VEON Acquires TPL Insurance to Expand Digital Services

VEON Group, the parent company of Jazz, has finalized a settlement to acquire shares and management control of TPL Insurance Ltd, making Jazz the first telecom operator in Pakistan to have a sister insurance company.

The development was disclosed by TPL in a filing to the Pakistan Stock Exchange (PSX), while Jazz confirmed that the acquisition will allow it to deliver tailored insurance products directly to its customer base through digital platforms.

Jazz CEO Aamir Ibrahim said the move aligns with the company’s ambition to transition from a traditional telecom provider into a full-spectrum digital services company. “Our goal is to evolve beyond connectivity, offering services across broadband, banking, payments, entertainment, and now insurance,” he said.

VEON’s ecosystem in Pakistan currently spans Jazz, JazzCash, and Mobilink Bank, collectively serving over 100 million customers. With insurance penetration in Pakistan still below 1% of GDP, the acquisition positions Jazz to bridge a significant gap.

Jazz already manages more than 10.5 million active policies across 30 offerings, including health, handset, and motorbike insurance. With TPL Insurance onboard, the company aims to scale these services, supporting financial resilience for millions.