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Reliance Global Group Inc. (RELI-1.92%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The report details the company's operations in the insurance sector, focusing on the acquisition and management of insurance agencies in the United States. Reliance Global Group aims to grow through an aggressive acquisition strategy, primarily targeting wholesale and retail insurance agencies.
For the year ended December 31, 2024, the company reported commission income of $14,054,361, an increase from $13,731,826 in the previous year. This growth is attributed to sustained organic growth.
Operating expenses for the year totaled $21,749,680, a decrease from $27,611,018 in 2023. The decrease is primarily due to reduced goodwill impairment charges.
The company reported a net loss of $9,071,584 for the year, compared to a net loss of $12,009,982 in 2023. The improvement is due to lower operating expenses and changes in the fair value of warrant liabilities.
Reliance Global Group continues to focus on its InsurTech initiatives, including the 5MinuteInsure.com platform and the RELI Exchange, which aim to streamline insurance processes and expand market reach.
The company also reported on recent developments, including the acquisition of Spetner Associates, Inc., a tech-enabled benefits enrollment company, and amendments to its bylaws and articles of incorporation.
Looking ahead, Reliance Global Group plans to continue its acquisition strategy and expand its InsurTech capabilities to enhance service offerings and operational efficiencies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Reliance Global Group Inc. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.