The wealth management business was particularly successful in the second half of the year: with increased contin-uing earnings, increased commissions and cost awareness, the second half operating profit totalled EUR 10 million. The challenging equity market at the end of 2018 had a negative impact on continuing earnings in early 2019, but during the second half of the year, performance returned to its growth path and continuing earnings increased by 20 per cent. Garantia's result, at fair value, was strong and totalled EUR 14.5 million: premiums written in insurance operations grew by 14 per cent, claims ratio remained low at 12.1 per cent and investment return, at fair value, was 8.1 per cent. Taaleri Energia's continuing income doubled from last year, due to the successful fund raising of the Taaleri SolarWind II fund and good development of the projects in Taaleri SolarWind I projects. The delay in the 336 MW Truscott-Gilliland wind farm in Texas burdened earnings and Energia's operating profit was EUR -2.6 million. Overall, I am satisfied with Taaleri’s second half of the year development, although the whole year's result remained satisfactory.
During the year, we established three private equity funds focusing on impact investments: Wind IV, SolarWind II and Päiväkotikiinteistöt (Daycare Properties), which were well received by our clients. The aim of impact investing is not only financial gain, but also significant social or environmental benefit. Other funds and investments provided by us also developed and successfully raised new capital. Our equity funds have again excelled in both domestic and international comparisons. At the end of the year, three wind farms managed by Taaleri Tuulitehdas I and Taaleri Tuulitehdas II and Taaleritehdas Asuntorahasto II were successfully exited, yielding performance fees of EUR 5.2 million during the year. On behalf of the new owners, Taaleri Energia will continue to operate the sold wind farms under a managed account agreement.
Year 2019 was also a significant milestone for Taaleri’s internationalization. Taaleri Energia launched several international wind and solar power projects, and, for example, the European Investment Bank (EIB) has already invested in our SolarWind II fund. Internationalization in line with our strategy enables a new growth path for our company.
For Garantia Insurance Company, which forms our Financing segment, the year was characterized by the rollout of a new strategy focusing on dispersed consumer and business portfolios. Garantia's competitive advantage in the market is based on an extensive network of co-operation and partnerships, a customer-oriented approach, strong solvency and risk-selection expertise.
Taaleri's goal is strong but controlled growth and improving our profitablity. We believe in the scalability of our business and the potential for faster-than-market growth. The constantly changing operating environment requires organizations to have increasingly more cross-sectoral expertise and ability to execute. To strengthen the synergy between Taaleri's segments and the realization of the company's growth targets, we expanded our Executive Management team membership with the appointment of Titta Elomaa, CEO of Garantia Insurance Company Ltd, Kai Rintala, Managing Director of Taaleri Energia Ltd. and Perttu Purhonen, who also was appointed as the new Head of Wealth Management.
It is estimated that climate change will create both business threats and opportunities for companies. Initiatives and actions to mitigate climate change and to adapt to it are becoming increasingly prevalent year after year also in the finance sector. In addition to responsible investing, our discussions with clients are more and more often about impact investing. Already since 2010, Taaleri has invested in projects pursuing not only financial benefits, but also sizable social and environmental benefits. Taaleri's vision on how we can use capital and ownership to create a better future for us and for the next generations inspires us all and guides our activities.
We received excellent recognition from our clients in September when Taaleri was selected as Finland's best wealth manager in Arvopaperi business magazine's survey. I want to thank our clients for their trust, as well as our bankers, portfolio managers and other experts , and all our partners for their outstanding work and for the past year. Confidence in the future looks strong.”