DEG re-enters Pakistan insurance market through stake in TPL Insurance

DEG – Deutsche Investitions- und EntwicklungsgesellschaftmbH, a wholly owned subsidiary of KfW Group based in Cologne, Germany, has acquired a 19.9% equity stake in TPL Insurance by investing PKR 466.5 million on a fully diluted basis. The acquisition follows TPL Insurance’s announcement made in June last year to the Pakistan Stock Exchange on DEG’s interest in acquiring an equity stake in the company subject to approval from the Board of Directors, Shareholders, Securities and Exchange Commission of Pakistan and other regulatory bodies.

This foreign collaboration will help TPL Insurance to develop its Agriculture and Micro Insurance segments, thereby increasing penetration of insurance in Pakistan. TPL Insurance intends to further develop its digital assets and bring efficiencies through digitization of business processes. The equity injection will also improve the financial strength and underwriting capability of TPL Insurance.

DailyTimes, 23 Apr, 2021

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