<PAGE>   1
                       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 September 30, 1995

                                       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 November 13, 1995, there were outstanding 30,000 shares of common
     stock, par value $100, of the Registrant, all of which were owned by The
     Travelers Insurance Company, an indirect subsidiary of Travelers Group 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
                                    FORM 10-Q
                    For the Quarter Ended September 30, 1995

                                Table of Contents


PART I - FINANCIAL INFORMATION                                              Page
                                                                            ----
Item 1. Financial Statements


Condensed Statement of Operations and Retained Earnings for the Quarter and
Nine Months Ended September 30, 1995 and 1994 (unaudited) . . . . . . . . .   3

Condensed Balance Sheet as of September 30, 1995 (unaudited) and
December 31, 1994 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   4

Condensed Statement of Cash Flows for the
Nine Months Ended September 30, 1995 and 1994 (unaudited) . . . . . . . . .   5

Notes to Condensed Financial Statements (unaudited) . . . . . . . . . . . .   6

Item 2.  Management's Discussion and Analysis of Financial
Condition and Results of Operations . . . . . . . . . . . . . . . . . . . .   7


PART II - OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . . . .   9


SIGNATURES  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   10

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                     THE TRAVELERS LIFE AND ANNUITY COMPANY
       CONDENSED STATEMENT OF OPERATIONS AND RETAINED EARNINGS (Unaudited)
                                 (in thousands)


<TABLE>
<CAPTION>
                                                    Quarter Ended             Nine Months Ended
                                                    September 30,               September 30,
                                               -----------------------     -----------------------
                                                  1995          1994          1995          1994
                                               ---------     ---------     ---------     ---------
<S>                                            <C>           <C>           <C>           <C>      
REVENUES

Premiums                                       $   1,043     $      61     $   1,334     $   3,391
Net investment income                             15,311        17,277        46,762        48,499
Realized investment gains (losses)                 7,006           (73)        2,331           (98)
Other                                              1,829         3,300         9,578        10,868
                                               ---------     ---------     ---------     ---------
                                                  25,189        20,565        60,005        62,660
                                               ---------     ---------     ---------     ---------

BENEFITS AND EXPENSES

Current and future insurance benefits             13,857        13,869        40,639        45,624
Amortization of value of insurance in force          313          --             938          --
General and administrative expenses                1,433         1,088         2,775         2,453
                                               ---------     ---------     ---------     ---------
                                                  15,603        14,957        44,352        48,077
                                               ---------     ---------     ---------     ---------

Income before federal income taxes                 9,586         5,608        15,653        14,583

Federal income taxes                               3,363         1,958         5,438         5,065
                                               ---------     ---------     ---------     ---------

Net income                                         6,223         3,650        10,215         9,518
Retained earnings beginning of period            132,982       116,533       128,990       110,665
                                               ---------     ---------     ---------     ---------
Retained earnings end of period                $ 139,205     $ 120,183     $ 139,205     $ 120,183
                                               =========     =========     =========     =========
</TABLE>




                  See notes to condensed financial statements.


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


<TABLE>
<CAPTION>
                                                          September 30,      December 31,
                                                              1995               1994
                                                          -------------      ------------
                                                             (Unaudited)

<S>                                                        <C>                <C>        
ASSETS

Investments                                                $   918,597        $   851,037
Separate accounts                                              835,672            820,384
Deferred federal income taxes                                   61,701             94,315
Other assets                                                    66,504             35,633
                                                           -----------        -----------
   Total assets                                            $ 1,882,474        $ 1,801,369
                                                           ===========        ===========

LIABILITIES

Future policy benefits                                     $   676,824        $   691,108
Separate accounts                                              817,191            808,181
Other liabilities                                               63,988             43,960
                                                           -----------        -----------
   Total liabilities                                         1,558,003          1,543,249
                                                           -----------        -----------

SHAREHOLDER'S EQUITY

Capital stock, par value $100; 100,000
   shares authorized, 30,000 issued and outstanding              3,000              3,000
Additional paid-in capital                                     167,308            167,354
Unrealized investment gains (losses), net of taxes              14,958            (41,224)
Retained earnings                                              139,205            128,990
                                                           -----------        -----------
   Total shareholder's equity                                  324,471            258,120
                                                           -----------        -----------

   Total liabilities and shareholder's equity              $ 1,882,474        $ 1,801,369
                                                           ===========        ===========
</TABLE>



                  See notes to condensed financial statements.


