SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    ---------

                                    FORM 10-Q

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

         For the quarterly period ended             June 30, 2002
                                       -----------------------------------------

                                       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    33-87272,  333-51353, 333-28765, 333-28681, 333-28743,
                          ------------------------------------------------------
                          333-51949, 333-65009, 333-66745, 333-76941, 333-76945,
                          ------------------------------------------------------
                          333-35592, 333-95511, 333-30186, 333-40596, 333-33924,
                          ------------------------------------------------------
                          333-95457, 333-59386, 333-59398, 333-59408, 333-52320
                          ------------------------------------------------------
                          333-57212, 333-63694, 333-67660, 333-68138, 333-70602
                          ------------------------------------------------------
                          333-76150, 333-84394, 333-87152, 333-90528
                          ------------------------------------------



                     GOLDEN AMERICAN LIFE INSURANCE COMPANY
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

Delaware                                             41-0991508
--------------------------------------------------------------------------------
(State or other jurisdiction of           (IRS employer identification no.)
 incorporation or organization)

1475 Dunwoody Drive, West Chester, Pennsylvania              19380-1478
--------------------------------------------------------------------------------
(Address of principal executive offices)                     (Zip code)

Registrant's telephone number, including area code (610) 425-3400
                                                   -----------------------------


--------------------------------------------------------------------------------
              Former name, former address and formal 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 [ ]


                     APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of the latest  practicable date:

As of August 12,  2002,  250,000  shares of Common  Stock,  $10 Par  Value,  are
authorized,  issued  and  outstanding.
As of August 12, 2002,  50,000 shares of Preferred  Stock,  $5000 Par Value, are
authorized.

NOTE:  WHEREAS GOLDEN  AMERICAN LIFE INSURANCE  COMPANY MEETS THE CONDITIONS SET
FORTH IN GENERAL  INSTRUCTION  H(1)(a)  AND (b) OF FORM 10Q,  THIS FORM IS BEING
FILED WITH THE REDUCED DISCLOSURE FORMAT PURSUANT TO GENERAL INSTRUCTION H(2).

Exhibit index - Page 24                                             Page 1 of 36

<PAGE>




                                TABLE OF CONTENTS

                                                                            PAGE
                                                                            ----
PART I.  FINANCIAL INFORMATION

ITEM 1.  Financial Statements:
Condensed Consolidated Statements of Income (Unaudited)
        For the three months ended June 30, 2002 and 2001......................3
        For the six months ended June 30, 2002 and 2001........................4
Condensed Consolidated Balance Sheets
        June 30, 2002 (Unaudited) and December 31, 2001........................5
Condensed Consolidated Statement of Changes in
  Stockholder's Equity (Unaudited).............................................6
Condensed Consolidated Statements of Cash Flows (Unaudited)
        For the six months ended June 30, 2002 and 2001........................7
Notes to Condensed Consolidated Financial Statements (Unaudited)...............8

ITEM 2.  Management's Discussion and Analysis of Financial Condition
           and Results of Operations..........................................13


PART II.  OTHER INFORMATION

ITEM 6.  Exhibits and Reports on Form 8-K.....................................22

Signature.....................................................................23

Index  .......................................................................24






                                       2
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SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.


                              FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

Person for whom the Financial Information is given:                 Golden American Life Insurance Company

Condensed Consolidated Statements of Income (Unaudited):

                                                                     For the Three                For the Three
                                                                      Months Ended                 Months Ended
                                                                     June 30, 2002                June 30, 2001
                                                               -------------------------------------------------------
                                                                                 (DOLLARS IN THOUSANDS)
<S>                                                                         <C>                        <C>
   Revenues:
      Contract and other charges assessed against
        Policyholders                                                       $50,255                    $36,857
      Management fee revenue                                                  7,045                      6,307
      Net investment income                                                  40,921                     23,359
      Net realized capital (losses) gains                                    (9,044)                        44
                                                               -------------------------------------------------------
                                                                             89,177                     66,567

   Benefits and expenses:
      Benefits:
        Interest credited and other benefits to policyholders                55,865                     44,425
      Underwriting, acquisition, and insurance expenses:
        Commissions                                                             492                        360
        Commissions - affiliates                                             99,151                     51,842
        General expenses                                                     35,536                     33,296
        Policy acquisition costs deferred                                   (94,698)                   (38,344)
        Amortization:
          Deferred policy acquisition costs                                  31,792                     13,104
          Value of business acquired                                          1,002                      1,683
          Goodwill (NOTE 2)                                                      --                      1,056
        Expense and charges reimbursed under modified
          coinsurance agreements                                                204                       (879)
        Expense and charges reimbursed under modified
          coinsurance agreements - affiliates                               (28,946)                   (50,204)
     Interest expense                                                         4,737                      4,765
                                                               -------------------------------------------------------
                                                                            105,135                     61,104
                                                               -------------------------------------------------------
   (Loss) income before income taxes                                        (15,958)                     5,463

   Income tax (benefit) expense                                              (5,476)                     2,261
                                                               -------------------------------------------------------

   Net (loss) income                                                       $(10,482)                    $3,202
                                                               =======================================================




See notes to condensed consolidated financial statements.

                                                                  3
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Condensed Consolidated Statements of Income (Unaudited):

                                                                       For the Six                  For the Six
                                                                      Months Ended                 Months Ended
                                                                     June 30, 2002                June 30, 2001
                                                               -------------------------------------------------------
                                                                                 (DOLLARS IN THOUSANDS)
<S>                                                                         <C>                        <C>
   Revenues:
      Contract and other charges assessed against
        policyholders                                                       $95,299                    $77,714
      Management fee revenue                                                 13,779                     12,438
      Net investment income                                                  74,278                     42,771
      Net realized capital losses                                           (24,757)                    (1,919)
                                                               -------------------------------------------------------
                                                                            158,599                    131,004

   Benefits and expenses:
      Benefits:
        Interest credited and other benefits to policyholders               111,197                     86,434
      Underwriting, acquisition, and insurance expenses:
        Commissions                                                             706                        795
        Commissions - affiliates                                            163,152                    107,805
        General expenses                                                     74,297                     60,517
        Policy acquisition costs deferred                                  (156,471)                   (24,925)
        Amortization:
          Deferred policy acquisition costs                                  32,327                     29,632
          Value of business acquired                                            333                      2,175
          Goodwill (NOTE 2)                                                      --                      2,112
        Expense and charges reimbursed under modified
          coinsurance agreements                                                412                     (1,759)
        Expense and charges reimbursed under modified
          coinsurance agreements - affiliates                               (57,671)                  (160,909)
     Interest expense                                                         9,457                      9,508
                                                               -------------------------------------------------------
                                                                            177,739                    111,385
                                                               -------------------------------------------------------
   (Loss) income before income taxes                                        (19,140)                    19,619

   Income tax (benefit) expense                                              (6,461)                     7,484
                                                               -------------------------------------------------------

   Net (loss) income                                                       $(12,679)                   $12,135
                                                               =======================================================



See notes to condensed consolidated financial statements.

                                                                 4
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Condensed Consolidated Balance Sheets:
                                                                                  June 30, 2002           December 31, 2001
                                                                              ------------------------------------------------
                                                                                    (Unaudited)
ASSETS                                                                          (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
<S>                                                                                  <C>                     <C>
Investments:
  Fixed maturities, available for sale, at fair value
    (cost:  2002 - $3,651,732; 2001 - $1,982,527)                                     $3,681,068              $1,994,913
  Equity securities, at fair value (cost: 2002 - $22,575; 2001 - $74)                     21,155                      55
  Mortgage loans on real estate                                                          246,354                 213,883
  Policy loans                                                                            16,107                  14,847
  Short-term investments                                                                  10,002                  10,021
                                                                              ------------------------------------------------
Total investments                                                                      3,974,686               2,233,719
Cash and cash equivalents                                                                279,879                 195,726
Reinsurance recoverable                                                                   43,782                  27,151
Reinsurance recoverable from affiliates                                                   88,800                  28,800
Due from affiliates                                                                       37,243                      20
Accrued investment income                                                                 49,100                  22,771
Deferred policy acquisition costs                                                        812,839                 709,042
Value of business acquired                                                                18,528                  20,203
Current income taxes recoverable                                                              --                     400
Property and equipment, less accumulated depreciation of
  $12,424 in 2002 and $10,624 in 2001                                                      9,106                  10,468
Goodwill, less accumulated amortization of $17,590 in 2002
  and $17,600 in 2001                                                                    151,277                 151,363
Receivable for securities sold                                                            73,310                   8,509
Other assets                                                                              11,327                   4,279
Separate account assets                                                               10,893,177              10,958,191
                                                                              ------------------------------------------------
Total assets                                                                         $16,443,054             $14,370,642
                                                                              ================================================

LIABILITIES AND STOCKHOLDER'S EQUITY
Policy liabilities and accruals:
    Future policy benefits and claims reserves                                        $4,022,203              $2,178,189
    Unearned revenue reserve                                                               5,778                   6,241
    Other policy claims and benefits                                                       1,275                     836
                                                                              ------------------------------------------------
                                                                                       4,029,256               2,185,266
Notes payable with affiliates                                                            170,000                 245,000
Revolving note payable                                                                        --                   1,400
Due to affiliates                                                                          8,683                  25,080
Current income tax liability                                                               8,862                      --
Deferred income tax liability                                                             21,319                  12,612
Other deposits                                                                           100,078                  14,360
Payable for securities purchased                                                         117,583                  36,283
Dollar roll obligations                                                                   84,232                   3,951
Other liabilities                                                                         83,871                  70,670
Separate account liabilities                                                          10,893,177              10,958,191
                                                                              ------------------------------------------------
                                                                                      15,517,061              13,552,813
Commitments and contingencies

Stockholder's equity:
  Preferred stock, par value $5,000 per share, authorized 50,000 shares                       --                      --
  Common stock, par value $10 per share, authorized, issued,
    and outstanding  250,000 shares                                                        2,500                   2,500
  Additional paid-in capital                                                             902,456                 780,436
  Accumulated other comprehensive income                                                   2,627                   3,804
  Retained earnings                                                                       18,410                  31,089
                                                                              ------------------------------------------------
Total stockholder's equity                                                               925,993                 817,829
                                                                              ------------------------------------------------
Total liabilities and stockholder's equity                                           $16,443,054             $14,370,642
                                                                              ================================================


See notes to condensed consolidated financial statements.

                                                                 5
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Condensed Consolidated Statements of Changes in Stockholder's Equity(Unaudited):
(DOLLARS IN THOUSANDS)


                                                                    For the Six                For the Six
                                                                   Months Ended               Months Ended
                                                                   June 30, 2002              June 30, 2001
                                                                 -------------------------------------------
<S>                                                                   <C>                        <C>
              Shareholder's equity, beginning of period               $817,829                   $617,137
                 Comprehensive income:
                   Net (loss) income                                   (12,679)                    12,135
                   Change in net unrealized investment
                     (losses) gains                                     (1,177)                     5,225
                                                                 -------------------------------------------
                 Total comprehensive (loss) income                     (13,856)                    17,360
                 Loss on sale to affiliate                              (2,980)                        --
                 Contribution of capital                               125,000                      7,000
                                                                 -------------------------------------------
              Shareholder's equity, end of period                     $925,993                   $641,497
                                                                 ===========================================









See notes to condensed consolidated financial statements.

                                                                 6
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Condensed Consolidated Statements of Cash Flows (Unaudited):

                                                                                   For the Six              For the Six
                                                                                  Months Ended             Months Ended
                                                                                 June 30, 2002            June 30, 2001
                                                                            -------------------------------------------------
                                                                                           (DOLLARS IN THOUSANDS)

<S>                                                                                    <C>                     <C>
NET CASH PROVIDED BY OPERATING ACTIVITIES                                              $120,680                $165,012

INVESTING ACTIVITIES Proceeds from sales of investments:
   Fixed maturities - available for sale                                              2,951,188                 167,642
   Equity securities                                                                         --                   6,894

Investment maturities, repayments or collections:
   Fixed maturities - available for sale                                                100,934                  62,274
   Mortgage loans on real estate                                                         10,602                  60,621
                                                                            -------------------------------------------------
                                                                                      3,062,724                 297,431
Acquisition of investments:
   Fixed maturities - available for sale                                             (4,746,329)               (658,495)
   Equity securities                                                                    (22,500)                     --
   Mortgage loans on real estate                                                        (43,073)               (111,532)
   Policy loans - net                                                                    (1,260)                   (587)
   Short-term investments - net                                                             (19)                (13,195)
                                                                            -------------------------------------------------
                                                                                     (4,813,181)               (783,809)
Disposal of subsidiaries at book value                                                  (31,556)                     --
Proceeds from sale of interest in subsidiaries                                           27,929                      --
Net sale of property and equipment                                                         (480)                     18
                                                                            -------------------------------------------------
Net cash used in investing activities                                                (1,754,564)               (486,360)

FINANCING ACTIVITIES
Proceeds from reciprocal loan agreement borrowings                                           --                  29,300
Repayment of reciprocal loan agreement borrowings                                            --                 (29,300)
Proceeds from revolving note payable                                                         --                   1,400
Repayment of revolving note payable                                                      (1,400)                     --
Repayment of  notes payable with affiliates                                             (75,000)                     --
Investment contract deposits                                                          2,334,199                 734,162
Investment contract withdrawals                                                         (80,591)                (70,613)
Investment contract transfers                                                          (584,171)               (362,587)
Contribution from parent                                                                125,000                   7,000
                                                                            -------------------------------------------------
Net cash provided by financing activities                                             1,718,037                 309,362
                                                                            -------------------------------------------------

Increase (decrease) in cash and cash equivalents                                         84,153                 (11,986)

Cash and cash equivalents at beginning of period                                        195,726                 152,880
                                                                            -------------------------------------------------

Cash and cash equivalents at end of period                                             $279,879                $140,894
                                                                            =================================================


See notes to condensed consolidated financial statements.
                                                                 7
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<PAGE>


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED):

NOTE 1 -- BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial  information  and the  instructions  to Form  10-Q and  Article  10 of
Regulation S-X. Accordingly,  the financial statements do not include all of the
information and footnotes required by generally accepted  accounting  principles
for  complete   financial   statements.   These  interim  financial   statements
necessarily rely on estimates, including assumptions as to annualized tax rates.
In the opinion of management,  all adjustments  considered  necessary for a fair
presentation  have been included.  All  adjustments  were of a normal  recurring
nature,  unless otherwise noted in Management's  Discussion and Analysis and the
Notes to Financial  Statements.  Operating results for the six months ended June
30, 2002 are not necessarily  indicative of the results that may be expected for
the year ending December 31, 2002.

