American International Group Inc. beat market estimates for quarterly profit on Monday as a jump in underwriting income cushioned the blow from lower investment returns.

Net premiums written in the company’s general insurance business rose 5 percent on a constant currency basis in the April-June quarter to $6.9 billion, while underwriting income climbed 73 percent.

That helped AIG report adjusted after-tax income attributable to common shareholders of $1.19 per share. Analysts expected a figure of $1.10 a share, according to Refinitiv IBES data.

But the insurer’s consolidated net investment income fell 29 percent to $2.6 billion, partly hurt by weakness in alternative investments such as private equity.

An unabating surge in inflation, rising interest rates and the toll of the Russia-Ukraine war have rattled financial markets this year, sapping the investment income that had powered insurers’ profits last year.

AIG also blamed the market volatility for a delay in the initial public offering of its life and retirement unit.

The unit—set to be renamed Corebridge Financial Inc. when it goes public—had filed for its offering in March and planned to complete its listing by the end of June, subject to market conditions.

“Completing the IPO is a significant priority for us, and we remain ready to execute,” Chief Executive Officer Peter Zaffino said without giving a new deadline for the offering.

AIG had first announced the move in 2020 and it sold a 9.9 percent stake in the unit to private equity firm Blackstone Group Inc for $2.2 billion last year.

(Reporting by Noor Zainab Hussain and Niket Nishant in Bengaluru; Editing by Aditya Soni)