Jazz takes control of TPL Insurance after completing acquisition

Jazz International Holding Limited has completed its acquisition of TPL Insurance Limited, acquiring a 76.33% stake and control of the company following the transfer of shares on July 13, 2026.

TPL Insurance disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.

“We are pleased to inform you that the transaction has now been completed,” said the company.

“Accordingly, as of July 13, 2026, pursuant to the Share Purchase Agreement entered into by and between the acquirer and TPL Corp Limited and the mandatory tender offer under applicable laws, the acquirer has acquired 76.33% of the issued share capital and control of the company, and the relevant shares have been duly transferred in the name of the acquirer,” it added.

TPL Insurance said that the successful completion of this transaction marks a significant milestone in the company’s journey and represents the beginning of a new chapter for the company.

“By becoming part of the Jazz and VEON ecosystem, the company is expected to benefit from enhanced digital capabilities, broader distribution channels, and greater opportunities to expand access to innovative and technology-driven insurance solutions across Pakistan,” it added.

VEON and JazzWorld welcomed TPL Insurance 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.

“Insurance is the next frontier of digital financial inclusion,” said Kaan Terzioglu, Chief Executive Officer of VEON & Chairman of JazzWorld Board of Directors.

“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.”

“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,” said Ali Jameel, Chief Executive Officer of TPL Corp.

Last year in September, VEON Group Holding Company Ltd expressed its intention to acquire shares and control in TPL Insurance.

In December 2025, Jazz International Holding Limited was confirmed as the new acquirer, replacing VEON Group Holding Company Ltd and/or its affiliated entities.

In March, TPL Corp Limited entered into a SPA with Jazz International Holding Limited for the sale of shares and transfer of control of TPL Insurance.

Jazz International agreed to acquire a controlling stake in TPL Insurance for approximately Rs4.15 billion.

The Securities and Exchange Commission of Pakistan (SECP) approved the acquisition in February 2026, noting that this partnership between a digital insurer and a major digital operator is expected to increase insurance penetration and foreign investment.

The Competition Commission of Pakistan (CCP) authorised the acquisition in April 2026 after a Phase-I review, determining that the transaction constituted a conglomerate merger with no significant overlap or lessening of competition.