The paint color code identifies the original paint color of the body. The code is found on the vehicle identification plate usually located under the hood. The same color code was used on different Volvo models. For example the Venetian Red code 445 was used on the Volvo S60 and V70 Series. Of course both are exactly the same color. Also note that particular color codes may have more than one color name; this was only for marketing purposes.
See below for the reference table of Volvo exterior car paint codes: