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Capital Structure

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    Group equity

    Development of Group equity 31.12.2023 Prev. Year Change
    €m €m %
    Issued capital and capital reserve 7,424 7,422 0.0
    Retained earnings 18,216 15,380 18.4
    Other reserves –597 –1,022 41.6
    Consolidated result attributable to equity holders of Munich Reinsurance Company 4,606 5,313 –13.3
    Non-controlling interests 122 152 –19.8
    Total 29,772 27,245 9.3

    Debt leverage

    31.12.2023 Prev. year Change
    €m €m %
    Strategic debt 4,979 5,048 –1.4
    Group equity 29,772 27,245 9.3
    Contractual service margin (CSM)¹ net of tax 19,170 18,015 6.4
    Total 53,921 50,308 7.2
    Debt leverage % 9.2 10.0
    1Including net cost/gain resulting from reinsurance contracts held.
    Munich Re’s subordinated liabilities amounted to €4,713m. Of this sum, €4,610m 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.