These  financial  statements  should be read in  conjunction  with the financial
statements and related footnotes  included in the Golden American Life Insurance
Company's annual report on Form 10-K for the year ended December 31, 2001.

CONSOLIDATION
The  consolidated  financial  statements  include Golden American Life Insurance
Company  ("Golden  American"  or the  "Company")  and its  former  wholly  owned
subsidiary,  First Golden  American Life  Insurance  Company of New York ("First
Golden,"  and  collectively  with  Golden  American,  the  "Companies")  through
December 31, 2001. All significant  intercompany  accounts and transactions have
been eliminated.

As of April 1,  2002,  Golden  American  sold  First  Golden to  Reliastar  Life
Insurance Company ("Reliastar").  Reliastar,  the parent of Security-Connecticut
Life  Insurance  Company  ("Security-Connecticut")  who in turn is the parent of
Reliastar Life Insurance  Company of New York ("RLNY"),  merged the First Golden
business into its operations and dissolved  First Golden at book value for $27.7
million in cash and a receivable totaling $0.2 million from RLNY. The receivable
from RLNY was assumed by Equitable  Life Insurance  Company of Iowa  ("Equitable
Life"  or  the  "Parent"),  and  ultimately  by  ING  Groep  N.V.  ("ING").  The
consideration  was based on First Golden's  statutory-basis  book value.  RLNY's
payable to the  company  was assumed by ING and  subsequently  forgiven.  Golden
American  realized a loss of $3.0 million  related to the sale of First  Golden,
which was  recorded  as a  capital  transaction.  Approval  for the  merger  was
obtained from the Insurance Departments of the States of New York and Delaware.

STATUTORY
The net loss for Golden  American as  determined in  accordance  with  statutory
accounting  practices was $99.1 million and $127.8 million for the three and six
months ended June 30, 2002,  respectively  ($26.3  million and $55.0 million for
the three and six months  ended June 30,  2001).  Total  statutory  capital  and
surplus was $362.6  million at June 30, 2002 and $451.6  million at December 31,
2001.

RECLASSIFICATIONS
Certain  reclassifications  have been made to the 2001 information to conform to
the 2002 financial statement presentation.

NOTE 2 - NEW ACCOUNTING STANDARDS

ACCOUNTING FOR GOODWILL AND INTANGIBLE ASSETS

In June 2001,  the Financial  Accounting  Standards  Board issued  Statements of
Financial  Accounting  Standards  ("FAS") No. 142,  Accounting  for Goodwill and
Intangible  Assets effective for fiscal years beginning after December 15, 2001.
Under  the  new  statement,  goodwill  and  intangible  assets  deemed  to  have
indefinite  lives  will no longer be  amortized  but will be  subject  to annual
impairment tests in accordance with the new statement.  Other intangible  assets
will continue to be amortized over their useful lives.


                                       8
<PAGE>


The Companies adopted the new statement  effective January 1, 2002.  Application
of the  nonamortization  provisions of the new statement resulted in an increase
in net  income of $0.9  million  and $1.9  million  for the three and six months
ended June 30, 2001,  respectively.  The  Companies  performed  the first of the
required  impairment  tests for  goodwill  as of January 1,  2002.  The  results
indicate  that an  impairment  may exist.  The required  steps for measuring the
amount of the  impairment  will be completed and the resulting  impairment  loss
will be recorded as a change in accounting principle prior to December 31, 2002.
The impairment loss recorded will be the difference  between the carrying amount
and the estimated fair value of goodwill.

Had the Companies  been  accounting  for goodwill  under FAS 142 for all periods
presented, the Companies' net income for the three and six months ended June 30,
2001 would have been as follows:

<TABLE>
<CAPTION>

                                              For The Three               For The Six
                                              Months Ended               Months Ended
                                              June 30, 2001             June 30, 2001
   ---------------------------------------------------------------------------------------
                                                        (Dollars in thousands)
<S>                                                 <C>                      <C>
   Reported net income after tax                    $3,202                   $12,135

   Add back goodwill amortization, net of
   taxes                                               945                     1,889
                                           -----------------------------------------------

   Adjusted net income after tax                    $4,147                   $14,024
                                           ===============================================
</TABLE>

NOTE 3 -- INVESTMENTS

INVESTMENT VALUATION ANALYSIS: The Companies analyze the investment portfolio at
least  quarterly in order to determine if the carrying  value of any  investment
has been impaired.  The carrying value of debt and equity  securities is written
down to fair  value by a charge to  realized  losses  when  impairment  in value
appears to be other than temporary.

During the first six months of 2002,  Golden American  determined that ten bonds
had other than  temporary  impairments.  As a result,  at June 30, 2002,  Golden
American  recognized a total pre-tax loss of $7.0 million to reduce the carrying
value of the bonds to their  combined  fair  value of $6.9  million.  During the
first six months of 2001, Golden American  determined that three bonds had other
than  temporary  impairments.  As a result,  at June 30, 2001,  Golden  American
recognized a total pre-tax loss of $0.7 million to reduce the carrying  value of
the bonds to their fair value of $0.4 million.

DOLLAR ROLL  AGREEMENTS:  In 2001, the Companies began entering into dollar roll
agreements to increase the return on investments  and improve  liquidity.  These
transactions  involve a sale of  securities by the Companies and an agreement to
repurchase substantially the same securities as those sold, typically within one
month. The dollar roll agreements are accounted for as short-term collateralized
financings. The repurchase obligations totaled $84.2 million and $4.0 million at
June 30,  2002  and  December  31,  2001,  respectively.  Such  borrowings  were
collaterized by investment  securities with fair values  approximately  equal to
loan value. The primary risk associated with short-term  collaterized borrowings
is that the  counterparty  will be  unable  to  perform  under  the terms of the
contract.  The  Companies'  exposure  is  limited  to  the  excess  of  the  net
replacement cost of the securities over the value of the short-term investments,
an amount that was not  material at June 30, 2002 and  December  31,  2001.  The
Companies  believe the  counterparties to dollar roll agreements are financially
responsible and that the counterparty risk is minimal.


                                       9
<PAGE>


NOTE 4 -- DERIVATIVE INSTRUMENTS

The Company may from time to time  utilize  various  derivative  instruments  to
manage interest rate and price risk (collectively, market risk). The Company has
appropriate controls in place, and financial exposures are monitored and managed
by the Company as an integral  part of their  overall risk  management  program.
Derivatives are recognized on the balance sheet at their fair value. At June 30,
2002, the Company did not utilize any such derivatives.

NOTE 5 -- RELATED PARTY TRANSACTIONS

OPERATING AGREEMENTS: Directed Services, Inc. ("DSI"), an affiliate, acts as the
principal  underwriter  (as  defined  in the  Securities  Act of  1933  and  the
Investment  Company Act of 1940,  as amended)  and  distributor  of the variable
insurance  products  issued by the  Companies.  DSI is  authorized to enter into
agreements with  broker/dealers  to distribute the Companies'  variable products
and appoint  representatives  of the  broker/dealers as agents. The Company paid
commissions  to DSI  totaling  $99.2  million  and $163.2  million in the second
quarter and the first six months of 2002, respectively ($52.5 million and $108.4
million, respectively, for the same periods of 2001).

Golden American provides certain managerial and supervisory services to DSI. The
fee paid by DSI for these  services is  calculated  as a  percentage  of average
assets in the variable separate  accounts.  For the second quarter and the first
six months of 2002,  the fee was $6.3  million and $12.6  million,  respectively
($5.8 million and $11.5 million, respectively, for the same periods of 2001).

Golden American has expense  sharing  agreements with certain of its affiliates.
Golden  American has an expense  sharing  agreement  with ING America  Insurance
Holdings,  Inc.  ("ING  AIH") for  administrative,  management,  financial,  and
information  technology  services.  Under these  agreements with ING AIH, Golden
American  incurred  expenses  of $8.2  million  and $21.4  million in the second
quarter and the first six months of 2002,  respectively  ($4.3 million and $15.1
million, respectively, for the same periods of 2001).

The Company has a service  agreement  with  Equitable  Life for  administrative,
financial and actuarial related services, certain advisory,  computer, and other
resources  and  services.  Under this  agreement  with  Equitable  Life,  Golden
American's  general  expenses  were  reduced by a net amount of $3.9 million and
$4.6  million  in  the  second  quarter  and  the  first  six  months  of  2002,
respectively ($1.4 million and $2.7 million for the same periods of 2001).

Golden  America has an expense  sharing  agreement  with ING Life  Insurance and
Annuity Company ("ILIAC") for  administrative,  management,  training,  customer
service, information technology, and distribution services. Under this agreement
with ILIAC,  Golden American's  general expenses were reduced by a net amount of
$2.3  million  and $8.3 in the second  quarter and the first six months of 2002,
respectively ($0 and $0 for the same periods of 2001).

For  the  second  quarter  of  2002,  the  Company  received  premiums,  net  of
reinsurance,  for variable products sold through nine affiliates,  Locust Street
Securities,  Inc.  ("LSSI"),  Vestax  Securities  Corporation  ("Vestax"),  DSI,
Multi-Financial   Securities   Corporation   ("Multi-Financial"),   IFG  Network
Securities,  Inc.  ("IFG"),  Washington  Square  Securities,  Inc.  ("Washington
Square"),  PrimeVest Financial Services, Inc. ("PrimeVest"),  Compulife Investor
Services,  Inc.  ("Compulife"),  and ING Financial Advisors, LLC ("ING Financial
Advisors") of $70.3 million,  $11.4 million,  $0.5 million,  $9.7 million,  $3.1
million,  $71.1  million,  $63.0  million,  $44.9  million  and  $28.9  million,
respectively  ($28.5 million,  $9.1 million,  $0.2 million,  $5.9 million,  $3.9
million, $21.6 million, $7.9 million, $2.2 million and $0, respectively, for the
same period of 2001).

For the first six  months  of 2002,  the  Companies  received  premiums,  net of
reinsurance,  for variable products sold through nine affiliates,  LSSI, Vestax,
DSI,  Multi-Financial,  IFG, Washington Square,  PrimeVest,  Compulife,  and ING
Financial Advisors of $94.2 million, $20.0 million, $1.1 million, $17.7 million,
$8.9 million,  $115.9 million,  $90.0 million,  $44.9 million and $28.9 million,
respectively ($37.9 million,  $12.9 million,  $0.4 million,  $9.0 million,  $5.5
million, $28.9, $11.0, $3.7 and $0, respectively, for the same period of 2001).


                                       10
<PAGE>


MODIFIED  COINSURANCE  AGREEMENT:  On June 30, 2000,  effective January 1, 2000,
Golden  American  entered into a modified  coinsurance  agreement with Equitable
Life,  an  affiliate,  covering  a  considerable  portion  of Golden  American's
variable  annuities issued on or after January 1, 2000,  excluding those with an
interest  rate  guarantee.  The  financial  statements  are presented net of the
effects of the agreement.

Under this agreement,  Golden American  received a net reimbursement of expenses
and charges of $29.0  million and $57.7  million for the second  quarter and the
first six months of 2002, respectively ($50.2 million and $160.9 million for the
same periods in 2001). This was offset by decreased  deferred  acquisition costs
of $47.2  million  and $85.4  million  for the second  quarter and the first six
months of 2002,  respectively  ($52.7  million  and $160.8  million for the same
periods in 2001).  At June 30,  2002,  Golden  American  had a  receivable  from
Equitable Life of $28.9 million due to the timing of the cash settlement for the
modified coinsurance  agreement.  As of December 31, 2001, Golden American had a
payable  to  Equitable  Life of $22.6  million  under the  agreement  due to the
overpayment  by  Equitable  Life  of  the  cash   settlement  for  the  modified
coinsurance agreement.

REINSURANCE  AGREEMENT  COVERING MINIMUM  GUARANTEED  BENEFITS:  On December 28,
2000, Golden American entered into a reinsurance agreement with Security Life of
Denver International Limited ("SLDI"),  an affiliate,  covering variable annuity
minimum  guaranteed  death benefits and minimum  guaranteed  living  benefits of
variable  annuities issued on or after January 1, 2000. An irrevocable letter of
credit was  obtained  through  Bank of New York in the  amount of $25.0  million
related to this  agreement.  Effective  December 24, 2001,  the letter of credit
amount was revised to $70.0 million, and effective March 29, 2002, the letter of
credit  amount was revised to $75.0  million.  On June 30, 2002,  an  additional
irrevocable   letter  of  credit  was  obtained  through  Bayerische  Hypo-  und
Vereinsbank AG in the amount of $50.0 million related to this  agreement.  Under
this  agreement,  Golden  American  recorded a reinsurance  recoverable of $88.8
million at June 30, 2002, and $28.8 million at December 31, 2001.

