<PAGE>
Page 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 11-K
( X ) Annual Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
Commission file Nos. 2-83724, 33-12324
and 33-38267
_____________________
For the Fiscal Year Ended December 31, 1994
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
(Full Title of the Plan)
TRANSAMERICA CORPORATION
600 Montgomery Street
San Francisco, California 94111
(Name of Issuer of the Securities Held
Pursuant to the Plan and the Address
of its Principal Executive Office)
<PAGE>
Page 2
Required information:
(a) Financial statements filed as a part of this report:
Report of Ernst & Young L.L.P., Independent Auditors
Statement of Net Assets Available for Plan Benefits
December 31, 1994 and 1993
Statement of Changes in Net Assets Available for Plan
Benefits - Years ended December 31, 1994, 1993
and 1992
Notes to Financial Statements - Three years ended
December 31, 1994
(b) Exhibit filed as a part of this report:
EX-23. Consent of Ernst & Young L.L.P. to the incorporation by
reference of their report dated March 24, 1995 in
Transamerica Corporation's Registration Statements on Form
S-8 (File Nos. 2-83724, 33-12324 and 33-38267).
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Administration Committee of the Plan has duly caused this annual report to be
signed on its behalf by the undersigned thereunto duly authorized.
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
(Name of Plan)
Burton E. Broome
Vice President and Controller
Transamerica Corporation
For the Transamerica Corporation Employees Stock
Savings Plan Administration Committee
Date: March 29, 1995
<PAGE>
Page 3
FINANCIAL STATEMENTS
For
ANNUAL REPORT ON FORM 11-K
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
Year Ended December 31, 1994
<PAGE>
Page 4
REPORT OF ERNST & YOUNG L.L.P., INDEPENDENT AUDITORS
Board of Directors
Transamerica Corporation
San Francisco, California
We have audited the accompanying statements of net assets available for plan
benefits of Transamerica Corporation Employees Stock Savings Plan as of
December 31, 1994 and 1993, and the related statements of changes in net
assets available for plan benefits for each of the three years in the period
ended December 31, 1994. These financial statements are the responsibility of
the Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Plan
at December 31, 1994 and 1993, and the changes in its net assets available for
plan benefits for each of the three years in the period ended December 31,
1994, in conformity with generally accepted accounting principles.
Ernst & Young L.L.P.
Los Angeles, California
March 24, 1995
<PAGE>
Page 5
<TABLE>
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31, 1994
(Part 1 of 2)
<CAPTION>
Transamerica Life Insurance & Annuity John
Transamerica __________________________________________________ Hancock
Corporation Fixed Equity Cash
Common Bond Income Equity Index Reserve
Stock Fund Fund Fund Fund Fund
____________ ____ ______ ______ ______ _______
<S> <C> <C> <C> <C> <C> <C>
Investments:
Transamerica Corporation
Common Stock--at fair value
(cost $113,826,676 for
3,132,017 shares) ........... $155,817,841
Transamerica Bond Fund--at
fair value (cost $3,108,767
for 279,843 shares) .......... $3,095,177
Transamerica Fixed Income
Fund--at cost plus accrued
interest of $14,576,265,
which approximates fair
value ........................ $45,124,461
Transamerica Equity Fund--at
fair value (cost $11,616,543
for 900,876 shares) .......... $13,323,507
Transamerica Equity Index
Fund--at fair value (cost
$2,511,395 for 261,341
shares) ...................... $2,644,196
John Hancock Cash Reserve
Fund--at cost, which approxi-
mates fair value ............. $2,233,718
Dodge & Cox Balanced Fund--at
fair value (cost $5,390,091
for 117,916 shares) ..........
T. Rowe Price Equity Income
Fund--at fair value (cost
$5,661,881 for 346,466
shares) ......................
Loans to participants .........
