UPDATE 1-Unum posts moderately higher 1st-quarter profit

* Unum reaffirms 2009 outlook

* Earnings rise 1 percent

* Cont ops EPS beats Wall St view

* Shares unchanged after hours

NEW YORK, April 29 (Reuters) - Unum Group (UNM.N) said on Wednesday that net income rose 1 percent in the first quarter as investment losses narrowed.

Chattanooga, Tennessee-based Unum, the largest disability insurer in the United States and the United Kingdom, said net earnings were $164.9 million, or 50 cents a share, compared with $163.1 million, or 46 cents a share, in the year- earlier quarter.

Earnings from continuing operations, used by analysts to measure performance, were $206.7 million, or 62 cents a share, compared with $207.8 million, or 59 cents a share, in the year-earlier quarter.

On that basis, analysts on average expected earnings of 60 cents a share, according to Reuters Estimates.

Unum shares rose 5.29 percent to $16.11 in the regular session on Wednesday, and were unchanged after the report.

(Reporting by Lilla Zuill)