Capital structure

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Munich RE
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Bonds

Capital structure

Group equity

Development of Group equity 31.12.2017 Prev. year Change
  €m €m %
Issued capital and capital reserve 7,418 7,417 0.0
Retained earnings 15,036 14,890 1.0
Other reserves 5,183 6,628 -21.8
Consolidated result attributable to equity holders of Munich Reinsurance Company 375 2,580 -85.5
Non-controlling interests 186 269 -30.8
Total 28,198 31,785 -11.3

Debt leverage

    31.12.2017 Prev. year Change
    Mio. € Mio. € %
Strategic debt   3,125 4,601 -32.1
Group equity   28,198 31,785 -11.3
Total   31,323
 36,385 -13.9
Debt leverage
 % 10,0 12,6  

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 €2,790m. Of this sum, €2,411m was recognised as eligible own funds under Solvency II at the reporting date. As a consequence, strategic debt is reduced to €714m and the debt leverage amounts to only 2.3%.

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