<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, 2000

                                       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 conditions 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>


PART I - FINANCIAL INFORMATION                                                                                       Page

ITEM 1.  FINANCIAL STATEMENTS

<S>                                                                                                                  <C>
Condensed Statements of Income for the
Three Months Ended March 31, 2000 and 1999 (unaudited).................................................................3

Condensed Balance Sheets as of March 31, 2000 (unaudited) and
December 31, 1999......................................................................................................4

Condensed Statements of Changes in Retained Earnings and
Accumulated Other Changes in Equity from Non-Owner Sources
for the Three Months Ended March 31, 2000 and 1999 (unaudited).........................................................5

Condensed Statements of Cash Flows for the
Three Months Ended March 31, 2000 and 1999 (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,
                                                     2000              1999
--------------------------------------------------------------------------------
REVENUES
<S>                                                <C>             <C>
Premiums                                             $6,769          $5,313
Net investment income                                49,163          42,411
Realized investment gains (losses)                   (9,249)          8,844
Fee income                                           19,202           6,987
Other revenues                                       11,716           5,550
-------------------------------------------------------------------------------
     Total revenues                                  77,601          69,105
                                                    -------        --------
BENEFITS AND EXPENSES
Current and future insurance benefits                17,911          20,252
Interest credited to contractholders                 16,205          12,876
Amortization of deferred acquisition costs           14,767           4,100
Operating expenses                                    3,314           2,405
                                                    -------        --------
     Total benefits and expenses                     52,197          39,633
-------------------------------------------------------------------------------
Income before federal income taxes                   25,404          29,472
-------------------------------------------------------------------------------
Federal income taxes                                  8,878          10,301
-------------------------------------------------------------------------------
Net income                                          $16,526        $ 19,171
                                                    =======        ========
</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, 2000            DECEMBER 31, 1999
                                                                                (UNAUDITED)
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                           <C>                     <C>
ASSETS
Investments                                                                      $ 2,311,933          $ 2,174,577
Separate accounts                                                                  5,596,585            4,795,165
Deferred acquisition costs                                                           401,314              350,088
Other assets                                                                         228,063              181,503
-----------------------------------------------------------------------------------------------------------------------------------
     Total assets                                                                $ 8,537,895          $ 7,501,333
-----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Future policy benefits                                                           $ 1,002,295          $ 1,007,776
Contractholder funds                                                               1,231,036            1,117,819
Separate accounts                                                                  5,596,585            4,795,165
Other liabilities                                                                    211,701              114,408
-----------------------------------------------------------------------------------------------------------------------------------
     Total liabilities                                                             8,041,617            7,035,168
-----------------------------------------------------------------------------------------------------------------------------------
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                                                           167,316              167,316
Retained earnings                                                                    351,687              335,161
Accumulated other changes in equity from non-owner sources                           (25,725)             (39,312)
-----------------------------------------------------------------------------------------------------------------------------------
     Total shareholder's equity                                                      496,278              466,165
-----------------------------------------------------------------------------------------------------------------------------------
     Total liabilities and shareholder's equity                                  $ 8,537,895          $ 7,501,333
===================================================================================================================================
</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 NON-OWNER SOURCES
                                   (UNAUDITED)
                                ($ IN THOUSANDS)
<TABLE>
<CAPTION>


                                                         THREE MONTHS ENDED
                                                             MARCH 31,
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN  RETAINED EARNINGS              2000             1999
--------------------------------------------------------------------------------
<S>                                                 <C>                <C>
Balance, beginning of period                        $ 335,161          $ 282,555
Net income                                             16,526             19,171
--------------------------------------------------------------------------------
Balance, end of period                              $ 351,687          $ 301,726
================================================================================
STATEMENTS OF ACCUMULATED OTHER CHANGES
IN EQUITY FROM NON-OWNER SOURCES

--------------------------------------------------------------------------------
Balance, beginning of period                        $ (39,312)         $  87,889
Unrealized gains (losses), net of tax                  13,587            (47,656)
--------------------------------------------------------------------------------
Balance, end of period                              $ (25,725)         $  40,233
================================================================================
SUMMARY OF CHANGES IN EQUITY
FROM NON-OWNER SOURCES

Net income                                          $  16,526          $  19,171
Other changes in equity from
     Non-owner sources                                 13,587            (47,656)
--------------------------------------------------------------------------------
Total changes in equity from
Non-owner sources                                   $  30,113          $ (28,485)
================================================================================
</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,
                                                                     2000               1999
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                               <C>                <C>
NET CASH USED IN OPERATING ACTIVITIES                             $ (13,515)         $ (59,531)
------------------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES
     Proceeds from maturities of investments
         Fixed maturities                                            61,826             46,340
         Mortgage loans                                               3,602              4,330
     Proceeds from sales of investments
         Fixed maturities                                           264,914            202,104
         Equity securities                                            6,123                337
     Purchases of investments
         Fixed maturities                                          (412,148)          (278,998)
         Equity securities                                           (7,544)            (2,603)
         Mortgage loans                                              (6,113)              (752)
     Policy loans                                                      (356)            (2,655)
     Short-term securities (purchases) sales, net                   (41,829)            54,570
     Other investment purchases, net                                 12,880             (1,423)
     Securities transactions in course of settlement, net            28,763             27,791
------------------------------------------------------------------------------------------------------------------------------------
     Net cash used in investing activities                          (89,882)            49,041
------------------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
     Contractholder fund deposits                                   137,116             26,503
     Contractholder fund withdrawals                                (24,957)           (14,689)
------------------------------------------------------------------------------------------------------------------------------------
     Net cash provided by financing activities                      112,159             11,814
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in cash                                       8,762              1,324

