Turning to slide two, I draw your attention to the cautionary language regarding the use of forward-looking statements and non-IFRS financial measures, which form a part of this morning’s remark. As noted in the slides, forward-looking statements may be rendered inaccurate by subsequent events.
And with that, I’ll now turn things over to Dean.
Thanks, Phil, and good morning, everyone. Yesterday Sun Life reported results for the second quarter of 2012 with operating income of C$59 million or C$0.10 per share on a fully diluted basis. These results reflect global economic conditions affecting the industry, including low interest rates and weak equity markets, and our results were generally in line with our published market sensitivities.Operating income excluding the net impact of market factors was C$379 million, an improvement over the C$357 million reported last quarter, reflecting a number of notable items, including higher levels of securities gains in the second quarter. Year-to-date, we have reported operating net income of C$786 million and operating ROE of 11.7%. Despite challenging conditions, we continue to make excellent strides in executing on our strategy, including strong sales growth in a number of key businesses while reducing total company expenses. Total adjusted premiums and deposits grew 21% year-over-year to C$25.1 billion. Strong top line growth continues to reflect momentum in asset management, particularly mutual fund sales at MFS. Sun Life’s assets under management increased to C$496 billion from C$474 billion a year ago. MFS reported a very strong quarter with gross sales of U.S. C$19.7 billion, surpassing last quarter’s record level and strong net flows of C$4.2 billion. Robert Manning will provide a more detailed update on MFS later on the call. Sun Life Global Investments Canada continued its rapid expansion with retail mutual fund sales of C$51 million and institutional sales of C$828 million, bringing client AUM to C$5.3 billion. SLGI attracted 14% of the mutual fund sales of our Career Sales Force in Canada, up from 3% a year ago and 11% in the prior quarter.
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