Frank Mitchell Redington (10 May 1906 – 23 May 1984) was a noted British

United Kingdom

The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...

 actuary

Actuary

An actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries provide expert assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms ....

. Frank Redington was best known for his development of Immunisation Theory

Immunization (finance)

In finance, interest rate immunization is a strategy that ensures that a change in interest rates will not affect the value of a portfolio. Similarly, immunization can be used to ensure that the value of a pension fund's or a firm's assets will increase or decrease in exactly the opposite amount...

  which specifies how a fixed income

Fixed income

Fixed income refers to any type of investment that is not equity, which obligates the borrower/issuer to make payments on a fixed schedule, even if the number of the payments may be variable....

 portfolio can be "immunised" against changing interest rates.

He was born in Leeds

Leeds

Leeds is a city and metropolitan borough in West Yorkshire, England. In 2001 Leeds' main urban subdivision had a population of 443,247, while the entire city has a population of 798,800 , making it the 30th-most populous city in the European Union.Leeds is the cultural, financial and commercial...

 and attended Liverpool Institute for Boys

Liverpool Institute for Boys

The Liverpool Institute High School for Boys was an all-boys grammar school in the English port city of Liverpool.The school had its origins in 1825 but occupied different premises while the money was found to build a dedicated building on Mount Street. The Institute was first known as the...

, and Cambridge University. He joined the staff of the Prudential

Prudential plc

Prudential plc is a multinational financial services company headquartered in London, United Kingdom.Prudential's largest division is Prudential Corporation Asia, which has over 15 million customers across 13 Asian markets and is a top-three provider of life insurance in mainland China, Hong...

 life insurance

Life insurance

Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...

 company in 1928 and became its Chief Actuary in 1951, continuing in that capacity until his retirement in 1968.

He was the Chairman of the Life Offices’ Association from 1956–1957 and president of the Institute of Actuaries

Institute of Actuaries

The Institute of Actuaries was one of the two professional which represented actuaries in the United Kingdom . The Institute was based in England, while the other body, the Faculty of Actuaries, was based in Scotland...

1958–1960. In 2003, he was voted "the greatest British actuary ever" by readers of The Actuary, the magazine for the actuarial profession.

Sources

• Chamberlin, Gary (ed.)(1986), A Ramble Through the Actuarial Countryside: The Collected Papers & Speeches of Frank Mitchell Redington, MA, Staple Inn, UK: Institute of Actuaries Students’ Society. ISBN 0-901066-12-5