Union Labor Life also maintained its leadership role in providing medical stop loss coverage to health and welfare funds. The Life & Health division achieved $37.5 million in new stop loss sales and retained 95% of its current business.
The Stop Loss International Union dividend program allows policyholders and their health and welfare funds to earn dividends based on annual premium and/or claims experience. Since the program's inception in 2012 to the end of 2020, Union Labor Life has paid $32.7 million in dividends to participating health and welfare funds in these stop loss programs.
The supplemental insurance division, UnionCare, achieved $1.1 million in new sales and continues to enhance direct response distribution channels.
In 2020, Professional Liability Program premiums reached a record $71 million, with 97% of policies renewing. The business unit also achieved a record number of insureds, with over 6,000 labor organizations and benefit plans covered.
The division continued to provide new products to the union marketplace. In 2020, it began offering Business Owners policies underwritten by member companies of Markel. It also promoted a new collaboration with NFP to insure construction and infrastructure projects.
UCG also rolled out new cyber liability tools in its risk management portal, the Ullico Resource Center.
Real Estate Investment Group (REIG)
Ullico's real estate debt products, including its flagship Separate Account J (J For Jobs), have provided more than $19 billion in loan financings for more than 500 projects since inception in 1977. In 2020, REIG invested $685 million in fifteen projects. Including loan participations from other lenders, total financing amounted to over $3.25 billion for these transactions. Projections indicate that construction financed by these loans will generate significant economic activity, including the creation of over 13,500 jobs and 27 million working hours. Since its inception, J for Jobs has created over 335,000 jobs and 676 million working hours for union workers.
Ullico's real estate debt products are managed for Union Labor Life by the Real Estate Investment Group of Ullico Investment Advisors. It ended the calendar year with $3.7 billion in AUM.
Ullico Infrastructure Fund (UIF)
UIF finished calendar year 2020 with $2.4 billion in AUM. The portfolio consisted of 18 completed transactions covering 494 assets throughout North America. These assets represent all major sectors, including wind, solar, natural gas energy generation, electricity transmission, water distribution and wastewater collection and treatment, and transportation and social infrastructure. Four active UIF investments have created an estimated 6.7 million working hours for union members.
Responding to investment needs for the nation's infrastructure, UIF was established in 2010 to assist in the construction, maintenance and refurbishment of America's infrastructure. Since its creation, UIF has experienced significant growth in its AUM, its deal opportunity pipeline, and investor interest. UIF currently has in excess of $3.3 billion in investor commitments. UIF's objectives are to provide investors with appropriate risk adjusted returns, promote the creation of union jobs, and contribute to economic growth in the nation's communities.
UIA Investment Management (UIA-IM)
Launched in 2018, UIA-IM managed $756 million in fixed-income assets at 2020 year-end. As an affiliated investment platform, UIA-IM expands Ullico's in-house capability to provide focused fixed-income investment management services to institutional fund sponsors.
In a year that was both tumultuous and tragic, in which most working families faced as much or more hardship, challenge and loss as they ever have, Ullico stood strong and steady. We achieved record results in our business units, and just like the union movement itself, we helped our nation carry onward.
When the threat of the COVID-19 pandemic became apparent, our company quickly adjusted. With the health of our 223 employees foremost in mind, we equipped them to fully fulfill their work remotely. But we didn't only maintain operations — we adapted and we grew, providing new and innovative services to the union workplace.
In all, we reported $30.3 million in net income during 2020, and our book value per share increased 19 percent from $24.52 to $29.10. These results were driven by all three business units at Ullico achieving recent or record highs. Ullico Casualty Group reported a record $71 million in gross written premium and $81 million in new business. Union Labor Life also achieved $283.1 million in gross written premiums, a recent high, along with $39.1 million in new sales. Our investment services division increased third party assets under management by over $700 million, surpassing $7.1 billion in 2020. Our focus on competitive returns and support for union workers earned the Ullico Infrastructure Fund the gold standard: a 100 percent rating from the North America's Building Trades Unions' Infrastructure Manager Report Card.
And despite the health and economic turmoil of 2020, our A- excellent rating from A.M. Best was reaffirmed.
Those are the numbers, but behind them is the story of how we serve our mission. As it became clear the pandemic was creating longer term unsettling changes, we helped our key stakeholders to adapt. We provided clients, investors and others with expert webinars, white papers and updates. Through social media, we helped union members and their families by developing online material, from coloring books to keep the kids busy to Facebook sounding boards on which working people could share tips, ideas and inspiration.
Unions arose from the struggle for economic and social justice, and when it became clear how far our nation still has to go, we spoke out against bigotry and racism in no uncertain terms. We pledge to continue to stand shoulder-to -shoulder with all who are guided by the American struggle for equality.
We look forward with hope. Our financial results reflect our people and our mission — and our mission inspires us to reach greater heights and to always fulfill our promise: we always have been, and we always will be there for working men and women.