Competition clearance marks next step in building comprehensive digital financial services ecosystem, accelerating digital financial services in Pakistan
Dubai, New York and Karachi – April 14, 2026 – VEON Ltd. (Nasdaq: VEON, “VEON”), a global digital operator, today announced that the Competition Commission of Pakistan (“CCP”) has authorized the acquisition of TPL Insurance Limited (“TPL Insurance”) by its subsidiary Jazz International Holding Limited (“JIH”). The clearance, granted following a Phase-I competition assessment that found no competitive concerns, enables the companies to proceed towards closing transaction in mid-2026.
TPL Insurance is Pakistan’s premier digital-first insurer, with an AA credit rating by the Pakistan Credit Rating Agency, a general insurer license, and a fully digital operating model built for scale. The company had a gross written premium of PKR 5.7 billion and over 277,000 policies issued as of December 31, 2025. The acquisition, announced on March 6, 2026, will see JIH acquire a controlling stake in TPL Insurance for approximately PKR 4.15 billion (USD 14.6 million).
“Acquiring TPL Insurance will bring insurance into the digital mainstream for millions of Pakistanis,” said Aamir Ibrahim, Chief Executive Officer of JazzWorld. “Pakistan remains significantly under-insured, and by integrating TPL Insurance into our digital ecosystem alongside JazzCash and Mobilink Bank, we can leverage our reach to make financial protection accessible and affordable at scale. We thank the CCP for its timely clearance of a transaction that will contribute to Pakistan’s growing digital financial services sector.”
In Pakistan, JazzWorld’s digital platforms served over 82 million users as of the end of 2025, with direct digital revenues representing approximately 28.7% of total revenues and growing at 38.8% year-on-year for FY2025. JazzCash alone processed USD 53 billion in transaction value in 2025, equivalent to 13% of Pakistan's GDP. The digital financial services platform serves a customer base of 58 million and recently onboarded it’s 1 millionth Raast QR-enabled merchant. Adding a licensed, fully digital insurer to this ecosystem will further expand JazzWorld’s ability to provide customers with digital services they need for all 1,440 minutes of the day.
The transaction remains subject to customary closing conditions and is expected to close in mid-2026.
About VEON
VEON is a digital operator that provides connectivity and digital services over 150 million connectivity and more than 205 million digital users. Operating across five countries that are home to more than 6% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. For more information, visit: https://www.veon.com/.
About JazzWorld
JazzWorld is Pakistan’s leading ServiceCo and an integrated digital services company, serving nearly 74 million connectivity customers and 82 million users across its digital platforms spanning FinTech (JazzCash), banking (Mobilink Bank), entertainment (Tamasha), digital self-care (SIMOSA), InsurTech (FikrFree), enterprise cloud solutions (Garaj), gaming (GameNow) and more. This evolution reflects JazzWorld’s strategic shift from connectivity to capability, building platforms that enhance the lives and livelihoods of Pakistanis through the power of technology. For more information, visit https://jazzworld.com.pk.
Forward-Looking Statements
This release contains “forward-looking statements”, within the meaning of the Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements relating to the closing of JIH’s acquisition of TPL Insurance and the integration of TPL Insurance into JazzWorld’s digital portfolio. There are numerous risks, uncertainties that could cause actual results and performance to differ materially from those expressed by such statements, including risks relating the closing of JIH’s acquisition of TPL Insurance and the integration of TPL Insurance into JazzWorld’s digital portfolio, among others discussed in the section entitled “Risk Factors” in VEON’s 2025 Form 20-F filed with the SEC on March 16, 2026 and other public filings made by VEON with the SEC. The forward-looking statements contained herein speak only as of the date of this release and VEON disclaims any obligation to update them, except as required by law.
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