Transamerica’s net income fell 15% in 1985...

Transamerica’s net income fell 15% in 1985 to $145.8 million but fourth-quarter operating income rose sharply, the company reported. “We enjoyed outstanding fourth-quarter and full-year results from life insurance brokerage, consumer lending and title insurance operations,” said James R. Harvey, chairman, president and chief executive. “Overall, full-year results were hurt by losses in our property/casualty insurance underwriting operations,” he said. “However, fourth-quarter 1985 results in property/casualty insurance were much improved over the preceding three quarters, evidencing the start of a turnaround in those activities.”