For us, responsibility means making an impact and taking responsibility through our actions. Our goal is to promote sustainability by implementing financially profitable projects with significant social or environmental benefit. We are a front-runner in impact investing.
We can be satisfied with Taaleri’s year in a challenging operating environment. The Group’s income in-creased slightly to EUR 69.5 million, and operating profit increased to EUR 17.6 million. I would like to warmly thank our staff for their committed and hard work and our customers for their trust in us during these exceptional times. Our digital wealth management service, launched in summer 2020 and specialising in impact investment, has been well received by existing and new customers. The service offers all investors the opportunity to invest in new projects benefiting the environment and society through a wide-spread ETF portfolio and direct investments in funds.
The goal of Taaleri Wealth Management’s visionary investment activities is to offer clients financial returns and the opportunity to have a positive environmental and social impact. Our digital wealth management service, launched in summer 2020 and specialising in impact investment, offers all investors the opportunity to invest in new projects benefiting the environment and society. In 2020, in the SFR survey, institutional investors chose our wealth management as the best in Finland in the challenger category. Particularly, investors appreciated our customer service, vision and resources.
The Taaleri Vuokrakoti fund will alleviate the housing shortage in growth centers. At the same time, it will diversify and increase the supply of affordable housing in Finland's growth centers. The fund serves as a natural way for many Finnish non-profit institutions to invest their assets with moderate risk and return, and at the same time promotes the solution of socially important issues.
The Insurance segment includes Garantia Insurance Company Ltd., an insurance company specializing in guaranty insurance. The objective of Garantia is to modernize collateral practices and provide customers with easy and cost-effective guaranty solutions and new business opportunities through digital channels.Business responsibility is based particularly on taking into account the needs of the different parties in the housing markets and on securing investments. In 2020, our solvency remained strong, and S&P confirmed our credit rating of A- with stable outlook.
Garantia’s guarantee products create added value in the rental housing market where the trend is to waive security deposits. A rental guarantee makes it possible to rent an apartment without a security deposit, thereby supporting the tenant’s finances and increasing economic equality. The guarantee brings peace of mind to the owner and the renter of the apartment by reducing the financial risk of the investment.
Together with our investors we are accelerating the global transition to renewable energy. Wind power and solar energy are already competitive alternatives on the market, and in many countries, they are now the cheapest form to new build electricity generating capacity. We currently manage four private equity funds and have a 2.8 GW wind and solar portfolio in Europe, the US and the Middle East.
We have invested in a globally significant solar energy project in Jordan together with leading players in the energy sector. The 850-foot-wide solar energy park will generate electricity for 110,000 households annually when completed.
Fintoil, partly owned by Taaleri, invests more than EUR 100 million in a biorefinery in Hamina. For Taaleri, the biorefinery represents a significant investment in the Finnish industry and expertise.
Essi Sten appointed Head of Taaleri Real Estate business and a member of Taaleri Group’s Executive Management Team. She has more than 20 years of extensive experience from the real estate business.
Taaleri SolarWind II fund has made its first investment in the USA by acquiring a ready to build wind farm in Texas. The project has been developed in-house by Taaleri Energia.
Taaleri’s subsidiary Garantia Insurance Company has agreed to provide residential mortgage guarantees to member banks of OP Financial Group.
In the annual SFR interview survey conducted for the 21st time now, Taaleri Wealth Management was awarded the best ratings in the challenger category.
The Taaleri SolarWind II fund has held a third closing with approximately EUR 320 million in total commitments.
Commitments in private equity funds investing in renewable energy were EUR 637 million at the end of 2020.
Emission reduction of private equity funds investing in renewable energy was
The subscriptions in Taaleri Impact fund totalled EUR 19 million at the end of 2020.
Taaleri Rental Home fund has built a total of 384 affordable rental homes by the end 2020.
Taaleri's housing funds have built a total of 1500 rental homes by the end of 2020.
Garantia has through its guaranty insurance operations enabled during 2020:
We cooperated with Junior Achievement Finland during 2015-2020. Junior Achievement Finland reached 75,000 students during school year 2019-2020, with 1,200 schools and colleges involved.
In 2020 Taaleri Group employed an average of 192 professionals.
The number of new recruitments of Taaleri Group in 2020 was 27.
Income taxes and taxes on salaries and other fees to Finland were EUR 11.5 million in 2020.
Taaleri's own balance sheet investments totalled EUR 7.2 million in 2020.
Taaleri's private equity funds have cumulatively invested over EUR 1.4 billion in Finland (including equity and debt capital).
In line with the Finnish Corporate Governance Code 2020 published by the Securities Market Association and in conjunction with the annual Financial Statements, Taaleri publishes a Corporate Governance Statement and current Remuneration Report.