VEON and JazzWorld Acquire TPL Insurance to Expand Digital Insurance Access Across Pakistan

Completion integrates insurance into a digital ecosystem serving over 100 million customers

Dubai, New York and Karachi, July 14, 2026 – VEON Ltd. (Nasdaq: VEON, "VEON"), a global digital operator, today announces that its subsidiary Jazz International Holding Limited ("JIHL") has completed the acquisition of a controlling stake in TPL Insurance Limited ("TPL Insurance"), a publicly listed insurance company in Pakistan.

Following completion of the transaction, including the successful 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 acquired from TPL Corp Limited and through the mandatory tender offer, amounted to approximately PKR 4.55 billion (~USD 16.4 million).

An AA-rated insurer and Pakistan's premier InsurTech, TPL Insurance reported Gross Written Premium of PKR 5.7 billion (~USD 20.6 million) and issued more than 277,000 policies as of December 31, 2025. The company operates a fully digital platform offering motor, health, fire, property and other general insurance products. The transaction's current scale is not expected to have a material impact on VEON's consolidated financial position, but it comes with meaningful long-term growth potential given Pakistan's underpenetrated insurance market.

VEON and JazzWorld welcome TPL Insurance's talent to the Group. The acquisition expands VEON's digital financial services portfolio by adding insurance to its integrated ecosystem in Pakistan, alongside JazzCash and Mobilink Bank under JazzWorld. Together, these platforms serve more than 100 million customers, creating one of the country's largest digital channels for delivering accessible financial services.

"Insurance is the next frontier of digital financial inclusion," said Kaan Terzioglu, Chief Executive Officer of VEON & Chairman of JazzWorld Board of Directors. "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. 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. This acquisition strengthens our strategy of building integrated digital operator ecosystems that create meaningful everyday value for customers while delivering sustainable long-term growth for our shareholders."

"With this acquisition now complete, JazzWorld takes a significant step toward building Pakistan's most comprehensive digital financial services ecosystem," said Aamir Ibrahim, Chief Executive Officer of JazzWorld. "Pakistan remains one of the world's most underinsured markets, with insurance penetration below 1% of GDP. 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. We have full confidence in the TPL Insurance leadership team as it gears up for the next phase of growth within our ecosystem."

"TPL Insurance was built with one conviction: that technology could make insurance accessible to every Pakistani, regardless of where they live or how they earn. We are proud of what our team has created, from the digital platform to the products to the customer relationships that underpin this business. Joining the VEON and JazzWorld ecosystem gives TPL Insurance the distribution scale and capabilities to take that mission to a level we could not have reached independently. Pakistan's insurance potential is vast, and millions of fellow citizens deserve access to affordable, digital-first protection products. We believe this partnership is the right vehicle to unlock that potential at scale," said Ali Jameel, Chief Executive Officer of TPL Corp.

About VEON
VEON is a digital operator that provides connectivity and digital services to over 150 million connectivity customers and more than 228 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 75 million connectivity customers and 143.5 million users across its digital platforms spanning fintech (JazzCash), banking (Mobilink Bank), entertainment (Tamasha), digital self-care (SIMOSA), Insurtech (TPL Insurance and 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 Disclaimer
This release contains “forward-looking statements,” as the phrase is defined in 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, including in relation to VEON’s investment plans in Pakistan.

Contact Information
VEON
pr@veon.com

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