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.

VEON

VEON and JazzWorld Receive Competition Commission of Pakistan Approval for Acquisition of TPL Insurance

VEON's Acquisition of TPL Insurance Approved, Strengthening Digital Ecosystem

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>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.</p>
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  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>VEON&#039;s acquisition of TPL Insurance was approved by the Competition Commission of Pakistan, allowing the company to enhance its digital financial services landscape. This acquisition is likely to increase customer access to insurance and expand digital revenues significantly by mid-2026.</p>
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  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>VEON&#039;s subsidiary acquires TPL Insurance, enhancing digital services in Pakistan.</li><li>Acquisition authorized by the Competition Commission of Pakistan with no competitive concerns.</li><li>TPL Insurance had PKR 5.7 billion gross premiums and 277,000 policies in 2025.</li><li>JazzCash processed USD 53 billion, representing 13% of Pakistan&#039;s GDP in 2025.</li><li>Transaction expected to close mid-2026, subject to customary conditions.</li></ul>
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  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>TPL Insurance (N/A)</strong>: Acquisition enhances VEON&#039;s insurance offerings within Pakistan&#039;s digital ecosystem.</li><li><strong>JazzCash (N/A)</strong>: Key to revenue growth; large transaction volume capitalizes on Pakistan&#039;s GDP.</li></ul>
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  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>The acquisition of TPL Insurance fits within &#039;Corporate Developments&#039; as it significantly alters VEON&#039;s strategic position in the growing digital financial services sector in Pakistan, indicating long-term market expansion potential.</p>
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  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Potential for increased revenue as VEON integrates TPL Insurance into its ecosystem.</li><li>Improvement in customer engagement likely due to expanded service offerings.</li><li>Possible stock price increase leading up to the transaction&#039;s expected closure in mid-2026.</li><li>Increased market share in the under-insured digital insurance sector in Pakistan.</li></ul>
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  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>VEON&#039;s subsidiary Jazz International Holding to acquire TPL Insurance for PKR 4.15 billion.</li><li>TPL Insurance shows AA credit rating; digital-first insurer with significant market potential.</li><li>JazzWorld&#039;s digital platforms served 82 million users; 38.8% revenue growth in FY2025.</li><li>JazzCash processed USD 53 billion; equivalent to 13% of Pakistan’s GDP in 2025.</li><li>Closing of acquisition expected in mid-2026, contingent on customary conditions.</li></ul>
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  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Bullish on VEON; expect revenue growth through enhanced digital services in the next year.</p>
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<link type="text/css" rel="stylesheet" href="https://www.globenewswire.com/styles/gnw_nitf.css"></link><p align="center"><i>Competition clearance marks next step in building comprehensive digital financial services ecosystem, accelerating digital financial services in Pakistan</i></p>  <p align="justify"><b>Dubai, New York and Karachi – April 14, 2026 – </b>VEON Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/VEON">VEON</a>, "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.</p>  <p align="justify">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).</p>  <p align="justify">"Acquiring TPL Insurance will bring insurance into the digital mainstream for millions of Pakistanis,"<b> said Aamir Ibrahim, Chief Executive Officer of JazzWorld</b>. "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."</p>  <p align="justify">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&#39;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.</p>  <p align="justify">The transaction remains subject to customary closing conditions and is expected to close in mid-2026.</p>  <p align="justify"><b>About VEON</b><br></br>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: <a href="https://www.globenewswire.com/Tracker?data=XRtOa8siVSz-76Z-PPR5KgbqxJbGU0wAjBk6yJjorTG8fs5UZL1ZFGlZkqwR5QZQkS5uxytM8AR5Ew8NHNuQHLiWNKROLdq0bv9mBrLHLIA=" rel="nofollow" target="_blank">https://www.veon.com/</a>. </p>  <p align="justify"><b>About JazzWorld</b><br></br>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 <a href="https://www.globenewswire.com/Tracker?data=XRtOa8siVSz-76Z-PPR5KlnJ5y4G71zsbE3TEdi44lO5-A_lA-jELM1Ns5cTZ74lCtyiHHMWBtBPHyBXf5RyK04foUiAWZjYrkN_gufhfzQ=" rel="nofollow" target="_blank">https://jazzworld.com.pk</a>. </p>  <p align="justify"><b>Forward-Looking Statements</b><br></br>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.</p>  <p><b>Contact Information</b></p>  <p><b>VEON</b><br></br>Press contact<br></br><a href="https://www.globenewswire.com/Tracker?data=pFe-4o7WEdb-HEXmAxRXjMZxm5JqiC_m2RGy1Wq4FLj57m0DX9EhmtaytwbTLK4FQmdkQnMPUFT4_YICglly-w==" rel="nofollow" target="_blank">pr@veon.com</a></p> <img alt="" class="__GNW8366DE3E__IMG" src="https://www.globenewswire.com/newsroom/ti?nf=MTAwMTE3NTc5OCM0MDIzNzQ3NDgjMjAwMzU0OA=="></img> <br></br><img alt="" src="https://ml-eu.globenewswire.com/media/YTEzODU2YTUtMWYzYy00NDI0LTg0Y2ItN2NkZDJmNWQ1YzViLTEwMTUxMjEtMjAyNi0wNC0xNC1lbg==/tiny/VEON-Ltd-.png" referrerpolicy="no-referrer-when-downgrade"></img>

VEON's acquisition of TPL Insurance was approved by the Competition Commission of Pakistan, allowing the company to enhance its digital financial services landscape. This acquisition is likely to increase customer access to insurance and expand digital revenues significantly by mid-2026.

VEON and JazzWorld Receive Competition Commission of Pakistan Approval for Acquisition of TPL Insurance

AI Summary

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Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

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