Portugal’s Insurance and Pension Funds Supervisory Authority (ASF) published a report on diversity and inclusion in the insurance and pension fund sectors, assessing gender representation across key registered roles and how firms are embedding gender objectives in their mandatory selection and assessment policies. The report finds that women remain most under-represented in corporate bodies, particularly boards, even where representation is higher in other senior roles. Registry data comparing 31 December 2022 with 20 November 2024 show insurers increased female representation in management and supervisory bodies from 18.75% (75 of 400) to 21.17% (87 of 411), with women accounting for 19.33% of board members and 24.65% of supervisory body members. Women represented 31.82% of those who effectively run insurers, 37.73% of top directors, and 56.33% of key function holders, and six of 38 insurers had a female chief executive or equivalent. For pension fund management companies, registry data were unchanged between 2022 and 2024, with women at 27.78% (20 of 72) across management and supervisory bodies, but only 16.67% on boards versus 43.33% on supervisory bodies, while all registered top directors were women and women accounted for 41.94% of key function holders. A market questionnaire sent to 37 insurers and eight pension fund managers found all pension fund managers and 22 of 37 insurers included quantitative or qualitative objectives or measures in their selection and assessment policy, but 72.97% of insurers did not set quantitative targets and 54.05% did not include qualitative objectives or measures, with objectives typically focused on boards and top roles and often not clearly specified by category or as forward-looking targets. ASF links its findings to forthcoming supervisory expectations under the revised Solvency II framework, which will require insurers to set individual quantitative gender-balance objectives in a board diversity policy, supported by EIOPA guidance on the notion of diversity. The report also notes that a future review of the IORP II Directive could introduce similar requirements for the pension fund sector.
Portuguese Insurance Regulator (ASF) 2025-09-02
Portugal’s Insurance and Pension Funds Supervisory Authority reports women represent 21% of insurers’ management and supervisory bodies and 17% of pension fund managers’ boards
Portugal’s Insurance and Pension Funds Supervisory Authority (ASF) reported on diversity and inclusion, highlighting under-representation of women in corporate bodies, particularly boards, despite gains in senior roles. The report links findings to upcoming Solvency II framework expectations, requiring insurers to set quantitative gender-balance objectives in board diversity policies. A future review of the IORP II Directive may introduce similar requirements for the pension fund sector.