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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