<PAGE>   1




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


                                    FORM 10-Q

              X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                                       ---
                       THE SECURITIES EXCHANGE ACT OF 1934

                  FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2001

                                       OR

              TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                   FOR THE TRANSITION PERIOD FROM          TO



                         COMMISSION FILE NUMBER 33-58677


                     THE TRAVELERS LIFE AND ANNUITY COMPANY
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

          CONNECTICUT                                   06-0904249
      (State or other jurisdiction of                (I.R.S. Employer
       incorporation or organization)               Identification No.)

                  ONE TOWER SQUARE, HARTFORD, CONNECTICUT 06183
               (Address of principal executive offices) (Zip Code)

                                 (860) 277-0111
              (Registrant's telephone number, including area code)


Indicate by check mark whether the registrant (1) has filed all reports required
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
                    -----------          -----------

As of the date hereof, there were outstanding 30,000 shares of common stock, par
value $100 per share, of the registrant, all of which were owned by The
Travelers Insurance Company, an indirect wholly owned subsidiary of Citigroup
Inc.


                            REDUCED DISCLOSURE FORMAT

The registrant meets the condition set forth in General Instruction H(1)(a) and
(b) of Form 10-Q and is therefore filing this Form 10-Q with the reduced
disclosure format.
<PAGE>   2
                     THE TRAVELERS LIFE AND ANNUITY COMPANY
                                TABLE OF CONTENTS



<TABLE>
<CAPTION>
<S>                                                                     <C>
PART I - FINANCIAL INFORMATION                                          Page
                                                                        ----

ITEM 1.  FINANCIAL STATEMENTS

Condensed Statements of Income for the
Three Months Ended March 31, 2001 and 2000 (unaudited)....................3

Condensed Balance Sheets as of March 31, 2001 (unaudited) and
December 31, 2000.........................................................4

Condensed Statements of Changes in Retained Earnings and
Accumulated Other Changes in Equity from Nonowner Sources
for the Three Months Ended March 31, 2001 and 2000 (unaudited)............5

Condensed Statements of Cash Flows for the
Three Months Ended March 31, 2001 and 2000 (unaudited)....................6

Notes to Condensed Financial Statements (unaudited).......................7

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS.............................9


PART II - OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K................................11



SIGNATURES...............................................................12
</TABLE>


                                       2
<PAGE>   3
                     THE TRAVELERS LIFE AND ANNUITY COMPANY
                         CONDENSED STATEMENTS OF INCOME
                                   (UNAUDITED)
                                ($ in thousands)



<TABLE>
<CAPTION>
                                                                  THREE MONTHS ENDED
                                                                      MARCH 31,
                                                                 2001             2000
----------------------------------------------------------------------------------------
REVENUES
<S>                                                             <C>              <C>
Premiums                                                        $  8,953          $6,769
Net investment income                                             56,144          49,163
Realized investment gains (losses)                                20,805          (9,249)
Fee income                                                        37,357          28,843
Other revenues                                                     4,614           2,075
----------------------------------------------------------------------------------------
     Total Revenues                                              127,873          77,601
----------------------------------------------------------------------------------------
BENEFITS AND EXPENSES
Current and future insurance benefits                             23,774          17,911
Interest credited to contractholders                              25,719          16,205
Amortization of deferred acquisition costs                        19,865          14,498
Operating expenses                                                 5,780           3,583
----------------------------------------------------------------------------------------
     Total Benefits and Expenses                                  75,138          52,197
----------------------------------------------------------------------------------------
Income before federal income taxes and cumulative effect of
    change in accounting principle                                52,735          25,404

Federal income taxes                                              18,383           8,878
----------------------------------------------------------------------------------------
Income before cumulative effect of change in accounting
    principle                                                     34,352          16,526
Cumulative effect of change in accounting for derivative
    instruments and hedging activities, net of tax                   (62)             --
----------------------------------------------------------------------------------------
Net income                                                       $34,290         $16,526
========================================================================================
</TABLE>














                  See Notes to Condensed Financial Statements.


