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The Actuary The magazine of the Institute & Faculty of Actuaries

Insurers included in Women in Finance Charter

Aviva, LV= and Lloyd’s of London are just some of the 72 organisations who have signed up to the Women in Finance Charter, pledging for gender balance across the financial services.


London skyliine © Shutterstock
In the UK financial services sector female representation is approximately 23% on boards and 14% on executive committees. © Shutterstock

According to the Treasury, who published the charter, insurers “are leading the charge” with more than 15 firms committed to it.

A number of banks, asset managers and mutuals have also pledged to improve gender diversity in their companies. 

The charter means that firms agree to set internal targets for gender diversity in their senior management, publish progress reports annually against these targets, and to appoint a senior executive responsible for diversity and inclusion.

Harriett Baldwin, the economic secretary to the Treasury said: “By signing the charter, firms are committing to driving change at the senior levels of the male-dominated financial services industry.”

The agreements follow the recommendations laid out by Jayne-Anne Gadhia, chief executive of Virgin Money, who conducted a review into the representation of women in financial services launched in March. 

The review found that in the UK financial services sector female representation was approximately 23% on boards and only 14% on executive committees.

Gadhia said the number of organisations committed to the charter “marks a significant turning-point in the battle for a more balanced and fair industry”. 

“It demonstrates that a growing number of chief executives and boards within the sector are taking the issue seriously and recognise the strong link between greater gender balance and improved productivity and performance,” she said.

Julia Tyson, group director of HR at LV=, said: “We believe fostering a diverse and inclusive culture enables us to better respond to the ever-changing needs of our members and customers. 

“Building a more balanced and fair workforce, with equal representation at all levels, is key to this.”

A full list of signatories can be found here.