VEON Group Holding Company Ltd, a subsidiary of Nasdaq-listed VEON Ltd, has formally expressed interest in acquiring a controlling stake in TPL Insurance Limited, signaling its entry into Pakistan’s insurance sector. TPL Insurance shared the development in a notice to the Pakistan Stock Exchange, confirming that discussions are underway. The acquisition, if completed, would allow VEON to diversify its business portfolio in Pakistan beyond telecom operations and extend into financial services. The proposal remains subject to regulatory clearances, including the fit and proper criteria required by relevant authorities, along with the completion of due diligence and definitive agreements.
Under the proposed arrangement, VEON would be required to launch a public offer for at least 50 percent of the outstanding voting shares in TPL Insurance to secure control. The insurer is currently majority-owned by TPL Corp Limited, which holds 52.87 percent of the shares, followed by Finnish Fund for Industrial Cooperation Ltd with 17.02 percent and Entwicklungsgesellschaft MBH with 15.87 percent. While VEON has not disclosed the financial terms of the deal, the acquisition is being closely watched given the potential impact on Pakistan’s insurance landscape.
TPL Insurance, as of June 30, 2025, reported total assets of Rs8.46 billion and shareholders’ equity of Rs2.68 billion. The company, however, recorded a loss of Rs12 million during the first half of 2025, a reversal from a profit of Rs72 million during the same period last year. Despite the dip in profitability, the insurer maintains a notable position in the market with a growing portfolio of services and partnerships, which could become a key element in VEON’s expansion strategy. For VEON, the acquisition would add a new dimension to its operations in Pakistan, building on its strong base in telecom and digital services through Jazz, the country’s leading mobile operator with over 70 million subscribers.
Headquartered in Dubai, VEON operates across multiple markets including Pakistan, Ukraine, Kazakhstan, Uzbekistan, and Bangladesh. In Pakistan, it has maintained a long-standing presence with significant investments in connectivity and digital solutions, consistently adapting to local regulatory and business requirements. Its move into insurance reflects a broader trend among global telecom operators to diversify into adjacent sectors such as financial services, where customer bases can be leveraged to drive adoption. Should this acquisition proceed, VEON would strengthen its foothold in Pakistan’s evolving financial ecosystem, contributing to both sectoral growth and its own long-term strategy of diversification.
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