<?xml version="1.0" encoding="UTF-8" standalone="yes"?>
<!--
  This file is part of the Dutch Taxonomy (Nederlandse Taxonomie; NT)
  Intellectual Property of the State of the Netherlands
  Architecture: NT13
  Version: 20181212.a
  Release date: Tue Jun 19 09:00:00 2018
-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink">
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:label id="rj-i_InvestmentsOnBehalfOfParticipants_periodStartLabel_nl" xlink:label="rj-i_InvestmentsOnBehalfOfParticipants_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Beleggingen voor risico deelnemers aan het begin van de periode</link:label>
    <link:label id="rj-i_InvestmentsOnBehalfOfPensionFund_periodStartLabel_nl" xlink:label="rj-i_InvestmentsOnBehalfOfPensionFund_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Beleggingen voor risico pensioenfonds aan het begin van de periode</link:label>
    <link:label id="rj-i_InvestmentsOnBehalfOfPremiumPensionInstitutions_periodStartLabel_nl" xlink:label="rj-i_InvestmentsOnBehalfOfPremiumPensionInstitutions_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Beleggingen voor risico premiepensioeninstellingen aan het begin van de periode</link:label>
    <link:label id="rj-i_DesignatedFund_periodStartLabel_nl" xlink:label="rj-i_DesignatedFund_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Bestemmingsfonds aan het begin van de periode</link:label>
    <link:label id="rj-i_DesignatedFunds_periodStartLabel_nl" xlink:label="rj-i_DesignatedFunds_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Bestemmingsfondsen aan het begin van de periode</link:label>
    <link:label id="rj-i_DesignatedReserve_periodStartLabel_nl" xlink:label="rj-i_DesignatedReserve_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Bestemmingsreserve aan het begin van de periode</link:label>
    <link:label id="rj-i_DesignatedReserves_periodStartLabel_nl" xlink:label="rj-i_DesignatedReserves_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Bestemmingsreserves aan het begin van de periode</link:label>
    <link:label id="rj-i_RemunerationManagingSupervisoryDirectors_periodStartLabel_nl" xlink:label="rj-i_RemunerationManagingSupervisoryDirectors_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Bezoldiging van bestuurders en commissarissen aan het begin van de periode</link:label>
    <link:label id="rj-i_InvestmentsBookValue_periodStartLabel_nl" xlink:label="rj-i_InvestmentsBookValue_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Boekwaarde van beleggingen aan het begin van de periode</link:label>
    <link:label id="rj-i_GoodwillGross_periodStartLabel_nl" xlink:label="rj-i_GoodwillGross_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Bruto waarde aan het begin van de periode</link:label>
    <link:label id="rj-i_NegativeGoodwillGross_periodStartLabel_nl" xlink:label="rj-i_NegativeGoodwillGross_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Bruto waarde aan het begin van de periode</link:label>
    <link:label id="rj-i_ContinuityReserve_periodStartLabel_nl" xlink:label="rj-i_ContinuityReserve_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Continuïteitsreserve aan het begin van de periode</link:label>
    <link:label id="rj-i_NegativeGoodwillAccumulatedAmortisation_periodStartLabel_nl" xlink:label="rj-i_NegativeGoodwillAccumulatedAmortisation_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Cumulatief bedrag die ten gunste van de winst- en verliesrekening is gebracht aan het begin van de periode</link:label>
    <link:label id="rj-i_GoodwillAccumulatedAmortisationRevaluations_periodStartLabel_nl" xlink:label="rj-i_GoodwillAccumulatedAmortisationRevaluations_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Cumulatieve afschrijving en herwaarderingen aan het begin van de periode</link:label>
    <link:label id="rj-i_BondsOtherFixedIncomeSecuritiesAccumulatedDepreciationImpairments_periodStartLabel_nl" xlink:label="rj-i_BondsOtherFixedIncomeSecuritiesAccumulatedDepreciationImpairments_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Cumulatieve afschrijvingen en waardeverminderingen aan het begin van de periode</link:label>
    <link:label id="rj-i_CapitalisedAcquisitionCostsAccumulatedAmortisationImpairments_periodStartLabel_nl" xlink:label="rj-i_CapitalisedAcquisitionCostsAccumulatedAmortisationImpairments_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Cumulatieve afschrijvingen en waardeverminderingen aan het begin van de periode</link:label>
