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Diversity and Inclusion

At LV= we believe fostering a diverse and inclusive culture is key to the successful delivery of LV=’s future strategy.

By broadening and deepening the talent pool, we’ll increase our diversity of thinking and create increased innovation. Better representing our diverse customer and member base enables us to better respond to their ever-changing needs. As we navigate the challenges and opportunities over the years ahead we recognise the need to nurture an environment where everyone feels that they can bring their true self to work and that our people’s views are recognised and respected in a truly inclusive business.

Our Diversity and Inclusion programme challenges the business to provide inclusive products for our customers and to ensure our workplace is accessible and inclusive for all - from the culture we create, to the people processes we operate. As every aspect of diversity matters to us, we’ve engaged our people to inform our approach and we’ve made real progress.

Our Vision

To foster an inclusive culture and diverse workforce which values individual difference and where everybody can live confident, driving better customer and financial outcomes.

Our Diversity and Inclusion Charter:

D&I is important to LV= because...

  1. It’s good business- our customers and members are diverse too.
  2. Being best loved is for everyone- our customers, our members and our people.
  3. It helps us attract and retain the most talented people.

D&I at LV= means...

  1. Enabling, respecting and valuing individual differences.
  2. Identifying, addressing and removing unfair barriers in communication, processes, policies, practices, products and services.
  3. Sharing the different experiences of our people to gain a competitive advantage.
  4. Creating ideas and solutions built on a range of perspectives.
  5. Harassment and discrimination are not tolerated.

We’ll know we have a culture that values D&I when...

  1. Everybody feels comfortable being themselves at LV=.
  2. We are self-aware and accept personal accountability for Diversity and Inclusion.
  3. The diverse perspectives of our people, our customers and members and people from the communities we operate in are reflected in all we do.
  4. Our people and leaders are as diverse as the customers we serve.
Lots of multi coloured hearts together in the shape of a larger heart

Women in Finance Charter

We want talented people to have equal opportunities to grow their careers at LV= and we believe that gender balance is vital to our success.

On 11 July 2016 we were excited to join 72 firms across the financial services sector to sign the Women in Finance Charter demonstrating our support of the diversity agenda across financial services. A joint commitment by HM Treasury and signatories, the Women in Finance Charter reflects the government’s aspiration to see gender balance at all levels across financial services firms and is focused on building a more fair and balanced industry in partnership with the best businesses in the sector.

30% Club

Background

In 2013 we undertook deep-dive qualitative research on factors influencing the gender gap which provided rich insight. A considered strategy was implemented to build greater accountability, improve policy and practice, and strengthen leadership capability.

In addition to the WIFC we’ve also signed up as a partner to the 30% Club, a cross-company, cross-sector mentoring scheme, with the ultimate goal to broaden the pipeline of female talent coming through organisations and making a step-change to the number of women attaining senior and board roles.

With access to mentors who hold senior leadership positions and have substantial business experience we’ll be able to offer invaluable mentoring partnerships to women with high potential to support their career development and growth.


Our Commitment

As a charter signatory we pledge to continue to support gender diversity, this includes our executive team and Board endorsed commitment to increase the proportionality of women in senior positions. To meet our charter commitments:

  • We’ve committed to achieving 33%, or above, female representation on our executive committee and its direct reports (excluding personal assistants) by 2019.
  • We’ve committed to achieve 40%, or above, female representation at senior levels within LV= by 2020.
  • We will annually publish our progress against our targets.
  • These targets are embedded in our executives teams performance plans and performance against these aspirational targets will be directly linked to performance related pay.

Our executive team and senior positions remain dominated by men. We recognise a need to act and by setting these targets and accompanying supportive activity we aim to move closer towards gender balance. We want to ensure that the skills and capabilities of the entire workforce (including women) are recognised and nurtured. This is not positive discrimination and we don’t promote or hire women over men, this is about levelling the playing field where everyone can succeed on merit.

Did you know?

