lvfs report

Liverpool Victoria Financial Services (LVFS) Gender Pay Gap Report

Our Results

We report separately on the gender pay gaps for Liverpool Victoria Financial Services Limited (LVFS) and Liverpool Victoria General Insurance Group Ltd (LV= GI). The information for LVFS is below.

If you’re interested in the results for LV= GI, please take a look.

Gender pay gap

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:

  • Mean - the average value of the data we’re using
  • Median - the middle value of the data we’re using when the data is ordered consecutively
  • When we compare with companies similar to LVFS we look at organisations who undertake Insurance, reinsurance and pension funding, (except compulsory social security) activities
  • A positive mean / median value means that the average of all male salaries is higher than the average of all female salaries.

Structural gender balance between the pay quartiles

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%

bonus payment

Proportion of males and females receiving a bonus payment

In the 12 months preceding 5 April 2019

Bonus-Payment-Gender
There is a 1.5% difference between the proportion of males and females who received a bonus. These bonus calculations include any type of bonus payment (annual, sales incentive, all other) received plus any long term incentives (LTIP).
 

GENDER PAY GAP – WHAT ARE WE DOING?

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

  • Whilst we recognise that we need to take specific action to tackle our gender pay gap by focussing our efforts on increasing the female population at senior levels within LVFS, this is only one part of the equation
  • Taking a broader view we recognise a need both to continue supporting all areas of the existing Diversity & Inclusion programme (disability, multi-cultural, sexual orientation and gender) and focus on further fostering an inclusive culture in order to bring about real change.

what's next?

We have an understanding of our gender pay gap and have identified a number of actions

There are broader complex and varied causes of the UK gender pay gap, and as such there is no short term solution. We recognise that the measures we're taking to reduce our gender pay gap will need time to take effect before an impact is made.

women in finance

Women in Finance Charter (WIFC)

Signing up to the Women in Finance charter in 2016 is another way we’re showing our commitment to supporting gender diversity , this includes our executive team and Board-endorsed commitment to increase the proportion of women in senior positions. 

As you can see below LVFS has already exceeded the target of 33% female representation on our ‘executive team and direct reports’. We’re also pleased to announce a positive shift this year in our pledge to reach 40% or above in senior roles by 2020 showcasing the commitment and action from our senior leaders. 
 

To meet our WIFC commitments: 

  • We’ve committed to achieving 33%, or above, female representation on our executive committee and its direct reports (excluding personal assistants) by the end of 2019.
  • We’ve committed to achieving 40%, or above, female representation at senior levels by the end of 2020.
  • We will annually publish our progress against our targets.
  • A member of our executive team is responsible and accountable for gender diversity and inclusion
  • These targets are embedded in our executive teams’ performance plans and performance against these aspirational targets will be directly linked to performance-related pay.
     

LVFS Targets and Statistics

LV= set group targets from 2017. 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 LV= has split into two separate legal entities - Liverpool Victoria Financial Services Ltd (LVFS) and Liverpool Victoria General Insurance Group Ltd (LV= GI), a strategic partnership between LVFS and Allianz. We have re-calculated the starting point for LVFS based on February 2018 data**.

Level Gender 2018** Starting Point September 2018 September 2019 Target-Future State
Executive Team and Direct Reports* Female 34% 39%  39.5% 33% (2020)
Senior Management Female 36.2% 36%  39.7% 40% (2020)
All Employees

Female

Male

51.3%

48.7%

52.5%

47.5%

 53%

 47%


Level Gender 2018** Starting Point September 2018 September 2019 Target-Future State
Executive Team and Direct Reports* Female 34% 39%  39.5% 33% (2020)
Senior Management Female 36.2% 36%  39.7% 40% (2020)
All Employees

Female

Male

51.3%

48.7%

52.5%

47.5%

 53%

 47%


  • We recognise that as LVFS has a population of circa 1800 employees it can be heavily impacted by minor role changes. We'll continue to focus our efforts on taking action to improve our gender balance across all senior levels, including at ‘senior management’, where progress is still required. By setting targets and undertaking accompanying supportive activity, we're aiming to move closer towards gender balance.
  • We want to make sure that the skills and capabilities of the entire workforce are recognised and nurtured. This is about levelling the playing field where everyone can succeed on merit.

We’re confident that as we progress towards our targets - driven by the successful implementation of our programme of activity and an increase in female representation in our senior roles - our gender pay gap will reduce. We know we’re on a journey and we’re excited and committed to making real progress.