                                       3
<PAGE>   4
                     THE TRAVELERS LIFE AND ANNUITY COMPANY
                            CONDENSED BALANCE SHEETS
                                ($ in thousands)


<TABLE>
<CAPTION>
                                                             MARCH 31, 2001            DECEMBER 31, 2000
                                                              (UNAUDITED)
--------------------------------------------------------------------------------------------------------
ASSETS
<S>                                                            <C>                         <C>
Investments (including $56,466 and $49,465 subject to
   securities lending agreements)                               $3,147,230                  $2,922,162
Separate accounts                                                6,505,680                   6,802,985
Deferred acquisition costs                                         633,793                     579,567
Other assets                                                       202,795                     190,903
--------------------------------------------------------------------------------------------------------
     Total Assets                                              $10,489,498                 $10,495,617
--------------------------------------------------------------------------------------------------------
LIABILITIES
Future policy benefits                                          $1,041,824                    $989,576
Contractholder funds                                             1,809,516                   1,631,611
Separate accounts                                                6,505,680                   6,802,985
Other liabilities                                                  221,114                     211,441
--------------------------------------------------------------------------------------------------------
     Total Liabilities                                           9,578,134                   9,635,613
--------------------------------------------------------------------------------------------------------
SHAREHOLDER'S EQUITY
Common stock, par value $100; 100,000 shares authorized,
     30,000 issued and outstanding                                   3,000                       3,000
Additional paid-in capital                                         417,316                     417,316
Retained earnings                                                  460,356                     426,066
Accumulated other changes in equity from nonowner sources           30,692                      13,622
--------------------------------------------------------------------------------------------------------
     Total Shareholder's Equity                                    911,364                     860,004
--------------------------------------------------------------------------------------------------------
     Total Liabilities and Shareholder's Equity                $10,489,498                 $10,495,617
========================================================================================================
</TABLE>


















                  See Notes to Condensed Financial Statements.


                                       4
<PAGE>   5
                     THE TRAVELERS LIFE AND ANNUITY COMPANY
            CONDENSED STATEMENTS OF CHANGES IN RETAINED EARNINGS AND
            ACCUMULATED OTHER CHANGES IN EQUITY FROM NONOWNER SOURCES
                                   (UNAUDITED)
                                ($ in thousands)




<TABLE>
<CAPTION>
                                                                       THREE MONTHS ENDED
                                                                           MARCH 31,
---------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN  RETAINED EARNINGS                          2001              2000
---------------------------------------------------------------------------------------------
<S>                                                                 <C>              <C>
Balance, beginning of period                                        $426,066         $335,161
Net income                                                            34,290           16,526
---------------------------------------------------------------------------------------------
Balance, end of period                                              $460,356         $351,687
=============================================================================================
STATEMENTS OF ACCUMULATED OTHER CHANGES
IN EQUITY FROM NONOWNER SOURCES
---------------------------------------------------------------------------------------------
Balance, beginning of period                                         $13,622        $(39,312)
Cumulative effect of change in accounting for derivative
    instruments and hedging activities, net of tax                        62              --
Unrealized gains, net of tax                                           15,131          13,587
Hedging activities, net of tax                                         1,877              --
---------------------------------------------------------------------------------------------
Balance, end of period                                               $30,692        $(25,725)
=============================================================================================
SUMMARY OF CHANGES IN EQUITY
FROM NONOWNER SOURCES
---------------------------------------------------------------------------------------------
Net income                                                           $34,290         $16,526

Other changes in equity from nonowner sources                         17,070          13,587
---------------------------------------------------------------------------------------------
Total changes in equity from nonowner sources                        $51,360         $30,113
=============================================================================================
</TABLE>
















                  See Notes to Condensed Financial Statements.