    <link:label id="rj-i_SharesOtherVariableYieldSecuritiesAccumulatedDepreciationImpairments_periodStartLabel_nl" xlink:label="rj-i_SharesOtherVariableYieldSecuritiesAccumulatedDepreciationImpairments_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Cumulatieve afschrijvingen en waardeverminderingen aan het begin van de periode</link:label>
    <link:label id="rj-i_CapitalisedAcquisitionCostsAccumulatedRevaluations_periodStartLabel_nl" xlink:label="rj-i_CapitalisedAcquisitionCostsAccumulatedRevaluations_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Cumulatieve herwaarderingen aan het begin van de periode</link:label>
    <link:label id="rj-i_InvestmentPropertiesAccumulatedRevaluations_periodStartLabel_nl" xlink:label="rj-i_InvestmentPropertiesAccumulatedRevaluations_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Cumulatieve herwaarderingen aan het begin van de periode</link:label>
    <link:label id="rj-i_RealEstateInExploitationAccumulatedRevaluations_periodStartLabel_nl" xlink:label="rj-i_RealEstateInExploitationAccumulatedRevaluations_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Cumulatieve herwaarderingen aan het begin van de periode</link:label>
    <link:label id="rj-i_SharesOtherVariableYieldSecuritiesAccumulatedRevaluations_periodStartLabel_nl" xlink:label="rj-i_SharesOtherVariableYieldSecuritiesAccumulatedRevaluations_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Cumulatieve herwaarderingen aan het begin van de periode</link:label>
    <link:label id="rj-i_CapitalisedAcquisitionCosts_periodStartLabel_nl" xlink:label="rj-i_CapitalisedAcquisitionCosts_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Geactiveerde acquisitie kosten aan het begin van de periode</link:label>
    <link:label id="rj-i_CashAndCashEquivalentsCashFlow_periodStartLabel_nl" xlink:label="rj-i_CashAndCashEquivalentsCashFlow_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Geldmiddelen aan het begin van de periode</link:label>
    <link:label id="rj-i_ReinsurancePartTechnicalProvisions_periodStartLabel_nl" xlink:label="rj-i_ReinsurancePartTechnicalProvisions_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Herverzekeringsdeel technische voorzieningen aan het begin van de periode</link:label>
    <link:label id="rj-i_FinancingDeficitSurplusToBeSettledInRates_periodStartLabel_nl" xlink:label="rj-i_FinancingDeficitSurplusToBeSettledInRates_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">In tarieven te verrekenen financieringstekort (-overschot) aan het begin van de periode</link:label>
    <link:label id="rj-i_InvestmentPropertiesCostPrice_periodStartLabel_nl" xlink:label="rj-i_InvestmentPropertiesCostPrice_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Kostprijs aan het begin van de periode</link:label>
    <link:label id="rj-i_InvestmentsMarketValue_periodStartLabel_nl" xlink:label="rj-i_InvestmentsMarketValue_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Marktwaarde van beleggingen aan het begin van de periode</link:label>
    <link:label id="rj-i_FinanceLeasesMinimalLeasePayments_periodStartLabel_nl" xlink:label="rj-i_FinanceLeasesMinimalLeasePayments_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Minimale lease betalingen van financiële leases aan het begin van de periode</link:label>
    <link:label id="rj-i_NegativeGoodwill_periodStartLabel_nl" xlink:label="rj-i_NegativeGoodwill_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Negatieve goodwill aan het begin van de periode</link:label>
    <link:label id="rj-i_TradeReceivablesNet_periodStartLabel_nl" xlink:label="rj-i_TradeReceivablesNet_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Netto vorderingen op handelsdebiteuren aan het begin van de periode</link:label>
    <link:label id="rj-i_OffBalanceSheetCommitmentsPaymentsObtainUsageRights_periodStartLabel_nl" xlink:label="rj-i_OffBalanceSheetCommitmentsPaymentsObtainUsageRights_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Niet in de balans opgenomen verplichtingen inzake betalingen ter verkrijging van (gebruiks)rechten aan het begin van de periode</link:label>
    <link:label id="rj-i_DesignatedReservesOther_periodStartLabel_nl" xlink:label="rj-i_DesignatedReservesOther_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Overige bestemmingsreserves aan het begin van de periode</link:label>
    <link:label id="rj-i_TechnicalProvisionOther_periodStartLabel_nl" xlink:label="rj-i_TechnicalProvisionOther_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Overige technische voorziening aan het begin van de periode</link:label>
