The Allstate Corporation reported a 15.5 percent drop in third-quarter net income last night, attributing the decline to higher catastrophe losses and a lack of favorable loss development that boosted earnings in last year's third quarter.

Net income was $978 million, or $1.70 per share, compared with $1.2 billion, or $1.83 per share, for third-quarter 2006.

Through nine months, net income was $3.9 billion, up 2.5 percent from $3.8 billion last year.

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