Shikhar Insurance Becomes First in Nepal to Publish Financial Statements Under NFRS 17

Kathmandu – Shikhar Insurance has prepared and published its first-quarter financial statements for the fiscal year 2082/83 in full compliance with the Nepal Financial Reporting Standard 17 (NFRS 17), Insurance Contracts. With this, Shikhar Insurance has become the first insurance company in Nepal to successfully implement the new reporting standard introduced by the Nepal Accounting Standards Board from the current fiscal year.

Along with the quarterly statements, the company has also published condensed financial reports in accordance with the financial reporting guidelines issued by the Nepal Insurance Authority. This dual compliance marks a significant shift toward greater transparency and modernized reporting in Nepal’s insurance industry.

Shikhar Insurance has described the adoption of NFRS 17 as a historic milestone for the entire sector. “This achievement is a historic step for the Nepali insurance industry, which is moving towards transparency, good governance, and alignment with global financial reporting standards,” the company said in its statement.

The company further added that the implementation of NFRS 17 showcases its commitment to regulatory compliance and continuous improvement. According to Shikhar Insurance, this milestone also demonstrates that Nepali insurers are prepared to embrace global best practices, strengthening the sector’s journey toward reliability, modernization, and professional excellence.