Troubled mutual life insurer Equitable Life, which has between 20,000 and 25,000 Irish policyholders, moved yesterday to reassure worried policyholders that talks to sell its assets were going well.

It also said it was looking at ways to cap its liabilities, was actively engaged in appointing a new chairman and that the numbers of people surrendering policies was not a problem.

Equitable, the world's oldest insurer, closed its doors to new business last month and has been criticised for keeping policyholders in the dark about what is happening. The insurer yesterday apologised for delays in conveying information, which it conceded were "frustrating and inconvenient".

It was increasing the number of staff available to answer questions and making more information available on its website, www.equitable.co.uk, it said.

Last month Equitable sold its subsidiary Permanent Insurance to rival Liverpool Victoria in a £150 million sterling (€236 million) deal.

Yesterday it added it was "in negotiations with several parties" that should lead to offers for its sales force, administration business, systems and asset management operations, either separately or as a whole.

"The overall priority is to generate value swiftly in order to strengthen the with profits fund for the benefit of all members, whilst ensuring policyholders continue to receive high-quality administration and investment services," it said.