Capital Structure

Group equity

Development of Group equity 31.12.2019 Prev. Year Change
€m €m %
Issued capital and capital reserve 7,421 7,418 0.0
Retained earnings 12,804 13,201 -3.0
Other reserves 7,510 3,440 118.3
Consolidated result attributable to equity holders of Munich Reinsurance Company 2,724 2,310 18.0
Non-controlling interests 117 131 -11.0
Total 30,576 26,500 15.4

Debt leverage

31.12.2019 Prev. year Change
€m €m %
Strategic debt¹ 4,172 4,015 3.9
Group equity 30,576 26,500 15.4
Total 34,748 30,515 13.9
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%. 
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