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 released our 2019 Gender Pay Gap report, there have been a number of changes to the structure of our business. At the end of 2019, we joined the Allianz Group and L&G General Insurance also became part of LV= General Insurance (LV= GI) after Allianz acquired the business and then combined it with ours.

Steve Treloar

Chief Executive, General Insurance 

 

 

“As a result of maintaining our gender pay gap at 22.1%, we recognise there is still much more that we need to do to close the gap between our female and male colleagues. We know that change of this nature doesn’t happen overnight and we remain wholly committed to creating a gender balanced and inclusive workplace. We have a clear strategy and action plans and are confident that we will achieve the goals we’ve set for ourselves and our people.

“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 2020/21

Our Gender pay gap report 2019/20

Our Gender pay gap report 2018/19

Our Gender pay gap report 2017/18

LV= General Insurance is proud to be part of more than 330 firms across the financial services sector who have signed up to the HM Treasury ‘Women in Finance Charter’ – a commitment to gender balance across financial services. We first signed up to the Charter in October 2018 with 38.4% female representation in senior roles and a target to achieve 40% by the end of 2020.

At the beginning of 2020 LV= GI joined Allianz Holdings, who became the sole shareholder and a number of changes to the structure of our business meant we didn’t meet our target. However, we are pleased to have made progress, with 39% female representation in senior roles as of August 2021, and we continue to work hard to improve our ratio. We have extended our target of 40% female representation in senior roles to the end of 2023 and will introduce and fully embed a number of key initiatives over the next two years to meet this.

To meet our WIFC commitments:

  • We've committed to achieving 40% Band C-E (management and above) female representation by the end of 2023 (incl. Perm & FTC roles, support Roles excluded)
  • We'll annually publish our progress against our targets
  • A member of our executive team is responsible and accountable for gender diversity and inclusion to help us drive this forward
  • These targets are embedded in our executive teams' performance plans and performance against these aspirational targets will be directly linked to performance-related pay.