UPDATE 1-RenaissanceRe posts lower 1st-quarter profit

* Earnings slip on higher costs, lower investment income

* Operating profit of $1.52 a share misses Wall St view

* Shares unchanged after report

NEW YORK, April 29 (Reuters) - RenaissanceRe Holdings Ltd (RNR.N) said on Wednesday profit fell nearly 30 percent in the first quarter, hurt by lower investment income and higher expenses.

The Hamilton, Bermuda-based company said net income was $97.3 million, compared with $137.2 million in the year-earlier quarter.

On a per-share basis, RenRe said net income was $1.57 a share, compared with $2.05 a share in the first quarter of 2008.

Operating income was $94.2 million, or $1.52 a share, down from $147.8 million, or $2.21 a share, in the year-ago quarter.

Operating income, the measure most frequently used by analysts, excludes net realized investment gains or losses.

Analysts on average expected RenaissanceRe to have operating earnings of $1.77 in the quarter.

The firm's shares, which closed up 9 cents at $49.25 in the regular session, were largely unchanged in post-market trading. The stock is 13.5 percent off a 52-week high of $56.95 set last September, according to Reuters data. (Reporting by Lilla Zuill; Editing by Andre Grenon)