`FORM 10-Q


                                                  SECURITIES AND EXCHANGE COMMISSION
                                                        Washington, D.C. 20549


                                           Quarterly Report Pursuant to Section 13 or 15(d)
                                                of the Securities Exchange Act of 1934


                                             For the Quarterly Period Ended March 31, 2003

                                  Commission file numbers: 333-103889, 33-88360, 33-89676, 33-91400,
                                        333-00995, 333-02867, 333-24989, 333-25761, 333-97939,
                                                  333-26695, 333-97943 and 333-97941

                                              AMERICAN SKANDIA LIFE ASSURANCE CORPORATION

                                               Incorporated in the State of Connecticut

                                                              06-1241288
                                                 (Federal Employer Identification No.)

                                                          One Corporate Drive
                                                      Shelton, Connecticut 06484

                                                    Telephone Number (203) 926-1888




Indicate by check mark whether the registrant (1) has filed all reports 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 [   ]

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).  Yes [   ]  No
[ X ]

As of April 29, 2003, there were 25,000 shares of outstanding common stock, par value $100 per share, of the registrant, consisting
of 100 shares of voting and 24,900 shares of non-voting common stock, all of which were owned by American Skandia, Inc., an indirect
wholly-owned subsidiary of Skandia Insurance Company Ltd., a Swedish corporation.

                                              AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
                                (an indirect wholly-owned subsidiary of Skandia Insurance Company Ltd.)


                                                           TABLE OF CONTENTS


                                                                                                     Page
PART I.  FINANCIAL INFORMATION:

     Item 1.  Financial Statements:

         Consolidated Statements of Financial Condition -
              March 31, 2003 (unaudited) and December 31, 2002                                        3

         Consolidated Statements of Income (unaudited) -
              Three months ended March 31, 2003 and March 31, 2002                                    4

         Consolidated Statements of Shareholder's Equity -
              Three months ended March 31, 2003 (unaudited)
                and year ended December 31, 2002                                                      5

         Consolidated Statements of Cash Flows (unaudited) -
              Three months ended March 31, 2003 and March 31, 2002                                    6

         Notes to Unaudited Consolidated Financial Statements                                         7

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

     Item 3.  Quantitative and Qualitative Disclosures about Market Risk                              15

     Item 4.  Controls and Procedures                                                                 15

PART II. OTHER INFORMATION

     Item 6.  Exhibits and Reports on Form 8-K                                                        16

                  Signature                                                                           17

                             Certifications                                                           18

                  Exhibit 99                                                                          20


                                              AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
                                (an indirect wholly-owned subsidiary of Skandia Insurance Company Ltd.)

                                            Consolidated Statements of Financial Condition
                                       (in thousands except for number of shares and par value)

                                                                        March 31,     December 31,
                                                                          2003            2002
                                                                       (unaudited)
ASSETS
Investments:
   Fixed maturities - available for sale, at fair value (amortized
cost     of $405,617 and $379,422, respectively)                     $       417,892 $       398,601
   Equity securities - available for sale, at fair value (amortized
cost     of $63,738 and $52,017, respectively)                                64,665          51,769
   Policy loans                                                                7,584           7,559
   Other short-term investments                                                5,602          10,370

     Total investments                                                       495,743         468,299

Cash and cash equivalents                                                     17,965          51,339
Deferred policy acquisition costs                                          1,100,745       1,117,544
Accrued investment income                                                      4,626           4,196
Reinsurance receivable                                                         5,032           5,447
Receivables from Parent and affiliates                                         5,216           3,961
Other assets                                                                 159,725         152,186
Separate account assets                                                   21,411,003      21,905,613

     Total assets                                                    $    23,200,055 $    23,708,585

LIABILITIES AND SHAREHOLDER'S EQUITY
Liabilities:
Policyholders' account balances                                      $       162,438 $       140,496
Future policy benefits and other policyholder liabilities                      9,736           8,853
Income taxes payable                                                           6,561           6,547
Other liabilities                                                            144,707         133,543
Payables to Parent and affiliates                                              2,446           2,223
Short-term borrowing                                                          25,000          10,000
Future fees payable to American Skandia, Inc. ("ASI")                        660,002         708,249
Surplus notes                                                                110,000         110,000
Separate account liabilities                                              21,411,003      21,905,613

