General American Separate Account Two

04/13/2026 | Press release | Distributed by Public on 04/13/2026 09:05

Financial Statements by Insurance Company (Form N-VPFS)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Contract owners of
General American Separate Account Two
and Board of Directors of
Metropolitan Tower Life Insurance Company

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of each of the divisions of General American Separate Account Two (the "Separate Account") listed in Note 2 (collectively, the "Divisions") as of December 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Divisions as of December 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Separate Account's management. Our responsibility is to express an opinion on the Separate Account's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Separate Account is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Separate Account's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of investments owned as of December 31, 2025, by correspondence with the Separate Account's custodian or mutual fund companies. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

New York, New York
March 27, 2026

We have served as the Separate Account's auditor since 2000.

This page is intentionally left blank.

GENERAL AMERICAN SEPARATE ACCOUNT TWO
OF METROPOLITAN TOWER LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2025

BHFTI MFS®
Research
International
Division

BHFTII BlackRock
Ultra-Short
Term Bond
Division

BHFTII Brighthouse/
Wellington
Balanced
Division

BHFTII Jennison
Growth
Division

Assets:

Investments at fair value

$

912,648

$

284,151

$

3,162,079

$

11,926,510

Due from Metropolitan Tower Life
Insurance Company

8

2

-

159

Total Assets

912,656

284,153

3,162,079

11,926,669

Liabilities:

Accrued fees

8

16

-

-

Due to Metropolitan Tower Life
Insurance Company

-

-

10

-

Total Liabilities

8

16

10

-

Net Assets

$

912,648

$

284,137

$

3,162,069

$

11,926,669

The accompanying notes are an integral part of these financial statements.

1

GENERAL AMERICAN SEPARATE ACCOUNT TWO
OF METROPOLITAN TOWER LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES - (Concluded)

December 31, 2025

BHFTII MetLife
Aggregate
Bond Index
Division

BHFTII MetLife
Stock Index
Division

BHFTII MFS®
Value
Division

Fidelity® VIP
Equity-Income
Division

Assets:

Investments at fair value

$

393,347

$

31,158,555

$

4,279,819

$

5,981,467

Due from Metropolitan Tower Life
Insurance Company

12

-

-

-

Total Assets

393,359

31,158,555

4,279,819

5,981,467

Liabilities:

Accrued fees

22

-

16

-

Due to Metropolitan Tower Life
Insurance Company

-

70

23

13

Total Liabilities

22

70

39

13

Net Assets

$

393,337

$

31,158,485

$

4,279,780

$

5,981,454

The accompanying notes are an integral part of these financial statements.

2

This page is intentionally left blank.

GENERAL AMERICAN SEPARATE ACCOUNT TWO
OF METROPOLITAN TOWER LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS
For the year ended December 31, 2025

BHFTI MFS®
Research
International
Division

BHFTII BlackRock
Ultra-Short
Term Bond
Division

BHFTII Brighthouse/
Wellington
Balanced
Division

BHFTII Jennison
Growth
Division

BHFTII MetLife
Aggregate
Bond Index
Division

BHFTII MetLife
Stock Index
Division

BHFTII MFS®
Value
Division

Fidelity® VIP
Equity-Income
Division

Investment Income:

Dividends

$

18,470

$

14,607

$

66,921

$

-

$

7,996

$

286,310

$

73,471

$

101,721

Expenses:

Mortality and expense risk
charges

9,095

2,863

29,896

117,643

3,914

287,933

38,250

58,144

Net investment income (loss)

9,375

11,744

37,025

(117,643)

4,082

(1,623)

35,221

43,577

Net Realized and Change in
Unrealized Gains (Losses)
on Investments:

Realized gain distributions

53,675

-

332,836

1,993,241

-

2,510,870

458,358

317,927

Realized gains (losses) on sale of
investments

16,662

391

8,189

206,391

(2,796)

793,674

(15,233)

153,701

Net realized gains (losses)

70,337

391

341,025

2,199,632

(2,796)

3,304,544

443,125

471,628

Change in unrealized gains (losses)
on investments

97,260

(3,340)

(46,558)

(687,810)

21,385

1,154,020

(3,792)

430,359

Net realized and change in
unrealized gains (losses) on
investments

167,597

(2,949)

294,467

1,511,822

18,589

4,458,564

439,333

901,987

Net increase (decrease) in net assets
resulting from operations

$

176,972

$

8,795

$

331,492

$

1,394,179

$

22,671

$

4,456,941

$

474,554

$

945,564

The accompanying notes are an integral part of these financial statements.

