保险、再保险行业性别多样化与可持续未来（英文版）.pdf

February 2021 Gender diversity in the re/insurance industry: for a sustainable future 1 Executive summary 2 Key takeaways 3 Gender diversity in re/insurance: an overview 10 Gender diversity as a driver of shareholder value 12 ConclusionExecutive summary Governments, regulators, society and investors are driving greater gender diversity in companies senior leadership teams. In the re/insurance industry, representation of women at board director and executive levels is improving, but progress is slow. Swiss Re Institute research into re/insurance companies finds that a more gender- diverse senior leadership team is associated with return on equity (ROE) outperformance. A company that moves from a low to high share of women in leadership positions gains 34 percentage points (ppt) of ROE outperformance relative to the industry average ROE. This is in line with other financial services industries. The benefits are stronger if re/insurers add one or more women to a leadership team solely of men. This is associated with an ROE of about 35 ppt higher than the industry average. Women represented about 23% of re/insurance company executives, 10% of CEOs and 8% of board chairs globally in 2019.1 Executive teams are more gender-diverse at life insurers than in the non-life and reinsurance sectors. Insurance brokers have grown their share of women executives the most, and reinsurers raised representation of women on boards the most, over the past decade.2 Progress is vital at this point in time because the COVID-19 pandemic is strongly negative for gender equality globally (See The coronavirus pandemic and gender inequality). Studies have found women to be more exposed than men to infection, job loss, a greater burden of unpaid work, and mental health risk. This is reversing progress made in closing gender gaps in areas such as pay and health. Board-level gender diversity improved between 2010 and 2019, but most of the gain has been made by re/insurance companies that had only men on their boards in 2010. More than half of these companies have added one or two women to their board. However, there has been little increase in representation of women beyond this share. Almost half (45%) of the companies that had one or more women on their board in 2010 have not increased this representation since, and in 10% of companies the share of women on the board decreased. For governments and regulators, gender diversity is becoming part of firms licence to operate. Institutional investors are focusing on gender diversity as part of Environmental, Social, and Governance (ESG) investment criteria, which consider non-financial performance metrics as well as financial when valuing companies. Finally, companies are driving themselves to become more diverse as they seek to be employers of choice for whom people want to work. A key goal is to ensure companies senior teams are representative in their composition of the countries and communities they serve. Others are to improve governance by increasing diversity of thought and decision-making in top teams, and to increase shareholder value both through higher profits and being sustainable, safe, compliant with regulation, responsibly led, diverse and inclusive. Re/insurance companies can strengthen their gender diversity strategies to increase womens participation on boards and executive teams. A successful gender diversity strategy would include measurable gender-specific hiring and promotion goals, to which the company commits publicly. Re/insurers can create a pipeline of future leaders by supporting women with career aspirations at all levels and using tools such as executive development programmes for women. It is also an advantage to expand flexible working policies to enable all employees to balance work and family life. Combining such tools can build gender-diverse companies that attract and retain senior women and are sustainable for the long-term. 1 Based on a sample of about 400 insurers and 29 reinsurance companies from the worlds 12 largest insurance markets. 2 Analysis based on 170 global insurance companies from the Refinitiv ESG Database. Gender-diverse leadership is associated with stronger financial performance for re/insurance companies. Around 23% of re/insurance company executives are women. Re/insurers have made little progress in adding women to boards over a decade. Stakeholders are focusing on gender diversity for social, ESG and shareholder value creation. Companies can strengthen gender diversity strategies to hire and retain more women in leadership roles2 Swiss Re Institute Gender diversity in the insurance industry: for a sustainable future February 2021 Key takeaways Women are significantly under-represented on executive teams and company boards in the re/insurance industry. Women made up about 23% of C-suite executives, 10% of CEOs and chaired just over 8% of boards of re/insurance companies globally in 2019. Note: ratios are based on a