<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 JUNE 30, 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



PART I - FINANCIAL INFORMATION                                              Page

ITEM 1.  FINANCIAL STATEMENTS

Condensed Statements of Income for the
Six Months Ended June 30, 2000 and 1999 (unaudited)...........................3

Condensed Balance Sheets as of June 30, 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 Six Months Ended June 30, 2000 and 1999 (unaudited)...................5

Condensed Statements of Cash Flows for the
Six Months Ended June 30, 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






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



<TABLE>
<CAPTION>
                                                    THREE MONTHS ENDED              SIX MONTHS ENDED
                                                         JUNE 30,                       JUNE 30,
                                                 -----------------------        -----------------------
                                                   2000           1999            2000           1999
                                                 --------       --------        --------       --------
<S>                                              <C>            <C>             <C>            <C>
REVENUES
Premiums                                         $  9,816       $  6,302        $ 16,585       $ 11,615
Net investment income                              55,462         44,668         104,625         87,079
Realized investment gains (losses)                 11,069         (2,117)          1,820          6,727
Fee income                                         33,948         10,778          57,083         18,963
Other revenues                                      7,678          4,777          15,461          9,129
                                                 --------       --------        --------       --------
     Total revenues                               117,973         64,408         195,574        133,513
                                                 --------       --------        --------       --------

BENEFITS AND EXPENSES
Current and future insurance benefits              22,809         21,316          40,720         41,568
Interest credited to contractholders               17,872         13,255          34,077         26,131
Amortization of deferred acquisition costs         15,833          5,764          30,331          9,589
Operating expenses                                  3,482          1,916           7,065          4,596
                                                 --------       --------        --------       --------
     Total benefits and expenses                   59,996         42,251         112,193         81,884
                                                 --------       --------        --------       --------

Income before federal income taxes                 57,977         22,157          83,381         51,629
                                                 --------       --------        --------       --------

Federal income taxes                               20,277          7,742          29,155         18,043
                                                 --------       --------        --------       --------

Net income                                       $ 37,700       $ 14,415        $ 54,226       $ 33,586
                                                 ========       ========        ========       ========
</TABLE>



                  See Notes to Condensed Financial Statements.


                                       3
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                     THE TRAVELERS LIFE AND ANNUITY COMPANY
                            CONDENSED BALANCE SHEETS
                                ($ IN THOUSANDS)


<TABLE>
<CAPTION>
                                                                 JUNE 30, 2000  DECEMBER 31, 1999
                                                                  (UNAUDITED)
                                                                 -------------  -----------------
<S>                                                              <C>                <C>
ASSETS
Investments                                                      $ 2,381,347        $ 2,174,577
Separate accounts                                                  6,002,166          4,795,165
Deferred acquisition costs                                           454,878            350,088
Other assets                                                         209,848            181,503
                                                                 -----------        -----------
     Total assets                                                $ 9,048,239        $ 7,501,333
                                                                 -----------        -----------

LIABILITIES
Future policy benefits                                           $   999,582        $ 1,007,776
Contractholder funds                                               1,358,281          1,117,819
Separate accounts                                                  6,002,166          4,795,165
Other liabilities                                                    165,423            114,408
                                                                 -----------        -----------
     Total liabilities                                             8,525,452          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                                                    389,387            335,161
Accumulated other changes in equity from non-owner sources           (36,916)           (39,312)
                                                                 -----------        -----------
     Total shareholder's equity                                      522,787            466,165
                                                                 -----------        -----------

     Total liabilities and shareholder's equity                  $ 9,048,239        $ 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                   SIX MONTHS ENDED
                                                         JUNE 30,                            JUNE 30,
                                                  ------------------------------------------------------------
STATEMENTS OF CHANGES IN  RETAINED EARNINGS         2000             1999             2000             1999
                                                  ---------        ---------        ---------        ---------
<S>                                               <C>              <C>              <C>              <C>
Balance, beginning of period                      $ 351,687        $ 301,726        $ 335,161        $ 282,555
Net income                                           37,700           14,415           54,226           33,586
                                                  ---------        ---------        ---------        ---------
Balance, end of period                            $ 389,387        $ 316,141        $ 389,387        $ 316,141
                                                  =========        =========        =========        =========


STATEMENTS OF ACCUMULATED OTHER CHANGES
IN EQUITY FROM NON-OWNER SOURCES

Balance, beginning of period                      $ (25,725)       $  40,233        $ (39,312)       $  87,889
Unrealized gains (losses), net of tax               (11,191)         (37,588)           2,396          (85,244)
                                                  ---------        ---------        ---------        ---------
Balance, end of period                            $ (36,916)       $   2,645        $ (36,916)       $   2,645
                                                  =========        =========        =========        =========



