By Micah Maidenberg

Progressive Corp. said earnings nearly doubled for the second quarter, with auto-accidents falling during the period as coronavirus-related restrictions kept consumers at home and off the road.

The insurer Wednesday reported a profit of $1.79 billion, or $3.04 a share, up from $979.4 million, or $1.66 a share, a year earlier.

In updates covering April, May and June, Progressive said it had seen the frequency of vehicle accidents decrease year-over-year amid the pandemic.

In April, Progressive said it would provide personal auto-insurance customers with $1 billion in credits due to the fact that consumers stopped driving as much during the pandemic, resulting in fewer claims. Other vehicle insurers made similar commitments.

For the second quarter, net premiums written, representing the dollar value of all new and renewed policies sold after some proceeds are ceded to reinsurers, rose to $10.14 billion from $9.13 billion.

The Mayfield Village, Ohio-based company reported pretax net realized gains on securities of $890.8 million, compared with $179.9 million in gains the year before.

Progressive reported a combined ratio, a profitability measure tied pretax earnings on underwriting activity, fell to 87.7 from 90.4. The drop indicates stronger profitability. 



  Write to Micah Maidenberg at micah.maidenberg@wsj.com