<?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: NT21
  Version: 20261209.a
  Release date: April, 2026
-->
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    <link:label id="rj-i_BondsOtherFixedIncomeSecuritiesAccumulatedDepreciationImpairments_periodStartLabel_en" xlink:label="rj-i_BondsOtherFixedIncomeSecuritiesAccumulatedDepreciationImpairments_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Accumulated depreciation and impairments at the beginning of the period</link:label>
    <link:label id="rj-i_SharesOtherVariableYieldSecuritiesAccumulatedDepreciationImpairments_periodStartLabel_en" xlink:label="rj-i_SharesOtherVariableYieldSecuritiesAccumulatedDepreciationImpairments_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Accumulated depreciation and impairments at the beginning of the period</link:label>
    <link:label id="rj-i_CapitalisedAcquisitionCostsAccumulatedRevaluations_periodStartLabel_en" xlink:label="rj-i_CapitalisedAcquisitionCostsAccumulatedRevaluations_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Accumulated revaluations at the beginning of the period</link:label>
    <link:label id="rj-i_RealEstateInExploitationAccumulatedRevaluations_periodStartLabel_en" xlink:label="rj-i_RealEstateInExploitationAccumulatedRevaluations_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Accumulated revaluations at the beginning of the period</link:label>
    <link:label id="rj-i_SharesOtherVariableYieldSecuritiesAccumulatedRevaluations_periodStartLabel_en" xlink:label="rj-i_SharesOtherVariableYieldSecuritiesAccumulatedRevaluations_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Accumulated revaluations at the beginning of the period</link:label>
    <link:label id="rj-i_AmountAcquisitionCosts_periodStartLabel_en" xlink:label="rj-i_AmountAcquisitionCosts_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Balance financial year at the beginning of the period</link:label>
    <link:label id="rj-i_AmountInterestRateDiscount_periodStartLabel_en" xlink:label="rj-i_AmountInterestRateDiscount_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Balance financial year at the beginning of the period</link:label>
    <link:label id="rj-i_InvestmentsBookValue_periodStartLabel_en" xlink:label="rj-i_InvestmentsBookValue_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Book value of investments at the beginning of the period</link:label>
    <link:label id="rj-i_CapitalisedAcquisitionCosts_periodStartLabel_en" xlink:label="rj-i_CapitalisedAcquisitionCosts_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Capitalised acquisition costs at the beginning of the period</link:label>
    <link:label id="rj-i_CashAndCashEquivalentsCashFlow_periodStartLabel_en" xlink:label="rj-i_CashAndCashEquivalentsCashFlow_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Cash and cash equivalents at the beginning of the period</link:label>
    <link:label id="rj-i_ChangesValueInvestmentProperties_periodStartLabel_en" xlink:label="rj-i_ChangesValueInvestmentProperties_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Changes in the fair value of real estate investments at the beginning of the period</link:label>
    <link:label id="rj-i_ContinuityReserve_periodStartLabel_en" xlink:label="rj-i_ContinuityReserve_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Continuity reserve at the beginning of the period</link:label>
    <link:label id="rj-i_CapitalisedAcquisitionCostsCostPrice_periodStartLabel_en" xlink:label="rj-i_CapitalisedAcquisitionCostsCostPrice_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Cost price at the beginning of the period</link:label>
    <link:label id="rj-i_FinancialAssetsCostPrice_periodStartLabel_en" xlink:label="rj-i_FinancialAssetsCostPrice_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Cost price at the beginning of the period</link:label>
    <link:label id="rj-i_IntangibleAssetsActualCostPrice_periodStartLabel_en" xlink:label="rj-i_IntangibleAssetsActualCostPrice_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Current cost of intangible assets at the beginning of the period</link:label>
    <link:label id="rj-i_InvestmentPropertiesActualCostPrice_periodStartLabel_en" xlink:label="rj-i_InvestmentPropertiesActualCostPrice_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Current cost of investment property at the beginning of the period</link:label>
    <link:label id="rj-i_PropertyPlantEquipmentActualCostPrice_periodStartLabel_en" xlink:label="rj-i_PropertyPlantEquipmentActualCostPrice_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Current cost of tangible fixed assets at the beginning of the period</link:label>
    <link:label id="rj-i_DesignatedFund_periodStartLabel_en" xlink:label="rj-i_DesignatedFund_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Designated fund at the beginning of the period</link:label>
    <link:label id="rj-i_DesignatedFunds_periodStartLabel_en" xlink:label="rj-i_DesignatedFunds_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Designated funds at the beginning of the period</link:label>
    <link:label id="rj-i_DesignatedReserve_periodStartLabel_en" xlink:label="rj-i_DesignatedReserve_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Designated reserve at the beginning of the period</link:label>
