WWAV, the incumbent, has been reappointed and will handle the financial services provider's acquisition campaigns, while CCHM will work on its customer retention strategy.
The move follows the appointment of Carat as L&G's media planning and buying agency last week. The £10 million account had been held by WWAV Rapp Collins Media for seven years. Both the creative and media review were handled by the AAR.
The majority of L&G's advertising work is below the line, specifically inserts, responsive press ads and direct mail. However, according to Nielsen Media Research, it has an above-the-line media budget of £5.5 million.
Although they are essentially direct marketing agencies, both WWAV Rapp Collins and CCHM have created brand awareness campaigns in the past.
Last November, WWAV launched an integrated campaign to support L&G's 2in1 ISA. It was aimed at consumers wishing to save in both the short and long term.
L&G is the UK's third-largest life assurer. The company manages funds in excess of £116 billion worldwide, but its interests are concentrated in the UK market.
The company recently reported a 4 per cent drop in its first-quarter sales to £223 million. However, its main rivals, Aviva and Prudential, suffered bigger declines in their domestic market sales.
L&G was recently involved in a row about excessive boardroom pay after its chief executive, David Prosser, was awarded a £1.55 million hand out, despite the fact that the company's share price had lost nearly half its value.
No-one at either WWAV or CCHM was available for comment as Campaign went to press.