Le Foyer S.A.

OutlookFollowing the sharp decline in financial income in the previoustwo years, all insurers are striving to bring technical resultsback into the black. The tariff increases applied in the Industrialand Special Risks segments in 2002 and 2003 are therefore likelyto be maintained in 2004.With renegotiations for our 2004 reinsurance programmecompleted, we were able to contain the impact of the premiumincreases applied by the global market, thanks to an increase inretentions made possible by our solid technical results.We remain highly confident in our ability to increase revenuesin profitable conditions, thanks to constant improvementsin our products and services, the performance and professionalismof our retail network, and our high-quality, experienced underwritingand claims management personnel.31