FORM 10-Q

                        SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C.  20549


     [X]         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                      OF THE SECURITIES EXCHANGE ACT OF 1934

     For the quarterly period ended March 31, 2000

                                        OR

     [ ]        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                      OF THE SECURITIES EXCHANGE ACT OF 1934

     For the transition period from ................ to ................

Commission File Number 0-5486

                         PRESIDENTIAL LIFE CORPORATION
             (Exact name of registrant as specified in its charter)

           Delaware                                  13-2652144
(State or other jurisdiction of           (I.R.S. Employer Identification No.)
 incorporation or organization)

69 Lydecker Street, Nyack, New York                       10960
(Address of principal executive offices)                (Zip Code)

Registrant's telephone number, including area code      914 - 358-2300


(Former name, former address and former fiscal year, if changed since last
report)

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.    YES   X       NO

     There were 30,394,853 shares of common stock, par value $.01 per share of
the issuer's common stock outstanding as of the close of business on May 4,
2000.

<PAGE>

                                      INDEX


Part I - Financial Information                                       Page No.

Item 1.  Consolidated Financial Statements

     Consolidated Balance Sheets (Unaudited) March 31, 2000
     and December 31, 1999.........................................      3

     Consolidated Statements of Income (Unaudited) - For
     the Three Months Ended March 31, 2000 and 1999................      4

     Consolidated Statements of Shareholders'
     Equity (Unaudited) - For the Three Months Ended
     March 31, 2000 and 1999.......................................      5

     Consolidated Statements of Cash Flows (Unaudited) - For
     the Three Months Ended March 31, 2000 and 1999................      6

      Condensed Notes to (Unaudited) Consolidated Financial Statements.. 7-9

     Independent Accountants' Review Report............................  10

Item 2.  Management's Discussion and Analysis of
          Financial Condition and Results of Operations...........   11-18


Part II - Other Information.........................................      19

     Item 1.  Legal Proceedings

     Item 2.  Changes in Securities

     Item 3.  Defaults Upon Senior Securities

     Item 4.  Submission of Matters to a Vote of Security Holders

     Item 5.  Other Information

     Item 6.  Exhibits and Reports on Form 8-K

Signatures..........................................................      20

<PAGE>

<TABLE>

                PRESIDENTIAL LIFE CORPORATION AND SUBSIDIARIES
                         CONSOLIDATED BALANCE SHEETS
                      (In thousands, except share data)

                                                     March 31,     December 31,
                                                       2000           1999
                                                    (UNAUDITED)

<S>                                                   <C>           <C>

ASSETS:
Investments:
   Fixed maturities:
    Available for sale at market (Cost of
     $2,124,603 and $2,050,710, respectively)         $2,071,761    $1,962,354
   Common stocks (Cost of $25,661
     and $27,655, respectively)                           30,487        32,470
   Mortgage Loans                                         15,802        16,134
   Real Estate                                               415           415
   Policy Loans                                           17,767        17,580
   Short-term investments                                245,548       215,889
   Other invested assets                                 242,716       245,486
          Total investments                            2,624,496     2,490,328

Cash and cash equivalents                                 (3,023)       28,582
Accrued investment income                                 34,604        27,816
Amounts due from security transactions                         0         2,800
Deferred federal income taxes                             15,576        25,611
Federal income tax recoverable                                 0         2,602
Deferred policy acquisition costs                         54,951        48,844
Furniture and equipment, net                                 681           674
Amounts due from reinsurers                                9,697         9,940
Other assets                                              12,217        12,443
Assets held in separate account                            4,032         4,025
          TOTAL ASSETS                                $2,753,231    $2,653,665

LIABILITIES AND SHAREHOLDERS' EQUITY:
Liabilities:
Policy Liabilities:
   Policyholders' account balances                    $1,438,548    $1,385,957
   Future policy benefits:
    Annuity                                              463,841       449,732
    Life and accident and health                          56,759        55,789
   Other policy liabilities                                4,193         4,340
          Total policy liabilities                     1,963,341     1,895,818
Dollar Repurchase Agreements                             208,751       212,614
Notes payable                                            100,000       100,000
Short-term note payable                                   23,000        15,000
Federal Income tax payable                                 1,437             0
Deposits on policies to be issued                          6,738         6,662
General expenses and taxes accrued                         6,726         8,641
Other liabilities                                          4,373         4,437
Liabilities related to separate account                    4,032         4,025
          Total liabilities                            2,318,398     2,247,197

Shareholders' Equity:
   Capital stock ($.01 par value; authorized
    100,000,000 shares; issued and outstanding,
    30,411,853 shares in 2000 and 30,814,591
    shares in 1999                                           304           308
    Accumulated other comprehensive loss                 (39,698)      (68,091)
   Retained earnings                                     474,227       474,251

          Total Shareholders' Equity                     434,833       406,468

          TOTAL LIABILITIES AND SHAREHOLDERS'
              EQUITY                                  $2,753,231    $2,653,665

The accompanying notes are an integral part of these Unaudited
Consolidated Financial Statements.