____________ __________ ___________ __________ __________ __________
Total investments ............. 155,817,841 3,095,177 45,124,461 13,323,507 2,644,196 2,233,718
Dividends receivable ............ 1,566,008
Cash equivalents ................ 547,228
____________ __________ ___________ __________ __________ __________
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $157,931,077 $3,095,177 $45,124,461 $13,323,507 $2,644,196 $2,233,718
============ ========== =========== =========== ========== ==========
APPROXIMATE NUMBER OF
PARTICIPATING EMPLOYEES 6,900 1,200 3,700 2,400 1,150 700
===== ===== ===== ===== ===== =====
<FN>
See notes to financial statements
</TABLE>
<PAGE>
Page 6
<TABLE>
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31, 1994
(Part 2 of 2)
<CAPTION>
T. Rowe
Dodge Price
& Cox Equity
Balanced Income Participant
Fund Fund Loans Total
________ _______ ___________ _____
<S> <C> <C> <C> <C>
Investments:
Transamerica Corporation
Common Stock--at fair value
(cost $113,826,676 for
3,132,017 shares) ............ $155,817,841
Transamerica Bond Fund--at
fair value (cost $3,108,767
for 279,843 shares) .......... 3,095,177
Transamerica Fixed Income
Fund--at cost plus accrued
interest of $14,576,265,
which approximates fair
value ........................ 45,124,461
Transamerica Equity Fund--at
fair value (cost $11,616,543
for 900,876 shares) .......... 13,323,507
Transamerica Equity Index
Fund--at fair value (cost
$2,511,395 for 261,341
shares) ...................... 2,644,196
John Hancock Cash Reserve
Fund--at cost, which approxi-
mates fair value ............. 2,233,718
Dodge & Cox Balanced Fund--at
fair value (cost $5,390,091
for 117,916 shares) ........... $5,330,967 5,330,967
T. Rowe Price Equity Income
Fund--at fair value (cost
$5,661,881 for 346,466
shares) ....................... $5,529,496 5,529,496
Loans to participants .......... $7,073,191 7,073,191
__________ __________ ____________
Total investments ............. 5,330,967 5,529,496 7,073,191 240,172,554
Dividends receivable ............ 1,566,008
Cash equivalents ................ 547,228
__________ __________ __________ _____________
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $5,330,967 $5,529,496 $7,073,191 $242,285,790
========== ========== ========== ============
APPROXIMATE NUMBER OF
PARTICIPATING EMPLOYEES 1,600 1,750 1,300
===== ===== =====
<FN>
See notes to financial statements
</TABLE>
<PAGE>
Page 7
<TABLE>
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31, 1993
(Part 1 of 2)
<CAPTION>
Transamerica Life Insurance & Annuity Trans-
Transamerica __________________________________________________ america
Corporation Fixed Equity Cash
Common Bond Income Equity Index Reserve
Stock Fund Fund Fund Fund Fund
____________ ____ ______ ______ ______ _______
<S> <C> <C> <C> <C> <C> <C>
Investments:
Transamerica Corporation
Common Stock--at fair value
(cost $102,205,886 for
2,987,738 shares) ........... $169,554,142
Transamerica Bond Fund--at
fair value (cost $3,188,596
for 286,966 shares) .......... $3,360,372
Transamerica Fixed Income
Fund--at cost plus accrued
interest of $13,003,731,
which approximates fair
value ........................ $44,590,690
Transamerica Equity Fund--at
fair value (cost $8,636,131
for 698,671 shares) .......... $9,901,365
Transamerica Equity Index
Fund--at fair value (cost
$2,077,413 for 191,750
shares) ...................... $2,201,666
Transamerica Cash Reserve
Fund--at cost, which approxi-
mates fair value ........... $3,135,417
Dodge & Cox Balanced Fund--at
fair value (cost $4,307,707
for 94,451 shares) ...........
T. Rowe Price Equity Income
Fund--at fair value (cost
$4,388,934 for 269,460
shares) ......................
Loans to participants .........
____________ __________ ___________ __________ __________ __________
Total investments ............. 169,554,142 3,360,372 44,590,690 9,901,365 2,201,666 3,135,417
Dividends receivable ............ 1,493,869
Cash equivalents ................ 550,314
____________ __________ ___________ __________ __________ __________
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $171,598,325 $3,360,372 $44,590,690 $9,901,365 $2,201,666 $3,135,417
============ ========== =========== =========== ========== ==========
APPROXIMATE NUMBER OF
PARTICIPATING EMPLOYEES 5,400 1,000 3,800 1,900 1,000 700
===== ===== ===== ===== ===== =====
<FN>
See notes to financial statements
</TABLE>
<PAGE>
Page 8
<TABLE>
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31, 1993
(Part 2 of 2)
<CAPTION>
T. Rowe
Dodge Price
& Cox Equity
Balanced Income Participant
Fund Fund Loans Total
________ _______ ___________ _____
<S> <C> <C> <C> <C>
Investments:
Transamerica Corporation
Common Stock--at fair value
(cost $102,205,886 for
2,987,738 shares) ........... $169,554,142
