ISLAMABAD - The Sub Committee of the Public Accounts Committee (PAC) on Tuesday was informed that the profit of Pakistan Re-Insurance Company Limited (PRCL) was decreased by 29.27 per cent due to increase in its expenses.

While briefing the committee headed by PTI-MNA Noor Alam Khan audit official said that the profit after tax of the company decreased to Rs. 974 million in 2016 as compared to Rs. 1,377 million during 2015. While breaking down the details of increase in expenses of the company, the audit official said that General and Administration expenses stood at Rs 53.7 million as compared to Rs 38.1 million during the year 2015. The audit official further informed the committee that the meeting fees of the Board of Directors of the company was increased to Rs 100,000 from Rs 50,000. The audit official also revealed that 12 meetings of the Board of Directors were held when the meeting fee was Rs 50,000.