</TABLE>

<PAGE>

<TABLE>

           PRESIDENTIAL LIFE CORPORATION AND SUBSIDIARIES
                  CONSOLIDATED STATEMENTS OF INCOME
                  (In thousands, except share data)

                                                 THREE MONTHS ENDED
                                                      MARCH 31
                                                     (UNAUDITED)
                                                 2000             1999

<S>                                          <C>                <C>

REVENUES:
 Insurance Revenues:
    Premiums                                 $       376        $       352
    Annuity considerations                        15,687              8,818
    Universal life and investment
     type policy fee income                           14                493
 Net investment income                            58,312             50,989
 Realized investment gains                        (4,864)             2,480
 Other income                                      1,416                804

         TOTAL REVENUES                           70,941             63,936

BENEFITS AND EXPENSES:
 Death and other life insurance benefits           2,038              1,783
 Annuity benefits                                 11,453             10,204
 Interest credited to policyholders'
     account balances                             20,474             19,113
 Interest expense on notes payable                 2,565              2,381
 Other interest and other charges                    134                 77
 Increase in liability for future
     policy benefits                              14,033              8,080
 Commissions to agents, net                        4,664              1,305
 General expenses and taxes                        3,387              3,456
 Change in deferred policy acquisition costs      (2,144)               377

         TOTAL BENEFITS AND EXPENSES              56,604             46,776

Income before income taxes                        14,337             17,160

Provision (benefit) for income taxes
 Current                                           6,102              6,405
 Deferred                                         (1,013)              (307)
                                                   5,089              6,098
Income before extraordinary item                   9,248             11,062

Extraordinary item - loss on retirement of
debt, net of income tax benefit of $276.5              0               (514)

NET INCOME                                   $     9,248        $    10,548

Earnings per common share before
extraordinary item                                   .30                .35

Extraordinary item                                   .00               (.02)

Earnings per common share                    $       .30        $       .33

Weighted average number of shares
outstanding during the period                 30,638,477         31,478,121

The accompanying notes are an integral part of these Unaudited
Consolidated Financial Statements.

</TABLE>

<PAGE>

<TABLE>

                  PRESIDENTIAL LIFE CORPORATION AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
                FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
                        (IN THOUSANDS, EXCEPT SHARE DATA)
                                   (UNAUDITED)

                                                          Accumulated
                               Additional                 Other
                    Capital    Paid-in-     Retained      Comprehensive
                    Stock      Capital      Earnings      Income (Loss)   Total

<S>                  <C>       <C>          <C>           <C>          <C>

Balance at
January 1, 1999      $318      $ 1,268      $452,621      $ 69,037     $523,244

Comprehensive Income:

Net income                                    10,548                     10,548

Net Unrealized Investment
Losses                                                     (21,341)     (21,341)

Comprehensive Loss                                                      (10,793)

Purchase and
Retirement
of Stock               (6)      (1,268)       (8,882)                   (10,156)

Dividends Paid to
Shareholders ($.075
per share)                                    (2,361)                    (2,361)

Balance at
March 31, 1999       $312     $     0       $451,926      $ 47,696     $499,934


Balance at
January 1, 2000      $308     $     0       $474,251      $(68,091)    $406,468

Comprehensive Income:

Net income                                     9,248                      9,248

Net Unrealized Investment
Gains                                                       28,393       28,393

Comprehensive Income                                                     37,641

Purchase and
Retirement
of Stock               (4)          0         (6,516)                    (6,520)

Dividends Paid to
Shareholders ($.09
per share)                                    (2,756)                    (2,756)

Balance at
March 31, 2000       $304    $     0        $474,227      $(39,698)    $434,833

The accompanying notes are an integral part of these Unaudited Consolidated
Financial Statements.

</TABLE>

<PAGE>

<TABLE>

               PRESIDENTIAL LIFE CORPORATION AND SUBSIDIARIES
                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                               (In thousands)
                                                     THREE MONTHS ENDED
                                                          MARCH 31
                                                         (UNAUDITED)

                                                        2000          1999

<S>                                                  <C>           <C>

OPERATING ACTIVITIES:
   Net income                                        $   9,248     $  10,548
   Adjustments to reconcile net income to net cash
    provided by operating activities:
       Benefit for deferred income taxes                (1,013)         (307)
       Depreciation and amortization                       340           120
       Net accrual of discount on fixed maturities      (2,352)       (1,988)
       Realized investment (gains) losses                4,864        (2,480)
   Changes in:
       Accrued investment income                        (6,788)       (8,359)
       Deferred policy acquisition costs                (2,144)          377
       Federal income tax recoverable                    2,602         4,740
       Liability for future policy benefits             15,079         8,321
       Other items                                        (571)       (5,082)

         Net Cash Provided By Operating Activities      19,265         5,890
INVESTING ACTIVITIES:
   Fixed Maturities:
    Available for Sale:
       Acquisitions                                    (92,512)     (166,875)
       Maturities, calls and repayments                      0        58,462
       Sales                                            17,335        37,271
   Common Stocks:
       Acquisitions                                     (1,632)       (3,192)
       Sales                                             2,413         6,821
   Increase in short term investments
    and policy loans                                   (29,846)      (31,024)
   Other Invested Assets:
    Additions to other invested assets                  (6,197)      (10,499)
    Distributions from other invested assets             8,967         2,430
   Purchase of property and equipment                      (58)          (65)
   Mortgage loan on real estate                            332           220
   Amount due from security transactions                 2,800        20,170

         Net Cash Used In Investing Activities         (98,398)      (86,281)
FINANCING ACTIVITIES:
   Proceeds from Dollar Repurchase Agreements          627,826       586,488
   Repayment of Dollar Repurchase Agreements          (631,689)     (516,476)
   Repayment of Reverse Repurchase Agreements                0       (24,402)
   Proceeds from (repayment of) line of credit           8,000       (13,000)
   Proceeds from (repayment of) Senior Note                  0        50,000
   Repurchase of Common Stock                           (6,520)      (10,156)
   Increase in policyholders' account balances          52,591         5,069
   Deposits on policies to be issued                        76         3,822
   Dividends paid to shareholders                       (2,756)       (2,361)

         Net Cash Provided By Financing Activities      47,528        78,984

   Decrease in Cash and Cash
    Equivalents                                        (31,605)       (1,407)

Cash and Cash Equivalents at Beginning of Period        28,582         1,407

Cash and Cash Equivalents at End of Period           $  (3,023)    $       0

Supplemental Cash Flow Disclosure:

   Income Taxes Paid                                 $   2,063     $      63

   Interest Paid                                     $   4,068     $   1,528

The accompanying notes are an integral part of these Unaudited Consolidated
Financial Statements.