     Total liabilities                                                    22,531,893      23,025,524

Commitments and contingent liabilities (Note 7)

Shareholder's equity:
Common stock, $100 par value, 25,000 shares authorized,
   issued and outstanding                                                      2,500           2,500
Paid-in-capital                                                              596,333         595,049
Retained earnings                                                             61,263          73,821
Accumulated other comprehensive income                                         8,066          11,691

     Total shareholder's equity                                              668,162         683,061

     Total liabilities and shareholder's equity                      $    23,200,055 $    23,708,585

                                       See notes to unaudited consolidated financial statements.
                                              AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
                                (an indirect wholly-owned subsidiary of Skandia Insurance Company Ltd.)

                                                   Consolidated Statements of Income
                                                            (in thousands)


                                                                     Three Months Ended March 31,
                                                                        2003              2002
                                                                              (unaudited)

REVENUES

Premiums                                                             $     1,038       $       209
Policy charges and fee income                                             82,050            84,645
Net investment income                                                      1,053             8,832
Realized investment losses, net                                           (2,775)           (6,108)
Asset management fees                                                     21,052            26,168
Other income                                                                 466               411

   Total revenues                                                        102,884           114,157


BENEFITS AND EXPENSES

Policyholders' benefits                                                   17,921             4,984
Interest credited to policyholders' account balances                      12,171             9,368
General, administrative and other expenses                                94,120            90,642

   Total benefits and expenses                                           124,212           104,994

     (Loss) income from operations before income taxes                   (21,328)            9,163

Income taxes:
   Current                                                                     4                 -
   Deferred                                                               (8,774)            1,703

     Total income tax (benefit) expense                                   (8,770)            1,703

       Net (loss) income                                             $   (12,558)      $     7,460








                                       See notes to unaudited consolidated financial statements.

                                              AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
                                (an indirect wholly-owned subsidiary of Skandia Insurance Company Ltd.)

                                            Consolidated Statements of Shareholder's Equity
                                                            (in thousands)


                                                                                    Accumulated Other
                                                                                  Comprehensive Income
                                                                               ----------------------------
                                                                               -------------- -------------
                                                      Additional                  Foreign      Unrealized
                                          Common        Paid in    Retained      Currency        Gains
                                            Stock       Capital     Earnings    Translation     (Losses)       Total
                                          ----------- ------------ ----------- -------------- ------------- ------------
                                          ----------- ------------ ----------- -------------- ------------- ------------
As of December 31, 2001                       $2,500     $335,329    $239,078         $15           $746       $577,668
Net loss                                                             (165,257)                                 (165,257)
Other comprehensive income:
   Unrealized capital gains                                                                       10,434         10,434
   Reclassification adjustment for
realized losses included in
realized investment losses, net                                                                    1,126          1,126
   Foreign currency translation                                                      (630)                         (630)
                                                                                                            ------------
                                                                                                            ------------
Other comprehensive income                                                                                       10,930
                                                                                                            ------------
                                                                                                            ------------
Comprehensive loss                                                                                             (154,327)
Capital contributions                                     259,720                                               259,720
                                          ----------- ------------ ----------- -------------- ------------- ------------
                                          ----------- ------------ ----------- -------------- ------------- ------------
As of December 31, 2002                        2,500      595,049      73,821        (615)        12,306        683,061
Net loss                                                              (12,558)                                  (12,558)
Other comprehensive loss:
   Unrealized capital gains                                                                          126            126
   Reclassification adjustment for
realized gains included in
realized investment losses, net                                                                   (3,849)        (3,849)
   Foreign currency translation                                                        98                            98
                                                                                                            ------------
                                                                                                            ------------
Other comprehensive loss                                                                                         (3,625)
                                                                                                            ------------
                                                                                                            ------------
Comprehensive loss                                                                                              (16,183)
Capital contributions                                       1,284                                                 1,284
                                          ----------- ------------ ----------- -------------- ------------- ------------
                                          ----------- ------------ ----------- -------------- ------------- ------------
As of March 31, 2003                          $2,500     $596,333     $61,263       ($517)        $8,583       $668,162
                                          =========== ============ =========== ============== ============= ============


Unrealized capital gains is shown net of tax expense of $68 and $5,618 for March 31, 2003 and December 31, 2002, respectively.
Reclassification adjustment for realized (gains) losses included in realized investment losses, net is shown net of tax (benefit)
expense of ($2,073) and $606 for March 31, 2003 and December 31, 2002, respectively.  Foreign currency translation is shown net of
tax expense (benefit) of $53 and ($339) for March 31, 2003 and December 31, 2002, respectively.




