VEON Ltd. and JazzWorld have completed the acquisition of a controlling stake in TPL Insurance Limited, a publicly listed insurance company in Pakistan, to expand digital insurance access across the country. The transaction, executed through VEON's subsidiary Jazz International Holding Limited (JIHL), integrates TPL Insurance into an ecosystem serving over 100 million customers. This move adds insurance to VEON's existing digital financial services portfolio, which includes JazzCash and Mobilink Bank under JazzWorld.

Following the completion of the mandatory tender offer, JIHL now holds 76.33% of the issued share capital of TPL Insurance. The aggregate consideration for the acquisition, including shares purchased from TPL Corp Limited and through the tender offer, amounted to PKR 4.55 billion (~USD 16.4 million). While the transaction is not expected to have a material impact on VEON's consolidated financial position, it is viewed as a strategic step to capture long-term growth in Pakistan's underpenetrated insurance market.

TPL Insurance is an AA-rated insurer and Pakistan's premier InsurTech, operating a fully digital platform that offers motor, health, fire, property, and other general insurance products. As of December 31, 2025, the company reported a Gross Written Premium of PKR 5.7 billion (~USD 20.6 million) and had issued more than 277,000 policies. The acquisition leverages TPL Insurance's digital capabilities and underwriting expertise to enhance the distribution scale of the VEON and JazzWorld ecosystem.

Key Financial Metrics

Kaan Terzioglu, Chief Executive Officer of VEON and Chairman of the JazzWorld Board of Directors, emphasized the strategic importance of the acquisition. He stated that combining a technology-driven insurer with the country's largest digital financial platform would make insurance simpler, more affordable, and more accessible. Terzioglu highlighted that this acquisition strengthens VEON's strategy of building integrated digital operator ecosystems that create everyday value for customers and sustainable long-term growth for shareholders.

Aamir Ibrahim, Chief Executive Officer of JazzWorld, noted that Pakistan remains one of the world's most underinsured markets, with insurance penetration below 1% of GDP. He expressed confidence that combining TPL Insurance's capabilities with the reach and data insights of the JazzWorld ecosystem would accelerate innovation in embedded insurance. Ali Jameel, Chief Executive Officer of TPL Corp, added that joining the VEON and JazzWorld ecosystem provides the distribution scale necessary to unlock Pakistan's vast insurance potential.

VEON Ltd. will release its financial and operating results for the second quarter and first-half ended June 30, 2026, on July 31, 2026. The digital operator confirmed the results will be published at 8:00 GST / 0:00 ET. Senior management will host a results presentation and earnings call at 17:00 GST / 9:00 ET the same day, marking a shift to hold the event in New York.

Earnings call details

Investors and analysts are invited to join management in person at The Lotte New York Palace, located at 455 Madison Avenue, New York, NY 10022. Advance registration is mandatory for physical attendance due to limited space. Participants must contact VEON Investor Relations at ir@veon.com to confirm participation.

Access options

The event will be accessible through multiple channels. Registration for the webcast and dial-in details is available online. Additionally, the conference call will be livestreamed on YouTube, allowing real-time access without registration.

Shareholder engagement

VEON is partnering with Say Technologies to facilitate engagement. Retail and institutional shareholders can submit and upvote questions for the management team via a dedicated Q&A platform. The platform opens on July 23, 2026, at 8:00 ET and remains open until 24 hours before the conference call. Questions can also be emailed directly to ir@veon.com .