</TABLE>

<PAGE>

           PRESIDENTIAL LIFE CORPORATION AND SUBSIDIARIES
 CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

   A.  Business

       Presidential Life Corporation ("the Company"), through its
wholly-owned subsidiary, Presidential Life Insurance Company ("Insurance
Company"), is engaged in the sale of life insurance and annuities.

       On December 29, 1999, the Company announced the completion of the
purchase of The Central National Life Insurance Company of Omaha
("Central National") from the Household Insurance Group Holding Company,
a subsidiary of Household International, Inc.  Central National which
has assets of $10.5 million and capital and surplus of $10.5 million is
licensed to market insurance products in 49 states, the District of
Columbia, Puerto Rico and the U.S. Virgin Islands.

   B.  Basis of Presentation and Principles of Consolidation

       The accompanying unaudited consolidated financial statements have
been prepared in accordance with accounting principles generally
accepted in the United States of America ("GAAP") applicable to stock
life insurance companies for interim financial statements and with the
requirements of Form 10-Q.  Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting
principles applicable to stock life insurance companies for complete
financial statements.  In the opinion of management, all adjustments,
consisting of normal recurring accruals, considered necessary for a fair
presentation have been included.  Interim results for the three months
ended March 31, 2000 are not necessarily indicative of the results that
may be expected for the year ending December 31, 2000.  Management
believes that, although the disclosures are adequate to make the
information presented not misleading, the consolidated financial
statements should be read in conjunction with the footnotes contained in
the Company's audited consolidated financial statements for the year
ended December 31, 1999.  Certain amounts reported in prior years'
consolidated financial statements have been reclassified to conform to
the current year.

   C.  Investments

       Fixed maturity investments available for sale represent
investments which may be sold in response to changes in various economic
conditions.  These investments are carried at market value and
unrealized gains (losses), net of the effects of amortization of
deferred policy acquisition costs of approximately $6.3 million and
$10.2 million, and deferred Federal income taxes of approximately
$(16.3) million and $(25.6) million, at March 31, 2000 and December 31,
1999, respectively, are credited or charged directly to shareholders'
equity, unless a decline in market value is considered to be other than
temporary in which case the investment is reduced to its net realizable
value.  Equity securities include common stocks and non-redeemable
preferred stocks and are carried at market, with the related unrealized
gains and losses, net of deferred income taxes, if any, credited or
charged directly to shareholders' equity, unless a decline in market
value is deemed to be other than temporary in which case the investment
is reduced to its net realizable value.

       "Other invested assets" are recorded at the lower of cost or
market, or equity as appropriate, and primarily include interests in
limited partnerships, which principally are engaged in real estate,
international opportunities, acquisitions of private growth companies,
debt restructuring and merchant banking.  In general, risks

<PAGE>

   C.  Investments - continued

associated with such limited partnerships include those related to their
underlying investments (i.e., equity securities, debt securities and
real estate), plus a level of illiquidity, which is mitigated by the
ability of the Company to take annual distributions of partnership
earnings.  To evaluate the appropriateness of the carrying value of a
limited partnership interest, management maintains ongoing discussions
with the investment manager and considers the limited partnership's
operation, its current and near term projected financial condition,
earnings capacity and distributions received by the Company during the
year.  Because it is not practicable to obtain an independent valuation
for each limited partnership interest, for purposes of disclosure, the
market value of a limited partnership interest is estimated at book
value.  Management believes that the net realizable value of such
limited partnership interests, in the aggregate, exceeds their related
carrying value as of March 31, 2000 and December 31, 1999.  As of March
31, 2000, the Company was committed to contribute, if called upon, an
aggregate of approximately $64.5 million of additional capital to
certain of these limited partnerships.

       In evaluating whether an investment security or other investment
has suffered an impairment in value which is deemed to be "other than
temporary", management considers all available evidence.  When a decline
in the value of an investment security or other investment is considered
to be other than temporary, the investment is reduced to its net
realizable value, which becomes the new cost basis.  The amount of
reduction is recorded as a realized loss.  A recovery from the adjusted
cost basis is recognized as a realized gain only at sale.

       The Company participates in "dollar roll" repurchase agreement
transactions to enhance investment income.  Dollar roll transactions
involve the sale of certain mortgage backed securities to a holding
institution and a simultaneous agreement to purchase substantially
similar securities for forward settlement at a lower dollar price.  The
proceeds are invested in short-term securities at a positive spread
until the settlement date of the similar securities.  During this
period, the holding institution receives all income and prepayments for
the security.  Dollar roll repurchase agreement transactions are treated
as financing transactions for financial reporting purposes.

   D.  Federal Income Taxes

       The Company and its subsidiaries file a consolidated federal
income tax return.  The asset and liability method in recording income
taxes on all transactions that have been recognized in the financial
statements is used. Deferred income taxes are adjusted to reflect tax
rates at which future tax liabilities or assets are expected to be
settled or realized.

   E.  Earnings Per Common Share ("EPS")

       Basic EPS is computed based upon the weighted average number of
common shares outstanding during the year.  Diluted EPS is computed
based upon the weighted average number of common shares including
contingently issuable shares and other dilutive items.  The weighted
average number of common shares used to compute diluted EPS for the
three months ended March 31, 2000 and 1999 was 30,638,477 and
31,478,121, respectively.  The dilution from the potential exercise of
stock options outstanding did not change basic EPS.

