Transamerica Insurance Profit Drops in Quarter

Transamerica Insurance Group in Woodland Hills said its second-quarter profit fell 12% from a year earlier on a 3% increase in revenue.

The property-casualty unit of Transamerica Corp. said its net income in the quarter ended June 30 dropped to $17.5 million from $20 million a year earlier, while its revenue edged up to $542.4 million from $526.1 million.

Part of the earnings drop reflected a 79% decline in the amount of income Transamerica Insurance derived from trading some of its investments, to $858,000 in the latest quarter from $4.14 million a year earlier.

For the first half of 1991, Transamerica Insurance’s profit fell 13%, to $29.1 million from $33.6 million, and its six-month revenue rose 3%, to $1.09 billion from $1.05 billion.