Nepal Reinsurance Company Limited (NEPSE: NRIC) — Company Deep Dive

Executive Summary

Nepal Reinsurance Company Limited (NEPSE: NRIC), known as "Nepal Re," is Nepal's first and dominant domestic reinsurer, incorporated on November 7, 2014 under the Companies Act 2006 as the successor to the "Insurance Pool" established in 2003 to cover riot, strike, malicious-damage, and sabotage/terrorism (RSMDST) losses during the insurgency period (Source: ICRA Nepal, Company Profile, June 2026 — Secondary). NRIC sits at the center of two major, simultaneous developments: a regulatory reversal that reinstated and expanded its mandatory reinsurance cession franchise, and a severe capital event. In September 2025, Nepal's riots generated an estimated NPR 11.51 billion in industry claims, of which NRIC absorbed roughly 86% net of retrocession — a loss that, combined with a second catastrophe (the August 2026 Bhotekoshi/Trishuli floods, with NPR 25.87 billion in preliminary industry claims), has coincided with a three-year gap in audited financial statements, an unheld annual general meeting since May 2024, and two independent-rating downgrades. The analytical tension in NRIC today is the gap between a statutorily expanded, name-designated franchise and a company whose most recently reported quarterly loss (NPR 5.84 billion over nine months of FY2082/83, unaudited) has not yet been independently audited, and whose investment portfolio — historically the source of most of its reported profit — is now concentrated entirely in bank fixed deposits yielding a fraction of its historical return.

Business Overview

NRIC is a single legal entity with no subsidiaries or associates (Source: NRIC Verified Primary Financials, compiled from audited annual reports — Primary). Ownership is approximately 44.04% Government of Nepal, 27% non-life insurers, 6% life insurers, 7% public limited companies, and 16% general public (Source: ICRA Nepal, June 2026 — Secondary, cross-checked against NRIC's audited ownership note). All three of NRIC's board seats, including the chair, are Government of Nepal nominees; the board has contracted from six members in FY2079/80 to three today (Source: ICRA Nepal, June 2026 — Secondary).

NRIC writes five main business streams: (a) mandatory direct cession from every insurer operating in Nepal, now at least 20% of sum insured, legislated by name to NRIC; (b) a mandatory treaty share, now at least 30% of each insurer's remaining reinsurance placed with a domestic reinsurer; (c) a legacy monopoly on RSMDST (riot, strike, malicious damage, sabotage, terrorism) reinsurance, for which NRIC has been the sole domestic beneficiary; (d) participation in government-backed pools and quota shares, including the Motor Third-Party Liability Pool and the Agriculture Pool; and (e) a small foreign and facultative reinsurance book, representing under 10% of gross premium (Source: ICRA Nepal, June 2026 — Secondary; NRIC product disclosures — Primary). Product lines underwritten include Fire/Property, Motor, Marine, Engineering, Aviation, Cattle & Crop, Micro, Miscellaneous non-life, and Term Life (Source: NRIC audited segment note — Primary).

NRIC's economic engine has historically been its investment float, not its underwriting. The company's own disclosed net combined ratio has run 90–108% across the years for which audited figures exist — meaning underwriting has been roughly breakeven to loss-making — with reported profit instead driven by investment income on a roughly NPR 17–21 billion investment portfolio (Source: NRIC Verified Primary Financials; ICRA Nepal, June 2026 — Primary/Secondary).

Financial Performance

All figures NPR million unless noted. Audit status varies materially by year and is shown explicitly, because it is central to interpreting every other figure in this table.

Source: NRIC Verified Primary Financials, compiled from audited annual reports FY2077/78–FY2079/80 and unaudited company filings for FY2080/81 onward — Primary. "n/d" = not disclosed in the source documents.

