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             March 31, 2003
                                       -----------------------------------------

                                       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    333-104539, 333-104546, 333-104547, 333-104548,
                          333-57212



                     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 May 12, 2003,  250,000
shares of Common Stock, $10 Par Value, are authorized,  issued, and outstanding,
all of which were directly owned by Equitable Life Insurance Company of Iowa. As
of May 12,  2003,  50,000  shares of  Preferred  Stock,  $5,000 Par  Value,  are
authorized. None Outstanding.

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).

                                       1


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                                       GOLDEN AMERICAN LIFE INSURANCE COMPANY AND SUBSIDIARIES
                              (A wholly-owned subsidiary of Equitable Life Insurance Company of Iowa)
                                              Form 10Q for period ended March 31, 2003


                                                              INDEX
                                                                                                                PAGE
                                                                                                             ----------
<S>                                                                                                                <C>
PART I.              FINANCIAL INFORMATION  (UNAUDITED)

   Item 1.           Financial Statements:
                     Condensed Consolidated Statements of Income.....................................              3
                     Condensed Consolidated Balance Sheets...........................................              4
                     Condensed Consolidated Statements of Changes in Shareholder's Equity............              5
                     Condensed Consolidated Statements of Cash Flows.................................              6
                     Notes to Condensed Consolidated Financial Statements............................              7

   Item 2.           Management's Narrative Analysis of the Results of Operations and
                           Financial Condition.......................................................              11

   Item 4.           Controls and Procedures.........................................................              17


PART II.             OTHER INFORMATION

   Item 1.           Legal Proceedings...............................................................             18

   Item 6.           Exhibits and Reports on Form 8-K................................................             18

Signatures           ................................................................................             19

Certifications       ................................................................................             20





                                                                   2
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                                       GOLDEN AMERICAN LIFE INSURANCE COMPANY AND SUBSIDIARIES
                              (A wholly-owned subsidiary of Equitable Life Insurance Company of Iowa)

PART I.   FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                                             CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                                             (Unaudited)
                                                             (Millions)
                                                                                  Three months ended March 31,
                                                                                    2003                2002
                                                                               ---------------     ----------------
<S>                                                                            <C>                 <C>
Revenues:
     Fee income                                                                $     58.6          $     51.7
     Net investment income                                                           88.1                33.4
     Net realized capital gains (losses)                                             23.2               (15.7)
     Other income                                                                     1.4                 -
                                                                               ---------------     ----------------
Total revenue                                                                       171.3                69.4
                                                                               ---------------     ----------------

Benefits, losses and expenses Benefits:
         Interest credited and other benefits to policyholders                      125.8                55.3
     Underwriting, acquisition, and insurance expenses:
         General expenses                                                            27.4                38.8
         Commissions                                                                 35.1                64.2
         Policy acquisition costs deferred                                          (34.5)              (61.8)
     Amortization of deferred policy acquisition costs and value of business         44.7                (0.1)
       acquired
     Other:
         Expense and charges reimbursed under modified coinsurance agreements       (18.1)              (28.5)
         Interest expense                                                             3.3                 4.7
                                                                               ---------------     ----------------
Total benefits, losses and expenses                                                 183.7                72.6
                                                                               ---------------     ----------------
Loss before income taxes                                                            (12.4)               (3.2)
Income tax benefit                                                                   (4.3)               (1.0)
                                                                               ---------------     ----------------
Net loss                                                                       $     (8.1)         $     (2.2)
                                                                               ===============     ================




                                      See Notes to Condensed Consolidated Financial Statements.


                                                                 3

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                               GOLDEN AMERICAN LIFE INSURANCE COMPANY AND SUBSIDIARIES
                      (A wholly-owned subsidiary of Equitable Life Insurance Company of Iowa)

                                    CONDENSED CONSOLIDATED BALANCE SHEETS
                                        (Millions, except share data)
                                                                        March 31, 2003       December 31,
                                                                         (Unaudited)              2002
                                                                       -----------------    ----------------
<S>                                                                    <C>                  <C>
      Assets
      ------
      Investments:
           Fixed maturities, available for sale, at fair value
             (amortized cost of $5,281.3 at 2003 and $4,720.1 at
             2002)                                                     $     5,530.8        $     4,936.4
           Equity securities, at fair value:
               Investment in mutual funds (cost of $22.9 at 2003 and
               2002)                                                            17.9                 19.0
            Mortgage loans on real estate                                      507.3                482.4
            Policy loans                                                        16.4                 16.0
           Short-term investments                                               24.7                  2.2
           Other investments                                                    30.6                  -
                                                                       -----------------    ----------------
      Total investments                                                      6,127.7              5,456.0

      Cash and cash equivalents                                                 39.0                148.5
      Accrued investment income                                                 63.5                 61.9
      Reinsurance recoverable                                                   26.8                196.9
      Due from affiliates                                                       46.7                  -
      Receivable for securities sold                                            56.0                  -
      Deferred policy acquisition costs                                        633.3                678.0
      Value of business acquired                                                 2.5                  8.5
      Current income tax asset                                                  19.5                  -
      Other assets                                                              13.9                  5.3
      Assets held in separate accounts                                      11,288.5             11,029.3
                                                                       -----------------    ----------------
      Total assets                                                     $    18,317.4        $    17,584.4
                                                                       =================    ================

