<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,
33-38267 and 33-55587
_____________________
For the Fiscal Year Ended December 31, 1995
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 LLP, Independent Auditors
Statement of Net Assets Available for Plan Benefits
December 31, 1995 and 1994
Statement of Changes in Net Assets Available for Plan
Benefits - Years ended December 31, 1995, 1994
and 1993
Notes to Financial Statements - December 31, 1995
(b) Exhibit filed as a part of this report:
23.1 Consent of Ernst & Young LLP to the incorporation
by reference of their report dated March 22, 1996
in Transamerica Corporation's Registration
Statements on Form S-8 (File Nos. 2-83724,
33-12324, 33-38267 and 33-55587).
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 28, 1996
<PAGE>
Page 3
FINANCIAL STATEMENTS
For
ANNUAL REPORT ON FORM 11-K
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
Year Ended December 31, 1995
<PAGE>
Page 4
REPORT OF ERNST & YOUNG LLP, 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, 1995 and 1994, 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, 1995. 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, 1995 and 1994, and the changes in its net assets available for
plan benefits for each of the three years in the period ended December 31,
1995, in conformity with generally accepted accounting principles.
Ernst & Young LLP
Los Angeles, California
March 22, 1996
<PAGE>
Page 5
<TABLE>
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31, 1995
(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 $120,190,857 for
3,074,805 shares) ........... $224,076,383
Transamerica Bond Fund--at
fair value (cost $4,085,077
for 347,480 shares) .......... $4,782,438
Transamerica Fixed Income
Fund--at cost plus accrued
interest of $15,115,530,
which approximates fair
value ........................ $48,502,439
Transamerica Equity Fund--at
fair value (cost $16,661,300
for 1,872,290 shares) ........ $23,876,384
Transamerica Equity Index
Fund--at fair value (cost
$3,151,346 for 303,761
shares) ...................... $4,239,452
John Hancock Cash Reserve
Fund--at cost, which approxi-
mates fair value ............. $3,256,918
Dodge & Cox Balanced Fund--at
fair value (cost $6,542,558
for 136,681 shares) ..........
T. Rowe Price Equity Income
Fund--at fair value (cost
$7,636,693 for 447,346
shares) ......................
Loans to participants .........
____________ __________ ___________ ___________ __________ __________
Total investments ............. 224,076,383 4,782,438 48,502,439 23,876,384 4,239,452 3,256,918
Dividends receivable ............ 1,537,402
Cash equivalents ................ 565,056 5,255
____________ __________ ___________ ___________ __________ __________
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $226,178,841 $4,782,438 $48,502,439 $23,881,639 $4,239,452 $3,256,918
============ ========== =========== =========== ========== ==========
APPROXIMATE NUMBER OF
PARTICIPATING EMPLOYEES 7,100 1,300 3,600 3,100 1,400 800
===== ===== ===== ===== ===== ===
<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, 1995
(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 $120,190,857 for
3,074,805 shares) ............ $224,076,383
Transamerica Bond Fund--at
fair value (cost $4,085,077
for 347,480 shares) .......... 4,782,438
Transamerica Fixed Income
Fund--at cost plus accrued
interest of $15,115,530,
which approximates fair
value ........................ 48,502,439
Transamerica Equity Fund--at
fair value (cost $16,661,300
for 1,872,290 shares) .......... 23,876,384
Transamerica Equity Index
Fund--at fair value (cost
$3,151,346 for 303,761
shares) ...................... 4,239,452
John Hancock Cash Reserve
Fund--at cost, which approxi-
mates fair value ............. 3,256,918
Dodge & Cox Balanced Fund--at
fair value (cost $6,542,558
for 136,681 shares) ........... $7,462,800 7,462,800
T. Rowe Price Equity Income
Fund--at fair value (cost
$7,636,693 for 447,346
shares) ....................... $8,951,391 8,951,391
Loans to participants .......... $7,911,492 7,911,492
__________ __________ __________ ____________
Total investments ............. 7,462,800 8,951,391 7,911,492 333,059,697
Dividends receivable ............ 1,537,402
Cash equivalents ................ 570,311
__________ __________ __________ _____________
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $7,462,800 $8,951,391 $7,911,492 $335,167,410
========== ========== ========== ============
APPROXIMATE NUMBER OF
