American International Group has reported a $1.1 billion profit for the second quarter.

Now headed by Bermudian Brian Duperreault, the company’s net income for the quarter was $1.19 per share, and was down from the $1.9 billion, or $1.68 per share, in the same quarter in 2016.

In a statement the company said the results primarily reflected net realised capital losses of $69 million compared to net realised capital gains of $1 billion a year ago.

After-tax operating income was $1.4 billion, or $1.53 per diluted share, for the second quarter compared to $1.3 billion, or $1.15 per diluted share, a year ago.

Mr Duperreault, who became CEO in May, said: “Our second quarter results show the value of AIG’s diverse businesses and the opportunities we have to grow profitably.

“We will build on AIG’s strong franchise by maximising the value of our international footprint, which distinguishes us from many of our competitors. While market conditions remain challenging, we are committed to disciplined underwriting and are focused on investing in profitable growth.”