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The Actuary The magazine of the Institute & Faculty of Actuaries
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Equitable Life – Penrose

Brendan McBride complains (Letters, June 2006) that I stated that Equitable Life’s motive in its bonus declaration policies was league-table ranking ‘without adducing any evidence’. If this means that he doubts whether there is any such evidence, he should find it helpful to re-read Chapters 3, 4, and 19 of Penrose.