<?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: NT19
  Version: 20241211
  Release date: November 1, 2024
-->
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    <link:label id="rj-cp-i_ContractCosts_label_en" xlink:label="rj-cp-i_ContractCosts_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Capitalized cost of obtaining a project</link:label>
    <link:label id="rj-cp-i_SubordinatedLiabilitiesCurrent_label_en" xlink:label="rj-cp-i_SubordinatedLiabilitiesCurrent_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Current subordinated liabilities</link:label>
    <link:label id="rj-cp-i_LegalEntityDateLastFinancialStatements_label_en" xlink:label="rj-cp-i_LegalEntityDateLastFinancialStatements_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Date of the last available financial statements of the legal entity</link:label>
    <link:label id="rj-cp-i_IncreaseDecreaseInConstructionContracts_label_en" xlink:label="rj-cp-i_IncreaseDecreaseInConstructionContracts_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Decrease (increase) in construction contracts</link:label>
    <link:label id="rj-cp-i_IncreaseDecreaseInSecurities_label_en" xlink:label="rj-cp-i_IncreaseDecreaseInSecurities_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Decrease (increase) in securities</link:label>
    <link:label id="rj-cp-i_IntangibleAssetsPutUpAsCollateralForDebtsDescription_label_en" xlink:label="rj-cp-i_IntangibleAssetsPutUpAsCollateralForDebtsDescription_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description of intangible assets put up as collateral for debts</link:label>
    <link:label id="rj-cp-i_IntangibleAssetsLimitedOwnershipDescription_label_en" xlink:label="rj-cp-i_IntangibleAssetsLimitedOwnershipDescription_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description of intangible assets with limited ownership</link:label>
    <link:label id="rj-cp-i_PillarTwoTaxExpenseBenefitDescription_label_en" xlink:label="rj-cp-i_PillarTwoTaxExpenseBenefitDescription_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description of the Pillar 2 tax expense (or benefit), including any Pillar 2 pass-on tax, included in the tax expense or benefit</link:label>
    <link:label id="rj-cp-i_PillarTwoExpectedEffectsDescription_label_en" xlink:label="rj-cp-i_PillarTwoExpectedEffectsDescription_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description of the expected effects of the Pillar 2 legislation, in periods in which the Pillar 2 legislation has been adopted, or has already been materially decided on the balance sheet date, but in which the Pillar 2 legislation is not yet in force. Depending on the specific situation, insight is provided into the status of the implementation, and to the extent possible into the quantitative and/or qualitative effects.</link:label>
    <link:label id="rj-cp-i_PillarTwoMethodDescription_label_en" xlink:label="rj-cp-i_PillarTwoMethodDescription_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description of the method of passing on Pillar 2 profit taxes</link:label>
    <link:label id="rj-cp-i_PillarTwoDeferredTaxAssetsLiabilitiesDescription_label_en" xlink:label="rj-cp-i_PillarTwoDeferredTaxAssetsLiabilitiesDescription_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description of use the mandatory exception in paragraph 102a for accounting for deferred tax assets and liabilities related to Pillar 2 income taxes</link:label>
    <link:label id="rj-cp-i_EquityDirectlyChangeAccountingPolicies_label_en" xlink:label="rj-cp-i_EquityDirectlyChangeAccountingPolicies_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Direct equity movement as a result of a change in accounting policies</link:label>
    <link:label id="rj-cp-i_EquityDirectlyBusinessAcquisitions_label_en" xlink:label="rj-cp-i_EquityDirectlyBusinessAcquisitions_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Direct equity movement as a result of business acquisitions</link:label>
    <link:label id="rj-cp-i_EquityDirectlyBusinessDivestitures_label_en" xlink:label="rj-cp-i_EquityDirectlyBusinessDivestitures_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Direct equity movement as a result of business divestitures</link:label>
    <link:label id="rj-cp-i_EquityDirectlyExchangeDifferences_label_en" xlink:label="rj-cp-i_EquityDirectlyExchangeDifferences_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Direct equity movement as a result of exchange differences</link:label>
    <link:label id="rj-cp-i_EquityDirectlyGoodwill_label_en" xlink:label="rj-cp-i_EquityDirectlyGoodwill_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Direct equity movement as a result of goodwill</link:label>
    <link:label id="rj-cp-i_EquityDirectlyImpairment_label_en" xlink:label="rj-cp-i_EquityDirectlyImpairment_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Direct equity movement as a result of impairments</link:label>
    <link:label id="rj-cp-i_EquityDirectlyMaterialErrors_label_en" xlink:label="rj-cp-i_EquityDirectlyMaterialErrors_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Direct equity movement as a result of prior period errors</link:label>
    <link:label id="rj-cp-i_EquityDirectlyImpairmentReversal_label_en" xlink:label="rj-cp-i_EquityDirectlyImpairmentReversal_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Direct equity movement as a result of the reversal of impairments</link:label>
