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Capital Structure

Group equity

Development of Group equity 31.12.2021 Prev. Year Change
€m €m %
Issued capital and capital reserve 7,432 7,432 0.0
Retained earnings 13,822 13,568 1.9
Other reserves 6,642 7,683 -13.5
Consolidated result attributable to equity holders of Munich Reinsurance Company 2,933 1,211 142.1
Non-controlling interests 116 100 15.9
Total 30,945 29,994 3.2

Debt leverage

31.12.2021 Prev. year Change
€m €m %
Strategic debt¹ 5,348 5,320 0.5
Group equity 30,945 29,994 3.2
Total 36,293 35,314 2.8
Debt leverage % 14.7 15.1
1The components of our strategic debt are subordinated liabilities, and bonds and notes issued (see the relevant sections in the Notes to the consolidated financial statements).
Munich Re’s subordinated liabilities amounted to €5,055m (see the section (19) Subordinated liabilities in the Notes to the consolidated financial statement]. Of this sum, €4,912m were recognised as 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.