AXA UK gender pay gap improves for the 4th year running

6 February 2023

Posted in People

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  • The median and mean pay gap has narrowed by 0.5%
  • AXA UK remains committed to improving diversity and inclusion and continues to introduce new initiatives to support this

AXA UK’s Gender Pay Gap Report shows a continued narrowing trend for the fourth year running for both median and mean pay gap and mean bonus gap.

Based on hourly rates on 5 April 2022, women at AXA UK earn just under 18.3% less than men in median terms, and around 21.2% less in mean (average) terms. This means, for the fourth year in a row, the pay gap is narrowing – this year by 0.5% in median terms.

Despite the trend continuing in the right direction, there remains a discrepancy in terms of pay. The primary underlying cause of this continues to be the disparity in the proportion of males and females at each level across the organisation. AXA UK employs more women in junior roles and more men in senior roles. Additionally, there are more men working in functions such as Actuarial and IT roles, and in locations such as London, which traditionally attract a higher wage.

AXA UK remains committed to improving diversity and inclusion and continues to make progress and introduce new initiatives to support this commitment. In 2022, AXA UK was recognised as a Times Top 50 Employer for Women for the second consecutive year. Presence in this list places AXA UK amongst the top UK companies leading the way in cultivating a strong, inclusive culture.

AXA UK has also been successfully accredited as a menopause-friendly workplace, one of the only insurers to receive this. This is as a direct result of the new menopause policy launch, the introduction of a support community, along with education opportunities.

I am pleased to see a reduction in our gender pay gap for the fourth year in a row alongside growth in female representation in senior roles. With this, we have already met our 2026 target for 40% female representation in our senior roles four years in advance.

It is central to our business strategy to continue to make AXA UK a fairer place to work. The initiatives we have adopted, from ensuring our job adverts are accessible to all genders to creating a new employee network that supports those with caring responsibilities, go some way to achieving this goal. I look forward to seeing continued progress in this important area.

Claudio Gienal, Chief Executive Officer at AXA UK and Ireland
Claudio Gienal, CEO, AXA UK and Ireland
AXA UK's gender pay gap AXA UK's gender pay gap based on hourly rates of pay on 5 April 2022
Gap type AXA UK's gender pay and bonus gaps 2022 vs 2021 gaps
Median (mid-point) Mean (average) Median (min-point) Mean (average)
Pay gap 18.3% 21.2% -0.5% -0.5%
Bonus gap 30.4% 40.2% 6.5% -2.7%

The annual Gender Pay Gap Report presents the analysis and progress achieved towards parity between men and women, but AXA UK supports all employees, including colleagues who identify as trans and non-binary.

It’s important to note that these statistics relate to the gender pay gap, which is a measure of the difference in average earnings between men and women, regardless of their role and seniority. The statistics do not relate to gender pay equity, which relates to men and women receiving equal pay for work of equal or comparable value.