Le Foyer S.A.

51Consolidated profit and loss accountNotes 31.12.2003 (€) 31.12.2002 (€)Life insurance technical account (continued)Change in other technical reserves,net of reinsuranceProvision for life insuranceGross value -25 983 394.30 -12 342 521.95Reinsurers’ share -228 636.63 -121 873.67-26 212 030.93 -12 464 395.62Other technical reserves, net of reinsurance -140 672 654.22 42 533 720.64Total change in value of other technical reserves,net of reinsurance -166 884 685.15 30 069 325.02Profit sharing and no-claims bonuses,net of reinsurance 176 664.14 1 231 290.26Net operating expensesAcquisition expenses 27 -7 997 766.54 -8 319 456.03Change in acquisition expenses 11(i) -5 942.99 -127 739.16Administrative expenses 11(p), 27 -6 555 466.02 -9 105 470.09Commissions received from reinsurersand profit sharing 803 322.95 977 253.47Total net operating expenses -13 755 852.60 -16 575 411.81Investment expensesInvestment management expenses,including interest expenses -5 791 615.61 -4 729 951.20Adjustments to the value of investments -2 127 089.26 -6 180 504.44Losses on the sale of investments -8 167 441.65 -8 997 456.52Total investment expenses -16 086 146.52 -19 907 912.16Unrealised capital losses on investments 11(g) -97 989.61 -105 254 677.62Other technical expenses, net of reinsurance –xxxxx -185 285.32Allocated investment income transferredto the non-technical account 11(n) -1 090 682.25 -1 729 473.87Life insurance technical profit -774 397.60 -904 144.22The notes included in the annex are an integral part of the consolidated accounts.