<PAGE>

   F.  New Accounting Pronouncements

       In June 1998, the FASB issued Statement of Financial Accounting
Standards No. 133, "Accounting for Derivative Instruments and Hedging
Activities" (SFAS 133).   SFAS 133 establishes accounting and reporting
standards for derivative instruments, including certain derivative
instruments embedded in other contracts, and for hedging activities.  It
requires that an entity recognize all derivatives as either assets or
liabilities in the statement of financial position and measure those
instruments at fair value.  It also establishes specific conditions that
must be met in order for a derivative to be recognized as a hedge of
certain exposures. In June 1999, the FASB issued Statement of Financial
Account Standards No. 137, which amends SFAS 133 by deferring the
effective date for fiscal years beginning after June 15, 2000.  The
Company has not yet completed its analysis to determine the impact of
this statement on the Company's financial statements.

2.  INVESTMENTS

    Securities with a carrying value of approximately $11.5 million were
on deposit with various state insurance departments to comply with
applicable insurance laws.

3.  NOTES PAYABLE

    Notes payable at March 31, 2000 and December 31, 1999 consist of
$100 million, 7 7/8% Senior Notes ("Senior Notes") due February 15,
2009.  Interest is payable February 15 and August 15.  Debt issue costs
are being amortized on the interest method over the term of the notes.
As of March 31, 2000, such unamortized costs were $7.96 million.  The
total principal is due on February 15, 2009.

    The Company repaid the $50 million, 9 1/2% Senior Notes during March
1999 which resulted in an extraordinary charge of $514 thousand, after
income taxes.

    The Company has one line of credit in the amount of $25,000,000 and
provides for interest on borrowings based on market indices.  At March
31, 2000 the Company had $23,000,000 outstanding under the line of
credit.

4.  INCOME TAXES

    Deferred income taxes reflect the net tax effects of (a) temporary
differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for income tax
purposes, (b) operating loss carryforwards and (c) a valuation
allowance.

    The valuation allowance relates principally to investment writedowns
recorded for financial reporting purposes, which have not been
recognized for income tax purposes, due to the uncertainty associated
with their realizability for income tax purposes.  Changes in the
valuation allowance for the three months ended March 31, 2000 reflect
the reduction in the deferred income tax asset as of March 31, 2000.
The Company's effective tax rate for each of the three months ended
March 31, 2000 and 1999 was 35.5%.

<PAGE>

INDEPENDENT ACCOUNTANTS' REVIEW REPORT

The Board of Directors and Shareholders
Presidential Life Corporation
Nyack, New York 10960

We have reviewed the accompanying consolidated balance sheet of
Presidential Life Corporation and subsidiaries ("the Company") as of
March 31, 2000, and the related consolidated statements of income,
shareholders' equity and cash flows for the three-month periods ended
March 31, 2000 and 1999.  These financial statements are the
responsibility of the Company's management.

We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants.  A review of interim
financial information consists principally of applying analytical
procedures to financial data and of making inquiries of persons
responsible for financial and accounting matters.  It is substantially
less in scope than an audit conducted in accordance with auditing
standards generally accepted in the United States of America, the
objective of which is the expression of an opinion regarding the
financial statements taken as a whole.  Accordingly, we do not express
such an opinion.

Based on our review, we are not aware of any material modifications that
should be made to such consolidated financial statements for them to be
in conformity with accounting principles generally accepted in the
United States of America.

We have previously audited, in accordance with auditing standards
generally accepted in the United States of America, the consolidated
balance sheet of Presidential Life Corporation and subsidiaries as of
December 31, 1999, and the related consolidated statements of income,
shareholders' equity, and cash flows for the year then ended (not
presented herein); and in our report dated February 15, 2000, we
expressed an unqualified opinion on those consolidated financial
statements.  In our opinion, the information set forth in the
accompanying consolidated balance sheet as of December 31, 1999 is
fairly stated, in all material respects, in relation to the consolidated
balance sheet from which it has been derived.


Deloitte & Touche LLP
New York, New York

April 25, 2000

<PAGE>

Item 2.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations

    General

    The Company operates principally in a single business segment with
two primary lines of business-individual life insurance and individual
annuities.  Operating segments are defined as components of an
enterprise about which separate financial information is available that
is evaluated regularly by the chief operating decision maker in deciding
how to allocate resources and in assessing performance.  Premiums shown
on the Company's consolidated financial statements in accordance with
GAAP consist of premiums received for whole or term life insurance
products, as well as that portion of the Company's single premium
immediate annuities which have life contingencies.  With respect to that
portion of single premium annuity contracts without life contingencies,
as well as single premium deferred annuities and universal life
insurance products, premiums collected by the Company are not reported
as premium revenues, but rather are reported as additions to
policyholder account balances.  With respect to products that are
accounted for as policyholder account balances, revenues are recognized
over time in the form of policy fee income, surrender charges and
mortality and other charges deducted from the policyholder's account
balance.  The Company's operating earnings are derived primarily from
these revenues, plus the Company's investment results, including
realized investment gains (losses), less interest credited, benefits to
policyholders and expenses.

    Certain costs related to the sale of new business are deferred as
"deferred policy acquisition costs" ("DAC") and amortized into expenses
in proportion to the recognition of earned revenues.  Costs deferred
include principally commissions, certain expenses of the policy issue
and underwriting departments and certain variable sales expenses.  Under
certain circumstances, DAC will be expensed earlier than originally
estimated, including those circumstances where the policy terminations
are higher than originally estimated with respect to certain annuity
products.  Most of the Company's annuity products have surrender charges
which are designed to discourage and mitigate the effect of early
terminations.