      Liabilities and Shareholder's Equity
      -------------------------------------
      Policy liabilities and accruals:
           Future policy benefits and claims reserves                  $     5,381.1        $     5,159.1
      Notes to affiliates
                                                                               170.0                170.0
      Payables for securities purchased                                         55.3                  -
      Dollar roll obligations                                                   42.4                 40.0
      Current income taxes                                                       -                   42.4
      Deferred income taxes                                                     98.4                 79.8
      Other liabilities                                                         65.0                 64.7
      Liabilities related to separate accounts                              11,288.5             11,029.3
                                                                       -----------------    ----------------
      Total liabilities                                                     17,100.7             16,585.3
                                                                       -----------------    ----------------

      Shareholder's equity:
            Common  stock  (250,000 shares authorized, issued and
             outstanding; $10.00 per share par value)                            2.5                  2.5
            Additional paid-in capital                                       1,358.5              1,128.4
            Accumulated other comprehensive (loss) income                       (2.3)                 2.1
            Retained deficit                                                  (142.0)              (133.9)
                                                                       -----------------    ----------------
      Total shareholder's equity                                             1,216.7              999.1
                                                                       -----------------    ----------------
      Total liabilities and shareholder's equity                       $    18,317.4        $    17,584.4
                                                                       =================    ================


                                      See Notes to Condensed Consolidated Financial Statements.


                                                                 4
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                                       GOLDEN AMERICAN LIFE INSURANCE COMPANY AND SUBSIDIARIES
                              (A wholly-owned subsidiary of Equitable Life Insurance Company of Iowa)

                                CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY
                                                             (Unaudited)
                                                             (Millions)
                                                                                   Three Months Ended March 31,
                                                                                    2003                 2002
                                                                              ----------------     ----------------
<S>                                                                           <C>                  <C>
Shareholder's equity, beginning of period                                     $     999.1          $     817.8
Comprehensive loss:
     Net loss                                                                       (8.1)                (2.2)
     Other comprehensive loss net of tax: Unrealized loss on securities
       ($(6.8) and $(11.2), pretax year to date)                                    (4.4)                (7.3)
                                                                              ----------------     ----------------
Total comprehensive loss                                                           (12.5)                (9.5)

Contribution of capital                                                             230.1                  -
                                                                              ----------------     ----------------
Shareholder's equity, end of period                                           $   1,216.7          $     808.3
                                                                              ================     ================






                                      See Notes to Condensed Consolidated Financial Statements.

                                                                 5
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                                       GOLDEN AMERICAN LIFE INSURANCE COMPANY AND SUBSIDIARIES
                              (A wholly-owned subsidiary of Equitable Life Insurance Company of Iowa)

                                           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                             (Unaudited)
                                                             (Millions)
                                                                                  Three months ended March 31,
                                                                                    2003                 2002
                                                                              ----------------     ----------------
<S>                                                                           <C>                  <C>
Net cash provided by operating activities                                     $     22.4           $    127.4


Cash Flows from Investing Activities:
     Proceeds from the sale of:
         Fixed maturities available for sale                                     1,437.2              1,275.7
     Investment maturities and collections of:
         Short-term investments                                                      -                   49.3
         Mortgage loans on real estate                                              22.0                  3.6
     Acquisition of investments:
         Fixed maturities available for sale                                    (1,978.7)            (1,700.8)
         Short-term investments                                                    (22.5)               (62.9)
         Mortgages                                                                 (47.0)               (12.3)
     Increase in policy loans                                                       (0.4)                (0.7)
     Decrease in property and equipment                                              0.5                  -
                                                                              ----------------     ----------------
Net cash used in investing activities                                             (588.9)              (448.1)

Cash Flows from Financing Activities:
     Deposits and interest credited for investment contracts                       407.0                671.4
     Maturities and withdrawals from insurance and investment contracts            (60.3)               (36.3)
     Transfers to separate accounts                                               (254.2)              (325.7)
     Repayment of notes payable                                                      -                   (1.4)
     Cash received on reinsurance recapture                                        134.4                  -
     Contribution of capital from parent                                           230.1                  -
     Proceeds from reciprocal loan agreement borrowings                              -                    8.5
     Repayment of reciprocal loan agreement borrowings                               -                   (8.5)
                                                                              ----------------     ----------------
Net cash provided by financing activities                                          457.0                308.0
                                                                              ----------------     ----------------

Net decrease in cash and cash equivalents                                         (109.5)               (12.7)
Cash and cash equivalents, beginning of period                                     148.5                195.7
                                                                              ----------------     ----------------
Cash and cash equivalents, end of period                                      $     39.0           $    183.0
                                                                              ================     ================





                                      See Notes to Condensed Consolidated Financial Statements.


