UPDATE 1-National Financial posts Q1 loss on charge

* Q1 loss $12.59/shr vs profit of $0.21/shr a yr-ago

* Records goodwill impairment of $607.3 mln

* Q1 cash shr $0.44/shr vs est. $0.47/shr

May 11 (Reuters) - Life insurance distributor National Financial Partners (NFP.N) swung to a first-quarter net loss as it recorded a charge for goodwill impairment.

The New York-based company posted a loss of $515.8 million, or $12.59 per share, compared with net income of $8.5 million, or 21 cents per share, last year.

The net loss included a $607.3 million pre-tax impairment of goodwill and intangible assets, the company said.

Excluding charges, amortization and depreciation, the company reported a cash profit of $18.1 million, or 44 cents a share, down from $24.1 million, or 59 cents a share, a year-ago.

Cash earnings declined as revenue from commissions and fees fell 24 percent to $217.0 million.

Analysts expected the company to earn 47 cents a share, according to Reuters Estimates.

National Financial, a distributor of financial services products to wealthy consumers, has been battling weak sales over the last few quarters.

The company said it has reduced the amount outstanding under its credit facility by $8 million to $140 million since the end of the first quarter.

Shares of the company closed at $8.18 Monday on the New York Stock Exchange. (Reporting by Amiteshwar Singh in Bangalore, Editing by Sweta Singh)