sample of about 400 insurance and 29 reinsurance companies, using information (including name and photos) published in company website and/or annual reports. Some companies provided data only up to 2018. Definition of C-suite refers to the executive-level managers within a company, commonly including chief executive officer (CEO), chief financial officer (CFO), chief operating officer (COO), and chief information officer (CIO), as well as others listed by the company on its website or in annual reports under “Management Team”, “Executive Team”, or equivalent. Exact title of roles may vary across countries. Source: Swiss Re Institute A higher ratio of senior women leaders in re/insurance companies correlates with higher company profitability. We find a positive and significant relationship between the share of women on boards and C-suites, and profitability of re/insurance companies (measured by ROE). Re/insurers with the highest share of women as executives or board members outperform those with the lowest share of leaders by 34 ppt of ROE. This is in line with other financial services sectors. Note: Based on a sample of 170 global insurance, reinsurance and insurance brokerage companies for the period 20022019. Graph shows the average ROE relative to the annual industry performance, for companies of different levels of representation of women in board or C-suite positions. (1) Low: companies in the lowest quartile (women represent less than 9% of board, and with zero C-suite representation). (2) Middle: companies in second and third quartiles (women represent 9%25% of board, and 1%20% C-suite executives). (3) High: companies in the highest quartile (women represent more than 25% of board and exceed 20% of C-suite executives). Source: Swiss Re Institute, Refinitiv ESG Database Share of women as CEO Share of women as C-suite executives Share of women as board chairperson % Non-life Life Average Non-life Life Average Non-life Life Average Insurance France 11. 8 11. 8 11. 8 19.4 53.6 40.6 10.0 22.2 15.8 New Zealand 7.1 50.0 22.7 31.3 39.0 35.5 10.0 10.0 10.0 Italy 10.0 5.6 7.9 26.0 34.6 29.3 11.1 0 5.0 Australia 5.6 6.3 5.9 24.6 33.3 29.0 25.0 22.3 23.7 US 5.0 16.7 10.5 21.1 26.9 23.8 10.0 10.1 10.1 UK 14.3 15.8 15.2 28.8 20.2 24.1 0 0 0 Canada 18.8 5.3 11.4 31.2 32.4 31.7 11. 8 11.1 11.4 Germany 5.0 10.0 7.5 12.6 24.2 19.3 10.0 0 5.0 China 0 22.2 10.5 14.2 19.7 16.9 0 10.1 5.1 Japan 5.3 0 2.6 10.6 17.7 14.5 0 0 0 India 10.0 5.0 7.5 14.5 11. 2 13.0 16.7 0 8.4 Brazil 7.1 0.0 3.3 11. 8 5.5 10.4 0 16.7 8.4 Reinsurance 7.4 17.5 3.6 Overall average 8.0 10.6 9.6 20.2 26.3 22.7 8.7 7.8 8.0 Advanced markets 9.7 11.0 10.4 22.9 29.9 25.6 9.7 8.1 8.3 Emerging markets 5.9 9.3 7.2 13.5 13.2 13.8 5.9 6.8 7.1 Share of women ROE relative to industry performanceSwiss Re Institute Gender diversity in the insurance industry: for a sustainable future February 2021 3 Gender diversity in re/insurance: an overview Many stakeholders are pushing for greater representation of women in company boards of directors and executive teams. They include national and supranational governments and regulators, civil society organisations, investors, shareholder campaign groups and company management themselves. A common goal is for composition of senior teams to be representative of the countries and communities they serve. Currently, directorships are still dominated by men.3 Other recognised benefits include improved governance, by increasing diversity of thought and decision-making. Diverse teams are more effective at solving difficult problems and reaching broader markets and customer segments.4 Shareholder value creation is another, in terms of higher profits but also by making companies more sustainable, safe, compliant with regulation, well governed and responsibly led, including through diversity and inclusion. Governments, regulators and campaigners require action on gender diversity as part of companies licence to operate. For example, in November 2020, Germany joined a long list of countries with some form of mandatory gender quota, including Belgium, France, Iceland, India, Israel, Italy, Norway, and Spain.5 Germanys law mandates all company boards with more than three members to have at least one woman member. It also applies to public corporations such as health, pension and accident insurance institutions.6 In the US, Californias 2018 Women on Boards law requires all of the states publicly traded companies to have at least one woman as board director.7 India was the first emerging market to establish a quota in 2013, mandating publicly listed companies to have at least one woman as board director.8 Investors are focusing on inclusion and diversity in companies senior ranks as ESG evaluation of investments grows in importance. The growth of ESG investing has created impetus for greater disclosure and more gender diversity at senior level in companies, particularly in industries historically perceived as male-dominated, such as financial