                                                                 6
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GOLDEN AMERICAN LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF EQUITABLE LIFE INSURANCE COMPANY OF IOWA)
NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

1.   BASIS OF PRESENTATION

Golden American Life Insurance Company ("Golden  American") and through April 1,
2002, its wholly-owned subsidiary,  First Golden American Life Insurance Company
of New York ("First  Golden")  (collectively  the  "Company")  are  providers of
financial  products  and  services  in the United  States.  Golden  American,  a
wholly-owned  subsidiary of Equitable Life Insurance Company of Iowa ("Equitable
Life" or the "Parent"),  is a stock life insurance  company  organized under the
laws of the State of Delaware. Golden American was originally incorporated under
the laws of the State of Minnesota  on January 2, 1973,  in the name of St. Paul
Life Insurance  Company.  Equitable  Life is a  wholly-owned  subsidiary of Lion
Connecticut Holding, Inc. ("Lion Connecticut") which is an indirect wholly-owned
subsidiary  of ING Groep  N.V.  ("ING"),  a global  financial  services  holding
company based in The Netherlands.

The condensed  consolidated  financial statements and notes as of March 31, 2003
and December 31, 2002 and for the  three-month  periods ended March 31, 2003 and
2002  ("interim  periods")  have been  prepared in  accordance  with  accounting
principles generally accepted in the United States of America and are unaudited.
The  condensed   consolidated   financial  statements  reflect  all  adjustments
(consisting  only of normal  recurring  accruals)  which are,  in the opinion of
management,  necessary for the fair  presentation of the consolidated  financial
position,  results of operations and cash flows for the interim  periods.  These
condensed  consolidated  financial  statements  and  notes  should  be  read  in
conjunction  with the  consolidated  financial  statements  and related notes as
presented  in the  Company's  2002  Annual  Report on Form 10-K.  The results of
operations  for the  interim  periods  should not be  considered  indicative  of
results to be expected for the full year.  Certain  reclassifications  have been
made to 2002 financial information to conform to the 2003 presentation.

The Company conducts its business through one operating segment,  U.S. Financial
Services  ("USFS"),  and all revenue  reported  by the  Company is derived  from
external customers.

2.   RECENTLY ADOPTED ACCOUNTING STANDARDS

ACCOUNTING FOR GOODWILL AND OTHER INTANGIBLE ASSETS

During 2002, the Company adopted Financial  Accounting  Standards Board ("FASB")
Statement of Financial Accounting Standards ("FAS") No. 142, "Goodwill and Other
Intangible Assets" ("FAS No.142").  The adoption of this standard resulted in an
impairment  loss of $135.3  million,  which was  recorded  by the Company in the
fourth quarter of 2002.  This  impairment  loss  represents the entire  carrying
amount of goodwill, net of accumulated amortization.  This impairment charge was
shown as a change in accounting  principle on the December 31, 2002 Consolidated
Income   Statement.   Effective   January  1,  2002,  the  Company  applied  the
non-amortization  provision of the new  standard,  therefore,  the Company's net
income is comparable for all periods presented.


                                        7


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GOLDEN AMERICAN LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF EQUITABLE LIFE INSURANCE COMPANY OF IOWA)
NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

3. DEFERRED POLICY ACQUISITION COSTS AND VALUE OF BUSINESS ACQUIRED

Deferred Policy  Acquisition Costs ("DAC") is an asset, which represents certain
costs of acquiring certain insurance business, which are deferred and amortized.
These costs, all of which vary with and are primarily  related to the production
of new  and  renewal  business,  consist  principally  of  commissions,  certain
underwriting and contract issuance expenses, and certain agency expenses.  Value
of business acquired ("VOBA") is an asset, which represents the present value of
estimated net cash flows embedded in the Company's  contracts,  which existed at
the time the  Company  was  acquired  by ING.  DAC and  VOBA are  evaluated  for
recoverability  at each  balance  sheet date and these assets are reduced to the
extent that gross profits are inadequate to recover the asset.

The  amortization  methodology  varies by product type based upon two accounting
standards: FAS No. 60, "Accounting and Reporting by Insurance Enterprises" ("FAS
No. 60") and FAS No. 97, "Accounting and Reporting by Insurance  Enterprises for
Certain  Long-Duration  Contracts and Realized Gains and Losses from the Sale of
Investments" ("FAS No. 97").

Under FAS No. 60,  acquisition  costs for traditional  life insurance  products,
which  primarily  include  whole  life and term life  insurance  contracts,  are
amortized over the premium  payment period in proportion to the premium  revenue
recognition.

Under FAS No.  97,  acquisition  costs for  universal  life and  investment-type
products,  which include universal life policies and fixed and variable deferred
annuities,  are  amortized  over the life of the blocks of policies  (usually 25
years) in relation to the emergence of estimated  gross  profits from  surrender
charges,  investment  margins,  mortality and expense  margins,  asset-based fee
income,  and actual  realized gains  (losses) on  investments.  Amortization  is
adjusted retrospectively when estimates of current or future gross profits to be
realized from a group of products are revised.

