The Valuation of the policy liabilities of Industrial Life Assurance Companies presents a number of problems which do not arise in the valuation of the contracts of Ordinary Assurance Offices, and as the President indicated in his recent Presidential Address that they are of interest even to those Members of the Institute who are not directly connected with the business of Industrial Assurance, the present paper is submitted in the hope that it may provide the basis for the discussion of some of these special problems.