UK Gender Pay Gap

At Aspen, inclusion is fundamental to who we are, how we lead, how we make decisions and how we perform. It is deeply embedded in our culture, our values and the way we show up for one another every day.

Our people tell us that Aspen’s culture is one of our greatest strengths. They trust their leaders, understand what we stand for and feel supported by their managers. This matters because inclusive leadership and strong culture are essential to delivering sustainable, long-term success.

In 2025, we continued to make progress in reducing Aspen UK’s Gender Pay Gap. This reflects deliberate action, sustained focus and clear accountability. While we are encouraged by this progress, we are equally clear that there is more to do. Increasing the representation of women in senior roles remains a challenge across our industry and requires long-term commitment and collective effort.

We are seeing strong and diverse female talent entering our business, including within underwriting and other specialist areas. Our focus continues to be ensuring women are supported to build long-term careers at Aspen through development, sponsorship, progression opportunities and flexible ways of working, underpinned by inclusive leadership at every level.

The Gender Pay Gap is one important measure, but it does not tell the whole story. Our ambition is to maintain a workplace where everyone feels they belong, where opportunity is fair and where talent can thrive.

My commitment and that of the Group Executive team is clear. We will continue to challenge ourselves and take meaningful action to drive lasting change.

Sarah Stanford, CEO, Aspen UK

Women in Leadership

Firms operating in the Lloyd’s market work to a target of 35%  or more women in leadership roles, defined as Boards, Executive Committees and direct reports of Executive Committee members.

We are delighted that once again, Aspen’s UK has exceeded this target, with 43% of leadership roles held by women.

This includes:

• 57% of women on the UK Board of Directors (+7% vs 2024)
• 27% of women on UK Executive Committees (+7% vs 2024)
• 45% of women in roles directly reporting to the UK Executive Committee (excluding EA/PA roles)
• 51% of new hires were women (+8% vs 2024)

While this demonstrates continued progress, strengthening female representation at the most senior levels remains a priority.

2025 Gender Pay Gap:

Hourly Pay Gap (defined as hourly pay) – Difference between men and women

Aspen made further progress in narrowing its Gender Pay Gap in 2025.

• Mean Hourly Gender Pay Gap: 24.81%
  (2024: 25.7% / 2023: 28.1%)

• Median Hourly Gender Pay Gap: 24.51%
  (2024: 26.3% / 2023: 28.8%)

This sustained downward trend reflects focused action across recruitment, development and progression.

	Mean	Median
Pay Gap	24.81%	24.51%

Bonus Gap – Difference between men and women

• Mean Bonus Pay Gap: 37.17%
  (2024: 39.76%)

• Median Bonus Pay Gap: 41.83%
  (2024: 39.54%)

Year-on-year movement in bonus gaps can be influenced by role mix, seniority and performance related reward outcomes. Our focus remains on identifying the root causes and developing long-term talent and progression strategies.

	Mean	Median
Bonus Gap	37.17%	41.83%

Closing the Gender Pay Gap

Closing Aspen’s Gender Pay Gap requires sustained leadership focus and long-term commitment.

Oversight and accountability are provided through Aspen’s Inclusion Board, chaired by the Group Chief Corporate Affairs and People Officer and comprising Group Executive Committee members including the UK and US CEOs, alongside the Chairs of Aspens Inclusion Networks. The Board meets quarterly to set direction, monitor progress and review data and reports formally to the Group Executive Committee twice each year.

The Inclusion Board recognises that the Gender Pay Gap is just one measure of inclusion and fairness within Aspen, and that Gender Pay Gap is influenced by many factors such as recruitment and attrition rates, external market pay expectations and historical organizational and occupational structures. This means that Gender Pay Gap data may vary from year to year and is often a lag indicator of progress.

This reinforces our focus on sustained, long-term action across three strategic priorities:

• Embedding a One Aspen Inclusive Culture, anchored in our values which drives purpose and achieves Aspens long-term ambitions
• Enabling leaders to build high-performing inclusive teams, by empowering and equipping our colleagues to thrive
• Strengthening our position as an employer of choice, by creating employee experiences that attract and retain diverse global talent

Inclusive hiring

Our Early Careers programmes continue to build a strong and diverse future talent pipeline for the insurance industry.

