Reliance Global Group Achieves 73% Increase in Revenue to $16.8 Million for 2022
March 30 2023 - 4:05PM
Reliance Global Group, Inc.
(Nasdaq: RELI; RELIW) (“Reliance”, “we” or the
“Company”), today provided a business update and reported financial
results for the year-ended December 31, 2022.
Ezra Beyman, CEO of Reliance, commented, “We are
extremely pleased to report a 73% increase in revenue in 2022 as
compared to 2021. This achievement was due to the growth and
overall solid performance from our ten operating subsidiaries. We
are also very proud of our most recent business formation, RELI
Exchange, built on the foundations of Barra & Associates, an
agency we acquired in April 2022. RELI Exchange is a
business-to-business (B2B) InsurTech platform and agency partner
network for insurance agents and agencies, providing independent
agents a comprehensive suite of business development tools
propelling them to effectively compete with national agencies.”
“The RELI Exchange InsurTech platform has been a
game-changer for Reliance, allowing us to deliver on our promise,
to provide our clients best in class risk management / insurance
coverage at the best value for their money. RELI Exchange as of
December 31, 2022, supported home and auto insurance, however, we
continually invest time and resources to expand the platform for
additional products that will provide added client value. This is
best illustrated by our February 2023 addition of our proprietary
life insurance quotation tool, which enables agents to immediately
compare life insurance policies and pricing in under a minute,
thereby facilitating enhanced client discussions and more
expeditious policy binding.”
“March 2023 saw the unveiling of RELI
University, a new training platform for our RELI Exchange agency
partners. Designed specifically for the independent insurance
industry, the platform provides both new and experienced agents
with a complete education on all the products, services, and tools
available through RELI Exchange. In addition, RELI University keeps
agents abreast of the latest carrier and industry developments,
enabling them to stay ahead of the curve and grow their
businesses.”
“The exceptional efforts and unwavering
commitment from our team have driven a surge of nearly 200% in
agency partners on the RELI Exchange platform since its inception
in July 2022. We believe our unique and highly scalable business
model positions us as leaders in the industry, and we are
optimistic about the platform's future growth potential as we work
to enhance and expand its services and capabilities. We anticipate
that RELI Exchange will serve as a strong catalyst for organic
growth for the foreseeable future, delivering significant benefits
to our clients and returns / value to our shareholders.”
The complete financial results are available in
the Company’s Annual Report on Form 10-K, which was filed with the
U.S. Securities & Exchange Commission today.
Conference Call
Reliance Global Group will host a conference
call today at 4:30 PM. Eastern Time to discuss the Company’s
financial results for 2022, as well as the Company’s corporate
progress and other developments.
The conference call will be available via
telephone by dialing toll free 877-545-0320 for U.S. callers or +1
973-528-0002 for international callers and using entry code:
133394. A webcast of the call may be accessed at
https://www.webcaster4.com/Webcast/Page/2381/47952 or on the
investor relations section of the Company’s website at
https://relianceglobalgroup.com/events-and-presentations/.
A webcast replay will also be available on the
Company’s Investors section of the website
(https://relianceglobalgroup.com/events-and-presentations/) through
March 30, 2024. A telephone replay of the call will be available
approximately one hour following the call, through April 13, 2023,
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:
47952.
About Reliance Global Group,
Inc.
Reliance Global Group, Inc. (NASDAQ: RELI,
RELIW) an InsurTech pioneer, is working to transform the
traditional insurance agency model by combining artificial
intelligence (AI) with the personalized experience of a traditional
insurance agency model. Reliance Global Group’s growth strategy
includes organic expansion of its current portfolio of agencies and
the growth of both RELI Exchange, its B2B InsurTech platform and
agency partner network for insurance agents and agencies, designed
to give independent agents an entire suite of business development
tools and the ability to effectively compete with national
agencies, and 5MinuteInsure.com, its online business-to-consumer
platform that utilizes artificial intelligence and data mining, to
provide competitive insurance quotes in approximately 5 minutes.
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 as the Company having built a best-in-class
InsurTech platform, making RELI Exchange an even more compelling
value proposition and further accelerating growth of the platform,
rolling out several other services in the near future to RELI
Exchange agency partners, building RELI Exchange into the largest
agency partner network in the U.S., the Company moving in the right
direction and the Company’s highly scalable business model driving
significant shareholder value. 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, 2022 the Company’s Quarterly
Reports on Form 10-Q, the Company’s 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.
Contact:
Crescendo Communications, LLC Tel: +1 (212)
671-1020 Email: RELI@crescendo-ir.com
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