LV= GI Gender Pay Gap Report

LV= General Insurance Gender Pay Gap Report

All UK companies with 250 employees or more are legally required to report their gender pay gap each year. 

It measures the difference between all males and females average pay across the whole organisation.

The gender pay gap is different to equal pay, which deals with the pay difference between males and females who carry out the same jobs, similar jobs or work of equal value. Read more on gender pay.

As an example, in the table below all the males and females undertaking the same role are paid the same hourly rate; however, there is a gender pay gap of 25.3% as there are more men in the senior roles and more females in the junior roles.

A diagram showing that the average hourly male pay is £58 and for woman it is £43.3. Therefore showing a pay gap of 25.3%

We’re confident pay at LV= is fair and equitable

We review market pay benchmarks based on band, job and location against a large source of market data.  At LV=, we have salary bands based on market data which we use to determine if someone is paid appropriately for their role.
We know we need to create a truly diverse and inclusive working environment and we share the ambition of the Government to see gender balance at all levels across financial services firms.  As a diverse and inclusive employer, it's essential we work to tackle our gender pay gap. We understand why it exists, recognise there's work to be done and have started to take the steps we need to take to close the gap.

If you want to read more about gender pay please refer to the ACAS website.

Since we announced our 2018 Gender Pay Gap report, there have been further changes to the structure of our business. 

On 31st May 2019, Liverpool Victoria Friendly Society (LV=) agreed to sell its residual 30.1 percent stake in LV= General Insurance business (LV=GI) to Allianz Group. As such, from January 2020, LV= GI will be wholly owned and part of the Allianz Group. 

Steve Treloar

Chief Executive, General Insurance 

 

 

"I’m pleased by the progress that LV= General Insurance is making in closing its gender pay gap. However, there is much more we need to do. Change of this nature doesn’t happen overnight but we have a clear strategy and action plan and I have absolute confidence that the steps we’re taking will help us close the gap even further and achieve the goals we’ve set ourselves.

I can also confirm the data in this report to be accurate".

LV= takes supporting our diversity and inclusion very seriously, by clicking the below PDF link you can view our results and the actions we are committing to.

Our Gender pay gap report 2018/19

Our Gender pay gap report 2017/18