VEON and JazzWorld Acquire TPL Insurance to Expand Digital Insurance Access Across Pakistan

VEON (Nasdaq: VEON) announced that its subsidiary Jazz International Holding Limited has completed the acquisition of a controlling stake in TPL Insurance, a publicly listed Pakistani insurer.

Rhea-AI Summary

VEON (Nasdaq: VEON) announced that its subsidiary Jazz International Holding Limited has completed the acquisition of a controlling stake in TPL Insurance, a publicly listed Pakistani insurer. After the mandatory tender offer, Jazz International now holds 76.33% of TPL Insurance's issued share capital for aggregate consideration of about PKR 4.55 billion (~USD 16.4 million).

TPL Insurance, an AA-rated InsurTech, reported PKR 5.7 billion (~USD 20.6 million) in Gross Written Premium and over 277,000 policies issued as of December 31, 2025. According to VEON, the deal broadens its Pakistan digital financial ecosystem, adding insurance alongside JazzCash and Mobilink Bank under JazzWorld, collectively serving over 100 million customers, and is not expected to be material to VEON's current consolidated financial position.

Positive

• 76.33% controlling stake in TPL Insurance secured via completed acquisition
• Aggregate deal value of about PKR 4.55 billion (~USD 16.4 million)
• TPL Insurance reported PKR 5.7 billion Gross Written Premium and 277,000+ policies in 2025
• Ecosystem in Pakistan now spans JazzCash, Mobilink Bank and TPL Insurance, serving 100M+ customers
• Adds fully digital motor, health, fire, property and general insurance products to VEON's portfolio

Negative

• Transaction scale not expected to be material to VEON's consolidated financial position

Argus Jul 14 session

+1.17% close to close Open Argus

Details

News Market Reaction – VEON

On Jul 14, the day this news came out, VEON closed 1.17% above the previous close.

Data tracked by StockTitan Argus for the Jul 14 session.

Key Figures

Customers served: over 100 million customers Ownership stake: 76.33% of issued share capital Acquisition consideration: PKR 4.55 billion (~USD 16.4 million) +3 more

Customers served

over 100 million customers

Digital ecosystem reach referenced for VEON and JazzWorld platforms

Ownership stake

76.33% of issued share capital

JIHL post-transaction holding in TPL Insurance

Acquisition consideration

PKR 4.55 billion (~USD 16.4 million)

Aggregate consideration for TPL Insurance controlling stake and tender offer

Gross Written Premium

PKR 5.7 billion (~USD 20.6 million)

TPL Insurance reported GWP as of December 31, 2025

Policies issued

more than 277,000 policies

TPL Insurance policies outstanding as of December 31, 2025

Insurance penetration

below 1% of GDP

Pakistan insurance penetration cited as market opportunity

Previous Acquisition Reports

5 past events · Latest: Jun 05

Same Type 5 events

1. Jun 05

   Acquisition announcement

   24h Move

   -0.3%

   Kyivstar partner Uklon agreed to buy E-wings micromobility operator.

2. May 26

   Acquisition announcement

   24h Move

   +0.0%

   Kyivstar acquired six solar plants adding 105 MW renewable capacity.

3. Apr 14

   Regulatory approval

   24h Move

   -0.2%

   Competition Commission of Pakistan cleared planned TPL Insurance acquisition.

4. Mar 06

   Acquisition agreement

   24h Move

   +1.5%

   Jazz International agreed to acquire controlling stake in TPL Insurance.

5. Feb 10

   Acquisition completion

   24h Move

   +0.9%

   Kyivstar completed Tabletki.ua digital healthcare platform acquisition.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

mandatory tender offer, gross written premium, embedded insurance, digital financial inclusion

4 terms

mandatory tender offer regulatory

"including the successful completion of the mandatory tender offer, JIHL now holds"

A mandatory tender offer is a legally required offer by a buyer who gains control of a company to purchase shares from remaining shareholders at a specified price. Investors are affected because it gives them a clear chance to sell at the stated price when ownership changes, similar to a new owner of a building being obliged to offer to buy other units so everyone has the same exit option and price.

gross written premium financial

"TPL Insurance reported Gross Written Premium of PKR 5.7 billion"

Gross written premium is the total value of insurance policies a company has sold during a period, measured before any cancellations, refunds or transfers to other insurers are taken out. Think of it as the company’s topline sales number for insurance, like a store reporting total receipts before returns — it shows scale and sales momentum and helps investors gauge growth, market share and potential exposure to claims.

embedded insurance financial

"we are well positioned to accelerate innovation in embedded insurance and broaden access"

Embedded insurance is a type of coverage that is integrated directly into a product or service, often during the purchase process, making it easy and seamless for consumers to access protection. For example, when buying a new car or booking travel, insurance options may be included automatically. This approach matters to investors because it can expand market reach, increase sales, and create new revenue streams for companies offering these integrated protections.

digital financial inclusion financial

""Insurance is the next frontier of digital financial inclusion," said Kaan Terzioglu"

Digital financial inclusion means making banking, payments, credit, savings, and insurance services accessible to people through digital tools like mobile phones, apps, and online platforms, especially those who previously lacked access. It matters to investors because wider digital access can expand customer bases, lower delivery costs, and change risk and revenue profiles—like turning a neighborhood shop into an online marketplace that reaches many more customers.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Completion integrates insurance into a digital ecosystem serving over 100 million customers

Dubai, New York and Karachi, July 14, 2026 – VEON Ltd. (Nasdaq: VEON, "VEON"), a global digital operator, today announces that its subsidiary Jazz International Holding Limited ("JIHL") has completed the acquisition of a controlling stake in TPL Insurance Limited ("TPL Insurance"), a publicly listed insurance company in Pakistan.