In 2025:

• 60% of graduate placements were taken by women
• Our UK apprenticeship programme supported women entering roles across Governance, Claims, Underwriting and Analytics.
• 50% of participants in the Lloyds Military Network programme were women

For experienced hires, we strengthened inclusive hiring practices, ensuring managers are equipped to attract and select the best talent.

For senior and specialist roles, particularly in historically male-dominated areas, we apply an ‘achieve or explain’ approach, requiring diverse shortlists and strengthening accountability.

Developing talent

We continue to invest in the development and progression of our people.

In 2025:

• 35 junior high-potential colleagues completed our Future Leaders Programme, combining skills development, coaching and Executive committee exposure.
• Our Group Mentoring Programme continued to expand, supporting career development through senior leader insight and sponsorship
• We have focused on our manager population in 2025 and have delivered a series of workshops aiming to upskill managers on how to manage inclusive teams, have constructive career conversations, providing feedback and supporting others through periods of change.

Supporting inclusion

Our Employee Resource Groups (ERG’s), GAIN and RESET, play a vital role in helping us build a workplace where everyone feels included, supported and able to thrive.

Our networks bring together passionate colleagues from across the globe who volunteer their time, energy and ideas to make Aspen an even better place to work. Through raising awareness, driving advocacy and allyship, they help to shape our culture and ensure that inclusion remains at the heart of everything we do.

In 2025, our Global Networks GAIN and RESET were pivotal in delivering:

Raising Awareness & Celebrating Inclusion: GAIN and RESET have held over 50 global events, such as celebrating Ramadan, Diwali and Multi-cultural lunches, helping colleagues feel seen, valued and connected. Employees feel that meeting others with shared backgrounds and interests through these networks has strengthened belonging and feeling included in the workplace

Influencing and Driving Change: Both GAIN & RESET have been instrumental in identifying and removing barriers, ensuring our policies are fairer and more inclusive. From improving paternity leave to advancing inclusive hiring practices, GAIN and RESET continue to shape actions that reflect and support the diversity of our workforce

Expanding Reach: GAIN and RESET now have active groups across all regions, with ExCo members acting as visible sponsors and champions. Supported by strong governance and regular reviews, the networks are driving initiatives aligned to our strategic priorities and company values, embedding lasting impact globally

Making an Impact: Initiatives such as reverse mentoring, early careers schemes, and the launch of new inclusion-focused projects have been warmly welcomed by colleagues. These efforts are helping to shape fairer processes, open new career pathways, and create more opportunities for everyone.

Celebrating female talent in Aspen

We are proud to recognise the exceptional achievements of women across Aspen who have been acknowledged externally for their leadership, expertise and impact over the past year.

Their success reflects the depth of talent within our organisation and the progress we continue to make in building diverse leadership across our business.

• Beatrice Morley, Global Head of Casualty and International Reinsurance, was named one of Insurance Business UK’s Elite Women 2025 recognising her leadership and influence within the global insurance market.
• Aileen Mathieson, Group Chief Investment Officer, was also recognised as an Insurance Business UK Elite Women 2025, reflecting her outstanding contribution to investment leadership and strategy.
• Jenny Kane, Group Chief Risk Officer, was awarded Risk Management Leader of the Year, at the CIR Magazine Risk Management Awards, highlighting her excellence in risk leadership and governance.
• Sarah Stanford, Chief Executive Officer, Aspen UK, was named Women in Insurance of the Year (Large Firms) at the Insurance Awards 2025, recognising her leadership and impact across the industry.
• Priya Basra, Senior Claims Adjuster, was recognised as a Rising Young Star and a Finalist for Young Claims Professional of the Year, celebrating emerging talent and future leadership within the claim’s profession.

These achievements demonstrate the breadth of female talent at Aspen from emerging professionals to senior leaders and reinforce our commitment to supporting women to succeed at every stage of their careers.

Looking forward

We will continue to build on strong foundations and sharpen our focus on impact.

Over the year ahead we will:

• Strengthen how we listen to our people, bringing insights together to inform action
• Take a more data-led approach, aligning priorities to workforce demographics and outcomes
• Enhance and strengthen our governance process with our updated Culture Dashboard to measure and track progress
• Continue to invest in developing future female leaders through talent, mentoring, sponsorship and leadership capability
• Increase transparency through clear communication on our ambitions, progress and learning

Our ambition is clear to make Aspen a place where everyone can succeed and where progress on inclusion is sustained, measurable and meaningful.