Transamerica Bond Fund--at
fair value (cost $3,188,596
for 286,966 shares) .......... 3,360,372
Transamerica Fixed Income
Fund--at cost plus accrued
interest of $13,003,731,
which approximates fair
value ........................ 44,590,690
Transamerica Equity Fund--at
fair value (cost $8,636,131
for 698,671 shares) .......... 9,901,365
Transamerica Equity Index
Fund--at fair value (cost
$2,077,413 for 191,750
shares) ...................... 2,201,666
Transamerica Cash Reserve
Fund--at cost, which approxi-
mates fair value ........... 3,135,417
Dodge & Cox Balanced Fund--at
fair value (cost $4,307,707
for 94,451 shares) ........... $4,382,526 4,382,526
T. Rowe Price Equity Income
Fund--at fair value (cost
$4,388,934 for 269,460
shares) ...................... $4,486,500 4,486,500
Loans to participants ......... $5,939,828 5,939,828
__________ __________ __________ ____________
Total investments ............. 4,382,526 4,486,500 5,939,828 247,552,506
Dividends receivable ............ 1,493,869
Cash equivalents ................ 550,314
__________ __________ __________ ____________
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $4,382,526 $4,486,500 $5,939,828 $249,596,689
========== ========== ========== ============
APPROXIMATE NUMBER OF
PARTICIPATING EMPLOYEES 1,300 1,600 800
===== ===== ===
<FN>
See notes to financial statements
</TABLE>
<PAGE>
Page 9
<TABLE>
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
Year Ended December 31, 1994
(Part 1 of 2)
<CAPTION>
Transamerica Life Insurance & Annuity John
Transamerica __________________________________________________ Hancock
Corporation Fixed Equity Cash
Common Bond Income Equity Index Reserve
Stock Fund Fund Fund Fund Fund
____________ ____ _______ ______ ______ ________
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS
Net investment income:
Interest ..................... $ 43,895 $ 3,181,205
Dividends .................... 6,151,722 $ 97,271
____________ ___________ __________
Net investment income .... 6,195,617 3,181,205 97,271
Net change in unrealized
appreciation (depreciation)
of investments ............... (25,357,091) $ (185,366) $ 441,730 $ 8,548
Appreciation (depreciation)
realized on sale for
transfer ..................... 1,005,091 (5,454) 65,841 13,925
Contributions:
Participants ................. 4,575,031 645,681 2,250,526 2,527,598 645,672 259,149
Loan recontribution .......... 1,094,361 77,012 485,824 299,834 98,409 45,534
Employer (reduced by for-
feitures of $238,558) ...... 8,019,375
Interfund transfers ............ (1,265,560) (301,619) 540,764 800,926 (170,004) 147,978
Loan disbursements ............. (1,415,247) (108,388) (1,163,217) (342,484) (75,855) (113,603)
____________ __________ ___________ ___________ __________ __________
Total additions .......... (7,148,423) 121,866 5,295,102 3,793,445 520,695 436,329
DEDUCTIONS
Distributions to participants:
Securities, at cost .......... 6,413,511 387,061 371,303 78,165
Cash ......................... 105,314 4,761,331 1,338,028
____________ __________ ___________ __________ __________ __________
Total deductions ......... 6,518,825 387,061 4,761,331 371,303 78,165 1,338,028
____________ __________ ___________ __________ __________ __________
Net additions (deductions) ..... (13,667,248) (265,195) 533,771 3,422,142 442,530 (901,699)
Net assets available for plan
benefits at December 31, 1993 171,598,325 3,360,372 44,590,690 9,901,365 2,201,666 3,135,417
____________ __________ ___________ __________ __________ __________
NET ASSETS AVAILABLE FOR PLAN
BENEFITS AT DECEMBER 31, 1994 $157,931,077 $3,095,177 $45,124,461 $13,323,507 $2,644,196 $2,233,718
============= ========== =========== =========== ========== ==========
<FN>
See notes to financial statements
</TABLE>
<PAGE>
Page 10
<TABLE>
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
Year Ended December 31, 1994
(Part 2 of 2)
<CAPTION>
T. Rowe
Dodge Price
& Cox Equity
Balanced Income Participant
Fund Fund Loans Total
________ ________ ___________ _____
<S> <C> <C> <C> <C>
ADDITIONS
Net investment income:
Interest ..................... $ 468,102 $ 3,693,202
Dividends .................... $ 229,155 $426,629 6,904,777
__________ ________ __________ ____________
Net investment income .... 229,155 426,629 468,102 10,597,979
Net change in unrealized
appreciation (depreciation)
of investments ............... (133,943) (229,951) (25,456,073)
Appreciation realized on sale
for transfer or loan ......... 7,766 7,006 1,094,175
Contributions:
Participants ................. 1,074,570 1,200,158 13,178,385
Loan recontribution .......... 141,133 166,322 (2,408,429)
Employer (reduced by for-
feitures of $238,558) ...... 8,019,375
Interfund transfers ............ 365,994 (118,479)
Loan disbursements ........... (147,487) (144,719) 3,511,000
