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 General American Separate Account Two (the "Separate Account") of Metropolitan Tower Life Insurance Company (the "Company") comprising each of the individual Divisions listed in Note 2 as of December 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights in Note 7 for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Divisions constituting the Separate Account of the Company as of December 31, 2023, 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, 2023, by correspondence with the custodian or mutual fund companies. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Tampa, Florida
March 22, 2024

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, 2023

	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	$	1,004,123	$	292,015	$	6,409,439	$	11,286,286
Total Assets		1,004,123		292,015		6,409,439		11,286,286
Liabilities:
Accrued fees		11		16		—		—
Due to Metropolitan Tower Life Insurance Company		583		—		871		5,057
Total Liabilities		594		16		871		5,057
Net Assets	$	1,003,529	$	291,999	$	6,408,568	$	11,281,229

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, 2023

	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	$	430,188	$	25,231,616	$	4,234,229	$	5,785,191
Total Assets		430,188		25,231,616		4,234,229		5,785,191
Liabilities:
Accrued fees		12		—		20		—
Due to Metropolitan Tower Life Insurance Company		603		4,266		35		3,034
Total Liabilities		615		4,266		55		3,034
Net Assets	$	429,573	$	25,227,350	$	4,234,174	$	5,782,157

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, 2023

	BHFTI MFS^®Research International Division		BHFTII BlackRock Ultra-Short Term Bond Division		BHFTII Brighthouse/ Wellington Balanced Division		BHFTII Jennison Growth Division
Investment Income:
Dividends	$	18,205	$	5,337	$	132,144	$	—
Expenses:
Mortality and expense risk charges		10,464		3,046		61,137		102,771
Net investment income (loss)		7,741		2,291		71,007		(102,771	)
Net Realized and Change in Unrealized Gains (Losses) on Investments:
Realized gain distributions		20,316		6		46,468		—
Realized gains (losses) on sale of investments		7,333		880		1,302		(353,475	)
Net realized gains (losses)		27,649		886		47,770		(353,475	)
Change in unrealized gains (losses) on investments		85,055		8,788		844,609		4,706,528
Net realized and change in unrealized gains (losses) on investments		112,704		9,674		892,379		4,353,053
Net increase (decrease) in net assets resulting from operations	$	120,445	$	11,965	$	963,386	$	4,250,282

The accompanying notes are an integral part of these financial statements.
4

	BHFTII MetLife Aggregate Bond Index Division			BHFTII MetLife Stock Index Division		BHFTII MFS^®Value Division			Fidelity^® VIP Equity-Income Division
Investment Income:
Dividends	$	13,460		$	345,180	$	78,143		$	110,709
Expenses:
Mortality and expense risk charges		4,596			245,825		38,288			57,217
Net investment income (loss)		8,864			99,355		39,855			53,492
Net Realized and Change in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			1,630,486		493,785			166,180
Realized gains (losses) on sale of investments		(7,806	)		771,814		(33,605	)		47,042
Net realized gains (losses)		(7,806	)		2,402,300		460,180			213,222
Change in unrealized gains (losses) on investments		17,511			2,830,457		(205,956	)		257,668
Net realized and change in unrealized gains (losses) on investments		9,705			5,232,757		254,224			470,890
Net increase (decrease) in net assets resulting from operations	$	18,569		$	5,332,112	$	294,079		$	524,382

