<Page>

                                                                  EXHIBIT 10.(m)

                          INVESTMENT ADVISORY AGREEMENT

     THIS INVESTMENT ADVISORY AGREEMENT (the "Agreement"), dated March 31, 2001,
is by and between Aetna Insurance Company of America, a corporation existing
under the laws of Florida ("Client"), and ING INVESTMENT MANAGEMENT LLC, a
Delaware limited liability company ("IIM").

     SECTION 1. APPOINTMENT OF IIM - Client hereby appoints IIM to provide
investment advisory services with respect to assets of Client allocated from
time to time by Client to IIM (the "Account") under the terms and conditions set
forth in this Agreement. IIM hereby accepts such appointment and agrees to
provide such investment advisory services, subject to the terms and conditions
of this Agreement.

     SECTION 2. INVESTMENT GUIDELINES - Client shall provide from time to time
written investment objectives and guidelines established by its Board of
Directors to IIM (the "Client Guidelines"). IIM shall make recommendations to
Client regarding the direction and management of the investment and reinvestment
of assets in the Account, and shall invest and reinvest the assets in the
Account consistent with the Client Guidelines. To the extent that Client's
investments are subject to restrictions based on the laws and regulations of
Client's domicile, Client will provide IIM with an initial copy and prompt
updates of such restrictions. The Client Guidelines currently in effect are
attached hereto EXHIBIT "A".

     SECTION 3. DISCRETIONARY AUTHORITY; BROKERAGE - Subject to the terms and
conditions of this Agreement, Client hereby confers, and IIM hereby accepts (a)
full discretion and authority to supervise, manage and direct the assets in the
Account, including, without limitation, establishing a securities lending
program, and (b) the right, power and authority, as Client's agent, to
negotiate, execute, deliver, amend, modify and/to terminate suchlegal documents
of every kind and nature which IIM believes are necessary or advisable in
connection with its performance of this Agreement (including, without
limitation, contracts, deeds, notes, assignments, mortgages, leases, security
agreements and services agreements). IIM shall have the power and authority as
Client's agent to establish brokerage accounts on behalf of Client, to purchase
lend, sell, invest, reinvest, exchange, convert and trade the assets in the
dealers or issuers selected by IIM (including those that from time to time may
furnish to IIM statistical and investment research information and other
services).

     SECTION 4. ADMINISTRATIVE SERVICES - IIM will provide Client with the
following administrative services: preparation of Schedules B and D to Client's
annual statement; preparation of quarterly investment reports for submission by
Client to its Board of Directors; pricing of portfolios on a periodic basis as
mutually agreed; private placement securities servicing (provided that servicing
needs outside of IIM's historical experience may be outsourced, and billed to
Client, at IIM's cost); coordination of purchases and sales at custodian banks;
and management of a securities lending program and coordination of securities
lending transactions (which may include reinvestment by IIM or its designee of
cash collateral supporting securities lending transactions) (as and if
applicable to the Account). IIM will also (at its election) either provide or
arrange for the provision of mortgage loan servicing for the Account. Client
will pay the fees of any third party mortgage loan servicer. IIM shall keep and
maintain or cause to be kept and maintained full and complete documentation and
records of all transactions in respect of the assets in the Account and shall
reconcile its books and records and the books and records of the custodian in a
manner deemed acceptable by IIM.

     SECTION 5. FEES - Client will pay to IIM as full compensation for services
rendered a quarterly fee based on the annual fees set forth in EXHIBIT "B",
which is attached hereto and incorporated herein by reference. This fee schedule
may be amended by written agreement of the parties. If IIM shall serve for less
than the whole of any quarterly period, its compensation shall be payable on a
pro rata basis for the period of the calendar quarter for which it has served as
an advisor hereunder. No cash or securities due to or held for the Account shall
be paid or delivered to IIM except in payment of the fee payable to IIM under
this Agreement.

     SECTION 6. PROCEDURES - All transactions will be consummated by payment to
or delivery by Client, or such other party as the Client may designate in
writing (the "Custodian"), of all cash and/or securities due to or from the
Account. IIM shall not act as custodian for the Account. IIM shall instruct all
brokers or dealers executing orders on behalf of the Account to forward copies
of all brokerage confirmations promptly after execution of such transaction to
Client and/or the Custodian. Client will instruct the Custodian, if any, to
provide IIM with such periodic reports concerning the status of the Account as
IIM may reasonably request. IIM shall be authorized to rely and act upon

                                        1
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instruction received from any Client representative reasonably believed by IIM
to be authorized to provide such instruction.

