Gender andEthnicity Pay Gap
Reports 2021

Lloyd’s Gender and Ethnicity Pay Gap Reports

02

Statement from John Neal, Lloyd’s CEO
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-representationof 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 bothwithin the Corporation and across the market.

In this report we set out the pay gap data for both
Gender and Ethnicity
Our 2021 mean gender pay gap is 18.6%,
an improvement of 1.8% on 2020. While there is still
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), we continue
to focus on hiring and retaining the best diverse
talent. Due to the size of these populations within
Lloyd’s the figures may fluctuate from year to year,but we remain close to gender parity.
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 wayof their success. Our Advance career development
programme is proving effective at preparing ourtalent for progression and will continue to be a coreelement of our talent development programmes.

2021

The Corporation’s mean ethnicity pay gap in 2020
is 16.1% (and median 9.5%). 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. Our Accelerate careerdevelopment programme is proving effective infacilitating progression for ethnic minority colleagues.
Closing our pay gaps will take time, but we arecommitted to long-term actions and will continue tohold ourselves to account.

John Neal, CEO Lloyd’sLloyd’s Gender and Ethnicity Pay Gap Reports

03

What’s the difference
between equal pay andpay gaps?
Equal pay

Gender Pay Gap

Equal pay is the right for men and women to be paid
the same for the same, or equivalent, work or workof equal value. It’s an aspect of UK sex discrimination
law which has been in force for over 40 years.
Where men and women are not receiving equal pay,the employer must prove that the reason isn’t genderrelated — Source: CIPD

The gender pay gap is the difference between theaverage (mean or median) earnings of all men andall women across a workforce — Source: .gov.uk
The same methodology is applied for other pay gap
calculations such as the Ethnicity pay gap. Publishing
the Gender Pay gap is a statutory obligation.
Publishing the Ethnicity pay gap is voluntary.
Publishing pay gap figures is always 1 year in arrears.

Note: Some reasons for differences in pay which are
not gender related may include performance in role,
experience or other market related factors

2021

Note: The Gender and other pay gaps e.g. ethnicity
pay gap are influenced by a number of factors
including representation at senior levels within abusiness and the prevalence of some groups in lesswell remunerated roles.

Lloyd’s Gender Pay Gap

Genderpay gap

GenderBonus Gap

Key: Women

Men

2020

2021

2018

2019

Mean

19.9%

22.2% 20.4% 18.6%

Median

29.9% 26.5% 20.8% 19.2%

Mean

30.1%

Median

42.8% 40.5% 33.6% 25.9%

Proportionof Employees
in receiptof Bonus

37.4%

28.1%

23.0%

82.4% 74%

63.3% 73.6%

77.8%

64.6% 71.7%

71.1%

2021 Employees by pay quartile

Upper quartile

35.0%

65.0%

Upper middle quartile

50.6%

Lower middle quartile58.5%

41.5%

Lower quartile

60.8%

39.2%

49.4%

What the data is telling us:
At Lloyd’s, globally, our female colleagues represent 51% of our workforce. We continue to make progress inclosing the gender pay gap, with the Corporation reporting a mean gender pay gap of 18.6% in 2021, a decreaseof 1.8% from 2020, and an overall reduction of 9.1% since 2017.

Lloyd’s Ethnicity Pay Gap
Lloyd’s is one of only 14 of FTSE 100 companies that haveconducted Ethnicity Pay Gap Reports

Meanpay gap

Medianpay gap

Bonusmeangap

Bonus
mediangap

Proportion ofEmployees inreceiptof Bonus

Black

17.3%

17.3%

23.7%

19.4%

75.0%

Asian

16.1%

6.9%

24.9% -1.5%

56.8%

Mixed

13.6%

10.3%

20.6% 13.7%

53.8%

EthnicMinority

16.0%

9.5%

24.1%

60.4%

8.0%

Employees bypay quartile

WhiteEthnic minority

Upper quartile

83.8%
78.1%
67.0%
75.8%

16.2%
21.9%
33.0%
24.2%

Upper middle

Lower middle

Lower quartile

What the data is telling us:
23% of our colleagues come from an ethnic minority background. Disclosure rates: 87%.
The mean ethnicity pay gap in 2021 is 16.1% shows a small increase of 0.7% compared to the previous year.

Lloyd’s Gender and Ethnicity Pay Gap Reports

What are we doing
to close the Pay Gaps?

1.

1 in 3 Ethnic minority hiring ambition

2.

Advance: Career Development Programme for women3.

Accelerate: Career Development Programme forethnic minorities

4.

Inclusive Recruitment Training for managers

5.

Best in class Family leave policies

6.

Equality Analysis of pay and performance processes

7.

D&I Accreditations focussed on audit and impacts

8.

Ethnicity commitments and EDGE action plan

2021

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