There is currently no FY2082/83 full-year figure in existence, audited or unaudited. The most recently published full annual report on NRIC's own website, as of this profile's reference date, is for FY2079/80 — meaning FY2080/81, FY2081/82, and FY2082/83 audited financial statements do not exist, a gap of three consecutive fiscal years, the oldest roughly two years overdue (Source: nepalre.com.np/en/annual, accessed 2026-10-04 — Primary). One widely syndicated press report describing a "Q4 FY2082/83" result in fact reproduces NRIC's Q3 FY2082/83 figures verbatim (net loss NPR 5.84 billion, EPS −43.51, equity NPR 14.66 billion) under a mislabeled "fourth quarter" heading; no genuine Q4 or full-year FY2082/83 filing has been located (Source: ictframe.com, July 24, 2026, cross-checked against NRIC's own Q3 FY2082/83 filing — Secondary, demonstrably erroneous; cross-referenced to NRIC Q3 filing — Primary).

Underwriting cash flow diverged from reported profit for four consecutive audited years. From NRIC's own cash flow statements (under which interest and dividend income are classified as investing rather than operating activity): net cash from operating activities was +NPR 1,003 million (FY2076/77), +NPR 638 million (FY2077/78), +NPR 107 million (FY2078/79), and −NPR 437 million (FY2079/80) — the same year that carries the qualified audit opinion — while reported net profit over the same four years was NPR 1,134 million, NPR 401 million, NPR 1,484 million, and NPR 1,559 million respectively (Source: NRIC audited cash flow statements, FY2076/77–FY2079/80 — Primary). Cumulative reported profit of NPR 4,577 million over these four years was accompanied by cumulative operating cash flow of only NPR 1,310 million — roughly NPR 0.29 of underwriting cash generated per rupee of reported profit, moving in the opposite direction to profit for four straight years before the audits stopped.

Cumulative profitability across the full period on record is modest. Summing reported net profit from FY2076/77 through the nine-month Q3 FY2082/83 figure (NPR 1,134 million + 401 million + 1,484 million + 1,559 million + 1,132 million + 1,035 million − 5,840 million) yields approximately NPR 904 million over roughly 6.75 years — approximately NPR 134 million per year, or roughly 0.8% of average equity over that period, well below the 8–12% return on equity figures reported in NRIC's better individual years (Source: derived from NRIC Verified Primary Financials — Primary/Derived).

Quarterly Snapshot — FY2082/83

All figures unaudited, NPR million, cumulative year-to-date (Source: NRIC Q1–Q3 FY2082/83 company filings — Primary, unaudited).

The first-quarter reserve charge was a genuine catastrophe event, not seasonal volatility. NRIC booked an NPR 11.30 billion charge to contract liabilities in Q1 FY2082/83 — roughly six times any prior full-year movement in that line — which ICRA Nepal attributes to the September 2025 riots: NPR 11.51 billion in claims intimated to the industry by mid-January 2026, of which NRIC was expected to absorb roughly 86% net of retrocession, reflecting what ICRA describes as the company's "relatively lower reinsurance coverage for riot-related risks at the time of the event" (Source: ICRA Nepal, June 2026 — Secondary). Net equity fell from NPR 20,527 million at FY2081/82 year-end to NPR 14,657 million by Q3 FY2082/83, a decline of roughly NPR 5.9 billion, or roughly 29%.

The apparent Q3 "recovery" should be read cautiously. NRIC's own Q3 filing differs from the figures ICRA Nepal reports having received for the first half of the same fiscal year: NRIC's published Q2 FY2082/83 nine-month figure showed a net loss of NPR 7,985 million, while ICRA's June 2026 report shows a loss of NPR 10,826 million for the same period on the same net earned premium base — a gap of roughly NPR 2.84 billion that neither NRIC nor ICRA has explained (Source: ICRA Nepal, June 2026; NRIC Q2 FY2082/83 filing — Primary/Secondary, discrepancy unresolved). If that larger figure is closer to the true position, the Q3 standalone-quarter profit of NPR 2.15 billion may represent a release of previously over-stated reserves rather than new underlying earnings.

