Gender Pay Gap Report for 2018

Gender Pay Gap Report 2018

8 February 2019

Posted in People

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AXA UK reports a median pay gap of 20%, with a mean pay gap of 23%
91% of women and 90% of men received a bonus payment in 2018
32% of roles in Senior Leader and Executive bands are held by women, up from 30%

Today AXA UK has published its Gender Pay Gap Report 2018 as part of its ongoing commitment to gender parity and the principles of the Women in Finance Charter. Based on hourly rates, women earn 20% (median) and 23% (mean) less than men. In 2017, the median and mean pay gaps were respectively 17% and 27%.

AXA UK’s gender pay gap continues to be driven primarily by the gender distribution across the organisation, with more women in junior roles and more men in senior roles.

The overall median pay gap has widened compared to last year, principally because of an increase in the AXA Health figure. This is due to a one-off amount paid as part of our 2017 annual pay review to customer support employees, the majority of whom are women. The AXA Health median difference is still comparatively low when considered against the other AXA UK numbers and the underlying figures indicate a reduction in the gap, which is masked by this one-off payment in the 2017 numbers.

The mean pay gap in all employing entities has reduced or stayed the same since 2017, and consequently the overall mean pay gap has reduced.

In order to support a culture of empowerment, AXA has implemented a number of initiatives in 2018 to nurture female talent, support flexible working and remove bias from its processes.

These initiatives include:

A dedicated women’s development programme, including increased participation in the 30% cross-company mentoring scheme
Launching a new ‘Ways of Working’ policy which supports a less formal approach to managing the way people work
Developing a new digital Diversity and Inclusion training course, highlighting the benefits of having diverse teams and the role everyone can play in driving an inclusive culture

As signatories of the Women in Finance Charter we have seen our ongoing commitment result in an increase in the proportion of roles held by women in Senior Leader and Executive bands – from 30% at 31 July 2017 to 32% at 31 July 2018.

At AXA we are absolutely committed to a culture of trust and respect and one of the key ways to achieve this is by being an inclusive place to work.

Fundamentally, the success of our company comes down to our people and they should be rewarded for the value that they bring irrespective of any other factor. The Gender Pay Gap report is an important set of metrics that allow us to assess our progress in this area and to bring focus to the issue.

We are taking meaningful steps to address the gender pay gap, to understand the barriers people face and, ultimately, to increase diversity and equality of opportunity across the business.

Claudio Gienal, Chief Executive Officer at AXA UK and Ireland

In terms of bonuses, 91% of women and 90% of men received a bonus payment in 2018, representing a slight decrease for both genders compared with 2017. The median bonus gap has increased slightly, but the mean has decreased since 2017.

	Median (mid-point)	Mean (average)
Pay Gap¹	20%	23%
Bonus Gap²	32%	47%

¹ AXA UK gender pay gap data based on the average hourly rates of pay as of 5^th April 2018

² Bonus data based on bonuses paid in the 12 months prior to 5^th April 2018

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Legal notes

About AXA UK

AXA Insurance UK plc registered in England and Wales under registered number 078950 and authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority under Financial Conduct Authority registration number 202312. Registered office is 20 Gracechurch Street, London, EC3V 0BG.

AXA UK is part of the AXA Group, a worldwide leader in insurance and asset management, with 147,000 employees serving 94 million clients in 50 countries. In 2023, IFRS revenues amounted to Euro 102.7 billion and underlying earnings to Euro 7.6 billion. AXA had Euro 844 billion in assets under management as of December 31, 2023.

In the UK & Ireland, AXA operates through a number of business units including: AXA Insurance, AXA Health and AXA Ireland. AXA UK & Ireland employs around 10,000 staff.

Important legal information and cautionary statements concerning forward-looking statements

Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed or implied in such forward looking statements. Please refer to Part 5: “Risk Factors and Risk Management” of AXA’s Universal Registration Document 2022, for a description of certain important factors, risks and uncertainties that may affect AXA’s business and / or results of operations. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.