The accompanying notes are an integral part of these financial statements.
5

GENERAL AMERICAN SEPARATE ACCOUNT TWO
OF METROPOLITAN TOWER LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS

For the years ended December 31, 2023 and 2022

	BHFTI MFS^®Research International Division						BHFTII BlackRock Ultra-Short Term Bond Division						BHFTII Brighthouse/ Wellington Balanced Division						BHFTII Jennison Growth Division
	2023			2022			2023			2022			2023			2022			2023			2022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	7,741		$	12,247		$	2,291		$	(3,159	)	$	71,007		$	44,802		$	(102,771	)	$	(113,165	)
Net realized gains (losses)		27,649			85,219			886			(8	)		47,770			837,011			(353,475	)		2,485,306
Change in unrealized gains (losses) on investments		85,055			(344,784	)		8,788			4,541			844,609			(2,161,523	)		4,706,528			(8,722,826	)
Net increase (decrease) in net assets resulting from operations		120,445			(247,318	)		11,965			1,374			963,386			(1,279,710	)		4,250,282			(6,350,685	)
Contract Transactions:
Purchase payments received from contract owners		810			870			—			—			1,140			39,229			4,244			64,735
Net transfers (including fixed account)		(3,259	)		(16,130	)		—			—			(109,195	)		(28,989	)		(205,138	)		(351,439	)
Transfers for contract benefits and terminations		(190,513	)		(59,191	)		(37,879	)		(2,550	)		(176,666	)		(195,827	)		(1,850,914	)		(779,673	)
Net increase (decrease) in net assets resulting from contract transactions		(192,962	)		(74,451	)		(37,879	)		(2,550	)		(284,721	)		(185,587	)		(2,051,808	)		(1,066,377	)
Net increase (decrease) in net assets		(72,517	)		(321,769	)		(25,914	)		(1,176	)		678,665			(1,465,297	)		2,198,474			(7,417,062	)
Net Assets:
Beginning of year		1,076,046			1,397,815			317,913			319,089			5,729,903			7,195,200			9,082,755			16,499,817
End of year	$	1,003,529		$	1,076,046		$	291,999		$	317,913		$	6,408,568		$	5,729,903		$	11,281,229		$	9,082,755

The accompanying notes are an integral part of these financial statements.
6

	BHFTII MetLife Aggregate Bond Index Division						BHFTII MetLife Stock Index Division						BHFTII MFS^®Value Division
	2023			2022			2023			2022			2023			2022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	8,864		$	8,516		$	99,355		$	73,898		$	39,855		$	34,012
Net realized gains (losses)		(7,806	)		(6,730	)		2,402,300			2,830,185			460,180			705,358
Change in unrealized gains (losses) on investments		17,511			(86,096	)		2,830,457			(8,424,792	)		(205,956	)		(1,097,733	)
Net increase (decrease) in net assets resulting from operations		18,569			(84,310	)		5,332,112			(5,520,709	)		294,079			(358,363	)
Contract Transactions:
Purchase payments received from contract owners		—			—			125,735			100,758			4,410			4,110
Net transfers (including fixed account)		(43,309	)		—			(691,741	)		526,039			(1,301	)		1,344
Transfers for contract benefits and terminations		(9,552	)		(96,912	)		(2,385,712	)		(1,375,332	)		(348,527	)		(786,101	)
Net increase (decrease) in net assets resulting from contract transactions		(52,861	)		(96,912	)		(2,951,718	)		(748,535	)		(345,418	)		(780,647	)
Net increase (decrease) in net assets		(34,292	)		(181,222	)		2,380,394			(6,269,244	)		(51,339	)		(1,139,010	)
Net Assets:
Beginning of year		463,865			645,087			22,846,956			29,116,200			4,285,513			5,424,523
End of year	$	429,573		$	463,865		$	25,227,350		$	22,846,956		$	4,234,174		$	4,285,513

The accompanying notes are an integral part of these financial statements.
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, 2023 and 2022

	Fidelity^® VIP Equity-Income Division
	2023			2022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	53,492		$	52,503
Net realized gains (losses)		213,222			239,487
Change in unrealized gains (losses) on investments		257,668			(686,515	)
Net increase (decrease) in net assets resulting from operations		524,382			(394,525	)
Contract Transactions:
Purchase payments received from contract owners		1,819			3,340
Net transfers (including fixed account)		(148,994	)		(9,191	)
Transfers for contract benefits and terminations		(476,967	)		(369,293	)
Net increase (decrease) in net assets resulting from contract transactions		(624,142	)		(375,144	)
Net increase (decrease) in net assets		(99,760	)		(769,669	)
Net Assets:
Beginning of year		5,881,917			6,651,586
End of year	$	5,782,157		$	5,881,917

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, 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

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. The following Divisions had net assets as of December 31, 2023:

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.