Market Position & Competitive Landscape

The business NRIC now receives more of, under the expanded mandate, runs a materially lower loss ratio than NRIC's own legacy book. Nepal's non-life insurance industry's gross claims-paid ratio (gross claims paid divided by gross written premium) was 45.3% in FY2080/81 and 56.2% in FY2081/82, according to Nepal Insurance Authority (NIA) sector data (Source: NIA sector indicator data — Primary). A class-level calculation across the lines included in the mandatory 20% direct-cession tranche (excluding aviation, riot and terrorism, and miscellaneous health/travel/trekking business, which the directive carves out) for the first nine months of FY2082/83 produces a weighted gross claims ratio of approximately 56.7% (Source: NIA company-by-company premium and claims returns, Q3 FY2082/83 — Primary, Derived). This compares with NRIC's own historical net loss ratio of 55.1%–73.1% (five-year mean approximately 65.6%) and net combined ratio of 90–108%. The break-even ceding commission on the mandated tranche, at a 56.7% loss ratio and a roughly 3% management-expense allowance, is approximately 40.3% — well above observed Nepali commission rates (one domestic non-life insurer's blended ceding commission received was 23.4% in FY2081/82; NRIC's own commission-and-brokerage expense as a share of gross earned premium has run 17.4%–29.9%; ICRA's reported commission-to-net-premium-earned range for the sector is 20–33%) (Source: company-level verified financial files; ICRA Nepal, November 2024 and June 2026 — Primary/Secondary). This implies the mandated tranche is structurally profitable for NRIC across a wide range of plausible commission outcomes — a genuinely favorable mechanical feature of the expanded mandate that is distinct from NRIC's underlying underwriting performance on its legacy book.

On a comparable net-combined-ratio basis, NRIC is a materially weaker underwriter than the direct-writing insurers it reinsures. For FY2081/82, net combined ratios on the same basis were approximately 75.5% for one non-life insurer, 75.6% for a second, and 80.9% for a third, against NRIC's own approximately 95% (per ICRA) to 105% (last audited figure) — a gap of 15 to 30 percentage points (Source: company-level verified financial files — Primary; ICRA Nepal, June 2026 — Secondary). NRIC also retains approximately 91.2% of the business it accepts, compared with 31.4%–55.1% retention at the direct writers compared above — meaning NRIC is simultaneously the least diversified and least able to decline risk among the companies in this comparison, a structural feature of its statutory obligation not to refuse ceded business.

NRIC's investment portfolio is concentrated entirely in bank deposits. Per NIA's own reinsurer investment-portfolio return for Q3 FY2082/83, NRIC held zero government or provincial securities, NPR 13,153 million (72.8% of invested assets) in Class A bank and infrastructure-bank fixed deposits, and NPR 691 million (3.8%) in listed equities, against a total invested base of NPR 18,072 million (Source: NIA reinsurer investment-portfolio return, Q3 FY2082/83 — Primary). By comparison, Himalayan Reinsurance Limited (HRL), NRIC's only domestic competitor, held a larger total invested book (NPR 18,387 million) with a materially higher equity allocation (24.2%) over the same period. ICRA Nepal reports that NRIC's average investment yield fell from approximately 8.0% in the year ended mid-2025 to approximately 3.2% in the first half of the year ending mid-2026, as Nepal's deposit rates declined broadly across the banking system — a direct consequence of the all-fixed-deposit, all-domestic-currency composition of NRIC's float (Source: ICRA Nepal, June 2026 — Secondary).

