Reliance Global Group, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 10, 2023 at 08:11 am EDT
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Reliance Global Group, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 3.2 million compared to USD 2.85 million a year ago. Net loss was USD 1.06 million compared to net income of USD 10.5 million a year ago. Basic loss per share from continuing operations was USD 24.14 compared to basic earnings per share from continuing operations of USD 169.4901 a year ago. Diluted loss per share from continuing operations was USD 24.14 compared to diluted earnings per share from continuing operations of USD 148.5801 a year ago. Basic loss per share was USD 6.63 compared to basic earnings per share of USD 166.9401 a year ago. Diluted loss per share was USD 6.63 compared to diluted earnings per share of USD 146.3701 a year ago.
For the six months, revenue was USD 7.14 million compared to USD 5.91 million a year ago. Net loss was USD 2.84 million compared to net income of USD 19.84 million a year ago. Basic loss per share from continuing operations was USD 7.99 compared to basic earnings per share from continuing operations of USD 217.6001 a year ago. Diluted loss per share from continuing operations was USD 7.99 compared to USD 215.0501 a year ago. Basic loss per share was USD 22.61 compared to basic earnings per share of USD 214.0301 a year ago. Diluted loss per share was USD 22.61 compared to USD 218.2801 a year ago.
Reliance Global Group, Inc. is a InsurTech company leveraging artificial intelligence (AI), and cloud-based technologies, to transform and enhance efficiencies in the insurance agency/brokerage industry. The Company is engaged in managing assets in the insurance markets, as well as other related sectors. The Companyâs business-to-business InsurTech platform, RELI Exchange, provides independent insurance agencies an entire suite of business development tools. The Companyâs business-to-consumer platform, 5minuteinsure.com (5MI), utilizes AI and data mining, to provide online insurance quotes within minutes to everyday consumers seeking to purchase auto, home, and life insurance. In addition, the Company operates its own portfolio of select retail brick and mortar insurance agencies throughout the United States, offering a variety of insurance products. 5MI is a business to consumer Website which enables consumers to compare and purchase car and home insurance.
RELIANCE GLOBAL GROUP, INC. 
