Business
Reliance Global Group Reports 2024 Results and Provides Business Update
Company to Host Conference Call Today at 4:30 PM Eastern Time LAKEWOOD, N.J., March 06, 2025 (GLOBE NEWSWIRE) -- Reliance Global Group, Inc. (Nasdaq: RELI)
About this update from Reliance Global Group, Inc.
[{"type":"text","content":"Company to Host Conference Call Today at 4:30 PM Eastern Time\nLAKEWOOD, N.J., March 06, 2025 (GLOBE NEWSWIRE) -- Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance”, “we” or the “Company”) today provided a business update and reported financial results for the year ended December 31, 2024. “We are pleased to report continued revenue growth and strong operational execution in 2024,” said Ezra Beyman, Chairman and Chief Executive Officer of Reliance. “This year has been truly transformative for Reliance, driven by disciplined fiscal management, strategic investments in technology, and targeted acquisitions. Our OneFirm strategy has successfully integrated our agency operations into a unified, technology-driven platform, enhancing efficiency, reducing costs, and strengthening net operating results. These initiatives have significantly improved profitability and, we believe, positioned the Company for long-term, scalable growth in the evolving InsurTech landscape.” “Additionally, we believe the planned Spetner acquisition and the continued expansion of RELI Exchange’s AI-powered Quote & Bind platform are poised to drive significant value for the Company and its shareholders. Our Quote & Bind platform has revolutionized the insurance purchasing process, allowing agents to quickly generate competitive quotes and seamlessly bind policies in real time. By leveraging AI, automation, and advanced data analytics, we are enhancing efficiency, improving underwriting precision, and delivering superior service to our agents and their clients.” 2024 Financial Highlights Commission income revenue increased by $322,535, or 2%, to $14,054,361 in 2024, compared to $13,731,826 in 2023, attributed to sustained organic growth of our current in-place operations.Commission expense increased by $456,660, or 12%, to $4,189,599 in 2024, compared to $3,732,939 in 2023, driven primarily by the Company’s commission income revenue mix.Salaries and wages decreased by 4%, or $276,242, from $7,226,810 in 2024, versus $7,503,052 in 2023, demonstrating the Company’s ability to effectively leverage its talent (human capital) and continue to organically grow revenues.General and administrative expenses increased nominally by $129,646, or 3%, to $4,219,635 in 2024, versus $4,089,989 in 2023, driven in part by acquisition related costs and general inflation, but of...