__________ _________ __________ ____________
Total additions .......... 1,537,188 1,306,966 1,570,673 7,433,841
DEDUCTIONS
Distributions to participants:
Securities, at cost .......... 588,747 263,970 8,102,757
Cash ......................... 437,310 6,641,983
__________ __________ __________ ____________
Total deductions ......... 588,747 263,970 437,310 14,744,740
__________ __________ __________ ____________
Net additions (deductions) ..... 948,441 1,042,996 1,133,363 (7,310,899)
Net assets available for plan
benefits at December 31, 1993 4,382,526 4,486,500 5,939,828 249,596,689
__________ __________ __________ ____________
NET ASSETS AVAILABLE FOR PLAN
BENEFITS AT END OF YEAR $5,330,967 $5,529,496 $7,073,191 $242,285,790
========== ========== ========== ============
<FN>
See notes to financial statements
</TABLE>
<PAGE>
Page 11
<TABLE>
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
Year Ended December 31, 1993
(Part 1 of 2)
<CAPTION>
Transamerica Life Insurance & Annuity Trans-
Transamerica __________________________________________________ america
Corporation Fixed Equity Cash
Common Bond Income Equity Index Reserve
Stock Fund Fund Fund Fund Fund
____________ ____ _______ ______ ______ ________
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS
Net investment income:
Interest ..................... $ 34,889 $ 3,667,033
Dividends .................... 6,031,417 $ 61,208
____________ ___________ __________
Net investment income .... 6,066,306 3,667,033 61,208
Net change in unrealized
appreciation (depreciation)
of investments ............... (2,077,471) $ 171,776 $ 1,265,234 $ 124,253
Appreciation realized on sale
for transfer ................. 10,354,125 14,784 41,811 11,702
Contributions:
Participants ................. 4,939,607 656,726 3,272,585 1,897,828 708,609 382,198
Loan recontribution .......... 223,565 14,306 123,661 56,840 19,729 12,678
Employer (reduced by for-
feitures of $310,785) ...... 8,990,730
Interfund transfers ............ (22,074,718) 3,267,387 (1,044,182) 7,930,152 2,025,061 2,581,187
Loan disbursements ............. (3,006,667) (99,508) (2,380,908) (181,857) (106,487) (113,190)
____________ __________ ___________ ___________ __________ __________
Total additions .......... 3,415,477 4,025,471 3,638,189 11,010,008 2,782,867 2,924,081
DEDUCTIONS
Distributions to participants:
Securities, at cost .......... 6,627,759 66,332 115,930 44,965
Cash ......................... 119,136 4,011,376 319,637
Transamerica Insurance Group
transfer:
Securities, at cost .......... 35,060,574 598,767 14,392,207 992,713 536,236 819,622
Cash ......................... 255,632
____________ __________ ___________ ___________ __________ __________
Total deductions ......... 42,063,101 665,099 18,403,583 1,108,643 581,201 1,139,259
____________ __________ ___________ ___________ __________ __________
Net additions (deductions) ..... (38,647,624) 3,360,372 (14,765,394) 9,901,365 2,201,666 1,784,822
Net assets available for plan
benefits at beginning of year 210,245,949 59,356,084 1,350,595
____________ __________ ___________ ___________ __________ __________
NET ASSETS AVAILABLE FOR PLAN
BENEFITS AT END OF YEAR $171,598,325 $3,360,372 $44,590,690 $ 9,901,365 $2,201,666 $3,135,417
============= ========== =========== =========== ========== ==========
<FN>
See notes to financial statements
</TABLE>
<PAGE>
Page 12
<TABLE>
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
Year Ended December 31, 1993
(Part 2 of 2)
<CAPTION>
T. Rowe
Dodge Price Fidelity
& Cox Equity FPA Fidelity Equity-
Balanced Income Capital Magellan Income Participant
Fund Fund Fund, Inc. Fund,Inc. Fund Loans Total
________ _______ __________ _________ ________ ___________ _____
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS
Net investment income:
Interest ..................... $ 112,559 $ 3,814,481
Dividends .................... $ 200,381 $ 319,989 $ 11,851 $ 94,957 $ 7,388 6,727,191
__________ __________ ________ __________ ________ __________ ___________
Net investment income .... 200,381 319,989 11,851 94,957 7,388 112,559 10,541,672
Net change in unrealized
appreciation (depreciation)
of investments ............... 74,819 97,566 (164,052) (71,782) (36,838) (616,495)
Appreciation realized on sale
for transfer ................. 29,727 21,912 148,144 199,308 65,914 10,887,427
Contributions:
Participants ................. 1,064,251 1,457,157 14,378,961
Loan recontribution .......... 33,337 38,515 (522,631) -
Employer (reduced by for-
feitures of $310,785) ...... 8,990,730
Interfund transfers ............ 4,873,260 4,793,765 (401,520) (1,623,220) (327,172) -
Loan disbursements ............. (210,286) (232,908) (9,908) (3,504) (4,677) 6,349,900 -
