UPDATE 1-Assurant Q2 operating profit lags Street

* Oper EPS $0.84 vs estimate of $1.19

* Q2 profit hurt by losses in Assured Health

* Q2 Assured Specialty Property rev down 30 pct * Q2 net investment income fell 13 pct

July 29 (Reuters) - Specialty insurer Assurant Inc (AIZ.N) posted a 47 percent slump in second-quarter net operating income that trailed market estimates, driven mainly by losses at its health insurance segment.

Operating income for the quarter fell to $99.3 million, or 84 cents a share. Analysts had estimated earnings, before items, of $1.19 per share, according to Reuters Estimates.

Assurant was hammered by a loss of $10.3 million at its health segment, compared with a profit of $27.7 million last year. Assurant Specialty segment revenue fell 30 percent to $91.2 million. "We are taking decisive actions throughout Assurant to improve performance, reduce expenses, enhance revenues and best position the company for the long term," Chief Executive Robert Pollock said.

The company reported quarterly net profit of $193.3 million, or $1.63 a share, compared with $190 million, or $1.59 a share, a year earlier.

Net investment income fell 13 percent to $174.9 million, while net earned premiums fell 6 percent to $1.88 billion.

The quarterly earnings benefited from $85.0 million of after-tax income related to a legal settlement, the company said. Shares of New York-based Assurant closed at $25.00 Wednesday on the New York Stock Exchange.

(Reporting by Archana Shankar in Bangalore; Editing by Unnikrishnan Nair)