    <link:label id="rj-cp-i_IncomeTaxExpenseReconciliationToCorporateTaxReturnDisclosure_label_en" xlink:label="rj-cp-i_IncomeTaxExpenseReconciliationToCorporateTaxReturnDisclosure_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Disclosure of the reconciliation of the income tax expense to the corporate tax return</link:label>
    <link:label id="rj-cp-i_DividendsPaidOtherClassifiedAsFinancingActivities_label_en" xlink:label="rj-cp-i_DividendsPaidOtherClassifiedAsFinancingActivities_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Dividends paid to others (from financing activities)</link:label>
    <link:label id="rj-cp-i_DividendsPaidOtherClassifiedAsOperatingActivities_label_en" xlink:label="rj-cp-i_DividendsPaidOtherClassifiedAsOperatingActivities_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Dividends paid to others (from operating activities)</link:label>
    <link:label id="rj-cp-i_FinancialAssetsEndowment_label_en" xlink:label="rj-cp-i_FinancialAssetsEndowment_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Endowment</link:label>
    <link:label id="rj-cp-i_IncreaseDecreaseInOtherPayables_label_en" xlink:label="rj-cp-i_IncreaseDecreaseInOtherPayables_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Increase (decrease) in other payables</link:label>
    <link:label id="rj-cp-i_IncreaseDecreasePayablesCreditInstitutions_label_en" xlink:label="rj-cp-i_IncreaseDecreasePayablesCreditInstitutions_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Increase (decrease) in payables to banks</link:label>
    <link:label id="rj-cp-i_LegalEntityInterestInVotingRights_label_en" xlink:label="rj-cp-i_LegalEntityInterestInVotingRights_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Interest in voting rights of the legal entity</link:label>
    <link:label id="rj-cp-i_InvestmentPropertiesInExploitation_label_en" xlink:label="rj-cp-i_InvestmentPropertiesInExploitation_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Investment properties in exploitation</link:label>
    <link:label id="rj-cp-i_EquityContributionsShareholders_label_en" xlink:label="rj-cp-i_EquityContributionsShareholders_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Movement in equity as a result of contributions by shareholders</link:label>
    <link:label id="rj-cp-i_EquityDividendDistribution_label_en" xlink:label="rj-cp-i_EquityDividendDistribution_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Movement in equity as a result of dividend distribution</link:label>
    <link:label id="rj-cp-i_EquityLossReduction_label_en" xlink:label="rj-cp-i_EquityLossReduction_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Movement in equity as a result of loss reduction</link:label>
    <link:label id="rj-cp-i_EquityMovementOther_label_en" xlink:label="rj-cp-i_EquityMovementOther_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Movement in equity as a result of other movements</link:label>
    <link:label id="rj-cp-i_EquityResultAllocation_label_en" xlink:label="rj-cp-i_EquityResultAllocation_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Movement in equity as a result of result allocation of the net result</link:label>
    <link:label id="rj-cp-i_EquityRevaluations_label_en" xlink:label="rj-cp-i_EquityRevaluations_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Movement in equity as a result of revaluations</link:label>
    <link:label id="rj-cp-i_EquityShareBasedArrangementsExercised_label_en" xlink:label="rj-cp-i_EquityShareBasedArrangementsExercised_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Movement in equity as a result of shares exercised due to share based arrangements</link:label>
    <link:label id="rj-cp-i_EquityShareBasedArrangementsGranted_label_en" xlink:label="rj-cp-i_EquityShareBasedArrangementsGranted_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Movement in equity as a result of shares granted due to share based arrangements</link:label>
    <link:label id="rj-cp-i_EquityShareIssue_label_en" xlink:label="rj-cp-i_EquityShareIssue_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Movement in equity as a result of the issue of shares</link:label>
    <link:label id="rj-cp-i_EquityTreasurySharesPurchase_label_en" xlink:label="rj-cp-i_EquityTreasurySharesPurchase_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Movement in equity as a result of the purchase of treasury shares</link:label>
    <link:label id="rj-cp-i_EquityTreasurySharesSale_label_en" xlink:label="rj-cp-i_EquityTreasurySharesSale_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Movement in equity as a result of the sale of treasury shares</link:label>
    <link:label id="rj-cp-i_EquitySharesWithdrawal_label_en" xlink:label="rj-cp-i_EquitySharesWithdrawal_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Movement in equity as a result of the withdrawal of shares</link:label>
    <link:label id="rj-cp-i_EquityTransfers_label_en" xlink:label="rj-cp-i_EquityTransfers_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Movement in equity as a result of transfers</link:label>
    <link:label id="rj-cp-i_ProvisionBalanceInsuranceMovement_label_en" xlink:label="rj-cp-i_ProvisionBalanceInsuranceMovement_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Movement of provisions</link:label>
    <link:label id="rj-cp-i_SubordinatedLiabilitiesNoncurrent_label_en" xlink:label="rj-cp-i_SubordinatedLiabilitiesNoncurrent_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Non-current subordinated liabilities</link:label>
