Le Foyer S.A.

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Life insuranceConsolidated revenues up 10.3%.Strong growth in group insurance in the domestic market andupturn in cross-border issuance under the free provision ofservices regime.Write-back from “special items with a share in reserves” tooffset a loss on divestment of securities.Tight grip on general expenses.The following table shows the results for the 2001-2003period:Life insurance consolidated figures(€ million) 2003 2002 2001Le Foyer Vie revenues 58.08 50.72 45.37% change 14.5 11.8 1.2Foyer International revenues 172.44 159.07 240.05% change 8.4 -33.7 18.1Raiffeisen Vie revenues 0.98 –x –x% change N/A –x –xTotal consolidated revenues 231.50 209.79 285.42% change 10.3 -26.5 15.0Recurring consolidated net profit 3.01 *-4.29 2.36% change N/A N/A 2.4Headcount (at year-end) 53 58 52* after posting a € 5.66 million tax-exempt capital gain to the liabilities side of thebalance sheet under “special items with a share in reserves”36
Following an 11.8% increase in 2002, Le Foyer Vie grewdomestic market revenues by a further 14.5% to € 58.08 millionin 2003.This progress was driven by further growth in sales of retirementsavings products to individuals, while in the group insurancesegment, the momentum stemmed from receipt of singlepremiums related to new legislation concerning private top-uppension schemes, the deadline for which was 31 December 2003.The ensuing new policy acquisition costs and the declinein recurring financial income were partly offset by reductions ingeneral expenses. The technical result after reinsurance came outslightly below the previous year’s figure.As regards non-recurring financial operations, a € 3.23 millionloss was recorded on the divestment of securities. This loss wasnevertheless offset by a € 3.26 million write-back from “specialitems with a share in reserves” on the liabilities side of the balancesheet. It should be noted that there was a € 4.92 millionnet loss in 2002 as a result of booking a € 5.66 million tax-exemptcapital gain to this liability item. The effect of this was toincrease shareholders’ equity, but reduce net profit by the sameamount.2003 net profit amounted to € 2.69 million.2003 saw us consolidate our market-leading position inretirement savings products for individuals, while also expandingour range of products in this segment.In group Insurance, we focused our efforts on advisingclients on bringing their existing top-up pension schemes intoline with new legislation by the 31 December 2003 deadline. Asa result of this, we booked some sizeable premiums related toprivate pension schemes.37
Page 1: Le Foyer S.A.Annual Report 2003
Page 5: Tribute toMr Marc LambertMr Marc La
Page 9 and 10: 2003 consolidated financial highlig
Page 11 and 12: Board of DirectorsLe Foyer, Compagn
Page 13: ManagementGeneralManagement::Franç
Page 16: Mr Ernest Hamélius(founder member)
Page 19 and 20: Mr Max Lambert(founder member),Vice
Page 21 and 22: Consolidated management reportConso
Page 23 and 24: Revenues grew 6.2% to € 203.58 mi
Page 25 and 26: In individual insurance, growth slo
Page 27 and 28: Thanks to the economic upturn and r
Page 29 and 30: Non-life insuranceStrong revenue gr
Page 31 and 32: Among Le Foyer Assurances’ subsid
Page 33 and 34: OutlookFollowing the sharp decline
Page 35 and 36: 1925 - Foundation ofLe Foyer’s Be
Page 37: Foyer Re reported a € 6.88 millio
Page 41 and 42: Asset ManagementProfits buoyed by r
Page 43: 1990 - Financial restructuring culm
Page 46 and 47: 44Consolidated balance sheetat 31.1
Page 48 and 49: 46Consolidated balance sheetat 31.1
Page 50 and 51: 48Consolidated profit and lossaccou
Page 56 and 57: Notes to the consolidated accountsa
Page 58 and 59: Companies included in the scope of
Page 60 and 61: 11 (a) Conversion of items denomina
Page 62 and 63: 11 (h) Accounts receivableAccounts
Page 64 and 65: 11 (l) Accounts payableAccounts pay
Page 66 and 67: Land, buildings and installations13
Page 68 and 69: Other financial investments15 The p
Page 70 and 71: Special items with a share in reser
Page 72 and 73: Geographical breakdown of life prem
Page 74 and 75: June 2000 - Stock market flotation
Page 76 and 77: Appropriation of profitAt the Annua
Page 78 and 79: 76Balance sheetat 31.12.2003ASSETSN
Page 80 and 81: 78Consolidated profit and loss acco
Page 82 and 83: In the event of lasting diminution
Page 84 and 85: Shareholders’ equity6 Movements i
Page 86 and 87: AgentsAgents and Employees of Le Fo
Page 88 and 89:
Le Foyer S.A.fax: +352 43 83 22www.
Page 91:
An English version of the Le Foyer
Page 96:
www.lefoyer.lu
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Le Foyer S.A.

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