JazzWorld Acquires TPL Insurance to Expand Digital Insurance Access Across Pakistan

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 insurer in Pakistan.

Following the completion of the transaction, including a mandatory tender offer, JIHL now owns 76.33% of TPL Insurance's issued share capital. The acquisition, including shares purchased from TPL Corp Ltd. and through the mandatory tender offer, was valued at approximately PKR 4.55 billion (USD 16.4 million).

The acquisition brings one of Pakistan's leading digital insurers into JazzWorld's financial services ecosystem, adding insurance to its portfolio alongside JazzCash and Mobilink Bank.

TPL Insurance, an AA-rated insurer and one of Pakistan's leading InsurTech companies, reported gross written premiums of PKR 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.

VEON said the transaction is not expected to have a material impact on its consolidated financial position because of its current size but offers significant long-term growth potential in Pakistan's underpenetrated insurance market.

With the acquisition, JazzWorld's digital ecosystem, including JazzCash and Mobilink Bank, now serves more than 100 million customers, creating one of Pakistan's largest digital channels for financial services.

"With this acquisition now complete, JazzWorld takes a significant step toward building Pakistan's most comprehensive digital financial services ecosystem," said Aamir Ibrahim, chief executive officer of JazzWorld.

He said Pakistan's insurance penetration remains below 1% of gross domestic product, providing a significant opportunity to expand affordable, digital-first insurance products by combining TPL Insurance's underwriting expertise with JazzWorld's customer reach, data insights and distribution network.

Ali Jameel, chief executive officer of TPL Corp, said TPL Insurance was built to make insurance more accessible through technology and that joining the VEON and JazzWorld ecosystem would help accelerate that mission by expanding its distribution and digital capabilities.