Le Foyer S.A.

Non-life insuranceStrong revenue growth in Luxembourg and Belgium.Sharp increase in serious bodily injury claims in the motorcivil liability segment.Claims exacerbated by a hailstorm.Improved results in non-motor segments.Robust growth in net profit.Le Foyer Assurances posted revenues of € 201.32million in 2003, a 6.1% increase on 2002. This figure includes€ 33.5 million of premium income from captive business.In Luxembourg, motor insurance premium receipts rose5.8% to € 95.07 million.Premium receipts for fully comprehensive Tous RisquesAuto motor insurance policies advanced by a particularly satisfactory9.2%, thanks to our flagship product, mobilé, which remainshighly competitive in terms of both the increased breadthof insurance cover and the associated services it offers. Increasingnumbers of customers are taking out insurance policies that provideprotection against damage to their vehicle and keeping suchpolicies for longer: 45% of our policies for individual customerscover material damage and 75% cover fire, theft and glassbreakage.27Although claims frequency declined, the June 2003 hailstormhad a negative impact on claims.Revenues in motor civil liability rose 2.2%. Policy issuancegrew at a faster pace than the number of cars on Luxembourg’sroads. Although there were fewer property and bodilyinjury claims, serious bodily injury claims rose sharply. As a result,we fully support all existing and future measures taken by thegovernment to reduce road accidents.