Capital Structure

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.