Liberty Mutual Group's third-quarter net income plummeted 99% on investment losses and losses related to Hurricane Ike and Hurricane Gustav.

The property/casualty insurer, which bought Safeco Corp. in September, said that its net income fell to $6 million from $404 million a year earlier. The results, announced Monday, included realized investment losses of $162 million and catastrophe-related losses of $697 million.

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