    <link:label id="rj-i_DesignatedReserves_periodStartLabel_en" xlink:label="rj-i_DesignatedReserves_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Designated reserves at the beginning of the period</link:label>
    <link:label id="rj-i_FinancingDeficitSurplusToBeSettledInRates_periodStartLabel_en" xlink:label="rj-i_FinancingDeficitSurplusToBeSettledInRates_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Financing deficit (surplus) to be settled in rates at the beginning of the period</link:label>
    <link:label id="rj-i_FoundationCapitalAndReserves_periodStartLabel_en" xlink:label="rj-i_FoundationCapitalAndReserves_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Foundation capital and reserves at the beginning of the period</link:label>
    <link:label id="rj-i_CashAndCashEquivalentsMoneyMarketFundsCashFlow_periodStartLabel_en" xlink:label="rj-i_CashAndCashEquivalentsMoneyMarketFundsCashFlow_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Funds at the beginning of the period</link:label>
    <link:label id="rj-i_GoodwillGross_periodStartLabel_en" xlink:label="rj-i_GoodwillGross_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Gross value at the beginning of the period</link:label>
    <link:label id="rj-i_NegativeGoodwillGross_periodStartLabel_en" xlink:label="rj-i_NegativeGoodwillGross_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Gross value at the beginning of the period</link:label>
    <link:label id="rj-i_IntangibleAssetsCostPrice_periodStartLabel_en" xlink:label="rj-i_IntangibleAssetsCostPrice_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Historical cost price at the beginning of the period</link:label>
    <link:label id="rj-i_InvestmentPropertiesCostPrice_periodStartLabel_en" xlink:label="rj-i_InvestmentPropertiesCostPrice_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Historical cost price at the beginning of the period</link:label>
    <link:label id="rj-i_PropertyPlantEquipmentCostPrice_periodStartLabel_en" xlink:label="rj-i_PropertyPlantEquipmentCostPrice_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Historical cost price at the beginning of the period</link:label>
    <link:label id="rj-i_InvestmentProperties_periodStartLabel_en" xlink:label="rj-i_InvestmentProperties_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Investment properties at the beginning of the period</link:label>
    <link:label id="rj-i_RealEstateInExploitation_periodStartLabel_en" xlink:label="rj-i_RealEstateInExploitation_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Investment properties in operation at the beginning of the period</link:label>
    <link:label id="rj-i_InvestmentsOnBehalfOfParticipants_periodStartLabel_en" xlink:label="rj-i_InvestmentsOnBehalfOfParticipants_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Investments on behalf of participants at the beginning of the period</link:label>
    <link:label id="rj-i_InvestmentsOnBehalfOfPensionFund_periodStartLabel_en" xlink:label="rj-i_InvestmentsOnBehalfOfPensionFund_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Investments on behalf of pension fund at the beginning of the period</link:label>
    <link:label id="rj-i_InvestmentsOnBehalfOfPremiumPensionInstitutions_periodStartLabel_en" xlink:label="rj-i_InvestmentsOnBehalfOfPremiumPensionInstitutions_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Investments on behalf of premium pension institutions at the beginning of the period</link:label>
    <link:label id="rj-i_InvestmentsMarketValue_periodStartLabel_en" xlink:label="rj-i_InvestmentsMarketValue_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Market value of investments at the beginning of the period</link:label>
    <link:label id="rj-i_FinanceLeasesMinimalLeasePayments_periodStartLabel_en" xlink:label="rj-i_FinanceLeasesMinimalLeasePayments_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Minimal lease payments of finance leases at the beginning of the period</link:label>
    <link:label id="rj-i_MoneyMarketFunds_periodStartLabel_en" xlink:label="rj-i_MoneyMarketFunds_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Money market funds (securities) at the beginning of the period</link:label>
    <link:label id="rj-i_NegativeGoodwill_periodStartLabel_en" xlink:label="rj-i_NegativeGoodwill_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Negative goodwill at the beginning of the period</link:label>
    <link:label id="rj-i_TradeReceivablesNet_periodStartLabel_en" xlink:label="rj-i_TradeReceivablesNet_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Net trade receivables at the beginning of the period</link:label>
    <link:label id="rj-i_NumberOfOtherParticipants_periodStartLabel_en" xlink:label="rj-i_NumberOfOtherParticipants_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Number of other participants at the beginning of the period</link:label>
    <link:label id="rj-i_ObligationsOnBehalfOfParticipantsPremiumPensionInstitutions_periodStartLabel_en" xlink:label="rj-i_ObligationsOnBehalfOfParticipantsPremiumPensionInstitutions_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Obligations on behalf of risk participants at the beginning of the period</link:label>
    <link:label id="rj-i_OffBalanceSheetCommitmentsPaymentsObtainUsageRights_periodStartLabel_en" xlink:label="rj-i_OffBalanceSheetCommitmentsPaymentsObtainUsageRights_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Off-balance sheet liabilities relating to payments to obtain usage rights at the beginning of the period</link:label>
