13F-HR
                Form 13F Holdings Report

                    UNITED STATES
            SECURITIES AND EXCHANGE COMMISSION
                  Washington, D.C.  20549

                        FORM13F

                   FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: December 31, 2012

Check here if Amendment [  ]; Amendment Number:
This Amendment (Check only one.): [  ] is a restatement.
                                  [  ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:    Penn Mutual Life Insurance Company
Address: Independence Square
         Philadelphia, PA 19172


13F File Number:  028-00598

The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person
signing the report is authorized to submit it, that all
information contained herein is true, correct and complete,
and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts
of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:     David M. O'Malley
Title:    Executive Vice President & CFO
Phone:    215-956-8470
Signature, Place, and Date of Signing:

/s/ David M. O'Malley    Horsham, PA      December 31,  2012

Report Type (Check only one.):

[ ]        13F HOLDINGS REPORT.

[  ]        13F NOTICE.

[ X]        13F COMBINATION REPORT.

List of Other Managers Reporting for this Manager:


I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934.


FORM 13F SUMMARY PAGE


Report Summary:

Number of Other Included Managers:      1

Form 13F Information Table Entry Total: 2

Form 13F Information Table Value Total: $5,049



List of Other Included Managers:

 No.  13F File Number     Name
 01   028-15405           JANNEY CAPITAL MANAGEMENT LLC


FORM 13F SPECIAL ELECTRONIC FILING INSTRUCTIONS Continued
                                    


                                                        FORM 13F INFORMATION TABLE
                                                           VALUE    SHARES/   SH/ PUT/  INVSTMT   OTHER        VOTING AUTHORITY
       NAME OF ISSUER          TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT   PRN CALL  DSCRETN  MANAGERS   SOLE     SHARED    NONE
-----------------------------  --------------  ---------  --------  --------  --- ----- -------  ---------  -------- -------- -----
ANNALY CAPITAL MANAGEMENT, IN.	 CS		035710409   1,909    136,000	SH	DEFINED	     1       136,000
NYSE EURONET			 CS		629491101   3,140    99,560     SH	DEFINED      1        99,560