SUMMARY OF CHANGES IN EQUITY
FROM NON-OWNER SOURCES

Net income                                        $  37,700        $  14,415        $  54,226        $  33,586
Other changes in equity from
     non-owner sources                              (11,191)         (37,588)           2,396          (85,244)
                                                  ---------        ---------        ---------        ---------
Total changes in equity from
     non-owner sources                            $  26,509        $ (23,173)       $  56,622        $ (51,658)
                                                  =========        =========        =========        =========
</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>
                                                                   SIX MONTHS ENDED
                                                                        JUNE 30,
                                                                  2000             1999
                                                                ---------        ---------
<S>                                                             <C>              <C>
NET CASH USED IN OPERATING ACTIVITIES                           $ (66,602)       $ (41,630)
                                                                ---------        ---------

CASH FLOWS FROM INVESTING ACTIVITIES
     Proceeds from maturities of investments
         Fixed maturities                                          98,524           66,783
         Mortgage loans                                            11,547            6,061
     Proceeds from sales of investments
         Fixed maturities                                         493,296          447,287
         Equity securities                                          9,691              975
         Real estate held for sale                                  2,115               --
     Purchases of investments
         Fixed maturities                                        (778,018)        (545,599)
         Equity securities                                        (11,970)          (8,932)
         Mortgage loans                                            (8,867)          (3,004)
     Policy loans                                                  (1,413)          (2,998)
     Short-term securities sales, net                               1,489           78,606
     Other investment purchases, net                              (14,855)         (11,381)
     Securities transactions in course of settlement, net          37,968            2,705
                                                                ---------        ---------
     Net cash provided by (used in) investing activities         (160,493)          30,503
                                                                ---------        ---------


CASH FLOWS FROM FINANCING ACTIVITIES
     Contractholder fund deposits                                 286,078           26,503
     Contractholder fund withdrawals                              (45,560)         (14,689)
                                                                ---------        ---------
     Net cash provided by financing activities                    240,518           11,814
                                                                ---------        ---------

Net increase in cash                                               13,423              687

Cash at beginning of period                                            21              624
                                                                ---------        ---------
Cash at end of period                                           $  13,444        $   1,311
                                                                ---------        ---------

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
     Income taxes paid                                          $  18,742        $  20,343
                                                                =========        =========
</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. In June 2000,
     the FASB issued Statement of Financial Accounting Standards No. 138,
     "Accounting for Certain Derivative Instruments and Certain Hedging
     Activities, an amendment of FASB Statement No. 133" which amends the
     accounting and reporting standards of 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. 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 six months ended
     June 30, 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. Although there can be no
     assurances, as of June 30, 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 SIX MONTHS ENDED JUNE 30,        2000          1999
                                        -------       -------
<S>                                     <C>           <C>
Revenues                                $ 195.6       $ 133.5
                                        =======       =======

Net income                              $  54.2       $  33.6
                                        =======       =======
</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 Salomon Smith
Barney (SSB) and Primerica Financial Services (Primerica), affiliates of the
Company, and a nationwide network of independent agents. 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 six months ended June 30, 2000 was $54.2 million, compared to
$33.6 million for the six months ended June 30, 1999. Included in net income for
the first six months of 2000 were net after-tax realized gains on investments of
$1.2 million versus $4.4 million of net after-tax realized gains on investments
in the first six months of 1999. Operating income, defined as income before net
realized gains or losses on investments, increased 82% to $53.0 million for the
first six months of 2000 from $29.2 million for the prior year period. The
increase in operating income resulted from increases in business volume and
strong investment income results. The business volume is reflected in the growth
of fee income and other revenues in the individual annuity and universal life
businesses. This increased business volume also resulted in increased benefits
and expenses, and in particular increased amortization of deferred acquisition
costs from $9.6 million in the first half of 1999 to $30.3 million in the first
half of 2000.




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<PAGE>   10
                     THE TRAVELERS LIFE AND ANNUITY COMPANY






PREMIUMS AND DEPOSITS ($ in millions)

<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED JUNE 30,                2000         1999
                                                ------       ------
<S>                                             <C>          <C>
Individual Annuities                            $1,549       $1,055
Universal Life                                      75           56
Traditional Life                                    12           11
Payout Annuities                                     7           --
                                                ------       ------
                                    Total       $1,643       $1,122
                                                ======       ======
</TABLE>

The increase in individual annuity premiums and deposits is primarily
attributable to a 61% increase in sales at SSB. This sales momentum was driven
by a newly designed product for SSB customers.

Policyholder benefit reserves, contractholder funds and separate account
reserves totaled $8.4 billion at June 30, 2000, up from $5.3 billion at June 30,
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 six months ended June
30, 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
<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 August 11, 2000    /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