Insurance conglomerate American International Group posted a decline in third-quarter net income tied partly to the divestment of a business, but the company’s operating profit increased despite higher storm and other catastrophe costs as well as losses related to the Covid-19 pandemic.

The New York company reported $281m in profit, down 57% from $648m a year earlier. Its so-called adjusted income, which is closely watched by Wall Street analysts because it excludes certain items judged nonrecurring, totalled $709m, up 40% from $505m.