|Development of Group equity||31.12.2018||Prev. Year||Change|
|Issued capital and capital reserve||7,418||7,418||0.0|
|Consolidated result attributable to equity holders of Munich Reinsurance Company||2,310||375||515.4|
|Mio. €||Mio. €||%|
|Debt leverage %||13.2||10.0|
The main components of our strategic debt are subordinated liabilities, and bonds and notes issued. 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 €3,689m. Of this sum, €3,643m was recognised as eligible own funds under Solvency II at the reporting date. As a consequence, strategic debt is reduced to €372m and the debt leverage amounts to only 1.2%.