Business
Reliance Global Group Achieves 82% Increase in Revenue for the First Quarter of 2022
Continues Successful Execution of Growth Strategy through Key Acquisitions and Senior Management Appointments LAKEWOOD, NJ, May 16, 2022 (GLOBE NEWSWIRE) --
About this update from Reliance Global Group, Inc.
[{"type":"text","content":"Continues Successful Execution of Growth Strategy through Key Acquisitions and Senior Management Appointments LAKEWOOD, NJ, May 16, 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, provided a business update today and reported financial results for the first quarter ended March 31, 2022. Ezra Beyman, CEO of Reliance Global Group, commented, “We continue to execute on our business growth strategy, as evidenced by an 82% increase in revenue to $4.2 million for the first quarter of 2022. This growth is a direct result of our successful acquisition strategy, including J.P. Kush last year and the Medigap Health Insurance Company in the first quarter of this year, as well as organic growth within the agencies. Most recently, we completed the acquisition of Barra & Associates, a recognized provider of property and casualty, life and health insurance. This accretive acquisition broadens our national footprint and brings a network of over 60 agents and agency partners, which we plan to rapidly grow. In connection with the acquisitions, we have expanded our senior management team with leading industry talent. We recently announced the appointment of Grant Barra as Senior Vice President of Operations, who will be responsible for the build out of our agency partner network and the launch of new InsurTech offerings to further accelerate the growth and improve the operating efficiency of our agent network. We ended the quarter with $5.9 million of total cash, which should provide sufficient capital to execute on our strategy and build upon our solid foundation.” Financial Results Revenue for the three months ended March 31, 2022 increased 82% to $4.2 million, compared to $2.3 million for the three months ended March 31, 2021. The $1.9 million increase was primarily due to expanded operations, including the additional insurance agencies acquired during 2021 and 2022. Operating expenses for the three months ended March 31, 2022 were approximately $6.6 million, compared to approximately $2.8 million for the three months ended March 31, 2021. The increase in operating expenses primarily reflected higher general and administrati...