                                       See notes to unaudited consolidated financial statements.

                                              AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
                                (an indirect wholly-owned subsidiary of Skandia Insurance Company Ltd.)

                                                 Consolidated Statements of Cash Flows
                                                            (in thousands)

                                                                          Three Months Ended March 31,
                                                                              2003              2002
                                                                                   (unaudited)
Cash flow from operating activities:
   Net (loss) income                                                       $    (12,558)     $      7,460
   Adjustments to reconcile net (loss) income to net
     cash provided by (used in) operating activities:
     Realized investment losses, net                                              2,775             6,108
     Amortization and depreciation                                                4,663             3,881
     Policy reserves                                                              3,826             1,381
     Change in:
       Accrued investment income                                                   (430)              (16)
       Net receivable/payable to Parent and affiliates                           (1,032)         (103,584)
       Policy loans                                                                 (25)             (329)
       Deferred policy acquisition costs                                         16,799            (4,099)
       Income taxes payable                                                          14            (1,700)
       Reinsurance receivable                                                       415               497
       Other, net                                                                 1,535           (28,025)
          Net cash provided by (used in) operating activities                    15,982          (118,426)

Cash flow from investing activities:
     Purchase of fixed maturity investments                                     (91,955)         (128,982)
     Proceeds from sale and maturity of fixed maturity investments               68,455           134,195
     Purchase of shares in equity securities and dividend
reinvestments                                                                   (23,568)           (6,203)
     Proceeds from sale of shares in equity securities                            9,507             5,170
     Net purchase of other short-term investments                                (9,442)          (13,410)
     Net proceeds from other short-term investments                              10,461             1,926
       Net cash used in investing activities                                    (36,542)           (7,304)

Cash flow from financing activities:
     Capital contribution                                                         1,284             1,340
     Decrease in future fees payable to ASI, net                                (48,247)          (42,396)
     Net increase in short-term borrowing                                        15,000           164,984
       Deposits to contract owner accounts                                      401,135            28,446
       Withdrawals from contract owner accounts                                 (45,519)          (74,632)
     Change in contract owner accounts, net of investment earnings             (336,618)           48,113
       Net cash (used in) provided by financing activities                      (12,965)          125,855

       Net (decrease) increase in cash and cash equivalents                     (33,525)              125
       Change in foreign currency translation, net                                  151              (125)
       Cash and cash equivalents at beginning of period                          51,339                 -
       Cash and cash equivalents at end of period                          $     17,965      $          -
     Income taxes (received) paid                                          $        (10)     $      1,700

                                       See notes to unaudited consolidated financial statements.

                                              AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
                                (an indirect wholly-owned subsidiary of Skandia Insurance Company Ltd.)

                                         Notes to Unaudited Consolidated Financial Statements

                                                            March 31, 2003
                                                        (dollars in thousands)

1.       ORGANIZATION AND OPERATION

         American Skandia Life Assurance Corporation (the "Company"), with its principal offices in Shelton, Connecticut, is a
         wholly-owned subsidiary of American Skandia, Inc. ("ASI").  On December 19, 2002, Skandia Insurance Company Ltd. (publ) ("SICL"
         or "Parent"), an insurance company organized under the laws of the Kingdom of Sweden, and the ultimate parent company of the
         Company, entered into a definitive purchase agreement with Prudential Financial, Inc., a New Jersey corporation ("Prudential
         Financial"), whereby Prudential Financial will acquire the Company and certain of its affiliates (the "Acquisition").
         Consummation of the transaction is subject to various closing conditions, including regulatory approvals.  The transaction is
         expected to close during the second quarter of 2003.

         The Company develops long-term savings and retirement products, which are distributed through its affiliated broker/dealer
         company, American Skandia Marketing, Incorporated ("ASM").  The Company currently issues term and variable universal life
         insurance and variable deferred and immediate annuities for individuals and groups in the United States of America and its
         territories.

