglobalgroup.com/investor-relations/) through August 15, 2023. A telephone replay of the call will be available approximately one hour following the call, through August 29, 2022, and can be accessed by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering conference ID: 46386.
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is combining advanced technologies with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy is focused on both organic expansion, including 5minuteinsure.com and RELI Exchange, as well as acquiring well managed, undervalued and cash flow positive insurance agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions and include statements such achieving the Company’s goal of building RELI Exchange into the largest agency partner network in the U.S. and driving significant shareholder value for years to come Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and elsewhere and risk as and uncertainties related to: the Company’s ability to generate the revenue anticipated and the ability to build the RELI Exchange into the largest agency partner network in the U.S., and the other factors described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, the Company’s Quarterly Reports on Form 10-Q, the Company’s recent Current Reports on Form 8-K and subsequent filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
LAKEWOOD, NJ, Aug. 11, 2022 (GLOBE NEWSWIRE) — via NewMediaWire —Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, announced today that it will host a conference call on Monday, August 15, 2022, at 2:00 PM Eastern Time to discuss financial results for the quarter ended June 30, 2022, and provide a business update.
LAKEWOOD, NJ, Aug. 11, 2022 — via NewMediaWire —Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, announced today that it will host a conference call on Monday, August 15, 2022, at 2:00 PM Eastern Time to discuss financial results for the quarter ended June 30, 2022, and provide a business update.
A webcast replay will be available on the investor relations section of the company’s website at https://relianceglobalgroup.com/investor-relations/ through August 15, 2023. A telephone replay of the call will be available approximately one hour following the call, through August 29, 2022, and can be accessed by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering access code 46386.
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is combining advanced technologies with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy is focused on both organic expansion, including 5minuteinsure.com and RELI Exchange, as well as acquiring well managed, undervalued and cash flow positive insurance agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
LAKEWOOD, NJ, Aug. 09, 2022 (GLOBE NEWSWIRE) — via NewMediaWire —Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, today announced that Ezra Beyman, Chairman and Chief Executive Officer, Moshe Fishman, Director of Insurtech, and Grant Barra, Senior VP of Operations of Reliance Global Group, will be presenting at the Q3 Investor Summit, hosted by the Investor Summit Group, being held virtually on August 16-17, 2022.
LAKEWOOD, NJ, Aug. 09, 2022 — via NewMediaWire —Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, today announced that Ezra Beyman, Chairman and Chief Executive Officer, Moshe Fishman, Director of Insurtech, and Grant Barra, Senior VP of Operations of Reliance Global Group, will be presenting at the Q3 Investor Summit, hosted by the Investor Summit Group, being held virtually on August 16-17, 2022.
A replay of the presentation will be available on the Investor Relations section of the Company website here. Management will also host 1×1 meetings with qualified investors throughout the conference. The conference is completely complimentary to qualified investors, who can register at Complimentary Investor Registration.
About Investor Summit Group
The Investor Summit (formerly MicroCap Conference) is an exclusive, independent conference dedicated to connecting smallcap and microcap companies with qualified investors. The Q3 Investor Summit will take place virtually, featuring 90+ companies and over 500 investors comprising institutional investors, family offices, and high net worth investors. Sectors Participating: Biotech, Communication Services, Consumer, Energy, Energy/Tech, Financial, Healthcare, Industrials, Materials, Real Estate, Technology, and Tech/Crypt. Contact: info@investorsummitgroup.com
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is combining advanced technologies with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy is focused on both organic expansion, including 5minuteinsure.com and RELI Exchange, as well as acquiring well managed, undervalued and cash flow positive insurance agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
LAKEWOOD, NJ, Aug. 02, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, today provided preliminary revenue guidance for the second quarter of 2022. The Company currently expects revenue for the second quarter of 2022 to approximately double compared to the same period last year.
Mr. Ezra Beyman, Chairman and CEO of Reliance, commented, “I am pleased to report that we expect year-over-year revenues will approximately double compared to the same period last year. This growth is due in part to the acquisitions of Barra & Associates and Medigap. Importantly, both of these businesses are experiencing strong organic growth since we acquired them earlier this year, further validating our buy-and-build strategy, as well as our ability to acquire cash flow positive agencies at attractive multiples.
LAKEWOOD, NJ, Aug. 02, 2022 — via NewMediaWire – Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, today provided preliminary revenue guidance for the second quarter of 2022. The Company currently expects revenue for the second quarter of 2022 to approximately double compared to the same period last year.
Mr. Ezra Beyman, Chairman and CEO of Reliance, commented, “I am pleased to report that we expect year-over-year revenues will approximately double compared to the same period last year. This growth is due in part to the acquisitions of Barra & Associates and Medigap. Importantly, both of these businesses are experiencing strong organic growth since we acquired them earlier this year, further validating our buy-and-build strategy, as well as our ability to acquire cash flow positive agencies at attractive multiples.
“Since relaunching Barra & Associates as RELI Exchange, following the integration of our state-of-the-art InsurTech platform, we have witnessed unprecedented interest and demand from new agency partners. When we acquired Barra & Associates in April of this year, it was our intention and strategy to leverage their agent network to accelerate the growth of RELI Exchange. I could not be more pleased with the progress and receptivity from the agents. Specifically, we provide our agency partners the ability to generate instant and competitive insurance quotes for their customers from more than thirty insurance carriers, utilizing our own 5MinuteInsure.com platform, while reducing back-office burden and expenses by eliminating paperwork. In turn, this frees up agents to focus on selling policies. In just three short months, we have grown our agency partner channel by over 30%. We believe this reflects the scalability of our platform and we remain steadfast in our goal of building RELI Exchange into the largest agency partner network in the U.S.
“At the same time, we are experiencing steady growth in Medigap. In July of 2022 alone, Medigap recorded nearly 800 new policies, an increase of more than 20% compared to January of 2022, the month in which we acquired them. Medicare supplemental insurance coverage represents a tremendous growth opportunity and we are executing on our strategy to aggressively expand their operations, as well as capitalize on cross-selling opportunities across our existing portfolio companies. Overall, we remain highly encouraged by the outlook for the business and look forward to providing further updates on our progress.”
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is combining advanced technologies, with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes both an organic expansion, including through 5minuteinsure.com, as well as acquiring well managed, undervalued and cash flow positive insurance agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. n In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions and include statements such as revenue for the second quarter of 2022 to approximately double compared to the same period last year, year-over-year revenues approximately double compared to the same period last year, the intention and strategy to leverage Barra & Associates network to accelerate the growth of RELI Exchange, the scalability of the Company’s platform, the goal of building RELI Exchange into the largest agency partner network in the U.S., Medicare supplemental insurance coverage representing a tremendous growth opportunity and providing further updates on our progress. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and elsewhere and risk as and uncertainties related to: the Company’s ability to generate the revenue anticipated, the ability to accelerate the RELI Exchange, the ability to grow the RELI Exchange into the largest agency partner network in the U.S., the ability to take advantage of the Medicare supplemental insurance coverage growth opportunity. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, the Company’s Quarterly Reports on Form 10-Q, the Company’s recent Current Reports on Form 8-K and subsequent filings with the Securities and Exchange Commission.The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
