Stagecoach Flex - Prudential Annuities

AMERICAN SKANDIA LIFE ASSURANCE CORPORATIONOne Corporate Drive, Shelton, Connecticut 06484This Prospectus describes Stagecoach Variable Annuity Flex, a flexible premium deferred annuity (the "Annuity") offered byAmerican Skandia Life Assurance Corporation ("American Skandia", "we", "our" or "us") exclusively through Wells Fargo Bank,N.A. The Annuity may be offered as an individual annuity contract or as an interest in a group annuity. This Prospectus describes theimportant features of the Annuity and what you should consider before purchasing the Annuity. We have also filed a Statement ofAdditional Information that is available from us, without charge, upon your request. The contents of the Statement of AdditionalInformation are described on page 45. The Annuity or certain of its investment options and/or features may not be available inall states. Various rights and benefits may differ between states to meet applicable laws and/or regulations. Certain terms arecapitalized in this Prospectus. Those terms are either defined in the Glossary of Terms or in the context of the particular section.American Skandia offers several different annuities which your investment professional may be authorized to offer to you. Eachannuity has different features and benefits that may be appropriate for you based on your financial situation, your age and how youintend to use the annuity. The different features and benefits include variations in death benefit protection, the ability to access yourannuity's account value and the charges that you will be subject to if you choose to surrender the annuity. The fees and charges mayalso be different between each annuity.If you are purchasing the Annuity as a replacement for existing variable annuity or variable life coverage, you should consider anysurrender or penalty charges you may incur when replacing your existing coverage.WHY WOULD I CHOOSE TO PURCHASE THIS ANNUITY?This Annuity is frequently used for retirement planning because it allows you to accumulate retirement savings and also offers annuitypayment options when you are ready to begin receiving income. The Annuity also offers one or more death benefits that can protectyour retirement savings if you die during a period of declining markets. It may be used as an investment vehicle for "qualified"investments, including an IRA, SEP-IRA, Roth IRA or Tax Sheltered Annuity (or 403(b)). It may also be used as an investmentvehicle for "non-qualified" investments. The Annuity allows you to invest your money in a number of variable investment options aswell as in one or more fixed investment options.When an Annuity is purchased as a "non-qualified" investment, you generally are not taxed on any investment gains the Annuity earnsuntil you make a withdrawal or begin to receive annuity payments. This feature, referred to as "tax-deferral", can be beneficial to thegrowth of your Account Value because money that would otherwise be needed to pay taxes on investment gains each year remainsinvested and can earn additional money. However, because the Annuity is designed for long-term retirement savings, a 10% penaltytax may be applied on withdrawals you make before you reach age 59½. Annuities purchased as a non-qualified investment are notsubject to the maximum contribution limits that may apply to a qualified investment, and are not subject to required minimumdistributions after age 70 ½.When an Annuity is purchased as a "qualified" investment, you should consider that the Annuity does not provide any tax advantagesin addition to the preferential treatment already available through your retirement plan under the Internal Revenue Code. An Annuitymay offer features and benefits in addition to providing tax deferral that other investment vehicles may not offer, including deathbenefit protection for your beneficiaries, lifetime income options, and the ability to make transfers between numerous variableinvestment options offered under the Annuity. You should consult with your investment professional as to whether the overallbenefits and costs of the Annuity are appropriate considering your overall financial plan.These annuities are NOT deposits or obligations of, or issued, guaranteed or endorsed by, any bank, or bank subsidiary of WellsFargo Bank, N.A., are NOT insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation (FDIC), theFederal Reserve Board or any other agency. An investment in this annuity involves investment risks, including possible loss ofvalue.Contract described herein is no longer available for sale.THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGECOMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE COMMISSION OR ANY STATE SECURITIESCOMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TOTHE CONTRARY IS A CRIMINAL OFFENSE. PLEASE READ THIS PROSPECTUS AND THE CURRENT PROSPECTUSFOR THE UNDERLYING MUTUAL FUNDS. KEEP THEM FOR FUTURE REFERENCE.FOR FURTHER INFORMATION CALL 1-800-680-8920.Prospectus Dated: May 1, 2003 Statement of Additional Information Dated: May 1, 2003WFVASL-PROS - (05/2003)WFASLPLEASE SEE OUR PRIVACY POLICY ATTACHED TO THE BACK COVER OF THIS PROSPECTUS.