Interest rates rose sharply in the second quarter of 2022. This rise in interest rates resulted in a negative return on fixed-income securities. Higher interest rates also meant that investments in shares were less popular. This also led to a negative return on equities.
Higher interest rates did mean that pension liabilities fell. However, the fall in invested capital was stronger than the fall in pension liabilities. As a result, the current funding ratio fell from 127.3% to 126.1% in the second quarter.
The policy funding ratio, which reflects the average over the past 12 months, did show a slight increase in the second quarter from 128.1% to 128.6%.
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