Acquisition to further financial inclusion through integrated digital financial services ecosystem

Dubai, New York and Karachi – March 6, 2026 – VEON Ltd. (NASDAQ:VEON, "VEON")), a global digital operator, today announced that its subsidiary Jazz International Holding Limited ("JIH") has entered into a definitive agreement to acquire a controlling stake in TPL Insurance Limited ("TPL Insurance"), a publicly listed insurance firm in Pakistan. The transaction, which marks a new milestone for VEON's growing digital financial services portfolio in one of its most dynamic growth markets, is expected to close in mid-2026, subject to regulatory approvals.

TPL Insurance, a digital-first insurance provider in Pakistan, offers auto, health, fire and property insurance products through its well-established distribution capabilities, and holds a general insurer license. TPL Insurance had a gross written premium of PKR 5.7 billion and over 277,000 policies issued as of December 31, 2025. As an AA‑rated insurer and Pakistan's premier InsurTech, TPL Insurance continues to strengthen its position through a fully digital operating model that supports scalable, technology‑driven insurance solutions.

"The acquisition of TPL Insurance marks an important step in our mission to build a comprehensive digital services ecosystem that expands financial inclusion in Pakistan. By integrating insurance into our broader digital financial services portfolio, including JazzCash, Mobilink Bank, and FikrFree, we are creating new ways for millions of Pakistanis to access financial protection, not just payments," said Aamir Ibrahim, Chief Executive Officer of JazzWorld. "Pakistan remains significantly under-insured, and digital platforms provide a powerful opportunity to close this protection gap. Together with TPL Insurance, we look forward to scaling modern, technology-driven insurance solutions that are accessible, affordable and designed for the needs of Pakistan's growing digital population."

JIH is acquiring a controlling stake in TPL Insurance for a purchase price of approximately PKR 4.15 billion (USD 14.6 million). This transaction is subject to clearance from the Competition Commission of Pakistan.

About VEON

VEON is a digital operator that provides connectivity and digital services to nearly 150 million connectivity and over 140 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 73 million connectivity customers and 92 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 jazz.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, 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, as well as VEON's ability to achieve anticipated results and business objectives, among others discussed in the section entitled "Risk Factors" in VEON's 2024 Form 20-F filed with the SEC on April 25, 2025 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.

Additionally, this press release includes certain financial information and data of TPL Insurance derived from preliminary, unaudited management accounts as of the dates indicated and is subject to completion of customary financial closing, review, and audit procedures. This information is provided for informational purposes only and should not be regarded as a complete statement of financial results or relied upon as necessarily indicative of historical or future performance.

Contact Information

VEON

Hande Asik

Chief Communications and Strategy Officer

pr@veon.com

VEON and JazzWorld Advance Pakistan's Digital Financial Future with Acquisition of TPL Insurance