Regulatory & Macro Context

The mandatory cession rate was reinstated and expanded in 2026, reversing a previously legislated decline. Nepal's Reinsurance of Insurers Directive 2080, as amended for the fifth time (effective BS 2083/05/07, approximately August 23, 2026), now requires every insurer operating in Nepal to obtain reinsurance for a direct share of not less than 20% of the sum insured it issues, "from Nepal Reinsurance Company," with no step-down schedule and no sunset date (Source: Reinsurance of Insurers Directive 2080, 5th amendment, Section 7(1), posted nia.gov.np, August 27, 2026 — Primary). This 20% mandate replaces a declining-rate schedule (10% in FY2079/80, stepping down to 2% by FY2083/84) that had itself been removed from the directive's third amendment. The directive's origin traces to the FY2026/27 national budget (Point 84, Clause 60(A)), effective July 17, 2026.

Three important carve-outs and conditions apply. Section 7(2) explicitly excludes aviation insurance, riot and terrorism insurance, and miscellaneous health/travel/trekking insurance from the 20% direct-cession calculation — meaning riot and terrorism risk, the peril responsible for NRIC's September 2025 loss, remains governed by a separate, pre-existing 100%-domestic-reinsurance requirement under Section 8(3), not by the newly expanded 20% tranche. Section 7(3) provides that the direct share allocated to a domestic reinsurer "may not be refused... under any circumstances," while also giving the regulator discretion over the specific allocation. Separately, Section 8(2) requires at least 30% of each insurer's remaining (post-direct-cession) reinsurance to be placed with a domestic reinsurer (Source: Reinsurance of Insurers Directive 2080, 5th amendment — Primary).

Domestic reinsurers are exempt from international rating requirements that apply to their foreign competitors. Section 21 of the directive requires foreign treaty reinsurance leaders to carry an international financial-strength rating of at least A− (S&P or Fitch equivalent), while Section 20(5) specifically exempts domestic reinsurers like NRIC from this listing and rating requirement — even though NRIC's only rating is a domestic issuer rating from ICRA Nepal, which has been downgraded twice within four months of this profile's reference date: from AA−@ to A@ on June 4, 2026, and from A@ to A−@ on September 13, 2026, both with "Watch — Negative Implications" maintained (Source: ICRA Nepal rating announcements, June and September 2026 — Secondary).

A second major catastrophe struck within the forecast window of NRIC's expanded mandate. On August 26, 2026, flooding on the Bhotekoshi and Trishuli rivers generated preliminary industry insurance claims of NPR 25.87 billion across 583 policies, 79% of which relates to Engineering and Contractors'-All-Risk coverage (Source: Nepal Insurance Authority notice, September 1, 2026 — Primary). ICRA's September 2026 downgrade specifically cited concern that NRIC's retrocession arrangements "may not fully absorb claims of this scale" (Source: ICRA Nepal, September 2026, as reported by Beema Post — Secondary).

NRIC's capital base remains below the regulatory floor. The Nepal Insurance Authority set a minimum paid-up capital requirement of NPR 20 billion for reinsurers, with an extended deadline that passed around February 2026. NRIC's paid-up capital stood at NPR 13.42 billion as of September 30, 2026 — approximately 33% short of the floor, roughly eight months past the extended deadline, with no publicly disclosed penalty or further extension (Source: NRIC capital disclosures, accessed 2026-10-04 — Primary). A 100% rights issue to close this gap was approved by NRIC's board in August 2025 and by the Ministry of Finance, but requires a special resolution at an annual general meeting, and NRIC has not held an AGM since May 2024 (covering FY2079/80 results) — itself a function of the missing audited financial statements, since an AGM requires audited accounts to present.

Governance & Capital Allocation

Board and management. All three of NRIC's board seats, including the chair, are Government of Nepal nominees (Source: ICRA Nepal, June 2026 — Secondary). The current chair, Amrit Lamsal, a Deputy Director General at the Customs Department, was appointed as a director in October 2025 and sworn in as chair in February 2026 — the third chair in four years (Source: company information-officer disclosure, accessed 2026-10-04; secondary press for appointment dates). Chief Executive Officer Damodar Bhandari holds the role in an acting capacity, re-appointed acting CEO in June 2026 after having previously held the same acting role in late 2023 — meaning NRIC has been run by an acting chief executive for most of the past three years, across three separate spells (Source: company contact disclosure, accessed 2026-10-04; ShareSansar, June 17, 2026 — Primary/Secondary).

