<link:linkbase
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   <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">

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      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AccantonamentiNettiAFondiRischiEdOneriEdAltriCostiRicavi" xlink:to="ext_AccantonamentiNettiAFondiRischiEdOneriEdAltriCostiRicavi_lbl" xlink:type="arc"/>
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      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_AccantonamentiNettiAiFondiPerRischiEOneri" xlink:label="ext_AccantonamentiNettiAiFondiPerRischiEOneri" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AccantonamentiNettiAiFondiPerRischiEOneri" xlink:to="ext_AccantonamentiNettiAiFondiPerRischiEOneri_lbl" xlink:type="arc"/>
      <link:label id="id_9588" xlink:label="ext_AccantonamentiNettiAiFondiPerRischiEOneri_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Net Provisions For Risks And Charges</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_AccantonamentiNettiAiFondiPerRischiEOneriPerAltriAccantonamentiNetti" xlink:label="ext_AccantonamentiNettiAiFondiPerRischiEOneriPerAltriAccantonamentiNetti" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AccantonamentiNettiAiFondiPerRischiEOneriPerAltriAccantonamentiNetti" xlink:to="ext_AccantonamentiNettiAiFondiPerRischiEOneriPerAltriAccantonamentiNetti_lbl" xlink:type="arc"/>
      <link:label id="id_9590" xlink:label="ext_AccantonamentiNettiAiFondiPerRischiEOneriPerAltriAccantonamentiNetti_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Net Provisions For Risks And Charges Other Net Provision</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_AccantonamentiNettiAiFondiPerRischiEOneriPerImpegniEGaranzieRilasciate" xlink:label="ext_AccantonamentiNettiAiFondiPerRischiEOneriPerImpegniEGaranzieRilasciate" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AccantonamentiNettiAiFondiPerRischiEOneriPerImpegniEGaranzieRilasciate" xlink:to="ext_AccantonamentiNettiAiFondiPerRischiEOneriPerImpegniEGaranzieRilasciate_lbl" xlink:type="arc"/>
      <link:label id="id_9592" xlink:label="ext_AccantonamentiNettiAiFondiPerRischiEOneriPerImpegniEGaranzieRilasciate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Net Provisions For Risks And Charges Commitments And Financial Guarantees Given</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_AcquistiDiAttivitaMaterialiClassificateComeAttivitaDiInvestimento" xlink:label="ext_AcquistiDiAttivitaMaterialiClassificateComeAttivitaDiInvestimento" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AcquistiDiAttivitaMaterialiClassificateComeAttivitaDiInvestimento" xlink:to="ext_AcquistiDiAttivitaMaterialiClassificateComeAttivitaDiInvestimento_lbl" xlink:type="arc"/>
      <link:label id="id_9594" xlink:label="ext_AcquistiDiAttivitaMaterialiClassificateComeAttivitaDiInvestimento_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Purchase Of Tangible Assets Classified As Investing activities</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_AdeguamentoDiValoreDelleAttivitaFinanziarieOggettoDiCoperturaGenerica" xlink:label="ext_AdeguamentoDiValoreDelleAttivitaFinanziarieOggettoDiCoperturaGenerica" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AdeguamentoDiValoreDelleAttivitaFinanziarieOggettoDiCoperturaGenerica" xlink:to="ext_AdeguamentoDiValoreDelleAttivitaFinanziarieOggettoDiCoperturaGenerica_lbl" xlink:type="arc"/>
      <link:label id="id_9596" xlink:label="ext_AdeguamentoDiValoreDelleAttivitaFinanziarieOggettoDiCoperturaGenerica_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Assets Fair value changes of the hedged items in portfolio hedge of interest rate risk</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_AdeguamentoDiValoreDellePassivitaFinanziarieOggettoDiCoperturaGenerica" xlink:label="ext_AdeguamentoDiValoreDellePassivitaFinanziarieOggettoDiCoperturaGenerica" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AdeguamentoDiValoreDellePassivitaFinanziarieOggettoDiCoperturaGenerica" xlink:to="ext_AdeguamentoDiValoreDellePassivitaFinanziarieOggettoDiCoperturaGenerica_lbl" xlink:type="arc"/>
      <link:label id="id_9598" xlink:label="ext_AdeguamentoDiValoreDellePassivitaFinanziarieOggettoDiCoperturaGenerica_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Liabilities Fair Value Changes Of The Hedged Items In Portfolio Hedge Of Interest Rate Risk</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_AllocazioneRisultatoEsercizioPrecedenteRiserve" xlink:label="ext_AllocazioneRisultatoEsercizioPrecedenteRiserve" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AllocazioneRisultatoEsercizioPrecedenteRiserve" xlink:to="ext_AllocazioneRisultatoEsercizioPrecedenteRiserve_lbl" xlink:type="arc"/>
      <link:label id="id_9600" xlink:label="ext_AllocazioneRisultatoEsercizioPrecedenteRiserve_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Previous Year Profit Loss Allocation Reserves</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_AltreRiserve" xlink:label="ext_AltreRiserve" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AltreRiserve" xlink:to="ext_AltreRiserve_lbl" xlink:type="arc"/>
      <link:label id="id_9602" xlink:label="ext_AltreRiserve_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Reserves Other</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_AltriAfflussiDeflussiDaEmissioniAcquistiDiAzioniProprie" xlink:label="ext_AltriAfflussiDeflussiDaEmissioniAcquistiDiAzioniProprie" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AltriAfflussiDeflussiDaEmissioniAcquistiDiAzioniProprie" xlink:to="ext_AltriAfflussiDeflussiDaEmissioniAcquistiDiAzioniProprie_lbl" xlink:type="arc"/>
      <link:label id="id_9604" xlink:label="ext_AltriAfflussiDeflussiDaEmissioniAcquistiDiAzioniProprie_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Inflows Outflows From Issue Purchase Of Treasury Shares</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_AltriAfflussiDeflussiDaEmissioniAcquistiDiStrumentiDiCapitale" xlink:label="ext_AltriAfflussiDeflussiDaEmissioniAcquistiDiStrumentiDiCapitale" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AltriAfflussiDeflussiDaEmissioniAcquistiDiStrumentiDiCapitale" xlink:to="ext_AltriAfflussiDeflussiDaEmissioniAcquistiDiStrumentiDiCapitale_lbl" xlink:type="arc"/>
      <link:label id="id_9606" xlink:label="ext_AltriAfflussiDeflussiDaEmissioniAcquistiDiStrumentiDiCapitale_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Inflows Outflows From Issue Purchase Of Equity Instruments</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_AltriAfflussiDeflussiDallaVenditaAcquistoDiControlloDiTerzi" xlink:label="ext_AltriAfflussiDeflussiDallaVenditaAcquistoDiControlloDiTerzi" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AltriAfflussiDeflussiDallaVenditaAcquistoDiControlloDiTerzi" xlink:to="ext_AltriAfflussiDeflussiDallaVenditaAcquistoDiControlloDiTerzi_lbl" xlink:type="arc"/>
