VEON and JazzWorld Advance Pakistan’s Digital Financial Future with Acquisition of TPL Insurance

VEON (Nasdaq: VEON) subsidiary Jazz International Holding has agreed to acquire a controlling stake in TPL Insurance for approximately PKR 4.15 billion (USD 14.6 million).

Rhea-AI Summary

VEON (Nasdaq: VEON) subsidiary Jazz International Holding has agreed to acquire a controlling stake in TPL Insurance for approximately PKR 4.15 billion (USD 14.6 million). The deal expands VEON’s digital financial services in Pakistan, adding TPL Insurance’s PKR 5.7 billion gross written premium and 277,000 policies. Closing is expected in mid-2026 and remains subject to Competition Commission of Pakistan approval.

Positive

• Adds TPL Insurance with PKR 5.7 billion gross written premium
• Acquires insurer serving >277,000 policies as of Dec 31, 2025
• Purchase price ~PKR 4.15 billion (USD 14.6M) for controlling stake
• Integrates insurance with JazzCash, Mobilink Bank and FikrFree digital ecosystem
• AA-rated insurer with digital-first operating model

Negative

• Transaction is subject to Competition Commission of Pakistan clearance
• Closing timing uncertain — expected in mid-2026 and contingent on approvals

Argus Mar 6 session

+1.54% close to close Open Argus

Details

News Market Reaction – VEON

On Mar 6, the day this news came out, VEON closed 1.54% above the previous close.

Data tracked by StockTitan Argus for the Mar 6 session.

Key Figures

TPL Insurance gross written premium: PKR 5.7 billion TPL Insurance policies: Over 277,000 Purchase price: PKR 4.15 billion +1 more

TPL Insurance gross written premium

PKR 5.7 billion

As of December 31, 2025

TPL Insurance policies

Over 277,000

Policies issued as of December 31, 2025

Purchase price

PKR 4.15 billion

Controlling stake in TPL Insurance

Purchase price (USD)

USD 14.6 million

Controlling stake in TPL Insurance

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Key Terms

gross written premium, digital financial services, insurtech, general insurer license

4 terms

gross written premium financial

"TPL Insurance had a gross written premium of PKR 5.7 billion and over 277,000..."

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.

digital financial services financial

"Acquisition to further financial inclusion through integrated digital financial services..."

Digital financial services are banking, payments, lending, investing and insurance products delivered over the internet or mobile apps instead of in-person branches. For investors, they matter because moving a financial business online can boost customer reach and lower operating costs—like shifting a brick-and-mortar store to a 24/7 online shop—but also brings technology, competition and regulatory risks that can change growth and profit prospects.

insurtech technical

"As an AA‑rated insurer and Pakistan’s premier InsurTech, TPL Insurance continues..."

Insurtech is the use of technology to improve and innovate the insurance industry. It involves developing digital tools and platforms that make buying, managing, and claiming insurance easier, faster, and more personalized—similar to how online banking transformed traditional banking services. For investors, insurtech represents an opportunity to support companies that are changing how insurance works and potentially capturing new markets through innovation.

general insurer license regulatory

"...and holds a general insurer license."

A general insurer license is official regulatory permission for a company to sell non-life insurance policies—such as property, casualty, auto and liability cover—collect premiums and settle claims. For investors it signals the business meets legal, financial and operational standards to operate in that market, shaping revenue potential, capital needs and risk exposure; think of it like a professional license that lets a firm legally and credibly run an insurance business.

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

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Acquisition to further financial inclusion through integrated digital financial services ecosystem

Dubai, New York and Karachi – March 6, 2026 – VEON Ltd. (Nasdaq: VEON, “VEON”), a global digital operator, today announced that its subsidiary Jazz International Holding Limited (“JIH”) has entered into a definitive agreement to acquire a controlling stake in TPL Insurance Limited (“TPL Insurance”), a publicly listed insurance firm in Pakistan. The transaction, which marks a new milestone for VEON’s growing digital financial services portfolio in one of its most dynamic growth markets, is expected to close in mid-2026, subject to regulatory approvals.

