Manulife Financial is banking on Asia to generate a significant percentage of its global business by 2015, a report by The Wall Street Journal shows.

At a conference in Toronto recently, the Canadian life insurer reportedly said that by 2015 Asia is expected to deliver a net income of C$1.5 billion (around $1.5 billion) and a return on equity based on net earnings of over 20 per cent, mostly from its insurance and wealth management operations.

Manulife chief executive Don Guloien reportedly called Asia a "very important and under-appreciated" part of the economy.

The comments on the region came alongside the announcement of MFC's plans to nearly triple its global net income to C$4 million and boost return on shareholders' equity to 13 per cent, also by 2015. Manulife has been actively repositioning itself after suffering losses from falling interest rates and volatile equity markets. According to the news service, the company intends to replicate in Asia the brand stature its subsidiary John Hancock Financial has achieved in the US.

MFC is reportedly expecting to see Asia-based top-line sales growth to account for over 50 per cent of its total insurance sales by 2015. So far, for the first three quarters of 2010, Asia has produced C$284 million in profit.

Manulife Financial operates in China, Hong Kong, Indonesia, Japan, Macau, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam. It intends to open in Korea and India soon.