Related-party transactions are small and clean on the disclosed record. NRIC's related-party counterparties are two fellow state-owned insurance entities (Rastriya Beema Company Limited and Rastriya Beema Sansthan) and two insurers with board-level influence through shareholding (Shikhar Insurance, 1.62%, and NLG Insurance, 1.11%). Key management personnel compensation was NPR 7.0 million in FY2079/80, and the company's related-party disclosures show no loans, dividends, property transactions, or rental arrangements with any related party in any year reviewed (Source: NRIC audited related-party transaction notes, FY2076/77–FY2079/80 — Primary). No disclosed related-party transactions have been filed for FY2080/81 onward, consistent with the broader absence of annual report disclosures for those years.

A distinct market-integrity matter involves NRIC's share register. Nepal's Department of Money Laundering Investigation has alleged that an individual, Deepak Bhatta, diverted approximately NPR 3.73 billion from five listed companies — including Himalayan Reinsurance, NRIC's only domestic competitor — through a brokerage entity, using the proceeds in part to accumulate NRIC shares, which the reporting describes as "the largest target" of the alleged scheme; approximately NPR 2.73 billion is alleged to have originated from Himalayan Reinsurance alone (Source: Kathmandu Post, April 2026; myRepublica — Secondary). Bhatta was arrested on April 2, 2026, and a separate banking-offense case covering an alleged NPR 421 million loss was filed on June 11, 2026. NRIC's public (non-promoter) float is approximately 16% of its 134.2 million outstanding shares; the alleged position described in this investigation, if it corresponds to actual share ownership, would represent a meaningful share of that public float, and any court-ordered disposal would be a supply event for the stock.

Dividend and capital history. NRIC paid cash dividends in some years (NPR 250 million in FY2078/79, NPR 61 million in FY2079/80) and issued bonus shares in several years (approximately 16.5% in FY2078/79, approximately 10% in FY2079/80, approximately 4.7% in FY2080/81), alongside a NPR 1.60 billion rights issue in FY2076/77. No cash dividend has been paid, and the approved 100% rights issue remains unsubscribed, as of this profile's reference date (Source: NRIC audited financial statements and capital disclosures — Primary). Book value per share fell from NPR 149.60 (reflecting the position before the period shown in this profile's five-year table) to NPR 109.20 at Q3 FY2082/83, despite the company having retained the large majority of its reported earnings and having raised additional rights capital during the period — meaning retained and newly raised capital was associated with a decline, not an increase, in per-share book value over this window.

What Is Not Disclosed

1. Audited financial statements for FY2080/81, FY2081/82, and FY2082/83 do not exist, verified directly on the company's own website as of this profile's reference date. No audited cash flow statement, related-party note, board note, segment note, or contingent-liability note exists for any year after FY2079/80.
2. No FY2082/83 full-year figure exists at all, audited or unaudited; the widely circulated "Q4" press report is a mislabeled reproduction of the Q3 nine-month figures.
3. NRIC's ceding-commission rate on the mandated direct-cession tranche is not disclosed anywhere — not in the directive, not on the company's website, not in any of its three audited annual reports' commission notes, not in any quarterly filing, and not in ICRA Nepal's analysis. ICRA describes the rate as subject to ongoing bilateral negotiation between NRIC and the insurers it reinsures.
4. The RSMDST (riot, strike, malicious-damage, sabotage, terrorism) accounting qualification is unquantified. NRIC's FY2079/80 auditor stated the company "has not been able to reasonably estimate" omitted premium, claims, and commission figures related to this business line; the direction (understatement) is known but the magnitude is not, and the issue has been unresolved across at least four fiscal years.
5. Current post-event solvency margin is not disclosed. NRIC's most recent filing still shows a solvency margin figure dated to mid-2024, predating both catastrophe events.
6. The NPR 2.84 billion gap between the first-half FY2082/83 loss figures reported to ICRA Nepal and those published in NRIC's own quarterly filing is unexplained by either party.
7. An "Other Assets" balance sheet line that rose from approximately NPR 95 million to NPR 3,663 million between FY2081/82 year-end and Q3 FY2082/83 — roughly 9.3% of total assets — is not decomposed or explained in any note.
8. NRIC's specific share of the August 2026 flood loss has not been disclosed by the company or by ICRA Nepal.
9. Retrocession treaty terms are not disclosed at a detailed level — ICRA references a whole-account catastrophe-excess-of-loss treaty with Hannover Re and an approximate NPR 250 million net retention per property insured, but the specific riot-coverage limit that was breached in 2025, and the flood-coverage terms, are not published.
10. No embedded value or appraisal value is published for NRIC, consistent with the general absence of such disclosure across Nepali insurers.

