Core Insights - Reliance Global Group reported continued revenue growth and strong operational execution in 2024, driven by disciplined fiscal management, strategic investments in technology, and targeted acquisitions [2][4] - The company's OneFirm strategy has successfully integrated agency operations into a unified, technology-driven platform, enhancing efficiency and reducing costs [2][5] - The planned Spetner acquisition is expected to expand Reliance's insurance offerings and strengthen its competitive position [4][5] Financial Performance - Commission income revenue increased by $322,535, or 2%, to $14,054,361 in 2024, compared to $13,731,826 in 2023 [6] - Commission expense increased by $456,660, or 12%, to $4,189,599 in 2024, driven by the commission income revenue mix [6] - Net loss decreased by $2,938,398, or 24%, to $9,071,584 in 2024, compared to $12,009,982 in 2023, due to less intangible impairment charges [6] - Adjusted EBITDA loss improved significantly, decreasing 39% or $205,573, from $(526,798) in 2023 to $(321,224) in 2024, indicating a trend toward profitability [6][17] Strategic Initiatives - The RELI Exchange Quote & Bind platform has been expanded, allowing agents to generate competitive quotes and bind policies in real time, enhancing efficiency and service delivery [2][5] - The platform leverages AI, automation, and advanced data analytics to improve underwriting precision and service quality [2][5] - The company aims to position RELI Exchange as a comprehensive InsurTech solution, empowering agents with advanced tools to maximize profitability [7] Future Outlook - The company is optimistic about its future, focusing on disciplined expansion, cutting-edge technology, and strategic acquisitions to capitalize on emerging opportunities in the InsurTech landscape [7] - The completion of the Spetner acquisition and ongoing enhancements to the Quote & Bind platform are expected to drive significant growth [7]
Reliance Global Group Reports 2024 Results and Provides Business Update