      <link:label id="id_9608" xlink:label="ext_AltriAfflussiDeflussiDallaVenditaAcquistoDiControlloDiTerzi_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Inflows Outflows From Sale Purchase of Minority control</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_AltriFondiPerRischiEOneri" xlink:label="ext_AltriFondiPerRischiEOneri" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AltriFondiPerRischiEOneri" xlink:to="ext_AltriFondiPerRischiEOneri_lbl" xlink:type="arc"/>
      <link:label id="id_9610" xlink:label="ext_AltriFondiPerRischiEOneri_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Provisions For Risk And Charges</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_AltriProventiOneriAssicurativiNonIncassati" xlink:label="ext_AltriProventiOneriAssicurativiNonIncassati" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AltriProventiOneriAssicurativiNonIncassati" xlink:to="ext_AltriProventiOneriAssicurativiNonIncassati_lbl" xlink:type="arc"/>
      <link:label id="id_9612" xlink:label="ext_AltriProventiOneriAssicurativiNonIncassati_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Uncollected Insurance Income Expenses</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_AttivitaFiscali" xlink:label="ext_AttivitaFiscali" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AttivitaFiscali" xlink:to="ext_AttivitaFiscali_lbl" xlink:type="arc"/>
      <link:label id="id_9614" xlink:label="ext_AttivitaFiscali_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Tax Assets</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_AttivitaMateriali" xlink:label="ext_AttivitaMateriali" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AttivitaMateriali" xlink:to="ext_AttivitaMateriali_lbl" xlink:type="arc"/>
      <link:label id="id_9616" xlink:label="ext_AttivitaMateriali_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Tangible Assets</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_AttivitaNonCorrentiEGruppiDiAttivitaInViaDiDismissione" xlink:label="ext_AttivitaNonCorrentiEGruppiDiAttivitaInViaDiDismissione" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AttivitaNonCorrentiEGruppiDiAttivitaInViaDiDismissione" xlink:to="ext_AttivitaNonCorrentiEGruppiDiAttivitaInViaDiDismissione_lbl" xlink:type="arc"/>
      <link:label id="id_9618" xlink:label="ext_AttivitaNonCorrentiEGruppiDiAttivitaInViaDiDismissione_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other comprehensive income net of tax non-current assets and disposal groups classified as held for sale not to be reclassified to profit or loss</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_AzioniRimborsabili" xlink:label="ext_AzioniRimborsabili" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AzioniRimborsabili" xlink:to="ext_AzioniRimborsabili_lbl" xlink:type="arc"/>
      <link:label id="id_9620" xlink:label="ext_AzioniRimborsabili_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Redeemable Shares</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_CoperturaDeiFlussiFinanziari" xlink:label="ext_CoperturaDeiFlussiFinanziari" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_CoperturaDeiFlussiFinanziari" xlink:to="ext_CoperturaDeiFlussiFinanziari_lbl" xlink:type="arc"/>
      <link:label id="id_9622" xlink:label="ext_CoperturaDeiFlussiFinanziari_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Cash Flow Hedging</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_CoperturaDiInvestimentiEsteri" xlink:label="ext_CoperturaDiInvestimentiEsteri" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_CoperturaDiInvestimentiEsteri" xlink:to="ext_CoperturaDiInvestimentiEsteri_lbl" xlink:type="arc"/>
      <link:label id="id_9624" xlink:label="ext_CoperturaDiInvestimentiEsteri_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Foreign Investments Hedging</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_CostiOperativi" xlink:label="ext_CostiOperativi" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_CostiOperativi" xlink:to="ext_CostiOperativi_lbl" xlink:type="arc"/>
      <link:label id="id_9626" xlink:label="ext_CostiOperativi_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Operating Costs</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_DecrementiIncrementiDiAltreAttivitaObbligatoriamenteValutateAlFairValue" xlink:label="ext_DecrementiIncrementiDiAltreAttivitaObbligatoriamenteValutateAlFairValue" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_DecrementiIncrementiDiAltreAttivitaObbligatoriamenteValutateAlFairValue" xlink:to="ext_DecrementiIncrementiDiAltreAttivitaObbligatoriamenteValutateAlFairValue_lbl" xlink:type="arc"/>
      <link:label id="id_9628" xlink:label="ext_DecrementiIncrementiDiAltreAttivitaObbligatoriamenteValutateAlFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Adjustments For Decrease Increase In Other Financial Assets Mandatorily At Fair Value</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_DecrementiIncrementiDiAttivitaFinanziarieDesignateAlFairValue" xlink:label="ext_DecrementiIncrementiDiAttivitaFinanziarieDesignateAlFairValue" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_DecrementiIncrementiDiAttivitaFinanziarieDesignateAlFairValue" xlink:to="ext_DecrementiIncrementiDiAttivitaFinanziarieDesignateAlFairValue_lbl" xlink:type="arc"/>
      <link:label id="id_9630" xlink:label="ext_DecrementiIncrementiDiAttivitaFinanziarieDesignateAlFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Adjustments For Decrease Increase In Financial Assets Designated At Fair Value</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_DecrementiIncrementiDiAttivitaFinanziarieValutateAlCostoAmmortizzato" xlink:label="ext_DecrementiIncrementiDiAttivitaFinanziarieValutateAlCostoAmmortizzato" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_DecrementiIncrementiDiAttivitaFinanziarieValutateAlCostoAmmortizzato" xlink:to="ext_DecrementiIncrementiDiAttivitaFinanziarieValutateAlCostoAmmortizzato_lbl" xlink:type="arc"/>
      <link:label id="id_9632" xlink:label="ext_DecrementiIncrementiDiAttivitaFinanziarieValutateAlCostoAmmortizzato_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Adjustments For Decrease Increase In Financial Assets At Amortised Cost</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_DecrementiIncrementiDiAttivitaFinanziarieValutateAlFairValueConImpattoSullaRedditivitaComplessiva" xlink:label="ext_DecrementiIncrementiDiAttivitaFinanziarieValutateAlFairValueConImpattoSullaRedditivitaComplessiva" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_DecrementiIncrementiDiAttivitaFinanziarieValutateAlFairValueConImpattoSullaRedditivitaComplessiva" xlink:to="ext_DecrementiIncrementiDiAttivitaFinanziarieValutateAlFairValueConImpattoSullaRedditivitaComplessiva_lbl" xlink:type="arc"/>
