Jazz International Holding Limited (JIHL), a subsidiary of global digital operator VEON Ltd., has completed the acquisition of a controlling stake in TPL Insurance Limited, a publicly listed insurance company in Pakistan.
Following completion of the transaction on Tuesday, including the successful completion of the mandatory tender offer, JIHL now holds 76.33% of the issued share capital of TPL. The aggregate consideration for the acquisition, including shares acquired from TPL Corp Limited and through the mandatory tender offer, amounted to approximately Rs. 4.55 billion.
An AA-rated insurer and Pakistan’s premier InsurTech, TPL reported Gross Written Premium of Rs. 5.7 billion and issued more than 277,000 policies as of Dec. 31, 2025. The company operates a fully digital platform offering motor, health, fire, property and other general insurance products. The transaction’s current scale is not expected to have a material impact on VEON’s consolidated financial position, but it comes with meaningful long-term growth potential given Pakistan’s underpenetrated insurance market.
JazzWorld welcomes TPL’s talent to the Group. The acquisition expands its digital financial services portfolio by adding insurance to its integrated ecosystem in Pakistan, alongside JazzCash and Mobilink Bank under JazzWorld. Together, these platforms serve more than 100 million customers, creating one of the country’s largest digital channels for delivering accessible financial services.
“With this acquisition now complete, JazzWorld takes a significant step toward building Pakistan’s most comprehensive digital financial services ecosystem,” said JazzWorld CEO Aamir Ibrahim. “Pakistan remains one of the world’s most underinsured markets, with insurance penetration below 1% of GDP. By combining TPL Insurance’s underwriting expertise and digital capabilities with the reach, data insights and distribution scale of our ecosystem, we are well positioned to accelerate innovation in embedded insurance and broaden access to affordable protection products for consumers and businesses across the country. We have full confidence in the TPL Insurance leadership team as it gears up for the next phase of growth within our ecosystem,” he added.
“TPL Insurance was built with one conviction: that technology could make insurance accessible to every Pakistani, regardless of where they live or how they earn. We are proud of what our team has created, from the digital platform to the products to the customer relationships that underpin this business,” said TPL Corp CEO Ali Jameel.
“Joining the VEON and JazzWorld ecosystem gives TPL Insurance the distribution scale and capabilities to take that mission to a level we could not have reached independently. Pakistan’s insurance potential is vast, and millions of fellow citizens deserve access to affordable, digital-first protection products. We believe this partnership is the right vehicle to unlock that potential at scale,” he said.