TPL Insurance, a digital-first insurance provider in Pakistan, offers auto, health, fire and property insurance products through its well-established distribution capabilities, and holds a general insurer license. TPL Insurance had a gross written premium of PKR 5.7 billion and over 277,000 policies issued as of December 31, 2025. 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.

“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,” said Aamir Ibrahim, Chief Executive Officer of JazzWorld. “Pakistan remains significantly under-insured, and digital platforms provide a powerful opportunity to close this protection gap. Together with TPL Insurance, we look forward to scaling modern, technology-driven insurance solutions that are accessible, affordable and designed for the needs of Pakistan’s growing digital population.”

JIH is acquiring a controlling stake in TPL Insurance for a purchase price of approximately PKR 4.15 billion (USD 14.6 million). This transaction is subject to clearance from the Competition Commission of Pakistan.

About VEON
VEON is a digital operator that provides connectivity and digital services to nearly 150 million connectivity and over 140 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 73 million connectivity customers and 92 million users across its digital platforms spanning FinTech (JazzCash), banking (Mobilink Bank), entertainment (Tamasha), digital self-care (SIMOSA), InsurTech (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 jazz.com.pk.

Forward-Looking Statements
This release contains “forward-looking statements”, within the meaning of the 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. Such forward-looking statements include, but are not limited to, the closing of JIH’s acquisition of TPL Insurance and the integration of TPL Insurance into JazzWorld’s digital portfolio. There are numerous risks, uncertainties that could cause actual results and performance to differ materially from those expressed by such statements, including risks relating the closing of JIH’s acquisition of TPL Insurance and the integration of TPL Insurance into JazzWorld’s digital portfolio, as well as VEON’s ability to achieve anticipated results and business objectives, among others discussed in the section entitled “Risk Factors” in VEON’s 2024 Form 20-F filed with the SEC on April 25, 2025 and other public filings made by VEON with the SEC. The forward-looking statements contained herein speak only as of the date of this release and VEON disclaims any obligation to update them, except as required by law.

Additionally, this press release includes certain financial information and data of TPL Insurance derived from preliminary, unaudited management accounts as of the dates indicated and is subject to completion of customary financial closing, review, and audit procedures. This information is provided for informational purposes only and should not be regarded as a complete statement of financial results or relied upon as necessarily indicative of historical or future performance.

Contact Information

VEON
Hande Asik
Chief Communications and Strategy Officer
pr@veon.com

FAQ

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

What is VEON (VEON) buying in the TPL Insurance acquisition announced March 6, 2026?

VEON, via Jazz International Holding, is acquiring a controlling stake in TPL Insurance. According to VEON, the deal adds a digital-first insurer with PKR 5.7 billion gross written premium and over 277,000 issued policies as of December 31, 2025.

How much is VEON paying for the TPL Insurance controlling stake (VEON)?

VEON is paying approximately PKR 4.15 billion, equal to about USD 14.6 million. According to VEON, this purchase price secures a controlling stake and is subject to regulatory clearance in Pakistan.

When will the VEON acquisition of TPL Insurance close and what approvals are needed?

The acquisition is expected to close in mid-2026 but remains conditional on approvals. According to VEON, completion is subject specifically to clearance from the Competition Commission of Pakistan.

What strategic impact does the TPL Insurance deal have for VEON (VEON) in Pakistan?

The deal expands VEON’s digital financial services by adding insurance to payments and banking offerings. According to VEON, integration with JazzCash, Mobilink Bank and FikrFree aims to improve financial inclusion and scale tech-driven insurance solutions.

What are the key metrics of TPL Insurance that investors should note in VEON’s acquisition?

Key metrics include PKR 5.7 billion gross written premium and over 277,000 policies issued as of December 31, 2025. According to VEON, TPL Insurance also holds an AA rating and operates via a fully digital model.