NOTES PAYABLE: On June 28, 2002, Golden American prepaid the principal amount of
the note that Golden American issued on December 30, 1999, a $50 million, 8.179%
note to Equitable  Life,  which was to mature on December 29, 2029.  On June 28,
2002,  Golden  American  also  prepaid the  principal  amount of a note that the
Company  issued on December 17, 1996, a $25 million,  8.25% note to Equitable of
Iowa  Companies  ("Equitable"),  which was to mature on December 17, 2026.  As a
result  of the  merger of  Equitable  into  Equitable  of Iowa  Companies,  Inc.
("EIC"),  the note was  payable  to EIC.  Approval  for  these  prepayments  was
obtained from the Insurance Department of the State of Delaware.

On December 8, 1999, Golden American issued a $35 million,  7.979% note to First
Columbine Life  Insurance  Company,  an affiliate,  which matures on December 7,
2029. On September 30, 1999, Golden American issued a $75 million, 7.75% note to
ING AIH,  which  matures on September  29, 2029.  On December 30, 1999,  ING AIH
assigned the note to Equitable  Life.  On December  30,  1998,  Golden  American
issued a $60 million,  7.25% note to Equitable  Life,  which matures on December
29, 2028.

STOCKHOLDER'S  EQUITY:  During  the second  quarter  and the first six months of
2002, Golden American received capital  contributions  from its Parent of $125.0
million ($7.0 million for the same periods in 2001).

NOTE 6 -- COMMITMENTS AND CONTINGENCIES

REINSURANCE:  At June 30, 2002, the Company had  reinsurance  treaties with four
unaffiliated  reinsurers and three affiliated  reinsurers covering a significant
portion of the mortality  risks and guaranteed  death and living  benefits under
its  variable  contracts.  Golden  American  remains  liable to the  extent  its
reinsurers do not meet their  obligations under the reinsurance  agreements.  At
June 30, 2002 and December 31, 2001, the Companies had net receivables of $132.6
million  and  $56.0  million,  respectively,  for  reinsurance  claims,  reserve
credits,  or other  receivables  from  these  reinsurers.  At June 30,  2002 and
December 31, 2001,  these net  receivables  were  comprised of $25.7 million and
$7.8 million, respectively, for claims recoverable from reinsurers, $5.7 million
and $3.4 million,  respectively,  for a payable for reinsurance premiums,  $88.8


                                       11
<PAGE>


million and $28.8 million,  respectively, for reserve credits, and $23.8 million
and $22.7  million,  respectively,  for reinsured  surrenders and allowances due
from  an  unaffiliated   reinsurer.   Included  in  the  accompanying  financial
statements,   excluding   the   modified   coinsurance   agreements,   are   net
considerations to reinsurers of $11.8 million for the second quarter of 2002 and
$25.2  million  for the first six months of 2002  compared  to $6.0  million and
$12.6 million,  respectively, for the same periods in 2001. Also included in the
accompanying  financial  statements are net policy benefits  recoveries of $10.4
million  for the  second  quarter  of 2002 and $20.5  million  for the first six
months of 2002 compared to $1.8 million and $11.8 million, respectively, for the
same periods in 2001.

Under  the  modified  coinsurance  agreement  which  Golden  American  has  with
Equitable Life, disclosed in NOTE 5, Golden American received a total settlement
of $29.0  million and $57.7  million  pertaining  to the second  quarter and the
first six  months of 2002,  respectively  ($50.2  million  and  $160.9  million,
respectively,  for the same periods in 2001). The carrying value of the separate
account  liabilities  covered  under  this  agreement  represent  33.2% of total
separate account liabilities outstanding at June 30, 2002 (31.9% at December 31,
2001). Golden American remains liable to the extent Equitable Life does not meet
its obligations under the agreement.  The accompanying  financial statements are
presented net of the effects of the agreement.

INVESTMENT  COMMITMENTS:  At June 30, 2002 and December  31,  2001,  outstanding
commitments  to fund  mortgage  loans totaled  $123.0  million and $3.2 million,
respectively. The increase reflects the Company's current investment strategy in
response  to  market  conditions.  At June  30,  2002  and  December  31,  2001,
outstanding commitments to fund fixed maturities totaled $31.0 million and $22.0
million, respectively.

VULNERABILITY FROM CONCENTRATIONS: Golden American has various concentrations in
the investment  portfolio.  As of June 30, 2002, the Company had two investments
(other than bonds issued by agencies of the United States government)  exceeding
ten percent of stockholder's  equity. The Company's asset growth, net investment
income,  and  cash  flow are  primarily  generated  from  the  sale of  variable
insurance  products and associated  future policy benefits and separate  account
liabilities. Substantial changes in tax laws that would make these products less
attractive  to consumers  and extreme  fluctuations  in interest  rates or stock
market returns,  which may result in higher lapse experience than assumed, could
cause a severe  impact on the Company's  financial  condition.  The  SmartDesign
products were introduced during the second quarter of 2002 and generated 52% and
34% of the  Companies'  sales during the second quarter and the first six months
of 2002,  respectively.  The Premium Plus product  generated  16% and 20% of the
Companies'  sales  during the second  quarter  and the first six months of 2002,
respectively  (54% and 52%,  respectively,  in the same  periods  of 2001).  The
GoldenSelect  Guarantee  Annuity product generated 23% and 24% of the Companies'
sales during the second  quarter and the first six months of 2002,  respectively
(13% and 18%, respectively, in the same periods of 2001).

REVOLVING NOTE PAYABLE: To enhance short-term liquidity, the Company established
revolving  note payable with SunTrust  Bank,  Atlanta (the "Bank") which expires
July 30,  2003.  The note was  approved  by the  Board of  Directors  of  Golden
American  on August 5, 1998.  The amount the  Company  may have  outstanding  is
$75,000,000.  The note accrues interest at an annual rate equal to: (1) the cost
of funds for the Bank for the period  applicable  for the advance plus 0.225% or
(2) a rate quoted by the Bank to the Companies for the advance. The terms of the
agreement  require the Companies to maintain the minimum level of Company Action
Level Risk Based Capital as established  by applicable  state law or regulation.
During the second  quarters  ended June 30, 2002 and 2001, the Companies did not
incur interest expense.  During the six months ended June 30, 2002 and 2001, the
Companies incurred interest expense of $0 and $1,000, respectively.  At June 30,
2002 and December 31, 2001, the Companies had  borrowings of $0 and  $1,400,000,
respectively, under these agreements.

NOTE 7 -- COMPREHENSIVE INCOME

Comprehensive  income  includes  all changes in  stockholder's  equity  during a
period except those  resulting  from  investments  by and  distributions  to the
stockholder.  During the second quarters of 2002 and 2001,  total  comprehensive
income  (loss) for the  Companies  amounted to $(4.3)  million and $2.7 million,
respectively,  and $(13.9)  million and $17.4  million for the six months  ended
June 30, 2002 and 2001, respectively. Other comprehensive income (loss) excludes
net  investment  gains  (losses)  included in net income which merely  represent
transfers from  unrealized to realized gains and losses.  These amounts  totaled
$(0.3) million and $(0.9)  million during the second  quarters of 2002 and 2001,


                                       12
<PAGE>


respectively,  and $(2.4)  million and $(0.2)  million for the six months  ended
June 30, 2002 and 2001,  respectively.  Such  amounts,  which have been measured
through the date of sale, are net of income taxes and  adjustments for the value
of purchased  insurance in force and deferred policy  acquisition costs totaling
$(8.7)  million  and $1.7  million  for the  second  quarters  of 2002 and 2001,
respectively,  and $(22.4)  million and $(0.1)  million for the six months ended
June 30, 2002 and 2001, respectively.

NOTE 8 -- AMORTIZATION OF DEFERRED ACQUISITION COSTS AND
VALUE OF PURCHASED INSURANCE IN FORCE

The  company  amortizes  the  deferred  policy  acquisition  costs  and value of
purchased insurance in force on the annuity contracts in proportion to estimated
gross profits. The amortization is adjusted to reflect actual gross profits over
the life of the contracts (up to 30 years for annuity contracts).  The estimated
gross  profits  are  computed  based on  assumptions  related to the  underlying
contracts including, but not limited to, charges assessed against policyholders,
margins, lapse, persistency, expenses and asset growth rates.

The  Company's   current  estimated  gross  profits  include  certain  judgments
concerning charges assessed against policyholders,  margins, lapse, persistency,
expenses  and asset  growth that are based on a  combination  of actual  company
experience and historical  market experience of equity and fixed income returns.
Estimated  gross  profits are  adjusted  periodically  to take into  account the
actual  experience  to date and  changes in  assumptions  as regards the future.
Short-term variances of actual results from the judgments made by management can
impact quarter to quarter earnings.

NOTE 9 -- SUBSEQUENT EVENT:  RENEWAL OF REVOLVING NOTE PAYABLE

The Company's revolving note payable with SunTrust Bank, Atlanta,  expired as of
May 31,  2002.  On July 31,  2002,  the  Company  renewed  this  note with a new
expiration date of July 30, 2003.

ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.

The  purpose of this  section is to discuss  and analyze  Golden  American  Life
Insurance Company's ("Golden American" or the "Company") condensed  consolidated
results of  operations.  In addition,  some analysis and  information  regarding
financial  condition and liquidity and capital resources has also been provided.
This analysis should be read jointly with the condensed  consolidated  financial
statements,   the  related  notes,  and  the  Cautionary   Statement   Regarding
Forward-Looking  Statements,  which  appear  elsewhere  in this  report.  Golden
American  reports  financial  results on a  consolidated  basis.  The  condensed
consolidated  financial  statements,  through  December  31,  2001,  include the
accounts of Golden  American and its former  subsidiary,  First Golden  American
Life Insurance Company of New York ("First Golden," and collectively with Golden
American,  the  "Companies").  As of April 1,  2002,  First  Golden  was sold to
Reliastar Life Insurance Company ("Reliastar").


                                       13
<PAGE>

RESULTS OF OPERATIONS
---------------------
<TABLE>
<CAPTION>

PREMIUMS
                                                                Percentage            Dollar
Six Months ended June 30                           2002           Change              Change           2001
---------------------------------------------------------------------------------------------------------------
                                                                    (DOLLARS IN MILLIONS)
<S>                                                 <C>           <C>                  <C>             <C>
Variable annuity premiums:
   Separate account........................         $689.9        1,659.9%             $650.7          $39.2
   General account.........................          650.3           79.2               287.5          362.9
                                               ----------------------------------------------------------------
Total variable annuity premiums............        1,340.2          233.3               938.1          402.1
Fixed annuity premiums.....................        1,682.5          367.9             1,322.9          359.6
Variable life premiums.....................            0.5          (50.0)               (0.5)           1.0
                                               ----------------------------------------------------------------
Total premiums.............................       $3,023.2          296.4%           $2,260.5         $762.7
                                               ================================================================

</TABLE>

For the Companies'  variable and fixed insurance  contracts,  premiums collected
are not reported as revenues, but as deposits to insurance liabilities. Revenues
for these products are recognized over time in the form of investment spread and
product charges.

Variable annuity premiums net of reinsurance increased $938.1 million during the
first six months of 2002 as compared to the same period in 2001.  This  increase
is primarily due to the reduction of ceded  variable  annuity  separate  account
premiums  related to the modified  coinsurance  agreement  with  Equitable  Life
Insurance  Company of Iowa ("Equitable  Life" or the "Parent") from $1.2 billion
in the first six months of 2001 to $0.6 billion in the first six months of 2002.
Also contributing to the increase in variable annuity premiums were sales of new
variable  annuity products of $420.8 million during the first six months of 2002
compared to the same period in 2001, including SmartDesign ("SD") Advantage,  SD
Variable Annuity and Retirement Solutions-ING Rollover Choice. This increase was
partially  offset by a decrease  in sales of the  Premium  Plus  product for the
first six months of 2002 compared to the same period in 2001.

Fixed annuity  premiums net of  reinsurance  increased  $1.3 billion  during the
first six months of 2002 as  compared  to the same  period in 2001.  The sale of
GoldenSelect  Guarantee Annuity increased $506.3 million from $358.0 million for
the first six months of 2001 to $864.3  million for the same period in 2002. The
increase  is also due to the  sales of new  fixed  annuity  products  of  $818.2
million during the first six months of 2002 compared to the same period in 2001,
including SD Classic Flex, SD Classic Guarantee, and SD Multi-Rate Index.

Premiums,  net  of  reinsurance,   for  variable  products  from  a  significant
broker/dealer  having  at least  ten  percent  of total  sales for the first six
months of 2002 totaled $445.7 million (15% of total premiums), compared to $72.4
million  (10%) from a  significant  broker/dealer  for the same  period in 2001.
Gross premiums for variable products from a significant broker/dealer (having at
least ten  percent of total  sales)  for the first six  months in 2002,  totaled
$536.6 million (15%) of total gross  premiums  compared to $214.6 million (11%),
from a significant broker/dealer for the same period in 2001.

REVENUES
<TABLE>
<CAPTION>

                                                                               Percentage            Dollar
Six Months ended June 30                                           2002          Change              Change           2001
------------------------------------------------------------------------------------------------------------------------------
                                                                                   (DOLLARS IN MILLIONS)
<S>                                                                  <C>             <C>              <C>            <C>
Contract and other charges assessed against
  policyholders............................................          $95.3           22.7%            $17.6          $77.7
Management fee revenue.....................................           13.8           11.3               1.4           12.4
Net investment income......................................           74.3           73.6              31.5           42.8
Net realized capital losses................................          (24.8)       1,205.3             (22.9)          (1.9)
                                                               ---------------------------------------------------------------
                                                                    $158.6           21.1%            $27.6         $131.0
                                                               ===============================================================

                                       14
</TABLE>
<PAGE>

Total  revenues  increased  21.1% in the first six  months of 2002 from the same
period  in 2001.  Contract  and other  charges  assessed  against  policyholders
increased  $17.6  million or 22.7% in the first six months of 2002 from the same
period in 2001,  primarily due to additional fees earned from the higher average
level of assets in the variable separate accounts.

