The review follows the financial services company's buyout of the remaining stake in its sister company Egg.
Prudential is expected to consolidate the £12 million Egg account, held by MediaCom, and the £8 million Prudential business, handled by PHD. The review is also thought to include planning and buying for M&G Group, currently with Zed Media.
Alison Wright, Egg's chief marketing officer and a former Manning Gottlieb OMD managing director, is said to be briefing agencies. Billetts will oversee the process.
The pitch could be complicated by bids for Prudential from rivals. Earlier this week, Prudential rejected Aviva's £17 billion takeover offer.
Last December, Prudential announced it was buying the final 21.7 per cent stake in Egg it did not already own. This followed an unsuccessful bid to sell its interest in Egg.
Wright was not available for comment.