Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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Item 2.02

Results of Operations and Financial Condition

On November 9, 2012, Presidential Life Corporation (the “Company”) issued a press release announcing the Company’s financial results for its third quarter ended September 30, 2012.  A copy of this press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) that is furnished pursuant to this Item 2.02 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2)  of the Securities Act of 1933, as amended.  In addition, the information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) that is furnished pursuant to this Item 2.02 shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference into such filing.

Item 9.01  Financial Statements and Exhibits

         (d)      Exhibits:

       99.1   Press Release entitled “Presidential Life Corporation Announces Third Quarter 2012 Results” issued by Presidential Life Corporation on November 9, 2012.

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 hereunto duly authorized.

EXHIBIT INDEX

Exhibit

99.1

Press Release entitled “Presidential Life Corporation Announces Third Quarter 2012 Results” issued by Presidential Life Corporation on November 9, 2012.

99.1

Presidential Life Corporation Announces Third Quarter 2012 Results

- Reports third quarter 2012 EPS of $0.18 compared to $0.10 for the third quarter of 2011 –

Nyack, N.Y. (November 9, 2012) — Presidential Life Corporation (“Presidential Life” or the “Company”) (NASDAQ: PLFE) today announced results for the third quarter and nine months ended September 30, 2012.  Presidential Life, through its wholly owned subsidiary, Presidential Life Insurance Company, is engaged in the sale of individual fixed deferred and immediate annuities, life insurance and accident and health insurance products.

Net income for the nine months ended September 30, 2012 was $12.1 million or $0.41 per share, compared with net income of $24.2 million or $0.82 per share for the nine months ended September 30, 2011.  Third quarter 2012 net income was $5.2 million or $0.18 per share, compared with net income of $2.9 million or $0.10 per share for the comparable quarter in 2011.  Income before income taxes was $7.9 million and $4.4 million for the third quarters of 2012 and 2011, respectively, a period-over-period increase of $3.5 million.  The growth in income before income taxes of $3.5 million is principally due to an increase in net realized gains of $2.1 million, a decrease in other-than-temporary-impairment losses (“OTTI”) of $2.8 million and a net decrease in liability for future policy benefits of $2.1 million, partially offset by an increase in general expenses of $2.1 million and a decrease in net investment spread of $1.4 million.  Income taxes were $2.8 million and $1.5 million for the third quarter of 2012 and 2011, respectively, an increase of $1.3 million.  

Total revenues in the third quarter of 2012 were $62.4 million, an increase of 14.1% or $7.7 million from $54.7 million in the third quarter 2011.  Total revenues for the nine months ended September 30, 2012 were $179.5 million, a decrease of 7.4% or $14.3 million from $193.8 million for the nine months ended September 30, 2011.  The increase in revenues of $7.7 million for the third quarter was principally attributable to the aforementioned increase in net realized investment gains of $2.1 million, lower OTTI losses of $2.8 million and higher annuity considerations.  

“The Presidential Life management team remains focused on providing high quality service to its customers as the sale of the Company to Athene Holding Ltd. continues to progress”, said Donald Barnes, Vice Chairman of the Board, CEO and President.

Key Items for the Third Quarter Results

·

Our investment spread margin¹ totaled 0.69% for the nine months ended September 30, 2012 compared to 0.91% for the nine months ended September 30, 2011.  The decline primarily relates to the effect of lower market reinvestment yields on the company’s fixed income portfolio, partly offset by lower OTTI losses in the first nine months of 2012 relative to 2011.  Net realized investment gains and OTTI losses tend to fluctuate from period-to-period as a result of changing economic conditions.

·

Total annuity sales² were $13.8 million and $12.9 million in the third quarter 2012 and 2011, respectively, an increase of $0.9 million or 7.0% compared to 2011 levels as the low interest rate environment continues to challenge sales of fixed annuity products.