Golden American provides certain managerial and supervisory services to Directed
Services, Inc. ("DSI"), a wholly owned subsidiary of EIC. The fee paid to Golden
American for these  services,  which is  calculated  as a percentage  of average
assets in the variable  separate  accounts,  was $12.6 million and $11.5 million
for the first six months of 2002 and 2001,  respectively.  This increase was due
to increased average assets in the variable separate accounts.

Net investment  income  increased $31.5 million or 73.6% in the first six months
of 2002  from the same  period  in 2001.  This was due to a growth  in  invested
assets backing the general account fixed annuity products.

For the first six months of 2002, the Company had net realized capital losses on
investments of $24.8  million,  primarily due to capital losses of $17.8 million
from the sale of fixed  maturities.  The  Company  also had write  downs of $7.0
million from ten impaired fixed maturities.

EXPENSES

Total benefits and expenses increased 59.5%, or $66.3 million, to $177.7 million
in the first six  months  of 2002.  Interest  credited  and  other  benefits  to
policyholders  increased 28.7%, or $24.8 million, to $111.2 million in the first
six months of 2002.  This  increase  was largely due to higher  average  account
balances  associated  with  the  Company's  general  account  options.  This was
partially offset by lower premium credits on the Premium Plus product within the
variable  separate  accounts.  The premium  credit  payments  decreased  by $4.4
million due to a decrease  in variable  annuity  sales of the  separate  account
product.

Commissions increased $55.3 million to $163.9 million in the first six months of
2002  due to  increased  sales  of  the  general  account  options.  Changes  in
commissions are generally related to changes in the level and mix or composition
of fixed and variable product sales.  Most costs incurred as the result of sales
have been deferred, having little impact on current earnings.

General  expenses  increased  $13.8  million or 22.8% in the first six months of
2002. The Company uses a network of wholesalers to distribute products,  and the
salaries  and  sales  bonuses  of these  wholesalers  are  included  in  general
expenses.  The  portion of these  salaries  and  related  expenses  that  varies
directly  with  production  levels is  deferred,  thus having  little  impact on
current  earnings.   Contributing  to  the  increase  in  general  expenses  are
additional  salary and consulting  expenses,  as well as an increase in printing
costs  associated  with the  increase in  wholesalers  and the  introduction  of
SmartDesign  products  during  the first six  months in 2002.  The  increase  in
general  expenses  was  partially  offset by  reimbursements  received  from the
Company's  affiliates including DSI, Equitable Life, ING Mutual Funds Management
Co., LLC,  Security Life of Denver Insurance  Company,  Southland Life Insurance
Company,  and United Life & Annuity  Insurance  Company,  for certain  advisory,
computer, and other resources and services provided by the Company.

Policy acquisition costs deferred are offset in part by the expenses  reimbursed
under modified  coinsurance  agreements.  Policy acquisition costs deferred were
$156.5  million in the first six months of 2002, as compared to $24.9 million in
the same period of 2001.  The change in the amount of policy  acquisition  costs
deferred was mainly due to a decrease in the amount of deferred  costs that have
been offset due to modified  coinsurance  agreements  ($85.4  million and $160.8
million  for  the  first  six  months  of 2002  and  2001,  respectively).  Also
contributing  to the  change was the  increase  in direct  commissions  deferred
($160.6  million  and $104.7  million for the first six months of 2002 and 2001,
respectively).  Amortization  of  deferred  policy  acquisition  costs  ("DPAC")
increased  $2.7 million,  or 9.1%, in the first six months of 2002. The increase
in  the   amortization  was  primarily  due  to  a  downtown  of  equity  market
performance.


                                       15
<PAGE>

During  the  first  six  months of 2002 and  2001,  value of  business  acquired
("VOBA")  was  adjusted  to increase  amortization  by  $356,000  and  $245,000,
respectively,  to reflect  changes in the  assumptions  related to the timing of
estimated gross profits.  Based on current  conditions and assumptions as to the
impact of future events on acquired policies in force, the expected  approximate
net  amortization  relating to VOBA as of June 30, 2002 is $3.3  million for the
remainder of 2002,  $2.6 million in 2003,  $2.3 million in 2004, $1.9 million in
2005, $1.4 million in 2006, and $1.3 million in 2007.  Actual  amortization  may
vary based upon changes in assumptions and experience.

Expenses and charges reimbursed under modified coinsurance  agreements decreased
by $105.4  million  to $57.3  million  during  the  first six  months in 2002 as
compared to the same period in 2001.  This  reimbursement  is primarily due to a
modified  coinsurance  agreement,  with  Equitable  Life covering a considerable
portion of Golden  American's  variable  annuities issued after January 1, 2000,
excluding  those  with  an  interest  rate  guarantee.  Under  this  reinsurance
agreement,  $57.7  million and $160.9 in expenses  and charges  were  reimbursed
during the first six months of 2002 and 2001,  respectively.  This reimbursement
offset deferred policy  acquisition  costs and  non-deferrable  costs related to
policies reinsured under this agreement.

INCOME

Net loss for the first six months of 2002 was $12.7 million, a decrease from net
income of $12.1 million for the same period in 2001.  The decrease in net income
is  primarily  due to the downturn of the equity  market  related to the sale of
investments and the increase in DPAC  amortization.  Comprehensive  loss for the
first six months of 2002 was $13.9  million and  comprehensive  income was $17.4
million for the same period in 2001. This decrease was mainly due to the decline
in net income during the first six months of 2002 as compared to 2001.

The net loss for Golden  American as  determined in  accordance  with  statutory
accounting  practices  was  $127.8  million  and $55.0  million in the first six
months of 2002 and 2001, respectively. The increase in statutory loss during the
first six months of 2002 was mainly due to increased  reserve  change  resulting
from  negative  equity  market  returns  during  the first six months of 2002 as
compared to the same period in 2001.

Total  statutory  capital and  surplus  was $362.6  million at June 30, 2002 and
$451.6  million at December 31, 2001.  The decrease was primarily  caused by the
increase in the statutory losses.

FINANCIAL CONDITION
-------------------

INVESTMENTS

The  financial  statement  carrying  value  and  amortized  cost  basis  of  the
Companies' total  investments  increased 77.9% and 77.7%,  respectively,  in the
first six months of 2002. All of the Companies' investments, other than mortgage
loans on real  estate,  are  carried  at fair value in the  Company's  financial
statements.  The increase in the  carrying  value of the  Companies'  investment
portfolio  was  mainly  due to net  purchases.  Growth in the cost  basis of the
Companies'  investment  portfolio  resulted from the investment of premiums from
sales of the  general  account.  The  Company  manages  the growth of  insurance
operations in order to maintain  adequate capital ratios. To support the general
account  options of the  Company's  insurance  products,  cash flow was invested
primarily in fixed maturities and mortgage loans on real estate.

The Company's  investments  had an average  yield of 6.1% at June 30, 2002.  The
Company estimates the total investment portfolio,  excluding policy loans, had a
fair value  approximately  equal to 101.0% of  amortized  cost value at June 30,
2002.

FIXED  MATURITIES:  At June 30, 2002, the Company had fixed  maturities  with an
amortized  cost  and an  estimated  fair  value  of $3.7  billion.  The  Company
classifies 100% of securities as available for sale. Net unrealized appreciation
of fixed  maturities  of $29.3 million was  comprised of gross  appreciation  of
$61.7 million and gross  depreciation of $32.4 million.  Net unrealized  holding
gains on these securities of $3.5 million were included in stockholder's  equity


                                       16
<PAGE>


at June 30, 2002 (net of  adjustments  for VOBA of $1.8  million,  DPAC of $22.1
million, and deferred income taxes of $1.9 million).

The  individual  securities  in the  Company's  fixed  maturities  portfolio (at
amortized cost) include  investment grade securities,  which include  securities
issued by the U.S. government,  its agencies, and corporations that are rated at
least A- by Standard & Poor's  ($2.1  billion or 58.6%),  that are rated BBB+ to
BBB- by Standard & Poor's ($957.1 million or 26.2%),  and below investment grade
securities,  which are securities  issued by corporations that are rated BB+ and
lower by  Standard & Poor's  ($93.0  million or 2.6%).  Securities  not rated by
Standard & Poor's had a National Association of Insurance Commissioners ("NAIC")
rating of 1, 2, 3, 4, or 5 (totaling $459.0 million or 12.6%),  with 1 being the
highest  rating,  and  investments  with  a  rating  of  6 on  which  impairment
writedowns  have been  recognized  ($0.2  million or 0%).  The  Company's  fixed
maturity investment  portfolio had a combined yield at amortized cost of 6.3% on
June 30, 2002.

Fixed  maturities rated BBB+ to BBB- may have  speculative  characteristics  and
changes in economic conditions or other circumstances are more likely to lead to
a weakened  capacity of the issuer to make principal and interest  payments than
is the case with higher rated fixed maturities.

At June 30, 2002, the amortized cost value of the Company's total  investment in
below investment grade securities,  excluding  mortgage-backed  securities,  was
$85.6  million,  or 2.1%, of the  Company's  investment  portfolio.  The Company
intends to purchase  additional below investment grade securities,  but does not
expect the percentage of the portfolio invested in such securities to exceed 10%
of the  investment  portfolio.  At June 30, 2002, the average yield at amortized
cost on the Company's below investment grade portfolio was 8.3% compared to 6.6%
for the  Company's  investment  grade  corporate  bond  portfolio.  The  Company
estimates  the fair  value of the below  investment  grade  portfolio  was $82.6
million, or 96.5% of amortized cost value, at June 30, 2002.

Below investment grade securities have different characteristics than investment
grade  corporate debt  securities.  Risk of loss upon default by the borrower is
significantly  greater with respect to below  investment  grade  securities than
with other corporate debt  securities.  Below  investment  grade  securities are
generally unsecured and are often subordinated to other creditors of the issuer.
Also, issuers of below investment grade securities usually have higher levels of
debt and are more sensitive to adverse economic conditions, such as recession or
increasing  interest  rates,  than are  investment  grade  issuers.  The Company
attempts to reduce the overall risk in the below investment grade portfolio,  as
in all investments,  through careful credit analysis,  strict  investment policy
guidelines, and diversification by issuer and/or guarantor and by industry.

The Company analyzes the investment portfolio,  including below investment grade
securities, at least quarterly in order to determine if the Company's ability to
realize the carrying value on any  investment  has been  impaired.  For debt and
equity  securities,  if  impairment  in value  is  determined  to be other  than
temporary  (i.e.,  if it is probable  the Company  will be unable to collect all
amounts due according to the contractual terms of the security),  the cost basis
of the impaired  security is written down to fair value,  which  becomes the new
cost basis.  The amount of the  write-down is included in earnings as a realized
loss.  Future  events may occur,  or additional  or updated  information  may be
received,  which  may  necessitate  future  write-downs  of  securities  in  the
Company's   portfolio.   Significant   write-downs  in  the  carrying  value  of
investments could materially adversely affect the Company's net income in future
periods.

During the first six months of 2002,  fixed  maturities  designated as available
for sale with a combined  amortized cost of $3.1 billion were sold,  called,  or
repaid by their issuers.  In total,  net pre-tax losses from sales,  calls,  and
repayments of fixed  maturities  amounted to $17.8 million  during the first six
months of 2002.

During  the  first six  months  of 2002,  Golden  American  determined  that ten
impaired fixed maturity investments had other than temporary impairments and are
currently in default.  As a result,  during the first six months of 2002, Golden
American recognized a total pre-tax loss of approximately $7.0 million to reduce
the  carrying  value of all impaired  fixed  maturity  investments  to their net
realizable value of $6.9 million.


                                       17
<PAGE>


EQUITY SECURITIES:  Equity securities represent 0.5% of the Company's investment
portfolio.  At June 30, 2002, the Company owned equity securities with a cost of
$22.6  million and an  estimated  fair value of $21.2  million.  Net  unrealized
appreciation of equity securities was comprised  entirely of gross  depreciation
of $1.4  million.  During the  second  quarter of 2002,  the  Company  purchased
additional equity  securities at a cost of $22.5 million.  Equity securities are
primarily  comprised of investments in shares of the mutual funds underlying the
Companies' registered separate accounts.

MORTGAGE LOANS ON REAL ESTATE:  Mortgage loans on real estate  represent 6.2% of
the Company's investment portfolio. Mortgages outstanding at amortized cost were
$246.4 million at June 30, 2002 with an estimated fair value of $257.6  million.
The Company's  mortgage loan portfolio includes 89 loans with an average size of
$2.8 million.  The Company's mortgage loans on real estate are typically secured
by occupied  buildings in major  metropolitan  locations and are  diversified by
type of property and geographic location.

At June 30, 2002, no mortgage  loan on real estate was  delinquent by 90 days or
more.  The Company's  loan  investment  strategy is  consistent  with other life
insurance  subsidiaries  of ING Groep N.V.  ("ING") in the  United  States.  The
Company has  experienced a historically  low default rate in their mortgage loan
portfolios.

OTHER ASSETS

Reinsurance  recoverables increased $76.6 million during the first six months of
2002, due largely to an increase of $60.0 million in  reinsurance  reserves from
an intercompany  reinsurance agreement between Golden American and Security Life
of Denver  International  Limited  ("SLDI").  On December  28,  2000,  effective
January 1, 2000, Golden American entered into a reinsurance agreement with SLDI,
an affiliate,  covering  variable annuity minimum  guaranteed death benefits and
minimum  guaranteed  living benefits.  Negative equity market returns during the
first six months of 2002 led to the increase in the  reinsurance  reserves under
this agreement.

