EFU Life Assurance Limited has decided not to proceed with its proposed acquisition of Waada Digital (Private) Limited, ending plans to purchase the entire issued share capital of the digital insurance company. The decision was taken by EFU Life Assurance Limited’s board of directors, with both parties mutually agreeing not to proceed with the transaction. The proposed acquisition had been announced in June 2026, when the insurer confirmed that it was considering acquiring a 100% stake in Waada Digital. The latest development confirms that the planned acquisition will not move forward. However, the companies have not disclosed the reasons behind the decision.
EFU Life had initially considered the potential acquisition at a board meeting held on June 29, 2026. At the time, the proposed transaction remained subject to due diligence, negotiations, the execution of definitive transaction documents, and the necessary corporate and regulatory approvals. The acquisition would have involved the transfer of the entire issued share capital of Waada Digital to EFU Life, subject to completion of the required processes. The latest announcement indicates that both parties have mutually agreed to discontinue the proposed deal before its completion. No further details regarding the discussions or circumstances leading to the withdrawal have been provided.
EFU Life Assurance operates in Pakistan’s life insurance sector, offering life insurance and other financial protection products. Waada Digital is a Pakistani insurtech company focused on digital insurance and Shariah-compliant Takaful solutions. The companies have also established a separate strategic relationship under which EFU Life became an exclusive partner for Waada’s life, health, and personal accident Takaful products. This partnership was announced independently of the proposed acquisition. The decision not to proceed with the purchase does not, by itself, establish whether the existing partnership will change, and no changes to that arrangement were mentioned in the acquisition announcement.
The withdrawal marks a change in EFU Life’s previously announced plans to acquire the digital insurance company, while the reasons for the decision remain undisclosed. The proposed acquisition represented a potential development in Pakistan’s insurance and insurtech sectors, where digital platforms are being used to distribute financial protection products. For now, the transaction will not proceed following the mutual agreement between EFU Life and Waada Digital. Further information about the companies’ future plans concerning the proposed acquisition has not been announced.
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