ISLAMABAD: The Competition Commission of Pakistan (CCP) has authorised the acquisition of TPL Insurance Limited by Jazz International Holding Limited from TPL Corp Limited following a Phase-I review.
In March this year, Jazz International Holding Limited announced that it has entered into a definitive agreement to acquire a controlling stake in TPL Insurance Limited, a publicly listed insurance company in Pakistan, for a purchase price of approximately PKR 4.15 billion.
TPL Insurance is a digital-first insurance provider offering auto, health, fire, and property insurance products through its well-established distribution capabilities and holds a general insurer licence. As per market sources, the company reported Gross Written Premium (GWP) of PKR 5.7 billion and more than 277,000 policies issued as of December 31, 2025. An AA-rated insurer and widely recognised as one of Pakistan’s leading InsurTech players, TPL Insurance continues to strengthen its position through a fully digital operating model that enables scalable, technology-driven insurance solutions.
The CCP statement said that the transaction involves the acquisition of a controlling stake by Jazz in TPL Insurance Limited through a Share Purchase Agreement. A portion of the shares will first be acquired by TPL Corp Limited from Deutsche Investitions- und Entwicklungsgesellschaft (DEG), a German investment company, and subsequently transferred to the acquirer, through a mandatory tender offer.
Jazz International Holding Limited, a subsidiary of VEON, incorporated in the UAE, is engaged in telecommunications and digital services. The target company, TPL Insurance Limited, is a public listed company operating in Pakistan’s non-life insurance sector, offering conventional and takaful insurance products.
The CCP conducted a detailed Phase-I competition assessment in accordance with the Competition Act and the Competition (Merger Control) Regulations, 2016. The relevant market was identified as the non-life insurance sector in Pakistan.
Based on the assessment, the Commission determined that the transaction constitutes a conglomerate merger, with no horizontal or vertical overlap between the business activities of the acquirer and the target. The Commission further observed that the transaction is not likely to result in the creation or strengthening of a dominant position or to substantially lessen competition in the relevant market.
Accordingly, the CCP has authorised the transaction under the applicable provisions of the law.
The merger is expected to accelerate the growth of digital insurance and advance financial inclusion in Pakistan.
The Commission remains committed to facilitating foreign direct investment through timely merger clearances, promoting business growth, and ensuring that market structures remain competitive and aligned with the principles of fair competition.
Jazz CEP 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.”
Copyright Business Recorder, 2026
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