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Capital Structure

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    Group equity

    Development of Group equity 31.12.2024¹ Prev. Year Change
    €m €m %
    Issued capital and capital reserve 7,422 7,424 0.0
    Retained earnings¹ 19,274 17,906 6.9
    Other reserves¹ 397 –286 –
    Consolidated result attributable to equity holders of Munich Reinsurance Company 5,704 4,606 23.4
    Non-controlling interests 104 122 –14,4
    Total 32,901 29,772 10.0

    Debt leverage

    31.12.2024¹ Prev. year Change
    €m €m %
    Strategic debt 6,577 4,979 32.1
    Group equity 32,901 29,772 10.0
    Contractual service margin (CSM)¹ net of tax 21,148 19,170 10.3
    Total 60,625 53,921 12.1
    Debt leverage % 10.8 9.2
    1 Adjusted due to an accounting policy change for recognition of acquisition costs in the segment ERGO Germany.
    Munich Re’s subordinated liabilities amounted to €6,321m. Of this sum, €6,173m were recognised at the reporting date as eligible own funds pursuant to Solvency II. Under the supervisory regulations of Solvency II, subordinated liabilities are recognised as own funds provided that they are available at all times to cover losses on a going-concern basis.