__________ __________ ________ __________ ________ __________ ____________
Total additions .......... 6,065,489 6,495,996 (415,485) (1,404,241) (295,385) 5,939,828 44,182,295
DEDUCTIONS
Distributions to participants:
Securities, at cost .......... 147,100 148,616 2,541 24,543 14,617 7,192,403
Cash ......................... 4,450,149
Transamerica Insurance Group
transfer:
Securities, at cost .......... 1,535,863 1,860,880 26,689 403,594 119,366 56,346,511
Cash ......................... 255,632
__________ __________ ________ __________ ________ ____________
Total deductions ......... 1,682,963 2,009,496 29,230 428,137 133,983 68,244,695
__________ __________ ________ __________ ________ __________ ____________
Net additions (deductions) ..... 4,382,526 4,486,500 (444,715) (1,832,378) (429,368) 5,939,828 (24,062,400)
Net assets available for plan
benefits at beginning of year 444,715 1,832,378 429,368 273,659,089
__________ __________ ________ __________ ________ __________ ____________
NET ASSETS AVAILABLE FOR PLAN
BENEFITS AT END OF YEAR $4,382,526 $4,486,500 $ - $ - $ - $5,939,828 $249,596,689
========== ========== ======== ========== ======== ========== ============
<FN>
See notes to financial statements
</TABLE>
<PAGE>
Page 13
<TABLE>
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
Year Ended December 31, 1992
<CAPTION>
Trans- Trans-
Transamerica america america Fidelity
Corporation Fixed Cash FPA Fidelity Equity-
Common Income Reserve Capital Magellan Income
Stock Fund Fund Fund,Inc. Fund,Inc. Fund Total
____________ _______ _______ _________ _________ ________ _____
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS
Net investment income:
Interest ................ $ 50,313 $ 4,629,606 $ 4,679,919
Dividends ............... 8,499,233 $ 55,325 $ 35,772 $ 256,668 $ 17,839 8,864,837
____________ ___________ __________ ________ __________ ________ ____________
Net investment
income ............. 8,549,546 4,629,606 55,325 35,772 256,668 17,839 13,544,756
Net change in unrealized
appreciation (deprecia-
tion) of investments .... 28,242,396 25,009 (160,696) 34,781 28,141,490
Appreciation realized on
sale for transfer and
dividend payout ......... 841,261 1,647 2,287 2,147 847,342
Contributions:
Participants ............ 7,525,526 6,402,557 187,656 67,813 14,183,552
Employer (reduced by for-
feitures of $631,596) .. 9,597,071 9,597,071
Interfund transfers ....... (2,299,769) 2,088,738 (41,723) (4,210) 372,421 (115,457) -
____________ ___________ __________ ________ __________ ________ ____________
Total additions ..... 52,456,031 13,120,901 13,602 58,218 658,336 7,123 66,314,211
DEDUCTIONS
Distributions to partici-
pants:
Securities, at cost .... 14,366,872 43,451 141,588 46,406 14,598,317
Cash ................... 240,437 7,652,497 535,221 8,428,155
Dividend payout ........ 280,041 280,041
____________ ___________ __________ ________ __________ ________ ____________
Total deductions .... 14,887,350 7,652,497 535,221 43,451 141,588 46,406 23,306,513
____________ ___________ __________ ________ __________ ________ ____________
Net additions (deductions) 37,568,681 5,468,404 (521,619) 14,767 516,748 (39,283) 43,007,698
Net assets available for
plan benefits at begin-
ning of year ............ 172,677,268 53,887,680 1,872,214 429,948 1,315,630 468,651 230,651,391
____________ ___________ __________ ________ __________ ________ ____________
NET ASSETS AVAILABLE
FOR PLAN BENEFITS AT
END OF YEAR $210,245,949 $59,356,084 $1,350,595 $444,715 $1,832,378 $429,368 $273,659,089
============ =========== ========== ======== ========== ======== ============
<FN>
See notes to financial statements
</TABLE>
<PAGE>
Page 14
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
Three Years Ended December 31, 1994
NOTE A--Description of the Plan
The Transamerica Corporation Employees Stock Savings Plan (the Plan) is
a profit-sharing plan with provisions for pretax salary deferrals under
Section 401(k) of the Internal Revenue Code. (Prior to January 1, 1994, the
Plan was an employee stock ownership plan which permitted Section 401(k)
salary deferrals). Substantially all salaried employees of Transamerica
Corporation (the Corporation) and its subsidiaries may participate upon
completion of one year of service. Subject to certain restrictions,
participants generally may defer 1% to 6% of their salaries and contribute
that amount to the Plan. These salary deferrals are matched at 75% by
employer contributions. Effective January 1, 1993, most non-highly
compensated employees (as defined) are permitted to defer an additional 1% to
6% of their salaries as contributions to the Plan, and if Plan non-
discrimination tests permit, certain highly compensated employees may defer an
additional 1% of their salaries as contributions to the Plan. These
additional contributions are not matched by the employer.
