This myself and you all have witnessed. He who is dead is born again—this cannot be gainsaid; the sacred texts warrant it. Birth is consequent upon the virtue and vice of pristine actions. All conditions from conception to re-birth are tinged with pain.

In plain words: Prahlada says they have all seen this cycle with their own eyes. Whoever dies is born again, as the holy books teach. Each birth comes from good and bad deeds done before, and every stage of life involves pain.