Swedish pension company AMF reported returns of -11.1 per cent for the period of January to September 2022.

This compares to a positive return of 9 per cent for the same period in 2021.

Its solvency ratio was 223 per cent at the end of September 2022, up from 217 per cent a year prior.

The average annual return over the past five years has been 5.4 per cent, down from the figure of 8.3 per cent a year ago.

Meanwhile, its return over the past 10 years has been 6.9 per cent, down from the 8.5 per cent recorded at the end of September 2021.

AMF CEO, Johan Sidenmark, said that the third quarter of 2022 was characterised by continued economic unrest and turbulence, with rising interest, high inflation and volatile stock markets.

“AMF is financially strong, despite the challenging global situation, and we work purposefully and long-term to be able to fulfil our mission and provide our four million savers with the best and most secure occupational pensions possible over time,” he commented.

“We continue to invest in companies that we believe will provide good returns in the long term, continuously review our allocation and adapt our strategy to meet the challenges of a new era.

“In the short term, we also have some opportunities to mitigate the effect of a sustained decline for significant parts of our payment customers, although no one will be completely exempt from the impact if the trend continues in the current direction.”

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