    <link:label id="rj-i_InvestmentEntityOtherRelativeInterest_periodStartLabel_nl" xlink:label="rj-i_InvestmentEntityOtherRelativeInterest_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Relatieve belang in de andere beleggingsentiteit aan het begin van de periode</link:label>
    <link:label id="rj-i_ReserveDiscretionaryProfitSharing_periodStartLabel_nl" xlink:label="rj-i_ReserveDiscretionaryProfitSharing_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Reserve voor discretionaire winstdeling aan het begin van de periode</link:label>
    <link:label id="rj-i_ReservesAndFunds_periodStartLabel_nl" xlink:label="rj-i_ReservesAndFunds_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Reserves en fondsen aan het begin van de periode</link:label>
    <link:label id="rj-i_FoundationCapitalAndReserves_periodStartLabel_nl" xlink:label="rj-i_FoundationCapitalAndReserves_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Stichtingskapitaal en reserves aan het einde van de periode</link:label>
    <link:label id="rj-i_TechnicalProvisionDiscretionaryProfitSharingObligations_periodStartLabel_nl" xlink:label="rj-i_TechnicalProvisionDiscretionaryProfitSharingObligations_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Technische voorziening voor discretionaire winstdelingsverplichtingen aan het begin van de periode</link:label>
    <link:label id="rj-i_RealEstateInExploitation_periodStartLabel_nl" xlink:label="rj-i_RealEstateInExploitation_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Vastgoed in exploitatie aan het begin van de periode</link:label>
    <link:label id="rj-i_InvestmentProperties_periodStartLabel_nl" xlink:label="rj-i_InvestmentProperties_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Vastgoedbeleggingen aan het begin van de periode</link:label>
    <link:label id="rj-i_IntangibleAssetsCostPrice_periodStartLabel_nl" xlink:label="rj-i_IntangibleAssetsCostPrice_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Verkrijgings- of vervaardigingsprijs aan het begin van de periode</link:label>
    <link:label id="rj-i_PropertyPlantEquipmentCostPrice_periodStartLabel_nl" xlink:label="rj-i_PropertyPlantEquipmentCostPrice_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Verkrijgings- of vervaardigingsprijs aan het begin van de periode</link:label>
    <link:label id="rj-i_CapitalisedAcquisitionCostsCostPrice_periodStartLabel_nl" xlink:label="rj-i_CapitalisedAcquisitionCostsCostPrice_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Verkrijgingsprijs aan het begin van de periode</link:label>
    <link:label id="rj-i_FinancialAssetsCostPrice_periodStartLabel_nl" xlink:label="rj-i_FinancialAssetsCostPrice_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Verkrijgingsprijs aan het begin van de periode</link:label>
    <link:label id="rj-i_ObligationsOnBehalfOfParticipantsPremiumPensionInstitutions_periodStartLabel_nl" xlink:label="rj-i_ObligationsOnBehalfOfParticipantsPremiumPensionInstitutions_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Verplichtingen voor risico deelnemers aan het begin van de periode</link:label>
    <link:label id="rj-i_ProvisionPensionObligationsOnBehalfOfParticipants_periodStartLabel_nl" xlink:label="rj-i_ProvisionPensionObligationsOnBehalfOfParticipants_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Voorziening pensioenverplichtingen voor risico deelnemers aan het begin van de periode</link:label>
    <link:label id="rj-i_ProvisionPensionObligationsOnBehalfOfPensionFund_periodStartLabel_nl" xlink:label="rj-i_ProvisionPensionObligationsOnBehalfOfPensionFund_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Voorziening pensioenverplichtingen voor risico van het pensioenfonds aan het begin van de periode</link:label>
    <link:label id="rj-i_ChangesValueInvestmentProperties_periodStartLabel_nl" xlink:label="rj-i_ChangesValueInvestmentProperties_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Waardeveranderingen van vastgoedbeleggingen aan het begin van de periode</link:label>