    The Insurance Company is rated "A- (Excellent)" by A.M. Best.

    Results of Operations

    Comparison of three months ended March 31, 2000 compared to three
months ended March 31, 1999.

    Revenues

    Annuity Considerations and Life Insurance Premiums

    Total annuity considerations and life insurance premiums increased
to approximately $16.1 million for the three months ended March 31, 2000
from approximately $9.2 million for the three months ended March 31,
1999, an increase of approximately $6.9 million.  Of this amount,
annuity considerations increased to approximately $15.7 million for the
three months ended March 31, 2000 from approximately $8.8 million for
the three months ended March 31, 1999, an increase of approximately $6.9
million.  In accordance with generally accepted accounting principles,
sales of single premium deferred annuities are not reported as insurance
revenues, but rather as additions to policyholder account balances.
Sales of single premium annuities were approximately $88.0 million and
approximately $24.0 million during the three months ended March 31, 2000
and March 31, 1999, respectively.  Management believes that the increase
in annuity considerations is due to the successful expansion of our
Marketing Department and new product sales.  Beginning in 1996, the
Company added regional sales directors in various states.  These
regional sales directors have added new general agents which have
generated sales.

<PAGE>

Policy Fee Income

    Universal life and investment type policy fee income was
approximately $14 thousand for the three months ended March 31, 2000, as
compared to approximately $493 thousand for the three months ended March
31, 1999.  This represents approximately a $479 thousand decrease.

    Net Investment Income

    Net investment income totaled approximately $58.31 million during
the first three months of 2000, as compared to approximately $50.99
million during the first three months of 1999.  This represents an
increase of approximately $7.3 million.  Investment income from "other
invested assets" totaled approximately $11.6 million during the first
three months of 2000, as compared to approximately $8.57 million during
the first three months of 1999. The Company's ratio of net investment
income to average cash and invested assets less net investment income
for the periods ended March 31, 2000 and March 31, 1999 was
approximately 10.25% and 8.97%, respectively.

    Realized Investment Gains and Losses

    Realized investment gains (losses) amounted to a loss of
approximately $4.9 million during the first three months of 2000, as
compared to a gain of approximately $2.5 million during the first three
months of 1999.  Realized investment gains were offset by realized
investment losses of approximately $5.3 million and $2.2 million for the
three months ended March 31, 2000 and March 31, 1999, respectively,
attributable to other than temporary impairments in the value of certain
securities contained in the Company's investment portfolio.  Realized
investment gains result from sales of certain equities and convertible
securities, and calls and sales of securities in the Company's
investment portfolio.  There can be no assurance that the Company's
investment portfolio will yield investment gains in future periods.

    Total Benefits and Expenses

    Total benefits and expenses for the three months ended March 31,
2000 aggregated approximately $56.6 million, as compared to
approximately $46.8 million for the three months ended March 31, 1999.
This represents an increase of $9.8 million from the first quarter of 1999.

    Interest Credited and Benefits to Policyholders

    Interest credited and other benefits to policyholders amounted to
approximately $48.1 million for the three months ended March 31, 2000,
as compared to approximately $39.3 million for the three months ended
March 31, 1999. The increase is attributable to a higher level of
policyholder account balances as a result of the increase in annuity
considerations received during the period.

    The Insurance Company's average credited rate for reserves and
account balances for the three months ended March 31, 2000 and 1999 were
less than the Company's ratio of net investment income to mean assets
for the same period as noted above under "Net Investment Income".
Although management does not currently expect material declines in the
spread between the Company's average credited rate for reserves and
account balances and the Company's ratio of net investment income to
mean assets (the "Spread"), there can be no assurance that the Spread
will not decline in future periods or that such decline will not have a
material adverse effect on the Company's financial condition and results
of operations.  Depending, in part, upon competitive factors affecting
the industry in general, and the Company, in particular, the Company
may, from time to time, change the average credited rates on certain of
its products.  There can be no assurance that the Company will reduce
such rates or that any such reductions will broaden the Spread.

<PAGE>

    Interest Expense on Notes Payable

    The interest expense on the Company's notes payable amounted to
approximately $2.6 million for the three months ended March 31, 2000,
and approximately $2.4 million for the three months ended March 31,
1999.  The increase in interest expense in the first quarter of 2000 is
attributable to the increase in the Company's senior note payable and
the short-term notes payable.

    General Expenses, Taxes and Commissions

    General expenses, taxes and commissions to agents totaled
approximately $8.1 million for the three months ended March 31, 2000, as
compared to approximately $4.8 million for the three months ended March
31, 1999.  This represents approximately an increase of $3.3 million.
The increase principally is attributable to higher commissions and
related expenses incurred in the first quarter of 2000 associated with
the higher level of sales in 2000.

    Deferred Policy Acquisition Costs

    The change in Deferred Policy Acquisition Costs for the three months
ended March 31, 2000 resulted in a credit of approximately $2.1 million,
as compared to a charge of approximately $377 thousand for the three
months ended March 31, 1999.  The change is due to the increase in costs
associated with recent new product sales which have been deferred and
are amortized in proportion to the recognition of earned revenue.

    Income Before Income Taxes

    For the reasons discussed above, income before income taxes amounted
to approximately $14.3 million for the three months ended March 31,
2000, as compared to approximately $17.2 million for the three months
ended March 31, 1999.