The accompanying notes are an integral part of these financial statements.

4

5

GENERAL AMERICAN SEPARATE ACCOUNT TWO
OF METROPOLITAN TOWER LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
For the years ended December 31, 2025 and 2024

BHFTI MFS®
Research
International
Division

BHFTII BlackRock
Ultra-Short
Term Bond
Division

BHFTII Brighthouse/
Wellington
Balanced
Division

BHFTII Jennison
Growth
Division

BHFTII MetLife
Aggregate
Bond Index
Division

BHFTII MetLife
Stock Index
Division

BHFTII MFS®
Value
Division

2025

2024

2025

2024

2025

2024

2025

2024

2025

2024

2025

2024

2025

2024

Increase (Decrease) in Net Assets:

Operations:

Net investment income (loss)

$

9,375

$

8,715

$

11,744

$

14,043

$

37,025

$

24,176

$

(117,643)

$

(120,813)

$

4,082

$

8,707

$

(1,623)

$

57,348

$

35,221

$

41,618

Net realized gains (losses)

70,337

41,330

391

557

341,025

409,931

2,199,632

1,680,929

(2,796)

(5,445)

3,304,544

3,060,427

443,125

364,343

Change in unrealized gains
(losses) on investments

97,260

(22,629)

(3,340)

(2,898)

(46,558)

46,460

(687,810)

1,488,091

21,385

(3,051)

1,154,020

2,552,457

(3,792)

55,496

Net increase (decrease)
in net assets resulting
from operations

176,972

27,416

8,795

11,702

331,492

480,567

1,394,179

3,048,207

22,671

211

4,456,941

5,670,232

474,554

461,457

Contract Transactions:

Purchase payments received
from Contract owners

780

855

-

-

1,200

1,200

879

1,975

-

-

70,727

70,282

660

2,160

Net transfers (including
fixed account)

122

2,369

-

-

-

-

-

(12,685)

-

-

5,341

(328,964)

-

-

Transfers for Contract benefits
and terminations

(119,818)

(179,577)

(12,954)

(15,405)

(77,364)

(3,983,594)

(1,521,365)

(2,265,750)

(19,461)

(39,657)

(1,545,867)

(2,467,557)

(190,900)

(702,325)

Net increase (decrease)
in net assets resulting from
Contract transactions

(118,916)

(176,353)

(12,954)

(15,405)

(76,164)

(3,982,394)

(1,520,486)

(2,276,460)

(19,461)

(39,657)

(1,469,799)

(2,726,239)

(190,240)

(700,165)

Net increase (decrease)
in net assets

58,056

(148,937)

(4,159)

(3,703)

255,328

(3,501,827)

(126,307)

771,747

3,210

(39,446)

2,987,142

2,943,993

284,314

(238,708)

Net Assets:

Beginning of year

854,592

1,003,529

288,296

291,999

2,906,741

6,408,568

12,052,976

11,281,229

390,127

429,573

28,171,343

25,227,350

3,995,466

4,234,174

End of year

$

912,648

$

854,592

$

284,137

$

288,296

$

3,162,069

$

2,906,741

$

11,926,669

$

12,052,976

$

393,337

$

390,127

$

31,158,485

$

28,171,343

$

4,279,780

$

3,995,466

The accompanying notes are an integral part of these financial statements.

The accompanying notes are an integral part of these financial statements.

6

7

GENERAL AMERICAN SEPARATE ACCOUNT TWO
OF METROPOLITAN TOWER LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS - (Concluded)
For the years ended December 31, 2025 and 2024

Fidelity® VIP
Equity-Income
Division

2025

2024

Increase (Decrease) in Net Assets:

Operations:

Net investment income (loss)

$

43,577

$

44,680

Net realized gains (losses)

471,628

468,119

Change in unrealized gains
(losses) on investments

430,359

268,282

Net increase (decrease)
in net assets resulting
from operations

945,564

781,081

Contract Transactions:

Purchase payments received
from Contract owners

128

2,317

Net transfers (including
fixed account)

-

(9,990)

Transfers for Contract benefits
and terminations

(772,404)

(747,399)

Net increase (decrease)
in net assets resulting from
Contract transactions

(772,276)

(755,072)

Net increase (decrease)
in net assets

173,288

26,009

Net Assets:

Beginning of year

5,808,166

5,782,157

End of year

$

5,981,454

$

5,808,166

The accompanying notes are an integral part of these financial statements.