Growing research is dispelling the myth that women are less ambitious than men. The evidences shows that women's ambition levels do vary, but they vary by company, not family status. The right corporate culture in companies that are making real progress on gender diversity is evidenced to boost ambition levels among women.

Source: ‘Dispelling the Myths of the Gender “Ambition Gap”’.

Gender Balance of Senior Leadership[1]

Female current state 36.41%, future state 40%. Male current state 63.59%, future state 60%

[1] Bands C - E. This includes employees from operational management level and senior operational manager level and up to executive level

[2] Statistic based on current state as of 31 December 2016

[3] Statistic based on future state by 2020

Level

Gender

2017* Starting Point

Future State

Executive Team and
Direct Reports

Female
Male

26.2%
73.7%

33% (2019)
67% (2019)

Senior Management**

Female
Male

36.4%
63.6%

40% (2020)
60% (2020)

All Employees

Female
Male

53.31%
46.69%

* 31/12/2016
** Bands C-E. This includes employees from operational management level and senior operational manager level and up to executive level.


Focusses for 2017

To achieve our charter targets and further foster a fully inclusive and diverse workforce we’ve committed to a number of different programmes, including:

  • Identify talented women across LV= for our executive sponsored LV= Women to Watch list.
  • Launch our new Diversity and Inclusion Managers Toolkit. This toolkit supports our leaders to make small practical changes to increase their team’s diversity and reach their full potential.
  • Continue to work with search consultants to ensure all shortlists for senior roles include women and encourage a gender mix across all interview panels.
  • All members of the executive team will work with their business units to agree key Diversity and Inclusion actions, from recruitment to promotion and development, to improve their balance of talent.
  • High support and high challenge Diversity and Inclusion training to be delivered to senior leaders to equip participants with a solid understanding of banter, bullying and harassment and practical tools and techniques to bravely call-out non-inclusive behaviour and language in a non-disruptive manner in real-time.
  • We’ll continue to sponsor and develop all of our Diversity and Inclusion networks where we can celebrate and share our different work, life and cultural experiences, role model inclusive behaviours, remove barriers to equality and always fight for better.

Our Progress so far…

At the start of 2016 we set ourselves the target to increase the proportionality of female representation at senior levels to 36.6% by the end of 2017. We achieved 36.4% which was a great start.

To support this shift in the proportionality of senior women we continue to commit to initiatives which support positive change:

  • Targeted development to build the female talent pipeline, including Women’s Career Development programme and executive reciprocal mentoring programme for women.
  • Our ever growing LV= PACE gender network acts to strengthen role model visibility and amplify male ally advocacy. The network also acts as a forum where women from across LV= can come together, discuss their contribution to the business, any barriers they’re facing and look for solutions. PACE stands for Potential, Ambition, Connections and Empowerment.
  • Our wide-scale leadership development programme has engaged over 1800 leaders with the impact of unconscious bias and benefits of inclusion. This unconscious bias awareness has enabled healthy challenge to talent management and succession planning approaches.
  • In 2016 we were shortlisted for the British Insurance Awards Diversity category and ‘Diverse Company of the Year’ at the National Diversity Awards.
  • Debbie Cannon was also nominated for the ‘LGBT Role Model Award’ at the Diversity Awards and was awarded ’Insurance Leader of the Year’ at this year’s Women in Finance Awards. Debbie is an LGBTQ and trans-inclusion expert and is heavily involved in the development of our Pride network for the LGBTQ community.
Richard Rowney

Richard Rowney, CEO: “At LV= we’re committed to fostering a diverse and inclusive culture that respects and values individual difference - a place where everyone feels comfortable to bring their authentic self to work. Building a more diverse and balanced workforce helps gain advantage and is an integral enabler to commercial success - creating a wider talent pool, more creativity and innovation built on diverse perspectives to better access new markets and respond to the ever-changing needs of our customers and members. We have made reasonable progress and we know there is still more to do. We’re excited to join the first signatories of the Women in Finance Charter and pledge our commitment to harnessing the talents of women, alongside our continued commitment to the wider diversity and inclusion programme".