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Capital Structure

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    Group equity

    Development of Group equity 31.12.2022 Prev. Year Change
    €m €m %
    Issued capital and capital reserve 7,422 7,432 –0.1
    Retained earnings 15,414 13,822 11.5
    Other reserves –5,205 6,642
    Consolidated result attributable to equity holders of Munich Reinsurance Company 3,432 2,933 17.0
    Non-controlling interests 139 116 20.4
    Total 21,202 30,945 –31.5

    Debt leverage

    31.12.2022 Prev. year Change
    €m €m %
    Strategic debt¹ 5,048 5,348 –5.6
    Group equity 21,202 30,945 –31.5
    Total 26,250 36,293 –27.7
    Debt leverage % 19.2 14.7
    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 €4,748m (see section (19) Subordinated liabilities in the Notes to the consolidated financial statements). Of this sum, €4,644m 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.