·

Deferred annuity surrenders were $28.4 million in the third quarter of 2012 compared to $24.2 million for the same period in 2011, a 17.4% increase, representing average surrender rates of 1.42% and 1.30% for the third quarters of 2012 and 2011, respectively.

·

Our statutory capital base remains strong at September 30, 2012 with our estimated Risk-Based Capital ratio³ at 571% compared with 556% at December 31, 2011.

Discussion of Third Quarter 2012 and Year-to-Date Financial and Operating Results

As previously discussed, total revenues were $62.4 million and $54.7 million in the third quarters of 2012 and 2011, respectively, a period-over-period increase of $7.7 million or 14.1%, and were $179.5 million and $193.8 million for the nine months ended September 30, 2012 and 2011, respectively, a decrease of $14.3 million or 7.4%.  The increase in the current quarter was largely attributable to an increase in net realized investment gains of $2.1 million, lower OTTI losses of $2.8 million and higher annuity considerations for the quarter. On a year to date basis, the decline of $14.3 million in total revenues is primarily the result of lower net realized capital gains of $15.4 million, largely driven by a gain from one hedge fund redemption of $10.6 million in the second quarter of 2011.

Total insurance revenues were $11.1 million and $7.0 million in the third quarters of 2012 and 2011, respectively, a period-over-period increase of $4.1 million or 58.6%, and were $29.6 million and $22.2 million for the nine months ended  September 30, 2012 and 2011, respectively, a period-over-period increase of $7.4 million or 33.3%.  Immediate annuity considerations with life contingencies were $5.7 million and $1.6 million in the third quarters of 2012 and 2011, respectively, a period-over-period increase of $4.1 million or 256.3%, and were $14.2 million and $6.0 million for the nine months ended September 30, 2012 and 2011, respectively, a period-over-period increase of $8.2 million or 136.7%.  Life insurance and accident and health premiums were $4.6 million in the third quarters of 2012 and 2011 and were $12.9 million and $13.5 million for the nine months ended September 30, 2012 and 2011, respectively, a period-over-period decrease of $0.6 million or 4.4%.

Sales of deferred annuities and immediate annuities without life contingencies were $8.2 million and $11.3 million in the third quarters of 2012 and 2011, respectively, a period-over-period decrease of $3.1 million or 27.4%, and were $40.5 million and $40.8 million for the nine months ended September 30, 2012 and 2011, respectively, a period-over-period decline of $0.3 million or 0.7%.

Net investment income was $45.8 million and $48.2 million in the third quarters of 2012 and 2011, respectively, a period-over-period decrease of $2.4 million or 5.0%, and was $139.0 million and $146.6 million for the nine months ended September 30, 2012 and 2011, respectively, a period-over-period decrease of $7.6 million or 5.2%.   Excluding the return on the Company’s limited partnership investments and other realized gains, the investment yields for the nine months ended September 30, 2012 and 2011 were 5.62% and 5.90%, respectively.  

Net realized investment gains, including OTTI, were $4.0 million and net realized losses were $0.9 million in the third quarters of 2012 and 2011, respectively, a period-over-period increase of $4.9 million, and were $6.8 million and $20.9 million for the nine months ended September 30, 2012 and 2011, respectively, a period-over-period decrease of $14.1 million.  The year-to-date decrease in net realized gains was due to $13.3 million of decreases in net realized investment gains within our limited partnership portfolio, primarily due to a gain from one hedge fund redemption of $10.6 million in the second quarter of 2011, a decrease in net realized investment gains within our bond and stock portfolios of $5.7 million, offset by $1.3 million lower realized losses related to other-than-temporary impairments and a lesser decline in the fair value of payor swaptions of $3.6 million.

Interest credited and benefits paid and accrued to policyholders were $45.5 million and $43.8 million in the third quarters of 2012 and 2011, respectively, a period-over-period increase of $1.7 million or 3.9%, and were $135.0 million and $131.8 million for the nine months ended September 30, 2012 and 2011, respectively, a period-over-period increase of $3.2 million or 2.4%.  The increases are

principally due to the increase in liabilities for immediate annuities with life contingencies in 2012 compared to 2011 related to the increase in sales of this product in 2012. 

