Karachi, TPL Insurance Limited informed Pakistan Stock Exchange that the Company is pleased to announce that the Finnish Fund for Industrial Cooperation Limited, a Private Limited Company incorporated in Finland, (“Finnfund”), a major development financier and impact investor, investing in responsible and profitable businesses in the developing countries, has entered into a Letter of Intent, with TPL Insurance Limited. Upon completion of successful legal and financial due diligence and obtaining all regulatory approvals, Finnfund will look to invest in TPL Insurance Limited.
TPL Insurance is the first insurance company in Pakistan to sell general insurance products directly to the consumer. We launched in 2005 and since then have grown from strength-to-strength, delivering superior and hassle-free risk management services to individual clients. In 2015, we partnered with Greenoaks Global Holdings Limited (GGH), who acquired a 69.2% stake in our business. The relationship has bolstered our position in the market, with robust and sustainable financial backing, administration processes and technology-driven innovation that reinforces our ability to lead the way in the insurance industry in Pakistan.