The most significant event of the second quarter of 2021 was, of course, the divestment of the wealth management operations, which was completed at the end of April for the sales price of EUR 124 million. We recorded a profit of EUR 111 million from the sale and returned a total of EUR 37 million to our shareholders during the review period.
We implemented our renewed strategy in the second quarter by investing in private equity funds focused on renewable energy and other alternative investments as planned. Through our operations, we towards economically profitable undertakings that have a lasting positive impact on the environment and society.
I am particularly pleased with the excellent 27% increase in second-quarter continuing earnings, which reflects the progress of our strategy. Continuing earnings grew in both Private Asset Management and Garantia Insurance Company Ltd. The income from continuing operations increased to EUR 14.3 million, and operating profit from continuing operations was EUR 4.4 million, representing 31% of income. The Group’s profit for the second quarter totalled EUR 114.1 million, including capital gains from the divestment of the wealth management operations. Assets under our management grew to EUR 2.1 billion.
In the Private Asset Management segment, in line with our strategy, we are strongly focused on business growth and development, which is reflected in the segment’s second quarter results. Operating profit decreased from the corresponding period, mainly due to investments in business growth. The ramp-up of the new and developing operations will affect the segment’s result throughout the strategy period due to the nature of private asset management business.
The largest business of Private Asset Management, i.e. the renewable energy business, successfully completed the last closing of the SolarWind II fund in the second quarter. The fund reached total investment commitments of EUR 354 million, which exceeded the target size of EUR 300 million. In the second quarter, the fund invested in two large-scale domestic wind farms, which are expected to be in production by the end of next year. Projects under construction and development proceeded as planned, and project proposals for the future look promising.
Real estate business experienced major changes in the second quarter. The business expanded to external portfolio management mandates as Aktia outsourced its portfolio management and property management functions to Taaleri in connection with the wealth management operations transaction. At the same time, Aktia’s real estate team was transferred to Taaleri. During the reporting period, the Taaleri real estate team conducted an extensive international tender for the sale of Taaleri Housing Fund VI, which was completed very successfully after the reporting period for the purchase price of approximately EUR 145 million. The real estate team is currently preparing the launch of a new housing fund during the third quarter.
The bioindustry business is preparing to launch its first private equity fund towards the end of the year. We are a pioneer in private asset management business in investments focused on bioindustry, and we believe that the fund will attract a lot of interest. During the review period, our bioindustry team, together with Taaleri Investments Ltd, developed a cooperation model in line with the Group’s strategy. The first concrete result of this is Taaleri’s investment in the Finnish company Tracegrow, which produces organic fertiliser from waste batteries. Thanks to the cooperation model, the first bioindustry private equity fund will be able to finance Tracegrow’s future factory investments.
The infrastructure team transferred to Taaleri in connection with the Aktia transaction launched its first fund during the review period. Taaleri Infra I invests in local and regional infrastructure projects. Our goal is to grow the infrastructure business rapidly in the coming years.
In our Strategic Investments segment, Garantia continued its solid business operations in accordance with its own strategy. Net income from guaranty insurance operations grew 25.4% to EUR 4.5 million. Net income from investment operations was EUR 2.2 million. The combined ratio describing the profit development of insurance operations was impressive at 23.1%.
We will continue to implement our determined strategy during the rest of the year in both the private asset management business and Garantia Insurance Company Ltd. In the second quarter, we also launched the first fund products with Aktia, and we will continue to actively develop Taaleri’s private equity funds and cooperation models during the current quarter. During the second quarter, we entered into financial, personnel and corporate arrangements, the results of which will begin to show in the third quarter.
I would like to thank our employees and partners for the tremendous work they have done, both in the divestment of the wealth management operations and in the launch of the new Taaleri. We also have an excellent starting point for continuing the fruitful work in the second half of the year.