Business
Reliance Global Group Achieves 29% Increase in Revenue for the First Quarter of 2023
RELI Exchange Continuing to Add New Agency Partners and Support Growth Company to Host Conference Call Today at 4:30 PM Eastern Time LAKEWOOD, N.J., May 18,
About this update from Reliance Global Group, Inc.
[{"type":"text","content":"RELI Exchange Continuing to Add New Agency Partners and Support Growth Company to Host Conference Call Today at 4:30 PM Eastern Time LAKEWOOD, N.J., May 18, 2023 (GLOBE NEWSWIRE) -- Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), today provided a business update and reported financial results for the first quarter ended March 31, 2023. Ezra Beyman, CEO of Reliance commented, \"We are pleased to announce a 29% increase in revenue for the first quarter of 2023, compared to the same period in 2022. We’ve also reduced our operating costs by 9%, which includes a reduction in general and administrative expenses of approximately 42%, partially offset by investments to support our continued growth. As a result of these activities, our net operating results improved by approximately 60%. It is also important to note that our operating agencies are collectively performing well and remain profitable with healthy margins, on a standalone basis. We look forward to continuing and building on this trajectory of sustained growth with increased profit margins and positive cash flows.” \"Further, RELI Exchange continues to perform well, with over 250 agency partners now on our platform. We attribute this success to the fact that RELI Exchange provides independent insurance agents with an extensive array of business tools, enabling them to effectively compete with, and even outperform, larger national agencies. Initially, we focused on recruiting newer agents to the platform. However, as the platform has matured, we are now transitioning our efforts to attract more experienced agents with an established clientele. Historically, many of these agents were restricted to offering a single carrier, leading to a low close rate due to the unfavorable captive agreement. On our platform, with access to many carriers, we believe our partners will have a much more competitive offering, given they can now offer a broader selection of quotes with many of the largest insurance companies. \"In addition to home and auto insurance, we are constantly looking to add new products that our agency partners can offer their clients. For example, in February 2023, we incorporated a proprietary life insurance quote tool into the platform, allowing agents to compare life insurance policies and prices in less than a minute, thus enhanci...