VOBA activity for the three months ended March 31, 2003 was as follows:

(Millions)

--------------------------------------------------------------------------
Balance at December 31, 2002                        $       8.5
Adjustment for FAS No. 115                                 (0.9)
Subtractions                                               (3.5)
Interest accrued at 7%                                      0.2
Amortization                                               (1.8)
--------------------------------------------------------------------------
Balance at March 31, 2003                           $       2.5
==========================================================================


                                       8


<PAGE>

GOLDEN AMERICAN LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF EQUITABLE LIFE INSURANCE COMPANY OF IOWA)
NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

4.   INVESTMENTS

IMPAIRMENTS

During the first three months of 2003,  the Company  determined  that four fixed
maturities  had other than  temporary  impairments.  As a result,  for the three
months  ended March 31,  2003,  the Company  recognized  a pre-tax  loss of $4.8
million to reduce the carrying value of the fixed maturities to their fair value
of $10.7  million at the time of  impairment.  During the first three  months of
2002,  the  Company  determined  that  seven  fixed  maturities  had other  than
temporary  impairments.  As a result, for the three months ended March 31, 2002,
the Company  recognized  a pre-tax  loss of $0.4  million to reduce the carrying
value of the fixed maturities to their fair value of $0.6 million.

5.   SEVERANCE

In  December  2001,  ING  announced  its  intentions  to further  integrate  and
streamline  the  U.S.-based  operations  of ING  Americas  (which  includes  the
Company)  in order to build a more  customer-focused  organization.  During  the
first quarter  2003,  the Company  performed a detail  analysis of its severance
accrual.  As part of this analysis,  the Company revised the initial estimate of
positions to eliminate from 252 to 228 (corrected from the Annual Report on Form
10K) and extended the date of expected  completion for severance actions to June
30,  2003.  Activity  for the three  months  ended  March 31,  2003  within  the
severance  liability  and positions  eliminated  related to such actions were as
follows:

  (Millions)
  -----------------------------------------------------------------------------
  Balance at December 31, 2002            $         0.8              34
  Payments                                         (0.4)              -
  -----------------------------------------------------------------------------
  Balance at March 31, 2003               $         0.4              34
  =============================================================================

6.   INCOME TAXES

The Company's  effective tax rates for the three months ended March 31, 2003 and
2002 were 34.7% and 31.3%,  respectively,  which approximates the federal income
tax rate of 35%.


                                       9

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GOLDEN AMERICAN LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF EQUITABLE LIFE INSURANCE COMPANY OF IOWA)
NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

7. COMMITMENTS AND CONTINGENT LIABILITIES

COMMITMENTS

Through the normal  course of  investment  operations,  the  Company  commits to
either purchase or sell  securities,  commercial  mortgage loans or money market
instruments at a specified  future date and at a specified  price or yield.  The
inability  of  counterparties  to honor these  commitments  may result in either
higher or lower  replacement  cost.  Also, there is likely to be a change in the
value of the  securities  underlying  the  commitments.  At March  31,  2003 and
December 31, 2002,  the Company had  off-balance  sheet  commitments to purchase
investments  equal to their  fair  value of $79.6  million  and  $77.0  million,
respectively.

LITIGATION

The Company is a party to threatened or pending lawsuits arising from the normal
conduct of business.  Due to the climate in insurance  and business  litigation,
suits against the Company sometimes include claims for substantial compensatory,
consequential or punitive damages and other types of relief.  Moreover,  certain
claims  are  asserted  as class  actions,  purporting  to  represent  a group of
similarly situated individuals. While it is not possible to forecast the outcome
of such lawsuits,  in light of existing  insurance,  reinsurance and established
reserves,  it is the opinion of management that the disposition of such lawsuits
will not  have a  materially  adverse  effect  on the  Company's  operations  or
financial position.

8. REINSURANCE

In March 2003, the Company amended its reinsurance  agreement with Security Life
of Denver  International  ("SLDI"),  an  affiliate.  Under this  amendment,  the
Company  terminated the  reinsurance  agreement for all inforce and new business
and recaptured all in force business  reinsured under the reinsurance  agreement
between the Company and SLDI  retroactive to January 1, 2003.  SLDI was released
from all of its  liabilities  under the  reinsurance  agreement  retroactive  to
January 1, 2003 and the Company reduced its reinsurance  recoverable  related to
these liabilities by $150.1 million.  On March 28, 2003, SLDI transferred assets
to the  Company  in the  amount of $185.6  million.  The  difference  in amounts
transferred on March 28, 2003 and the reduction of the  reinsurance  recoverable
as of January  1, 2003  reflects  adjustments  on the  investment  income on the
assets and letter of credit  costs  between  January 1, 2003 and the date of the
asset  transfer.  It also  encompasses the net effect of a recapture fee paid in
the amount of $5.0  million  offset by the receipt of a $24.1  million  negative
ceding  commission.  The net impact of which was  deferred in policy  acquistion
costs and is being amortized over the period of DAC.