     SECTION 7. PROXIES - Unless otherwise requested by Client, IIM shall vote
securities held in the Account in response to proxies solicited by the issuers
of such securities in accordance with IIM's proxy voting guidelines as in effect
from time to time. A copy of such guidelines will be provided to Client upon its
request.

     SECTION 8. SERVICE TO OTHER CLIENTS - It is understood that IIM provides
investment advisory services for other clients. It is further understood that
IIM may take investment action on behalf of such other clients which differs
from investment action taken on behalf of Client. If the purchase or sale of
securities for the Account and for one or more such other clients is considered
at or about the same time, the transactions in such securities will be allocated
in a manner deemed equitable by IIM.

     SECTION 9. LIMITATION OF LIABILITY - In rendering services under this
Agreement, IIM will not be subject to any liability to Client or to any other
party for any act or omissions of IIM except as the result of IIM's gross
negligence or willful misconduct. IIM may, with respect to questions of law,
apply for and obtain the advice and opinion of counsel, and shall be fully
protected with respect to anything done by it in good faith in conformity with
such reasonable advice or opinion. Nothing herein shall in any way constitute a
waiver or limitation of any right or any party under applicable Federal or State
law.

     SECTION 11. CERTAIN EXPENSES - Client shall pay, or reimburse IIM for, all
costs and expenses incurred by IIM (including without limitation the fees and
expenses of outside counsel) in connection with litigation, workouts,
restructuring and other similar activities related to the performance of IIM's
obligations hereunder. IIM shall also be entitled to obtain reimbursement from
Client for such other fees, costs and expenses which are agreed upon by Client
and IIM and payable to unrelated third party contractors engaged by IIM pursuant
to this Agreement in connection with IIM's performance of this agreement.

     SECTION 12. REPRESENTATIONS BY CLIENT - Client hereby represents and
warrants to IIM as follows:

          (a)    Client has the power and authority to execute, deliver and
perform its obligations under this Agreement;

          (b)    This Agreement has been duly authorized, validly executed and
delivered by one or more authorized signatories of Client, and this Agreement
constitutes a legal, valid and binding obligation of Client, enforceable against
Client in accordance with its terms;

          (c)    The execution and delivery of this Agreement and Client's
performance hereunder do not and will not be in contravention of or in conflict
with Clients charter documents or the provisions of any statute, judgment,
order, indenture, instrument, agreement or undertaking to which Client is a
party or by which Client's assets or properties are or may become bound. Client
has obtained all necessary consents and approvals of all regulatory and
governmental authorities and agencies having jurisdiction over Client for Client
to execute and deliver this Agreement and to perform hereunder.

     SECTION 13. REPRESENTATIONS BY IIM - IIM hereby represents and warrants to
Client as follows:

          (a)    IIM has the power and authority to execute, deliver and perform
                 its obligations under this Agreement;

          (b)    This Agreement has been duly authorized, validly executed and
                 delivered by one or more authorized signatories of IIM, and
                 this Agreement constitutes a legal, valid and binding
                 obligation of IIM, enforceable against IIM in accordance with
                 its terms;

          (c)    The execution and delivery of this Agreement and IIM's
                 performance hereunder do not and will not be in contravention
                 of or in conflict with IIM's charter documents or the
                 provisions of any statute, judgment, order, indenture,
                 instrument, agreement or undertaking to which IIM is a party or
                 by which IIM's assets or properties are or may become bound.
                 IIM has obtained all necessary consents and approvals of all
                 regulatory and governmental authorities and agencies having
                 jurisdiction over IIM for IIM to execute and deliver this
                 Agreement and to perform hereunder.

                                        2
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     SECTION 14. FORM ADV PART II - The parties hereto acknowledge that, prior
to the execution of this Agreement, IIM furnished to Client, for Client's review
and inspection, a copy of the Form ADV Part II most recently filed by IIM with
the Securities and Exchange Commission. Upon Client's written or oral request,
IIM shall provide to Client a copy of any future Form ADV Part II.

