TPL Insurance Ltd.
Incorporated in Pakistan in 1992, TPL Insurance Ltd. (TPL) is the 6th largest general insurer in Pakistan, the 3rd largest Motor Insurer as well as the 2nd largest Window Takaful Operator. Moreover, the Company is the only insurer in Pakistan that focuses on the retail market. TPL is listed on the Pakistan Stock Exchange.
TPL is the first insurance company in Pakistan to sell general insurance products directly to the consumer. TPL currently provides a complete range of innovative insurance solutions across the general insurance product spectrum.
DEG will invest USD 3.0 million in TPL which requires capital to expand the company’s underwriting and technological capabilities, as well as develop new markets and channels.
Reasons for financing
TPL enhances product literacy for the emerging consumer in Pakistan, specifically in the towns beyond the Tier I cities, which most of the companies focus on. It also has a specific program strengthening the financial security of under-served farmers and improving financial collaboration between farmers and lenders.
TPL is committed to becoming a signatory of the “PSI Principles of Sustainable Insurance” of the UNEP Finance Initiative. By complying with World Bank and ILO standards, the transparency of employment quality is to be improved considerably. In addition, the strong growth of TPL is expected to lead to the creation of new jobs.
DEG’s engagement will strengthen the reputation and credibility of TPL in insurance and capital markets. Moreover, DEG will help the group to set up an environmental and social management system and facilitate the institutionalization of the company, especially in areas such as corporate governance. The investment supports expanding the underdeveloped insurance industry, which plays an important role in closing the protection gap as well as developing the financial sector in a nascent, but growing market like Pakistan.