RGA Australia

Workplace Gender Equality Agency
Gender Pay Gap Employer Statement
February 2024

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Introduction

Our commitment to gender equality
At RGA, we do business with heart. To achieve our purpose of making financial protectionaccessible to all, we strive for diversity in our teams, equity in our practices, and inclusion inour culture. We are committed to providing a diverse, equitable, and inclusive workplacethat respects and embraces all.

Across our global operations, we are committed to creating a workplace where all
employees are treated equally and have the same opportunities to advance their careers

irrespective of their gender, background, or sexual orientation. We believe that diversity andgender equity add to the success and strength of our organisation and are committed tofostering a culture and environment of equity, where all employees have the opportunity

to realise their respective full potential.

This commitment is brought to life through our global Diversity, Equity, and Inclusion (DEI)

strategy, which includes four key goals:
1.

Foster diverse talent and promote an equitable culture

2.

Advance DEI in the community and industry

3.

Establish accountability and measurement

4.

Build an inclusive workplace

Our commitments to progress in ensuring all genders can participate fairly at all levels arealigned to these four goals and are detailed in this report.

RGA Australia (RGAA) is proud to have achieved the Insurance Business’ 5-Star Diversity,Equity, and Inclusion Award in both 2022 and 2023, which is a reflection of our commitment
to creating an inclusive environment where our diverse workforce can thrive. It is also astrong signal from our employees that they can come to work and feel that they can becompletely who they are as individuals, whatever their background, interests, orpreferences, which is our ultimate aim.

RGA Australia’s Gender Pay Gap
Data

What is the Gender Pay Gap?
The gender pay gap (GPG) shows the difference between the average earnings of men

and women across a whole organisation. It is not the same as Equal Pay which relates towhether men and women are paid equally for the same or similar work. Employers canhave a gender pay gap without having equal pay gap issues.

RGA Australia’s Gender Pay Gap
The 2022-23 RGAA WGEA submission included 139 employees, with an even split between
female (51%) and male employees (49%).

RGAA’s average total remuneration gender pay gap is 5.7% and the median is 4.9%. This isfavourable to the WGEA Industry Comparison Group (Industry Comparison Group), withthe average GPG being 31.9%.

Whilst we are pleased with our low gender pay gap compared to the Industry

Comparison Group, it is acknowledged that given RGAA’s relatively small size, it would not
be unexpected to see a positive or negative swing year-on-year. For example, one (1)change in male/female senior leadership could have a significant impact on RGAA’s
gender pay gap.

The GPG results reflect that we have proportionally more men in management positions,and since pay and bonus are higher for senior positions, as a result, the average pay formen across RGAA is higher than for women.

Gender composition by pay quartile:
A disproportionate concentration of men in the upper quartiles and/or women in the lower
quartiles can drive a gender pay gap.

The chart below shows the total remuneration of all employees across four equal quartiles.

Across three of the pay quartiles, RGAA is favourable to the Industry Comparison Group. AtRGAA, the Upper Quartile is comprised of 44% female employees and the Upper Middle

Quartile is comprised of 53% female employees, which is favourable to the Industry
Comparison Group (Upper Quartile: 33% Women, Upper Middle Quartile: 47% Women). The

Lower Quartile at RGAA is comprised of 46% females, which is favourable to the Industry
Comparison Group (Lower Quartile: 61% Women).
Total Workforce
Upper Quartile
Upper Middle Quartile

51%Lower Quartile

56%

44%
53%Lower Middle Quartile

49%

47%
37%

63%
46%

Women
Men54%

Workforce composition by role:
Having a higher number of men in Key Management Personnel and Manager level roles
can be a key driver of gender pay gaps.

RGAA’s gender composition by role shows a higher number of female employees
compared to the Industry Comparison Group in both key management personnel positions(44% compared to 33%) and manager positions (42% compared to 38%).

Key Management Personnel (KMPs)

44%

56%

Managers

42%

58%

Non-Managers

54%

Women
Men46%

Workforce composition by employment status:
The data published by WGEA shows that the number of part-time management roles islimited (7% of managers are part-time) and this imbalance has a disproportionate effecton women’s earning capacity and contributes to Australia’s gender pay gap.

The graphs below illustrate RGAA’s workforce composition by employment status (full-timeand part-time). Eighty-three percent of part-time employees are women, which is aligned

to the Industry Comparison Group (84%).
Part-time employees:
17%

Women
Men

Full-time employees:

54%

46%

Women
Men

83%

Workforce composition of appointments (hires andpromotions):

During the reporting period, females accounted for seventy-five percent of appointments
to management positions. We note that with our relatively small size, it would not be

unexpected to see a positive or negative swing year-on-year. Appointments for nonmanager positions are relatively even (women 55% and men 45%).

Manager appointments:

25%

Women
75%

Men

Non-manager appointments:

45%

55%

Women
Men

Actions and Strategies: Our
Commitment to Progress

RGA is committed to fostering an inclusive organisation that appeals to the best people.

Whilst we acknowledge that it would not be unexpected to see a positive or negative swing
to our Gender Pay Gap year-on-year, we are committed to ensuring all genders canparticipate fairly at all levels, including the promotion of diversity in leadership anddecision-making positions.

Aligned to the four goals of our global DEI strategy, our immediate commitments to ensure

equal opportunity for all genders across our business and within the insurance industry are
as follows:

Foster Diverse Talent and Promote Equitable Culture•Inclusive recruitment practices, including ensuring the language in our job adverts

is gender neutral, ensuring diverse candidate shortlists, and education of people
managers in mitigating biases throughout recruitment processes.

•Introduction of the global program “Grow Representation of Women in Leadership”(G.R.O.W.), which provides women at RGA with resources for professional networking,growth, and senior leadership development.
•Providing development opportunities at all levels of seniority, including the Global

Talent Accelerator Program for more junior employees, that are designed toencourage peer-to-peer learning with global colleagues from diverse backgrounds,geographies, and departments.

Advance Diversity, Equity, and Inclusion inCommunity and Industry•

Ensuring gender diverse representation of RGAA speakers at external events.

•Strategy alignment between our Corporate Social Responsibility activities andDiversity, Equity, and Inclusion priorities.

Establish Accountability and Measurement•Proactively conducting gender pay gap and pay equity analysis every two years,
with actions to address pay equity gaps incorporated into our twice annual pay
review cycles.

•Continuous employee consultation and measurement including our two-yearly
global engagement survey which includes a DEI Index, individual employee lifecycle

surveys, and specific ad hoc surveys to address DEI topics (including the “Grow

Representation of Women in Leadership” (G.R.O.W.) survey). Human Resources also

proactively consults with employees returning from parental leave.
•Targets for promotion and recruitment of women into management and leadershiproles.

•Reporting on gender balance and ensuring equity in succession planning and in thepipeline of high potential employees.

Build an Inclusive Workplace•Fostering a family friendly environment through workplace policies and practices
including promoting hybrid working arrangements and role flexibility with leaders

being visible role models of flexible working, supporting employees experiencing
family and domestic violence, and paid parental leave offered to all genders (whichincludes superannuation on paid and unpaid parental leave).

•Proactively educating managers and employees in unconscious bias, appropriate
workplace behaviour, and inclusive leadership practices, as well as providing Blue

Ocean Brain, an on-demand professional development resource with a DEI focus, toall employees. Unconscious bias training is completed by all employees annually.