Feb 11 (Reuters) - American International Group AIG.N beat estimates for fourth-quarter profit on Tuesday, as stronger underwriting offset catastrophe losses tied to hurricanes in Florida.

Insurance spending has remained steady despite economic uncertainties, as businesses prioritize coverage against risks such as natural disasters, cyberattacks, and health emergencies.

The need to safeguard assets and maintain business continuity has supported demand, even as inflation and high interest rates pressure other discretionary spending.

General insurance net premiums written came in at $6.1 billion, up 7% over the year-ago quarter.

Adjusted general insurance accident year combined ratio - a measure of underwriting performance - came in at 88.6% in the quarter. A ratio below 100 signifies that the insurer earned more from premiums than it paid out in claims.

The gains in underwriting helped the insurer shrug off higher catastrophe losses in the quarter. The industry has paid out billions in recent years to cover climate-related disasters.

The company said it expects net losses from the Los Angeles wildfires to be roughly $500 million, before reinstatement premiums, but added that it was still too early to gauge the full impact.

AIG - one of the world's largest commercial insurers - posted catastrophe losses of $325 million in the fourth quarter, of which $301 million were in North America Commercial due to Hurricane Milton and Helene that struck Florida.

Net investment income rose 44% to $1.3 billion in the fourth quarter, driven by dividends from Corebridge CRBG.N and gain on sale of shares. AIG had spun off life and retirement insurer Corebridge in 2022.

AIG reported adjusted after-tax income attributable to common shareholders of $1.30 per share in the three months ended Dec. 31. Analysts on average had expected $1.23 per share, according to estimates compiled by LSEG.

For the full year, its adjusted after-tax profit surged 28% on a comparable basis to $4.95 per share.

(Reporting by Manya Saini in Bengaluru; Editing by Anil D'Silva)

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