American International Group posted lower profit in its second quarter, as net investment income fell after the company sold its remaining interest in Corebridge Financial.

AIG, an insurance company, reported a profit of $948 million, or $1.78 a share, compared with $1.14 billion, or $1.98 a share, a year earlier.

The company attributed the decrease to changes in fair value of AIG's investment in Corebridge and equity securities, partially offset by higher underwriting income.

The company sold its remaining interest in Corebridge for approximately $710 million in May.

Stripping out certain one-time items, the company logged adjusted earnings of $2.00, topping analyst estimates of $1.92.

Net investment income slid 23% to $1.47 billion. On an adjusted pre-tax income basis, net investment income fell to $908 million from $955 million.

Gross premiums written rose 8.8% to $10.9 billion.

Catastrophe-related charges were $210 million, up from $170 million in the prior quarter.

Chief Executive Eric Anderson said the second quarter results showed the company's ability to adapt to a market that has transitioned from an extended phase of broad positive pricing into a more selective growth.