Through December 31, 1992, participant contributions under the Plan were
invested, as directed by the participant, either entirely in the Corporation's
common stock or in the Transamerica Fixed Income Fund or split between these
two alternatives. Participants age 55 or older could elect certain additional
investment alternatives. All employer matching contributions under the Plan
are invested in the Corporation's common stock, except as described in the
next paragraph.
Effective January 1, 1993, participants also are permitted to direct that
their salary deferrals be invested in any of six additional investment
alternatives: the John Hancock Cash Reserve Fund (formerly Transamerica Cash
Reserve Fund), the Transamerica Bond Fund, the Dodge & Cox Balanced Fund, the
T. Rowe Price Equity Income Fund, the Transamerica Equity Index Fund, and the
Transamerica Equity Fund. Beginning February 1, 1993, participants age 60 or
older may redirect the investment of all or part of their employer matching
contributions from the Corporation's common stock to any of the other
available investment alternatives.
Beginning July 1, 1993, eligible participants may, subject to certain
restrictions, apply for loans from their plan accounts. Loan repayments are
deposited back into the participant's plan accounts and allocated to the
various investment funds according to the participant's election for
allocation of pretax contributions. Loans from the Company matching account
are not permitted.
The Corporation and its participating subsidiaries, including
Transamerica Life Insurance and Annuity Company (the issuer of the group
pension contract under which the Transamerica Fixed Income Fund is maintained
and the sponsoring company for the Transamerica Bond Fund, Transamerica Equity
Fund and Transamerica Equity Index Fund), are defined as parties in interest
<PAGE>
Page 15
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
Three Years Ended December 31, 1994
NOTE A--Description of the Plan (Continued)
with respect to the Plan under the Employee Retirement Income Security Act of
1974 (ERISA). Transactions between the Plan and such parties in interest are
intended to qualify for one or more of the prohibited transaction exemptions
under ERISA.
The Plan provides that participants acquire a vested interest in the
employer account balances based upon their years of service with the
Corporation or its participating subsidiaries. If a participant terminates
employment before full vesting, the nonvested portion of the participant's
interest will be forfeited. The Corporation has the right to change or
terminate the Plan at any time. In the event the Plan is terminated, the Plan
provides for full vesting of all participants' employer accounts.
During 1993, the Corporation completed the sale of its subsidiary,
Transamerica Insurance Group. Account balances of the participating
employees of Transamerica Insurance Group were transferred to the stock
savings plan of the new company, TIG Holdings, Inc., after completion of the
initial public offering in April 1993.
NOTE B--Significant Accounting Policies
Accounting for Investments: The Plan's investment in the Corporation's
common stock is valued at the closing price on the last business day of the
year on the New York Stock Exchange Composite Transactions.
Transamerica Fixed Income Fund is valued at cost plus accrued interest
income and John Hancock Cash Reserve Fund is valued at cost, which
approximates fair value. Shares of Transamerica Bond Fund, Transamerica
Equity Fund, Transamerica Equity Index Fund, Dodge & Cox Balanced Fund, T.
Rowe Price Equity Income Fund, FPA Capital Fund, Inc., Fidelity Magellan Fund,
Inc. and Fidelity Equity-Income Fund are valued at the net asset value per
share reported by the Fund at December 31.
Investment transactions are accounted for on the date the securities are
purchased or sold (trade date). Repurchases of shares within the Plan are
accounted for at the average monthly price of the shares in the month they are
sold by employees or forfeited to the Plan. The price is calculated as the
average of the price of the stock as listed in the New York Stock Exchange
composite transactions as determined by the Plan administrator in a uniform
and nondiscriminatory manner. The cost of shares sold or distributed is
determined on an average cost basis. Dividend income from the Corporation's
common stock and shares of Dodge & Cox Balance Fund, T. Rowe Price Equity
Income Fund, FPA Capital Fund, Inc., Fidelity Magellan Fund, Inc. and Fidelity
Equity-Income Fund is recorded on the ex-dividend date. Dividend income from
John Hancock Cash Reserve Fund is accrued as earned and interest income from
Transamerica Fixed Income Fund, Bank of America's Short Term Investment Fund
<PAGE>
Page 16
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
Three Years Ended December 31, 1994
NOTE B--Significant Accounting Policies (Continued)
(cash equivalent) and from participant loans is accrued as earned. Interest
on participant loans is fixed and is calculated at the Bank of America prime
rate plus one percent.
Effective December 31, 1993, FPA Capital Fund, Inc., Fidelity Magellan
Fund, Inc. and Fidelity Equity-Income Fund were discontinued as available
investment alternatives. Assets that previously were invested in those Funds
were, pursuant to participant instructions, transferred to one of the other
available investment funds.
Expenses: All Plan administrative expenses are paid by the Corporation
and its participating subsidiaries.
