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Gender and Ethnicity Pay Gap Reports

Gender and Ethnicity Pay Gap

Lloyd’s long-term success is dependent on its ability to attract and retain the very best people. Pay gaps point to the under-representation of specific employee groups and communities, and therefore Lloyd’s is committed to minimising pay gaps as part of our ambition to build a high performance and inclusive working environment, both within the Corporation and across the market.

Lloyd’s 2020 Gender and Ethnicity Pay Gap Report – CEO Statement

Lloyd’s is the world’s most advanced insurance marketplace and its long-term success is dependent on its ability to attract and retain the very best people. Pay gaps point to the under-representation of specific employee groups and communities, and therefore Lloyd’s is committed to minimising pay gaps as part of our ambition to build a high performance and inclusive working environment both within the Corporation and across the market.

In this report we demonstrate the progress made within Lloyd’s Corporation in closing the gender pay gap in 2020 and, for the first time, we are also publishing the Corporation’s ethnicity pay gap.

Our 2020 mean gender pay gap is 20.4%, an improvement of 1.8% on 2019. While there is still much more to do, this shows a continually improving trend since the 27.7% pay gap in our first report in 2017. In our most senior roles (Council, Executive Committee and their Direct Reports), I am pleased to report that we are close to parity in gender representation.

Continued improvements to the gender pay gap will require a continued focus on recruiting and actively supporting women throughout their careers, as well as addressing the barriers that get in the way of their success. The global pandemic has accelerated progress towards more flexible ways of working, and at Lloyd’s we are determined to ensure that, as we adapt to the ‘better normal’, we capitalise on these changes to benefit not just women, but all our people.

The Corporation’s mean ethnicity pay gap in 2020 is 15.3% (and median 6.1%). In our reporting, we have broken this down to illustrate the differences across Black, Asian and Mixed backgrounds, as this allows us to see and understand the differences for all our communities and make our actions more specific. As for gender, the ethnicity pay gap is driven by under-representation in senior roles within the Corporation and we will have to use a range of different levers to develop Lloyd’s pipeline of talent that reflects all of our communities. More details about our plans are listed below.

Closing our pay gaps will take time, but we are committed to long-term actions and will continue to hold ourselves to account.


John Neal, CEO Lloyd’s

Lloyd’s 2020 Gender and Ethnicity Pay Gap Report

Download Lloyd’s 2020 Gender and Ethnicity Pay Gap Report here.