2.       BASIS OF PRESENTATION

         The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting
         principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions
         to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission.  Accordingly, they do not include
         all of the information and footnotes required by U.S. GAAP for complete financial statements.  In the opinion of management,
         all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.
         Operating results for the three-month period ended March 31, 2003 are not necessarily indicative of the results that may be
         expected for the year ending December 31, 2003.  For further information, refer to the consolidated financial statements and
         footnotes thereto in the Company's audited consolidated financial statements on Form 10-K for the year ended December 31,
         2002.

         Certain reclassifications have been made to prior period amounts to conform to the current period presentation.

3.       SHORT-TERM BORROWING

         As of March 31, 2003 and December 31, 2002, the Company had a $10,000 short-term loan payable to its parent company,
         American Skandia, Inc. ("ASI") as part of a revolving loan agreement.  This loan has an interest rate of 1.71% and matures
         on April 30, 2003.

         On January 3, 2002, the Company entered into a $150,000 credit facility agreement with ASI.  This credit facility terminates
         on December 31, 2005 and bears interest at the offered rate in the London interbank market (LIBOR) plus 0.35 percent per
         annum for the

                                              AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
                               (an indirect wholly-owned subsidiary of Skandia Insurance Company Ltd. )

                                   Notes to Unaudited Consolidated Financial Statements (continued)

3.       SHORT-TERM BORROWING (continued)

         relevant interest period.  Interest expense related to these borrowings was $17 for the three months ended March 31, 2003.
         As of March 31, 2003, $15,000 was outstanding under this credit facility.

4.       FOREIGN ENTITY

         The Company has a 99.9% ownership in Skandia Vida, S.A. de C.V. ("Skandia Vida") which is a life insurance company domiciled
         in Mexico.  Skandia Vida had total shareholders' equity of $4,625 as of March 31, 2003 and $5,023 as of December 31, 2002
         and has generated losses of $1,833 and $694 for the three months ended March 31, 2003 and 2002, respectively.  As part of
         the Acquisition, it is expected that the Company will sell its ownership interest in Skandia Vida to SICL.  The Company has
         filed for and received required regulatory approvals from the State of Connecticut and Mexico related to the sale of Skandia
         Vida.

5.       INCOME TAXES

         The Company recorded an income tax (benefit) expense of ($8,770) and $1,703 for the three months ended March 31, 2003 and
         2002, respectively.  The effective income tax rate for the three months ended March 31, 2003 and 2002 varied from the
         corporate rate of 35% due primarily to the deduction for dividends received.

6.       DEFERRED ACQUISITION COSTS

         Details of deferred acquisition costs and related amortization for the three months ended March 31, 2003 and 2002 are as
         follows:

                                                                          2003                 2002
           Balance, December 31,                                       $   1,117,544      $    1,383,281
           Commissions and expenses deferred                                  33,800              37,488
           Purchase credits deferred                                          16,152              13,537
           Amortization of commissions and expenses deferred
                                                                             (56,599)            (40,313)
           Amortization of purchase credits deferred                         (10,152)             (6,613)
           Balance, March 31,                                          $   1,100,745      $    1,387,380













                                              AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
                               (an indirect wholly-owned subsidiary of Skandia Insurance Company Ltd. )

                                   Notes to Unaudited Consolidated Financial Statements (continued)

7.       COMMITMENTS AND CONTINGENT LIABILITIES

         In recent years, a number of annuity companies have been named as defendants in class action lawsuits relating to the use of
         variable annuities as funding vehicles for tax- qualified retirement accounts.  The Company is currently a defendant in one
         such lawsuit.  A purported class action complaint was filed in the United States District Court for the Southern District of
         New York on December 12, 2002, by Diane C. Donovan against the Company and certain of its affiliates (the "Donovan
         Complaint").  The Donovan Complaint seeks unspecified compensatory damages and injunctive relief from the Company and
         certain of its affiliates.  The Donovan Complaint claims that the Company and certain of its affiliates violated federal
         securities laws in marketing variable annuities.  This litigation is in the preliminary stages.  The Company believes this
         action is without merit, and intends to vigorously defend against this action.

         The Company is also involved in other lawsuits arising, for the most part, in the ordinary course of its business
         operations.  While the outcome of these other lawsuits cannot be determined at this time, after consideration of the
         defenses available to the Company, applicable insurance coverage and any related reserves established, these other lawsuits
         are not expected to result in liability for amounts material to the financial condition of the Company, although it may
         adversely affect results of operations in future periods.