                                       5
<PAGE>   6
                     THE TRAVELERS LIFE AND ANNUITY COMPANY
                       CONDENSED STATEMENTS OF CASH FLOWS
                           INCREASE (DECREASE) IN CASH
                                   (UNAUDITED)
                                ($ in thousands)


<TABLE>
<CAPTION>
                                                                  THREE MONTHS ENDED
                                                                      MARCH 31,
                                                              2001                  2000
---------------------------------------------------------------------------------------------
<S>                                                          <C>                    <C>
NET CASH USED IN OPERATING ACTIVITIES                        $(48,050)              $(13,515)
---------------------------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES
     Proceeds from maturities of investments
         Fixed maturities                                      11,989                 61,826
         Mortgage loans                                         4,618                  3,602
     Proceeds from sales of investments
         Fixed maturities                                     374,444                264,914
         Equity securities                                      3,469                  6,123
     Purchases of investments
         Fixed maturities                                    (556,082)              (412,148)
         Equity securities                                       (969)                (7,544)
         Mortgage loans                                          (368)                (6,113)
     Policy loans, net                                         (1,784)                  (356)
     Short-term securities (purchases) sales, net               9,191                (41,829)
     Other investment (purchases) sales, net                   (1,803)                12,880
     Securities transactions in course of settlement, net      26,866                 28,763
---------------------------------------------------------------------------------------------
     Net cash used in investing activities                   (130,429)               (89,882)
---------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
     Contractholder fund deposits                             219,114                137,116
     Contractholder fund withdrawals                          (41,209)               (24,957)
---------------------------------------------------------------------------------------------
     Net cash provided by financing activities                177,905                112,159
---------------------------------------------------------------------------------------------
Net increase (decrease) in cash                                  (574)                 8,762

Cash at beginning of period                                   $14,938                   $ 21
---------------------------------------------------------------------------------------------
Cash at end of period                                         $14,364                 $8,783
---------------------------------------------------------------------------------------------
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
     Income taxes paid (received)                            $(25,256)                $1,748
=============================================================================================
</TABLE>









                  See Notes to Condensed Financial Statements.


                                       6
<PAGE>   7
                     THE TRAVELERS LIFE AND ANNUITY COMPANY
               NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)



1.   BASIS OF PRESENTATION

     The Travelers Life and Annuity Company (the Company) is a wholly owned
     subsidiary of The Travelers Insurance Company (TIC), an indirect wholly
     owned subsidiary of Citigroup Inc. (Citigroup). Citigroup is a diversified
     holding company whose businesses provide a broad range of financial
     services to consumer and corporate customers around the world. The
     condensed financial statements and accompanying footnotes of the Company
     are prepared in conformity with accounting principles generally accepted in
     the United States of America (GAAP) and are unaudited. In the opinion of
     management, the interim financial statements reflect all adjustments
     necessary (all of which were normal recurring adjustments) for a fair
     presentation of results for the periods reported. The accompanying
     condensed financial statements should be read in conjunction with the
     financial statements and related notes included in the Company's Annual
     Report on Form 10-K for the year ended December 31, 2000.

     Certain financial information that is normally included in annual financial
     statements prepared in accordance with GAAP, but is not required for
     interim reporting purposes, has been condensed or omitted.

     Certain prior year amounts have been reclassified to conform to the 2001
     presentation.

2.   CHANGES IN ACCOUNTING PRINCIPLES & ACCOUNTING STANDARDS NOT YET ADOPTED

     Accounting for Derivative Instruments and Hedging Activities

     Effective January 1, 2001, the Company adopted the Financial Accounting
     Standards Board (FASB) Statement of Financial Accounting Standards No. 133,
     "Accounting for Derivative Instruments and Hedging Activities" (FAS 133).
     FAS 133 establishes accounting and reporting standards for derivative
     instruments, including certain derivative instruments embedded in other
     contracts (collectively referred to as derivatives), and for hedging
     activities. It requires that an entity recognize all derivatives as either
     assets or liabilities in the consolidated balance sheet and measure those
     instruments at fair value. If certain conditions are met, a derivative may
     be specifically designated as (a) a hedge of the exposure to changes in the
     fair value of a recognized asset or liability or an unrecognized firm
     commitment, (b) a hedge of the exposure to variable cash flows of a
     recognized asset or liability or of a forecasted transaction, or (c) a
     hedge of the foreign currency exposure of a net investment in a foreign
     operation, an unrecognized firm commitment, an available-for-sale security,
     or a foreign-currency-denominated forecasted transaction. The accounting
     for changes in the fair value of a derivative (that is, gains and losses)
     depends on the intended use of the derivative and the resulting
     designation. Upon initial application of FAS 133, hedging relationships
     must be designated anew and documented pursuant to the provisions of this
     statement. As a result of adopting FAS 133, the Company recorded a charge
     of $62 thousand after tax, reflected as a cumulative catch-up adjustment in
     the condensed statement of income and a benefit of $62 thousand after tax,
     reflected as cumulative catch-up adjustment in the accumulated other
     changes in equity from nonowner sources section of stockholder's equity.


