Transamerica Reports Profit Dip, Revenue Gain

Transamerica Insurance Group in Woodland Hills said its first-quarter profit fell 15% from a year earlier, although the insurer’s revenue edged up 4%.

In the quarter ended March 31, Transamerica Insurance’s net income dropped to $11.5 million from $13.6 million, while its revenue climbed to $547.8 million from $527.9 million.

The company blamed the lower profit partly on higher-than-expected losses from its entertainment insurance operations.

Transamerica Insurance is the property-casualty insurance arm of Transamerica Corp., a financial-services concern based in San Francisco.