NEW YORK (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N: Quote, Profile, Research) (BRKb.N: Quote, Profile, Research) said on Friday second-quarter profit fell 8 percent, hurt by losses tied to derivatives contracts and reflecting lower insurance premiums.

Net income for the Omaha, Nebraska-based insurance and investment company fell to $2.88 billion, or $1,859 per Class A share, from $3.12 billion, or $2,018, a year earlier.

Operating profit declined 10 percent to $2.27 billion, or $1,465 per share, from $2.51 billion, or $1,625, a year earlier.

(Reporting by Jonathan Stempel)