Amounts due from  affiliates were $37.2 million and $20,000 at June 30, 2002 and
December 31, 2001, respectively.  At June 30, 2002, the Company had a receivable
of  $28.9  million  from  Equitable  Life  related  to the  timing  of the  cash
settlement for the modified coinsurance agreement.

Accrued investment income increased $26.3 million during the first six months of
2002, due to an increase in investments in fixed maturities during the first six
months of 2002,  which  lead to an  increase  in  investment  income  from fixed
maturities.

DPAC  represents  certain  deferred  costs  of  acquiring   insurance  business,
principally  first year commissions and interest bonuses,  premium credits,  and
other expenses  related to the  production of business.  Any expenses which vary
directly  with the sales of the Company's  products are deferred and  amortized.
VOBA is amortized  into income in proportion to the expected gross profits of in
force acquired  business in a manner similar to DPAC  amortization.  At June 30,
2002,  the  Company  had DPAC and VOBA  balances  of  $812.8  million  and $18.5
million,  respectively,  as compared to DPAC and VOBA balances of $709.0 million
and $20.2  million,  respectively,  at December 31,  2001.  During the first six
months of 2002, additional policy acquisition costs were deferred due to a lower
reimbursement  of  expenses  under  the  modified  coinsurance  agreements.  See
Liquidity and Capital Resources for further  information  regarding the modified
coinsurance agreements.

At June 30,  2002,  the Company had $10.9  billion of  separate  account  assets
compared to $11.0 billion at December 31, 2001. The decrease in separate account
assets resulted from negative  equity market returns,  partly offset by sales of
the  Company's   variable  annuity  products,   net  of  redemptions,   and  net
policyholder  transfers to the separate  account  options from the fixed account
options within the variable products.

At June 30,  2002,  the  Company  had  total  assets of $16.4  billion,  a 14.4%
increase from December 31, 2001.


                                       18
<PAGE>


LIABILITIES

Future policy  benefits  increased $1.8 billion to $4.0 billion at June 30, 2002
reflecting net sales of the Companies' general account options, net of transfers
to the separate account.

Separate  account  liabilities  decreased $65.0 million to $10.9 billion at June
30, 2002. Net  contributions  to the separate account were more than offset by a
decrease in separate account  liabilities  resulting from negative equity market
returns.

On June 28, 2002, Golden American prepaid the principal amount of a $50 million,
8.179% note to Equitable Life,  issued on December 30, 1999, which was to mature
on December  29,  2029.  On June 28,  2002,  Golden  American  also  prepaid the
principal  amount of a $25 million,  8.25% note to  Equitable of Iowa  Companies
("Equitable"),  issued on December 17, 1996, which was to mature on December 17,
2026. As a result of the merger of Equitable into  Equitable of Iowa  Companies,
Inc.  ("EIC"),  the note was payable to EIC.  Approval for these prepayments was
obtained from the Insurance Department of the State of Delaware.

On December 8, 1999, Golden American issued a $35 million,  7.979% note to First
Columbine Life  Insurance  Company,  an affiliate,  which matures on December 7,
2029. On September 30, 1999, Golden American issued a $75 million, 7.75% note to
ING America Insurance Holdings, Inc. ("ING AIH"), which matures on September 29,
2029.  On December 30, 1999,  ING AIH  assigned the note to Equitable  Life.  On
December 30, 1998, Golden American issued a $60 million, 7.25% note to Equitable
Life, which matures on December 29, 2028.

Amounts due to  affiliates  decreased  by $16.4  million  from $25.1  million at
December 31, 2001 to $8.7 million at June 30, 2002, mainly due to the settlement
of a payable to Equitable Life related to the modified coinsurance agreement.

Other deposits  increased  $85.7 million from $14.4 million at December 31, 2001
to $100.1  million  at June 30,  2002,  mainly  due to the  timing and volume of
policyholder account transfers for the first six months of 2002.

In total,  other  liabilities  increased  $174.8  million from $110.9 million at
December 31, 2001 to $285.7 at June 30, 2002.  This is mainly due to an increase
in dollar roll obligations related to investing activities.  In addition,  there
is an increased payable for securities purchased due to the timing of investment
purchases.

In  conjunction  with the  volume of  variable  and fixed  annuity  sales in the
general  account,  the Company's total  liabilities  increased $2.0 billion,  or
14.5%, during the first six months of 2002 and totaled $15.5 billion at June 30,
2002.

The  effects  of  inflation  and  changing  prices on the  Companies'  financial
position  are not  material  since  insurance  assets and  liabilities  are both
primarily monetary and remain in balance. An effect of inflation, which has been
low in recent years, is a decline in  stockholder's  equity when monetary assets
exceed monetary liabilities.

STOCKHOLDER'S EQUITY

Additional  paid-in capital  increased  $122.0 million from December 31, 2001 to
$902.4  million at June 30,  2002,  due  primarily to capital  contributions  of
$125.0 million from EIC.

LIQUIDITY AND CAPITAL RESOURCES
-------------------------------

Liquidity is the ability of the Companies to generate  sufficient  cash flows to
meet the cash requirements of operating,  investing,  and financing  activities.
The  Company's  principal  sources of cash are  variable  annuity  premiums  and
product charges,  investment income,  maturing  investments,  proceeds from debt
issuance, and capital contributions. Primary uses of these funds are payments of
commissions and operating  expenses,  interest and premium  credits,  investment
purchases, repayment of debt, as well as withdrawals and surrenders.


                                       19
<PAGE>


Net cash provided by operating  activities  was $120.7  million in the first six
months of 2002 compared to $165.0  million in the same period of 2001.  The main
reason for the decrease in cash provided from operating  activities was due to a
reduction in the amount of expenses  reimbursed  under the modified  coinsurance
agreements of $103.2 million in the first six months of 2002. In addition, there
was a decrease in cash due to a larger amount of accrued investment income.

Net cash used in  investing  activities  was $1.8  billion  during the first six
months of 2002 as compared to $0.5  billion  million in the same period in 2001.
This  increase in the net cash used in investing  activities is primarily due to
increased net purchases of fixed maturities during the first six months of 2002.
Net purchases of fixed  maturities  reached $1.7 billion in the first six months
of 2002 versus net  purchases  of $0.4  billion in the first six months of 2001.
These  investment  purchases  were  mainly  due to an  increase  in sales of the
Company's general account options.

Net cash provided by financing  activities was $1.8 billion during the first six
months of 2002 as  compared  to $0.3  billion  during  the same  period in 2001.
During the first six months of 2002,  net cash provided by financing  activities
was positively impacted by net general account deposits of $2.3 billion compared
to $0.7 billion in the same period of 2001 primarily due to the  introduction of
new variable and fixed annuity products.  Offsetting these increases, during the
first six  months of 2002,  were net  reallocations  to the  Company's  separate
account,  which  increased to $584.2 million from $362.6 million during the same
period  in  2001.  Finally,  there  was an  increase  in  cash  from  a  capital
contribution  from  parent of $125.0  million,  partly  offset by a $75  million
prepayment of notes payable with affiliates.

The Company's  liquidity  position is managed by maintaining  adequate levels of
liquid assets,  such as cash or cash  equivalents  and  short-term  investments.
Additional sources of liquidity include borrowing  facilities to meet short-term
cash  requirements.  Golden American  maintains a $65.0 million  reciprocal loan
agreement  with  ING AIH,  and the  Company  has  established  an $75.0  million
revolving  note  facility  with  SunTrust  Bank which  expires on July 30, 2003.
Management  believes  that these  sources of liquidity  are adequate to meet the
Companies' short-term cash obligations.

Based on current  trends,  the  Company  expects to  continue to use net cash in
operating  activities,  given the  continued  growth  of  annuity  sales.  It is
anticipated that a continuation of capital  contributions  from its Parent,  the
issuance of additional  surplus  notes,  and/or the use of modified  coinsurance
agreements  will cover  these net cash  outflows.  ING AIH is  committed  to the
sustained  growth of Golden  American.  During 2002,  ING AIH  maintains  Golden
American's  statutory  capital and surplus at the end of each quarter at a level
such that:  1) the ratio of Total  Adjusted  Capital  divided by Company  Action
Level Risk Based Capital  exceeds 300%; 2) the ratio of Total  Adjusted  Capital
(excluding  surplus  notes)  divided by Company  Action Level Risk Based Capital
exceeds 200%; and 3) Golden American's statutory capital and surplus exceeds the
"Amounts Accrued for Expense Allowances  Recognized in Reserves" as disclosed on
page 3, Line 13 of Golden American's statutory statement.

Golden  American  occupies  125,000 square feet of leased space in West Chester,
Pennsylvania.

The ability of Golden  American to pay  dividends  to the Parent is  restricted.
Prior  approval of insurance  regulatory  authorities is required for payment of
dividends to the stockholder  which exceed an annual limit.  During 2002, Golden
American  cannot pay  dividends to  Equitable  Life  without  prior  approval of
statutory authorities.

The NAIC's  risk-based  capital  requirements  require  insurance  companies  to
calculate  and report  information  under a risk-based  capital  formula.  These
requirements  are  intended  to  allow  insurance   regulators  to  monitor  the
capitalization  of insurance  companies based upon the type and mixture of risks
inherent in a Company's  operations.  The formula includes  components for asset
risk, liability risk, interest rate exposure, and other factors. The Company has
complied with the NAIC's  risk-based  capital  reporting  requirements.  Amounts
reported indicate that the Company has total adjusted capital above all required
capital levels.


                                       20
<PAGE>


REINSURANCE:  At June 30, 2002,  Golden American had  reinsurance  treaties with
four  unaffiliated   reinsurers  and  three  affiliated  reinsurers  covering  a
significant  portion  of the  mortality  risks and  guaranteed  death and living
benefits under its variable  contracts.  Golden  American  remains liable to the
extent  its  reinsurers  do not meet  their  obligations  under the  reinsurance
agreements.

On June 30, 2000,  effective  January 1, 2000,  Golden  American  entered into a
modified  coinsurance  agreement  with  Equitable  Life covering a  considerable
portion of Golden  American's  variable  annuities issued after January 1, 2000,
excluding those with an interest rate guarantee.

On December 28, 2000, Golden American entered into a reinsurance  agreement with
SLDI, an affiliate,  covering variable annuity minimum guaranteed death benefits
and  minimum  guaranteed  living  benefits of variable  annuities  issued  after
January 1, 2000.  Golden American also obtained an irrevocable  letter of credit
was obtained  through  Bank of New York in the amount of $25 million  related to

this  agreement.  Effective  March 29,  2002,  the  letter of credit  amount was
revised to $75 million.  On June 30, 2002, another  irrevocable letter of credit
was obtained  through  Bayerische  Hypo- und Vereinsbank AG in the amount of $50
million related to this agreement.

MARKET RISK AND RISK MANAGEMENT
-------------------------------

Asset/liability  management  is  integrated  into many aspects of the  Company's
operations,  including investment decisions,  product development, and crediting
rates determination.  As part of the risk management process, different economic
scenarios  are  modeled,  including  cash flow testing  required  for  insurance
regulatory  purposes,  to determine  that  existing  assets are adequate to meet
projected  liability cash flows.  Key variables in the modeling  process include
anticipated contractholder behavior, and variable separate account performance.

Contractholders  bear the majority of the  investment  risks related to variable
insurance  products.  The Company's  products also provide certain minimum death
and  guaranteed  living  benefits;  the Company's  liabilities  related to these
benefits  which  depend  in part on the  performance  of the  variable  separate
accounts.  Currently,  the  majority  of death  and  living  benefit  risks  are
reinsured,  which protects the Company's from adverse  mortality  experience and
prolonged capital market decline.

A surrender,  partial withdrawal,  transfer,  or annuitization made prior to the
end of a guarantee  period under a fixed  account or product may be subject to a
market value adjustment. As the majority of the liabilities in the fixed account
are subject to market  value  adjustment,  the Company  does not face a material
amount of market risk volatility. The fixed account liabilities are supported by
a portfolio  principally  composed of fixed rate  investments  that can generate
predictable,  steady rates of return. The portfolio  management strategy for the
fixed account  considers the assets available for sale. This enables the Company
to respond to changes in market  interest  rates,  changes in  prepayment  risk,
changes in relative values of asset sectors and individual securities and loans,
changes in credit quality outlook,  and other relevant factors. The objective of
portfolio  management is to maximize returns,  taking into account interest rate
and  credit  risk,  as  well  as  other  risks.  The  Company's  asset/liability
management  discipline  includes  strategies  to  minimize  exposure  to loss as
interest rates and economic and market conditions change.

On the  basis of these  analyses,  management  believes  there is  currently  no
material  solvency  risk to the  Company.  With  respect to a 10% drop in equity
values  from  year end 2001  levels,  variable  separate  account  funds,  which
represent  74% of the Company's in force  business,  pass the risk in underlying
fund  performance to the  contractholder  (except for certain  minimum  benefits
guarantees, described above). With respect to interest rate movements up or down
100 basis points from June 30, 2002 levels,  the  remaining  26% of the in force
are fixed account funds,  and almost all of these have market value  adjustments
which provide significant  protection to the Company against changes in interest
rates.


