UPDATE 1-National Financial posts higher Q2 profit

* Q2 EPS $0.23 vs $0.22 last year

* Q2 cash shr $0.62 vs $0.61 last year

Aug 4 (Reuters) - Life insurance distributor National Financial Partners Corp (NFP.N) posted higher quarterly cash profit, helped by $5.5 million in key-person life insurance proceeds and lower fees and expenses.

The company's second-quarter quarterly cash profit, which excludes amortization of intangibles, depreciation, and charges, rose to $26.4 million, or 62 cents a share, from $25.1 million, or 61 cents a year ago.

Excluding the key-person life insurance proceeds, cash earnings was $0.49 a share. The New York-based company, a distributor of financial services products to wealthy consumers, reported a net income of $10.0 million, or 23 cents a share, compared with $8.9 million, or 22 cents a share, last year.

Analysts on average had expected earnings of 46 cents a share, excluding items, according to Reuters Estimates.

Commissions and fees fell 34 percent to $62.5 million whereas management fees fell 27 percent to $30.0 million.

General and administrative expense decreased about 25 percent to $12.2 million.

Shares of the company closed at $7.56 Tuesday on the New York Stock Exchange. (Reporting by Abhinav Sharma in Bangalore; Editing by Pradeep Kurup)