(Bloomberg) -- American International Group Inc. reported profit that beat analysts’ estimates for the 15th straight quarter as the company saw strong growth in investment income.

Adjusted earnings for the fourth quarter rose to $1.79 a share from $1.39 a year earlier, the New York-based company said in a statement Tuesday. The results topped the $1.63 average estimate of analysts in a Bloomberg survey. AIG has beat forecasts consistently starting with 2020’s second quarter.

“We have significant momentum as we enter 2024, and excellent underwriting, operations, claims service, and talent are what will drive AIG’s continued growth,” Chief Executive Officer Peter Zaffino said in the statement.

AIG’s general insurance unit reported $1.44 billion of adjusted pretax income, up 19% from a year earlier. Net investment income in the unit was up 38%, which the company credited with driving its higher profits.

General-insurance underwriting income was up 1.1% overall, though it fell nearly a quarter in North America. 

The unit had a combined ratio of 89.1%, meaning that the business spent about 89 cents covering losses for every premium dollar it brought in. The ratio saw an improvement of 80 basis points from a year earlier, beating analysts’ estimates. 

Catastrophe-related charges in the general-insurance unit totaled $122 million in the quarter, less than half of what analysts had forecast.

The company’s life and retirement business, meanwhile, saw adjusted pretax income rise 12% to $957 million. AIG is in the process of spinning off its Corebridge life and retirement business, and its stake in the unit shrank to about 52% from almost 78% over the course of last year.

The company’s shares were little changed at 4:21 p.m. in late New York trading. They were up 13% in the past year through the close of regular trading.

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