Income Taxes: The Plan is intended to qualify under section 401(a) of
the Code, and the Plan's trust and custodial accounts are intended to be
exempt from federal income tax under section 501(a) of the Code. The
Corporation has applied for a determination from the Internal Revenue Service
that the Plan and trust so qualify. Under a tax-qualified plan, participants
are not subject to income tax on employer contributions, contributions made
through salary deferrals, or income credited to their accounts until these
amounts are distributed.
NOTE C--Reportable Transactions
Changes in the Plan's investment in Transamerica Corporation Common Stock
during each of the three years in the period ended December 31, 1994 are
summarized as follows:
Shares Cost
______ ____
Balance at January 1, 1992 4,263,076 $128,806,838
Purchases .................. 599,598 25,693,619
Sale for dividend payout ... 120 2,982
Transfers .................. (55,890) (1,566,155)
Distributions .............. (486,530) (14,985,090)
_________ ____________
Balance at December 31, 1992 4,320,374 137,952,194
Purchases .................. 426,186 22,288,648
Sale for transfer .......... (464,385) (14,210,571)
Sale for loan distribution . (51,596) (1,834,569)
Distributions .............. (210,069) (6,627,759)
Fair value of forfeiture ... (5,549) (301,483)
Transamerica Insurance Group (1,027,223) (35,060,574)
distribution
_________ ____________
Balance at December 31, 1993 2,987,738 102,205,886
Purchases .................. 398,287 20,536,045
Sale for transfer .......... (34,790) (1,132,876)
Sale for loan distribution . (27,428) (1,080,828)
Distributions .............. (186,135) (6,413,511)
Fair value of forfeiture ... (5,655) (288,040)
_________ ____________
Balance at December 31, 1994 3,132,017 $113,826,676
========= ============
<PAGE>
Page 17
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
Three Years Ended December 31, 1994
NOTE C--Reportable Transactions (Continued)
During 1994 there were 94 open market purchases of Transamerica
Corporation Common Stock totaling 332,607 shares at a cost of $17,688,269 and
13 open market sales of Transamerica Corporation common stock totaling 33,896
shares at a cost of $1,489,200. For Transamerica Fixed Income there were 162
purchases totaling $7,099,336 and 45 sales totaling $6,719,813. These
constitute a series of transactions in excess of 5% of the current value of
the Plan's assets, which are defined as category (iii) reportable
transactions under ERISA.
Bank of America NT & SA, as Trustee for the Plan, temporarily invests
certain cash receipts of the plan in Bank of America's Short Term Investment
Fund prior to investing the funds in their respective investments. During
1994 there were 168 individual purchases of Short Term Investment Fund units
totaling $17,060,133 and 479 sales totaling $16,697,666 each of which
constitutes a series of transactions in excess of 5% of the current value of
the Plan's assets, and which are defined as category (iii) reportable
transactions under ERISA. There were no category (i), (ii) or (iv) reportable
transactions during 1994. The Plan incurred no expenses, and realized no gain
or loss except for interest earned during the period the units were held by
the Plan, on these transactions.
NOTE D--Changes in Unrealized Appreciation (Depreciation) of Investments
The changes in unrealized appreciation (depreciation) of investments
result from fluctuations in the fair value of securities held. The following
table shows the unrealized appreciation (depreciation) of investments at
December 31, 1994, 1993 and 1992, and the changes in unrealized appreciation
(depreciation).
