VEON Ltd. (Nasdaq: VEON), a global digital operator, today announced that its subsidiary, Jazz International Holding Limited (JIHL), has successfully completed the acquisition of a controlling stake in TPL Insurance Limited, a publicly listed insurance company in Pakistan . Following the completion of a mandatory tender offer, JIHL now holds 76.33% of TPL Insurance’s issued share capital . The aggregate consideration for the transaction, which includes shares acquired from TPL Corp Limited and through the tender offer, amounted to approximately PKR 4.55 billion (USD 16.4 million).
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This strategic acquisition integrates a premier InsurTech into Pakistan’s largest digital financial services ecosystem, combining TPL Insurance’s digital underwriting expertise with the extensive reach of JazzWorld’s platforms, including JazzCash and Mobilink Bank . Together, these platforms serve over 100 million customers, positioning the combined entity to deliver accessible, technology-driven insurance products at scale across Pakistan . The move comes as Pakistan remains one of the world’s most underinsured markets, with insurance penetration below 1% of GDP .