         As discussed previously, on December 19, 2002, SICL entered into a definitive purchase agreement (the "Purchase Agreement")
         to sell its ownership interest in the Company and certain affiliates to Prudential Financial for approximately $1.265
         billion.  The closing of this transaction, which is conditioned upon certain customary regulatory and other approvals and
         conditions, is expected in the second quarter of 2003.

         The purchase price that was agreed to between SICL and Prudential Financial was based on a September 30, 2002 valuation of
         the Company and certain affiliates.  As a result, assuming the transaction closes, the economics of the Company's business
         from September 30, 2002 forward will inure to the benefit or detriment of Prudential Financial.  Included in the Purchase
         Agreement, SICL has agreed to indemnify Prudential Financial for certain liabilities that may arise relating to periods
         prior to September 30, 2002.  These liabilities generally include market conduct activities, as well as contract and
         regulatory compliance (referred to as "Covered Liabilities").

         Related to the indemnification provisions contained in the Purchase Agreement, SICL has signed, for the benefit of the
         Company, an indemnity letter, effective December 19, 2002, to make the Company whole for certain Covered Liabilities that
         come to fruition during the period beginning December 19, 2002 and ending with the close of the transaction.  This
         indemnification effectively transfers the risk associated with those Covered Liabilities from the Company to SICL concurrent
         with the signing of the definitive purchase agreement rather than waiting until the transaction closes.








                                              AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
                               (an indirect wholly-owned subsidiary of Skandia Insurance Company Ltd. )

                                   Notes to Unaudited Consolidated Financial Statements (continued)

8.       SEGMENT REPORTING

         Assets under management and sales for products other than variable annuities have not been significant enough to warrant
         full segment disclosures as required by Statement of Financial Accounting Standards No. 131, "Disclosures about Segments of
         an Enterprise and Related Information", and the Company does not anticipate that they will be so in the future.

         ******************************************************************************************************

                                              AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
                                (an indirect wholly-owned subsidiary of Skandia Insurance Company Ltd.)

                                  Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                                                       AND RESULTS OF OPERATIONS

                                                   Three Months ended March 31, 2003
                                                        (dollars in thousands)


Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the March
31, 2003 unaudited financial statements and the notes included herein, as well as Management's Discussion and Analysis of Financial
Condition and Results of Operations contained in American Skandia Life Assurance Corporation's (the "Company") 2002 Annual Report on
Form 10-K.

General

The Company, with its principal offices in Shelton, Connecticut, is a wholly-owned subsidiary of American Skandia, Inc. ("ASI").  On
December 19, 2002, Skandia Insurance Company Ltd. (publ) ("SICL"), an insurance company organized under the laws of the Kingdom of
Sweden, and the ultimate parent company of the Company, entered into a definitive purchase agreement with Prudential Financial, Inc.,
a New Jersey corporation ("Prudential Financial"), whereby Prudential Financial will acquire the Company and certain of its
affiliates (the "Acquisition").  Consummation of the transaction is subject to various closing conditions, including regulatory
approvals.  The transaction is expected to close during the second quarter of 2003.

The Company has 99.9% ownership in Skandia Vida, S.A. de C.V. ("Skandia Vida") which is a life insurance company domiciled in
Mexico.  As part of the Acquisition, it is expected that the Company will sell its ownership interest in Skandia Vida to SICL.  The
Company has filed for and received required regulatory approvals from the State of Connecticut and Mexico related to the sale of
Skandia Vida.

The Company was established in 1988 and is a significant provider of variable annuity contracts for the individual market in the
United States.  Affiliates of the Company sponsor and distribute shares of registered investment companies ("mutual funds").  Because
these mutual funds are not sponsored or distributed by the Company, such products are not discussed herein and are not reflected in
the Company's financial statements.

The Company's products are sold primarily to individuals to provide for long-term savings and retirement and to address the economic
impact of premature death, estate planning concerns and supplemental retirement needs.  The investment performance of the mutual
funds supporting the variable annuity contracts, which in turn correlates, principally, with equity market performance, can
significantly impact the market for the Company's products.