    Income Taxes

    Income tax expense was $5.1 million for the first three months of
2000 as compared to approximately $6.1 million for the first three
months of 1999.  This decrease is primarily attributable to higher
operating income before income taxes partially offset by realized
capital losses for the three months ended March 31, 2000.

    Net Income

    For the reasons discussed above, the Company had net income of
approximately $9.25 million during the three months ended March 31, 2000
and net income of approximately $10.55 million during the three months
ended March 31, 1999.

    Liquidity and Capital Resources

    The Company is an insurance holding company and its primary uses of
cash are debt service obligations, operating expenses and dividend
payments.  The Company's principal source of cash is rent from its real
estate, interest on its investments and dividends from the Insurance
Company.  During the first quarter of 2000, the Company's Board of
Directors declared a quarterly cash dividend of $.09 per share payable
on April 3, 2000.  During the first quarter of 2000 the Company
purchased and retired 403,000 shares of common stock.

<PAGE>

    The Insurance Company is subject to various regulatory restrictions
on the maximum amount of payments, including loans or cash advances,
that it may make to the Company without obtaining prior regulatory
approval.  As a New York domiciled insurance company, the Insurance
Company is subject to restrictions on the payment of dividends under New
York law.  New York law states that no domestic stock life insurance company
shall distribute any dividend to its shareholders unless a notice of its
intention to declare such dividend and the amount thereof shall have
been filed with the Superintendent of the New York Insurance Department
("Superintendent") not less than 30 days in advance of such proposed
declaration.  The Superintendent may disapprove such distribution by
giving written notice to such company within 30 days after such
filing that he or she finds that the financial condition of the company
does not warrant such distribution.  The New York State Insurance
Department has established informal guidelines for the Superintendent's
findings which focus upon, among other things, the overall financial
condition and profitability of the insurer under statutory accounting
practices.  During the first quarter of 2000 and 1999, the Insurance
Company did not pay dividends to the Company.  During the fiscal year
1999, the Insurance Company paid dividends of $28.4 million to the
Company.

    Principal sources of funds at the Insurance Company are premiums and
other considerations paid, contract charges earned, net investment
income received and proceeds from investments called, redeemed or sold.
The principal uses of these funds are the payment of benefits on life
insurance policies and annuity contracts, operating expenses and the
purchase of investments.  Net cash provided by the Company's operating
activities (reflecting principally: (i) premiums and contract charges
collected less (ii) benefits paid on life insurance and annuity products
plus (iii) income collected on invested assets less (iv) commissions and
other general expenses paid) was approximately $19.3 million and $5.9
million during the three months ended March 31, 2000 and 1999,
respectively.  Net cash used in the Company's investing activities
(principally reflecting investments purchased less investments called,
redeemed or sold) was approximately $98.4 million, and $86.3 million
during the three months ended March 31, 2000 and 1999, respectively.

    For purposes of the Company's consolidated statements of cash flows,
financing activities relate primarily to sales and surrenders of the
Company's universal life insurance and annuity products.  The payment of
dividends by the Company are also considered to be a financing activity.
In addition, as previously discussed, the Company participates in dollar
roll repurchase agreements which are considered to be
a financing activity.  Net cash provided by the Company's financing
activities amounted to approximately $47.5 million, and $78.98 million
during the three months ended March 31, 2000 and 1999, respectively.
This fluctuation primarily is attributable to the new Senior Note,
higher policyholder account balances, and an increase in borrowings
under the company's line of credit at March 31, 2000, partially offset
by the decrease in dollar roll repurchase agreements and reverse
repurchase agreements outstanding.

    The Company currently has one bank line of credit for $25 million
of which $23 million is used at March 31, 2000.

    During the first quarter of 1999, the Company sold $100 million of
its 7 7/8% Senior Notes due 2009.  The net proceeds were used to retire
all of the outstanding $50 million, 9 1/2% Senior Notes.  The repayment
of the 9 1/2% Senior Notes resulted in an extraordinary loss of $514
thousand, after income taxes of $276.5 thousand.

    The indenture governing the Senior Notes contains covenants relating
to limitations on liens and sale or issuance of capital stock of the
Insurance Company.  In the event the Company violates such covenants as
defined in the indenture, the Company may be obligated to offer to
repurchase all of the outstanding principal amount of such notes.  The
Company believes that it is in compliance with all of the covenants.

<PAGE>

    Given the Insurance Company's historic cash flow and current
financial results, management believes that, for the next twelve months
and for the reasonably foreseeable future, the Insurance Company's cash
flow from operating activities will provide sufficient liquidity for the
operations of the Insurance Company, as well as provide sufficient funds
to the Company, so that the Company will be able to make dividend
payments, satisfy its debt service obligations and pay its other
operating expenses.

    To meet its anticipated liquidity requirements, the Company
purchases investments taking into account the anticipated future cash
flow requirements of its underlying liabilities.  In managing the
relationship between assets and liabilities, the Company analyzes the
cash flows necessary to correspond with the expected cash needs on the
underlying liabilities under various interest rate scenarios.  In
addition, the Company invests a portion of its total assets in short-term
investments (approximately 8.9% and 8.14% as of March 31, 2000, and
December 31, 1999, respectively).  The weighted average duration of the
Company's debt portfolio was approximately six years as of March 31,
2000.  The Company's fixed maturity investments are all classified as
available for sale and includes those securities available to be sold in
response to, among other things, changes in market interest rates,
changes in the security's prepayment risk, the Company's need for
liquidity and other similar factors.  Fixed maturity investments
available for sale represent investments which may be sold in response
to changes in various economic conditions.  These investments are
carried at estimated market value and unrealized gains and losses, net
of the effects of amortization of deferred policy acquisition costs and
deferred federal income taxes, are charged directly to shareholders'
equity, unless a decline in market value is considered to be other than
temporary in which event the Company recognizes a loss.  Equity
securities include common stocks and non-redeemable preferred stocks and
are carried at market, with the related unrealized gains and losses, net
of federal income taxes, if any, charged directly to shareholders'
equity, unless a decline in market value is considered to be other than
temporary, in which event, the Company recognizes a loss.

