The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65 - Insurance, reinsurance and pension funding, except compulsory social security
225 jobs Number of planned job losses
Announcement Date
27 June 2017
Employment effect (start)
27 June 2017
Foreseen end date
1 March 2018
Description
American International Group (AIG), one of the world's biggest insurance companies, intends to discontinue operations in Lithuania and to dismiss around 225 employees from its Vilnius office by March 2018. The operations of AIG Europe Limited Lithuanian Branch will be relocated to other countries of the AIG network. According to the management, AIG's withdrawal from Lithuania is part of the company's long-term businesses strategy and global restructuring to achieve operational efficiency.
AIG opened its Vilnius service centre in April 2015. The company had plans to create around 400 jobs in the coming several years in Lithuania.
Sources
27 June 2017: Verslo zinios
27 June 2017: 15min.lt
27 June 2017: Delfi Verslas
Citation
Eurofound (2017), AIG Europe Limited Lithuanian Branch, Relocation in Lithuania, factsheet number 91429, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/91429.
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