Gender Pay Statement

Mean gender pay gap in hourly pay

Mean gender pay gap in hourly pay as a percentage of men's pay

Median gender pay gap in hourly pay

Median gender pay gap in hourly pay as a percentage of men's pay

Mean bonus gender pay gap

Mean gender pay gap for bonuses as a percentage of men's pay

Median bonus gender pay gap

Median gender pay gap for bonuses as a percentage of men's pay

Proportion of males and females receiving a bonus payment

Proportion of males and females in each quartile

Total Employees 769, Full Pay 529 and Relevant 222

(Relevant employees not included in pay gap calculations - 70.27% Male, 29.73% Female)

Reassured is an equal opportunities employer and has a pay philosophy and career structure in place which recognises and rewards employees irrespective of gender.

Financial services have traditionally been male dominated environments and therefore, we actively work to attract and create a more gender balanced organisation, particularly within our sales teams. For the last few years, we have had success with the appointment of several females into senior roles across the organisation.

We do however continue to focus on making improvements, as we do still have a higher proportion of males in management roles in Front Line Sales, Client Services and specialist IT roles, where salaries and bonus payments are higher than in other departments within the company. One of the areas of focus was the introduction of a new salary review process and bonus scheme for our sales teams in 2022 which also included managers. The initial implementation was a leveller for salaries as we have a higher proportion of males in sales management roles. This change has resulted in an improved mean from 15.8% to 14.1% and the median from 18.9% to 17.1%. We continue to review our salaries in 2024 to support the closure of the gender pay gap.

Our bonus schemes are non-discriminatory with both male and female employees having the same bonus opportunities. However, the sales roles where the opportunity to earn higher bonus payments do have a higher proportion of senior males whereas the back-office roles, where bonus payments are lower, due to the nature of the roles, typically attract a higher proportion of females. Both male and females have had a reduction in those receiving a bonus payment which was in part reflective of business performance and also being incorporated into basic salary.

In respect of the pay bands, there have been some small variations in all quartiles for both male and females with one of the highest increases however being in the upper quartile for females. The pay bands continue to be an area of focus as part of our overall remuneration & benefits strategy and talent acquisition process.

As an organisation we continue to invest in development and progression to ensure we offer a structured process with attainable and very visible opportunities for all employees to meet their personal career aspirations. This includes a ‘promote me’ scheme in sales which is employee driven to encourage ownership of career progression and a fast path.

We remain committed to the improvement of our gender pay gap and have the following action plan in place to support:

• Focus on diversity, equity, and inclusion with a DE&I employee group established in 2024
• Ongoing review of our Employee Value Proposition
• Promotion of successful women in sales to new starters and in internal communications
• Annual salary and bonus review process in 2024
• Review of attraction and selection process with our sales roles
• People Dashboard reporting on all key measurements to Exco monthly