Products and Distribution

 The Company offers a wide array of annuities, including: a) certain deferred and immediate annuities that are registered with the
Securities and Exchange Commission, including variable annuities with fixed interest rate investment options that include a market
value adjustment feature; b) certain other fixed deferred annuities that are not registered with the Securities and Exchange
Commission; and c) fixed, adjustable and variable immediate annuities.

The Company sells its wide array of annuity products through multiple distribution channels including, (a) independent financial
planners; (b) broker-dealers that generally are members of the New York Stock Exchange, including "wirehouse" and regional
broker-dealer firms; and (c) broker-dealers affiliated with banks or that specialize in marketing to customers of banks.  Although
the Company is active in each of those distribution channels, the majority of the Company's sales have come from independent
financial planners.  The Company has selling agreements with approximately twelve hundred broker/dealer firms and financial
institutions.

Although many of the Company's competitors have acquired or are looking to acquire their distribution channels as a means of securing
sales, the Company has not done so.  Instead, the Company believes its success is dependent on its ability to enhance its
relationships with both the selling firms and their registered representatives.  In cooperation with its affiliated broker-dealer,
American Skandia Marketing, Incorporated, the Company uses marketing teams to provide support to its primary distribution channels.
In addition, the Company also offers a number of private label and proprietary products distributed by select large distributors.

Results of Operations

Annuity and life insurance sales for the three months ended March 31, 2003 totaled $703,895, compared to sales of $811,887 for the
first three months of 2002.  The decrease in sales was primarily the result of the general decline in sales in the industry,
attributed in large part to the continued uncertainty in the equity markets.  In addition, the Company believes that sales in the
first quarter of 2003 have been negatively impacted by the Company's distribution channels awaiting the closing of the Company's
acquisition by Prudential Financial.

Average assets under management were $21,356,686 in the first quarter of 2003 and $25,509,596 in the first quarter of 2002,
representing a decrease of 17%.  This decline primarily related to poor fund performance associated with the continued under
performing equity markets as well as increased lapses.  Lapses have increased, the Company believes, due to concerns by contract
holders, rating agencies and the Company's distribution channels, surrounding the uncertainty in the equity markets and its impact on
variable annuity companies.  Policy charges and fee income and asset management fees decreased for the three months ended March 31,
2003, compared to the same period in 2002.  These declines were primarily a result of the decline in assets under management offset
by an increase in surrender charge income of $4,316 for the three months ended March 31, 2003, compared to the same period in 2002.
The increase in surrender charge income is caused by higher lapses when compared to the applicable prior year period.

Net investment income decreased for the three months ended March 31, 2003 as compared to the same period in 2002 principally driven
by decreased net investment results of $7,181 on the Company's separate account supporting its fixed, market value adjusted
investment option.

Net realized investment losses for the first three months of 2003 decreased compared to the same period in 2002.  This decline
resulted primarily from an increase in realized gains of $2,932 on sales of fixed maturities.

Policyholders' benefits increased for the first quarter of 2003 compared to the same period in 2002 principally driven by a $9,156
increase of guaranteed minimum death benefit claims due to the depressed equity markets.

Interest credited to policyholders' account balances increased for the first three months of 2003 compared to the same period in 2002
primarily due to increased amortization of deferred purchase credits consistent with the increased amortization of deferred
acquisition costs.




 Underwriting, acquisition and other insurance expenses for the three months ended March 31, 2003 and 2002 were as follows:

 For the three months ended March 31,                                 2003          2002

 Commissions                                                      $    39,100    $46,854
 General operating expenses                                            32,221     40,963

 Acquisition costs deferred                                           (33,800)   (37,488)
 Amortization of deferred acquisition costs                            56,599     40,313

 General, administrative and other expenses                       $    94,120   $ 90,642

 Commissions for the first quarter of 2003 declined in comparison to the first quarter of 2002 primarily due to a decline in asset
based commissions consistent with the decline in assets under management and a decline in initial commissions consistent with the
decline in sales over the same periods.  General operating expenses decreased during the first quarter of 2003 as compared to the
same period in the prior year principally as a result of an $8,553 decrease in interest expense related to the future fees payable to
ASI liability.  Interest expense on these obligations is driven by the cash flows from the underlying annuity contracts acting as
collateral.  Due to the depressed asset values of those annuity contracts, driven by the weak equity markets, the cash flows, and
therefore the interest expense, has decreased from prior year levels.  The decline in acquisition costs deferred was consistent with
the decline in initial commissions described above.  Amortization of deferred acquisition costs increased for the three months ended
March 31, 2003, as compared to the same period in 2002.  In general, the increased amortization is due to the depressed equity
markets during the three months ended March 31, 2003 as compared to 2002, thereby decreasing long-term expectations of future gross
profits from asset based fees and increased claim costs associated with minimum death benefit guarantees.

