Reliance Global Group Inc Stock Price, News & Analysis

Reliance Global Group (NASDAQ: RELI, RELIW) has launched a new real-time life insurance quotation tool on its 5MinuteInsure.com and RELI Exchange platforms. This tool enables quick access to life insurance quotes from over 15 companies, enhancing agents' capabilities to compare policies efficiently. With more than 150 agency partners, Reliance aims to empower agents with tools that reduce back-office duties, allowing them more time for client engagement and business growth.

Reliance Global Group (NASDAQ: RELI; RELIW) has entered a referral partnership with Eastern Union to enhance revenue streams for its RELI Exchange agents by providing commercial real estate financing solutions. This agreement follows a similar partnership with NRS Funding and aims to boost the profitability of agency partners. Since launching in May 2022, RELI Exchange has seen an 84.6% growth as agents join the platform. Both companies are leveraging technology to improve client services, further solidifying RELI Exchange's market proposition.

Reliance Global Group (NASDAQ: RELI; RELIW) reported a 61% year-over-year revenue increase for Q3 2022, reaching approximately $4.2 million, driven by acquisitions, including the Barra & Associates relaunch as RELI Exchange. Operating expenses rose to $5.7 million, influenced by salaries, commissions, and marketing costs. Notably, net income surged to $6.1 million, primarily due to a significant $7.9 million change in fair value of warrant liabilities. The company is expanding its agency network, currently boasting over 120 partners.

Reliance Global Group (NASDAQ: RELI, RELIW) announces a conference call on November 15, 2022, at 12:00 PM ET to discuss Q3 2022 financial results and provide a business update. Investors can join via phone or webcast. The company, known for combining AI with traditional insurance services, focuses on organic growth through platforms like 5minuteinsure.com and RELI Exchange, along with strategic acquisitions of cash flow positive insurance agencies. A replay of the call will be accessible until November 29, 2022.

Reliance Global Group, Inc. (Nasdaq: RELI, RELIW) has announced its participation in the 2022 MicroCap Rodeo Windy City Roundup Conference in Chicago, Illinois, set for October 12-13, 2022. Chief Financial Officer William Lebovics and Senior VP Grant Barra will present on October 13 at 9:00 AM CT/10:00 AM ET, with a live webcast available for replay. Investors can also meet one-on-one with management during the event. Reliance focuses on integrating AI and cloud technologies with traditional insurance services, targeting organic growth and strategic acquisitions.

Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) has announced a significant milestone, surpassing 100 agency partners on its RELI Exchange platform since its launch in July 2022. The platform combines AI and cloud technology with traditional insurance services, enabling agency partners to streamline operations and enhance efficiency without upfront fees. CEO Ezra Beyman highlighted the positive feedback from partners and the platform's scalability, emphasizing its potential for future growth. The company aims to establish RELI Exchange as the largest agency partner network nationwide.

Reliance Global Group (Nasdaq: RELI; RELIW) announced a $3 million share repurchase program to enhance shareholder value by reducing outstanding shares. This initiative is set to commence three business days post the upcoming quarterly earnings release, anticipated around November 14, 2022. CEO Ezra Beyman demonstrated confidence by purchasing over $400,000 of stock recently. The repurchases will be made through various methods depending on market conditions, with plans to utilize existing funds for this program.

Reliance Global Group (Nasdaq: RELI; RELIW) has announced a referral partnership with NRS Funding, enhancing revenue opportunities for RELI Exchange agents through merchant cash advance services. This collaboration aims to provide agents with new income streams, benefiting their businesses and clientele. CEO Ezra Beyman expressed optimism about the potential growth for RELI Exchange, which continues to attract agency partners with its low entry barriers and robust service offerings. The company remains focused on expanding its network and providing valuable tools for agent efficiency and profitability.

Reliance Global Group (NASDAQ: RELI, RELIW) reported a 92% year-over-year increase in revenue for Q2 2022, reaching approximately $4.2 million, compared to $2.2 million in Q2 2021. This growth is attributed to acquisitions and organic expansion. However, operating expenses surged to $6.2 million, up from $3.3 million a year ago, primarily due to higher commissions and marketing costs. The company reported a net income of approximately $10.5 million, significantly improving from a loss of $1.3 million in Q2 2021, driven mainly by warrant liability adjustments.