In terms of operating performance, we significantly increased insurance sales as compared with the second quarter of 2011 with all-time record sales in Asia. We work diligently to improve our product mix in line with our lower risk product strategy, we strengthened our underlying earnings for the first quarter and we were able to generate strong new business embedded value.In terms of capital management and financial position, our variable annuity hedging program mitigated 88% of the effects of lower equity markets and interest rates and was essentially fully effective over the first half of the year 2012. Our capital ratio stands at 213% as of the end of June. We significantly reduced our earnings sensitivity to interest rates in the quarter and remained ahead of our hedging timetable and we decreased our leverage this quarter.
Manulife Financial's CEO Discusses Q2 2012 Results - Earnings Call Transcript
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