These notes are not intended to be a history of the Second World War. They are no more than a survey of the effect of that war on the financial institutions, namely, the Life Insurance Companies, with which British actuaries are particularly concerned. It is hoped that the survey will be of value to those members of the Students' Society who have been out of touch—through no fault of their own—with what has been happening in the field in which their peace-time activities mainly centre.

The Companies operate under conditions of ‘Freedom with Publicity’ in furtherance of which there was published, pre-war, the yearly volume of Assurance Companies' Returns, which, with the summaries appended to it, offered a convenient source of facts and figures. The publication of the Returns ceased during the war years, the last figures available relating to the operations of the year 1937; for most purposes, therefore, 1937 has been used as the ‘pre-war basic year’.