An annual women count report by The Pipeline has found low representation by women in all senior insurance roles, particularly in P&L roles.
The report said the representation of women on executive committees in the insurance sector was 17%.
There was only 8% representation of women in P&L roles on executive committees in the insurance sector – and only 6% representation of women as executive Directors on boards in the insurance industry.
The report also found that the ratio of women on Executive Committees of FTSE 350 companies has stayed the same at only 16% since the first report three years ago.
Analysis from the report also showed the demonstrable economic benefits for companies who have women in more senior roles.
- There is a £13bn gender dividend on offer for UK plc, if all FTSE 350 companies performed at the same level as those with women on their executive committees.
- FTSE 350 companies with no women on their executive committee only achieve an average 8.9% net profit margin. Where there are at least 25% women on executive committees, average net profit margins soar by 5%, to 13.9%.
Rt Hon Nicky Morgan MP, chair of the Treasury Select Committee said: “Women Count 2018 gives us the proof that having more women on executive committees boosts profitability. It unpacks in forensic detail the status of women in FTSE 350 firms, the number of women on executive committees, and the correlation between female representation and economic performance.”
Philip Hampton, chair of the Hampton-Alexander Review on FTSE Women Leaders, an independent review on improving gender balance in FTSE leadership, said the research shows again that we still have relatively few women in the most senior executive roles across business in the UK.
Hampton said: “We are continuing to make progress on women becoming non-executives on boards, but the top executive positions are still largely male. I think it’s excellent that The Pipeline’s report is focused on executive committees.”