Capital Structure

Group equity

Development of Group equity 31.12.2020 Prev. Year Change
€m €m %
Issued capital and capital reserve 7,432 7,421 0.2
Retained earnings 13,568 12,804 6.0
Other reserves 7,683 7,510 2.3
Consolidated result attributable to equity holders of Munich Reinsurance Company 1,211 2,724 -55.5
Non-controlling interests 100 117 -14.4
Total 29,994 30,576 -1.9

Debt leverage

31.12.2020 Prev. year Change
€m €m %
Strategic debt¹ 5,320 4,172 27.5
Group equity 29,994 30,576 -1.9
Total 35,314 34,748 1.6
Debt leverage % 15.1 12.0
1The main components of our strategic debt are subordinated liabilities, and bonds and notes issued (see the relevant sections of the Notes to the consolidated financial statements).
Munich Re’s subordinated liabilities amounted to €5,047m (see the section Subordinated liabilities in the Notes to the consolidated financial statements). Of this sum, €4,883m 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.