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Capital Structure

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    Group equity

    Development of Group equity 31.12.2024 Prev. Year Change
    €m €m %
    Issued capital and capital reserve 7,422 7,424 0.0
    Retained earnings¹ 19,137 17,906 6.9
    Other reserves¹ 397 –286 –
    Consolidated result attributable to equity holders of Munich Reinsurance Company 5,685 4,606 23.4
    Non-controlling interests 104 122 –14,4
    Total 32,746 29,772 10.0
    1 Previous year’s figures restated due to an adjustment to the allocation of insurance contracts measured using the variable fee approach. This resulted in reclassification from retained earnings to other reserves.

    Debt leverage

    31.12.2024 Prev. year Change
    €m €m %
    Strategic debt 6,577 4,979 32.1
    Group equity 32,746 29,772 10.0
    Contractual service margin (CSM)¹ net of tax 21,148 19,170 10.3
    Total 60,470 53,921 12.1
    Debt leverage % 10.9 9.2
    1Including net cost/gain resulting from reinsurance contracts held.
    Munich Re’s subordinated liabilities amounted to €6,321m. Of this sum, €6,173m were recognised at the reporting date as eligible own funds pursuant to Solvency II. 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.