      <link:label id="id_9634" xlink:label="ext_DecrementiIncrementiDiAttivitaFinanziarieValutateAlFairValueConImpattoSullaRedditivitaComplessiva_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Adjustments For Decrease Increase In Financial Assets At Fair Value Through Other Comprehensive Income</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_DerivatiSuAzioniProprie" xlink:label="ext_DerivatiSuAzioniProprie" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_DerivatiSuAzioniProprie" xlink:to="ext_DerivatiSuAzioniProprie_lbl" xlink:type="arc"/>
      <link:label id="id_9636" xlink:label="ext_DerivatiSuAzioniProprie_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Increase decrease through treasury share derivatives</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_DiCuiAvviamento" xlink:label="ext_DiCuiAvviamento" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_DiCuiAvviamento" xlink:to="ext_DiCuiAvviamento_lbl" xlink:type="arc"/>
      <link:label id="id_9638" xlink:label="ext_DiCuiAvviamento_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Of which Goodwill</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_DifferenzeDiCambio" xlink:label="ext_DifferenzeDiCambio" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_DifferenzeDiCambio" xlink:to="ext_DifferenzeDiCambio_lbl" xlink:type="arc"/>
      <link:label id="id_9640" xlink:label="ext_DifferenzeDiCambio_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Foreign Exchange Differences</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_DistribuzioneStraordinariaDividendi" xlink:label="ext_DistribuzioneStraordinariaDividendi" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_DistribuzioneStraordinariaDividendi" xlink:to="ext_DistribuzioneStraordinariaDividendi_lbl" xlink:type="arc"/>
      <link:label id="id_9642" xlink:label="ext_DistribuzioneStraordinariaDividendi_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Extraordinary Dividends Distribution</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_ImpegniEGaranzieRilasciate" xlink:label="ext_ImpegniEGaranzieRilasciate" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_ImpegniEGaranzieRilasciate" xlink:to="ext_ImpegniEGaranzieRilasciate_lbl" xlink:type="arc"/>
      <link:label id="id_9644" xlink:label="ext_ImpegniEGaranzieRilasciate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Provision For Committments And Guarantees Given</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_ImposteTasseECreditiDiImpostaNonLiquidati" xlink:label="ext_ImposteTasseECreditiDiImpostaNonLiquidati" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_ImposteTasseECreditiDiImpostaNonLiquidati" xlink:to="ext_ImposteTasseECreditiDiImpostaNonLiquidati_lbl" xlink:type="arc"/>
      <link:label id="id_9646" xlink:label="ext_ImposteTasseECreditiDiImpostaNonLiquidati_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Unpaid Duties Taxes And Tax Credits</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_IncrementiDecrementiAltrePassivita" xlink:label="ext_IncrementiDecrementiAltrePassivita" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_IncrementiDecrementiAltrePassivita" xlink:to="ext_IncrementiDecrementiAltrePassivita_lbl" xlink:type="arc"/>
      <link:label id="id_9648" xlink:label="ext_IncrementiDecrementiAltrePassivita_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Adjustments for increase decrease of other liabilities</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_IncrementiDecrementiDiPassivitaFinanziarieValutateAlCostoAmmortizzato" xlink:label="ext_IncrementiDecrementiDiPassivitaFinanziarieValutateAlCostoAmmortizzato" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_IncrementiDecrementiDiPassivitaFinanziarieValutateAlCostoAmmortizzato" xlink:to="ext_IncrementiDecrementiDiPassivitaFinanziarieValutateAlCostoAmmortizzato_lbl" xlink:type="arc"/>
      <link:label id="id_9650" xlink:label="ext_IncrementiDecrementiDiPassivitaFinanziarieValutateAlCostoAmmortizzato_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Adjustments For Increase Decrease In Financial Liabilities At Amortised Cost</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_IncrementiDecrementiDiRiserve" xlink:label="ext_IncrementiDecrementiDiRiserve" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_IncrementiDecrementiDiRiserve" xlink:to="ext_IncrementiDecrementiDiRiserve_lbl" xlink:type="arc"/>
      <link:label id="id_9652" xlink:label="ext_IncrementiDecrementiDiRiserve_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Increase Decrease of Reserves</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_IncrementiDecrementiPassivitaFinanziarieDesignateAlFairValue" xlink:label="ext_IncrementiDecrementiPassivitaFinanziarieDesignateAlFairValue" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_IncrementiDecrementiPassivitaFinanziarieDesignateAlFairValue" xlink:to="ext_IncrementiDecrementiPassivitaFinanziarieDesignateAlFairValue_lbl" xlink:type="arc"/>
      <link:label id="id_9654" xlink:label="ext_IncrementiDecrementiPassivitaFinanziarieDesignateAlFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Adjustments for increase decrease in financial liabilities designated at fair value</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_InteressiAttiviEProventiAssimilati" xlink:label="ext_InteressiAttiviEProventiAssimilati" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_InteressiAttiviEProventiAssimilati" xlink:to="ext_InteressiAttiviEProventiAssimilati_lbl" xlink:type="arc"/>
      <link:label id="id_9656" xlink:label="ext_InteressiAttiviEProventiAssimilati_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Interest Income And Similar Revenues</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_InteressiPassiviEOneriAssimilati" xlink:label="ext_InteressiPassiviEOneriAssimilati" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_InteressiPassiviEOneriAssimilati" xlink:to="ext_InteressiPassiviEOneriAssimilati_lbl" xlink:type="arc"/>
      <link:label id="id_9658" xlink:label="ext_InteressiPassiviEOneriAssimilati_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Interest expenses and similar charges</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_LiquiditaAssorbitaDaAttivitaDiInvestimento" xlink:label="ext_LiquiditaAssorbitaDaAttivitaDiInvestimento" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_LiquiditaAssorbitaDaAttivitaDiInvestimento" xlink:to="ext_LiquiditaAssorbitaDaAttivitaDiInvestimento_lbl" xlink:type="arc"/>
      <link:label id="id_9660" xlink:label="ext_LiquiditaAssorbitaDaAttivitaDiInvestimento_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Cash Flows Used In Investing Activities</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_LiquiditaGenerataAssorbitaDaAltreAttivita" xlink:label="ext_LiquiditaGenerataAssorbitaDaAltreAttivita" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_LiquiditaGenerataAssorbitaDaAltreAttivita" xlink:to="ext_LiquiditaGenerataAssorbitaDaAltreAttivita_lbl" xlink:type="arc"/>
