Transamerica Insurance Reports 25% Drop in Profit

Transamerica Insurance Group, a Woodland Hills-based property/casualty insurer, said its fourth-quarter profit fell 25% from a year earlier despite a 7% increase in revenue.

The company, which attributed the lower earnings to price-cutting in the property/casualty market, said its fourth-quarter profit dropped to $13.5 million from $18.1 million a year earlier. Its revenue in the quarter that ended Dec. 31 rose to $541 million from $506.9 million.

For all of 1990, Transamerica Insurance’s net income fell 18% to $61.1 million from $74.9 million in 1989, and its annual revenue climbed 11% to $2.13 billion from $1.92 billion.

Transamerica Insurance is a unit of Transamerica Corp.