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 

 

 

“The structure of our business has changed significantly in the last year. Despite the various changes we’ve still managed to maintain our gender pay gap at 22.1%, which is also in line with the industry average. However, we know there is still much more that we need to do and we remain wholly committed to ensuring we close the gender pay gap between our female and male colleagues and ensure that all our people are able to achieve their full potential, irrespective of their backgrounds. We know that change of this nature doesn’t happen overnight though but we have a clear strategy and action plan and I know that the steps we’re taking will help us 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 2019/20

Our Gender pay gap report 2018/19

Our Gender pay gap report 2017/18