Reliance Global Group, Inc. reported a net loss of $9.1 million for the fiscal year ending December 31, 2024, a 24% improvement from the $12 million loss recorded in the previous year. The company's revenue increased by 2% to $14.1 million, driven primarily by organic growth in commission income, which rose to $14.1 million from $13.7 million in 2023. However, total operating expenses decreased significantly by 21% to $21.7 million, largely due to a reduction in depreciation and amortization expenses, as well as a decrease in goodwill impairment charges.
In terms of strategic developments, Reliance Global Group has been actively pursuing acquisitions, having acquired nine insurance agencies to date. The company is in the process of integrating these agencies under its RELI Exchange brand, which aims to streamline operations and enhance market presence. A notable recent acquisition is Spetner Associates, Inc., a tech-enabled benefits enrollment company, for which the company has agreed to pay $16.05 million, with $6.5 million in cash and the remainder in stock and promissory notes. This acquisition is expected to enhance Reliance's InsurTech capabilities and create synergies across its existing operations.
Operationally, the company reported a total employee count of 64 as of December 31, 2024, and has seen a significant increase in its agent roster, which has grown by nearly 300% since the launch of its RELI Exchange platform. The platform, which combines digital capabilities with traditional agency services, aims to provide competitive insurance quotes and improve customer engagement. The company also launched a Client Referral Portal in January 2024, designed to facilitate client acquisition for agents.
Looking ahead, Reliance Global Group plans to continue its focus on strategic acquisitions and expanding its InsurTech solutions. The company anticipates further growth in its market share and operational footprint, particularly through the integration of its acquired agencies and the enhancement of its digital capabilities. The management remains optimistic about leveraging its strong industry presence to navigate the evolving insurance landscape and meet the needs of agents, carriers, and clients.
About Reliance Global Group, Inc.
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