American International Group (AIG) has recorded a first-half result of $US6.39 billion ($8.33 billion) – down 23% on the corresponding period last year.

But the company is celebrating, because its second-quarter result is a record. Net income for the quarter was $US4.16 billion ($5.41 billion), compared to $3.28 billion ($4.27 billion) in the second quarter of 2005.

The record income came mainly from property and casualty earnings, outweighing disappointing earnings from AIG’s life insurance operations around the world.