                                       7
<PAGE>   8
                     THE TRAVELERS LIFE AND ANNUITY COMPANY
               NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
                                   (CONTINUED)


     Recognition of Interest Income and Impairment on Purchased and Retained
     Interests in Securitized Financial Assets

     In January 2001, the FASB Emerging Issues Task force (EITF) finalized
     guidance on EITF 99-20, "Recognition of Interest Income and Impairment on
     Purchased and Retained Interests in Securitized Financial Assets" (EITF
     99-20). EITF 99-20 provides new guidance on the recognition and measurement
     of interest income and impairment on certain investments, e.g., certain
     asset-backed securities. It is effective for all fiscal quarters beginning
     after March 15, 2001. The recognition of impairment resulting from adoption
     of EITF 99-20 is to be recorded as a cumulative catch-up adjustment as of
     the beginning of the fiscal quarter in which it is adopted. Interest income
     on beneficial interest falling within the scope of EITF 99-20 is to be
     recognized prospectively. The Company does not expect the EITF to have a
     material effect on its results of operations, financial condition or
     liquidity.

3.   SHAREHOLDER'S EQUITY

     Statutory capital and surplus of the Company was $476 million at December
     31, 2000. The Company is currently subject to various regulatory
     restrictions that limit the maximum amount of dividends available to be
     paid to its parent without prior approval of insurance regulatory
     authorities. The Company does not have surplus available to pay dividends
     to TIC in 2001 without prior approval of the Connecticut Insurance
     Department.


4.   COMMITMENTS AND CONTINGENCIES

     In the ordinary course of business, the Company is a defendant or
     co-defendant in various litigation matters incidental to and typical of the
     businesses in which it is engaged. In the opinion of the Company's
     management, the ultimate resolution of these legal proceedings would not be
     likely to have a material adverse effect on its results of operations,
     financial condition or liquidity.


                                       8
<PAGE>   9
                     THE TRAVELERS LIFE AND ANNUITY COMPANY



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


Management's narrative analysis of the results of operations is presented in
lieu of Management's Discussion and Analysis of Financial Condition and Results
of Operations, pursuant to General Instruction H(2)(a) of Form 10-Q.

RESULTS OF OPERATIONS ($ in millions)

FOR THE THREE MONTHS ENDED MARCH 31,

<TABLE>
<CAPTION>
                                             2001                 2000
                                             ----                 ----
<S>                                        <C>                   <C>
Revenues                                   $127.9                $77.6

Net income (1)                              $34.3                $16.5
</TABLE>

(1)  Includes net realized investment gains/(losses) of $13.5 million and $(6.0)
     million in 2001 and 2000, respectively.

The Travelers Life and Annuity Company (the Company) offers fixed and variable
deferred annuities and individual life insurance to individuals and small
businesses. These products are distributed primarily through Salomon Smith
Barney (SSB), Primerica Financial Services (Primerica), affiliates of the
Company, and a nationwide network of independent financial professionals. In
addition, the Company distributes these products through CitiStreet Retirement
Services and Citibank, N.A. (Citibank), affiliates of the Company. The majority
of the annuity business and a substantial portion of the individual life
business written by the Company are accounted for as investment contracts, with
the result that the deposits collected from contractholders are reported as
liabilities and are not included in revenues.

Net income for the three months ended March 31, 2001 was $34.3 million, compared
to $16.5 million for the three months ended March 31, 2000. Operating income,
defined as income before net realized gains or losses on investments, decreased
8% to $20.8 million for the first quarter of 2001 from $22.5 million for the
prior year quarter. This decrease in operating income resulted from favorable
mortality in first quarter 2000, which is almost entirely offset by higher net
investment income driven by business volumes. This business volume growth is
reflected in the 30% growth in fee income from $28.8 million in 2000 to $37.4
million in 2001. This business volume growth also contributed to the 44%
increase in benefits and expenses, and in particular interest credited to
contractholders and amortization of deferred acquisition costs.