The Company's income tax (benefit) expense varies with increases or decreases in (loss) income from operations.  The effective income
tax rate varied from the corporate rate of 35% due primarily to the deduction for dividends received.

 Total assets and liabilities as of March 31, 2003 decreased $508,530 and $493,631, respectively, from December 31, 2002.  This change
resulted primarily from the declining equity markets over the first quarter of 2003.

Significant Accounting Policies

For information on the Company's significant accounting policies, see Management's Discussion and Analysis of Financial Condition and
Results of Operations in the Company's audited consolidated financial statements on Form 10-K for the year ended December 31, 2002.

 Liquidity and Capital Resources

 The Company's liquidity requirements have generally been met by cash from insurance operations, investment activities, borrowings
from ASI, reinsurance, capital contributions and securitization transactions with ASI.

The Company's cash from insurance operations is primarily comprised of fees generated off of assets under management, less commission
expense on sales, sales and marketing expenses and other operating expenses.  Fund performance driven by the equity markets directly
impacts assets under management and therefore, the fees the Company can generate off of those assets.  During the first quarter of
2003, assets under management declined consistent with the equity market declines resulting in reductions in fee revenues.

 In order to fund the cash strain generated from acquisition costs on historical and on-going sales, the Company has relied on cash
generated from its direct insurance operations as well as reinsurance and securitization transactions.  The Company has used modified
coinsurance reinsurance arrangements whereby the reinsurer shares in the experience of a specified book of business.  These
reinsurance transactions result in the Company receiving from the reinsurer an upfront ceding commission on the book of business
ceded in exchange for the reinsurer receiving the future fees generated from that book of business.  These reinsurance agreements
also mitigate the recoverability risk associated with the payment of up-front commissions and other acquisition costs.  Similarly,
the Company has entered into securitization transactions whereby the Company issues to ASI, in exchange for cash, the right to
receive future fees generated off of a specific book of business.

 As of March 31, 2003 and December 31, 2002, the Company had short-term borrowings of $25,000 and $10,000, respectively, and had
long-term surplus notes liabilities of $110,000 at both March 31, 2003 and December 31, 2002.

 As of March 31, 2003 and December 31, 2002, shareholder's equity totaled $668,162 and $683,061, respectively.  The Company received
capital contributions of $1,284 from ASI during 2003 to support its investment in Skandia Vida.  Net loss of $12,558 for the three months
ended March 31, 2003, contributed to the change in shareholder's equity in 2003.

 The National Association of Insurance Commissioners ("NAIC") requires insurance companies to report information regarding minimum Risk
Based Capital ("RBC") requirements.  These requirements are intended to allow insurance regulators to identify companies that may need
regulatory attention.  The RBC model law requires that insurance companies apply various factors to asset, premium and reserve items, all
of which have inherent risks.  The formula includes components for asset risk, insurance risk, interest rate risk and business risk.  The
Company has complied with the NAIC's RBC reporting requirements and has total adjusted capital well above required capital.

 Forward Looking Information

The Private Securities Litigation Reform Act of 1995 (the "1995 Act") provides a "safe harbor" for forward-looking statements, so
long as those statements are identified as forward-looking, and the statements are accompanied by meaningful cautionary statements
that identify important factors that could cause actual results to differ materially from those discussed in the statement.  We want
to take advantage of these safe harbor provisions.

Certain information contained in the Management's Discussion and Analysis of Financial Condition and Results of Operations is
forward-looking within the meaning of the 1995 Act or Securities and Exchange Commission rules.

These forward-looking statements rely on a number of assumptions concerning future events, and are subject to a number of significant
uncertainties and results may differ materially from these statements.  You should not put undue reliance on these forward-looking
statements.  We disclaim any intention or obligation to update or revise forward-looking statements, whether as a result of new
information, future events or otherwise.



                                              AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
                                (an indirect wholly-owned subsidiary of Skandia Insurance Company Ltd.)

