|Development of Group equity||31.12.2019||Prev. Year||Change|
|Issued capital and capital reserve||7,421||7,418||0.0|
|Consolidated result attributable to equity holders of Munich Reinsurance Company||2,724||2,310||18.0|
|Debt leverage %||12.0||13.2|
1The main components of our strategic debt are subordinated liabilities, and bonds and notes issued (see pages 150 and 159 of the Notes to the consolidated financial statements).
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. Munich Re’s subordinated liabilities amount to €3,839m. Of this sum, €3,681m were recognised as at the reporting date as eligible own funds pursuant to Solvency II. As a consequence, strategic debt is reduced to €491m and the debt leverage amounts to only 1.4%.