Reliance Global Group Releases 2021 Financial and Operational Highlights
Reliance Global Group, Inc. (NASDAQ: RELI; RELIW) (“Reliance”), an insurtech company using a combination of technological insights and conventional insurance company models, recently released its financial results and company updates for the year ending December 31, 2021.
Revenue for the 2021 fiscal year was $9.7 million, a 33% increase from the previous year’s revenue, which the company attributes to “organic operational growth” and its acquisitions made in 2020 and 2021.
Operating expenses were roughly $12.7 million, compared to $10.9 million the previous year.
Operational losses were roughly $2.9 million, compared to $3.6 million the previous year, translating to a 20% improvement, which the company attributes to increased revenues and decreased general and administrative spending.
Net losses were approximately $21.1 million ($2.09 per share), compared to a net loss of $3.7 million ($0.88 per share) the previous year.
Reliance’s most recent acquisitions include its May 2021 acquisition of J.P. Kush, a health insurance agency that brought over 100 agents across 10 states to assist in the health insurance marketplace, and the January 2022 acquisition of Medigap Health Insurance Company.
“The acquisition of Medigap is a major milestone for the Company,” said Reliance CEO Ezra Beyman, “as it immediately increases our revenues by approximately 70%, significantly expands our geographic footprint and broadens our capabilities within the Medicare supplement market. Medigap is one of the nation’s fastest growing providers of Medicare supplemental insurance coverage with licenses and doing business in 47 states.”
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