Battered by catastrophe losses and declines in mortgage investments, Allstate today reported a second quarter net income drop of 98.2 percent.

Still management said it was exceeding profitability goals in its property-casualty operations, which allowed Allstate to cover $698 million in second-quarter catastrophe losses–the highest in its 77-year history.

Net income for the quarter was $24 million compared with $1.4 billion for the period last year. Net income per share was 5 cents in the quarter, down from $2.30 from second quarter 2007.

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