     SECTION 15. TERMINATION - This Agreement may be terminated by either party
on the month-end next following receipt of written notice of termination.

     SECTION 16. NOTICE - Any notice, advice or report to be given pursuant to
this Agreement shall be delivered or mailed:

                    TO IIM:          ING INVESTMENT MANAGEMENT LLC
..                                    c/o Corporate Counsel
                                     5780 Powers Ferry Road - Suite 300
                                     Atlanta, Georgia   30327-4349

                    TO Client:       AETNA INSURANCE COMPANY OF AMERICA
                                     c/o Chief Financial Officer
                                     151 Farmington Avenue
                                     Hartford, CT   06156

     SECTION 17. CONSTRUCTION OF AGREEMENT - This Agreement shall be construed
and the rights and obligations of the parties hereunder enforced in accordance
with the laws of the State of Georgia.

     SECTION 18. ASSIGNMENT - This Agreement shall bind and inure to the benefit
of and be enforceable by the parties hereto and their permitted successors and
assigns hereunder, provided, however, that IIM may not assign its rights and
obligations under this Agreement unless and until it shall have first received
the prior written consent of Client. The above consent may be withheld for any
reason, but if such consent is given, IIM's assignee shall be required to assume
and agree to perform all the obligations of IIM hereunder and IIM shall remain
fully liable for the performance of its obligations under this Agreement arising
prior to any such assignment.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement or
caused it to be executed by their duly authorized officers, all as of the day
and year first above.


     CLIENT:                         AETNA INSURANCE COMPANY OF
                                     AMERICA


                                     By: /s/ David Pendergrass
                                        --------------------------------------
                                     Name: David Pendergrass
                                     Title: Vice President and Treasurer

     IIM:                            ING INVESTMENT MANAGEMENT LLC


                                     By: /s/ Mark S. Jordahl
                                        --------------------------------------
                                     Name:  Mark S. Jordahl
                                     Title: President

                                        3
<Page>

                                   EXHIBIT "A"

                                CLIENT GUIDELINES

                       AETNA INSURANCE COMPANY OF AMERICA

                   GENERAL ACCOUNT INVESTMENT POLICY STATEMENT


Following is a statement of overall investment guidelines for ING FSI North
America (FSI-NA). The guidelines apply to the general accounts of the insurance
companies in the United States and Canada. The aggregate of portfolios for each
country should be within these guidelines; legal entity and individual
portfolios can be outside these guidelines with the approval of FSI-NA General
Management. Insurance Regulations pertaining to asset and portfolio
characteristics will, of course, supersede these guidelines. Also stated are
some specific guidelines and other considerations for our investment program.

BROAD GUIDELINES

I.   QUALITY

     Portfolios should be cautious in accepting credit risk. The incremental
     returns for accepting this risk can appear attractive in good times and
     inadequate in bad times. Therefore, it is the philosophy of FSI-NA that the
     credit risk exposure should be highly diversified, actively managed, and
     under continuous review. Specific maximum exposures have been selected to
     achieve these results.

     Average quality of fixed income securities - e.g., public bonds, private
     placements, asset-backed securities, and MBS/CMO - cannot be below A+ for
     each country. FSI-NA will monitor bond quality on a quarterly basis.

     Credit quality guidelines include maximum holdings of individual credits.
     These maximum holdings apply to initial purchases of securities. If
     existing holdings deteriorate in quality and violate these maximums the
     security must be immediately evaluated and brought into compliance with
     these guidelines or obtain approval of FSI-NA General Management. Each
     portfolio is expected to use adequate default charges to cover credit risk.

