VEON Group Holding Company Ltd, a subsidiary of Nasdaq-listed VEON Ltd, has signaled its intent to acquire shares and take control of TPL Insurance Limited, marking a move into Pakistan’s insurance market. The disclosure was made through a notice issued by TPL Insurance to the Pakistan Stock Exchange (PSX) on Thursday. According to the announcement, the proposed acquisition is dependent on several conditions, including regulatory approvals and clearance under the fit and proper criteria from authorities. Specific details about the shareholding size or purchase consideration have not yet been disclosed, as the transaction remains subject to due diligence and the finalization of agreements.
If the acquisition proceeds, VEON will be required to make a public offer for at least 50 percent of the remaining voting shares, which would give it effective control of TPL Insurance. At present, TPL Corp Limited holds the majority stake of 52.87 percent in the company, with other notable shareholders including Finnish Fund for Industrial Cooperation Ltd with 17.02 percent and Entwicklungsgesellschaft MBH holding 15.87 percent. As of June 30, 2025, TPL Insurance reported total assets of Rs8.46 billion, with shareholders’ equity amounting to Rs2.68 billion. However, the insurer recorded a net loss of Rs12 million in the first half of 2025, a reversal from a profit of Rs72 million during the same period the previous year.
VEON Group, headquartered in Dubai, is already a major player in Pakistan’s telecom sector through its subsidiary Pakistan Mobile Communications Limited, which operates under the Jazz brand. Jazz, with more than 70 million subscribers, is the leading mobile operator in the country. VEON’s potential entry into the insurance sector represents a diversification beyond its existing telecom and digital services operations, extending its footprint into financial services. The company has long-standing operations in Pakistan and other markets such as Ukraine, Kazakhstan, Uzbekistan, and Bangladesh, where it maintains a strong presence in telecommunications and digital offerings.
The announcement highlights VEON’s strategy to build on its established market position in Pakistan by exploring opportunities in adjacent sectors. With a solid track record of investment, compliance with regulatory frameworks, and a demonstrated understanding of the local market, VEON’s move into insurance could strengthen its portfolio in Pakistan. If the deal materializes, the acquisition would bring together VEON’s expertise in customer services and digital platforms with TPL Insurance’s established presence in the financial services sector, potentially reshaping competition in the insurance market. While the outcome depends on regulatory approval and successful negotiations, the development underscores the growing intersection of telecom, digital services, and financial products in Pakistan’s evolving economy.
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