Liberty Mutual Group reported its third-quarter net income fell 98.5 percent to $6 million compared with $404 million for the quarter last year.

Referring to financial conditions that have battered the marketplace, Liberty Chairman, President and Chief Executive Officer Edmund F. Kelly said management was not cheering, but was pleased given what has occurred.

He pointed to the fact that the company had absorbed $800 million of pretax natural catastrophe losses and approximately $250 million of pretax investment losses and still reported positive.

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