|
Group equity
|
|
Development of Group equity
|
|
€m
|
31.12.2012
|
31.12.2011
|
|
Issued capital and capital reserve
|
7,390
|
7,388
|
|
Retained earnings
|
10,946
|
11,588
|
|
Other reserves
|
5,650
|
3,384
|
|
Consolidated result attributable to equity holders of Munich Reinsurance Company
|
3,195
|
702
|
|
Non-controlling interests
|
242
|
247
|
|
Total
|
27,423
|
23,309
|
|
Debt leverage
|
|
|
2012
|
2011
|
Change
|
|
|
€m
|
€m
|
%
|
|
Strategic debt
|
5,796 |
5,219 |
11.1 |
|
Group equity
|
27,423 |
23,309 |
17.6 |
|
Total
|
33,219
|
28,528
|
16.4
|
|
Debt leverage
|
17.4%
|
18.3%
|
|
We define as strategic debt all financial instruments with the character of outside financing that do not have a direct link to our operative business. Strategic debt supplements our financial resources, is essentially designed to optimise the cost of capital and ensures that we have sufficient liquidity at all times.
Our subordinated bonds are recognised in part as own funds by the German Federal Financial Supervisory Authority (BaFin). When this is considered in calculating the strategic debt, the latter is reduced to €1,737m and the debt leverage amounts to only 6.0%.
Share this page:
