American International Group reported a second-quarter loss of $5.36 billion, attributing the poor results to the weak U.S. housing market and the softening property-casualty insurance market.

The New York-based insurer saw its bottom line go from net income of $4.28 billion ($1.64 a share) in the second quarter of 2007 to a loss of $5.36 billion ($2.06 a share). Consolidated total revenues dropped 36 percent--from $31 billion to $20 billion.

For the first half, AIG's net loss was $13 billion ($5.11 a share), compared to $8.4 billion in net income ($3.21 a share) for the same period last year. Revenues fell 45 percent from $62 billion to $34 billion.

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