American International Group (NYSE:AIG) published impressive first-quarter results, surpassing earnings expectations amid significant challenges posed by natural calamities, including California wildfires.

The insurer reported adjusted earnings of $1.17 per share, exceeding analyst projections of $0.99. Nevertheless, net income decreased to $698 million, or $1.16 per share, down from $1.19 billion a year earlier, largely due to heavy catastrophe losses.

Total net premiums written remained steady at $4.5 billion year-over-year, with an 8% increase on a comparable basis. AIG’s Global Commercial segment showcased robust growth, with premium increases of 10% to $3.2 billion, powered by a 14% lift in North America and 8% internationally.

However, the General Insurance segment noted a combined ratio of 95.8%, an increase from 89.8% the previous year due to loss figures of $525 million linked to catastrophe events.