Progressive Corp. says it more than doubled second-quarter profit to $324.6 million on investments.

A year ago during the same three months, the Mayfield Village, Ohio auto insurer posted net income of $118.6 million.

For the second quarter the insurer says net gains on securities were $132.9 million compared to a loss of $4.7 million a year ago.

Comparing second quarters, Progressive reports net premiums written are up 6 percent to about $4.4 billion and net premiums earned climbed 7 percent to about $4.3 billion.

Second-quarter catastrophe losses were $83 million compared to $107 million during the same period in 2012.

In June, Progressive blew away its results from the previous year. Net income was $68.4 million, compared to $13.5 million in June 2012.

Looking at policies-in-force in June, agency-driven policies were down 1 percent June-to-June and direct-driven policies were up 2 percent. Both are below previous monthly growth numbers.

Catastrophe losses for the month were down $19 million to $18 million compared to the same month a year ago.

During June 2013 Progressive reports net gains on securities of $23.5 million compared to $500,000 in June 2012.

So far this year Progressive's net income is up 68 percent to $633.2 million. Total revenue is up 9 percent to about $9 billion.

Special Reports /

Progressive 2Q Income Soars; Monthly Policyholder Growth Stalls

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