QBE-Insurance-Group

Insurance group QBE has reported a 4.5% mean ethnicity pay gap for 2024, down from 5.4% in 2023 and its lowest percentage since 2021.

The organisation’s median ethnicity pay gap for 2024 was -7.3%, compared to -8.5% in 2023. Its mean ethnicity bonus gap for the year was 37.4%, down from 40.8%, and its median was 13.6%, up from 11.6% the prior year.

QBE’s 2024 mean gender pay gap across the organisation was 20.4%, down from 21.9% in 2023, and 32.8% when it started reporting for 2017. Its median was 23.5%, down from 27.1%. While its mean gender bonus gap decreased from 51.7% in 2023 to 47.7% in 2024, its median gender bonus gap increased from 42.2% in 2023 to 44.3% in 2024.

Its highest pay quartile comprises 69.5% men and 30.5% women, compared to 66.9% and 33.1% in 2023, while its lowest pay quartile comprises 47.4% men and 52.6% women, versus 44.8% and 55.2% respectively in 2023.

The report highlighted that a lack of diverse senior representation is a driving factor for the bonus gaps. Despite this, women accounted for 50% of senior hires and 42.1% of senior leavers. Meanwhile, 47% of promotions were awarded to female employees throughout 2024.

Nikki Lees, European operations people director at QBE, said: “We are seeing yet another year of strong progress towards reducing our gender and ethnicity pay gaps, with our mean and median gaps moving towards parity for both ethnicity and gender. We are committed to reducing the gap, whether that’s through our benefits, our partnerships, or our upskilling programme.

“We also recognise our continued challenge with increasing bonus pay gaps, with actions to ensure this is addressed. Our commitment to creating an inclusive environment remains a strategic priority for QBE and we will continue to hold ourselves accountable and make and refine the necessary steps to reach better representation across the industry.”