Hiscox has published its 2017 U.K. gender pay report, a requirement for all U.K. companies with 250 or more employees to measure the difference in pay between men and women across a company's workforce, regardless of seniority or type of role.

According to the report, Hiscox's median hourly pay gap in the United Kingdom is 26.2 percent, or on a mean basis, 31.1 percent.

The company said that the gap was driven by having fewer women at senior levels at Hiscox.

In a statement, Hiscox said that it conducts regular reviews to ensure men and women in equivalent roles were paid the same.

The company also reported a median bonus gap of 49.5 percent, or on a mean basis 71.1 percent. According to the company, this was driven by there being a higher representation of men at senior levels in the organization, in roles that attracted higher variable pay, which resulted in men's bonuses being on average larger than women's bonuses.

Hiscox said that these figures also included share options exercised; during 2017, there were some large share transactions by male employees, which was reflected in the 71 percent figure.

Bronek Masojada, the group chief executive officer at Hiscox, said, "At Hiscox we want to employ and keep the best people, and provide them with the means and motivation to excel in their careers with us. We benchmark salaries and provide performance-related bonuses, employee share schemes, and competitive benefits to all our employees. We also strive to be inclusive, so that everyone working here can fulfill their talent and ambition.

"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 program since 2014. We recognize it will take time to reduce our gender pay and bonus gaps, but we are determined to make lasting changes."