Dubai-based VEON’s subsidiary Jazz International Holding (JIH) has agreed to acquire a controlling stake in Pakistan-based TPL Insurance.

The acquisition represents an expansion of VEON’s digital financial services activities in Pakistan.

The company expects the transaction to be completed in mid-2026, subject to regulatory approvals.

Under the terms of the agreement, JIH will acquire the controlling stake for around PKR4.15bn ($14.6m).

The deal will also require approval from the Competition Commission of Pakistan.

JazzWorld CEO Aamir Ibrahim said: “The acquisition of TPL Insurance marks an important step in our mission to build a comprehensive digital services ecosystem that expands financial inclusion in Pakistan.

“By integrating insurance into our broader digital financial services portfolio, including JazzCash, Mobilink Bank and FikrFree, we are creating new ways for millions of Pakistanis to access financial protection, not just payments.”

TPL Insurance operates as a digital-first insurance provider in the country.

The company offers products including auto, health, fire and property insurance through its distribution network and holds a general insurer licence.

As of 31 December 2025, TPL Insurance reported gross written premiums of PKR5.7bn and had issued more than 277,000 policies.

VEON said the acquisition is aimed at supporting the development of an integrated digital financial services ecosystem and expanding financial inclusion in Pakistan.

Commenting on the acquisition, VEON said: “As an AA-rated insurer and Pakistan’s premier InsurTech, TPL Insurance continues to strengthen its position through a fully digital operating model that supports scalable, technology driven insurance solutions.”