8

GENERAL AMERICAN SEPARATE ACCOUNT TWO
OF METROPOLITAN TOWER LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS

1.
ORGANIZATION

General American Separate Account Two (the "Separate Account"), a separate account of Metropolitan Tower Life Insurance Company (the "Company"), was established by the Board of Directors of General American Life Insurance Company ("GALIC") on October 22, 1970 to support operations of GALIC with respect to certain variable annuity contracts (the "Contracts"). Effective after the close of the New York Stock Exchange on April 27, 2018, GALIC merged with and into the Company while concurrently changing the state of domicile to Nebraska (the "Merger"). Upon the Merger, the Separate Account became a separate account of the Company. The Company is a direct wholly-owned subsidiary of MetLife, Inc., a Delaware corporation. The Separate Account is registered as a unit investment trust under the Investment Company Act of 1940, as amended, and is subject to the rules and regulations of the United States Securities and Exchange Commission, as well as the Nebraska Department of Insurance.

The Separate Account is divided into divisions (the "Divisions"), each of which is treated as an individual accounting entity for financial reporting purposes. Each Division invests in shares of the corresponding portfolio (with the same name) of registered investment management companies (the "Trusts"), which are presented below:

Brighthouse Funds Trust I ("BHFTI")

Brighthouse Funds Trust II ("BHFTII")

Fidelity® Variable Insurance Products ("Fidelity VIP")

The assets of each of the Divisions of the Separate Account are registered in the name of the Company. Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from the Company's other assets and liabilities. The portion of the Separate Account's assets applicable to the Contracts cannot be used for liabilities arising out of any other business conducted by the Company.

2.
LIST OF DIVISIONS

The following Divisions had net assets as of December 31, 2025:

BHFTI MFS® Research International Division

BHFTII BlackRock Ultra-Short Term Bond Division

BHFTII Brighthouse/Wellington Balanced Division

BHFTII Jennison Growth Division

BHFTII MetLife Aggregate Bond Index Division

BHFTII MetLife Stock Index Division

BHFTII MFS® Value Division

Fidelity® VIP Equity-Income Division

3.
SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") applicable for variable annuity separate accounts registered as unit investment trusts, which follow the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, Investment Companies.

Security Transactions

Security transactions are recorded on a trade date basis. Realized gains and losses on the sales of investments are computed on the basis of the average cost of the investment sold. Income from dividends and realized gain distributions are recorded on the ex-distribution date.

9

GENERAL AMERICAN SEPARATE ACCOUNT TWO
OF METROPOLITAN TOWER LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS - (Continued)

3.
SIGNIFICANT ACCOUNTING POLICIES - (Continued)

Security Valuation

A Division's investment in shares of a portfolio of the Trusts is valued at fair value based on the closing net asset value ("NAV"). All changes in fair value are recorded as changes in unrealized gains (losses) on investments in the statements of operations of the applicable Divisions. The Separate Account defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Each Division invests in shares of open-end mutual funds which calculate a daily NAV based on the fair value of the underlying securities in their portfolios. As a result, and as required by law, shares of open-end mutual funds are purchased and redeemed at their daily NAV as reported by the Trusts at the close of each business day.

ASC Topic 820, Fair Value Measurement ("ASC 820") provides that the Separate Account is not required to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. Additionally, ASC 820 does not require certain disclosures for all investments that are eligible to be measured at fair value using the NAV per share practical expedient. The Separate Account's investments in shares of a portfolio of the Trusts are using NAV as a practical expedient, therefore investments are not categorized within the ASC 820 fair value hierarchy.

Federal Income Taxes

The operations of the Separate Account form a part of the total operations of the Company and are not taxed separately. The Company is taxed as a life insurance company under the provisions of the Internal Revenue Code ("IRC"). Under the current provisions of the IRC, the Company does not expect to incur federal income taxes on the earnings of the Separate Account to the extent the earnings are credited under the Contracts. Accordingly, no charge is currently being made to the Separate Account for federal income taxes. The Company will periodically review the status of this policy in the event of changes in the tax law. A charge may be made in future years for any federal income taxes that would be attributable to the Contracts.