      <link:label id="id_9662" xlink:label="ext_LiquiditaGenerataAssorbitaDaAltreAttivita_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Liquidity Generated Absorbed By Other Assets</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_LiquiditaGenerataAssorbitaDalleAttivitaFinanziarieClassificateComeAttivitaOperative" xlink:label="ext_LiquiditaGenerataAssorbitaDalleAttivitaFinanziarieClassificateComeAttivitaOperative" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_LiquiditaGenerataAssorbitaDalleAttivitaFinanziarieClassificateComeAttivitaOperative" xlink:to="ext_LiquiditaGenerataAssorbitaDalleAttivitaFinanziarieClassificateComeAttivitaOperative_lbl" xlink:type="arc"/>
      <link:label id="id_9665" xlink:label="ext_LiquiditaGenerataAssorbitaDalleAttivitaFinanziarieClassificateComeAttivitaOperative_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Cash Flows From Used In Financial Assets Classified As Operating Activities</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_LiquiditaGenerataAssorbitaDallePassivitaFinanziarieClassificateComeAttivitaOperative" xlink:label="ext_LiquiditaGenerataAssorbitaDallePassivitaFinanziarieClassificateComeAttivitaOperative" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_LiquiditaGenerataAssorbitaDallePassivitaFinanziarieClassificateComeAttivitaOperative" xlink:to="ext_LiquiditaGenerataAssorbitaDallePassivitaFinanziarieClassificateComeAttivitaOperative_lbl" xlink:type="arc"/>
      <link:label id="id_9667" xlink:label="ext_LiquiditaGenerataAssorbitaDallePassivitaFinanziarieClassificateComeAttivitaOperative_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Cash Flows From Used In Financial Liabilities Classified As Operating Activities</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_LiquiditaGenerataDaAttivitaDiInvestimento" xlink:label="ext_LiquiditaGenerataDaAttivitaDiInvestimento" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_LiquiditaGenerataDaAttivitaDiInvestimento" xlink:to="ext_LiquiditaGenerataDaAttivitaDiInvestimento_lbl" xlink:type="arc"/>
      <link:label id="id_9668" xlink:label="ext_LiquiditaGenerataDaAttivitaDiInvestimento_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Cash Flows From Investing Activities</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_MargineDiInteresse" xlink:label="ext_MargineDiInteresse" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_MargineDiInteresse" xlink:to="ext_MargineDiInteresse_lbl" xlink:type="arc"/>
      <link:label id="id_9670" xlink:label="ext_MargineDiInteresse_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Net Interest Margin</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_MargineDiIntermediazione" xlink:label="ext_MargineDiIntermediazione" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_MargineDiIntermediazione" xlink:to="ext_MargineDiIntermediazione_lbl" xlink:type="arc"/>
      <link:label id="id_9672" xlink:label="ext_MargineDiIntermediazione_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gross Income</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_PassivitaFiscali" xlink:label="ext_PassivitaFiscali" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_PassivitaFiscali" xlink:to="ext_PassivitaFiscali_lbl" xlink:type="arc"/>
      <link:label id="id_9674" xlink:label="ext_PassivitaFiscali_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Tax Liabilities</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_PatrimonioNettoDelGruppo" xlink:label="ext_PatrimonioNettoDelGruppo" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_PatrimonioNettoDelGruppo" xlink:to="ext_PatrimonioNettoDelGruppo_lbl" xlink:type="arc"/>
      <link:label id="id_9676" xlink:label="ext_PatrimonioNettoDelGruppo_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Equity Attributable To Owners Of Parent</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_PatrimonioNettoDiTerzi" xlink:label="ext_PatrimonioNettoDiTerzi" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_PatrimonioNettoDiTerzi" xlink:to="ext_PatrimonioNettoDiTerzi_lbl" xlink:type="arc"/>
      <link:label id="id_9678" xlink:label="ext_PatrimonioNettoDiTerzi_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Non-controlling Interests</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_PatrmonioNetto" xlink:label="ext_PatrmonioNetto" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_PatrmonioNetto" xlink:to="ext_PatrmonioNetto_lbl" xlink:type="arc"/>
      <link:label id="id_9680" xlink:label="ext_PatrmonioNetto_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Total Equity</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_PremiNettiNonIncassati" xlink:label="ext_PremiNettiNonIncassati" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_PremiNettiNonIncassati" xlink:to="ext_PremiNettiNonIncassati_lbl" xlink:type="arc"/>
      <link:label id="id_9682" xlink:label="ext_PremiNettiNonIncassati_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Uncollected Net Premiums</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_ProventiDalleVenditeDiAttivitaMaterialiClassificateComeAttivitaDiInvestimento" xlink:label="ext_ProventiDalleVenditeDiAttivitaMaterialiClassificateComeAttivitaDiInvestimento" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_ProventiDalleVenditeDiAttivitaMaterialiClassificateComeAttivitaDiInvestimento" xlink:to="ext_ProventiDalleVenditeDiAttivitaMaterialiClassificateComeAttivitaDiInvestimento_lbl" xlink:type="arc"/>
      <link:label id="id_9684" xlink:label="ext_ProventiDalleVenditeDiAttivitaMaterialiClassificateComeAttivitaDiInvestimento_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Proceeds From Sales Of Tangible Assets Classified As Investing Activities</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_QuiescenzaEObblighiSimili" xlink:label="ext_QuiescenzaEObblighiSimili" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_QuiescenzaEObblighiSimili" xlink:to="ext_QuiescenzaEObblighiSimili_lbl" xlink:type="arc"/>
      <link:label id="id_9686" xlink:label="ext_QuiescenzaEObblighiSimili_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Post-Retirement Benefit Obligation</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_RedditivitaComplessivaAlNettoDelleImposteAttivitaImmateriali" xlink:label="ext_RedditivitaComplessivaAlNettoDelleImposteAttivitaImmateriali" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_RedditivitaComplessivaAlNettoDelleImposteAttivitaImmateriali" xlink:to="ext_RedditivitaComplessivaAlNettoDelleImposteAttivitaImmateriali_lbl" xlink:type="arc"/>
