In the course of the discussion at the meeting at Staple Inn last October one speaker regretted the absence of any reserve figures from the notes then under discussion. This comparison of reserves under a new table with those under a table to which we have become accustomed is something of a habit which we tend to do perhaps without asking ourselves why we do it. What does a comparison between A1924–29 and A1949–52 reserve values tell us? Does it really tell us what change to expect in our liability as a result of a change of valuation basis or are these figures merely calculated as a matter of interest, serving in practice no useful purpose?

The answer to that must depend, at least as far as reserves under the main classes are concerned, on the extent to which we use a true net premium valuation. Interesting information is to be found in the paper recently given to the Faculty by J. M. Beattie.