Vector began work in 2015 to apply for the necessary authorization from the Financial Supervisory Authority for the pursuit of activities as an insurance company. After a closer evaluation of this process, however, it was clear that time, resource utilization, and acquisition of the necessary equity to meet current requirements would lead to a longer startup than planned.
The company’s first two fiscal years (2015 and 2016) were devoted in their entirety to the preparation of the planned Insurance business. The company had no revenues during these years. It was in 2017, when the insurance brokerage business started, that revenues began to flow. Expenditure on operations during these years has been expensed, amounting to approximately SEK 1.2 million. As of 31 December 2016, shareholders’ equity amounted to SEK 0.9 million, but has through a new emission, increased to SEK 2.9 million.
The company applies accounting principles in accordance with the Swedish Accounting Standards Board general guidelines BFNAR 2012:1. “Annual and consolidated reports (K3),” with amendments in accordance with BFNAR 2016: 09.