      <link:label id="id_9688" xlink:label="ext_RedditivitaComplessivaAlNettoDelleImposteAttivitaImmateriali_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Comprehensive Income Net Of Tax Intangible Assets</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_RedditivitaComplessivaAlNettoDelleImposteAttivitaMateriali" xlink:label="ext_RedditivitaComplessivaAlNettoDelleImposteAttivitaMateriali" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_RedditivitaComplessivaAlNettoDelleImposteAttivitaMateriali" xlink:to="ext_RedditivitaComplessivaAlNettoDelleImposteAttivitaMateriali_lbl" xlink:type="arc"/>
      <link:label id="id_9690" xlink:label="ext_RedditivitaComplessivaAlNettoDelleImposteAttivitaMateriali_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Comprehensive Income Net Of Tax Tangible Assets</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_RedditivitaComplessivaAlNettoDelleImposteStrumentiDiCoperturaElementiNonDesignati" xlink:label="ext_RedditivitaComplessivaAlNettoDelleImposteStrumentiDiCoperturaElementiNonDesignati" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_RedditivitaComplessivaAlNettoDelleImposteStrumentiDiCoperturaElementiNonDesignati" xlink:to="ext_RedditivitaComplessivaAlNettoDelleImposteStrumentiDiCoperturaElementiNonDesignati_lbl" xlink:type="arc"/>
      <link:label id="id_9692" xlink:label="ext_RedditivitaComplessivaAlNettoDelleImposteStrumentiDiCoperturaElementiNonDesignati_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other comprehensive income net of tax hedging instruments non-designated items</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_RedditivitaComplessivaRelativaAdAttivitaNonCorrentiEGruppiDiAttivitaInViaDiDismissioneClassificatiComeDisponibiliPerLaVenditaDaRiclassificareAContoEconomico" xlink:label="ext_RedditivitaComplessivaRelativaAdAttivitaNonCorrentiEGruppiDiAttivitaInViaDiDismissioneClassificatiComeDisponibiliPerLaVenditaDaRiclassificareAContoEconomico" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_RedditivitaComplessivaRelativaAdAttivitaNonCorrentiEGruppiDiAttivitaInViaDiDismissioneClassificatiComeDisponibiliPerLaVenditaDaRiclassificareAContoEconomico" xlink:to="ext_RedditivitaComplessivaRelativaAdAttivitaNonCorrentiEGruppiDiAttivitaInViaDiDismissioneClassificatiComeDisponibiliPerLaVenditaDaRiclassificareAContoEconomico_lbl" xlink:type="arc"/>
      <link:label id="id_9694" xlink:label="ext_RedditivitaComplessivaRelativaAdAttivitaNonCorrentiEGruppiDiAttivitaInViaDiDismissioneClassificatiComeDisponibiliPerLaVenditaDaRiclassificareAContoEconomico_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Comprehensive Income Related To Noncurrent Assets And Disposal Groups Classified As Held For Sale To Be Reclassified To Profit Or Loss</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_RettificheDiValoreDellavviamento" xlink:label="ext_RettificheDiValoreDellavviamento" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_RettificheDiValoreDellavviamento" xlink:to="ext_RettificheDiValoreDellavviamento_lbl" xlink:type="arc"/>
      <link:label id="id_9696" xlink:label="ext_RettificheDiValoreDellavviamento_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Goodwill Impairment</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_RettificheRipreseDiValoreNetteDelleAttivitaOperativeCessateAlNettoDelleImposte" xlink:label="ext_RettificheRipreseDiValoreNetteDelleAttivitaOperativeCessateAlNettoDelleImposte" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_RettificheRipreseDiValoreNetteDelleAttivitaOperativeCessateAlNettoDelleImposte" xlink:to="ext_RettificheRipreseDiValoreNetteDelleAttivitaOperativeCessateAlNettoDelleImposte_lbl" xlink:type="arc"/>
      <link:label id="id_9698" xlink:label="ext_RettificheRipreseDiValoreNetteDelleAttivitaOperativeCessateAlNettoDelleImposte_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Impairment write-backs after tax on discontinued operations</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_RettificheRipreseDiValoreNettePerRischioDiCredito" xlink:label="ext_RettificheRipreseDiValoreNettePerRischioDiCredito" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_RettificheRipreseDiValoreNettePerRischioDiCredito" xlink:to="ext_RettificheRipreseDiValoreNettePerRischioDiCredito_lbl" xlink:type="arc"/>
      <link:label id="id_9700" xlink:label="ext_RettificheRipreseDiValoreNettePerRischioDiCredito_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Net Losses Recoveries On Credit Impairment </link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_RettificheRipreseDiValoreNettePerRischioDiCreditoSuAttivitaFinanziarieValutateAlCostoAmmortizzatoInBaseAIFRS9" xlink:label="ext_RettificheRipreseDiValoreNettePerRischioDiCreditoSuAttivitaFinanziarieValutateAlCostoAmmortizzatoInBaseAIFRS9" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_RettificheRipreseDiValoreNettePerRischioDiCreditoSuAttivitaFinanziarieValutateAlCostoAmmortizzatoInBaseAIFRS9" xlink:to="ext_RettificheRipreseDiValoreNettePerRischioDiCreditoSuAttivitaFinanziarieValutateAlCostoAmmortizzatoInBaseAIFRS9_lbl" xlink:type="arc"/>
      <link:label id="id_9702" xlink:label="ext_RettificheRipreseDiValoreNettePerRischioDiCreditoSuAttivitaFinanziarieValutateAlCostoAmmortizzatoInBaseAIFRS9_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Impairment Loss Impairment Gain And Reversal Of Impairment Loss Determined In Accordance With IFRS9 On Financial Assets At Amortised Cost</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_RettificheRipreseDiValoreNettePerRischioDiCreditoSuAttivitaFinanziarieValutateAlFairValueConImpattoSullaRedditivitaComplessivaInBaseAIFRS9" xlink:label="ext_RettificheRipreseDiValoreNettePerRischioDiCreditoSuAttivitaFinanziarieValutateAlFairValueConImpattoSullaRedditivitaComplessivaInBaseAIFRS9" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_RettificheRipreseDiValoreNettePerRischioDiCreditoSuAttivitaFinanziarieValutateAlFairValueConImpattoSullaRedditivitaComplessivaInBaseAIFRS9" xlink:to="ext_RettificheRipreseDiValoreNettePerRischioDiCreditoSuAttivitaFinanziarieValutateAlFairValueConImpattoSullaRedditivitaComplessivaInBaseAIFRS9_lbl" xlink:type="arc"/>
      <link:label id="id_9704" xlink:label="ext_RettificheRipreseDiValoreNettePerRischioDiCreditoSuAttivitaFinanziarieValutateAlFairValueConImpattoSullaRedditivitaComplessivaInBaseAIFRS9_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Impairment loss impairment gain and reversal of impairment loss determined in accordance with IFRS9 on financial assets at fair value through other comprehensive income</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_RettificheRipreseDiValoreNetteSuAttivitaImmaterialiRilevateAContoEconomico" xlink:label="ext_RettificheRipreseDiValoreNetteSuAttivitaImmaterialiRilevateAContoEconomico" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_RettificheRipreseDiValoreNetteSuAttivitaImmaterialiRilevateAContoEconomico" xlink:to="ext_RettificheRipreseDiValoreNetteSuAttivitaImmaterialiRilevateAContoEconomico_lbl" xlink:type="arc"/>
