Veon’s JazzWorld adds insurtech to digital portfolio with US$16.4m TPL deal

Details: John Tanner; Category: Mobile Finance; 16 July 2026; 1218 views

Veon announced that its Pakistan subsidiary JazzWorld has completed its acquisition of a controlling stake of TPL Insurance for PKR4.55 billion (US$16.4 million), enabling it to expand its digital services portfolio into the insurtech sector.

Under the deal announced Tuesday, Jazz International Holding (which is headquartered in the UAE and was created in March as the corporate vehicle to execute the transaction) now owns 76.33% of TPL’s shares.

Veon said the deal expands its digital financial services portfolio by adding insurance to its integrated ecosystem in Pakistan, alongside JazzCash and Mobilink Bank under JazzWorld, to create what it says is one of the country's largest digital channels for delivering accessible financial services, serving over 100 million customers.

“Pakistan remains one of the world's most underinsured markets, with insurance penetration below 1% of GDP,” said JazzWorld CEO Aamir Ibrahim in a statement. “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 is an AA-rated insurer that operates a fully digital platform offering motor, health, fire, property and other general insurance products. The company reported gross written premium of PKR 5.7 billion and issued more than 277,000 policies as of December 31, 2025.

TPL Corp CEO Ali Jameel said the deal will give it the distribution scale and capabilities to take its mission to make insurance accessible to everyone in Pakistan regardless of location or income level to levels it couldn’t have reached on its own.

“Pakistan's insurance potential is vast, and millions of fellow citizens deserve access to affordable, digital-first protection products,” he said. “We believe this partnership is the right vehicle to unlock that potential at scale.”

Kaan Terzioglu, CEO of Veon and chairman of JazzWorld’s board of directors, said that insurance is the next frontier of digital financial inclusion.

“For millions of people, true financial inclusion means the ability to connect, transact and borrow, but also to protect themselves, their families and their livelihoods from unexpected events,” he said. “By bringing TPL Insurance into Veon's digital ecosystem, we are combining a technology-driven insurer with the country's largest digital financial platform to make insurance simpler, more affordable and more accessible.”