The financial services company put its media and creative accounts, both of which are held by WWAV Rapp Collins, up for review earlier this month. WWAV Rapp Collins has held the accounts, which are reported to be worth £7m combined, for seven years.
The shortlisted agencies are thought to be ZenithOptimedia, Initiative Media and Carat. Carat and Initiative lost out to Mindshare in the battle for Abbey National's £27m media account in May.
The media and creative reviews are being conducted by the AAR and the shortlisted agencies are understood to have been given between two and three weeks to prepare their pitches.
Legal & General is the UK's third-largest life assurer and is a FTSE top 50 company. According to Nielsen Media Research, the company has spent £5.5m on above-the-line media in the past year, most of which was used on press ads.
The creative shortlist is understood to have been drawn up as well, though details were not available at the time of writing.
Legal & General refused to comment on the shortlist and none of the agencies were available to confirm the news.
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