1. The finances of life offices have been discussed by actuaries for more than a century and it seems entirely safe to predict that these discussions will continue into the future, with no diminution either of enthusiasm or of topics of general interest. The developing nature of many of these topics needs no emphasis, either from the viewpoint of changing external circumstances, or of the length of time which has elapsed since the first mention; for example, bonus reserve valuations were referred to in an Institute discussion nearly a century ago, investments in ordinary shares were mentioned before the close of the last century and variable assurances were touched upon over 30 years ago.