                                       10


<PAGE>


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

OVERVIEW

The  following  narrative  analysis of the results of  operations  and financial
condition  presents a review of Golden American Life Insurance  Company ("Golden
American") and through April 1, 2002, its wholly-owned subsidiary,  First Golden
American Life Insurance  Company of New York ("First Golden")  (collectively the
"Company")  as of March 31, 2003 and  December  31, 2002 and for the three month
periods ended March 31, 2003 and 2002. This review should be read in conjunction
with the condensed  consolidated  financial  statements and other data presented
herein,  as well as the  "Management's  Narrative  Analysis  of the  Results  of
Operations  and Financial  Condition"  section  contained in the Company's  2002
Annual Report on Form 10-K.

NATURE OF BUSINESS

The Company offers a portfolio of variable and fixed insurance products designed
to meet customer needs for a tax-advantaged saving for retirement and protection
from death. The Company's  variable and fixed insurance products are marketed by
broker/dealers,  financial  institutions,  and insurance  agents.  The Company's
primary customers are consumers and corporations.

RECENTLY ADOPTED ACCOUNTING STANDARDS

ACCOUNTING FOR GOODWILL AND OTHER INTANGIBLE ASSETS

During 2002, the Company adopted Financial  Accounting  Standards Board ("FASB")
Statement of Financial Accounting Standards ("FAS") No. 142, "Goodwill and Other
Intangible Assets" ("FAS No.142").  The adoption of this standard resulted in an
impairment  loss of $135.3  million  which was  recorded  by the  Company in the
fourth quarter of 2002.  This  impairment  loss  represents the entire  carrying
amount of goodwill, net of accumulated amortization.  This impairment charge was
shown as a change in accounting  principle on the December 31, 2002 Consolidated
Income   Statement.   Effective   January  1,  2002,  the  Company  applied  the
non-amortization  provision of the new  standard,  therefore,  the Company's net
income is comparable for all periods presented.

CRITICAL ACCOUNTING POLICIES

GENERAL

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  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 that is
reasonable  under the  circumstances.  There  can be no  assurance  that  actual
results will conform to estimates and assumptions,  and that reported results of
operations  will not be affected in a materially  adverse  manner by the need to
make future  accounting  adjustments to reflect  changes in these  estimates and
assumptions from time to time.


                                       11
<PAGE>


The Company has  identified  the  following  estimates  as critical in that they
involve a higher degree of judgment and are subject to a  significant  degree of
variability.  In developing  these  estimates  management  makes  subjective and
complex judgments that are inherently  uncertain and subject to material changes
as facts and circumstances  develop.  Although  variability is inherent in these
estimates,  management  believes the amounts provided are appropriate based upon
the facts  available upon  compilation of the condensed  consolidated  financial
statements.

INVESTMENT IMPAIRMENT TESTING

The Company reviews the general account investments for impairments by analyzing
the amount and length of time  amortized  cost has exceeded  fair value,  and by
making  certain  estimates  and  assumptions  regarding  the issuing  companies'
business prospects,  future economic  conditions and market forecasts.  Based on
the facts and  circumstances of each case,  management uses judgment in deciding
whether any calculated  impairments are temporary or other than  temporary.  For
those  impairments  judged to be other than  temporary,  the Company reduces the
carrying  value of those  investments  to the  current  fair  value and  records
impairment losses for the difference.

AMORTIZATION OF DEFERRED ACQUISITION COSTS AND VALUE OF BUSINESS ACQUIRED

Deferred  policy  acquisition  costs  ("DAC")  and  value of  business  acquired
("VOBA") are amortized with interest over the life of the contracts  (usually 25
years)  in  relation  to the  present  value of  estimated  gross  profits  from
projected  interest  margins,   asset-based  fees,  policy   administration  and
surrender charges less policy maintenance fees.

Changes in  assumptions  can have a  significant  impact on the  calculation  of
DAC/VOBA and its related amortization  patterns. Due to the relative size of the
DAC/VOBA  balance and the sensitivity of the calculation to minor changes in the
underlying  assumptions  and the  related  volatility  that could  result in the
reported  DAC/VOBA  balance,  the  Company  performs  a  quarterly  analysis  of
DAC/VOBA.  At each  balance  sheet date,  actual  historical  gross  profits are
reflected  and  expected  future  gross  profits  and  related  assumptions  are
evaluated for continued reasonableness.

Any  adjustment  in estimated  profit  requires  that the  amortization  rate be
revised retroactively to the date of policy or contract issuance  ("unlocking"),
which could be significant.  The cumulative  difference related to prior periods
is recognized as a component of the current  period's  amortization,  along with
amortization associated with the actual gross profits of the period. In general,
increases in estimated returns result in increased expected future profitability
and may lower the rate of amortization,  while increases in lapse/surrender  and
mortality  assumptions  or  decreases  in  returns  reduce the  expected  future
profitability  of  the  underlying   business  and  may  increase  the  rate  of
amortization.

One of the most  significant  assumptions  involved in the  estimation of future
gross profits for variable  universal life and deferred  annuity products is the
assumed return associated with future separate account  performance.  To reflect
the  near-term and long-term  volatility in the equity  markets this  assumption
involves a  combination  of near-term  expectations  and a long-term  assumption
about market  performance.  The overall return generated by the separate account
is dependent on several  factors,  including the relative mix of the  underlying
sub-accounts  among  bond  funds  and  equity  funds  as well as  equity  sector
weightings.