    <link:label id="rj-i_ChangesConstructionContracts_periodStartLabel_nl" xlink:label="rj-i_ChangesConstructionContracts_periodStartLabel_nl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="nl">Wijziging in onderhanden projecten aan het begin van de periode</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_BondsOtherFixedIncomeSecuritiesAccumulatedDepreciationImpairments_loc" xlink:to="rj-i_BondsOtherFixedIncomeSecuritiesAccumulatedDepreciationImpairments_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_CapitalisedAcquisitionCostsAccumulatedAmortisationImpairments_loc" xlink:to="rj-i_CapitalisedAcquisitionCostsAccumulatedAmortisationImpairments_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_CapitalisedAcquisitionCostsAccumulatedRevaluations_loc" xlink:to="rj-i_CapitalisedAcquisitionCostsAccumulatedRevaluations_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_CapitalisedAcquisitionCostsCostPrice_loc" xlink:to="rj-i_CapitalisedAcquisitionCostsCostPrice_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_CapitalisedAcquisitionCosts_loc" xlink:to="rj-i_CapitalisedAcquisitionCosts_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_CashAndCashEquivalentsCashFlow_loc" xlink:to="rj-i_CashAndCashEquivalentsCashFlow_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_ChangesConstructionContracts_loc" xlink:to="rj-i_ChangesConstructionContracts_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_ChangesValueInvestmentProperties_loc" xlink:to="rj-i_ChangesValueInvestmentProperties_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_ContinuityReserve_loc" xlink:to="rj-i_ContinuityReserve_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_DesignatedFund_loc" xlink:to="rj-i_DesignatedFund_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_DesignatedFunds_loc" xlink:to="rj-i_DesignatedFunds_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_DesignatedReserve_loc" xlink:to="rj-i_DesignatedReserve_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_DesignatedReservesOther_loc" xlink:to="rj-i_DesignatedReservesOther_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_DesignatedReserves_loc" xlink:to="rj-i_DesignatedReserves_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_FinanceLeasesMinimalLeasePayments_loc" xlink:to="rj-i_FinanceLeasesMinimalLeasePayments_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_FinancialAssetsCostPrice_loc" xlink:to="rj-i_FinancialAssetsCostPrice_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_FinancingDeficitSurplusToBeSettledInRates_loc" xlink:to="rj-i_FinancingDeficitSurplusToBeSettledInRates_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_FoundationCapitalAndReserves_loc" xlink:to="rj-i_FoundationCapitalAndReserves_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_GoodwillAccumulatedAmortisationRevaluations_loc" xlink:to="rj-i_GoodwillAccumulatedAmortisationRevaluations_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_GoodwillGross_loc" xlink:to="rj-i_GoodwillGross_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_IntangibleAssetsCostPrice_loc" xlink:to="rj-i_IntangibleAssetsCostPrice_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_InvestmentEntityOtherRelativeInterest_loc" xlink:to="rj-i_InvestmentEntityOtherRelativeInterest_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_InvestmentPropertiesAccumulatedRevaluations_loc" xlink:to="rj-i_InvestmentPropertiesAccumulatedRevaluations_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_InvestmentPropertiesCostPrice_loc" xlink:to="rj-i_InvestmentPropertiesCostPrice_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_InvestmentProperties_loc" xlink:to="rj-i_InvestmentProperties_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_InvestmentsBookValue_loc" xlink:to="rj-i_InvestmentsBookValue_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_InvestmentsMarketValue_loc" xlink:to="rj-i_InvestmentsMarketValue_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_InvestmentsOnBehalfOfParticipants_loc" xlink:to="rj-i_InvestmentsOnBehalfOfParticipants_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_InvestmentsOnBehalfOfPensionFund_loc" xlink:to="rj-i_InvestmentsOnBehalfOfPensionFund_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_InvestmentsOnBehalfOfPremiumPensionInstitutions_loc" xlink:to="rj-i_InvestmentsOnBehalfOfPremiumPensionInstitutions_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_NegativeGoodwillAccumulatedAmortisation_loc" xlink:to="rj-i_NegativeGoodwillAccumulatedAmortisation_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_NegativeGoodwillGross_loc" xlink:to="rj-i_NegativeGoodwillGross_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_NegativeGoodwill_loc" xlink:to="rj-i_NegativeGoodwill_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_ObligationsOnBehalfOfParticipantsPremiumPensionInstitutions_loc" xlink:to="rj-i_ObligationsOnBehalfOfParticipantsPremiumPensionInstitutions_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_OffBalanceSheetCommitmentsPaymentsObtainUsageRights_loc" xlink:to="rj-i_OffBalanceSheetCommitmentsPaymentsObtainUsageRights_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_PropertyPlantEquipmentCostPrice_loc" xlink:to