Read Lloyd's CEO Inga Beale's full statement
About the gender pay gap
The gender pay gap is the difference between the gross hourly earnings for all men and the gross hourly earnings for all women.
- The mean gender pay gap figure represents the difference between the average pay of all Lloyd’s Corporation male employees, and female employees.
- The median gender pay gap figure represents the pay difference between the middle point of Lloyd’s total number of male and female employees.
The gender pay gap is different to equal pay which is men and women being paid the same for the same work or work of equal value. Lloyd’s does not believe it has an equal pay issue. However, we review this on as annual basis as part of our compensation review process.
In line with the reporting requirements, this report relates to UK employees of the Corporation of Lloyd’s as at 5 April 2017.
Lloyd’s market firms that have more than 250 employees will individually be reporting their pay gap as required by the UK Government.
Lloyd’s gender pay gap of 27.7% represents the difference between the average pay for a male in the Corporation, compared with the average pay of a woman.
Gender Pay Gap Drivers
- A higher proportion of men than women in senior roles across the Corporation
Lloyd’s has a 50:50 gender balance across the Executive Committee. However, there is almost double the number of men (66.2%) than women (33.8%) in the highest paying quartile. In the lowest paying quartile this is reversed, with over twice the amount of women (66.2%) than men (33.8%).
- A higher proportion of women who work part-time
Part-time employees are more likely to experience slower career progression than those who work full time, which can impact remuneration. 11% of our employees work part-time, of which 92% are women. Our mean bonus gap of 36.7% is based on actual bonuses paid, and is impacted by the fact that the calculation does not take into account pro-rated bonuses which reflect the reduced hours worked.
The Lloyd’s Corporation has an important role to play in closing the gender pay gap across the insurance sector by leading on actions and initiatives that serve as best practice for all Lloyd’s market participants.
Lloyd’s is committed to closing the gender pay gap by working to increase the number of women taking up senior roles across the Corporation, and improve the gender and broader diversity balance across all levels.
Redressing the gender imbalance will take a long term approach. That is why we have a well-established programme of initiatives aimed at attracting more women, and enabling them to develop and thrive at each stage of their career.
- All Executive Committee members are expected to deliver against a specific objective to attract and develop diverse employees.
- As part of the commitment to the Women in Finance Charter, Lloyd’s has set a gender diversity target of at least 40% female and 40% male for its senior management population (highest 25% of employees) in the next five years.
- Inclusive hiring has been a key priority for Lloyd’s Talent Sourcing. We require all external recruitment partners, Lloyd’s hiring managers, Senior Leadership Team, and Executive Committee to attend inclusive hiring and unconscious bias training.
- Lloyd’s has created and implemented a new grading structure, enabling enhanced progression opportunities for all employees.
- We have prioritised assisting our employees in achieving balance between work, family and other life commitments, with our flexible working policy. We have also implemented shared parental leave and have policies that support our employees throughout changing family caregiving responsibilities.
- Lloyd’s Inspire, our gender equality employee network, provides a forum for all Lloyd’s employees to promote awareness and understanding of issues relating to gender equality within the workplace, to share information, and develop their professional and leadership skills.
- We continue to actively champion the ‘Dive In’ Festival across the Lloyd’s market with a 2018 focus on Gender Equality.
- We have partnered with the nationwide Working Forward campaign, pledging to make Lloyd’s the best it can be for pregnant women and new parents through concrete actions.
To further enhance the work we are doing, we have identified 2018 actions aimed at reducing the gender pay gap over time:
Lloyd’s will continue to publically report its progress towards closing the gender pay gap, including in our Annual Report.
I confirm that the data contained within this report is accurate and meets the requirements of the Gender Pay Gap reporting regulations.
Inga Beale, CEO, Lloyd’s