UPDATE 1-Axis Capital Q4 oper profit beats Street

* Q4 oper EPS $0.53 vs est $0.46

* Q4 net premiums earned up 12 pct at $847 mln

Feb 7 (Reuters) - Axis Capital Holdings Ltd posted a better-than-expected quarterly profit on higher premiums earned.

For the fourth quarter, the Bermuda-based insurer and reinsurer posted net income of $80 million, or 63 cents a share, compared with $264 million, or $1.99 a share, last year.

Operating earnings were 53 cents a share.

Analysts on average had expected earnings of 46 cents a share, before items, according to Thomson Reuters I/B/E/S.

The company estimated pre-tax net losses of $64 million related to the Thailand flooding.

Last year's flooding in Thailand is seen as one of the costliest natural disasters in history, with insured losses alone estimated at more than $15 billion, according to some sources.

Net premiums earned rose 12 pct to $847 million.

Axis' reinsurance segment reported an underwriting loss of $7 million for the quarter, while its insurance segment reported an underwriting income of $22 million.

The company's shares closed at $32.48 on Tuesday on the New York Stock Exchange.