LV= gi Report

Liverpool Victoria General Insurance Group (LV= GI) Gender Pay Gap Report

lV= GI GENDER PAY REPORT

Our first gender pay gap report

  • This is the first time LV= GI has reported its gender pay gap since starting its strategic partnership with Allianz in December 2017 and becoming a separate company to Liverpool Victoria Friendly Society (LVFS).  This means that we can’t provide a comparison to any data from last year.

Overall mean and median

This is based on hourly rates of pay as at the snapshot date of 5 April 2018. It also captures the mean and median difference between bonuses paid to males and females in the 12 months prior to 5 April 2018. You can see that our mean gender pay gap is 23.6%, which is 11.4% lower than the financial services sector average of 35%. 

Median** Mean*
Gender pay gap 17.3% 23.6%
Gender bonus pay gap*** 31.7% 43.8%

Median** Mean*
Gender pay gap 17.3% 23.6%
Gender bonus pay gap*** 31.7% 43.8%

Structural gender balance between the pay quartiles

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

Female Male
Upper 34% 66%
Upper Middle 54% 46%
Lower Middle 62% 38%
Lower 58% 42%

Female Male
Upper 34% 66%
Upper Middle 54% 46%
Lower Middle 62% 38%
Lower 58% 42%

bonus payment

Proportion of males and females receiving a bonus payment.

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

There is a 0.1% difference between the number of males and females who received a bonus.
***These bonus calculations include any type of bonus payment (annual, sales, all other) received plus any long term incentives (LTIP).
What we're doing about it

How LV= GI is tackling its gender pay gap

  • Whilst the data shows that our Gender Pay Gap is smaller than the financial services average, we know that we still have work to do. And, although it may take time to see dramatic improvements, we are committed to making progress as quickly as possible.
  • We have set up a new D&I steering committee that will lead on people-related priorities for LV= GI. A key target for us is to establish more female role models in senior leadership roles, and we have set ourselves a target to achieve 40% by 2020.

We will continue to press on with a range of activities to support improvements, such as...

"We're pleased to have this first set of figures that sets out our Gender Pay Gap position and I confirm the data in this report to be accurate. Being a new company, we aren't able to compare these figures with previous years, but we're now clear on where we stand and what we need to do to improve. We're committed to continuing to make improvements on closing the gender pay gap at LV GI."
Steve Treloar, Chief Executive Officer.