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                     THE TRAVELERS LIFE AND ANNUITY COMPANY
                  CONDENSED STATEMENT OF CASH FLOWS (Unaudited)
                           INCREASE (DECREASE) IN CASH
                                 (in thousands)


<TABLE>
<CAPTION>
                                                                                      Nine Months Ended
                                                                                        September 30,
                                                                                 ---------------------------

                                                                                   1995              1994
                                                                                 ---------         ---------
<S>                                                                                  <C>              <C>   
Net cash provided by (used in) operating activities                              $ (54,523)        $   8,876
                                                                                 ---------         ---------

Cash flows from investing activities
  Investment repayments
    Fixed maturities                                                                 6,961            20,851
    Mortgage loans                                                                  14,793            44,017
  Proceeds from sales of investments, including real estate held for sale
    Fixed maturities                                                               274,469            24,403
    Equity securities                                                               10,266             6,684
    Mortgage loans                                                                   2,497            23,181
    Real estate held for sale                                                         --              22,865
  Investments in
    Fixed maturities                                                              (250,182)         (166,645)
    Equity securities                                                                  (71)             (123)
    Short-term securities, (purchases) sales, net                                  (26,438)            7,677
    Other investments, net                                                          (1,582)           (2,109)
  Securities transactions in course of settlement                                   23,514            12,164
                                                                                 ---------         ---------
    Net cash provided by (used in) investing activities                             54,227            (7,035)
                                                                                 ---------         ---------

Net increase (decrease) in cash                                                       (296)            1,841

Cash at beginning of period                                                            296              --
                                                                                 ---------         ---------
Cash at end of period                                                            $    --           $   1,841
                                                                                 ---------         ---------

Supplemental disclosure of cash flow information
  Income taxes paid (refunded)                                                   $  34,726         $     (30)
                                                                                 =========         =========
</TABLE>


                  See notes to condensed financial statements.


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                     THE TRAVELERS LIFE AND ANNUITY COMPANY
               Notes to Condensed Financial Statements (Unaudited)

                               September 30, 1995


1. General

   The interim financial statements of The Travelers Life and Annuity Company
   (the Company), a wholly owned subsidiary of The Travelers Insurance Company
   (an indirect, wholly owned subsidiary of Travelers Group Inc.), have been
   prepared in conformity with generally accepted accounting principles (GAAP)
   and are unaudited. They reflect all adjustments (none of which were other
   than normal recurring adjustments) necessary, in the opinion of management,
   for a fair statement of results for the periods reported. The accompanying
   condensed financial statements should be read in conjunction with the audited
   financial statements and related notes for the year ended December 31, 1994
   included in the Company's Form S-2 registration statement filed on July 11,
   1995 (File No. 33-58677).

   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.

2. Changes in Accounting Principles

   Effective January 1, 1995, the Company adopted Statement of Financial
   Accounting Standards No. 114, "Accounting by Creditors for Impairment of a
   Loan", and Statement of Financial Accounting Standards No. 118, "Accounting
   by Creditors for Impairment of a Loan - Income Recognition and Disclosures,"
   which describe how impaired loans should be measured when determining the
   amount of a loan loss accrual. These statements amended existing guidance on
   the measurement of restructured loans in a troubled debt restructuring
   involving a modification of terms. Their adoption did not have a material
   impact on the Company's financial condition, results of operations or
   liquidity.

3. Commitments and Contingencies

   The Company's TTM Modified Guaranteed Annuity Contracts are subject to a
   limited guarantee agreement by The Travelers Insurance Company in a principal
   amount of up to $100 million in the aggregate. The obligation of The 
   Travelers Insurance Company is to pay in full to any owner or beneficiary 
   of the TTM Modified Guaranteed Annuity Contracts principal and interest as 
   and when due under the annuity contract to the extent that the Company 
   fails to make such payment.

   The Company is a defendant in various litigation matters. Although there can
   be no assurances, as of September 30, 1995, 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.


                                        6
<PAGE>   7

                     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.

The Travelers Life and Annuity Company (the Company) primarily writes single
premium group annuity close-out contracts and individual structured settlement
annuities. The single premium group annuity contracts are typically purchased by
employer-sponsored pension plans upon termination of the plan, asset reversion
or other significant plan changes. As a result, sales activity can vary
significantly from period to period.

