Our Results
If you’re interested in the results for LV= GI, please take a look.
We’re encouraged to see our mean gender pay gap improve by 4.3% this year to 30%. We appreciate there is still a lot of work to do however. LVFS are committed to continuing to work on shortening the gap and have put steps in place to help achieve this. You can read more about what we’re doing in the “Gender Pay Gap – What Are We Doing?” section below.
2017/18 | 2018/19 | |||
---|---|---|---|---|
Median | Mean | Median | Mean | |
Gender pay gap | 33.8% | 34.3% | 30.7% | 30.0% |
Gender bonus pay gap | 42.3% | 57.6% | 37.5% | 59.1% |
2017/18 | 2018/19 | |||
---|---|---|---|---|
Median | Mean | Median | Mean | |
Gender pay gap | 33.8% | 34.3% | 30.7% | 30.0% |
Gender bonus pay gap | 42.3% | 57.6% | 37.5% | 59.1% |
Understanding our gender pay gap data:
The quartiles represent our employees ranked by hourly rate from highest to lowest and evenly split into quartiles. We're confident that pay at LVFS is fair and equitable and we believe that our gender pay gap is driven by the structure of our workforce. We have a higher representation of males in senior roles and a higher representation of females in more junior roles – a position we would like to see change and one we have made some progress on over this year.
2017/18 | 2018/19 | |||
---|---|---|---|---|
Quartile | Female | Male | Female | Male |
Upper | 28.1% | 71.9% | 29.0% | 71.0% |
Upper Middle | 44.7% | 55.3% | 46.6% | 53.4% |
Lower Middle | 57.5% | 42.5% | 59.5% | 40.5% |
Lower | 69.1% | 30.9% | 66.3% | 33.7% |
2017/18 | 2018/19 | |||
---|---|---|---|---|
Quartile | Female | Male | Female | Male |
Upper | 28.1% | 71.9% | 29.0% | 71.0% |
Upper Middle | 44.7% | 55.3% | 46.6% | 53.4% |
Lower Middle | 57.5% | 42.5% | 59.5% | 40.5% |
Lower | 69.1% | 30.9% | 66.3% | 33.7% |
Proportion of males and females receiving a bonus payment
In the 12 months preceding 5 April 2019
How LVFS is tackling its gender pay gap
We believe fostering a diverse and inclusive culture is key to the successful delivery of LVFS’s future strategy
We have an understanding of our gender pay gap and have identified a number of actions
Women in Finance Charter (WIFC)
To meet our WIFC commitments:
LV= set group targets from 2017 which included both our general insurance and life and pensions businesses. At the start of 2017, 26.2% of our executive team and direct reports were female and 36.4% of our senior management were female. Since establishing these targets, we completed the sale of the general insurance business on 31 December 2019. LV= General Insurance (LVGIG) is now a subsidiary of Allianz Holdings plc. We’ve re-calculated the starting point for the life and pensions business which is now LV= Financial Services Limited (LVFS)**.
Level | Gender | 2018** Starting Point | September 2018 | September 2019 | September 2020 | Target-Future State |
---|---|---|---|---|---|---|
Executive Team and Direct Reports* | Female | 34% | 39% | 39.5% | 41.9% | Maintain 33% or above (FTSE target) |
Senior Management | Female | 36.2% | 36% | 39.7% | 43% | 42% |
All Employees |
Female Male |
51.3% 48.7% |
52.5% 47.5% |
53% 47% |
55.8% 44.2% |
Level | Gender | 2018** Starting Point | September 2018 | September 2019 | September 2020 | Target-Future State |
---|---|---|---|---|---|---|
Executive Team and Direct Reports* | Female | 34% | 39% | 39.5% | 41.9% | Maintain 33% or above (FTSE target) |
Senior Management | Female | 36.2% | 36% | 39.7% | 43% | 42% |
All Employees |
Female Male |
51.3% 48.7% |
52.5% 47.5% |
53% 47% |
55.8% 44.2% |