<PAGE>
Page 18
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
Three Years Ended December 31, 1994
NOTE D--Changes in Unrealized Appreciation (Depreciation) of Investments
(Continued)
<TABLE>
(Part 1 of 2)
<CAPTION>
Transamerica Life Insurance & Annuity
Transamerica _____________________________________
Corporation Equity
Common Bond Equity Index
Stock Fund Fund Fund
____________ ____ ______ ______
<S> <C> <C> <C> <C>
Unrealized appreciation
at January 1, 1992 ........... $41,183,331
Increase (decrease) in
unrealized appreciation ...... 35,223,333
Appreciation realized on sale
for dividend payout .......... 1,233
Depreciation realized on sale
for transfer ................. (842,494)
Amounts distributed to partici-
pants ........................ (6,139,676)
___________
Net increase (decrease) in
unrealized appreciation in
1992 ......................... 28,242,396
___________
UNREALIZED APPRECIATION AT
DECEMBER 31, 1992 69,425,727
Increase in unrealized
appreciation ................. 32,282,541 $193,694 $1,337,865 $147,878
Depreciation realized on sale
for transfer ................. (9,182,026) (7,411) (20,101) (7,429)
Depreciation realized on sale
for loan ..................... (1,172,099) (7,373) (21,710) (4,273)
Amounts distributed to partici-
pants ........................ (4,495,240) (3,605) (13,316) (823)
Transamerica Insurance Group
transfer ..................... (19,510,647) (3,529) (17,504) (11,100)
___________ ________ __________ ________
Net increase (decrease) in
unrealized appreciation in
1993 ......................... (2,077,471) 171,776 1,265,234 124,253
___________ ________ __________ ________
UNREALIZED APPRECIATION AT
DECEMBER 31, 1993 67,348,256 171,776 1,265,234 124,253
Increase (decrease) in unrealized
appreciation ................. (21,288,909) (172,345) 542,504 25,764
Appreciation (depreciation)
realized on sale for
transfer ..................... (670,681) 24,240 (33,355) (13,609)
Depreciation realized on sale
for loan ..................... (334,411) (18,783) (32,486) (316)
Amounts distributed to partici-
pants ........................ (3,063,090) (18,478) (34,933) (3,291)
___________ ________ __________ ________
Net increase (decrease) in
unrealized appreciation in
1994 ......................... (25,357,091) (185,366) 441,730 8,548
___________ ________ __________ ________
UNREALIZED APPRECIATION
(DEPRECIATION) AT
DECEMBER 31, 1994 $41,991,165 $(13,590) $1,706,964 $132,801
=========== ======== ========== ========
</TABLE>
<PAGE>
Page 19
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
Three Years Ended December 31, 1994
NOTE D--Changes in Unrealized Appreciation (Depreciation) of Investments
(Continued)
<TABLE>
(Part 2 of 2)
<CAPTION>
T. Rowe
Dodge Price Fidelity
& Cox Equity FPA Fidelity Equity-
Balanced Income Capital Magellan Income
Fund Fund Fund, Inc. Fund,Inc. Fund Total
________ _______ __________ _________ ________ _____
<S> <C> <C> <C> <C> <C> <C>
Unrealized appreciation
at January 1, 1992 ........... $139,043 $232,478 $ 2,057 $41,556,909
Increase (decrease) in
unrealized appreciation ...... 48,523 (146,690) 40,110 35,165,276
Appreciation realized on sale
for dividend payout .......... 1,233
Depreciation realized on sale
for transfer ................. (1,647) (2,287) (2,147) (848,575)
Amounts distributed to partici-
pants ........................ (21,867) (11,719) (3,182) (6,176,444)
________ _______ ________ ___________
Net increase (decrease) in
unrealized appreciation in
1992 ......................... 25,009 (160,696) 34,781 28,141,490
________ ________ ________ ___________
UNREALIZED APPRECIATION AT
DECEMBER 31, 1992 164,052 71,782 36,838 69,698,399
Increase in unrealized
appreciation ................. $124,136 $ 144,889 1,650 168,984 50,271 34,451,908
Depreciation realized on sale
for transfer ................. (19,478) (10,937) (144,562) (198,947) (65,025) (9,655,916)
Depreciation realized on sale
for loan ..................... (10,249) (10,975) (3,582) (361) (889) (1,231,511)
Amounts distributed to partici-
pants ........................ (5,051) 5,567 (1,572) (4,403) (2,547) (4,520,990)
Transamerica Insurance Group
transfer ..................... (14,539) (30,978) (15,986) (37,055) (18,648) (19,659,986)
________ _________ ________ ________ ________ ___________
Net increase (decrease) in
unrealized appreciation in
1993 ......................... 74,819 97,566 (164,052) (71,782) (36,838) (616,495)
________ _________ ________ ________ _______ ___________
UNREALIZED APPRECIATION AT
DECEMBER 31, 1993 74,819 97,566 69,081,904
Increase (decrease) in
unrealized appreciation ...... (127,055) (228,654) (21,248,695)
Appreciation (depreciation)
realized on sale for
transfer ..................... (6,291) (5,186) (704,882)
Depreciation realized on sale
for loan ..................... (1,477) (1,822) (389,295)
Amounts distributed to partici-
pants ........................ 880 5,711 (3,113,201)
________ _________ ________ ________ ________ ___________
Net increase (decrease) in
unrealized appreciation in
1994 ......................... (133,943) (229,951) (25,456,073)
________ _________ ________ ________ _______ ___________
UNREALIZED APPRECIATION
(DEPRECIATION) AT
DECEMBER 31, 1994 $(59,124) $(132,385) $ $ $ $43,625,831
======== ========= ======== ======== ======== ===========
</TABLE>
<PAGE>
EXHIBIT EX-23
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in Registration Statements
on Form S-8 (File Nos. 2-83724, 33-12324 and 33-38267) of our report dated
March 24, 1995 on the financial statements included in the Annual Report on
Form 11-K of Transamerica Corporation Employees Stock Savings Plan for the
year ended December 31, 1994.
Ernst & Young L.L.P.
Los Angeles, California
March 24, 1995
