The return on Swedish occupational pensions and life insurance companies was -4.1 per cent in the first quarter (Q1) of 2022, according to Insurance Sweden.

The association said that this is among the lowest returns in a single quarter in the past 10 years.

To compare the Q1 result, the return during the fourth quarter of 2018 was also around -4.1 per cent and during the first quarter of 2020 at the beginning of the pandemic it was -5.9 per cent. The average annual return for the past 10-year period (2012 - 2021) of 8 per cent falls to around 7 per cent if the first quarter of 2022 is included.

“The fact that the return during the first quarter of this year was negative is largely due to the declines in the stock markets in Sweden and in the rest of the world as a result of Russia's war against Ukraine. It should also be remembered that the return for 2021 was historically high (15.6 per cent),” Insurance Sweden economist, Jonas Söderberg, said.

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