An intermediary has been appointed to select a shortlist of agencies, both media and direct marketing specialists, to pitch for the briefs.
The Omnicom-owned WWAV has held the two accounts for seven years. Last November, it launched an integrated below-the-line campaign to support its "2 in 1" ISA aimed at consumers wishing to save for both short and long-term needs. The campaign used targeted inserts, national press and direct mail.
According to Nielsen Media Research, during the past 12 months Legal & General had an above-the-line media budget of £5.5 million, spent largely on press advertising.
Legal & General is the UK's third-largest life assurer and is in the FTSE top 50. The company manages funds in excess of £116 billion worldwide, but its interests are concentrated in the UK market.
Legal & General recently reported a 4 per cent drop in first-quarter sales to £223 million - analysts considered this to be better than expected given consumer wariness of investment products. Its bigger rivals, Aviva and Prudential, reported much bigger declines in their domestic market sales.
No-one at WWAV Rapp Collins or Legal & General was available for comment.
The company was recently dragged into the row about excessive boardroom pay when it gave its chief executive, David Prosser, a £1.55 million hand-out despite its share price losing nearly half of its value.
No one at WWAV Rapp Collins or Legal & General was available for comment.