                                       21
<PAGE>


CRITICAL ACCOUNTING POLICIES
----------------------------

The preparation of financial statements in conformity with accounting principles
generally  accepted  in the United  States  requires  the use of  estimates  and
assumptions  in  certain  circumstances  that  affect  amounts  reported  in the
accompanying  condensed consolidated financial statements and related footnotes.
These  estimates and  assumptions  are  evaluated on an on-going  basis based on
historical   developments,   market   conditions,   industry  trends  and  other
information we believe to be reasonable under the circumstances. There can be no
assurance that actual results will conform to our estimates and assumptions, and
that reported results of operations will not be materially adversely affected by
the need to make  accounting  adjustments to reflect  changes in these estimates
and assumptions from time to time. Item 7 of Golden  American's Annual Report on
Form 10K discusses  several  critical  accounting  policies which we believe are
most  sensitive  to  estimates  and  judgments  and  involve a higher  degree of
judgment and complexity. There have been no material changes to that information
during the first six months of 2002.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
---------------------------------------------------------

Any  forward-looking  statement contained herein or in any other oral or written
statement  by the Company or any of its  officers,  directors,  or  employees is
qualified by the fact that actual  results of the Company may differ  materially
from such  statement,  among  other  risks  and  uncertainties  inherent  in the
Company's business, due to the following important factors:

1.   Prevailing  interest rate levels and equity  performance,  which may affect
     the  ability of the  Company  to sell its  products,  the market  value and
     liquidity of the Company's investments,  fee revenue, and the lapse rate of
     the Company's products, notwithstanding product design features intended to
     enhance persistency of the Company's products.

2.   Changes in the federal income tax laws and  regulations,  which benefit the
     tax  treatment  of  investments  that  compete  with  annuity  products for
     retirement  savings may adversely affect the tax treatment of the Company's
     products and benefits thereunder.

3.   Changes  in the  regulation  of  financial  services,  including  potential
     federal regulation of insurance,  bank sales, and underwriting of insurance
     products,  which may affect the  competitive  environment for the Company's
     products.

4.   Increasing  competition  from  other  market  participants  for the sale of
     annuity products.

5.   Other factors that could affect the performance of the Company,  including,
     but not limited to, market  conduct claims against the Company and/or firms
     selling the Company's product, litigation, insurance industry insolvencies,
     availability  of  competitive  reinsurance  on  new  business,   investment
     performance of the underlying portfolios of the variable products, variable
     product  design,  and sales volume by significant  sellers of the Company's
     variable products.

PART II. OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.

(a) Exhibits

A list of  exhibits  included as part of this report is set forth in the Exhibit
Index which  immediately  precedes such exhibits and is hereby  incorporated  by
reference herein.

(b) Reports on Form 8-K

None during the first six months ended June 30, 2002.


                                       22
<PAGE>


                                   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.



DATE:   August 12, 2002        GOLDEN AMERICAN LIFE INSURANCE COMPANY





                               By/s/     Chris D. Schreier
                                     ------------------------------------------
                               Chris D. Schreier
                               Chief Financial Officer and Director
                               (Principal Financial Officer)
                               (Duly Authorized Officer)






                                       23
<PAGE>
<TABLE>
<CAPTION>


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                  Six months ended June 30, 2002
                                               GOLDEN AMERICAN LIFE INSURANCE COMPANY

                                                                                                                    Page Number
                                                                                                                    -----------
<S>                                                                                                                          <C>
2        PLAN OF ACQUISITION
           (a)     Stock Purchase Agreement dated as of May 3, 1996, between Equitable of Iowa
                   Companies ("Equitable") and Whitewood Properties Corp. (incorporated by reference from
                   Exhibit 2 in Equitable's Form 8-K filed August 28, 1996).............................................     __

           (b)     Agreement and Plan of Merger dated as of July 7, 1997, among ING Groep N.V.,
                   PFHI Holdings, Inc., and Equitable (incorporated by reference from Exhibit 2 in Equitable's
                   Form 8-K filed July 11, 1997)........................................................................     __

3        ARTICLES OF INCORPORATION AND BY-LAWS
           (a)     Articles of Incorporation of Golden American Life Insurance Company ("Registrant"
                   or "Golden American") (incorporated by reference from Exhibit 3(a) to Registrant's
                   Registration Statement on Form S-1 filed with the Securities and Exchange Commission
                   (the "SEC") on June 30, 2000 (File No. 333-40596))...................................................     __

           (b)(i)  By-laws of Golden American (incorporated by reference from Exhibit 3(b)(i) to Registrant's
                   Registration Statement on Form S-1 filed with the SEC on June 30, 2000
                   (File No. 333-40596))................................................................................     __

              (ii) By-laws of Golden American, as amended (incorporated by reference from Exhibit 3(b)(ii)
                   to the Registrant's Registration Statement on Form S-1 filed with the SEC on
                   June 30, 2000 (File No. 333-40596))..................................................................     __

              (iii)Certificate of Amendment of the By-laws of MB Variable Life Insurance Company, as
                   amended (incorporated by reference from Exhibit 3(b)(iii) to Registrant's Registration
                   Statement on Form S-1 filed with the SEC on June 30, 2000 (File No. 333-40596))......................     __

              (iv) By-laws of Golden American, as amended (12/21/93) (incorporated by reference
                   from Exhibit 3(b)(iv) to Registrant's Registration Statement on Form S-1 filed with the
                   SEC on June 30, 2000 (File No. 333-40596))...........................................................     __

4         INSTRUMENTS DEFINING THE RIGHTS OF SECURITY HOLDERS, INCLUDING INDENTURES
           (a)     Individual Deferred Combination Variable and Fixed Annuity Contract (incorporated
                   by reference from Exhibit 4(a) to Amendment No. 5 of Registrant's Registration
                   Statement on Form S-1 filed with the SEC on or about April 23, 1999
                   (File No. 333-51353))................................................................................     __

           (b)     Discretionary Group Deferred Combination Variable Annuity Contract (incorporated
                   by reference from Exhibit 4(b) to Amendment No. 5 of Registrant's Registration
                   Statement on Form S-1 filed with the SEC on or about April 23, 1999
                   (File No. 333-51353))................................................................................     __


                                                                 24
</TABLE>
<PAGE>
<TABLE>
<CAPTION>


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                  Six months ended June 30, 2002
                                               GOLDEN AMERICAN LIFE INSURANCE COMPANY

                                                                                                                    Page Number
                                                                                                                    -----------
<S>                                                                                                                          <C>

          (c)      Individual Deferred Variable Annuity Contract (incorporated by reference from
                   Exhibit 4(c) to Amendment No. 5 of Registrant's Registration Statement on
                   Form S-1 filed with the SEC on or about December 3, 1999 (File No. 333-51353)).......................     __

          (d)      Individual Deferred Combination Variable and Fixed Annuity Application
                   (incorporated by reference from Exhibit 4(g) to Amendment No. 6 of Registrant's
                   Registration Statement on Form S-1 filed with the SEC on or about December 3, 1999
                   (File No. 333-51353))................................................................................     __

          (e)      Group Deferred Combination Variable and Fixed Annuity Enrollment Form
                   (incorporated by reference from Exhibit 4(h) to Amendment No. 6 of Registrant's
                   Registration Statement on Form S-1 filed with the SEC on or about December 3, 1999
                   (File No. 333-51353))................................................................................     __

          (f)      Individual Deferred Variable Annuity Application (incorporated by reference
                   from Exhibit 4(i) to Amendment No. 6 of Registrant's Registration Statement
                   on Form S-1 filed with the SEC on or about December 3, 1999 (File No. 333-51353))....................     __

          (g)      Individual Retirement Annuity Rider Page (incorporated by reference from Exhibit 4(d) to
                   Registrant's Registration Statement on Form S-1 filed with the SEC on June 30, 2000
                   (File No. 333-40596))................................................................................     __

          (h)      ROTH Individual Retirement Annuity Rider (incorporated by reference from Exhibit 4(g) to
                   Registrant's Registration Statement on Form S-1 filed with the SEC on June 30, 2000
                   (File No. 333-40596))................................................................................     __

          (i)      Minimum Guaranteed Accumulation Benefit Rider (REV) (incorporated by reference from
                   Exhibit 4(k) to Amendment No. 3 to a Registration Statement on Form S-1 filed with the
                   SEC on April 23, 2001 (File No. 333-35592))..........................................................     __

          (j)      Minimum Guaranteed Income Benefit Rider (REV) (incorporated by reference from Exhibit
                   4(l) to Amendment No. 3 to a Registration Statement on Form S-1 filed with the SEC on
                   April 23, 2001 (File No. 333-35592)).................................................................     __

          (k)      Minimum Guaranteed Withdrawal Benefit Rider (REV) (incorporated by reference from
                   Exhibit 4(m) to Amendment No. 3 to a Registration Statement on Form S-1 filed with the
                   SEC on April 23, 2001 (File No. 333-35592))..........................................................     __

          (l)      Living Benefit Rider Endorsement (incorporated by reference from Exhibit 4(n) to
                   Amendment No. 3 to a Registration Statement on Form S-1 filed with the SEC on
                   April 23, 2001 (File No. 333-35592)).................................................................     __


                                                                 25
</TABLE>
<PAGE>
<TABLE>
<CAPTION>


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                  Six months ended June 30, 2002
                                               GOLDEN AMERICAN LIFE INSURANCE COMPANY

                                                                                                                    Page Number
                                                                                                                    -----------
<S>                                                                                                                          <C>

          (m)      Death Benefit Endorsement Number 1 describing the 7% Solution Enhanced Death
                   Benefit (REV) (incorporated by reference from Exhibit 4(o) to Amendment No. 3 to a
                   Registration Statement on Form S-1 filed with the SEC on April 23, 2001
                   (File No. 333-35592))................................................................................     __

          (n)      Death Benefit Endorsement Number 2 describing the Annual Ratchet Enhanced
                   Death Benefit (REV) (incorporated by reference from Exhibit 4(p) to Amendment No. 3
                   to a Registration Statement on Form S-1 filed with the SEC on April 23, 2001
                   (File No. 333-35592))................................................................................     __

          (o)      Death Benefit Endorsement Number 3 describing the Standard Death Benefit (REV)
                   (incorporated by reference from Exhibit 4(q) to Amendment No. 3 to a Registration
                   Statement on Form S-1 filed with the SEC on April 23, 2001 (File No. 333-35592)).....................     __

          (p)      Death Benefit Endorsement Number 4 describing the Max 7 Enhanced Death Benefit (REV)
                   (incorporated by reference from Exhibit 4(r) to Amendment No. 3 to a Registration
                   Statement on Form S-1 filed with the SEC on April 23, 2001 (File No. 333-35592)).....................     __

          (q)      Death Benefit Endorsement Number 5 (Base Death Benefit) (incorporated by reference
                   from Exhibit 4(s) to Amendment No. 3 to a Registration Statement on Form S-1 filed with
                   the SEC on April 23, 2001 (File No. 333-35592)) .....................................................     __

          (r)      Death Benefit Endorsement Number 6 (Inforce Contracts) (incorporated by reference from
                   Exhibit 4(t) to Amendment No. 3 to a Registration Statement on Form S-1 filed with the
                   SEC on April 23, 2001 (File No. 333-35592)) .........................................................     __

          (s)      Individual Deferred Variable and Fixed Annuity Contract (incorporated by
                   reference from Exhibit 4(a) to Amendment No. 6 to Registrant's Registration
                   Statement filed with the SEC on or about December 3, 1999 (File No. 333-28765))......................     __

          (t)      Group Deferred Variable and Fixed Annuity Contract Individual Deferred Variable
                   and Fixed Annuity Contract (incorporated by reference from Exhibit 4(b) to Amendment
                   No. 6 to Registrant's Registration Statement filed with the SEC on or about December 3,
                   1999 (File No. 333-28765))...........................................................................     __

          (u)      Individual Deferred Variable Annuity Contract (incorporated by reference from
                   Exhibit 4(c) to Amendment No. 6 to Registrant's Registration Statement filed with
                   the SEC on or about December 3, 1999 (File No. 333-28765))...........................................     __

          (v)      Individual Deferred Variable and Fixed Annuity Contract (incorporated by reference
                   from Exhibit 4(a) to a Registration Statement for Golden American filed with the SEC
                   on or about April 23, 1999 (File No. 333-76941)).....................................................     __

          (w)      Group Deferred Variable and Fixed Annuity Contract Individual Deferred Variable
                   and Fixed Annuity Contract (incorporated by reference from Exhibit 4(b) to a Registration
                   Statement for Golden American filed with the SEC on or about April 23, 1999
                   (File No. 333-76941))................................................................................     __


                                                                 26
</TABLE>
<PAGE>
<TABLE>
<CAPTION>


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                  Six months ended June 30, 2002
                                               GOLDEN AMERICAN LIFE INSURANCE COMPANY

                                                                                                                    Page Number
                                                                                                                    -----------
<S>                                                                                                                          <C>

          (x)      Individual Deferred Variable Annuity Contract (incorporated by reference from
                   Exhibit 4(c) to a Registration Statement for Golden American filed with the SEC
                   on or about April 23, 1999 (File No. 333-76941)).....................................................     __

          (y)      Individual Deferred Variable and Fixed Annuity Contract (incorporated by reference
                   from Exhibit 4(a) to a Registration Statement for Golden American filed with the SEC
                   on or about April 23, 1999 (File No. 333-76945)).....................................................     __

          (z)      Group Deferred Variable and Fixed Annuity Contract Individual Deferred Variable
                   and Fixed Annuity Contract (incorporated by reference from Exhibit 4(b) to a
                   Registration Statement for Golden American filed with the SEC on or about April 23,
                   1999 (File No. 333-76945))...........................................................................     __

          (aa)     Individual Deferred Variable Annuity Contract (incorporated by reference from
                   Exhibit 4(c) to a Registration Statement for Golden American filed with the SEC
                   on or about April 23, 1999 (File No. 333-76945)).....................................................     __