ITEM 3.       QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes to the Company's market risk during the three months ended March 31, 2003.  The Company has
provided a discussion of its market risks in Item 7A of Part II of the December 31, 2002 Form 10-K.

ITEM 4.       CONTROLS AND PROCEDURES

The Chief Executive Officer and Chief Financial Officer have conducted an evaluation of the effectiveness of the Company's disclosure
controls and procedures pursuant to Exchange Act Rule 13a-14.  Based on that evaluation, within the past 90 days, the Chief Executive
Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures are effective in ensuring that
all material information required to be filed in this quarterly report has been made known to them in a timely fashion.  There have
been no significant changes in internal control, or in factors that could significantly affect internal control, subsequent to the
date the Chief Executive Officer and Chief Financial Officer completed their evaluation.






































PART II.      OTHER INFORMATION

ITEM 6.       EXHIBITS AND REPORTS ON FORM 8-K



(a)
                 Exhibits
         (2)     Plans of acquisition, reorganization,          None
                 arrangement, liquidation or succession
         (3)     Articles of Incorporation and By-Laws          Incorporated by reference to the Company's
                                                                Form N-4 (Reg. 33-87010)
         (4)     Instruments defining the right of security     Incorporated by reference to the Company's
                 holders including indentures                   Reg. 333-103889, 33-88360, 33-89676,
                                                                33-91400, 333-00995, 333-02867, 333-24989,
                                                                333-25761, 333-97939, 333-26695,
                                                                333-97943 and 333-97941
         (10)    Material Contracts                             Incorporated by reference to the Company's
                                                                Forms S-2 (Reg. 33-53596)
         (11)    Statement of Computation of per share          Not required to be filed
                 earnings
         (15)    Letter re unaudited interim financial          None
                 information
         (18)    Letter re change in accounting principles      None
         (19)    Report furnished to security holders           None
         (22)    Published report regarding matters submitted   None
                 to vote of security holders
         (23)    Consents of experts and counsel                Not required to be filed
         (24)    Powers of Attorney                             Incorporated by reference to the Company's
                                                                Form S-2 (Reg. 333-53596)
         (99)    Additional exhibits                            Page 20
(b)      Reports on Form 8-K                                    None

*    Schedules are omitted because they are either not applicable or because the information required therein is included in the Notes
     to Consolidated Financial Statements.

                                                               SIGNATURE


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.


                                                         American Skandia Life
                                                         Assurance Corporation
                                                             (Registrant)


                                                      by: /s/Thomas M. Mazzaferro
                                                         Thomas M. Mazzaferro
                                                     Executive Vice President and
                                                        Chief Financial Officer



April 29, 2003

                                                            CERTIFICATIONS

I, Wade A. Dokken, certify that:

1.       I have reviewed this quarterly report on Form 10-Q of American Skandia Life Assurance Corporation;

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 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 conclusions 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 the registrant's board of directors (or persons performing the equivalent functions):

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 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 and material weaknesses.

Dated:  April 29, 2003 /s/ Wade A. Dokken
                                    President and Chief Executive Officer
                                                            CERTIFICATIONS

I, Thomas M. Mazzaferro, certify that:

1.       I have reviewed this quarterly report on Form 10-Q of American Skandia Life Assurance Corporation;

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 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 conclusions 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 the registrant's board of directors (or persons performing the equivalent functions):

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 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 and material weaknesses.

Dated:  April 29, 2003 /s/ Thomas M. Mazzaferro
                       Executive Vice President, Chief Financial Officer and Director
Exhibit 99



                                                             Certification
                                       Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
                         (Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)


Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United
States Code), each of the undersigned officers of American Skandia Life Assurance Corporation, a Connecticut corporation (the
"Company"), does hereby certify, to such officer's knowledge, that:

The Quarterly Report on Form 10-Q for the quarter ended March 31, 2003 (the "Form 10-Q") of the Company fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly
presents, in all material respects, the financial condition and results of operations of the Company.


Dated:  April 29, 2003 /s/ Wade A. Dokken
                                    President and Chief Executive Officer


Dated:  April 29, 2003 /s/ Thomas M. Mazzaferro
                       Executive Vice President, Chief Financial Officer and Director


The foregoing certification is being furnished solely pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and
(b) of section 1350, chapter 63 of title 18, United States Code) and is not being filed as part of a separate disclosure document.`