Hiscox, the FTSE 250 insurance company, has reported a gender pay gap of 26.2% on a median basis, and a 31.1% mean figure.
The company’s bonus pay gaps were, however, bigger: 49.5% median and 71.1% mean.
The company said its pay gap was explained by having fewer women in senior roles, and fewer women in roles that attract variable pay.
Hiscox is the latest in a series of companies to reveal hefty gender pay gaps.
Figures from the UK’s HM Revenue & Customs analysed by The Guardian this week revealed that 618,000 men received salaries of more than £100,000 in the last financial year, compared with 179,000 women. The figures for people earning more than £1m were 17,000 men against 2,000 women.
Bronek Masojada, chief executive of the Hiscox Group, said the company worked to be inclusive, and benchmarked salaries.
He said: “Like many other businesses, Hiscox has a 50/50 gender split at entry-level roles, but we see a decline in women filling senior, higher-paid roles. This is driving the gap between the average amount paid to men, compared to the average amount paid to women.
“Our position is clear; we want more women in senior roles at Hiscox, which is why we have had a Women in Leadership programme since 2014. We recognise it will take time to reduce our gender pay and bonus gaps, but we are determined to make lasting changes.”