Boston-based Liberty Mutual Group said today that third-quarter net income dropped by 27 percent and its combined ratio had deteriorated one point to 99 as the insurer was impacted by the market’s price slump.

Net income was $404 million compared with $556 million for the period last year. For nine months the decline was 6.7 percent, dropping from $1.17 billion to $1.09 billion.

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