Manulife Financial, the Toronto-based financial services group, posted $1.7 billion in net income for 2012, driven by an increase in wealth and insurance sales for the year.

Much of the increase came from its Asian operations, where wealth sales more than doubled since 2011, the firm said in a statement. Total insurance sales grew by 20 per cent in the fourth quarter 2012 from Q4 2011, with record totals logged in Indonesia and Hong Kong. The company also expanded its distribution network with additional partners in Japan. 

Manulife Asset Management, its asset and wealth management business also posted strong growth, following the launch of a strategic income fund in Japan, which effectively contributed to its Asian sales total. Elsewhere, the firm also saw record mutual fund sales and assets under management in Canada and also generated strong mutual fund and 401(k) sales in the US. 

Overall, Manulife Financial saw a 31 per cent rise in wealth sales to $10.4 billion from 2011, with funds under management reaching $532 billion. 

The Asia division in specific saw its fourth quarter 2012 wealth sales reach a record high at over $2 billion as it continues to develop multi-channel distribution agreements with key bank partners in Indonesia and Japan. During the year, it started operating in Cambodia and achieved its 50th city license in China. 

In Hong Kong, wealth sales for Q4 rose 74 per cent than the previous year to $321 million. Other wealth sales, excluding Hong Kong, Japan and Indonesia, went up 78 per cent from the same period a year ago to $668 million. 

On a full year basis, the Asian division saw wealth sales rise 36 per cent over 2011 to $5.7 billion.