Life Insurance
Provides a lump sum payment if you were to pass away or are diagnosed with a terminal illness.
At AIA we are committed to helping people live Healthier, Longer, Better Lives. We believe a fundamental part of this is championing the fair and equitable treatment of everyone – our customers, our partners, and our people.
Since March 2022 AIA NZ has opted to publish our gender pay gap publicly. We did this to encourage the gender pay conversation, as well as to ensure that as an organisation we hold ourselves accountable for addressing our current pay gap and commit to making improvements.
A pay gap is the difference between the median rates of pay for different groups of people in an organisation.
At AIA New Zealand we use two key measurements to help us better understand and explain the underlying reasons for differences in pay – the Gender Pay Gap and the Pay Equity Gap.
Gender Pay Gap
A gender pay gap shows the difference between pay for men and women. At AIA NZ, we calculate our gender pay gap using the following formula:
This calculation provides a percentage figure. A pay gap of 10% for example would mean the average man was earning 10% more than the average woman, regardless of type of work they do or hours they work.
While this figure doesn’t compare like-for-like pay equity, it does give insight into the kinds of jobs men and women are generally undertaking, and the average rates of pay for these.
Pay Equity Gap
Pay Equity is about women and men receiving the same pay for doing jobs that are different, but of equal value. Within AIA NZ, this metric is based on the compa-ratio of men compared with women (comparing an employee’s earnings against the pay range for their role).
Gender Pay Gap
The gap between the median earnings of women compared with men
In 2024, AIA NZ’s gender pay gap is 19.4% in favour of men.
Pay Equity Gap
The gap between the median earnings of women compared with men in similar roles
In 2024, AIA NZ’s pay equity gap is 1.0% in favour of men.
Like many organisations within our industry, the key driver for the overall gender pay gap at AIA NZ is the distribution of our employee population. Specifically, we have a larger proportion of women in our lower paying roles, and a smaller proportion in our highest paying roles.
While the gender pay gap is higher than we would like, this is below the average gender pay gap for the Financial Services and Insurance industry of 30.2%.
In addition, the pay equity gap provides us with confidence that at AIA men and women receive equal money for doing equal work.
We acknowledge action needs to be taken to reduce our current gap, and we are focused on making changes to bring about greater equality.
Key areas of focus include: