QBE Insurance : 2024 Global gender pay gap report

In 2024 we committed to voluntarily reporting our global gender pay gap on an annual basis.

This builds on mandatory reporting in a number of countries where we

have employees, including Australia and the UK. Being transparent

helps keep us accountable for our progress toward equality.

We maintain a commitment to

fostering an inclusive and respectful environment which promotes and

enables gender equality across our workforce. Our gender pay gap is an important measure and tells us we have more to do to address this gap.

The gender pay gap is a measure comparing the difference in	Pay gap is different to pay equity, which
earnings for men with that of women across the entire organisation.	focuses on equal or like-for-like pay for
	the same or comparable roles.
This measure is calculated without adjustment for factors such as	Pay equity is about the individual role,
role, level, tenure, or geographic location; it simply compares the
median or mean pay for women employed by QBE to that of men	whereas pay gap looks at the pay
employed by QBE.	difference across all roles in the
	organisation.
We undertake this gender pay gap analysis recognising that a gap	QBE implements equitable remuneration
in median or mean pay data is not an accurate measure of equal
pay for equal work but, rather, could help us identify gender	practices, designed to result in equal pay
representation in various roles and levels throughout the	for equal work. We regularly assess pay
organisation and the impact of societal trends on our own	equity in our workforce to give us
workforce.	confidence that we have gender pay
	equity on a like-for-like basis, based on
Gender pay gap data is useful for understanding how we are	key factors such as role, location, and
progressing with gender equality overall, and helps us understand	performance. We recognise that some pay
the impact our ongoing efforts have in attracting, retaining and	differences remain at an individual level,
advancing women.	and we continue to work to address
	differences through our ongoing salary
	review processes.

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Base pay		Total remuneration

We recognise that the gender pay gap is driven by a range of factors that go far beyond pay equity (equal pay for equal work).

Our analysis shows that, comparing women to men, our gender pay gap is driven primarily by:

• lower proportions of women in leadership positions;
• lower proportions of women in certain higher paying roles; and
• higher proportions of women at junior levels.

Whilst we have made progress with the representation of women in leadership at QBE (see p5), we recognise there is more to do, and

that closing the pay gap will require sustained and targeted focus.

We know that there are further opportunities to improve

Median pay gap = the difference in

earnings at the midpoint of the salary distribution. This compares the salary of the

middle-earning man to that of the middle- earning woman and is less influenced by

extreme values. Pay gap metrics above 0% indicate the middle-paid man is paid more than the middle-paid woman.

Mean pay gap = the difference in average

earnings between men and women. This compares the average salary of all men to

that of all women and provides an overall measure of the difference in pay. This metric

can be skewed by extreme values. Pay gap metrics above 0% indicate men are paid higher than women on average.

representation and close the pay gap by removing barriers to the

participation and progression of women across the organisation. This includes continuing to uplift gender-neutral policies and

practices across the employee lifecycle, and maximising opportunities to attract, develop and retain representative talent

across the group, including in particular functions.

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Although the overall global gender pay gap exceeds 20%, when we break it down by levels, we see the gender pay gap reduce significantly.

This is due to our overall global gender pay gap being largely

driven by gender representation imbalances, e.g. more women at

junior levels, and fewer women at senior levels rather than issues

with equitable remuneration, which we monitor at key points in the

employee lifecycle, including as part of role changes.

In addition, we undertake detailed

pay equity analysis as part of the annual merit review process.

Base pay		Total remuneration		Base pay		Total remuneration

Employment level is determined by role, responsibilities and level of experience required and is maintained in our HR system Workday. Employment level is a classification scale of all job roles, using a 0 through 6 scale, whereby Level 0 encompasses the most senior leadership roles (i.e., the Group Executive Committee), and Level 6 encompasses the most junior entry-level roles.

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1. Prioritising global representation of women in leadership

To close our gender pay gap, global representation of women in leadership is a priority for QBE, and the results of our efforts can be observed in recent progress, reaching our 2025 target of 40% Women in Leadership by early in 2023. We also continued to meet our 2025 goal of 40% women on the Group Board. We aim to maintain 40% Women in Leadership globally and continue to focus on parts of the organisation where lower representation persists.

2. Building inclusion into our culture

We've built inclusion into our culture with

one of our DNA attributes (values) being "we are inclusive". We reinforce this through our processes, such as our performance framework which assesses all our people on how they live our values.

3. Driving Inclusion of Diversity across the employee lifecycle

We drive a broad Inclusion of Diversity approach, covering the whole employee lifecycle. Examples of recent actions we have taken include:

1. undertaking leadership development and succession planning to foster an internal pipeline of diverse leaders;
2. introducing new global Inclusive Recruitment Principles setting out best practice for how we design roles, source candidates, shortlist, interview and make selection decisions that support diverse candidates;
3. taking an inclusive approach to increasing flexibility and family- friendly leave offerings such as parental leave that reduces the distinction between primary and secondary carers, contributing to shifting societal expectations regarding gender norms; and
4. engaging senior leaders in listening activities and workshops to identify further opportunities for building inclusion.

4. Maintaining Belonging Targets to understand experience

We maintain innovative targets focused on fostering an equal sense of belonging across multiple dimensions of diversity, including gender identity. These build on our existing Women in Leadership targets and ensure that our focus is not just on representation, but also on being included. In 2023 our annual measurement found no belonging gap between men and women.

5. Focus on awareness and support through networks and groups

We ensure all employees of QBE have access to employee networks and groups, including those supporting employees with professional development and leadership capability, family planning and fertility treatment, pregnancy loss and managing menopause symptoms.

6. Engaging beyond QBE

To further the impact of our inclusion focus we also engage externally both in how we listen and how we lead. We commit to pledges such as the 40:40 Visionand

Women's Empowerment Principles, have

executive membership of groups like the

Champions of Change Coalition, and

inclusion-focused partnerships such as

Women in Data.

1. Targeted approaches

Identifying and using targeted approaches to address segments of the organisation where the pay gap is larger, and in which there are gender representation imbalances.

2. Reducing bias in processes

Building bias reduction and inclusive principles into key processes across the employee lifecycle.

3. Optimising talent acquisition data

Analysing to better understand opportunities to support inclusion across attraction and recruitment.

4. Further employee listening

Continuing to use data analysis and employee listening to identify opportunities for further progress, and inform new targeted initiatives to address attraction, progression, and retention of women in leadership at QBE.

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Data	•	Based on 1 Apr 2024 snapshot date
	•	Permanent and fixed-term employees included
Employees	•	Consultants, casual workers, and employees on
		international assignments excluded
	•	Part-year bonus annualised
Bonus pay for	•	Employees who did not receive a bonus, e.g. new
total		joiners and fixed-term employees, were included for
remuneration		base pay calculations but excluded from total
gap		remuneration pay calculations
	•	Long term incentives excluded

Learn more about our commitment to progressing toward gender equality and Inclusion of Diversity:

• QBE Group Inclusion of Diversity Policy
• QBE Group Code of Ethics & Conduct
• QBE Group Sustainability Reporting
• QBE Group Respecting Human Rights
• QBE Australia Gender Equality
• QBE Australia Gender Pay Gap Report 2022-2023
• QBE UK Gender & Ethnicity Pay Gap Report 2023

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