Key Risks

The catastrophe-retention exposure under the expanded mandate is large relative to NRIC's capital base. Nepal's Reinsurance of Insurers Directive caps a non-life insurer's own net catastrophe retention at 10% of net worth per event — the regulator's own expressed view of prudent single-event exposure for the companies NRIC protects. NRIC's realized net retention on the September 2025 riot event was approximately 48% of its pre-event net worth. Applying the new 20% mandated direct-cession share alone to the August 2026 flood's NPR 25.87 billion of preliminary industry claims would imply approximately NPR 5.17 billion, or roughly 35% of NRIC's post-riot net worth, from the direct-cession channel of a single event — against a disclosed catastrophe reserve of only NPR 428 million.

The investment float, historically the larger source of profit, is now almost entirely exposed to Nepal's deposit-rate cycle with no offsetting asset classes. With zero government securities and 72.8% of invested assets in bank fixed deposits, NRIC's investment income has fallen from an 8.0% yield to approximately 3.2%, and roughly NPR 6.2 billion of claims-related cash outflows (per ICRA's disbursement data) had yet to leave the float as of the most recent disclosure — meaning the float is likely to continue shrinking before it can grow again from the expanded mandate's additional premium.

The absence of audited financial statements and a functioning annual general meeting is now the binding constraint on the company's own stated remediation plan. The approved rights issue that would close NRIC's capital shortfall against the NPR 20 billion regulatory floor cannot proceed without an AGM special resolution, and an AGM cannot be convened to approve financial statements that do not exist in audited form — a circular constraint that has persisted for more than two years.

Regulatory support for the mandatory cession framework has reversed direction more than once. The specific mandated cession rate has changed materially across different ministerial administrations over the past eight years (a declining schedule introduced, then removed, then a 20% floor reinstated in 2026), and Nepal's insurers' trade association has previously (in 2023) publicly threatened to withhold mandatory cession business over a commission dispute — indicating the franchise's economics, and potentially its existence in its current form, remain subject to ongoing policy and industry negotiation rather than being fixed by statute indefinitely.

Valuation Context

At the NEPSE closing price of NPR 802.90 (reference date October 2, 2026), NRIC traded within a 52-week range of NPR 765.90 to NPR 1,465 — approximately 4.8% above its 52-week low and 45.2% below its 52-week high. On the last filed (unaudited, provisional) book value per share of NPR 109.20, this implies a price-to-book ratio of approximately 7.35×.