="rj-i_PropertyPlantEquipmentCostPrice_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_ProvisionPensionObligationsOnBehalfOfParticipants_loc" xlink:to="rj-i_ProvisionPensionObligationsOnBehalfOfParticipants_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_ProvisionPensionObligationsOnBehalfOfPensionFund_loc" xlink:to="rj-i_ProvisionPensionObligationsOnBehalfOfPensionFund_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_RealEstateInExploitationAccumulatedRevaluations_loc" xlink:to="rj-i_RealEstateInExploitationAccumulatedRevaluations_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_RealEstateInExploitation_loc" xlink:to="rj-i_RealEstateInExploitation_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_ReinsurancePartTechnicalProvisions_loc" xlink:to="rj-i_ReinsurancePartTechnicalProvisions_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_RemunerationManagingSupervisoryDirectors_loc" xlink:to="rj-i_RemunerationManagingSupervisoryDirectors_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_ReserveDiscretionaryProfitSharing_loc" xlink:to="rj-i_ReserveDiscretionaryProfitSharing_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_ReservesAndFunds_loc" xlink:to="rj-i_ReservesAndFunds_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_SharesOtherVariableYieldSecuritiesAccumulatedDepreciationImpairments_loc" xlink:to="rj-i_SharesOtherVariableYieldSecuritiesAccumulatedDepreciationImpairments_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_SharesOtherVariableYieldSecuritiesAccumulatedRevaluations_loc" xlink:to="rj-i_SharesOtherVariableYieldSecuritiesAccumulatedRevaluations_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_TechnicalProvisionDiscretionaryProfitSharingObligations_loc" xlink:to="rj-i_TechnicalProvisionDiscretionaryProfitSharingObligations_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_TechnicalProvisionOther_loc" xlink:to="rj-i_TechnicalProvisionOther_periodStartLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_TradeReceivablesNet_loc" xlink:to="rj-i_TradeReceivablesNet_periodStartLabel_nl" xlink:type="arc"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_BondsOtherFixedIncomeSecuritiesAccumulatedDepreciationImpairments" xlink:label="rj-i_BondsOtherFixedIncomeSecuritiesAccumulatedDepreciationImpairments_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_CapitalisedAcquisitionCostsAccumulatedAmortisationImpairments" xlink:label="rj-i_CapitalisedAcquisitionCostsAccumulatedAmortisationImpairments_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_CapitalisedAcquisitionCostsAccumulatedRevaluations" xlink:label="rj-i_CapitalisedAcquisitionCostsAccumulatedRevaluations_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_CapitalisedAcquisitionCostsCostPrice" xlink:label="rj-i_CapitalisedAcquisitionCostsCostPrice_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_CapitalisedAcquisitionCosts" xlink:label="rj-i_CapitalisedAcquisitionCosts_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_CashAndCashEquivalentsCashFlow" xlink:label="rj-i_CashAndCashEquivalentsCashFlow_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_ChangesConstructionContracts" xlink:label="rj-i_ChangesConstructionContracts_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_ChangesValueInvestmentProperties" xlink:label="rj-i_ChangesValueInvestmentProperties_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_ContinuityReserve" xlink:label="rj-i_ContinuityReserve_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_DesignatedFund" xlink:label="rj-i_DesignatedFund_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_DesignatedFunds" xlink:label="rj-i_DesignatedFunds_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_DesignatedReserve" xlink:label="rj-i_DesignatedReserve_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_DesignatedReservesOther" xlink:label="rj-i_DesignatedReservesOther_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_DesignatedReserves" xlink:label="rj-i_DesignatedReserves_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_FinanceLeasesMinimalLeasePayments" xlink:label="rj-i_FinanceLeasesMinimalLeasePayments_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_FinancialAssetsCostPrice" xlink:label="rj-i_FinancialAssetsCostPrice_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_FinancingDeficitSurplusToBeSettledInRates" xlink:label="rj-i_FinancingDeficitSurplusToBeSettledInRates_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_FoundationCapitalAndReserves" xlink:label="rj-i_FoundationCapitalAndReserves_