沪港两地上市保险公司半年报陆续发布，在业绩说明会上管理层开始淡化规模保费增速，转而寻求新业 务价值（NBV）的贡献度。 记者梳理发现，头部上市险企上半年新业务价值几乎均录得双位数的增长。比如中国平安寿险及健康险 业务新业务价值223.35亿元，同比增长近39.8%；中国人寿上半年新业务价值285.46亿元，同比提升 20.3%；中国太保上半年新业务价值达95.44亿元，同比增长32.3%；中国人保旗下寿险上半年实现半年 新业务价值49.78亿元，同比增长71.7%；中国太平旗下寿险业务上半年新业务价值61.81亿元，同比增 幅22.8%；新华保险上半年实现新业务价值61.82亿元，同比增长58%；友邦保险上半年新业务价值28.38 亿美元，同比上升14%。 "综观保险公司半年报，几乎所有集团层面的净利润或归母净利润增长都有限，但是从去年'9.24'行情以 来，保险股股价表现却异常亮眼，有的已经实现翻倍，上半年保险股也远远跑赢大盘。人身险作为各家 上市险企最大头的主营业务，新业务价值无疑是关键指标，能够贡献双位数增长的NBV，显然得到了 市场投资者的认可。但是这一指标能否延续全年，而藏在背后的另一个更细微的数据 ...

Group 1: Company Overview - Zhongying Life Insurance was established in 2003, co-funded by COFCO Capital and Aviva, one of the oldest and most influential insurance groups globally [1] - The company is known for its strong customer service experience, having received multiple industry service awards, and maintains a high level of customer loyalty [1] - Zhongying Life emphasizes value orientation, focusing on service quality and intrinsic value growth, with robust asset-liability management capabilities [1] Group 2: Business Performance - In the first quarter, Zhongying Life outperformed the industry across all three major channels, achieving a record high in Value of New Business (VNB) [3] - The company is actively adapting to market changes and new regulatory environments, accelerating transformation to achieve counter-cyclical growth [3] - Zhongying Life is enhancing its product structure by increasing the proportion of high NBM products, such as commercial annuities and other protection products [3] Group 3: Investment Strategy - Zhongying Life is improving its investment research capabilities and has successfully managed long-term bond allocations, achieving significant returns [4] - The company has established a risk management system for investments, covering various risk monitoring indicators and early warning thresholds [4] - Its investment performance ranks among the best in the industry, having received multiple awards for excellence in investment management [4]