lvfs report

Liverpool Victoria Friendly Society (LVFS) Gender Pay Gap Report

LVFS gender pay report

We're committed to achieving a diverse and inclusive working environment.

  • This year for the first time we'll be reporting our gender pay figures and we've committed to a number of actions that we believe will enable us to close our gender pay gap.  We recognise that it will take a number of years to begin to close the gap and are committed to building the foundations towards achieving a reduced pay gap between males and females.

Overall mean and median

This is based on hourly rates of pay as at the snapshot date 5 April 2018 for relevant LVFS employees. It also captures the mean and median difference between bonuses paid to males and females in the 12 months prior to 5 April 2018. At present our mean gender pay is 34% which is on par with the financial services sector average at 35%. 

Median** Mean*
Gender pay gap 33.8% 34.3%
Gender bonus pay gap*** 42.3% 57.6%
Median** Mean*
Gender pay gap 33.8% 34.3%
Gender bonus pay gap*** 42.3% 57.6%

Structural gender balance between the pay quartiles

The quartiles represent our employees ranked from highest to lowest hourly rate and evenly split into quartiles. We're confident that pay at LV= is fair and equitable and we believe that our gender pay gap is driven by the structure of our workforce. At present we have a higher representation of males in senior roles and a higher representation of females in more junior roles.

Female Male
Upper 28% 72%
Upper Middle 45% 55%
Lower Middle 58% 42%
Lower 69% 31%

Female Male
Upper 28% 72%
Upper Middle 45% 55%
Lower Middle 58% 42%
Lower 69% 31%

bonus payment

Proportion of males and females receiving a bonus payment.

In the 12 months preceding 5 April 2018***.

There is a 1.4% difference between the number of males and females who received a bonus.  This calculation is mainly influenced by the number of new starters of either gender who are therefore not bonus eligible and also those individuals of either gender who have a performance rating as underperforming.
***These bonus calculations include any type of bonus payment (annual, sales, all other) received plus any long term incentives (LTIP).
Gender Pay Gap - Action Commentary

How LVFS is tackling its gender pay gap

We believe fostering a diverse and inclusive culture is key to the successful delivery of LV=’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 LV=, 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. We expect changes will begin to impact over the next two to four years. 
women in finance

Women in Finance Charter (WIFC)

Women in Finance Charter
On 11 July 2016, LV= joined 72 other firms across the financial services sector to sign the WIFC, demonstrating our support for the diversity agenda across financial services.


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 proportion of women in senior positions. 

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 2019.


• We’ve committed to achieving 40%, or above, female representation at senior levels by 2020.

• We'll 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 Friendly Society 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 Target-Future State
Executive Team and Direct Reports* Female 34% 39% 33% (2019)
Male 66% 61% 67% (2019)
Senior Management*** Female 36.2% 36% 40% (2019)
Male 63.8% 64% 60% (2019)
All Employees Female 51.3% 52.5%
Male 48.7% 47.5%
Level Gender 2018** Starting Point September 2018 Target-Future State
Executive Team and Direct Reports* Female 34% 39% 33% (2019)
Male 66% 61% 67% (2019)
Senior Management*** Female 36.2% 36% 40% (2019)
Male 63.8% 64% 60% (2019)
All Employees Female 51.3% 52.5%
Male 48.7% 47.5%
women in finance

As you can see LVFS has already exceeded the target of 33% female representation on our ‘executive team and direct reports’ and we’re pleased to announce a positive shift this year showcasing the commitment and action from our senior leaders. 

  • We recognise that as LVFS has a population of circa 2000 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 (including women) are recognised and nurtured. This is about levelling the playing field where everyone can succeed on merit.

"I can confirm the data in this report to be accurate."
Richard Rowney, Chief Executive Officer.