                                       12
<PAGE>


FORWARD-LOOKING INFORMATION/RISK FACTORS

In  connection  with the "safe  harbor"  provisions  of the  Private  Securities
Litigation  Reform Act of 1995, the Company cautions readers  regarding  certain
forward-looking  statements contained in this report and in any other statements
made by, or on behalf of, the Company, whether or not in future filings with the
Securities  and Exchange  Commission  ("SEC").  Forward-looking  statements  are
statements  not  based on  historical  information  and  which  relate to future
operations,  strategies,  financial results, or other  developments.  Statements
using verbs such as "expect," "anticipate," "believe" or words of similar import
generally involve  forward-looking  statements.  Without limiting the foregoing,
forward-looking  statements  include  statements  which  represent the Company's
beliefs  concerning  future  levels of sales and  redemptions  of the  Company's
products,  investment  spreads and yields,  or the earnings and profitability of
the Company's activities.

Forward-looking  statements are  necessarily  based on estimates and assumptions
that are inherently  subject to significant  business,  economic and competitive
uncertainties and contingencies,  many of which are beyond the Company's control
and many of which are subject to change.  These  uncertainties and contingencies
could cause  actual  results to differ  materially  from those  expressed in any
forward-looking statements made by, or on behalf of, the Company.

Whether or not actual results differ materially from forward-looking  statements
may depend on numerous foreseeable and unforeseeable  developments.  Some may be
national in scope, such as general economic  conditions,  changes in tax law and
changes in interest rates (for additional information, see the Legal Initiatives
section below). Some may be related to the insurance industry generally, such as
pricing competition,  regulatory developments and industry consolidation. Others
may relate to the Company  specifically,  such as credit,  volatility  and other
risks  associated with the Company's  investment  portfolio.  Investors are also
directed to consider other risks and uncertainties  discussed in documents filed
by the Company  with the SEC. The Company  disclaims  any  obligation  to update
forward-looking information.











                                       13

<PAGE>


RESULTS OF OPERATIONS

Fee income for the three months  ended March 31, 2003  increased by $6.9 million
compared  to the  same  period  in 2002,  primarily  due to the  recapture  of a
reinsurance  agreement causing a significant  reduction in ceded premiums.  Also
contributing  to increased  fee income was the increase in average  assets under
management.

Net  investment  income for the three months  ended March 31, 2003  increased by
$54.7  million  compared  to the same  period  in  2002.  This  increase  in net
investment income is primarily due to increase in interest income from bonds due
to higher fixed  annuity  policyholder  funds and income earned from assets held
under the terminated reinsurance agreement.

Net realized  capital gains for the three months ended March 31, 2003  increased
by $38.9  million  compared  to the same  period  in  2002,  primarily  due to a
decrease in the treasury rate. The 10 year treasury yield (constant  maturities)
was 4.03% at December 31, 2002 and 3.81% at March 31, 2003. In a declining  rate
environment,  the  market  value  of  fixed  maturities  held  in the  Company's
portfolio  increases  assuming  no credit  deterioration.  The  increase  in net
realized gains reflects the impact of this variable on the overall sale of fixed
maturities  and the trend in realized gain is consistent  with the interest rate
environment.

Interest  credited and other benefits to the  policyholders for the three months
ended March 31, 2003  increased by $70.5 million  compared to the same period in
2002, primarily due to the Company terminating a reinsurance agreement causing a
significant reduction in ceded benefits.

General  expenses for the three  months ended March 31, 2003  decreased by $11.4
million  compared to the same period in 2002,  primarily  due to a reduction  in
overall company overhead and consulting fees.

Commissions for the three months ended March 31, 2003 decreased by $29.1 million
compared to the same period in 2002,  primarily due to a $24.1 million  negative
ceding  commission as a part of the recapture of a reinsurance  agreement  which
was deferred in the policy acquisition costs deferred line.

Policy  acquisition  costs  deferred  for the three  months ended March 31, 2003
decreased by $27.3  million  compared to the same period in 2002,  primarily due
the  deferral of the $19.1  million net gain  attributed  to the  recapture of a
reinsurance agreement.

Amortization of deferred policy acquisition costs and value of business acquired
for the three months ended March 31, 2003,  increased by $44.8 million  compared
to the same period in 2002.  Amortization of long-duration  products is recorded
in proportion  to actual and estimated  future gross  profits.  Estimated  gross
profits are computed based on underlying  assumptions  related to the underlying
contracts,  including  but not limited to interest  margins,  mortality,  lapse,
premium   persistency,   expenses,   and  asset  growth.  The  increase  in  the
amortization  of  deferred  policy  acquisition  costs  and  value of  insurance
acquired reflects the impact of these variables on the overall book of business.

Expense and charges reimbursed under modified  coinsurance  ("MODCO") agreements
for the three months ended March 31, 2003,  decreased by $10.4 million  compared
to the same period in 2002.  This balance  represents the net cashflows from the


                                       14
<PAGE>


MODCO  agreements.  Since the Company is selling less premium in products  which
are covered by the MODCO  agreements,  as well as transferring  fees and charges
back to ELIC, the fees have declined.

