Actuarial valuation involves using statistical and mathematical methods to evaluate the financial health of pension plans, insurance policies, or funds. It requires actuaries to analyze various factors, including mortality rates, interest rates, and the likelihood of future events. This valuation helps determine the required funding levels for pensions, set premiums for insurance products, and assess the overall solvency of insurance companies or funds. Actuarial valuations are typically performed periodically to ensure that the financial obligations can be met as they come due.