services. Indices such as Bloombergs Gender-Equality Index measure and rank firms commitments on diversity.9 Investment bank Goldman Sachs has announced that it will only work on share offerings for companies with at least one diverse board member, while major asset managers now typically require disclosure of diversity data from large companies.10 The re/insurance industry is responding to the public scrutiny by setting gender diversity targets and development programmes. Re/insurers are setting targets for the share of women among their senior staff. Allianz Group targets 25%40% of women in management boards by the end of 2021, while AXA in the UK set a target to increase representation of women in senior and executive roles to 35% or more by 2021.11 Lloyds of London targets 35% women in its senior staff by 2023 and gender parity by 2030.12 3 How Gender Fits into ESG?, S Women on Boards, UK Government, February 201 1. 7 Women on Boards website, California Secretary of State. 8 “India first developing country to have quota mandating at least one woman director on board of listed companies“, The Economic Times, 15 November 2018. 9 Gender-Equality Index, B. 10 Goldman Sachs Commitment to Board Diversity webpage. 11 Inclusion Empowering women, AXA UK. 12 “Lloyds of London sets 20% target of women on boards by end-2023”, Reuters, 30 July 2020. Many stakeholders are driving greater gender diversity in senior leadership. Public policy is steering companies to decisive action on gender diversity. Investors are focusing on gender diversity as part of ESG criteria. Re/insurers are setting targets for the share of women in their senior staff4 Swiss Re Institute Gender diversity in the insurance industry: for a sustainable future February 2021 Gender diversity in insurance: an overview Representation of women in re/insurance company leadership Women are the minority in re/insurance company boards and executive teams globally and there has been slow progress in addressing the challenge. Our analysis finds women under-represented in all segments of the re/insurance industry. Insurance brokers and reinsurers have increased the share of women in leadership the most over the past decade. However, diversity has stalled for many re/insurers after adding one or two women to boards in the past decade. Women are under-represented in re/insurance company C-suites Swiss Re Institute conducted an online search of the gender of the CEO, executive- level managers (C-suite) and chairperson at the 1020 largest companies in each of the life and non-life segments (by gross written premium) in the 12 largest insurance markets globally, as well as 29 reinsurance players. The resulting sample of more than 400 companies accounted for about 71% of total global insurance premiums and over 60% of global reinsurance premiums in 2019.13 The sample contained 43 women as CEOs (about 10% of the total), slightly higher than in the Fortune 500, which has 39 women as CEOs, less than 8% of the total.14 On average, 23% of C-suite executives in the re/insurance sample were women in 2019 (see Table 1). This is slightly higher than other studies have found for the overall financial sector. For instance, Oliver Wyman research found that women made up 20% of executive committees at major financial institutions in 2019.15 In a study by Deloitte, the proportion of women in leadership roles in financial services firms was 21.9% in 2019.16 Re/insurers in advanced markets have more gender-diverse C-suite executives, with an average of 25.6% women in their C-suite executive teams, compared to 13.8% in emerging markets. Among advanced insurance markets, France had the highest ratio of women executives, of 40.6%, whereas in Germany and Japan the ratios were far below their advanced market peers. Among emerging markets, insurers in China had the highest ratio of women executives of 16.9%, close to Germanys and higher than Japans (see Table 1). However, these numbers are far lower than womens share of the overall industry sector workforce. For instance, in Australia, women accounted for 56.5% of total employment in the insurance and superannuation fund sector as of November 2020.17 In 2019, women comprised over 60% of the insurance industrys total employment in the US and 45% of the workforce in the financial and insurance sector in the UK.18 There remains a long way to go. Across all markets, less than 10% of re/insurance companies on average had a woman as chairperson of the board or as CEO (see Table 1). The readings are similar among insurance companies in advanced and emerging markets. Oceania has greatest gender diversity. Around 24% of insurance companies in Australia had a woman chairing the board, and 23% of New Zealand insurance companies had a woman as CEO. In several key advanced markets, such as UK and Japan did not have a single major life or non-life insurance company board led by a woman. Life insurance companies tend to have more gender diverse C-suite executive tea