Abstract: Merger and acquisition transactions involving a life insurance company are particularly relevant to the professional actuary's work. This paper describes and critiques current approaches to determining actuarial appraisal values of life insurance companies. It proposes a new approach. It proposes more meaningful disclosure in connection with any appraisal valuation, and examines the nature of certain differences between an actuarial appraisal value and GAAP shareholder equity. This paper is intended primarily to address approach, interpretation, and concept. It does not discuss all matters that should be considered in determining a fair purchase/sale price for a life company.