    The Insurance Company is subject to Regulation 130 adopted and
promulgated by the New York State Insurance Department ("NYSID").  Under
this Regulation, the Insurance Company's ownership of below investment
grade debt securities is limited to 20.0% of
total admitted assets, as calculated under statutory accounting
practices.  As of March 31, 2000 and December 31, 1999, approximately
7.69 and 8.37%, respectively, of the Insurance Company's total admitted
assets were invested in below investment grade debt securities.

    The Company maintains a portfolio which includes below investment
grade fixed maturity debt securities which were purchased to achieve a
more favorable investment yield, all of which are classified as
available for sale and reported at fair value.  As of March 31, 2000 and
December 31, 1999, the carrying value of these securities was
approximately $198.8 million and $187.7 million, respectively,
(representing approximately 7.2% and 7.1% of the Company's total assets
and 45.7% and 46.2%, respectively, of shareholders' equity).

    Investments in below investment grade securities have different
risks than investments in corporate debt securities rated investment
grade.  Risk of loss upon default by the borrower is significantly
greater with respect to below investment grade securities than with
other corporate debt securities because below investment grade
securities generally are unsecured and often are subordinated to other
creditors of the issuer.  Also, issuers of below investment grade
securities usually have high levels of indebtedness and often are more
sensitive to adverse economic conditions, such as recession or
increasing interest rates, than are investment grade issuers.
Typically, there only is a thinly traded market for such securities and
recent market quotations

<PAGE>

may not be available for some of these securities.  Market quotes
generally are available only from a limited number of dealers and may
not represent firm bids of such dealers or prices for actual sales.  The
Company attempts to reduce the overall risk in its below investment
grade portfolio, as in all of its investments, through careful credit
analysis, investment policy limitations, and diversification by company
and by industry.

    As of March 31, 2000, approximately 9.25% of the Company's total
invested assets were invested in limited partnerships.  Such investments
are included in the Company's consolidated balance sheet under the
heading "Other invested assets."  See "Note 2 to the Notes to
Consolidated Financial Statements."  The Company is committed, if called
upon during a specified period, to contribute an aggregate of
approximately $64.5 million of additional capital to certain of these
limited partnerships.  However, management does not expect the entire
amount to be drawn down as certain of these limited partnerships are
nearing the end of the period during which investors are required to
make contributions.  Pursuant to NYSID regulations, the Company's
investments in equity securities, including limited partnership
interests, may not exceed 20% of the Company's total invested assets.
The Company may make selective investments in additional limited
partnerships as opportunities arise.  In general, risks associated with
such limited partnerships include those related to their underlying
investments (i.e., equity securities, debt securities and real estate),
plus a level of illiquidity, which is mitigated by the ability of the
Company to take annual distributions of partnership earnings.  There can
be no assurance that the Company will continue to achieve the same level
of returns on its investments in limited partnerships as it has
historically or that the Company will achieve any returns on such
investments at all.  Further, there can be no assurance that the Company
will receive a return of all or any portion of its current or future
capital investments in limited partnerships.  The failure of the Company
to receive the return of a material portion of its capital investments
in limited partnerships, or to achieve historic levels of return on such
investments, could have a material adverse effect on the Company's
financial condition and results of operations.

    As previously discussed, the Company participates in "dollar roll"
repurchase agreements.  Amounts outstanding to repurchase securities
under such agreements were $208.8 million and $212.6 million at March
31, 2000 and December 31, 1999, respectively.  The Company  may engage
in selected "dollar roll" transactions as market opportunities arise.

    All 50 states of the United States, the District of Columbia and
Puerto Rico have insurance guaranty fund laws requiring all life
insurance companies doing business within the jurisdiction to
participate in guaranty associations, which are organized to pay
contractual obligations under insurance policies (and certificates
issued under group insurance policies) issued by impaired or insolvent
life insurance companies.  These associations levy assessments (up to
prescribed limits) on all member insurers in a particular state on the
basis of the proportionate share of the premiums written by member
insurers in the lines of business in which the impaired or insolvent
insurer is engaged.  Some states permit member insurers to recover
assessments paid through full or partial premium tax offsets.  These
assessments may be deferred or forgiven under most guaranty laws if they
would threaten an insurer's solvency.  The amount of
these assessments in prior years has not been material, however, the
amount and timing of any future assessment on the Insurance Company
under these laws cannot be reasonably estimated and are beyond the
control of the Company and the Insurance Company.  Recent failures of
substantially larger insurance companies could result in future
assessments in material amounts.