Cash at beginning of period                                              21                624
------------------------------------------------------------------------------------------------------------------------------------
Cash at end of period                                             $   8,783          $   1,948
------------------------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
     Income taxes paid                                            $   1,748          $   9,354
====================================================================================================================================
</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 interim financial statements of The Travelers Life and Annuity Company
     (the Company), a wholly owned subsidiary of The Travelers Insurance Company
     (TIC), an indirect wholly owned subsidiary of Citigroup Inc. (Citigroup),
     have been prepared in conformity with generally accepted accounting
     principles (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, 1999

     Certain financial information that is normally included in 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 with the
     current year's presentation.

     FUTURE APPLICATION OF ACCOUNTING STANDARDS

     In June 1998, the Financial Accounting Standards Board (FASB) issued
     Statement of Financial Accounting Standards No. 133, "Accounting for
     Derivative Instruments and Hedging Activities" (FAS 133). In June 1999, the
     FASB issued Statement of Financial Standards No. 137, "Deferral of the
     Effective Date of FASB Statement No. 133" (FAS 137), which allows entities
     that have not yet adopted FAS 133 to defer its effective date to all fiscal
     quarters of all fiscal years beginning after June 15, 2000. 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. The Company adopted the deferral provisions of FAS 137,
     effective January 1, 2000 and has not yet determined the impact that FAS
     133 will have on its consolidated financial statements.


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



2.   SHAREHOLDER'S EQUITY

     Statutory capital and surplus of the Company was $294 million at December
     31, 1999. 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. Statutory
     surplus of $29 million is available in 2000 for dividend payments by the
     Company 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, 2000 and 1999.


3.   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. Although there can be no assurances, as
     of March 31, 2000, the Company believes, based on information currently
     available, that 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. This statement is a
     forward-looking statement within the meaning of the Private Securities
     Litigation Reform Act. See "Forward-Looking Statements" on page 10.

                                       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)
<TABLE>
<CAPTION>

FOR THE THREE MONTHS ENDED MARCH 31,            2000            1999
                                             -------         -------

<S>                                          <C>             <C>
Revenues                                     $  77.6         $  69.1
                                             =======         =======

Net income                                   $  16.5         $  19.2
                                             =======         =======
</TABLE>

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 the Financial
Consultants of Salomon Smith Barney (SSB), and Primerica Financial Services
(Primerica), affiliates of the Company, and a nationwide network of independent
agents. The Copeland Companies (Copeland) and Citibank, N.A., affiliates of the
Company, recently began distributing these products. 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.

The Company has assets held in a separate account related to reserves on
structured settlement contracts that provide guarantees for the contractholders
independent of the investment performance of the separate account assets. The
assets held in this separate account are owned by the Company and
contractholders do not share in their investment performance. These contracts
were purchased by the insurance subsidiaries of Travelers Property Casualty
Corp. (TAP), an affiliate of the Company, in connection with the settlement of
certain of their policyholder obligations. All new structured settlement
contracts are being written by TIC.

Net income for the three months ended March 31, 2000 was $16.5 million, compared
to $19.2 million for the three months ended March 31, 1999. Included in net
income for the first quarter of 2000 were net after-tax realized losses on
investments of $6.0 million versus $5.8 million of net after-tax realized gains
on investments in the first quarter of 1999. Business income, defined as income
before net realized gains or losses on investments, increased 68% to $22.5
million for the first quarter of 2000 from $13.4 million for the prior year
quarter. The increase in business income resulted from increases in business
volume and strong investment income results. The business volume is reflected in
the growth of fee income in the individual annuity and universal life
businesses. This increased business volume also resulted in increased benefits
and expenses, and in particular the growth of amortization of deferred
acquisition costs from $4.1 million in the first quarter of 1999 to $14.8
million in the first quarter of 2000.


                                       9
<PAGE>   10
                     THE TRAVELERS LIFE AND ANNUITY COMPANY


PREMIUMS AND DEPOSITS ($ in millions)

<TABLE>
<CAPTION>
FOR THE THREE MONTHS ENDED MARCH 31,              2000         1999
                                                  ----         ----

<S>                                               <C>          <C>
Individual Annuities                              $752         $487
Universal Life                                      37           24
Traditional Life                                     6            5
                                                  ----         ----
                                    Total         $795         $516
                                                  ====         ====
</TABLE>

The increase in individual annuity and universal life deposits is primarily
attributable to strong sales by SSB and Primerica.

Policyholder benefit reserves, contractholder funds and separate account
reserves totaled $7.8 billion at March 31, 2000, up from $4.6 billion at March
31, 1999, 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, 1999, 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 maximum amount of
dividends available to be paid to the Company's shareholder in 2000 without
prior approval of the Connecticut Insurance Department is $29 million. The
Company did not pay any dividends to its parent during the three months ended
March 31, 2000 and 1999.

FUTURE APPLICATIONS OF ACCOUNTING STANDARDS

See Note 1 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

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                     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.

       27.01+        Financial Data Schedule



+  Filed herewith.

(b)  REPORTS ON FORM 8-K.

None.

                                       11
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                     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 12, 2000                   /s/ Glenn D. Lammey
    ----------------------------    ------------------------------

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

                                       12