| 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.
| |
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.