          (ab)     Schedule Page to the Premium Plus Contract featuring the Galaxy VIP Fund
                   (incorporated by reference from Exhibit 4(i) to a Registration Statement for Golden
                   American on Form S-1 filed with the SEC on or about September 24, 1999
                   (File No. 333-76945))................................................................................     __

          (ac)     Individual Deferred Variable and Fixed Annuity Contract (incorporated by reference
                   from Exhibit 4(a) to Amendment No. 3 to Registrant's Registration Statement filed
                   with the SEC on or about April 23, 1999 (File No. 333-66745))........................................     __

          (ad)     Group Deferred Variable and Fixed Annuity Contract Individual Deferred Variable
                   and Fixed Annuity Contract (incorporated by reference from Exhibit 4(b) to
                   Amendment No. 3 to Registrant's Registration Statement filed with the SEC on or
                   about April 23, 1999 (File No. 333-66745))...........................................................     __

          (ae)     Individual Deferred Variable Annuity Contract (incorporated by reference from
                   Exhibit 4(c) to Amendment No. 3 to Registrant's Registration Statement filed with
                   the SEC on or about April 23, 1999 (File No. 333-66745)).............................................     __

          (af)     Single Premium Deferred Modified Guaranteed Annuity Contract (incorporated by reference
                   to Exhibit 4(a) to Amendment No. 1 to a Registration Statement on Form S-1 filed with the
                   SEC on September 13, 2000 (File No. 333-40596))......................................................     __

          (ag)     Single Premium Deferred Modified Guaranteed Annuity Master Contract (incorporated by
                   reference to Exhibit 4(b) to Amendment No. 1 to a Registration Statement on Form S-1 filed
                   with the SEC on September 13, 2000 (File No. 333-40596)).............................................     __

          (ah)     Single Premium Deferred Modified Guaranteed Annuity Certificate (incorporated by
                   reference to Exhibit 4(c) to Amendment No. 1 to a Registration Statement on Form S-1 filed
                   with the SEC on September 13, 2000 (File No. 333-40596)).............................................     __


                                                                 27
</TABLE>
<PAGE>
<TABLE>
<CAPTION>


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                  Six months ended June 30, 2002
                                               GOLDEN AMERICAN LIFE INSURANCE COMPANY

                                                                                                                    Page Number
                                                                                                                    -----------
<S>                                                                                                                          <C>

          (ai)     Single Premium Deferred Modified Guaranteed Annuity Application (incorporated by
                   reference to Exhibit 4(e) to Amendment No. 1 to a Registration Statement on Form S-1 filed
                   with the SEC on September 13, 2000 (File No. 333-40596)).............................................     __

          (aj)     Single Premium Deferred Modified Guaranteed Annuity Enrollment Form (incorporated by
                   reference to Exhibit 4(f) to Amendment No. 1 to a Registration Statement on Form S-1 filed
                   with the SEC on September 13, 2000 (File No. 333-40596)).............................................     __

          (ak)     Earnings Enhancement Death Benefit Rider (incorporated by reference from Exhibit 4(u)
                   to Amendment No. 3 to a Registration Statement on Form S-1 filed with the SEC on
                   April 23, 2001 (Filed No. 333-35592))................................................................     __

          (al)     Deferred Combination Variable and Fixed Annuity Group Master Contract (incorporated by
                   reference from Exhibit 4(a) to a Registration Statement on Form S-1 filed by Registrant with
                   the SEC on or about April 24, 2001 (File No. 333-59408)).............................................     __

          (am)     Flexible Premium Individual Deferred Combination Variable and Fixed Annuity Contract
                   (incorporated by reference from Exhibit 4(b) to a Registration Statement on Form S-1 filed
                   by Registrant with the SEC on or about April 24, 2001 (File No. 333-59408))..........................     __

          (an)     Flexible Premium Individual Deferred Combination Variable and Fixed Annuity Certificate
                   (incorporated by reference from Exhibit 4(c) to a Registration Statement on Form S-1 filed
                   by Registrant with the SEC on or about April 24, 2001 (File No. 333-59408))..........................     __

          (ao)     Flexible Premium Individual Deferred Variable Annuity Contract (incorporated by
                   reference from Exhibit 4(d) to a Registration Statement on Form S-1 filed by Registrant
                   with the SEC on or about April 24, 2001 (File No. 333-59408))........................................     __

          (ap)     Individual Deferred Combination Variable and Fixed Annuity Application (incorporated by
                   reference from Exhibit 4(e) to a Registration Statement on Form S-1 filed by Registrant
                   with the SEC on or about April 24, 2001 (File No. 333-59408))........................................     __

          (aq)     Group Deferred Combination Variable and Fixed Annuity Enrollment Form (incorporated
                   by reference from Exhibit 4(f) to a Registration Statement on Form S-1 filed by Registrant
                   with the SEC on or about April 24, 2001 (File No. 333-59408))........................................     __

          (ar)     Individual Deferred Variable Annuity Application (incorporated by reference from
                   Exhibit 4(g) to a Registration Statement on Form S-1 filed by Registrant with the SEC on or
                   about April 24, 2001 (File No. 333-59408))...........................................................     __


                                                                 28
</TABLE>
<PAGE>
<TABLE>
<CAPTION>


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                  Six months ended June 30, 2002
                                               GOLDEN AMERICAN LIFE INSURANCE COMPANY

                                                                                                                    Page Number
                                                                                                                    -----------
<S>                                                                                                                          <C>

          (as)     Form of Variable Annuity Group Master Contract (incorporated by reference from
                   Exhibit 4(a) to Pre-Effective Amendment No. 1 to a Registration Statement on Form
                   S-2 filed by Registrant with the SEC on or about June 29, 2001 (File No. 333-57212)).................     __

          (at)     Form of Variable Annuity Contract (incorporated by reference from Exhibit 4(b) to
                   Pre-Effective Amendment No. 1 to a Registration Statement on Form S-2 filed by
                   Registrant with the SEC on or about June 29, 2001 (File No. 333-57212))..............................     __

          (au)     Form of Variable Annuity Certificate (incorporated by reference from Exhibit 4(c) to
                   Pre-Effective Amendment No. 1 to a Registration Statement on Form S-2 filed by
                   Registrant with the SEC on or about June 29, 2001 (File No. 333-57212))..............................     __

          (av)     Form of GET Fund Rider (incorporated by reference from Exhibit 4(d) to Pre-Effective
                   Amendment No. 1 to a Registration Statement on Form S-2 filed by Registrant with the
                   SEC on or about June 29, 2001 (File No. 333-57212))..................................................     __

          (aw)     Form of Premium Bonus Endorsement Rider (incorporated by reference from Exhibit
                   4(e) to Pre-Effective Amendment No. 1 to a Registration Statement on Form S-2 filed by
                   Registrant with the SEC on or about June 29, 2001 (File No. 333-57212))..............................     __

          (ax)     Form of Individual Retirement Annuity Rider (incorporated by reference from Exhibit
                   4(d) to Initial Filing to a Registration Statement on Form S-1 filed by Registrant with
                   the SEC on or about August 16, 2001 (File No. 333-67660))............................................     __

          (ay)     Form of Variable Annuity Group Master Contract (incorporated by reference from
                   Exhibit 4(a) to Pre-Effective Amendment No. 1 to a Registration Statement on Form
                   S-1 filed by Registrant with the SEC on or about October 26, 2001 (File No. 333-63694))..............     __

          (az)     Form of Variable Annuity Contract (incorporated by reference from Exhibit 4(b) to
                   Pre-Effective Amendment No. 1 to a Registration Statement on Form S-1 filed by
                   Registrant with the SEC on or about October 26, 2001 (File No. 333-63694))...........................     __

          (ba)     Form of Variable Annuity Certificate (incorporated by reference from Exhibit 4(c) to Pre-Effective
                   Amendment No. 1 to a Registration Statement on Form S-1 filed by Registrant
                   with the SEC on or about October 26, 2001 (File No. 333-63694))......................................     __

          (bb)     Form of Premium Bonus Endorsement (incorporated by reference from Exhibit 4(d) to Pre-Effective
                   Amendment No. 1 to a Registration Statement on Form S-1 filed by Registrant with the SEC
                   on or about October 26, 2001 (File No. 333-63694))...................................................     __

          (bc)     Earnings Enhancement Death Benefit Rider (incorporated by reference from Exhibit
                   4(e) to Pre-Effective Amendment No. 1 to a Registration Statement on Form S-1 filed by
                   Registrant with the SEC on or about October 26, 2001 (File No. 333-63694))...........................     __


                                                                 29
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<PAGE>
<TABLE>
<CAPTION>


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                  Six months ended June 30, 2002
                                               GOLDEN AMERICAN LIFE INSURANCE COMPANY

                                                                                                                    Page Number
                                                                                                                    -----------
<S>                                                                                                                          <C>

          (bd)     Form of Variable Annuity Group Master Contract (incorporated by reference from
                   Exhibit 4(a) to Pre-Effective Amendment No. 1 to a Registration Statement on Form S-1
                   filed by Registrant with the SEC on or about December 11, 2001 (File No. 333-70602)).................     __

          (be)     Form of Variable Annuity Contract (incorporated by reference from Exhibit 4(b) to
                   Pre-Effective Amendment No. 1 to a Registration Statement on Form S-1 filed by
                   Registrant with the SEC on or about December 11, 2001 (File No. 333-70602))..........................     __

          (bf)     Form of Variable Annuity Certificate (incorporated by reference from Exhibit 4(c) to
                   Pre-Effective Amendment No. 1 to a Registration Statement on Form S-1 filed by Registrant
                   with the SEC on or about December 11, 2001 (File No. 333-70602)).....................................     __

          (bg)     Form of GET Fund Rider (incorporated by reference from Exhibit 4(d) to Pre-Effective
                   Effective Amendment No. 1 to a Registration Statement on Form S-1 filed by Registrant
                   with the SEC on or about December 11, 2001 (File No. 333-70602)).....................................     __

          (bh)     Form of Section 72 Rider (incorporated by reference from Exhibit 4(e) to Pre-Effective
                   Amendment No. 1 to a Registration Statement on Form S-1 filed by Registrant with the
                   SEC on or about December 11, 2001 (File No. 333-70602))..............................................     __

          (bi)     Form of Waiver of Surrender Charge Rider (incorporated by reference from Exhibit 4(f)
                   to Pre-Effective Amendment No. 1 to a Registration Statement on Form S-1 filed by
                   Registrant with the SEC on or about December 11, 2001 (File No. 333-70602))..........................     __

10        MATERIAL CONTRACTS
          (a)      Administrative Services Agreement, dated as of January 1, 1997, between Golden
                   American and Equitable Life Insurance Company of Iowa (incorporated by reference
                   from Exhibit 10(a) to a Registration Statement for Golden American on Form S-1 filed
                   with the SEC on April 29, 1998 (File No. 333-51353)).................................................     __


                                                                 30
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<CAPTION>


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                  Six months ended June 30, 2002
                                               GOLDEN AMERICAN LIFE INSURANCE COMPANY

                                                                                                                    Page Number
                                                                                                                    -----------
<S>                                                                                                                          <C>


          (b)      Service Agreement, dated as of January 1, 1994, between Golden American and Directed
                   Services, Inc. (incorporated by reference from Exhibit 10(b) to a Registration Statement
                   for Golden American on Form S-1 filed with the SEC on April 29, 1998
                   (File No. 333-51353))................................................................................     __

          (c)      Service Agreement, dated as of January 1, 1997, between Golden American and
                   Equitable Investment Services, Inc. (incorporated by reference from Exhibit 10(c)
                   to a Registration Statement for Golden American on Form S-1 filed with the SEC on
                   April 29, 1998 (File No. 333-51353)).................................................................     __

          (d)      Participation Agreement between Golden American and Warburg Pincus Trust
                   (incorporated by reference from Exhibit 8(a) to Amendment No. 54 to Separate
                   Account B of Golden American's Registration Statement on Form N-4 filed with
                   SEC on or about April 30, 1998 (File No. 333-28679 and 811-5626))....................................     __

          (e)      Participation Agreement between Golden American and PIMCO Variable Trust
                   (incorporated  by reference from Exhibit 8(b) to  Amendment No. 54 to Separate
                   Account B of Golden American's Registration Statement on Form N-4 filed with
                   the SEC on or about April 30, 1998 (File No. 333-28679 and 811-5626))................................     __

          (f)      Participation Agreement between Golden American and The Galaxy VIP Fund (incorporated
                   by reference from Exhibit 10(i) to a Registration  Statement for Golden  American on Form S-1
                   filed with the SEC on or about September 24, 1999 (File No. 333-76945))..............................     __

          (g)      Asset Management Agreement, dated January 20, 1998, between Golden American
                   and ING Investment Management LLC (incorporated by reference from Exhibit 10(f)
                   to Golden American's Form 10-Q filed with the SEC on August 14, 1998
                   (File No. 33-87272)).................................................................................     __

          (h)      Reciprocal Loan Agreement, dated January 1, 1998, as amended March 20, 1998, between Golden
                   American and ING America Insurance Holdings, Inc. (incorporated by reference from
                   Exhibit 10(g) to Golden American's Form 10-Q filed with the SEC on August 14, 1998
                   (File No. 33-87272)).................................................................................     __


                                                                 31
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<PAGE>
<TABLE>
<CAPTION>


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                  Six months ended June 30, 2002
                                               GOLDEN AMERICAN LIFE INSURANCE COMPANY

                                                                                                                    Page Number
                                                                                                                    -----------
<S>                                                                                                                          <C>

