Lloyd’s Gender Pay Gap
2017

Lloyd’s Gender Pay Gap Report

02Statement from Inga Beale, Lloyd's CEO
Lloyd’s is 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. We will continue to highlight and takedecisive action on closing the gender pay gap within the Lloyd’s
Corporation, and act as a leader across the global insurance sector.

Lloyd’s exists to support the needs of a rapidlychanging world. Businesses, governments, andmost 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 andprovide insurance that supports the economic
growth and resilience of communities, cities andcountries, 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 genderbalanced, 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 accessto senior roles has historically been limited by theculture of the insurance sector that was much lessinclusive and welcoming than it is now.
While there has been good progress, particularly
over the past thirty years, progress is simply nothappening fast enough. We must turn this situation
around, not just to benefit women, but to benefit
the whole sector.

2017

Reporting on our gender pay gap is an important
step forward in tackling this long-standing andsystemic issue. Lloyd’s already has in place a numberof initiatives and policies to redress the genderimbalance, particularly in our talent pipeline. Theseinclude a senior management gender diversity targetof at least 40% female and 40% male in the next fiveyears. 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 arecommitted to celebrating and seeking diversity inall its forms, guided by a gender balanced seniorleadership that is as diverse as our global reach.
Inga Beale, CEO Lloyd’sLloyd’s Gender Pay Gap Report03

About the gender pay gapGender 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
which is men and women being paid the same forthe same work or work of equal value. Lloyd’s does
not believe it has an equal pay issue. However, wereview this on as annual basis as part of ourcompensation 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 thedifference between the average pay for a male in
the Corporation, compared with the average payof a woman.

2017

Our numbers

Key: Women

27.7%

32.1%

36.7%

40.7%

Mean
Bonus pay gap

Employees receivinga bonus

MenMedianMean

Median

87.3%

84.7%

Gender pay gap drivers
A higher proportion of men than women insenior roles across the Corporation	Lloyd’s has a 50:50 gender balance across theExecutive Committee. However, there is almost
double the number of men (66.2%) than women(33.8%) in the highest paying quartile. In thelowest paying quartile this is reversed, with overtwice 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 experienceslower 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 basedon actual bonuses paid, and is impacted by thefact that the calculation does not take into accountpro-rated bonuses which reflect the reduced
hours worked.

Employees by pay quartile

Upper quartile

33.8%

Upper middle quartile

44.4%

Lower middle quartile

59.7%

Lower quartile

66.2%

Key: WomenMen

66.2%
55.6%
40.3%
38.8%

Lloyd’s Gender Pay Gap Report05

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.
Lloyd’s is committed to closing the gender pay gap byworking to increase the number of women taking up senior
roles across the Corporation, and improve the gender andbroader diversity balance across all levels.

Redressing the gender imbalance will take a longterm approach. That is why we have a wellestablished programme of initiatives aimed atattracting more women, and enabling them todevelop and thrive at each stage of their career.
– All Executive Committee members are expected
to deliver against a specific objective to attractand develop diverse employees.
– As part of the commitment to the Women inFinance Charter, Lloyd’s has set a gender diversity
target of at least 40% female and 40% male for its
senior management population (highest 25% ofemployees) 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 andunconscious bias training.
– Lloyd’s has created and implemented a newgrading structure, enabling enhanced progression
opportunities for all employees.
– We have prioritised assisting our employees inachieving balance between work, family and otherlife commitments, with our flexible working policy.
We have also implemented shared parental leaveand have policies that support our employees
throughout changing family caregiving
responsibilities.

2017

– L
 loyd’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, toshare information, and develop their professional
and leadership skills.
– W
 e continue to actively champion the ‘Dive In’
Festival across the Lloyd’s market with a 2018
focus on Gender Equality.
– W e have partnered with the nationwide Working
Forward campaign, pledging to make Lloyd’s thebest it can be for pregnant women and newparents through concrete actions.
To further enhance the work we are doing, we haveidentified 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.
Declaration
I confirm that the data contained within this report isaccurate and meets the requirements of the Gender
Pay Gap reporting regulations.
Inga Beale, CEO, Lloyd’s

2018 actions

1.
2.
3.
4.

Mandate all external recruitment longlists to include a 50/50 gender split ofpotential candidates.

Review current succession plans, ensuring
they are fully representative of all talentacross the organisation, with development
plans in place for all key talent.

Strengthen the pipeline of future talent throughthe development and pilot of a bespoke female
development programme targeted at key female
talent that include stretch opportunities.

Conduct a full review of our family care policies
and continuing our work on improving flexible
working for all employees.