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_GoodwillAccumulatedAmortisationRevaluations" xlink:label="rj-i_GoodwillAccumulatedAmortisationRevaluations_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_GoodwillGross" xlink:label="rj-i_GoodwillGross_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_IntangibleAssetsCostPrice" xlink:label="rj-i_IntangibleAssetsCostPrice_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_InvestmentEntityOtherRelativeInterest" xlink:label="rj-i_InvestmentEntityOtherRelativeInterest_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_InvestmentPropertiesAccumulatedRevaluations" xlink:label="rj-i_InvestmentPropertiesAccumulatedRevaluations_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_InvestmentPropertiesCostPrice" xlink:label="rj-i_InvestmentPropertiesCostPrice_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_InvestmentProperties" xlink:label="rj-i_InvestmentProperties_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_InvestmentsBookValue" xlink:label="rj-i_InvestmentsBookValue_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_InvestmentsMarketValue" xlink:label="rj-i_InvestmentsMarketValue_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_InvestmentsOnBehalfOfParticipants" xlink:label="rj-i_InvestmentsOnBehalfOfParticipants_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_InvestmentsOnBehalfOfPensionFund" xlink:label="rj-i_InvestmentsOnBehalfOfPensionFund_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_InvestmentsOnBehalfOfPremiumPensionInstitutions" xlink:label="rj-i_InvestmentsOnBehalfOfPremiumPensionInstitutions_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_NegativeGoodwillAccumulatedAmortisation" xlink:label="rj-i_NegativeGoodwillAccumulatedAmortisation_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_NegativeGoodwillGross" xlink:label="rj-i_NegativeGoodwillGross_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_NegativeGoodwill" xlink:label="rj-i_NegativeGoodwill_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_ObligationsOnBehalfOfParticipantsPremiumPensionInstitutions" xlink:label="rj-i_ObligationsOnBehalfOfParticipantsPremiumPensionInstitutions_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_OffBalanceSheetCommitmentsPaymentsObtainUsageRights" xlink:label="rj-i_OffBalanceSheetCommitmentsPaymentsObtainUsageRights_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_PropertyPlantEquipmentCostPrice" xlink:label="rj-i_PropertyPlantEquipmentCostPrice_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_ProvisionPensionObligationsOnBehalfOfParticipants" xlink:label="rj-i_ProvisionPensionObligationsOnBehalfOfParticipants_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_ProvisionPensionObligationsOnBehalfOfPensionFund" xlink:label="rj-i_ProvisionPensionObligationsOnBehalfOfPensionFund_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_RealEstateInExploitationAccumulatedRevaluations" xlink:label="rj-i_RealEstateInExploitationAccumulatedRevaluations_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_RealEstateInExploitation" xlink:label="rj-i_RealEstateInExploitation_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_ReinsurancePartTechnicalProvisions" xlink:label="rj-i_ReinsurancePartTechnicalProvisions_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_RemunerationManagingSupervisoryDirectors" xlink:label="rj-i_RemunerationManagingSupervisoryDirectors_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_ReserveDiscretionaryProfitSharing" xlink:label="rj-i_ReserveDiscretionaryProfitSharing_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_ReservesAndFunds" xlink:label="rj-i_ReservesAndFunds_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_SharesOtherVariableYieldSecuritiesAccumulatedDepreciationImpairments" xlink:label="rj-i_SharesOtherVariableYieldSecuritiesAccumulatedDepreciationImpairments_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_SharesOtherVariableYieldSecuritiesAccumulatedRevaluations" xlink:label="rj-i_SharesOtherVariableYieldSecuritiesAccumulatedRevaluations_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_TechnicalProvisionDiscretionaryProfitSharingObligations" xlink:label="rj-i_TechnicalProvisionDiscretionaryProfitSharingObligations_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_TechnicalProvisionOther" xlink:label="rj-i_TechnicalProvisionOther_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-data.xsd#rj-i_TradeReceivablesNet" xlink:label="rj-i_TradeReceivablesNet_loc" xlink:type="locator"/>
  </link:labelLink>
</link:linkbase>