Interest  expense for the three months  ended March 31, 2003,  decreased by $1.4
million  compared to the same period in 2002.  Interest  expense reduced for the
three months of 2003, due to the redemption of two notes on June 28, 2002.

Net loss,  increased  by $5.9 million for the three months ended March 31, 2003,
as  compared  to the three  months  ended March 31,  2002.  The  decrease in net
earnings is the result of increased  amortization of deferred policy acquisition
costs and value of  business  acquired  due to  declining  equity  markets and a
change in  management's  ultimate  expected  gross  return  partially  offset by
realized capital gains on investments.

FINANCIAL CONDITION
INVESTMENTS

FIXED MATURITIES

At March 31,  2003 and  December  31,  2002,  the  Company's  carrying  value of
available for sale fixed maturities  represented 90.3% and 90.5%,  respectively,
of the total general account invested assets.  Total fixed maturities  reflected
net  unrealized  capital gains of $249.5 million and $216.3 million at March 31,
2003 and December 31, 2002, respectively.

It is management's  objective that the portfolio of fixed  maturities be of high
quality and be well  diversified by market sector.  The fixed  maturities in the
Company's  portfolio are generally rated by external rating agencies and, if not
externally  rated, are rated by the Company on a basis believed to be similar to
that used by the rating  agencies.  The average  quality rating of the Company's
fixed maturities portfolio was AA+ at March 31, 2003 and December 31, 2002.

Fixed maturities rated BBB and below 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.

The  percentage  of total  fixed  maturities  by quality  rating  category is as
follows:

                                        March 31, 2003      December 31, 2002
--------------------------------------------------------------------------------
AAA                                         36.7%                  34.1%
AA                                           8.9                    9.2
A                                           21.5                   23.4
BBB                                         29.9                   30.2
BB                                           2.0                    2.3
B and Below                                  1.0                    0.8
--------------------------------------------------------------------------------
Total                                      100.0%                 100.0%
================================================================================


                                       15
<PAGE>


The percentage of total fixed maturities by market sector is as follows:

                                           March 31, 2003  December 31, 2002
-------------------------------------------------------------------------------
U.S. Corporate                                 56.8%            59.8%
Residential Mortgage-backed                    11.3             13.2
Commercial/Multifamily Mortgage-backed          6.0              6.0
Foreign (1)                                    10.6             10.7
U.S. Treasuries/Agencies                        9.2              4.2
Asset-backed                                    6.1              6.1
-------------------------------------------------------------------------------
  Total                                       100.0%           100.0%
===============================================================================

(1) Primarily U.S. dollar denominated

The Company analyzes the general account  investments to determine whether there
has been an other than temporary  decline in fair value below the amortized cost
basis in accordance  with FAS No. 115,  "Accounting  for Certain  Investments in
Debt and Equity Securities." Management considers the length of the time and the
extent  to which  the  market  value has been  less  than  cost;  the  financial
condition and near term prospects of the issuer;  future economic conditions and
market forecasts;  and the Company's intent and ability to retain the investment
in the issuer for a period of time  sufficient  to allow for  recovery in market
value. If it is probable that all amounts due according to the contractual terms
of a debt security will not be collected,  an other than temporary impairment is
considered to have occurred.

When a decline  in fair value is  determined  to be other  than  temporary,  the
individual  security is written down to fair value and the loss is accounted for
as a realized loss.

LIQUIDITY AND CAPITAL RESOURCES

Liquidity  is the ability of the Company to  generate  sufficient  cash flows to
meet the cash requirements of operating,  investing,  and financing  activities.
The Company's  principal  sources of liquidity are 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.

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.  The  Company  maintains  a  $40.0  million  revolving  loan
agreement with ING America Insurance Holdings, Inc. ("ING AIH"), an affiliate of
the Company,  and the Company has  established  a $75.0 million  revolving  note
facility  with a  National  Bank  which  expires  on July 30,  2003.  Management
believes  that its  sources of  liquidity  are  adequate  to meet the  Company's
short-term cash obligations.

The National Association of Insurance Commissioners' ("NAIC") 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


                                       16


<PAGE>


capital reporting  requirements.  Amounts reported indicate that the Company has
total adjusted capital above all required capital levels.

LEGISLATIVE INITATIVES

During 2003, the Bush  Administration  introduced a budget proposing  changes to
federal  income taxes which  Congress is now  considering.  The main item is the
elimination of the double  taxation of corporate  dividends.  Other  legislative
proposals under  consideration  would repeal the estate tax permanently and make
changes to nonqualified deferred compensation arrangements.

Some of these  proposals,  if  enacted,  could  have a  material  effect on life
insurance, annuity and other retirement savings product sales. The impact on the
Company's tax position and products is uncertain at this time.