    <link:label id="rj-i_ReinsuranceOtherContracts_periodStartLabel_en" xlink:label="rj-i_ReinsuranceOtherContracts_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Other contracts reinsurance at the beginning of the period</link:label>
    <link:label id="rj-i_DesignatedReservesOther_periodStartLabel_en" xlink:label="rj-i_DesignatedReservesOther_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Other designated reserves at the beginning of the period</link:label>
    <link:label id="rj-i_InvestmentsOtherOnBehalfOfParticipants_periodStartLabel_en" xlink:label="rj-i_InvestmentsOtherOnBehalfOfParticipants_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Other investments on behalf of participants at the beginning of the period</link:label>
    <link:label id="rj-i_InvestmentsOtherOnBehalfOfPensionFund_periodStartLabel_en" xlink:label="rj-i_InvestmentsOtherOnBehalfOfPensionFund_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Other investments on behalf of pension fund at the beginning of the period</link:label>
    <link:label id="rj-i_ReceivablesFromInsurancePoliciesOtherNotImmediatelyDueFromCurrentAccounts_periodStartLabel_en" xlink:label="rj-i_ReceivablesFromInsurancePoliciesOtherNotImmediatelyDueFromCurrentAccounts_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Other receivables from insurance policies not immediately due from current accounts at the beginning of the period</link:label>
    <link:label id="rj-i_ReceivablesOtherReinsurancePartTechnicalProvisions_periodStartLabel_en" xlink:label="rj-i_ReceivablesOtherReinsurancePartTechnicalProvisions_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Other receivables relating to reinsurance part technical provisions at the beginning of the period</link:label>
    <link:label id="rj-i_TechnicalProvisionOther_periodStartLabel_en" xlink:label="rj-i_TechnicalProvisionOther_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Other technical provision at the beginning of the period</link:label>
    <link:label id="rj-i_ProvisionBalanceInsurance_periodStartLabel_en" xlink:label="rj-i_ProvisionBalanceInsurance_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Provision for insurance liabilities (vvp) at the beginning of the period</link:label>
    <link:label id="rj-i_ProvisionPensionObligationsOnBehalfOfParticipants_periodStartLabel_en" xlink:label="rj-i_ProvisionPensionObligationsOnBehalfOfParticipants_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Provision for pension obligations on behalf of participants at the beginning of the period</link:label>
    <link:label id="rj-i_ProvisionPensionObligationsOnBehalfOfPensionFund_periodStartLabel_en" xlink:label="rj-i_ProvisionPensionObligationsOnBehalfOfPensionFund_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Provision for pension obligations on behalf of pension fund at the beginning of the period</link:label>
    <link:label id="rj-i_ReinsurancePartTechnicalProvisions_periodStartLabel_en" xlink:label="rj-i_ReinsurancePartTechnicalProvisions_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Reinsurance part technical provisions at the beginning of the period</link:label>
    <link:label id="rj-i_InvestmentEntityOtherRelativeInterest_periodStartLabel_en" xlink:label="rj-i_InvestmentEntityOtherRelativeInterest_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Relative interest in the other investment entity at the beginning of the period</link:label>
    <link:label id="rj-i_RemunerationManagingSupervisoryDirectors_periodStartLabel_en" xlink:label="rj-i_RemunerationManagingSupervisoryDirectors_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Remuneration of managing and supervisory directors at the beginning of the period</link:label>
    <link:label id="rj-i_ReserveDiscretionaryProfitSharing_periodStartLabel_en" xlink:label="rj-i_ReserveDiscretionaryProfitSharing_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Reserve for discretionary profit sharing at the beginning of the period</link:label>
    <link:label id="rj-i_ReservesAndFunds_periodStartLabel_en" xlink:label="rj-i_ReservesAndFunds_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Reserves and funds at the beginning of the period</link:label>
    <link:label id="rj-i_InvestmentPropertiesAccumulatedRevaluations_periodStartLabel_en" xlink:label="rj-i_InvestmentPropertiesAccumulatedRevaluations_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Sum of revaluations of investment properties at the beginning of the period</link:label>
    <link:label id="rj-i_TechnicalProvisionDiscretionaryProfitSharingObligations_periodStartLabel_en" xlink:label="rj-i_TechnicalProvisionDiscretionaryProfitSharingObligations_periodStartLabel_en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Technical provision for discretionary profit sharing obligations at the beginning of the period</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_AmountAcquisitionCosts_loc" xlink:to="rj-i_AmountAcquisitionCosts_periodStartLabel_en" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-i_AmountInterestRateDiscount_loc" xlink:to="rj-i_AmountInterestRateDiscount_periodStartLabel_en" xlink:type="arc"/>
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</link:linkbase>