Annuity Payouts

Net assets allocated to Contracts in the annuity payout period are computed according to industry standard mortality tables and, if any, are shown in net assets from Contracts in payout on the statements of assets and liabilities. The assumed investment return is 4.0 percent. The mortality risk is fully borne by the Company and may result in additional amounts being transferred into the Separate Account by the Company to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to the Company. There were no Contracts in payout/annuitization at December 31, 2025. Annuity payouts, if any, are included in transfers for Contract benefits and terminations on the statements of changes in net assets of the applicable Divisions.

Purchase Payments

Purchase payments, less any applicable charges, applied to the Separate Account are invested in one or more Divisions in accordance with the selection made by the Contract owner. Purchase payments received from Contract owners by the Company are credited as accumulation units as of the end of the valuation period in which received, as provided in the prospectus for the Contracts, and are reported as Contract transactions on the statements of changes in net assets of the applicable Divisions.

Net Transfers

Assets transferred by the Contract owner into or out of Divisions within the Separate Account or into or out of the fixed account, which is part of the Company's general account, are recorded on a net basis as net transfers in the statements of changes in net assets of the applicable Divisions.

Use of Estimates

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported herein. Actual results could differ from these estimates.

10

GENERAL AMERICAN SEPARATE ACCOUNT TWO
OF METROPOLITAN TOWER LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS - (Continued)

3.
SIGNIFICANT ACCOUNTING POLICIES - (Concluded)

Segment Reporting

Each Division of the Separate Account constitutes a single operating segment and therefore, a single reportable segment. The chief operating decision maker ("CODM") oversees the activities of the Separate Account using information of each Division. The Separate Account is engaged in a single line of business as a registered unit investment trust. The Separate Account is a funding vehicle for individual variable annuity Contracts issued by the Company to support the liabilities of the applicable Contracts. The Divisions have identified the Company's Assistant Vice President of Life and Annuity Products as the CODM.

The CODM uses the increase (decrease) in net assets from operations as their performance measure in order to make operational decisions while monitoring the net assets of each of the Divisions within the Separate Account. The accounting policies used to measure profit and loss of the segment are the same as those described in the summary of significant accounting policies. The measure of segment assets is reported on the statements of assets and liabilities as net assets. The measure of segment profit and loss is reported on the statements of operations and changes in net assets as increase (decrease) in net assets from operations. All assets and increases (decreases) in net assets from operations are generated in the U.S.

4.
EXPENSES & CONTRACT CHARGES

The following annual Separate Account charge paid to the Company is an asset-based charge assessed through a daily reduction in unit values which is recorded as an expense in the accompanying statements of operations of the applicable Divisions:

Mortality and Expense Risk - The mortality risk assumed by the Company is the risk that those insured may die sooner than anticipated and therefore, the Company will pay an aggregate amount of death benefits greater than anticipated. The expense risk assumed is the risk that expenses incurred in issuing and administering the Contracts will exceed the amounts realized from the administrative charges assessed against the Contracts. In addition, the charge compensates the Company for the risk that the insured (the annuitant) may live longer than estimated and the Company would be obligated to pay more in income payments than anticipated.

The table below represents the effective annual rate for the charge for the year ended December 31, 2025:

Mortality and Expense Risk

1.00%*

The above referenced charge may not necessarily correspond to the costs associated with providing the services or benefits indicated by the designation of the charge or associated with a particular Contract.

Asset-based charges that have not been redeemed from the Divisions are recorded as Accrued Fees in the accompanying statements of assets and liabilities of the Divisions.

Separate Accounts charges referred to in this disclosure are for current charges of the Contracts. A Contract administrative charge of $10 is assessed on an annual basis for Contracts sold before May 1982. In addition, a transfer fee of $5 is imposed whenever assets are transferred between the Company's general account and the Separate Account for Contracts sold before May 1982. The Company is currently waiving the Contract administrative charge and the transfer fee, but reserves the right to impose such charges in the future. The Contracts impose a surrender charge which ranges from 0.0 percent to 9.0 percent if the Contract is partially or fully surrendered within the specified surrender charge period. These charges are paid to the Company, assessed through redemption of units, and recorded as Contract charges in the accompanying statements of changes in net assets of the applicable Divisions for the years ended December 31, 2025 and 2024. There were no such charges for the years ended December 31, 2025 and 2024.

