Lloyd’s of London has hit a short-term target of filling 35 percent of leadership roles with women, although less than half of firms in the commercial insurance market had hit the mark, it said on Tuesday.

Lloyd’s said it needed to make further progress to improve culture after reporting that only 45 percent of managing agents and brokers had helped propel the diversity figure to its overall end-2023 target.

“Whilst we’ve hit our short term target … and the market continues to make progress on representation of diverse groups, we still have a way to go on our culture journey,” Lloyd’s Chief People Officer Sara Gomez said.

Lloyd’s set the end-2023 target in 2020 after staff raised concerns about sexual harassment and daytime drinking.

In its fifth Market Policies and Practices report, Lloyd’s said the proportion of women in leadership roles rose by 3 percentage points, with improvements at board level, in executive committees and direct reports of executive committees.

Lloyd’s, which employs around 57,000 people in insurance and broking firms and is aiming for gender parity by 2030, said women now made up more than 43 percent of the 57,000-strong workforce and that 46 percent of new hires were women in 2023.

Ethnically diverse hires made up 21 percent of new staff last year, up 4 percentage points, more than 71 percent of firms were working to remove bias from recruitment processes and more than half had inclusivity policies and practices, such as menopause support, Lloyd’s said.

Marcos Alvarez, global head of insurance at DBRS Morningstar, said it remained to be seen whether Lloyd’s would penalize firms who failed to meet the 35 percent target by end-2023.

Lloyd’s of London’s Chief Executive John Neal told Reuters last year that firms failing to meet expectations around diversity and inclusion “can’t trade in the market.”

(Additional reporting by Carolyn Cohn)