PARTICIPATING EMPLOYEES 1,800 2,000 1,500
===== ===== =====
<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, 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 8
<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 9
<TABLE>
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
Year Ended December 31, 1995
(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 ..................... $ 63,635 $ 3,179,887 $ 148,147
Dividends .................... 6,253,457
____________ ___________ __________
Net investment income .... 6,317,092 3,179,887 148,147
Net change in unrealized
appreciation of investments .. 61,894,361 $ 710,951 $ 5,508,120 $ 955,305
Appreciation realized on sale
for transfer or loan ......... 4,955,163 53,619 574,624 57,086
Contributions:
Participants ................. 4,321,150 581,499 2,375,423 2,959,499 667,139 272,627
Loan recontribution .......... 1,253,637 91,018 609,699 537,233 119,455 68,378
Employer (reduced by for-
feitures of $402,690) ...... 8,037,553
Interfund transfers ............ (9,177,146) 563,497 3,276,844 2,102,343 142,863 1,960,347
Loan disbursements ............. (1,345,349) (124,961) (1,208,934) (430,533) (107,425) (202,722)
____________ __________ __________ ___________ __________ _________
Total additions .......... 76,256,461 1,875,623 8,232,919 11,251,286 1,834,423 2,246,777
DEDUCTIONS
Distributions to participants:
Securities, at cost .......... 7,868,446 188,362 693,154 239,167
Cash ......................... 140,251 4,854,941 1,223,577
____________ __________ __________ ___________ __________ _________
Total deductions ......... 8,008,697 188,362 4,854,941 693,154 239,167 1,223,577
____________ __________ __________ ___________ __________ _________
Net additions .................. 68,247,764 1,687,261 3,377,978 10,558,132 1,595,256 1,023,200
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
____________ __________ ___________ __________ ___________ __________
NET ASSETS AVAILABLE FOR PLAN
BENEFITS AT DECEMBER 31, 1995 $226,178,841 $4,782,438 $48,502,439 $23,881,639 $4,239,452 $3,256,918
============= ========== =========== =========== =========== ==========
<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, 1995
(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 ..................... $ 570,839 $ 3,962,508
Dividends .................... $ 385,103 $ 470,457 7,109,017
__________ __________ ___________ ____________
Net investment income .... 385,103 470,457 570,839 11,071,525
Net change in unrealized
appreciation of investments .. 979,366 1,447,083 71,495,186
Appreciation realized on sale
for transfer or loan ......... 52,752 46,650 5,739,894
Contributions:
Participants ................. 1,140,779 1,275,354 13,593,470
Loan recontribution .......... 199,863 237,989 (3,117,272)
Employer (reduced by for-
feitures of $402,690) ...... 8,037,553
Interfund transfers ............ 508,526 622,726
Loan disbursements ............ (255,767) (226,609) 3,902,300
__________ __________ ___________ ____________
Total additions .......... 3,010,622 3,873,650 1,355,867 109,937,628
DEDUCTIONS
Distributions to participants:
Securities, at cost .......... 878,789 451,755 10,319,673
Cash ......................... 517,566 6,736,335
__________ __________ ___________ ____________
Total deductions ......... 878,789 451,755 517,566 17,056,008
__________ __________ ___________ ____________
Net additions .................. 2,131,833 3,421,895 838,301 92,881,620
Net assets available for plan
benefits at December 31, 1994 5,330,967 5,529,496 7,073,191 242,285,790
__________ __________ ___________ ____________
NET ASSETS AVAILABLE FOR PLAN
BENEFITS AT DECEMBER 31, 1995 $7,462,800 $8,951,391 $ 7,911,492 $335,167,410
========== ========== =========== ============
<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, 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 or loan ............. 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 12
<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 (depreciation)
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 DECEMBER 31, 1994 $5,330,967 $5,529,496 $ 7,073,191 $242,285,790
========== ========== =========== ============
<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, 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 14
<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 15
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
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 (the 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.
