Our Results
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
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
women in finance
Women in Finance Charter (WIFC)
We’re pleased to announce that we’ve exceeded both of our pledges; to reach 40%, or above, female representation in senior roles by 2020 and 33%, or above, female representation on our executive team and direct reports by 2019.
We recognise that this success has been driven by a number of factors including our leadership team’s commitment, the successful implementation of our programme of activity and an increase in female representation in our senior roles which will support a reduction in our gender pay gap. We know that this is just the start to some really positive changes and we’re encouraged by the progress we’ve made.
We continue to monitor progress towards gender parity on our executive team and direct reports and have set a new target to achieve 42%, or above, female representation in our senior roles by 2021.
To meet our WIFC commitments:
- We’ve committed to achieving 42%, or above, female representation at senior levels by the end of 2021.
- 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 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% |
- We recognise that as LVFS has a population of circa 1500 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.