KARACHI: Jazz International Holding Limited, a subsidiary of VEON Ltd., has acquired a controlling stake in TPL Insurance Limited, a leading insurance company in Pakistan, to expand digital insurance access across the country. The acquisition, which concluded with the completion of a mandatory tender offer, gives JazzWorld a 76.33% share of TPL Insurance's issued capital, valued at approximately PKR 4.55 billion (USD 16.4 million).
According to Jazz Pakistan, TPL Insurance, an AA-rated insurer recognized as Pakistan's premier InsurTech, had reported a Gross Written Premium of PKR 5.7 billion by the end of 2025, issuing over 277,000 policies. The company operates a fully digital platform offering a range of insurance products including motor, health, and property insurance. While the transaction is not expected to significantly impact VEON's consolidated financial position, it is seen as a strategic move in a market with low insurance penetration.
The acquisition is a part of VEON's broader strategy to integrate TPL Insurance into its digital financial services portfolio, which already includes platforms like JazzCash and Mobilink Bank under JazzWorld, collectively serving over 100 million customers in Pakistan. VEON and JazzWorld have expressed their commitment to leveraging TPL Insurance's capabilities to make insurance more accessible and affordable in Pakistan, where insurance penetration remains under 1% of GDP.
Kaan Terzioglu, CEO of VEON, emphasized the role of insurance in financial inclusion, highlighting the potential for growth in Pakistan's underinsured market. Aamir Ibrahim, CEO of JazzWorld, stated that the acquisition marks a significant step towards creating a comprehensive digital financial ecosystem in Pakistan, with plans to drive innovation and expand access to protection products.
Ali Jameel, CEO of TPL Corp, expressed optimism about the partnership's potential to enhance TPL Insurance's mission of making insurance accessible to all Pakistanis, noting the vast potential of the country's insurance market.