* For Contracts issued prior to February 23, 1998 that are invested in BHFTII MFS® Value Division, daily adjustments to values in the Separate Account are made to fully offset the effect of a $10 administrative fee charged to the BHFTII MFS® Value Division by the Company which equates to an annual ratio of 0.75% for these net assets.

11

GENERAL AMERICAN SEPARATE ACCOUNT TWO
OF METROPOLITAN TOWER LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS - (Continued)

5.
STATEMENT OF INVESTMENTS

As of December 31, 2025

For the year ended
December 31, 2025

Shares

Cost ($)

Cost of
Purchases ($)

Proceeds
from Sales ($)

BHFTI MFS® Research International Division

67,304

777,196

91,931

147,787

BHFTII BlackRock Ultra-Short Term Bond Division

2,775

278,147

16,501

17,703

BHFTII Brighthouse/Wellington Balanced Division

166,776

2,882,287

401,488

107,811

BHFTII Jennison Growth Division

760,135

10,560,866

2,044,600

1,700,433

BHFTII MetLife Aggregate Bond Index Division

40,302

427,823

8,069

23,738

BHFTII MetLife Stock Index Division

419,079

21,511,607

3,809,024

2,771,890

BHFTII MFS® Value Division

314,000

4,559,563

538,953

233,876

Fidelity® VIP Equity-Income Division

203,244

4,735,056

439,519

849,682

12

This page is intentionally left blank.

GENERAL AMERICAN SEPARATE ACCOUNT TWO
OF METROPOLITAN TOWER LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS - (Continued)

6.
​
SCHEDULES OF UNITS
For the years ended December 31, 2025 and 2024:

BHFTI MFS®
Research
International
Division

BHFTII BlackRock
Ultra-Short
Term Bond
Division

BHFTII Brighthouse/
Wellington
Balanced
Division

BHFTII Jennison
Growth
Division

BHFTII MetLife
Aggregate
Bond Index
Division

BHFTII MetLife
Stock Index
Division

2025

2024

2025

2024

2025

2024

2025

2024

2025

2024

2025

2024

Units beginning of year

23,216

27,844

13,521

14,250

21,400

53,182

72,614

87,655

9,911

10,899

90,334

99,843

Units issued and transferred
from other funding options

493

85

85

-

22

9

315

298

-

-

3,226

7,217

Units redeemed and transferred
to other funding options

(3,303)

(4,713)

(682)

(729)

(552)

(31,791)

(9,287)

(15,339)

(482)

(988)

(7,736)

(16,726)

Units end of year

20,406

23,216

12,924

13,521

20,870

21,400

63,642

72,614

9,429

9,911

85,824

90,334

BHFTII MFS®
Value
Division

Fidelity® VIP
Equity-Income
Division

2025

2024

2025

2024

Units beginning of year

20,213

23,644

57,366

65,214

Units issued and transferred
from other funding options

20

41

203

91

Units redeemed and transferred
to other funding options

(788)

(3,472)

(7,434)

(7,939)

Units end of year

19,445

20,213

50,135

57,366

14

15

GENERAL AMERICAN SEPARATE ACCOUNT TWO
OF METROPOLITAN TOWER LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS - (Continued)

7.
FINANCIAL HIGHLIGHTS

The Company sells a number of variable annuity products which have unique combinations of features and fees, some of which directly affect the unit values of the Divisions. Differences in the fee structures result in a variety of unit values, expense ratios, and total returns.

The following table is a summary of unit values and units outstanding for the Contracts, net assets, net investment income ratios, expense ratios, excluding expenses for the underlying portfolio, and total return ratios for the five years ended December 31, 2025:

As of December 31

For the year ended December 31

Units

Unit Value
Lowest to
Highest ($)

Net
Assets ($)

Investment1
Income
Ratio (%)

Expense2
Ratio
Lowest to
Highest (%)

Total3
Return
Lowest to
Highest (%)

BHFTI MFS® Research

2025

20,406

44.73

912,648

2.03

1.00

21.50

International Division

2024

23,216

36.81

854,592

1.89

1.00

2.13

2023

27,844

36.04

1,003,529

1.74

1.00

11.93

2022

33,417

32.20

1,076,046

2.09

1.00

(18.13)

2021

35,542

39.33

1,397,815

1.14

1.00

10.87

BHFTII BlackRock

2025

12,924

21.99

284,137

5.10

1.00

3.11

Ultra-Short Term Bond

2024

13,521

21.32

288,296

5.78

1.00

4.05

Division

2023

14,250

20.49

291,999

1.75

1.00

4.01

2022

16,136

19.70

317,913

-

1.00

0.44

2021

16,266

19.62

319,089

0.34

1.00

(1.19)

