AXA UK median gender pay gap improves for the 5th year running

Authored by AXA

• The median pay gap in 2023 has narrowed by 0.5%, compared to the previous year.
• AXA UK continues to prove its commitment to making the workplace a fairer environment for all.

AXA UK’s Gender Pay Gap Report shows a narrowing trend for median pay gap and median bonus gap for the fifth year in a row. 

Based on hourly rates of pay as of 5 April 2023, women working at AXA UK earn 17.8% (median) and 22.0% (mean) less than men. The median pay gap has improved by 0.5% compared to 2022, while the mean pay gap has increased by 0.8%. 

The slight increase in the mean pay gap is attributable to one-off exceptional payments made to some employees in April 2023. Without these, a small reduction in the mean pay gap would be expected. 

The underlying cause of the pay gap continues to be the imbalance in the proportions of each gender at various levels across the organisation. To continue bringing the gender pay gap towards zero, AXA UK is seeking to make the representation of men and women proportionate throughout all levels of seniority.

AXA UK continues to make good progress against its inclusion and belonging targets, with gender diversity in senior roles increasing by 1.2% in June 2023 compared to October 2022. 

In 2023, AXA UK adapted its recruitment processes to improve fairness for underrepresented groups, continued to develop its work on menopause following recognition as a menopause friendly workplace in 2022 and became the first UK insurer to receive the Age-Aware inclusive accreditation from 55/Redefined.

AXA UK's employee networks also help embed inclusion and belonging in the organisation. The Balance Employee Network, which is focused on gender equality, families and allyship, saw membership grow by 53% in 2023. The network has successfully provided mentoring opportunities for 150 employees, promoted women’s health through the partnership with HeyGirls and has been recognised for two industry awards as the ‘Gender Equality Network of the Year’.

It is encouraging to see that we have reduced our UK median Gender Pay Gap for the fifth consecutive year, but we know that there is still work to be done to close the gap. We remain committed to promoting gender equality and recognise that achieving this goal will require continued proactive measures.

“We are dedicated to fostering a culture where all individuals feel valued and supported to thrive and belong. While closing the UK gender pay gap remains a priority, we are just as focused on taking the necessary steps towards building a better and more equitable future for all." - Tara Foley, CEO at AXA UK & Ireland

AXA UK's gender pay gapAXA UK's gender pay gap based on hourly rates of pay on 5 April 2023

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. 

The gender pay gap reflects the difference in average earnings between all males and females who work for the organisation, without considering roles and seniority