EFU Life Assurance Limited (PSX: EFUL) is planning to acquire Waada Digital (Private) Limited, a Karachi-based insurtech startup, after its Board of Directors approved the proposed transaction.

In a material information notice submitted to the Pakistan Stock Exchange (PSX), the company said the proposed acquisition remains subject to due diligence, commercial negotiations, execution of definitive agreements, and the required corporate and regulatory approvals.

The transaction has not yet been finalized, and EFU Life said it will disclose further details once the necessary conditions have been met.

Founded in 2020, Waada Digital provides technology-driven, Shariah-compliant insurance solutions aimed at making insurance products more affordable and accessible for underserved and emerging customer segments in Pakistan.

The proposed acquisition aligns with EFU Life’s strategy to strengthen its digital insurance business and expand financial inclusion through technology. Earlier this year, the company partnered with ABHI Microfinance Bank Limited to offer life insurance products to the bank’s customers, broadening access to insurance services across the country.

EFU Life is one of Pakistan’s leading private-sector life insurers, offering life, health, and Takaful products through its nationwide operations.