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10-K: FY2024 Annual Report

SEC ·  Mar 7 16:22

Summary by Moomoo AI

Reliance Global Group reported revenue of $14.1 million for fiscal year 2024, representing a 2% increase from $13.7 million in 2023. The company's operating loss improved to $7.7 million from $13.9 million in the prior year, while net loss decreased to $9.1 million from $12.0 million. Commission income growth was driven by sustained organic expansion across its insurance agency portfolio.The company made significant advancements in its proprietary InsurTech capabilities, launching the Client Referral Portal within the RELI Exchange platform in January 2024 and introducing a beta version of its Advanced Quote & Bind Solution for commercial policies ahead of schedule in September. The RELI Exchange platform combines low barriers to entry with state-of-the-art technology, leveraging AI and data mining to provide instant insurance quotes from over...Show More
Reliance Global Group reported revenue of $14.1 million for fiscal year 2024, representing a 2% increase from $13.7 million in 2023. The company's operating loss improved to $7.7 million from $13.9 million in the prior year, while net loss decreased to $9.1 million from $12.0 million. Commission income growth was driven by sustained organic expansion across its insurance agency portfolio.The company made significant advancements in its proprietary InsurTech capabilities, launching the Client Referral Portal within the RELI Exchange platform in January 2024 and introducing a beta version of its Advanced Quote & Bind Solution for commercial policies ahead of schedule in September. The RELI Exchange platform combines low barriers to entry with state-of-the-art technology, leveraging AI and data mining to provide instant insurance quotes from over 30 carriers nationwide.Looking ahead, Reliance Global continues to execute its "One-Firm" approach, unifying owned agencies under the RELI Exchange brand to enhance market presence and carrier relationships. The company is pursuing strategic acquisitions, including the planned acquisition of Spetner Associates, while expanding its InsurTech solutions. Management remains focused on scaling operations and growing market share through both organic growth and M&A opportunities.

This announcement is a separate document:

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