The individual structured settlement contracts are purchased by an affiliate,
The Travelers Indemnity Company, in connection with the settlement of certain of
its policyholder obligations. All structured settlement contracts are issued
through a separate account of the Company. Accordingly, the Company's other
revenues include structured settlement policyholder revenues net of the related
benefits and expenses.

The Company has obtained and is in the process of obtaining further regulatory
approvals to write individual life and deferred annuity business in additional
states, as well as for additional products.

NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994

Net income for the nine months ended September 30, 1995 was $10.2 million,
compared to $9.5 million for the same period in 1994. Excluding realized
investment gains and losses, operating earnings decreased from $9.6 million in
the nine months ended September 30, 1994 to $8.7 million in the nine months
ended September 30, 1995, reflecting unfavorable annuity mortality results and
an increase in administrative expenses.

Premiums and deposits amounted to $35.7 million for the nine months ended
September 30, 1995, a 6% increase compared to the same period for 1994,
reflecting the writing of new business partially offset by a decline in
structured settlement sales. (Deposits relate to separate account receipts, and
are thus excluded from revenue).

Policyholder benefit reserves, including separate accounts, aggregated $1.5
billion at September 30, 1995, down from $1.6 billion at September 30, 1994
primarily as a result of an $94.5 million decrease in separate account
liabilities.

INSURANCE REGULATIONS

Risk-based capital requirements are used as early warning tools by the National
Association of Insurance Commissioners and the states to identify companies that
merit further regulatory action. At September 30, 1995, the Company had adjusted
capital in excess of amounts requiring any regulatory action.


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<PAGE>   8
The Company is subject to various regulatory restrictions that limit the maximum
amount of dividends available to its parent without prior approval of insurance
regulatory authorities in the state of domicile. No statutory surplus is
available in 1995 for dividends to the Company's shareholder without prior
approval of the Connecticut Insurance Department.

ACCOUNTING STANDARDS NOT YET ADOPTED

In March 1995, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 121, Accounting for Long-Lived Assets and for
Long-Lived Assets to be Disposed Of (FAS 121). This statement establishes
accounting standards for the impairment of long-lived assets, certain
identifiable intangibles, and goodwill related to those assets to be held and
used and for long-lived assets and certain identifiable intangibles to be
disposed of. This statement requires write down to fair value when long-lived
assets to be held and used are impaired. The statement also requires long-lived
assets to be disposed of (e.g., real estate held for sale) to be carried at the
lower of cost or fair value less cost to sell and does not allow such assets to
be depreciated. This statement will be effective for 1996 financial statements,
although earlier adoption is permissible. The Company has not yet determined
when it will adopt FAS 121, however, the impact is not expected to be material
to its results of operations, financial condition or liquidity.

In October 1995, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 123, "Accounting for Stock-Based
Compensation" (FAS 123). This statement addresses alternative accounting
treatments for stock-based compensation, such as stock options and restricted
stock. FAS 123 permits either expensing the value of stock-based compensation
over the period earned or disclosing in the financial statement footnotes the
pro forma impact to net income as if the value of stock-based compensation
awards had been expensed. The value of awards would be measured at the grant
date based upon estimated fair value, using option pricing models. The
requirements of this statement will be effective for 1996 financial statements,
although earlier adoption is permissible if an entity elects to expense the cost
of stock-based compensation. The Company along with affiliated companies
participates in stock option and incentive plans sponsored by the parent. The
Company is currently evaluating the disclosure requirements and expense
recognition alternatives addressed by this statement.


                                        8
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                           PART II - OTHER INFORMATION


Item 6. Exhibits and Reports on Form 8-K

(a)  Exhibits.

<TABLE>
<CAPTION>
Exhibit
No.                 Description                                                        Filing Method
---                 -----------                                                        -------------
<S>           <C>                                                                      <C>
3.      Articles of Incorporation and By-laws

              a. 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.

              b. By-laws of the Company as amended 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.              Financial Data Schedule                                               Electronic

</TABLE>

(b)  Reports on Form 8-K.

No reports on Form 8-K have been filed by the Company during the quarter ended
September 30, 1995.


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                                   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     November 13, 1995              /s/ Jay S. Fishman
                                        ---------------------------------------
                                        Jay S. Fishman
                                        Vice Chairman and
                                        Chief Financial Officer


Date     November 13, 1995              /s/ Christine B. Mead
                                        ---------------------------------------
                                        Christine B. Mead
                                        Vice President - Finance
                                        and Controller


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