VEON Group to Acquire Pakistan’s TPL Insurance

VEON Group Holding Company Ltd, a subsidiary of the Nasdaq-listed VEON Ltd, has announced plans to acquire shares and management control in TPL Insurance Limited. This move signals VEON’s possible entry into Pakistan’s insurance sector. The development was confirmed in a notice shared by TPL Insurance Limited with the Pakistan Stock Exchange (PSX) on Thursday.

According to the announcement, the deal will only move forward once the required regulatory approvals are in place. This includes clearance under the “fit and proper” criteria from the concerned authorities.

VEON Group to Acquire Pakistan’s TPL Insurance

So far, VEON has not revealed details about the number of shares it plans to acquire or the purchase price. The final agreement will depend on due diligence and the signing of formal contracts.

If the transaction goes ahead, VEON will also need to make a public offer to acquire at least 50% of the remaining voting shares of TPL Insurance.

At present, TPL Corp Limited is the largest shareholder of TPL Insurance with a 52.87% stake. The Finnish Fund for Industrial Cooperation Ltd holds 17.02%, while Entwicklungsgesellschaft MBH owns 15.87%. The company has a paid-up capital of 198.39 million shares.

Financially, TPL Insurance reported assets worth Rs8.46 billion as of June 30, 2025. Shareholders’ equity stood at Rs 2.68 billion. However, the insurer posted a loss of Rs12 million in the first half of 2025, compared to a profit of Rs72 million in the same period of 2024.

VEON Group, headquartered in Dubai, operates in five countries: Pakistan, Ukraine, Kazakhstan, Uzbekistan, and Bangladesh.

In Pakistan, VEON has a strong presence through Pakistan Mobile Communications Limited, better known as Jazz. Jazz is the country’s largest mobile operator, serving more than 70 million subscribers.

Over the years, VEON has shown a deep understanding of the Pakistani market while maintaining strong regulatory compliance. The group has also demonstrated its long-term commitment through continuous investments in the country’s telecom and digital sectors.

If the acquisition of TPL Insurance is finalized, VEON will expand beyond telecom and digital services into the financial protection industry, marking a new chapter in its Pakistan operations.

See Also: Senate Committee Questions PTA Over Jazz’s Rs. 6 Billion Tariff Collection