Friends Provident started a brand, media and ad review in mid-2007, but put it on hold while the company worked on an £8.4bn merger with investment firm Resolution.
That merger collapsed in November, prompting the departure of chief executive Philip Moore. Friends Provident is now being run on a day-to-day basis by executive chairman Sir Adrian Montague.
This latest win for Ptarmigan follows its reappointment last year to the £2m media planning and buying account for life insurance and pension company Aegon UK.
Ptarmigan, which has held the account for seven years, repitched for the Aegon business in November against four undisclosed agencies.
London-based Ptarmigan, established in 1993, is the largest financial specialist media agency in the UK. According to Nielsen Media Research, it was the largest buyer of investment advertising in 2005.