UPDATE 1-Health insurer Humana profit beats estimates

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Aug 2 (Reuters) - U.S. health insurer Humana Inc reported a much better-than-expected quarterly profit on Wednesday, due to strength in its Medicare Advantage business, which sells plans to the elderly and to people with disabilities.

The company, which also raised its full-year earnings forecast, said the individual Medicare Advantage results significantly outperformed its original expectations.

The company said net income rose to 650 billion, or $4.46 per share, in the second quarter ended June 30, from $311 million, or $2.06 per share, a year earlier.

Excluding items, the company earned $3.49 per share, beating the analysts' average estimate of $3.08, according to Thomson Reuters I/B/E/S.

Total revenue fell 3 percent to $13.53 billion, primarily due to lower Obamacare business revenue.

Humana, which walked away from its $34 billion deal with Aetna Inc earlier in the year, has already said it will exit Obamacare business in 2018 because of losses.

Republican lawmakers have vowed to repeal and replace former President Barack Obama's signature healthcare law, often called Obamacare, but have not agreed on how to do so, creating uncertainty about how the program will be run and whether it will be fully funded.

The company said it now expects full-year adjusted earnings to be at least about $11.50 per share from its previous guidance of at least $11.10. (Reporting by Ankur Banerjee in Bengaluru; Editing by Shounak Dasgupta)