VEON has announced that its subsidiary Jazz International has signed a definitive agreement to acquire a controlling stake in TPL Insurance, a publicly listed digital-first insurance company in Pakistan. The transaction represents a major step in VEON’s strategy to expand its digital financial services ecosystem in one of its fastest-growing markets.
The deal, valued at approximately PKR 4.15 billion (US$14.6 million), is expected to close by mid-2026, subject to approval from the Competition Commission of Pakistan.
TPL Insurance is one of Pakistan’s leading InsurTech providers, offering auto, health, fire and property insurance products through a fully digital operating model. As of 31 December 2025, the company reported gross written premiums of PKR 5.7 billion and had issued more than 277,000 policies. It also holds a general insurer license and maintains an AA credit rating, reflecting its strong position within the country’s insurance sector.
Following the acquisition, VEON plans to integrate TPL Insurance into its expanding digital ecosystem, which includes JazzCash, Mobilink Bank and FikrFree. The move is designed to broaden access to financial services and introduce digital insurance solutions to millions of Pakistani consumers.
Aamir Ibrahim, Chief Executive Officer of JazzWorld, said the acquisition represents an important milestone in building a comprehensive digital services platform aimed at expanding financial inclusion across Pakistan.
He noted that the integration of insurance into the company’s existing digital financial services will allow users to access protection products alongside payments and banking services. With insurance penetration still relatively low in Pakistan, digital platforms are expected to play a key role in closing the protection gap and delivering accessible and affordable insurance solutions.
VEON believes the partnership with TPL Insurance will enable the scaling of modern, technology-driven insurance products tailored to the needs of Pakistan’s rapidly growing digital population.