     A.   MAXIMUM HOLDINGS OF INDIVIDUAL CREDITS - US

<Table>
<Caption>
                                                                                  % OF
          SECURITY                                                             TOTAL ASSETS
          --------                                                             ------------
            <S>                                                                  <C>
            US Governments and all US Government Guaranteed                      No Limit

            AAA Mortgage-Backed Securities (per issue)                               2.00%

            AA Mortgage-Backed Securities (per issue)                                1.00

            Corporate, Public and 144A Private Asset-Backed                          1.00
              Securities and Commercial Mortgage-Backed Securities
              AAA and AA-

            Corporates and Whole Loan MBS/CMO A+ to A-                               0.75

            Corporates and Whole Loan MBS/CMO  BBB+ to BBB-                          0.50

            Private Placements, Private and Public Asset-Backed
            Securities:
                A- or better                                                         0.60
                BBB+ to BBB-                                                         0.45
</Table>

                                        4
<Page>

<Table>
            <S>                                                                  <C>
            Public and Private Non-Investment Grade                                  0.25
            (Split-Rated, BB and B)

            Foreign Based Corporations

              Corporates based in countries rated at least A-/A3                 Same as for domestic
              and/or U.S. $ convertibility risk mitigated transactions           companies

              All Others                                                             0.25

            Commercial Mortgage (per transaction)                                    0.45
</Table>

     B.   MAXIMUM HOLDINGS OF INDIVIDUAL CREDITS - CANADA

<Table>
<Caption>
                                                                                   % OF
          QUALITY RATING (CBRS)                                                TOTAL ASSETS
          ---------------------                                                ------------
          <S>                                                                    <C>
          Federal Government                                                     No Limit

<Caption>
                                                                                   % OF
          QUALITY RATING (CBRS)                                                TOTAL ASSETS
          <S>                                                                      <C>
          Provincial Governments (per Province)                                     15%

          Municipal Governments (per Municipality)                                   5

          Financial Papers of Six Largest Banks (per Bank)                           5

          Corporates AAA                                                             4

          Corporate AA                                                               3

          Corporates A                                                               2

          Corporates BBB                                                             1

          Mortgage-backed securities Guaranteed by NHA                               2

          Commercial Mortgages (uninsured)                                           1

          Private Placements                                                         1

              AAA                                                                  1.0
              AA                                                                   0.8
              A                                                                    0.6
              BBB                                                                  0.5

              Public & Private Below Investment Grade                              0.3
</Table>

                                        5
<Page>

II.  MATCHING

          To minimize interest rate risk, we embrace the basic principle that
          for each portfolio, duration and, if applicable, cash flow must bear a
          known relationship to the corresponding characteristics of life
          insurance and savings product liabilities. The duration of each
          portfolio must be maintained within the range established by FSI-NA
          and may not exceed target duration by more than one year. The
          asset/liability relationship will be monitored and documented on a
          regular basis. Only fixed-income securities and commercial mortgages
          are authorized for liability matching unless general account
          liabilities are linked to equity performance. Common stock, real
          estate and other equity investments are permissible in surplus
          portfolios and are to be excluded from duration of fixed income
          assets. All assets should be either denominated in or swapped into the
          currency of the liability to be consistent with our matching
          philosophy.

III.      DIVERSIFICATION

          The asset mix of the country will be within maximum exposures for the
          general account assets (excluding separate accounts and
          segregated/variable accounts):

<Table>
<Caption>
                                                                       US ASSET CLASS MAXIMUMS
                                                                       -----------------------
          <S>                                                                    <C>
          ASSET CLASS

          Public Bonds                                                           100%
          Below Investment Grade                                                 8.5
          Foreign Based Corporations
              Aggregate Limit                                                     10
              Country Limit (by rating category)
                    AAA to AA-                                                     4
                    A+ to BBB                                                      3
                 Below Investment Grade or Unrated                                 2
          MBS/CMO (including CMO-B)                                               40
          CMO-B                                                                    7*
          Commercial Mortgages                                                    20
          Private Placements                                                      30
          Preferred Stock                                                         10
          "Basket Assets"                                                         10**
          (Common Stock, Real Estate and other
          Equity Investments)
</Table>

              * Target maximum is 7%; allocation may increase to 8% over short
            term periods -- i.e., three consecutive month ends - to take
            advantage of market opportunities

             **not to exceed surplus

                                        6
<Page>


<Table>
<Caption>
                                                          CANADIAN ASSET CLASS MAXIMUMS
                                                          -----------------------------
          <S>                                                            <C>
          ASSET CLASS

          Bonds and MBS                                                  100%

          Insured Mortgages                                               50

          Commercial Mortgages                                            30

          Below Investment Grade                                           5

          Preferred Shares                                                30

          Common Shares                                                   15*

          Private Placements                                              20

          Short term securities excluding operating cash                  20
</Table>

          * (i) Excluding equities matched to general account liabilities and
          (ii) not to exceed surplus.

