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<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:gen="http://xbrl.org/2008/generic" xmlns:label="http://xbrl.org/2008/label" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd http://xbrl.org/2008/generic http://www.xbrl.org/2008/generic-link.xsd http://xbrl.org/2008/label http://www.xbrl.org/2008/generic-label.xsd">
  <link:arcroleRef arcroleURI="http://xbrl.org/arcrole/2008/element-label" xlink:type="simple" xlink:href="http://www.xbrl.org/2008/generic-label.xsd#element-label" />
  <link:roleRef roleURI="http://www.xbrl.org/2008/role/label" xlink:type="simple" xlink:href="http://www.xbrl.org/2008/generic-label.xsd#standard-label" />
  <link:roleRef roleURI="http://www.xbrl.org/2008/role/verboseLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/2008/generic-label.xsd#verbose-label" />
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    <link:loc xlink:type="locator" xlink:href="vr-IR_bv0604_01.xml#boemd_IR_bv0604_01" xlink:label="loc_boemd_IR_bv0604_01" />
    <label:label xlink:type="resource" xlink:label="label_boemd_IR_bv0604_01" xml:lang="en" xlink:role="http://www.xbrl.org/2008/role/label">The item "Investments (other than assets held for index-linked and unit-linked contracts)" reported in IR.02.01.01.01 - Balance sheet should be equal to the sum of "Property (other than for own use)", "Holdings in related undertakings, including participations", "Equities", "Bonds", "Collective Investments Undertakings", "Derivatives", "Deposits other than cash equivalents", and "Other investments".</label:label>
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    <label:label xlink:type="resource" xlink:label="label_boemd_IR_bv0604_01_1" xml:lang="en" xlink:role="http://www.xbrl.org/2008/role/verboseLabel">The item "Investments (other than assets held for index-linked and unit-linked contracts)" reported in IR.02.01.01.01 - Balance sheet should be equal to the sum of "Property (other than for own use)", "Holdings in related undertakings, including participations", "Equities", "Bonds", "Collective Investments Undertakings", "Derivatives", "Deposits other than cash equivalents", and "Other investments".</label:label>
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