<PAGE>

    Effects of Inflation and Interest Rate Changes

    Management does not believe that inflation has had a material
adverse effect on the Company's consolidated results of operations.  The
Company seeks to manage its investment portfolio in part to reduce its
exposure to interest rate fluctuations.  In general, the market value of
the Company's fixed maturity portfolio increases or decreases in an
inverse relationship with fluctuations in interest rates, and the
Company's net investment income increases or decreases in direct
relationship with interest rate changes.  For example, if interest rates
decline, the Company's fixed maturity investments generally will
increase in market value, while net investment income will decrease as
fixed income investments mature or are sold and proceeds are reinvested
at the declining rates, and vice versa.  Management is aware that
prevailing market interest rates frequently shift and, accordingly, the
Company has adopted strategies which are designed to address either an
increase or decrease in prevailing rates.  In a rising interest rate
environment, the Company's average cost of funds would be expected to
increase over time as it prices its new and renewing annuities to
maintain a generally competitive market rate.  Concurrently, the Company
would attempt to place new funds in investments which were matched in
duration to, and higher yielding than, the liabilities assumed.
Management believes that liquidity necessary to fund withdrawals would
be available through income, cash flow, the Company's cash reserves or
from the sale of short-term investments.  In a declining interest rate
environment, the Company's cost of funds would be expected to decrease
over time, reflecting lower interest crediting rates on its fixed
annuities.  Should increased liquidity be required for withdrawals,
management believes that the portion of the Company's investments which
are designated as available for sale in the Company's consolidated
balance sheet could be sold without materially adverse consequences in
light of the general strengthening which would be expected in the fixed
maturity security market.

    Interest rate changes also may have temporary effects on the sale
and profitability of the universal life and annuity products offered by
the Company.  For example, if interest rates rise, competing investments
(such as annuity or life insurance products offered by the Company's
competitors, certificates of deposit, mutual funds and similar
instruments) may become more attractive to potential purchasers of the
Company's products until the Company increases the rates credited to
holders of its universal life and annuity products.  In contrast, as
interest rates fall, the Company attempts to lower its credited rates to
compensate for the corresponding decline in its net investment income.
As a result, changes in interest rates could materially adversely effect
the financial condition and results of operations of the Company
depending on the attractiveness of alternative investments available to
the Company's customers.  In that regard, in the current interest rate
environment, the Company has attempted to maintain its credited rates at
competitive levels which are designed to discourage surrenders and which
may be considered attractive to purchasers of new annuity products.  In
addition, because the level of prevailing interest rates impacts the
Company as well as its competition, management does not believe that the
current interest rate environment has materially affected the Company's
competitive position vis a vis other life insurance companies that
emphasize the sale of annuity products.  Notwithstanding the foregoing,
if interest rates continue at current levels, there can be no assurance
that this segment of the life insurance industry, including the Company,
would not experience increased levels of surrenders and reduced sales and
thereby be materially adversely affected.

<PAGE>

    Recent Accounting Pronouncements

    In June 1998, the FASB issued Statement of Financial Accounting
Standards No. 133, "Accounting for Derivative Instruments and Hedging
Activities" (SFAS 133).   SFAS 133 establishes accounting and reporting
standards for derivative instruments, including certain derivative
instruments embedded in other contracts, and for hedging activities.  It
requires that an entity recognize all derivatives as either assets or
liabilities in the statement of financial position and measure those
instruments at fair value.  It also establishes specific conditions that
must be met in order for a derivative to be recognized as a hedge of
certain exposures.

   In June 1999, the FASB issued Statement of Financial Accounting
Standards No. 137, which amends SFAS 133 by deferring the effective date
to fiscal years beginning after June 15, 2000.  The Company has not yet
completed its analysis to determine the impact of this statement on the
Company's financial statements.

       Forward Looking Information

    The Company cautions readers regarding certain forward-looking
statements contained in this report and in any other statements made by,
or on behalf of, the Company, whether or not in future filings with the
Securities and Exchange Commission (the "SEC").  Forward-looking
statements are statements not based on historical information and which
relate to future operations, strategies, financial results, or other
developments.  Statements using verbs such as "expect," "anticipate,"
"believe" or words of similar import generally involve forward-looking
statements.  Without limiting the foregoing, forward-looking statements
include statements which represent the Company's beliefs concerning
future levels of sales and redemptions of the Company's products,
investment spreads and yields, or the earnings and profitability of the
Company's activities.

    Forward-looking statements are necessarily based on estimates and
assumptions that are inherently subject to significant business,
economic and competitive uncertainties and contingencies, many of which
are beyond the Company's control and many of which are subject to
change.  These uncertainties and contingencies could cause actual
results to differ materially from those expressed in any forward-looking
statements made by, or on behalf of, the Company.  Whether or not actual
results differ materially from forward-looking statements may depend on
numerous foreseeable and unforeseeable developments.  Some may be
national in scope, such as general economic conditions, changes in tax
law and changes in interest rates.  Some may be related to the insurance
industry generally, such as pricing competition, regulatory developments
and industry consolidation.  Others may relate to the Company
specifically, such as credit, volatility and other risks associated with
the Company's investment portfolio.  The Company disclaims any
obligation to update forward-looking information.

<PAGE>

                      PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

    From time to time, the Company is involved in litigation relating
to claims arising out of its operations in the normal course of
business.  As of May 4, 2000, the Company is not a party to any legal
proceedings, the adverse outcome of which, in management's opinion,
individually or in the aggregate, would have a material adverse effect
on the Company's financial condition or results of operations.

Item 2.  Changes in Securities

    None

Item 3.  Defaults Upon Senior Securities

    None

Item 4.  Submission of Matters to a Vote of Security Holders

    None

Item 5.  Other Information

    None

Item 6.  Exhibits and Reports on Form 8-K

    a)  Exhibits

       None

    b)  Reports on Form 8-K

       During the quarter ended March 31, 2000, the Company did not file
a current report on Form 8-K.

<PAGE>

                 PRESIDENTIAL LIFE CORPORATION
                         MARCH 31, 2000

                            SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                                 Presidential Life Corporation
                                        (Registrant)

Date:  May 5, 2000              /s/ Herbert Kurz
                                Herbert Kurz, President and Duly
                                Authorized Officer of the Registrant

Date:  May 5, 2000              /s/ Michael V. Oporto
                                Michael V. Oporto, Principal
                                Accounting Officer of the Registrant