Business
Reliance Global Group Reports 33.4% Increase in Revenue for the Second Quarter of 2021
On track to commence commercial launch of 5MinuteInsure.com this summer; increases insurance carriers on the platform to 16 LAKEWOOD, N.J., Aug. 17, 2021
About this update from Reliance Global Group, Inc.
[{"type":"text","content":"On track to commence commercial launch of 5MinuteInsure.com this summer; increases insurance carriers on the platform to 16 LAKEWOOD, N.J., Aug. 17, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Reliance Global Group, Inc. (Nasdaq: RELI; RELIW), which combines 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, 2021. Ezra Beyman, CEO of Reliance Global Group, commented, “I am pleased to report that our revenue for the second quarter of 2021 increased by approximately 33.4% to $2.2 million versus $1.6 million for the same period last year. Our solid year-over-year growth reflects the continued execution of our insurance agencies. These agencies continue to generate positive cash flow on a standalone basis and serve as further validation of our strategy to acquire regional agencies at attractive multiples in order to rapidly expand our national footprint as well as the scope of our offering. Each of these agencies provide a long term, highly predictable and profitable revenue stream based on the expected life of the insurance policies. We ended the quarter with over $6.8 million of cash and restricted cash, which provides us a solid balance sheet to execute on our growth objectives, both organic and through acquisitions.” “The growth in our ‘bricks-and-mortar’ agency business provides us a solid foundation upon which we are now rolling out our new 5MinuteInsure.com platform and we remain on track to commercially launch this summer. We also added new insurance carriers to our 5MinuteInsure.com platform and now offer insurance products from a total of 16 carriers and are approved in 46 states. We believe 5MinuteInsure.com is truly poised to disrupt the insurance industry, by providing consumers an efficient means to compare and bind policies within minutes from the convenience of home or with the assistance of one of our registered agents. This is an exciting time for our company, and we look forward to providing further updates.” Financial Results The Company achieved revenues of $2,190,847 for the three months ended June 30, 2021, as compared to $1,642,018 for the three months ended June 30, 2020. The Company had total commission expense of $558,271 for the three months ended June 30,...