Lloyd’s exists to support the needs of a rapidly changing world. Businesses, governments, and most importantly people, rely on us to be there when it matters most.

Our strength lies in the diversity of our people. Their talent means we continue to innovate and provide insurance that supports the economic growth and resilience of communities, cities and countries, enabling human progress.

To fulfil our purpose, it is vital that we continue to increase the diversity of talent across all roles and levels to better represent the world we serve – half of which are women. It simply cannot remain as imbalanced as it is in our sector today.

At Lloyd’s, our Executive Committee is gender balanced, although just a third of our most senior roles are held by women, which is one of the key drivers of our gender pay gap. We know that access to senior roles has historically been limited by the culture of the insurance sector that was much less inclusive and welcoming than it is now.

While there has been good progress, particularly over the past thirty years, progress is simply not happening fast enough. We must turn this situation around, not just to benefit women, but to benefit the whole sector.

Reporting on our gender pay gap is an important step forward in tackling this long-standing and systemic issue. Lloyd’s already has in place a number of initiatives and policies to redress the gender imbalance, particularly in our talent pipeline. These include a senior management gender diversity target of at least 40% female and 40% male in the next five years. We also have policies that cover inclusive hiring practices, shared parental leave and that support working families.

These steps are heading in the right direction, but it is clear that we need to expedite progress. For 2018, we have committed to an additional four key actions, detailed within this report.

We will continue to highlight and take decisive action on closing the gender pay gap within the Lloyd’s Corporation, and act as a leader across the global insurance sector. Empowering our talent to fulfil their true potential is crucial to our future. We are committed to celebrating and seeking diversity in all its forms, guided by a gender balanced senior leadership that is as diverse as our global reach.

- Inga Beale, CEO Lloyd’s