Transamerica Corp. on Wednesday said its first-quarter...
Transamerica Corp. on Wednesday said its first-quarter profit rose 12%, led by record performances in the company’s life insurance and real estate tax service operations.
The San Francisco-based firm posted net income for the quarter ending March 31 of $103 million, or $1.28 a share, compared to $91.8 million, or $1.08 a share, a year earlier.
That included $1.7 million in investment gains and a $700,000 loss from an investment in Sedgwick Group PLC, a London-based insurer. Transamerica sold its remaining 21% interest in Sedgwick Group this month.
First-quarter operating income from life insurance rose 7% to a record $55.6 million. Lower benefit payments and improved cost controls fueled the increase.
Real estate services jumped 25% to a record $24.6 million due to the demand for mortgage refinancing and home sales.
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