          (i)      Underwriting Agreement between Golden American and Directed Services, Inc.
                   (incorporated by reference from Exhibit 1 to Amendment No. 9 to Registrant's
                   Registration Statement on Form S-1 filed with the SEC on or about February 17, 1998
                   (File No. 33-87272)).................................................................................     __

          (j)      Revolving Note Payable, dated July 27, 1998, between Golden American and SunTrust
                   Bank, Atlanta (incorporated by reference from Exhibit 10(i) to Golden American's
                   Form 10-Q filed with the SEC on November 13, 1998 (File No. 33-87272))...............................     __

          (k)      Revolving Note Payable, dated July 31, 1999, between Golden American and SunTrust
                   Bank, Atlanta (incorporated by reference from Exhibit 10(j) to Golden American's
                   Form 10-Q filed with the SEC on August 13, 1999 (File No. 33-87272)).................................     __

          (l)      Surplus Note, dated December 17, 1996, between Golden American and Equitable of Iowa
                   Companies (incorporated by reference from Exhibit 10(l) to Golden American's Form 10-K
                   filed with the SEC on March 29, 2000 (File No. 33-87272)) ...........................................     __

          (m)      Surplus Note, dated December 30, 1998, between Golden American and Equitable Life
                   Insurance Company of Iowa (incorporated by reference from Exhibit 10(m) to Golden American's
                   Form 10-K filed with the SEC on March 29, 2000 (File No. 33-87272))..................................     __

          (n)      Surplus Note, dated September 30, 1999, between Golden American and ING America
                   Insurance Holdings, Inc. (incorporated by reference from Exhibit 10(n) to Golden
                   American's Form 10-K filed with the SEC on March 29, 2000 (File No. 33-87272)........................     __

          (o)      Surplus Note, dated December 8, 1999, between Golden American and First
                   Columbine Life Insurance Company (incorporated by reference from Exhibit 10(g)
                   to Amendment No. 7 to a Registration Statement for Golden American on Form S-1
                   filed with the SEC on or about January 27, 2000 (File No. 333-28765))................................     __

          (p)      Surplus Note, dated December 30, 1999, between Golden American and Equitable
                   Life Insurance Company of Iowa (incorporated by reference from Exhibit 10(h) to
                   Amendment No. 7 to a Registration Statement for Golden American on Form S-1
                   filed with the SEC on or about January 27, 2000 (File No. 333-28765))................................     __

          (q)      Reinsurance Agreement, effective January 1, 2000, between Golden American Life
                   Insurance Company and Security Life of Denver International Limited (incorporated by reference
                   from Exhibit 10(q) to Golden American's Form 10-K filed with the SEC on March 29, 2001
                   (File No. 33-87272)).................................................................................     __


                                                                 32
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<CAPTION>


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                  Six months ended June 30, 2002
                                               GOLDEN AMERICAN LIFE INSURANCE COMPANY

                                                                                                                    Page Number
                                                                                                                    -----------
<S>                                                                                                                          <C>


          (r)      Participation Agreement between Golden American and Prudential Series Fund, Inc.
                   (incorporated by reference from Exhibit 10(l) to  Registration  Statement for Golden American
                   on Form S-1 filed with the SEC on or about April 26, 2000 (File No. 333-35592)) .....................     __

          (s)      Participation Agreement between Golden American and ING Variable Insurance Trust
                   (incorporated by reference from Exhibit 10(m) to  Registration  Statement for Golden American
                   on Form S-1 filed with the SEC on or about April 26, 2000 (File No. 333-35592)) .....................     __

          (t)      Reinsurance Agreement, dated June 30, 2000, between Golden American Life Insurance Company
                   and Equitable Life Insurance Company of Iowa (incorporated by reference from Exhibit 10(s) to
                   Golden American's Form 10-Q filed with the SEC on August 11, 2000
                   (File No. 33-87272)) ................................................................................     __

          (u)      Renewal of Revolving Note Payable, dated July 31, 2000, between Golden American and SunTrust
                   Bank, Atlanta (incorporated by reference from Exhibit 10(t) to Golden American's Form 10-Q
                   filed with the SEC on August 11, 2000 (File No. 33-87272))...........................................     __

          (v)      Amendment to the Participation Agreement between Golden American and Prudential
                   Series Fund, Inc. (incorporated by reference to Exhibit 10(m) to Amendment No. 10
                   to a Registration Statement on Form S-1 filed with the SEC on December 15, 2000
                   (File No. 333-28765)) ...............................................................................     __

          (w)      Letter of Credit between Security Life of Denver International Limited and The Bank
                   of New York for the benefit of Golden American (incorporated by reference to
                   Exhibit 10(r) to Amendment No. 3 to a Registration Statement on Form S-1 filed with
                   the SEC on April 23, 2001 (File No. 333-35592)) .....................................................     __

          (x)      Participation Agreement between Golden American and ING Variable Products Trust (incorporated by
                   reference to Exhibit 8(n) to Amendment No. 32 to a Post Effective Amendment to a Registration
                   Statement on Form N-4 filed with the SEC on April 26, 2002 (File No. 33-23351 and 811-5626)) ........     __

          (y)      Form of Participation Agreement between Golden American and ProFunds (incorporated by
                   reference to Exhibit 10(s) to Amendment No. 3 to a Registration Statement on Form S-1
                   filed with the SEC on April 23, 2001 (File No. 333-35592)) ..........................................     __

          (z)      Renewal of Revolving Note Payable, dated April 30, 2001, between Golden American and
                   SunTrust Bank, Atlanta (incorporated by reference to Exhibit 10(z) to Golden American's
                   Form 10-Q filed with SEC on August 14, 2001 (File No. 33-87272)).....................................     __

          (aa)     Amendment to the Reinsurance Agreement between Golden American and Security Life of
                   Denver International Limited, amended September 28, 2001 (Incorporated by reference from
                   Exhibit 10(n) Pre-Effective Amendment No. 1 to a Registration Statement for Golden
                   American on Form S-1 filed with the SEC on October 26, 2001 (Filed No. 333-63694))...................     __


                                                                 33
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<TABLE>
<CAPTION>


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                  Six months ended June 30, 2002
                                               GOLDEN AMERICAN LIFE INSURANCE COMPANY

                                                                                                                    Page Number
                                                                                                                    -----------
<S>                                                                                                                          <C>

          (ab)     Participation Agreement between Golden American Life Insurance Company, Aetna
                   Variable Fund, Aetna Variable Encore Fund, Aetna Income Shares, Aetna Balanced VP, Inc.,
                   Aetna GET Fund, Aetna Variable Portfolios, Inc. and Aeltus Investment Management, Inc.
                   (incorporated by reference from Exhibit 10(p) to Pre-Effective Amendment No. 1 to a
                   Registration Statement on Form S-1 filed by Registrant with the SEC on or about
                   October 26, 2001 (File No. 333-63694))...............................................................     __

          (ac)     Form of Participation Agreement between Golden American Life Insurance Company,
                   Directed Services, Inc., Alliance Capital Management L.P., Alliance Variable Products
                   Series Fund, Inc. and Alliance Fund Distributors, Inc. (incorporated by reference from
                   Exhibit 10(r) to Pre-Effective Amendment No. 1 to a Registration Statement on Form S-1
                   filed by Registrant with the SEC on or about October 26, 2001 (File No. 333-63694))..................     __

          (ad)     Participation Agreement between Golden American Life Insurance Company, Brinson Series
                   Trust and Brinson Advisors, Inc. (incorporated by reference from Exhibit 10(s) to
                   Pre-Effective Amendment No. 1 to a Registration Statement on Form S-1 filed by Registrant
                   with the SEC on or about October 26, 2001 (File No. 333-63694))......................................     __

          (ae)     Participation Agreement between Golden American Life Insurance Company, Fidelity
                   Distributors Corporation and each of Variable Insurance Products Fund, Variable Insurance
                   Products Fund II and Variable Insurance Products Fund III. (incorporated by reference from
                   Exhibit 10(t) to Pre-Effective Amendment No. 1 to a Registration Statement on Form S-1
                   filed by Registrant with the SEC on or about October 26, 2001 (File No. 333-63694))..................     __

          (af)     Participation Agreement between Golden American Life Insurance Company, INVESCO Variable
                   Investment Funds, Inc., INVESCO Funds Group, Inc. and INVESCO Distributors, Inc. (incorporated by
                   reference from Exhibit 8(s) to Post-Effective Amendment  No. 32 to a Registration Statement
                   on Form N-4 filed by Registrant with the SEC on or about April 26, 2002 (File No. 33-23351
                   and 811-5626)).......................................................................................     __

          (ag)     Form of Participation Agreement between Golden American Life Insurance Company and
                   Janus Aspen Series (incorporated by reference from Exhibit 10(v) to Pre-Effective Amendment
                   No. 1 to a Registration Statement on Form S-1 filed by Registrant with the SEC on or about
                   October 26, 2001 (File No. 333-63694))...............................................................     __

          (ah)     Participation Agreement between Golden American Life Insurance Company and ING
                   Pilgrim Investors, LLC (incorporated by reference from Exhibit 10(w) to Pre-Effective
                   Amendment No. 1 to a Registration Statement on Form S-1 filed by Registrant with the SEC
                   on or about October 26, 2001 (File No. 333-63694))...................................................     __

          (ai)     Participation Agreement between Golden American Life Insurance  Company and ING
                   Pilgrim Securities, Inc. (incorporated by reference from Exhibit 10(x) to Pre-Effective
                   Amendment No. 1 to a Registration Statement on Form S-1 filed by Registrant with the SEC
                   on or about October 26, 2001 (File No. 333-63694))...................................................     __


                                                                 34
</TABLE>
<PAGE>
<TABLE>
<CAPTION>


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                  Six months ended June 30, 2002
                                               GOLDEN AMERICAN LIFE INSURANCE COMPANY

                                                                                                                    Page Number
                                                                                                                    -----------
<S>                                                                                                                          <C>

          (aj)     Participation Agreement between Golden American Life Insurance Company, Pioneer Variable
                   Contracts Trust, Pioneer Investment Management, Inc. and Pioneer Funds Distributor, Inc.
                   (incorporated by reference from Exhibit 8(o) to Post-Effective Amendment No. 32 to a
                   Registration Statement on Form N-4 filed by Registrant with the SEC on or about April 26, 2002
                   (File No. 33-23351 and 811-5626))....................................................................     __

          (ak)     Form of Participation Agreement between Golden American Life Insurance Company,
                   Aetna Life Insurance and Annuity Company and Portfolio Partners, Inc. (incorporated by
                   reference from Exhibit 10(z) to Pre-Effective Amendment No. 1 to a Registration Statement
                   on Form S-1 filed by Registrant with the SEC on or about October 26, 2001
                   (File No. 333-63694))................................................................................     __

          (al)     Participation Agreement among Golden American Life Insurance Company, Putnam
                   Variable Trust and Putnam Retail Management, L.P. (incorporated by reference from
                   Exhibit 10(cc) to Pre-Effective Amendment No. 1 to a Registration Statement on Form S-1
                   filed by Registrant with the SEC on or about October 26, 2001 (File No. 333-63694))..................     __

          (am)     Participation Agreement between Golden American Life Insurance Company, AIM Variable
                   Insurance Funds, Inc., and Directed Services, Inc. (incorporated by reference from Exhibit
                   10(q) to Pre-Effective Amendment No. 1 to a Registration Statement on Form S-1 filed by
                   Registrant with the SEC on or about December 11, 2001 (File No. 333-70602))..........................     __

          (an)     Form of Services Agreement between Golden American Life Insurance Company and the affiliated
                   companies listed on Exhibit B to that Agreement (incorporated by reference from Exhibit 10(p)
                   to Pre-Effective Amendment No. 1 to a Registration Statement on Form S-1 filed by Registrant
                   with the SEC on or about December 11, 2001 (File No. 333-70602)).....................................     __

          (ao)     Form of Services Agreement between Golden American Life Insurance Company and
                   ING North American Insurance Corporation, Inc. (incorporated by reference from
                   Exhibit 10(q) to Pre-Effective Amendment No. 1 to a Registration Statement on Form
                   S-1 filed by Registrant with the SEC on or about December 11, 2001 (File No. 333-70602)).............     __

          (ap)     Form of Shared Services Center Services Agreement by and among ING North America Insurance
                   Corporation ("Service Provider") and Ameribest Life Insurance Company, a Georgia corporation;
                   Equitable Life Insurance Company of Iowa, an Iowa corporation; USG Annuity & Life Company,
                   an Oklahoma corporation; Golden American Life Insurance Company, a Delaware corporation; First
                   Columbine Life Insurance Company, a Colorado corporation; Life Insurance Company of Georgia, a
                   Georgia corporation; Southland Life Insurance Company, a Texas corporation; Security Life of Denver
                   Insurance Company, a Colorado corporation; Midwestern United Life Insurance Company, an Indiana
                   corporation; and United Life & Annuity Insurance Company, a Texas corporation (incorporated by
                   reference from Exhibit 10(r) to Pre-Effective Amendment No. 1 to a Registration Statement
                   on Form S-1 filed by Registrant with the SEC on or about December 11, 2001
                   (File No. 333-70602))................................................................................     __


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<CAPTION>


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                  Six months ended June 30, 2002
                                               GOLDEN AMERICAN LIFE INSURANCE COMPANY

                                                                                                                    Page Number
                                                                                                                    -----------
<S>                                                                                                                          <C>

          (aq)     Participation Agreement betweeen Golden American Life Insurance Company and Fidelity Distributors
                   Corporation (incorporated by reference from Exhibit 8(p) to Post-Effective Amendment No. 32 to a
                   Registration Statement on Form N-4 filed by Registrant with the SEC on or about April 26, 2002
                   (File No. 33-23351 and 811-5626))....................................................................     __


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