    <link:label id="rj-cp-i_InvestmentsAcquisitionsOther_label_en" xlink:label="rj-cp-i_InvestmentsAcquisitionsOther_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other acquisitions of investments</link:label>
    <link:label id="rj-cp-i_AdjustmentsReconcileOperatingResultOther_label_en" xlink:label="rj-cp-i_AdjustmentsReconcileOperatingResultOther_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other adjustments to reconcile to the operating result</link:label>
    <link:label id="rj-cp-i_CashFlowsInvestingActivitiesOther_label_en" xlink:label="rj-cp-i_CashFlowsInvestingActivitiesOther_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other cash flows (from investing activities)</link:label>
    <link:label id="rj-cp-i_CashFlowsOperatingActivitiesOther_label_en" xlink:label="rj-cp-i_CashFlowsOperatingActivitiesOther_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other cash flows (from operating activities)</link:label>
    <link:label id="rj-cp-i_CashFlowsInvestmentActivitiesOther_label_en" xlink:label="rj-cp-i_CashFlowsInvestmentActivitiesOther_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other cash flows from (used in) investment activities</link:label>
    <link:label id="rj-cp-i_CashFlowsFinancingActivitiesOther_label_en" xlink:label="rj-cp-i_CashFlowsFinancingActivitiesOther_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other cash flows from financing activities</link:label>
    <link:label id="rj-cp-i_OtherIncomeExpensesAfterTax_label_en" xlink:label="rj-cp-i_OtherIncomeExpensesAfterTax_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other income and expenses after tax</link:label>
    <link:label id="rj-cp-i_ManagementExpensesOther_label_en" xlink:label="rj-cp-i_ManagementExpensesOther_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other management expenses</link:label>
    <link:label id="rj-cp-i_InvestmentsMovementOtherMarketValue_label_en" xlink:label="rj-cp-i_InvestmentsMovementOtherMarketValue_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other movements of investments</link:label>
    <link:label id="rj-cp-i_InvestmentsPriceDifferencesOther_label_en" xlink:label="rj-cp-i_InvestmentsPriceDifferencesOther_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other price differences of investments</link:label>
    <link:label id="rj-cp-i_InvestmentsRevaluationsOther_label_en" xlink:label="rj-cp-i_InvestmentsRevaluationsOther_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other revaluations of investments</link:label>
    <link:label id="rj-cp-i_InvestmentsSalesOther_label_en" xlink:label="rj-cp-i_InvestmentsSalesOther_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other sales of investments</link:label>
    <link:label id="rj-cp-i_PaymentsSuppliers_label_en" xlink:label="rj-cp-i_PaymentsSuppliers_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Payments to suppliers</link:label>
    <link:label id="rj-cp-i_FinancialAssetsPaymentsRepayments_label_en" xlink:label="rj-cp-i_FinancialAssetsPaymentsRepayments_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Payments/ repayments</link:label>
    <link:label id="rj-cp-i_LiabilitiesNoncurrentPayments_label_en" xlink:label="rj-cp-i_LiabilitiesNoncurrentPayments_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Payments</link:label>
    <link:label id="rj-cp-i_ProceedsSalesInvestmentProperties_label_en" xlink:label="rj-cp-i_ProceedsSalesInvestmentProperties_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Proceeds from sales of investment properties</link:label>
    <link:label id="rj-cp-i_ProvisionsMaturityExceedingOneYearWithinFiveYears_label_en" xlink:label="rj-cp-i_ProvisionsMaturityExceedingOneYearWithinFiveYears_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Provisions expected to settle after more than one year and less than five years</link:label>
    <link:label id="rj-cp-i_PurchaseInvestmentProperties_label_en" xlink:label="rj-cp-i_PurchaseInvestmentProperties_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Purchase of investment properties</link:label>
    <link:label id="rj-cp-i_FinancialAssetsReceiptsDeposits_label_en" xlink:label="rj-cp-i_FinancialAssetsReceiptsDeposits_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Receipts / deposits</link:label>
    <link:label id="rj-cp-i_LiabilitiesNoncurrentReceiptsDeposits_label_en" xlink:label="rj-cp-i_LiabilitiesNoncurrentReceiptsDeposits_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Receipts / deposits</link:label>
    <link:label id="rj-cp-i_LiabilitiesNoncurrentTransferToLiabilitiesCurrent_label_en" xlink:label="rj-cp-i_LiabilitiesNoncurrentTransferToLiabilitiesCurrent_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Receipts / deposits</link:label>
    <link:label id="rj-cp-i_ShareInResults_label_en" xlink:label="rj-cp-i_ShareInResults_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Share in results</link:label>
    <link:label id="rj-cp-i_SubtotalLiabilitiesNoncurrent_label_en" xlink:label="rj-cp-i_SubtotalLiabilitiesNoncurrent_label_en" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Subtotal noncurrent liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-i_AdjustmentsReconcileOperatingResultOther_loc" xlink:to="rj-cp-i_AdjustmentsReconcileOperatingResultOther_label_en" xlink:type="arc"/>
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