Lloyd’s Gender Pay Gap
2018

Lloyd’s Gender Pay Gap Report

02Statement from John Neal, Lloyd's CEO
Lloyd’s is committed to achieving a much more balanced
gender representation at all levels, especially in the board room,
and across executive and management positions.

While we are pleased to report that our 2018
Gender Pay Gap has shown a 7.8% improvement,
the Lloyd’s Corporation still has a significant way
to go. Closing the gender pay gap requires a longterm approach that addresses the historicalenvironment that has led to our current imbalance.
As we look towards the future, one of our priorities
is to speed up progress on bringing a much
more diverse and gender-balanced group of
talent into Lloyd’s.
We’ve made good process against our 2018
actions, which has resulted in an increased genderbalance across our senior population. This is adirect result of our 2018 commitment to mandate
all external recruitment long lists to include a
50:50 gender balance.

2018

As we move into 2019, we will continue to build on
our commitments with a number of initiatives,including the introduction of enhanced family carepolicies and flexible working for all employees.
We are absolutely determined to achieve thebroadest opportunities that a diverse workplacebrings and continue to take decisive and thoughtful
actions to ensure that lasting change is achieved.
John Neal, CEO Lloyd’sLloyd’s Gender Pay Gap Report

03

Lloyd’s 2018 Gender Pay Gap

Our numbers

Gender pay gap

Lloyd’s gender pay gap of 19.9% represents the difference between
the average pay for a male in the Corporation, compared with theaverage pay of a woman. This is a reduction of 7.8 percentage points
on last year’s report, which showed a gap of 27.7%.

29.9%

Bonus pay gap

30.1%

42.8%

82.4%

77.8%

MenMedianMeanMedian

Gender pay gap drivers
There are a number of contributing factors that are
driving a gender pay gap at the Lloyd’s Corporation.
Principle among these are:A higher proportion of men than women insenior roles across the Corporation

Employees by pay quartile

Key: WomenMen	There are more men (65%) than women (35%) in
the highest paying quartile. In the lowest paying
quartile this is reversed, with almost twice theamount of women (65.7%) than men (34.3%).
A higher proportion of women who work part-time	92.1% of those who work part-time are women.
Our mean bonus gap of 30.1% is a reduction on
last year and is based on actual bonuses paid
(36.7% in 2017). This is impacted by the factthat the calculation does not take into accountpro-rated bonuses which reflect the reduced
hours worked.

2018

19.9%
Mean

Employees receivinga bonusThis significant improvement is primarily driven by agreater gender balance across our senior population,with a higher number of male leavers and femalejoiners during the 2018 reporting period. The increasein female talent is a direct result of our 2017
commitment to mandate all external recruitment longlists to include a 50:50 gender balance. In addition,
the introduction of revised job descriptions, grading
and benchmarking has created more rigor acrossroles within the Corporation, including somesignificant pay increases for both male andfemale employees.

Key: Women

Upper quartile

35%

Upper middle quartile46%

Lower middle quartile

53.3%

Lower quartile

65.7%

65%
54%
46.7%
34.3%

Lloyd’s Gender Pay Gap Report052019 actions

Update on actions
The Lloyd’s Corporation has an important role to play inclosing the gender pay gap across the insurance sector byleading on actions and initiatives that serve as best practicefor all Lloyd’s market participants.

Dive In Festival
2018 was our fourth year sponsoring the Dive In
festival, with events held in more than 50 cities
across 27 countries under the theme Time4Inclusion,
raising awareness for greater diversity within oursector including gender focused events for thefirst time in Saudi Arabia and Jordan. In 2019 welook forward to our fifth Dive In festival under thetheme Inclusion Impact.
Inclusive Behaviours Pledge
Launched in July 2018, the Inclusive Behaviours inInsurance Pledge was established to set the standard
for inclusion in insurance, with more than 120 CEOs in
the UK signing the pledge, demonstrating theircommitment to a culture that is accepting ofdifference and inclusive for all employees. In 2019 weare introducing mandatory workshops for seniorleaders to enhance their knowledge and expertise incontinuing to build an inclusive environment.
Employee Resource Groups and Networks
We continue to support our gender employee resourcegroup (Inspire) for men and women, providing greater
access to senior leaders and a platform for colleagues
to share ideas and network at all levels across theCorporation. In 2018 we were proud to sponsor
POWER: opening doors for women, the Gender
Inclusion Network and its Balance programme toengage men and women in creating better genderbalance across insurance. We also became Corporate
members of the Women in Banking & Finance,
providing greater development opportunities forour colleagues. In 2019 we look forward to continuing
our partnership with these organisations.

2018

Women in Finance Charter
As part of the commitment to the Women in Finance
Charter, Lloyd’s set a gender diversity target of atleast 40% female and 40% male for its senior
management population (the top earning quartile ofemployees). In 2018 Lloyd’s had increased this year
on year by 2.4 percentage points to 34.8%.
Lloyd’s remains committed to closing the gender pay
gap by working to increase the number of womentaking up senior roles across the Corporation
together with improving the gender and broader
diversity balance across all levels.
Redressing the gender imbalance will take a longterm approach and requires a range of actions over asustained period. Lloyd’s have a well-establishedprogramme of initiatives aimed at attracting more
women and enabling them to develop and thrive ateach stage of their career.

Lloyd’s has already demonstrated positive progress on
the actions outlined in the 2017 Gender Pay Gap report:

1.
2.
3.
4.

Continuing 50:50 long lists for external hiring:the majority of external hiring activity for senior roles
saw 50/50 longlists including several hires in ourglobal offices. This will be extended to an objectiveof 50/50 for shortlists going forward, with a clear
understanding of the reasons why, when not achieved.

Extend succession planning for all senior leaders:development plans are in place for all key talent acrossthe Corporation. In 2019 Lloyd’s will introduce succession
planning and proactive talent management at all levels.

Expand the Advance programme to develop
female talent: the Lloyd’s “Advance” female development
programme was announced in September. The first cohort
includes 15 women from across the London InsuranceMarket. In 2019 we will increase the number of womenable to take part in the programme.

Introduce improved care policies and flexible working
for employees: Lloyd’s commissioned research on family
friendly best practices with Working Families. The subsequent
report made recommendations on enhancements to policies
and flexible working practices which have been reviewed for
implementation in 2019.

The Lloyd’s Corporation commits to further build onthese actions and will continue to publicly report its
progress towards closing the gender pay gap, including
in our Annual Report.

Lloyd’s Gender Pay Gap Report

07

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 numberof male and female employees.

The gender pay gap is different to equal pay whichrefers to men and women being paid the samesalary for the same work, or for work of equal value.
As part of our annual compensation review, the payof male and female employees is assessed, andbased on this we are confident that Lloyd’s does nothave an equal pay issue.
In line with the reporting requirements, this report
relates to UK employees of the Corporation of
Lloyd’s as of 5 April 2018.
Lloyd’s market firms that have more than 250
employees will individually be reporting their pay
gap as required by the UK Government.

2018

Declaration
I confirm that the data contained within this report isaccurate and meets the requirements of the Gender
Pay Gap reporting regulations.
John Neal, CEO, Lloyd’s