Finnfund’s 3 million US dollar equity investment expands the insurance industry in Pakistan

Finnfund makes a 3 million US dollar equity investment in TPL Insurance Limited, Pakistan’s first direct insurance company. The investment will enable TPL Insurance to introduce innovative and tech-driven products, such as yield based crop and livestock insurance, as well as women specific insurance programs, thereby increasing penetration of insurance in Pakistan in diverse segments. TPL Insurance intends to further develop its digital assets and bring efficiencies through digitisation of business processes. The equity injection will also improve the financial strength and underwriting capability of TPL Insurance.

Commenting on the occasion, Muhammad Aminuddin, CEO, TPL Insurance, said, “I take deep pride in welcoming Finnfund on board at a time when the global economy is facing extremely challenging times. Working with the experience and expertise of Finnfund will help us accelerate our growth and make a larger impact in developing the insurance sector in Pakistan. I am confident that Finnfund’s entry to the Pakistani market will provide impetus to more foreign investments in the country and boost the economic growth of Pakistan.”

Ulla-Maija Rantapuska, Investment Manager at Finnfund, said, “This investment strengthens our role and expertise as an impact investor in the insurance sector. We are happy to partner with TPL Insurance, a pioneer in Pakistan in developing online insurance services, and see a possibility to deliver significant development impacts by expanding the insurance industry in Pakistan. TPL’s ambitious development of new service channels and products will allow access to insurance for those previously underserved.”

More information:
Investment Manager Ulla-Maija Rantapuska, tel. +358 41 536 5631, ulla-maija.rantapuska@finnfund.fi

Media contact:
Valpuri Mäkinen, Communications and Marketing Manager, tel +358 50 3842105,  valpuri.makinen@finnfund.fi

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