      <link:label id="id_9706" xlink:label="ext_RettificheRipreseDiValoreNetteSuAttivitaImmaterialiRilevateAContoEconomico_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss Intangible Assets Other Than Goodwill</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_RettificheRipreseDiValoreNetteSuAttivitaMaterialiRilevateAContoEconomico" xlink:label="ext_RettificheRipreseDiValoreNetteSuAttivitaMaterialiRilevateAContoEconomico" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_RettificheRipreseDiValoreNetteSuAttivitaMaterialiRilevateAContoEconomico" xlink:to="ext_RettificheRipreseDiValoreNetteSuAttivitaMaterialiRilevateAContoEconomico_lbl" xlink:type="arc"/>
      <link:label id="id_9708" xlink:label="ext_RettificheRipreseDiValoreNetteSuAttivitaMaterialiRilevateAContoEconomico_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Depreciation amortisation and impairment loss reversal of impairment loss recognised in profit or loss tangible assets</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_RettificheRipreseDiValoreNetteSuImmobilizzazioniMaterialiEImmateriali" xlink:label="ext_RettificheRipreseDiValoreNetteSuImmobilizzazioniMaterialiEImmateriali" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_RettificheRipreseDiValoreNetteSuImmobilizzazioniMaterialiEImmateriali" xlink:to="ext_RettificheRipreseDiValoreNetteSuImmobilizzazioniMaterialiEImmateriali_lbl" xlink:type="arc"/>
      <link:label id="id_9710" xlink:label="ext_RettificheRipreseDiValoreNetteSuImmobilizzazioniMaterialiEImmateriali_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Net value adjustments write-backs on tangible and intangible assets</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_RiserveDaValutazione" xlink:label="ext_RiserveDaValutazione" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_RiserveDaValutazione" xlink:to="ext_RiserveDaValutazione_lbl" xlink:type="arc"/>
      <link:label id="id_9712" xlink:label="ext_RiserveDaValutazione_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Valuation reserves</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_RiserveTecnicheACaricoDeiRiassicuratori" xlink:label="ext_RiserveTecnicheACaricoDeiRiassicuratori" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_RiserveTecnicheACaricoDeiRiassicuratori" xlink:to="ext_RiserveTecnicheACaricoDeiRiassicuratori_lbl" xlink:type="arc"/>
      <link:label id="id_9714" xlink:label="ext_RiserveTecnicheACaricoDeiRiassicuratori_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Insurance Reserves Charged To Reinsurers</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_RiserveTecnicheDaContrattiAssicurativi" xlink:label="ext_RiserveTecnicheDaContrattiAssicurativi" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_RiserveTecnicheDaContrattiAssicurativi" xlink:to="ext_RiserveTecnicheDaContrattiAssicurativi_lbl" xlink:type="arc"/>
      <link:label id="id_9716" xlink:label="ext_RiserveTecnicheDaContrattiAssicurativi_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Provisions Arising From Insurance Contracts</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_RisultatoNettoDellaAttivitaDiCopertura" xlink:label="ext_RisultatoNettoDellaAttivitaDiCopertura" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_RisultatoNettoDellaAttivitaDiCopertura" xlink:to="ext_RisultatoNettoDellaAttivitaDiCopertura_lbl" xlink:type="arc"/>
      <link:label id="id_9718" xlink:label="ext_RisultatoNettoDellaAttivitaDiCopertura_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Net Gains Losses From Hedge Accounting</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_RisultatoNettoDellaGestioneFinanziaria" xlink:label="ext_RisultatoNettoDellaGestioneFinanziaria" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_RisultatoNettoDellaGestioneFinanziaria" xlink:to="ext_RisultatoNettoDellaGestioneFinanziaria_lbl" xlink:type="arc"/>
      <link:label id="id_9720" xlink:label="ext_RisultatoNettoDellaGestioneFinanziaria_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Net Profit From Financial Activities</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_RisultatoNettoDellaGestioneFinanziariaEAssicurativa" xlink:label="ext_RisultatoNettoDellaGestioneFinanziariaEAssicurativa" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_RisultatoNettoDellaGestioneFinanziariaEAssicurativa" xlink:to="ext_RisultatoNettoDellaGestioneFinanziariaEAssicurativa_lbl" xlink:type="arc"/>
      <link:label id="id_9722" xlink:label="ext_RisultatoNettoDellaGestioneFinanziariaEAssicurativa_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Profit Loss From Financial And Insurance Activities</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_RisultatoNettoDellaValutazioneAlFairValueDelleAttivitaMaterialiEImmaterialiDiverseDallavviamento" xlink:label="ext_RisultatoNettoDellaValutazioneAlFairValueDelleAttivitaMaterialiEImmaterialiDiverseDallavviamento" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_RisultatoNettoDellaValutazioneAlFairValueDelleAttivitaMaterialiEImmaterialiDiverseDallavviamento" xlink:to="ext_RisultatoNettoDellaValutazioneAlFairValueDelleAttivitaMaterialiEImmaterialiDiverseDallavviamento_lbl" xlink:type="arc"/>
      <link:label id="id_9724" xlink:label="ext_RisultatoNettoDellaValutazioneAlFairValueDelleAttivitaMaterialiEImmaterialiDiverseDallavviamento_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gains losses on tangible and intangible assets other than goodwill measured at fair value</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_RisultatoNettoDelleAltreAttivitaPassivitaFinanziarieValutateAlFairValueConImpattoAContoEconomico" xlink:label="ext_RisultatoNettoDelleAltreAttivitaPassivitaFinanziarieValutateAlFairValueConImpattoAContoEconomico" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_RisultatoNettoDelleAltreAttivitaPassivitaFinanziarieValutateAlFairValueConImpattoAContoEconomico" xlink:to="ext_RisultatoNettoDelleAltreAttivitaPassivitaFinanziarieValutateAlFairValueConImpattoAContoEconomico_lbl" xlink:type="arc"/>
      <link:label id="id_9726" xlink:label="ext_RisultatoNettoDelleAltreAttivitaPassivitaFinanziarieValutateAlFairValueConImpattoAContoEconomico_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Net gains losses on other financial assets liabilities at fair value through profit or loss</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_SpeseAmministrativeSpesePerIlPersonale" xlink:label="ext_SpeseAmministrativeSpesePerIlPersonale" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_SpeseAmministrativeSpesePerIlPersonale" xlink:to="ext_SpeseAmministrativeSpesePerIlPersonale_lbl" xlink:type="arc"/>
