Transamerica Insurance’s Quarterly Profit Off 20%

Transamerica Insurance Group of Woodland Hills, the property-casualty subsidiary of Transamerican Corp., reported that its net income dropped 20% to $14 million in the third quarter that ended Sept. 30 from $17.5 million a year earlier. The decline came despite an 11% increase in revenues to $534.9 million from $482.1 million.

For the nine months that ended Sept. 30, Transamerica earned $47.6 million, down 16% from $56.8 million in the same period of 1989. Revenues grew 12% to $1.59 million from $1.41 million.

The company said its results in the latest quarter and nine-month period were hurt by lower gains on investment transactions and continued softness in the commercial property-liability insurance market.