BHFTII

2025

20,870

151.51

3,162,069

2.24

1.00

11.55

Brighthouse/Wellington

2024

21,400

135.83

2,906,741

1.72

1.00

12.72

Balanced Division

2023

53,182

120.50

6,408,568

2.15

1.00

16.93

2022

55,601

103.05

5,729,903

1.72

1.00

(17.90)

2021

57,321

125.52

7,195,200

1.84

1.00

12.89

BHFTII Jennison Growth

2025

63,642

187.40

11,926,669

-

1.00

12.90

Division

2024

72,614

165.99

12,052,976

-

1.00

28.97

2023

87,655

128.70

11,281,229

-

1.00

51.74

2022

107,090

84.81

9,082,755

-

1.00

(39.48)

2021

117,740

140.14

16,499,817

-

1.00

16.00

BHFTII MetLife Aggregate

2025

9,429

41.72

393,337

2.04

1.00

5.98

Bond Index Division

2024

9,911

39.36

390,127

3.07

1.00

(0.13)

2023

10,899

39.41

429,573

2.92

1.00

4.15

2022

12,258

37.84

463,865

2.64

1.00

(13.96)

2021

14,668

43.98

645,087

2.29

1.00

(2.90)

BHFTII MetLife Stock Index

2025

85,824

363.05

31,158,485

0.99

1.00

16.42

Division

2024

90,334

311.86

28,171,343

1.22

1.00

23.42

2023

99,843

252.67

25,227,350

1.40

1.00

24.69

2022

112,748

202.64

22,846,956

1.29

1.00

(19.11)

2021

116,229

250.51

29,116,200

1.51

1.00

27.08

BHFTII MFS® Value

2025

19,445

188.83 - 422.54

4,279,780

1.79

0.75 - 1.00

12.16 - 12.44

Division

2024

20,213

168.35 - 375.78

3,995,466

1.88

0.75 - 1.00

10.79 - 11.07

2023

23,644

151.96 - 338.32

4,234,174

1.88

0.75 - 1.00

7.08 - 7.34

2022

25,671

141.91 - 315.18

4,285,513

1.69

0.75 - 1.00

(6.91) - (6.68)

2021

30,825

152.45 - 337.73

5,424,523

1.56

0.75 - 1.00

24.29 - 24.61

16

GENERAL AMERICAN SEPARATE ACCOUNT TWO
OF METROPOLITAN TOWER LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS - (Concluded)

7.
FINANCIAL HIGHLIGHTS - (Concluded)

As of December 31

For the year ended December 31

Units

Unit Value
Lowest to
Highest ($)

Net
Assets ($)

Investment1
Income
Ratio (%)

Expense2
Ratio
Lowest to
Highest (%)

Total3
Return
Lowest to
Highest (%)

Fidelity® VIP Equity-Income

2025

50,135

119.31

5,981,454

1.75

1.00

17.84

Division

2024

57,366

101.25

5,808,166

1.76

1.00

14.19

2023

65,214

88.66

5,782,157

1.93

1.00

9.55

2022

72,674

80.94

5,881,917

1.86

1.00

(5.90)

2021

77,334

86.01

6,651,586

1.76

1.00

23.65

1​
These amounts represent the dividends, excluding distributions of capital gains, received by the Division from the underlying portfolio, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense risk charges, that are assessed against Contract owner accounts either through reductions in the unit values or the redemption of units. The investment income ratio is calculated for each period indicated or from the effective date through the end of the reporting period. The recognition of investment income by the Division is affected by the timing of the declaration of dividends by the underlying portfolio in which the Division invests.
2​
These amounts represent annualized Contract expenses of each of the applicable Divisions, consisting primarily of mortality and expense risk charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to Contract owner accounts through the redemption of units and expenses of the underlying portfolio have been excluded.
3​
These amounts represent the total return for the period indicated, including changes in the value of the underlying portfolio, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. The total return is calculated for each period indicated or from the effective date through the end of the reporting period. The total return is presented as a range of minimum to maximum returns, based on the minimum and maximum returns within each product grouping of the applicable Division.

17

This page is intentionally left blank.

General American Separate Account Two published this content on April 13, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 13, 2026 at 15:05 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]