Le Foyer S.A.

Premium income rose 4.7% in property damage and5.1% in general civil liability. Part of this growth stemmed fromtariff increases to industrial and special risks, applied at the behestof the global reinsurance market following the enormouslosses sustained by reinsurers over the last three years. Despitethe cost of the June 2003 hailstorm, the lack of major claimsenabled us to improve profits.In technical insurance, revenues picked up by 3.4% afterfalling in 2002. We recorded a healthy rate of policy issuance forconstruction and electronic equipment insurance. The lack of largeclaims and a favourable reassessment of the technical reservesbuilt up in previous years helped boost profits by over 50%.In accident insurance, premium intake was adversely affectedby workforce downsizing measures undertaken by anumber of firms that hold group insurance policies on behalf oftheir employees. This factor restricted growth in premium incometo 3.9%, despite the continuing success of our ConducteurProtégé guarantee, with over 24% of our motor insurance policyholderstaking up this driver-protection option.Transport insurance revenues advanced 17.6%, drivenby demand from financial institutions for insurance to cover thetransport of funds or other valuables. A favourable reassessmentof the technical reserves built up in previous years ensured profitsmade strong progress.In Belgium, revenues from our mobilé and Reebou products,most of which are earned in regions bordering Luxembourg,climbed 28.4%. Our highly selective underwriting policy enabled usto further improve the profitability of this fast-growing portfolio.Breakdown of premium incomeMotor allrisks25,6%Motor civilliability22,5%Transport6,7%Generalcivil liability10,5%28Propertydamage23,8%Technicalbranches8,0%Accident2,9%