          Diversification by asset class is desirable to add economic
          diversification and to diversify away the risks of credit, liquidity,
          and convexity/call. It is our philosophy that diversification among
          and within asset classes mitigates those infrequent but severe periods
          that befall every asset class from time-to-time.

          SPECIFIC GUIDELINES

          1.  No venture capital.

          2.  Maximum exposure to below investment grade bond limited to 8.5% of
              assets.

          3.  Interest rate swaps, currency swaps, interest rate caps and
              floors, equity options, and other derivatives may be used in
              conjunction with specific direct investments or for portfolio
              asset liability management provided the resultant exposure is
              within counterparty exposure limits separately established; use of
              derivatives for purposes beyond the parameters established in
              these guidelines is prohibited.

          REAL ESTATE EQUITIES

          In order to opportunistically take advantage of equity real estate
          investments offering unusually attractive returns or joint
          transactions with ING real estate, such investments are permissible
          but the book value of such assets would be limited to no more than two
          percent (2%) of invested assets.

          INVESTMENT RESULTS

          FSI-NA General Management will approve investment performance
          benchmarks for each portfolio. These may include spread/benchmarks,
          total return benchmarks, competitive measurement and positioning, and
          investment income targets depending on the nature of the
          asset/liability relationship and the portfolio management strategy.
          Actual results vs. benchmarks will be reviewed quarterly.

          TAX EFFICIENCY

          Portfolios can be modified to achieve enhanced after-tax results.
          These modifications generally take two forms: tax-enhanced investments
          such as common and preferred shares to minimize income taxes and
          transactions undertaken to minimize capital gains taxes. These
          activities are encouraged as long as they are consistent with the tax
          position in each country and do not incur capital loss beyond levels
          approved b FSI-NA.

                                        7
<Page>

          SHORT TERM INVESTMENT REQUIREMENTS - US

          Short-term (90 days or less) investing will be done only in Treasury,
          Mortgage-Backed Repurchase Agreements, Commercial Paper, Time
          Deposits, Bankers Acceptance Notes and Loan Participations in domestic
          companies carrying a quality rating of A1, P1 or the long-term credit
          rating of A3 or higher, or as otherwise determined by the treasury
          department.

                                        8
<Page>

                                    EXHIBIT B

                          ING INVESTMENT MANAGEMENT LLC
                              ADVISORY FEE SCHEDULE
                              AS OF JANUARY 1, 2003

ANNUAL ADVISORY FEES (based on assets under management):
(minimum is $50,000 for small portfolios)

<Table>
<Caption>
                               ASSET CLASS                                               BASIS POINT FEE
-------------------------------------------------------------------------------------------------------------
<S>  <C>                                                                            <C>
-    Public bonds, MBS, CMO-A, Passthroughs,                                                    25.0

-    Private Placements (investment grade)                                                      25.0

-    Below Investment Grade                                                                     44.0

-    Derivatives / Residuals / CMO-B                                                            65.0

-    Short Term Assets                                                                            25

-    Actively Managed Common Stock & Preferred Stock                                            52.0

-    Indexed Common Stocks                                                                      10.0

-    Commercial Mortgages                                                                       25.0

-    Real Estate Equity, Foreclosed Mortgages, and Problem Commercial Loans                       69

                                                                                    1.8 b.p. for first $1.0
-    portfolio management and investment services (applied to all assets under      billion and 0.8 b.p. for
     management per portfolio)                                                      the excess

-    separate accounts, segregated funds, and pension trusts                        5.0 b.p. in additional to
                                                                                    the asset class charge
</Table>

PRODUCTION FEE (one-time fee assessed at close of transaction):

<Table>
<Caption>
                               ASSET CLASS                                               BASIS POINT FEE
-------------------------------------------------------------------------------------------------------------
<S>  <C>                                                                                       <C>
-    private placements (investment grade)                                                       23

-    private placements (international -  investment grade)                                      33

-    private placements (BIG)                                                                    40

-    commercial mortgages                                                                      16.7
</Table>

                                        9