Participant contributions under the Plan are invested, as directed by
the participant in any of eight investment alternatives: the Corporation's
Common Stock, 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 Fixed Income Fund, the
Transamerica Equity Index Fund, and the Transamerica Equity Fund. All
employer matching contributions are invested in the Corporation's common
stock. 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 employer 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 16
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 1995
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 account balances.
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.
The Transamerica Fixed Income Fund is valued at cost plus accrued
interest income and the John Hancock Cash Reserve Fund is valued at cost,
which approximates fair value. Shares of the Transamerica Bond Fund, the
Transamerica Equity Fund, the Transamerica Equity Index Fund, the Dodge & Cox
Balanced Fund, and the T. Rowe Price 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 Balanced 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
(cash equivalent) and from participant loans is accrued as earned. Interest
<PAGE>
Page 17
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 1995
NOTE B--Significant Accounting Policies (Continued)
changed on participant loans is at a fixed rate and is calculated at the Bank
of America prime rate plus one percent.
Effective December 31, 1993, the FPA Capital Fund, Inc., the Fidelity
Magellan Fund, Inc. and the 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, 1995 are
summarized as follows:
Shares Cost
______ ____
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
Purchases .................. 338,636 20,825,900
Sale for transfer .......... (152,156) (5,226,403)
Sale for loan distribution . (21,772) (974,429)
Distributions .............. (215,815) (7,868,446)
Fair value of forfeiture ... (6,105) (392,441)
_________ ____________
Balance at December 31, 1995 3,074,805 $120,190,857
========== ============
<PAGE>
Page 18
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 1995
NOTE C--Reportable Transactions (Continued)
During 1995 there were 55 open market purchases of Transamerica
Corporation Common Stock totaling 292,867 shares at a cost of $17,920,306 and
16 open market sales of Transamerica Corporation Common Stock totaling 142,157
shares for $9,156,561. For the Transamerica Fixed Income Fund there were 145
purchases totaling $11,086,491 and 35 sales totaling $8,172,100. 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 the participants' selected investments.
During 1995 there were 87 individual purchases of Short Term Investment Fund
units totaling $19,526,686 and 72 sales totaling $20,034,263 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 1995. 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, 1995, 1994 and 1993, and the changes in unrealized appreciation
(depreciation).
<PAGE>
Page 19
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 1995
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
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
Increase (decrease) in unrealized
appreciation ................. 72,928,533 790,668 6,365,510 1,076,046
Appreciation (depreciation)
realized on sale for
transfer ..................... (4,584,243) (42,469) (479,343) (36,818)
Depreciation realized on sale
for loan ..................... (370,920) (11,150) (95,281) (20,268)
Amounts distributed to partici-
pants ........................ (6,079,009) (26,098) (282,766) (63,655)
___________ _________ __________ __________
Net increase in unrealized
appreciation in 1995 ......... 61,894,361 710,951 5,508,120 955,305
___________ _________ __________ __________
UNREALIZED APPRECIATION
AT DECEMBER 31, 1995 $103,885,526 $ 697,361 $7,215,084 $1,088,106
============ ========= ========== ==========
</TABLE>
<PAGE>
Page 20
TRANSAMERICA CORPORATION
EMPLOYEES STOCK SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 1995
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
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
Increase (decrease) in
unrealized appreciation ...... 1,159,541 1,436,683 83,756,981
Appreciation (depreciation)
realized on sale for
transfer ..................... (30,710) (27,763) (5,201,346)
Depreciation realized on sale
for loan ..................... (22,042) (18,887) (538,548)
Amounts distributed to partici-
pants ........................ (127,423) 57,050 (6,521,901)
__________ __________ _________ _________ ________ ___________
Net increase in unrealized
appreciation in 1995 ......... 979,366 1,447,083 71,495,186
__________ __________ _________ _________ ________ ____________
UNREALIZED APPRECIATION
AT DECEMBER 31, 1995 $ 920,242 $1,314,698 $ $ $ $115,121,017
========== ========== ========= ======== ======== ============
</TABLE>
<PAGE>
EXHIBIT 23.1
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in Registration Statements
on Form S-8 (File Nos. 2-83724, 33-12324, 33-38267 and 33-55587) of our report
dated March 22, 1996 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, 1995.
Ernst & Young LLP
Los Angeles, California
March 22, 1996
