Transamerica Corp. reported a 17% drop in...

Transamerica Corp. reported a 17% drop in first-quarter profit from the first quarter of 1987 despite record operating earnings. Current net income was $76.6 million; a year ago it was $111 million. An after-tax gain of $24.8 million from investment transactions in the first quarter a year ago, and a falloff in the consumer lending and tax and title service operations were cited as causing the overall percentage decrease in an otherwise strong quarter. The San Francisco-based insurance giant exceeded its 1987 first-quarter results in profit from continuing operations by 11% with income of $75.5 million.

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