                                       9
<PAGE>   10
                     THE TRAVELERS LIFE AND ANNUITY COMPANY




PREMIUMS AND DEPOSITS ($ in millions)

FOR THE THREE MONTHS ENDED MARCH 31,

<TABLE>
<CAPTION>
                                                 2001             2000
                                                 ----             ----
<S>                                              <C>              <C>
Individual Annuity                               $740             $752
Individual Life                                    71               42
Other Annuity                                       2                1
                                                 ----             ----
                                    Total        $813             $795
                                                 ====             ====
</TABLE>

The majority of the annuity business and a substantial portion of the individual
life business written by the Company are accounted for as investment contracts,
with the result that the deposits collected from contractholders are reported as
liabilities and are not included in revenues.

Individual annuity premiums and deposits continue to reflect the cross-selling
initiatives at Citigroup affiliates and growth in non-proprietary distribution
channels.

The individual life premiums grew 69% to $71 million in 2001 versus $42 million
reflecting strong traditional agency universal life production.

Policyholder benefit reserves, contractholder funds and separate account
reserves totaled $9.4 billion at March 31, 2001, up from $7.8 billion at March
31, 2000 primarily as a result of growth in the variable annuity separate
account business included in individual annuities.

INSURANCE REGULATIONS

Risk-based capital requirements are used as minimum capital requirements by the
National Association of Insurance Commissioners and the states to identify
companies that merit further regulatory action. At December 31, 2000, the
Company had adjusted capital in excess of amounts requiring any regulatory
action.

The Company is subject to various regulatory restrictions that limit the maximum
amount of dividends available to be paid to its parent without prior approval of
insurance regulatory authorities in the state of domicile. The Company does not
have surplus available to pay dividends to its parent in 2001 without prior
approval of the Connecticut Insurance Department. The Company did not pay any
dividends to its parent during the three months ended March 31, 2001 and 2000.

FUTURE APPLICATION OF ACCOUNTING STANDARDS

See Note 2 of Notes to Condensed Financial Statements for Future Application of
Accounting Standards.

FORWARD-LOOKING STATEMENTS

Certain of the statements contained herein that are not historical facts are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act. The Company's actual results may differ materially from
those included in the forward-looking statements. Forward-looking statements are
typically identified by the words "believe," "expect," "anticipate," "intend,"
"estimate," "may increase," "may fluctuate," and similar expressions or future
or conditional verbs such as "will," "should," "would," and "could." These
forward-looking statements involve risks and uncertainties including, but not
limited to, the resolution of legal proceedings.


                                       10
<PAGE>   11
                     THE TRAVELERS LIFE AND ANNUITY COMPANY

                           PART II - OTHER INFORMATION


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a)  EXHIBITS.

    EXHIBIT NO.      DESCRIPTION
         3.01        Charter of The Travelers Life and Annuity Company (the
                     "Company"), as amended on April 10, 1990, incorporated
                     herein by reference to Exhibit 6(a) to the Registration
                     Statement on Form N-4, File No. 33-58131, filed on March
                     17, 1995.

         3.02        By-laws of the Company, as amended on October 20, 1994,
                     incorporated herein by reference to Exhibit 6(b) to the
                     Registration Statement on Form N-4, File No. 33-58131,
                     filed on March 17, 1995.



 (b)  REPORTS ON FORM 8-K.

None.


                                       11
<PAGE>   12
                     THE TRAVELERS LIFE AND ANNUITY COMPANY


                                   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 thereunto duly authorized.



                                         THE TRAVELERS LIFE AND ANNUITY COMPANY
                                         --------------------------------------
                                              (Registrant)


Date       May 14, 2001                  /s/ Glenn D. Lammey
    ---------------------------          --------------------------------------

                                         Glenn D. Lammey
                                         Executive Vice President,
                                         Chief Financial Officer and Chief
                                          Accounting Officer
                                         (Principal Financial Officer and
                                          Principal Accounting Officer)



                                       12