Fireman’s Fund Corp. said its 1988 earnings...

Fireman’s Fund Corp. said its 1988 earnings dropped 35% to $235.4 million because of falling insurance prices across the country, particularly in its home state of California. Lower premiums, combined with lower pretax realized capital gains, drove revenue down to $3.7 billion, a drop of 16%. The Novato company said it was hurt by intense price competition and that it expects the trend to continue in 1989.