This multiple is notably high relative to international reinsurance peers — Munich Re, Swiss Re, and Korean Re have historically traded at roughly 1.7×, 1.1×, and 0.9× book value respectively (Source: general reinsurance industry data — Tertiary, not independently verified in this update, and not a direct comparison given vastly different scale, diversification, and disclosure standards). A more directly calculable check is to reverse-engineer what sustained return on equity the current price-to-book ratio implies, using the standard relationship between price-to-book, return on equity, cost of equity, and growth. Doing so at a range of plausible cost-of-equity assumptions for a Nepali financial company implies a sustained return on equity in the range of roughly 46% to 76% — far above any return on equity NRIC has reported in any individual year on record (its best audited year showed an approximately 11.8% return on equity), and dramatically above the approximately 0.8% cumulative through-cycle return on equity calculated earlier in this profile. Readers should weigh this gap carefully: a valuation multiple that implies a sustained return on equity several multiples higher than anything the company has delivered historically warrants particular scrutiny, especially for a company whose book value itself has not been independently audited for three consecutive years.

What We're Watching

1. The filing of audited financial statements for FY2080/81, FY2081/82, and FY2082/83. Until these are filed, NRIC's reported losses, catastrophe reserves, and book value remain provisional, and the one-sided direction of NRIC's most recent audit qualification (understatement, not overstatement) suggests any eventual restatement is more likely to move in an unfavorable direction than a favorable one.
2. Whether and when a 10th annual general meeting is held, and whether the approved 100% rights issue is subscribed. This is the procedural gate for NRIC's capital remediation and would materially change its per-share book value and share count.
3. NRIC's disclosed post-event solvency margin and its retrocession terms for FY2083/84. A disclosed, current solvency figure and evidence of restructured catastrophe retrocession bringing single-event net retention meaningfully below the 48% realized in 2025 would be the clearest sign that the business's catastrophe-risk management has adapted to the expanded mandate.

References

1. Reinsurance of Insurers Directive 2080 (5th amendment), effective BS 2083/05/07 (approximately August 23, 2026), posted by the Nepal Insurance Authority, August 27, 2026 — nia.gov.np. Primary.
2. Nepal Insurance Authority, sector indicator data (non-life industry gross written premium and claims paid, FY2080/81–FY2081/82) and company-level quarterly premium and claims returns, FY2082/83. Primary. nia.gov.np/stats.
3. Nepal Insurance Authority, reinsurer investment-portfolio returns, Q3 FY2082/83 (NRIC and Himalayan Reinsurance asset-class composition). Primary. nia.gov.np/stats.
4. Nepal Insurance Authority notice on insurance claims from the Bhotekoshi and Trishuli river floods, September 1, 2026. Primary. nia.gov.np.
5. Nepal Reinsurance Company Limited, audited annual reports FY2077/78 through FY2079/80, and unaudited quarterly filings through Q3 FY2082/83 — accessible via SEBON/company website. Primary.
6. Nepal Reinsurance Company Limited, company website (nepalre.com.np), including the annual-reports archive and downloads page, accessed October 4, 2026. Primary.
7. ICRA Nepal, "Nepal Reinsurance Company Limited: Rating downgraded with continuation of 'Watch with Negative Implications'" (AA−@ to A@), June 4, 2026; and subsequent downgrade (A@ to A−@) reported by Beema Post, September 13, 2026. Secondary. icranepal.com.
8. ICRA Nepal, rating reaffirmation report, November 2024. Secondary. icranepal.com.
9. ShareSansar, "Damodar Bhandari Appointed Acting CEO of Nepal Reinsurance Company," June 17, 2026. Secondary.
10. Kathmandu Post, "Inside the Rs 3.73 billion fraud investigation shaking Nepal's business elite," April 9, 2026; and "Securities Board names top businesspersons in alleged share-rigging," April 23, 2026. Secondary.
11. Beema Post, "Nepal Reinsurance Delays FY 2080/81 Report Amid Accounting Discrepancies," November 12, 2025. Secondary.
12. Beema Post / Insurance Khabar — coverage of the 2026 reinstatement of the mandatory 20% reinsurance cession and its extension to additional public programs. Secondary.
13. NEPSE market data — NRIC share price and 52-week range, accessed October 2026. Secondary.

Last updated: October 4, 2026.