Chris Headdon: replaced without mention in Thursday's letter

While Thursday's letter made no mention of Mr Headdon, who steered Equitable through the latter stages of the most difficult period in its history, he is thought to be maintaining links while a rescue deal is finalised.

Mr Headdon last month sealed the �1bn disposal of Equitable's sales, admin and fund management operations to Halifax bank.

Funds from the deal will go towards honouring long-standing promises of bonus payouts the Equitable made to holders of some policies.

The mutually-owned insurer, which would need to find about �1.5bn to meet the promises in full, was forced by a House of Lord ruling last year to honour the guarantees.

Key talks

Equitable has warned that the split between the "with profits" and conventional policies risks creating instability among its funds, and threatens to handicap future performance.

Mr Treves urged holders of the two types of policies to reach a compromise deal which would see the bonus payments capped, but allow the firm to maximise its management performance.

Half of the Halifax �1bn payout is also dependent on compromise being reached.

Equitable, which is holding a series of policyholders' meetings in two weeks time, is delaying bonus payments while talks continue, Mr Treves said.

Chancellor quizzed

The letter come as UK MPs investigating the Equitable Life crisis are pledging to give chancellor Gordon Brown a rough ride in a post-Budget hearing.

Members of the House of Commons' treasury select committee will question Mr Brown over the extent of his department's involvement in the troubles at Equitable.

"This could be the last chance to get some answers and there is a real determination on both sides of the committee to secure details on when ministers were first informed and what they were told," one MP told the Financial Times newspaper.