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Women in Finance Charter

Data from the ABI Talent and Diversity collection highlights the urgent need for the industry to better support more women into senior roles. We are proud to see our members engage with the Women in Finance initiative, setting targets under the charter and taking action to move the dial.

The ABI is signatory itself, alongside 45 ABI member firms and we champion the benefits of the charter to help drive change across the industry. 

Find out more about the Women in Finance Charter

Update: December 2018

The ABI signed up to the Women in Finance Charter commitments as part of the first cohort of signatories in July 2016. We set ourselves a headline target of achieving at least a 45% / 55% female to male gender split across management positions by 30 June 2019 and we also set some supplementary targets to support the achievement of this goal.

As part of the annual reporting process in September 2017, the ABI was pleased to report that we had successfully moved the dial and were firmly on track to achieve our target for management representation ahead of the deadline set. At that point we had achieved a gender split of 45.45% female / 54.54% male in management positions.

The ABI is now delighted to report that as at September 2018 we have not only maintained our previous level, but moved the dial further so that the gender split within the management population is now 48.57% female / 51.43% male. We are pleased to have built on the work started in 2017 and to have now comfortably met the hard target that was set, ahead of the 2019 deadline. Our longer term aspiration is to have a 50%/50% gender split and we are now one step closer to achieving this goal.

Over the past year we have continued our efforts to improve gender balance and have worked hard to positively influence this at senior levels when conducting a number of internal processes. We are pleased to have continued our focus on internal promotion, having promoted two female staff members internally to management positions, and we have also recruited one female manager externally. We have also continued to take a supportive approach to flexible working, with 83% of requests being approved.

In addition to focusing on gender diversity, the ABI has recently launched an internal ABI Inclusion Strategy to ensure we are continuing to build the most inclusive workplace for staff members as possible. The ABI continues to be committed to supporting gender diversity and diversity more broadly, both internally and in promoting the importance of this amongst the broader Insurance industry.

Building a modern and diverse industry 

The gender balance within the insurance industry is exactly split 50 / 50 across all levels, but despite this only 21% of executive and 21% of board positions are held by women. Take a look at our full industry statistics here. 

 “Direct Line Group is a firm believer that having a diverse organisation is intrinsically linked to greater productivity and performance, increased innovation as well as better customer understanding. However, we also recognise that further engagement and action is needed across financial services if we are truly going to change the status quo. The Women in Finance Charter is a great mechanism to move diversity and inclusion up the boardroom agenda and we are very proud to be working alongside Government and the wider sector to drive this initiative forward." 

- Paul Geddes Chief Executive Officer Direct Line Group Deputy Chair, ABI Board

44 ABI members who have signed the Women and Finance Charter:

1.    Ageas UK

2.    Allianz

3.    Aviva

4.    AXA

5.    B&CE Holdings Limited

6.    BlackRock

7.    Collinson Group

8.    Columbia Threadneedle Investments

9.    Covea Insurance

10. Direct Line Group

11. Ecclesiastical Insurance

12. Esure

13. Fidelity International UK

14. HSBC UK (life)

15. Invesco

16. Just group

17. Lloyds Banking Group

18. LV=

19. MetLife UK

20. National House Building Council

21. Old Mututal

22. Phoenix group

23. Prudential

24. QBE

25. ReAssure

26. Royal London

27. RSA

28. Schroders

29. Standard Life Aberdeen

30. The Co-operative Bank

31. Unum

32. Wesleyan Assurance Society

33. XL Catlin

34. Zurich Insurance

35. Floodre

36. Pensionbee

37. The Co-operative Bank

38. Admiral

39. Hargreaves Landsdown

40. J.P. Morgan (life)

41. Tesco Underwriting

42. Hasting Direct

43. NFU Mutual

44. LV= General Insurance

45. Vitality

“We are determined to improve on our gender balance. We have a sound basis for progress to date but we are committed to doing more. It’s crucial that the industry should recruit and promote women as a commercial strategy, not a box-ticking exercise. Financial services firms need women in leadership positions because overwhelming evidence has shown that diversity of thought improves performance.”

- Martin Gilbert Co-Chief Executive Standard Life Aberdeen

“We truly believe that there is a real benefit in doing it and doing it well…. this becomes a game changer for us, something that means that we can really look into our customer base and understand them more deeply, because our own organisation represents, more deeply, male and female.”

- Amanda Blanc, CEO, Zurich EMEA, ABI Chair