Business and Economics
Hunas Holdings PLC, a diversified conglomerate with interests in hospitality, tourism, real estate, renewable energy, tea plantations, factories, and broking, has entered into a game-changing strategic partnership.
The partnership ushered in a landmark achievement for Hunas Holdings PLC and Sri Lanka, earning it a distinguished mention on the renowned Tokyo Stock Exchange, thanks to its collaboration with visionary hotelier Adrian Zecha and the Japanese listed entity, Sophia Holdings Co. Ltd.
Sophia Holdings is a subsidiary of the billion-dollar conglomerate E-BOND Group, a diversified powerhouse excelling in the fields of dispensing pharmacies and other sectors including IT, logistics, consultancy, and HR management. Through this partnership, the E-BOND Group are marking their entry into the hospitality sector.
A service-based economy, also known as a service economy is a system where the mainstream of economic activities and value formation are centredon providing services rather than producing physical goods.
In a service-based economy, services such as healthcare, education, finance, entertainment, consulting, tourism and various professional services perform a more significant role in generating wealth and economic growth than producing goods.
The service sector, broadly defined, accounts for a large proportion of value-added and employment in the majority of countries, while goods-producing industries account for less than 20 to 30 per cent both in GDP and in employment in advanced economies, depending on the definition of services.
During the first half of 2023, HNB Assurance PLC (HNBA) and its fully owned subsidiary, HNB General Insurance Limited (HNBGI), accomplished a noteworthy feat by collectively amassing a Gross Written Premium (GWP) totaling LKR 9.1 billion.
This accomplishment underscores a convincing and consistent growth rate of 22% when compared to the same period last year. This growth percentage, which is more than double the industry growth demonstrates the exceptional insurance service levels and innovative product offerings of the HNBA group, even during a challenging year.
Rose Cooray, Chairperson of HNBA and HNBGI stated, “To be consistent and deliver exceptional results quarter after quarter makes HNBA Group very desirable to all our customers as well as our investors. The Group delivered a remarkable 22% growth in Gross Written Premium (GWP), achieving LKR 9.1 billion, a notable increase from the LKR 7.4 billion recorded in the same period last year. We also surpassed a significant milestone of LKR 45 billion in Total Assets, simultaneously reaching a LKR 38 billion for Investments in Financial Instruments.”
“Proactive measures and possessing strategic foresight, provided by the two CEOs and their respective corporate management teams, has not only guaranteed the seamless continuity of our operations but also positioned us to leverage on emerging opportunities, which I’m certain will help us build on the momentum created and end this year on a very high note.”
Amidst the backdrop of a complicated economic landscape, the group’s focus on new business acquisition and the pursuit of simple yet strategic objectives, coupled with an empowered sales force, has paid off during the first half of the year.