Commissions to agents, net were $1.3 million and $0.7 million in the third quarters of 2012 and 2011, respectively, a period-over-period increase of $0.6 million or 85.7%, and were $3.7 million and $3.1 million for the nine months ended September 30, 2012 and 2011, respectively, a period-over-period increase of $0.6 million or 19.4%.   Commission expense increased slightly in the third quarter 2012 relative to 2011 due to higher annuity sales compared to the previous year.  The net expense from changes in the deferred policy acquisition costs was $1.1 million and $1.3 million in the third quarters of 2012 and 2011, respectively, a period-over-period decrease of $0.2 million or 15.4%, and was $2.3 million and $4.5 million for the nine months ended September 30, 2012 and 2011, respectively, a period-over-period decrease of $2.2 million or 48.9%, principally related to lower amortization of DAC on annuity sales due to lower realized gains.  Deferred acquisition costs were reduced by $0.5 million for the first nine months of 2012 relative to 2011 primarily due to a reduction in deferred costs resulting from the prospective adoption of a new accounting principle in 2012 that reduced the scope of deferrable costs to those directly linked to successful sales efforts.  

General expenses and taxes were $6.6 million and $4.5 million in the third quarters of 2012 and 2011, respectively, a period-over-period increase of $2.1 million or 46.7%, and were $20.1 million and $17.6 million for the nine months ended September 30, 2012 and 2011, respectively, a period-over-period increase of $2.5 million or 14.2%.  The third quarter increase was primarily due to higher transaction costs incurred in connection with the sale of the Company and increased consulting fees associated with systems implementation projects.

The Company recorded income tax expenses of $2.8 million and $1.5 million in the third quarters of 2012 and 2011, respectively, a period-over-period increase of $1.3 million or 86.7%.  Income tax expense was $6.3 million and $12.7 million for the nine months ended September 30, 2012 and 2011, respectively, a period-over-period decrease of $6.4 million or 50.4%.  The decrease in income tax expense for 2012 relative to 2011 results mainly from lower pre-tax income.  The effective tax rate was 34.1% and 34.5% for the nine months ended September 30, 2012 and 2011, respectively, a decline of 0.4%.

Cautionary statement regarding forward-looking statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.  These statements include, but are not limited to, quotations from management, statements about our future plans and business strategy, and expected or anticipated future events or performance.

These forward-looking statements involve risks and uncertainties that are discussed in our filings with the Securities and Exchange Commission, including economic, competitive, legal and other factors.  Accordingly, there is no assurance that our plans, strategy and expectations will be realized.  Actual future events and results may differ materially from those expressed or implied in forward-looking statements.

About Presidential Life

Presidential Life Corporation, through its wholly owned subsidiary Presidential Life Insurance Company, is a provider of fixed deferred and immediate annuities, life insurance and accident & health insurance products to financial service professionals and their clients.  Headquartered in Nyack, New York, the Company was founded in 1969 and markets its products in 50 states and the District of Columbia.  For more information, visit our website www.presidentiallife.com.

Contacts

Footnotes

¹ Defined as the yield on invested assets over the cost of money on annuity liabilities.  Yield is inclusive of realized capital gains/ (losses), other-than-temporary-impairments and equity in earnings/(losses) on limited partnerships.

² In accordance with Generally Accepted Accounting Principles (“GAAP”), current quarter sales of deferred annuities and immediate annuities without life contingencies ($8.2 million) are not reported as insurance revenues, but rather as additions to policyholder account balances.  In addition, sales of immediate annuities with life contingencies, which are reported as insurance revenues under GAAP, totaled $5.6 million.

³ Risk-Based Capital (“RBC”) refers to the ratio of adjusted statutory surplus divided by Company Action Level capital that triggers regulatory involvement, as those terms are defined by the National Association of Insurance Commissioners (“NAIC”).