      <link:label id="id_9728" xlink:label="ext_SpeseAmministrativeSpesePerIlPersonale_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Administrative Expense Staff Costs</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_SSpeseAmministrativeAltreSpeseAmministrative" xlink:label="ext_SSpeseAmministrativeAltreSpeseAmministrative" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_SSpeseAmministrativeAltreSpeseAmministrative" xlink:to="ext_SSpeseAmministrativeAltreSpeseAmministrative_lbl" xlink:type="arc"/>
      <link:label id="id_9730" xlink:label="ext_SSpeseAmministrativeAltreSpeseAmministrative_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other administrative expenses</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_StrumentiDiCapitale" xlink:label="ext_StrumentiDiCapitale" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_StrumentiDiCapitale" xlink:to="ext_StrumentiDiCapitale_lbl" xlink:type="arc"/>
      <link:label id="id_9732" xlink:label="ext_StrumentiDiCapitale_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Equity Instrument</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_TrattamentoDiFineRapportoDelPersonale" xlink:label="ext_TrattamentoDiFineRapportoDelPersonale" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_TrattamentoDiFineRapportoDelPersonale" xlink:to="ext_TrattamentoDiFineRapportoDelPersonale_lbl" xlink:type="arc"/>
      <link:label id="id_9734" xlink:label="ext_TrattamentoDiFineRapportoDelPersonale_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Provision For Employee Severances Pay</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_UtilePerditaDaCessioneDiAttivitaFinanziarieAlCostoAmmortizzato" xlink:label="ext_UtilePerditaDaCessioneDiAttivitaFinanziarieAlCostoAmmortizzato" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_UtilePerditaDaCessioneDiAttivitaFinanziarieAlCostoAmmortizzato" xlink:to="ext_UtilePerditaDaCessioneDiAttivitaFinanziarieAlCostoAmmortizzato_lbl" xlink:type="arc"/>
      <link:label id="id_9736" xlink:label="ext_UtilePerditaDaCessioneDiAttivitaFinanziarieAlCostoAmmortizzato_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gain Loss arising from disposal of financial assets measured at amortised cost</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_UtilePerditaDaCessioneDiAttivitaFinanziarieValutateAlFairValueConImpattoSullaRedditivitaComplessiva" xlink:label="ext_UtilePerditaDaCessioneDiAttivitaFinanziarieValutateAlFairValueConImpattoSullaRedditivitaComplessiva" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_UtilePerditaDaCessioneDiAttivitaFinanziarieValutateAlFairValueConImpattoSullaRedditivitaComplessiva" xlink:to="ext_UtilePerditaDaCessioneDiAttivitaFinanziarieValutateAlFairValueConImpattoSullaRedditivitaComplessiva_lbl" xlink:type="arc"/>
      <link:label id="id_9738" xlink:label="ext_UtilePerditaDaCessioneDiAttivitaFinanziarieValutateAlFairValueConImpattoSullaRedditivitaComplessiva_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gain Loss on disposals of financial assets at fair value through other comprehensive income</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_UtilePerditaDaRiacquistoDiPassivitaFinanziarie" xlink:label="ext_UtilePerditaDaRiacquistoDiPassivitaFinanziarie" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_UtilePerditaDaRiacquistoDiPassivitaFinanziarie" xlink:to="ext_UtilePerditaDaRiacquistoDiPassivitaFinanziarie_lbl" xlink:type="arc"/>
      <link:label id="id_9740" xlink:label="ext_UtilePerditaDaRiacquistoDiPassivitaFinanziarie_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gain Loss arising from repurchase of financial liabilities</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_UtilePerditaDiPertinenzaDellaCapogruppo" xlink:label="ext_UtilePerditaDiPertinenzaDellaCapogruppo" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_UtilePerditaDiPertinenzaDellaCapogruppo" xlink:to="ext_UtilePerditaDiPertinenzaDellaCapogruppo_lbl" xlink:type="arc"/>
      <link:label id="id_9742" xlink:label="ext_UtilePerditaDiPertinenzaDellaCapogruppo_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Profit Loss attributable to owners of parent</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_UtilePerditaSuAttivitaDiCopertura" xlink:label="ext_UtilePerditaSuAttivitaDiCopertura" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_UtilePerditaSuAttivitaDiCopertura" xlink:to="ext_UtilePerditaSuAttivitaDiCopertura_lbl" xlink:type="arc"/>
      <link:label id="id_9744" xlink:label="ext_UtilePerditaSuAttivitaDiCopertura_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gain Loss On Hedge Accounting</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_UtilePerditaSuAttivitaFinanziarieDetenutePerLaNegoziazioneESulleAltreAttivitaPassivitaValutateAlFairValueConImpattoAContoEconomico" xlink:label="ext_UtilePerditaSuAttivitaFinanziarieDetenutePerLaNegoziazioneESulleAltreAttivitaPassivitaValutateAlFairValueConImpattoAContoEconomico" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_UtilePerditaSuAttivitaFinanziarieDetenutePerLaNegoziazioneESulleAltreAttivitaPassivitaValutateAlFairValueConImpattoAContoEconomico" xlink:to="ext_UtilePerditaSuAttivitaFinanziarieDetenutePerLaNegoziazioneESulleAltreAttivitaPassivitaValutateAlFairValueConImpattoAContoEconomico_lbl" xlink:type="arc"/>
      <link:label id="id_9746" xlink:label="ext_UtilePerditaSuAttivitaFinanziarieDetenutePerLaNegoziazioneESulleAltreAttivitaPassivitaValutateAlFairValueConImpattoAContoEconomico_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gain Loss On Financial Assets Held For Trading And On Other Financial Assets Liabilities At Fair Value Through Profit Or Loss</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_UtiliPerditeDaAttivitaEPassivitaFinanziarieDesignateAlFairValueConImpattoAContoEconomico" xlink:label="ext_UtiliPerditeDaAttivitaEPassivitaFinanziarieDesignateAlFairValueConImpattoAContoEconomico" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_UtiliPerditeDaAttivitaEPassivitaFinanziarieDesignateAlFairValueConImpattoAContoEconomico" xlink:to="ext_UtiliPerditeDaAttivitaEPassivitaFinanziarieDesignateAlFairValueConImpattoAContoEconomico_lbl" xlink:type="arc"/>
      <link:label id="id_9748" xlink:label="ext_UtiliPerditeDaAttivitaEPassivitaFinanziarieDesignateAlFairValueConImpattoAContoEconomico_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gains Losses on financial assets liabilities designated at fair value through profit or loss</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_UtiliPerditeDaAttivitaPassivitaFinanziarieObbligatoriamenteValutateAlFairValueConImpattoAContoEconomico" xlink:label="ext_UtiliPerditeDaAttivitaPassivitaFinanziarieObbligatoriamenteValutateAlFairValueConImpattoAContoEconomico" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_UtiliPerditeDaAttivitaPassivitaFinanziarieObbligatoriamenteValutateAlFairValueConImpattoAContoEconomico" xlink:to="ext_UtiliPerditeDaAttivitaPassivitaFinanziarieObbligatoriamenteValutateAlFairValueConImpattoAContoEconomico_lbl" xlink:type="arc"/>
