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American Financial Group saw second-quarter net income nearly cut in half, with more than $50 million in charges to strengthen asbestos and environmental reserves contributing heavily to the decline.

Last night, the Cincinnati-based specialty insurer reported net income of $67.0 million, or 54 cents per share, for the 2007 second quarter, compared with $122.9 million, or $1.02 per share, in second-quarter 2006.

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