ITEM 4.  CONTROLS AND PROCEDURES

     a)   Within  the 90-day  period  prior to the  filing of this  report,  the
          Company carried out an evaluation,  under the supervision and with the
          participation of its management, including its Chief Executive Officer
          and Chief Financial  Officer,  of the  effectiveness of the design and
          operation of the  Company's  disclosure  controls and  procedures  (as
          defined in Rule 13a-14 of the Securities  Exchange Act of 1934). Based
          on  that  evaluation,  the  Chief  Executive  Officer  and  the  Chief
          Financial Officer have concluded that the Company's current disclosure
          controls  and  procedures  are  effective  in ensuring  that  material
          information  relating to the Company  required to be  disclosed in the
          Company's  periodic  SEC  filings  is made  known  to them in a timely
          manner.

     b)   There have not been any significant  changes in the internal  controls
          of the Company or other factors that could significantly  affect these
          internal  controls  subsequent to the date the Company carried out its
          evaluation.


                                       17

<PAGE>


PART II.   OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

The Company is a party to threatened or pending lawsuits arising from the normal
conduct of business.  Due to the climate in insurance  and business  litigation,
suits against the Company sometimes include claims for substantial compensatory,
consequential or punitive damages and other types of relief.  Moreover,  certain
claims  are  asserted  as class  actions,  purporting  to  represent  a group of
similarly situated individuals. While it is not possible to forecast the outcome
of such lawsuits,  in light of existing  insurance,  reinsurance and established
reserves,  it is the opinion of management that the disposition of such lawsuits
will not  have a  materially  adverse  effect  on the  Company's  operations  or
financial position.

ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K

          (a)  Exhibits

               None.

          (b)  Reports on Form 8-K.

               None.






                                       18


<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.


                                     GOLDEN AMERICAN LIFE INSURANCE COMPANY
                                     ---------------------------------------
                                                 (Registrant)


May 12, 2003               By    /s/ Cheryl L. Price
-------------                  -----------------------------------------------
(Date)                           Cheryl L. Price
                                 Vice President, Chief Financial Officer and
                                 Chief Accounting Officer
                                 (Duly Authorized Officer and
                                 Principal Financial Officer)




                                       19
<PAGE>


                                  CERTIFICATION

I, Cheryl L. Price, certify that:

1.   I have reviewed this quarterly  report on Form 10-Q of Golden American Life
     Insurance Company;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a)   designed such  disclosure  controls and  procedures to ensure that material
     information   relating  to  the  registrant,   including  its  consolidated
     subsidiaries,  is  made  known  to  us by  others  within  those  entities,
     particularly  during  the period in which  this  quarterly  report is being
     prepared;
b)   evaluated the  effectiveness  of the registrant's  disclosure  controls and
     procedures  as of a date  within 90 days prior to the  filing  date of this
     quarterly report (the "Evaluation Date"); and
c)   presented in this quarterly report our conclusion  about the  effectiveness
     of the disclosure controls and procedures based on our evaluation as of the
     Evaluation Date;

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent function):

a)   all  significant  deficiencies  in the  design  or  operation  of  internal
     controls which could adversely affect the  registrant's  ability to record,
     process,  summarize and report  financial data and have  identified for the
     registrant's auditors any material weaknesses in internal controls; and
b)   any fraud,  whether or not  material,  that  involves  management  or other
     employees  who  have  a  significant  role  in  the  registrant's  internal
     controls; and

6.   The  registrant's  other  certifying  officers and I have indicated in this
     quarterly report whether or not there were significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies defenses and
     material weaknesses.

Date:    May 12, 2003
         ------------

By         /s/ Cheryl L. Price
           ----------------------------------------------------
            Cheryl L. Price
            Vice President, Chief Financial Officer and Chief Accounting Officer
           (Duly Authorized Officer and Principal Financial Officer)


                                       20


<PAGE>


                                  CERTIFICATION

I, Keith Gubbay, certify that:

1.   I have reviewed this quarterly  report on Form 10-Q of Golden American Life
     Insurance Company;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a)   designed such  disclosure  controls and  procedures to ensure that material
     information   relating  to  the  registrant,   including  its  consolidated
     subsidiaries,  is  made  known  to  us by  others  within  those  entities,
     particularly  during  the period in which  this  quarterly  report is being
     prepared;
b)   evaluated the  effectiveness  of the registrant's  disclosure  controls and
     procedures  as of a date  within 90 days prior to the  filing  date of this
     quarterly report (the "Evaluation Date"); and
c)   presented in this quarterly report our conclusion  about the  effectiveness
     of the disclosure controls and procedures based on our evaluation as of the
     Evaluation Date;

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent function):

c)   all  significant  deficiencies  in the  design  or  operation  of  internal
     controls which could adversely affect the  registrant's  ability to record,
     process,  summarize and report  financial data and have  identified for the
     registrant's auditors any material weaknesses in internal controls; and
d)   any fraud,  whether or not  material,  that  involves  management  or other
     employees  who  have  a  significant  role  in  the  registrant's  internal
     controls; and

6.   The  registrant's  other  certifying  officers and I have indicated in this
     quarterly report whether or not there were significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies defenses and
     material weaknesses.

Date     May 12, 2003
         ------------

By         /s/ Keith Gubbay
           -----------------
             Keith Gubbay
             President
            (Duly Authorized Officer and Principal Officer)





                                       21