      <link:label id="id_9750" xlink:label="ext_UtiliPerditeDaAttivitaPassivitaFinanziarieObbligatoriamenteValutateAlFairValueConImpattoAContoEconomico_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gains Losses on financial assets liabilities mandatorily at fair value through profit or loss</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_UtiliPerditeDaCessioneORiacquistoDiAttivitaEPassivitaFinanziarie" xlink:label="ext_UtiliPerditeDaCessioneORiacquistoDiAttivitaEPassivitaFinanziarie" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_UtiliPerditeDaCessioneORiacquistoDiAttivitaEPassivitaFinanziarie" xlink:to="ext_UtiliPerditeDaCessioneORiacquistoDiAttivitaEPassivitaFinanziarie_lbl" xlink:type="arc"/>
      <link:label id="id_9752" xlink:label="ext_UtiliPerditeDaCessioneORiacquistoDiAttivitaEPassivitaFinanziarie_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gains Losses on disposals and repurchase of financial assets and liabilities</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_UtiliPerditeDaModificheContrattualiSenzaCancellazioni" xlink:label="ext_UtiliPerditeDaModificheContrattualiSenzaCancellazioni" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_UtiliPerditeDaModificheContrattualiSenzaCancellazioni" xlink:to="ext_UtiliPerditeDaModificheContrattualiSenzaCancellazioni_lbl" xlink:type="arc"/>
      <link:label id="id_9754" xlink:label="ext_UtiliPerditeDaModificheContrattualiSenzaCancellazioni_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gains Losses from contractual changes without derecognition</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_UtiliPerditeSuAttivitaFinanziarieDiverseDaiTitoliDiCapitaleValutateAlFairValueConImpattoSullaRedditivitaComplessivaAlNettoDelleImposte" xlink:label="ext_UtiliPerditeSuAttivitaFinanziarieDiverseDaiTitoliDiCapitaleValutateAlFairValueConImpattoSullaRedditivitaComplessivaAlNettoDelleImposte" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_UtiliPerditeSuAttivitaFinanziarieDiverseDaiTitoliDiCapitaleValutateAlFairValueConImpattoSullaRedditivitaComplessivaAlNettoDelleImposte" xlink:to="ext_UtiliPerditeSuAttivitaFinanziarieDiverseDaiTitoliDiCapitaleValutateAlFairValueConImpattoSullaRedditivitaComplessivaAlNettoDelleImposte_lbl" xlink:type="arc"/>
      <link:label id="id_9756" xlink:label="ext_UtiliPerditeSuAttivitaFinanziarieDiverseDaiTitoliDiCapitaleValutateAlFairValueConImpattoSullaRedditivitaComplessivaAlNettoDelleImposte_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gains Losses on financial assets other than equity instruments at fair value through other comprehensive income net of tax</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_VariazioneStrumentiDiCapitale" xlink:label="ext_VariazioneStrumentiDiCapitale" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_VariazioneStrumentiDiCapitale" xlink:to="ext_VariazioneStrumentiDiCapitale_lbl" xlink:type="arc"/>
      <link:label id="id_9758" xlink:label="ext_VariazioneStrumentiDiCapitale_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Increase Decrease due to Equity Instruments</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_AltreRiserveMember" xlink:label="ext_AltreRiserveMember" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AltreRiserveMember" xlink:to="ext_AltreRiserveMember_lbl" xlink:type="arc"/>
      <link:label id="id_9760" xlink:label="ext_AltreRiserveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Reserves Not From Profit Not From Valuation Member</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_AzioniProprieMember" xlink:label="ext_AzioniProprieMember" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_AzioniProprieMember" xlink:to="ext_AzioniProprieMember_lbl" xlink:type="arc"/>
      <link:label id="id_9762" xlink:label="ext_AzioniProprieMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Treasury Shares Member</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_CapitaleAltreAzioniMember" xlink:label="ext_CapitaleAltreAzioniMember" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_CapitaleAltreAzioniMember" xlink:to="ext_CapitaleAltreAzioniMember_lbl" xlink:type="arc"/>
      <link:label id="id_9764" xlink:label="ext_CapitaleAltreAzioniMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Shares Member</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_CapitaleAzioniOrdinarieMember" xlink:label="ext_CapitaleAzioniOrdinarieMember" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_CapitaleAzioniOrdinarieMember" xlink:to="ext_CapitaleAzioniOrdinarieMember_lbl" xlink:type="arc"/>
      <link:label id="id_9766" xlink:label="ext_CapitaleAzioniOrdinarieMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Ordinary Shares Member</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_RiserveDaUtiliMember" xlink:label="ext_RiserveDaUtiliMember" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_RiserveDaUtiliMember" xlink:to="ext_RiserveDaUtiliMember_lbl" xlink:type="arc"/>
      <link:label id="id_9769" xlink:label="ext_RiserveDaUtiliMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Reserves From Profit Member</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_RiserveDaValutazioneMember" xlink:label="ext_RiserveDaValutazioneMember" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_RiserveDaValutazioneMember" xlink:to="ext_RiserveDaValutazioneMember_lbl" xlink:type="arc"/>
      <link:label id="id_9771" xlink:label="ext_RiserveDaValutazioneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Valuation Reserves Member</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_SovrapprezziDiEmissioneMember" xlink:label="ext_SovrapprezziDiEmissioneMember" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_SovrapprezziDiEmissioneMember" xlink:to="ext_SovrapprezziDiEmissioneMember_lbl" xlink:type="arc"/>
      <link:label id="id_9773" xlink:label="ext_SovrapprezziDiEmissioneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Reserves From Share Premium Member</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_StrumentiDiCapitaleMember" xlink:label="ext_StrumentiDiCapitaleMember" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_StrumentiDiCapitaleMember" xlink:to="ext_StrumentiDiCapitaleMember_lbl" xlink:type="arc"/>
      <link:label id="id_9775" xlink:label="ext_StrumentiDiCapitaleMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Equity Instruments Member</link:label>

      <link:loc xlink:href="549300TRUWO2CD2G5692-2021-12-31.xsd#ext_UtilePerditaDiEsercizioMember" xlink:label="ext_UtilePerditaDiEsercizioMember" xlink:type="locator"/>
      <link:labelArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ext_UtilePerditaDiEsercizioMember" xlink:to="ext_UtilePerditaDiEsercizioMember_lbl" xlink:type="arc"/>
      <link:label id="id_9777" xlink:label="ext_UtilePerditaDiEsercizioMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Profit loss</link:label>

   </link:labelLink>

</link:linkbase>