Capital structure

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Capital structure

Group equity

Development of Group equity 31.12.2016 Prev. year Change
  €m €m %
Issued capital and capital reserve 7,417 7,418 0.0
Retained earnings 14,890 14,110 5.5
Other reserves 6,628 6,032 9.9
Consolidated result attributable to equity holders of Munich Reinsurance Company 2,580 3,107 -17.0
Non-controlling interests 269 298 -9.7
Total 31,785
30.966 2.6

Debt leverage

    31.12.2016 Prev. year Change
    Mio. € Mio. € %
Strategic debt   4,601 4,791 -4.0
Group equity   31,785 30,966 2.6
Total   36,385
35,757 1,8
Debt leverage
% 12,6 13,4  

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 €4,218m. Of this sum, €4,172m meet the requirements under Solvency II for loss absorption capacity and are therefore recognised as own funds. When this is considered in calculating the strategic debt, the latter is reduced to €429m and the debt leverage amounts to only 1.3%.

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