|
Our strategic debt as at 31 December 2010 is made up as follows:
|
|
Strategic debt
|
31.12.2010
|
Prev. year
|
|
€m
|
|
|
|
Subordinated bonds of Munich Reinsurance Company, Munich
|
4,745
|
4,693
|
|
Senior notes of Munich Re America Corporation, Princeton
|
290
|
276
|
|
Subordinated bonds of Bank Austria Creditanstalt Versicherung AG, Vienna
|
68
|
67 |
|
Subordinated bonds of HSB Group Inc., Delaware
|
34
|
30
|
|
Bank borrowings, other
|
268
|
236
|
|
Total
|
5,405
|
5,302
|
|
As at 31 December 2010, our debt leverage was 19.0%, down 0.2 percentage points on the previous year.
|
|
|
31.12.2010
|
Prev. year
|
|
€m
|
|
|
|
Strategic debt
|
5,405 |
5,302 |
|
Group equity
|
23,028 |
22,278 |
|
Total
|
28,433
|
27,580
|
|
Debt leverage
|
19.0%
|
19.2%
|
The subordinated bonds are recognized in part as own funds by the German Federal Financial Supervisory Authority (BaFin). When this is considered in calculating the strategic debt, the latter is reduced to €1,738m and the debt leverage amounts to only 7.0%.
Munich Re's interest coverage (earnings before interest expenses, tax and depreciation divided by finance cost) for the year 2010 was 12.8x (14.9x).
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