By Lilla Zuill

NEW YORK (Reuters) - MetLife Inc (MET.N: Quote, Profile, Research), the largest U.S. life insurer, said on Tuesday its second-quarter profit fell on investment losses and a decline in insurance earnings, sending its shares sliding nearly 10 percent.

Net earnings dropped about 19 percent to $915 million, or $1.26 a share, as catastrophe losses also took a hit on its homeowners business. The results missed Wall Street's estimates.

MetLife recorded profit of $1.13 billion, or $1.48 a share, in the year-ago period.

Chief Executive C. Robert Henrikson blamed lower earnings on higher-than-expected catastrophe losses after tornadoes and hail storms wreaked havoc across parts of the United States earlier this year, and "the continuing decline in the equity markets."

MetLife cut its full-year earnings outlook, citing the disappointing performance of equity markets in the quarter. It now sees operating earnings of $5.70 to $5.90 a share, lowered from its previous view of $5.90 to $6.20 a share.

Analysts, on average, expected MetLife to earn $6.16 a share in 2008 operating profit.

WALL STREET MISS

Second-quarter operating income, which excludes realized investment gains or losses, fell 27.5 percent to $942 million, or $1.30 a share. Analysts, on that basis, expected earnings of $1.51 a share, according to Reuters Estimates.