At the end of one of the most difficult financial years in our history, a year marked by an unprecedented economic and financial crisis which has also taken its toll on the insurance industry, it is with great pride and satisfaction that I am able to confirm that we have come out of this as a strong, growing business with one of the strongest financial position in the industry. Profits for the year, which were inevitably affected by the global financial crisis, confirm the solidity of the insurance businesses which are the focus of our business and which follow long-term strategies and an international growth plan.

The impact of the crisis has not in any way affected the creation of growth for those holding an interest in the Company, with our 84,000-strong workforce and 50,000 plus agents and promoters, to whom we have distributed increasing resources. Nevertheless, our strategy of prudent financial management, characterised by a constant focus on commitments towards the more than 60 million policyholders who place their trust in us, makes us one of the few sector companies to have successfully distributed dividends in 2008. And we did this responsibly, having deemed it our duty to bear, insofar as possible, the burden of the reduced profits for the year and to recompense our more than 200,000 shareholders for their loyalty, even beyond the profits generated by our business in the year. We therefore distributed a mixed dividend, adding to the sum of EUR 0.15 per share, one free ordinary share in the company per 25 shares held, from our treasury shares.

For us, this is just another form of corporate responsibility. Despite the difficulties faced in 2008, I can safely say that on account of the Company’s strong financial position, we have been able to meet the expectations of our stakeholders.

I am pleased to introduce this Sustainability Report, now in its fifth edition. The Report will be published also this year, shortly after the financial statements. The Sustainability Report is both closely related to and completes the Financial Statements, providing information on all our achievements so far in the industrial, social and environmental protection sectors. I am also pleased to remind you that, thanks to the timely publication of this document, assessed alongside our financial statements, we were awarded the Financial Statements Award in confirmation of the quality of our financial reporting and more generally, of our stakeholder communications.

The 2008 Sustainability Report contains more information than previous editions, particularly in the sections dedicated to the environment, to contractual partners and to highly relevant issues such as human rights and employee rights.

In this regard, I would like to reiterate that since adhering to the Global Compact initiative in 2007, our strategies, policies and actions have integrated, and will continue to integrate, the ten principles relating to human rights, labour conditions, environmental protection and the fight against corruption. The sustainability measures undertaken, have allowed us to make an important contribution towards the success of such principles within the context of and in the relations we forge with the people we come in contact with.

In our view, sustainability especially relates to the involvement of our workforce, which greatly contributes to our success. The 2008 Sustainability Report provides confirmation of this: as is now customary and a specific part of our report, the accompanying photos for this volume have been provided as a Group initiative. The wonderful images accompanying this volume have been selected from the many entries to the photography competition, “I protect the environment” organised by Group companies throughout the world. As you leaf through the report, you will see that the images are a selection of photographs taken by staff members in our various companies throughout Europe, Asia and Latin America, which attests the heartfelt interest aroused the world over for such an important issue. In order that we may contribute to the protection of this precious asset, we have implemented processes that will help us to deal with the negative impact the Group has on the environment in a systematic and responsible manner.

Increased Group commitment in the various spheres of sustainability results in continuous adjustment and improvement of instruments and specific bodies in the Corporate Centre and in individual countries, to improve the coordination and to obtain greater efficacy of actions taken towards attaining new objectives, and first and foremost the planning and implementation of a Group environmental management system.

The growing appreciation for our business, as demonstrated by financial and ethical analysts on more than occasion, and the general consensus arising from the many climate assessments carried out by our major stakeholder, primarily among our staff, have increased our desire and commitment to continue along our chosen path, in the pursuit of our shared objectives.

Antoine Bernheim