Since the last watch software update I no longer receive phone or text alerts on the watch.

Hi

I suggest that you follow the instructions here, if necessary including unpairing and re-pairing your Apple Watch - including if either or both of your devices indicate that they are connected, but they do not behave accordingly:

• If your Apple Watch isn't connected or paired with your iPhone - Apple Support
• Unpair your Apple Watch and iPhone - Apple Support
• Set up your Apple Watch - Apple Support

If you have not yet done so, then also update your iPhone and Apple Watch to the latest software, starting with your iPhone:

• Update your iPhone, iPad, or iPod touch - Apple Support
• Update your Apple Watch - Apple Support

If unpairing and re-pairing, then be sure to update your iPhone to the latest version of iOS before re-pairing your Apple Watch. The software on your Apple Watch will then be updated to the latest version, if required, during the re-pairing process:

Update your iPhone, iPad, or iPod touch - Apple Support

I have the same problem since the last software update. Strange thing is that the watch says it's connected to the iPhone, though ringing to and syncing from the iPhone doesn't work. However I can still unlock my MacBook with the watch. Haven't tried the suggested fix, still hoping the next update will be soon released and fixes all the issues without losing my activity data.

Great - you're welcome! 🙂