Following completion of the transaction, including the successful completion of the mandatory tender offer, JIHL now holds 76.33% of the issued share capital of TPL Insurance. The aggregate consideration for the acquisition, including shares acquired from TPL Corp Limited and through the mandatory tender offer, amounted to approximately PKR 4.55 billion (~USD 16.4 million).

An AA-rated insurer and Pakistan's premier InsurTech, TPL Insurance reported Gross Written Premium of PKR 5.7 billion (~USD 20.6 million) and issued more than 277,000 policies as of December 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.

VEON and JazzWorld welcome TPL Insurance's talent to the Group. The acquisition expands VEON's 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.

"Insurance is the next frontier of digital financial inclusion," said Kaan Terzioglu, Chief Executive Officer of VEON & Chairman of JazzWorld Board of Directors. "For millions of people, true financial inclusion means the ability to connect, transact and borrow, but also to protect themselves, their families and their livelihoods from unexpected events. By bringing TPL Insurance into VEON's digital ecosystem, we are combining a technology-driven insurer with the country's largest digital financial platform to make insurance simpler, more affordable and more accessible. This acquisition strengthens our strategy of building integrated digital operator ecosystems that create meaningful everyday value for customers while delivering sustainable long-term growth for our shareholders."

"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. "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."

"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. 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," said Ali Jameel, Chief Executive Officer of TPL Corp.

About VEON
VEON is a digital operator that provides connectivity and digital services to over 150 million connectivity customers and more than 228 million digital users. Operating across five countries that are home to more than 6% of the world's population, VEON is transforming lives through technology driven services that empower individuals and drive economic growth. VEON is listed on Nasdaq. For more information, visit: https://www.veon.com/

About JazzWorld
JazzWorld is Pakistan’s leading ServiceCo and an integrated digital services company, serving nearly 75 million connectivity customers and 143.5 million users across its digital platforms spanning fintech (JazzCash), banking (Mobilink Bank), entertainment (Tamasha), digital self-care (SIMOSA), Insurtech (TPL Insurance and FikrFree), enterprise cloud solutions (Garaj), gaming (GameNow) and more. This evolution reflects JazzWorld’s strategic shift from connectivity to capability, building platforms that enhance the lives and livelihoods of Pakistanis through the power of technology. For more information, visit https://jazzworld.com.pk

Forward Looking Statements Disclaimer
This release contains “forward-looking statements,” as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, including in relation to VEON’s investment plans in Pakistan.

Contact Information
VEON
pr@veon.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did VEON (VEON) announce about the TPL Insurance acquisition on July 14, 2026?

VEON announced that subsidiary Jazz International Holding completed acquiring a 76.33% stake in TPL Insurance. According to VEON, the deal adds a fully digital insurer into its Pakistan ecosystem alongside JazzCash and Mobilink Bank under JazzWorld, expanding its digital financial services reach.

How much did VEON pay for its 76.33% stake in TPL Insurance (VEON)?

VEON reported aggregate consideration of about PKR 4.55 billion, roughly USD 16.4 million, for the TPL Insurance stake. According to VEON, this covers shares bought from TPL Corp and through the mandatory tender offer, resulting in a controlling 76.33% ownership.

What are TPL Insurance’s key financial metrics before joining VEON (VEON)?

TPL Insurance reported Gross Written Premium of PKR 5.7 billion, about USD 20.6 million, and over 277,000 policies as of December 31, 2025. According to VEON, TPL is AA-rated and operates a fully digital platform across multiple general insurance product lines.

How will the TPL Insurance acquisition affect VEON’s financials and growth outlook?

VEON stated the transaction is not expected to be material to its current consolidated financial position. According to VEON, it nevertheless sees meaningful long-term growth potential from Pakistan’s underpenetrated insurance market by embedding insurance into its large digital financial ecosystem.

How does TPL Insurance fit into VEON and JazzWorld’s digital ecosystem in Pakistan?

TPL Insurance will sit alongside JazzCash and Mobilink Bank under the JazzWorld umbrella, forming an integrated digital financial ecosystem. According to VEON, these platforms jointly serve over 100 million customers, creating a large digital channel for accessible, embedded insurance products in Pakistan.

Why does VEON view insurance as important for its Pakistan strategy and VEON shareholders?

VEON describes insurance as the next frontier of digital financial inclusion, complementing payments and lending. According to VEON, integrating TPL Insurance supports its strategy to build digital operator ecosystems that deliver everyday customer value while aiming for sustainable long-term growth for shareholders.