Joint life and survivorship annuities on two lives form a troublesome class to deal with in valuations. Since the reserves are functions of two variables the annuities fall naturally into so many groups that they are often valued individually. In an office which writes much annuity business this process is laborious.

The Paper discusses the general problem of appreciation and depreciation, with special reference to the relation between maturing assets and maturing liabilities, and describes a method of calculating the bonus-earning power of different classes of policy. This method is used to test the effect on bonus-earning power of two types of changes in interest rates:–

1. (a) a change, such as that caused by the War Loan conversion of 1932, which takes effect gradually; and

2. (b) a subsequent change, due to a rise in the rate of income tax, which has an immediate effect on the income from existing as well as investments.

The author reviews the progress of the past fifty years from various angles, touching upon changes brought about by the development of mechanical aids and improved valuation methods as affecting work in a life office; the growth of the business in force; changes in the character of the risks underwritten; the trend from With to Without profit Tables and the movement in premium rates.

Investment problems; rate of interest and income tax; mortality; extra rating and policy conditions are also discussed.

The review of the foregoing has reference to ordinary life assurance, but the author concludes his paper with brief references to industrial assurance and national insurance.

Nearly twenty-five years have passed since Sir George Epps read his important paper at the Institute of Actuaries on the post-war problems affecting superannuation funds.

In the interval there have been many changes, great developments in the establishment of funds and another world war. Our victory in the war is now assured and although, at the time of writing, its concluding date is not known, it seems not inappropriate to invite actuaries to review the position of superannuation funds, and while I am very conscious of the inadequacy of the notes which I am privileged to submit to this meeting, I am confident that the ensuing discussion will not fail to be of profit to the profession.

The wartime development of Army medical statistics has yielded a new vision of how statistics can serve and advance medicine in the interests of society as a whole.

The abundant and unique opportunities which the Army has provided have served to emphasise a function of medical statistics which though fully recognised by the actuarial profession has hitherto been largely disregarded by the medical. Statistics should clarify our views about what aspects of health and disease have the most pressing claims on national expenditure for research or preventive policy.

Army experience has suggested a new approach to the problems of civilian health statistics. It can provide an answer to the question as to which is the greater need: (a) a more widespread recognition of how statistical techniques can advance medical knowledge; or (b) a vigorous attack on the problem of making more informative and reliable data available for statistical interpretation by creating appropriate administrative machinery.

This theme is thereafter developed and suggestions are made as to methods which might be adopted to create the necessary machinery through collaboration between organisations already in existence.