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

3. SIGNIFICANT ACCOUNTING POLICIES — (Concluded)

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, 2023. 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 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.

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

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, 2023:

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.

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, 2023 and 2022. There were no such charges for the years ended December 31, 2023 and 2022.

*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.

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, 2023				For the year ended December 31, 2023
	Shares		Cost ($)		Cost of Purchases ($)		Proceeds from Sales ($)
BHFTI MFS^® Research International Division		82,985		943,302		40,060		204,379
BHFTII BlackRock Ultra-Short Term Bond Division		2,792		279,774		6,725		42,268
BHFTII Brighthouse/Wellington Balanced Division		355,882		6,129,549		248,926		415,333
BHFTII Jennison Growth Division		787,598		10,720,924		5,351		2,154,972
BHFTII MetLife Aggregate Bond Index Division		45,188		482,998		13,497		56,866
BHFTII MetLife Stock Index Division		415,951		19,291,146		2,981,014		4,197,599
BHFTII MFS^® Value Division		304,183		4,565,677		577,141		388,776
Fidelity^® VIP Equity-Income Division		232,804		5,237,421		279,219		680,669

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, 2023 and 2022:

	BHFTI MFS^® Research International Division						BHFTII BlackRock Ultra-Short Term Bond Division						BHFTII Brighthouse/ Wellington Balanced Division
	2023			2022			2023			2022			2023			2022
Units beginning of year		33,417			35,542			16,136			16,266			55,601			57,321
Units issued and transferred from other funding options		68			50			66			—			662			358
Units redeemed and transferred to other funding options		(5,641	)		(2,175	)		(1,952	)		(130	)		(3,081	)		(2,078	)
Units end of year		27,844			33,417			14,250			16,136			53,182			55,601

	BHFTII MFS^® Value Division						Fidelity^® VIP Equity-Income Division
	2023			2022			2023			2022
Units beginning of year		25,671			30,825			72,674			77,334
Units issued and transferred from other funding options		43			55			45			149
Units redeemed and transferred to other funding options		(2,070	)		(5,209	)		(7,505	)		(4,809	)
Units end of year		23,644			25,671			65,214			72,674

	BHFTII Jennison Growth Division						BHFTII MetLife Aggregate Bond Index Division						BHFTII MetLife Stock Index Division
	2023			2022			2023			2022			2023			2022
Units beginning of year		107,090			117,740			12,258			14,668			112,748			116,229
Units issued and transferred from other funding options		73			1,945			—			21			4,367			5,791
Units redeemed and transferred to other funding options		(19,508	)		(12,595	)		(1,359	)		(2,431	)		(17,272	)		(9,272	)
Units end of year		87,655			107,090			10,899			12,258			99,843			112,748

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, 2023:

		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	2023		27,844		36.04		1,003,529		1.74		1.00	11.93
International Division	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
	2020		36,514		35.47		1,295,306		2.48		1.00	12.14
	2019		39,672		31.63		1,254,917		1.54		1.00	27.41
BHFTII BlackRock	2023		14,250		20.49		291,999		1.75		1.00	4.01
Ultra-Short Term Bond	2022		16,136		19.70		317,913		—		1.00	0.44
Division	2021		16,266		19.62		319,089		0.34		1.00	(1.19)
	2020		16,454		19.85		326,643		1.78		1.00	(0.57)
	2019		22,785		19.97		454,933		1.80		1.00	1.11
BHFTII	2023		53,182		120.50		6,408,568		2.15		1.00	16.93
Brighthouse/Wellington	2022		55,601		103.05		5,729,903		1.72		1.00	(17.90)
Balanced Division	2021		57,321		125.52		7,195,200		1.84		1.00	12.89
	2020		60,826		111.19		6,763,415		2.21		1.00	16.55
	2019		63,694		95.40		6,076,604		2.21		1.00	21.77
BHFTII Jennison Growth	2023		87,655		128.70		11,281,229		—		1.00	51.74
Division	2022		107,090		84.81		9,082,755		—		1.00	(39.48)
	2021		117,740		140.14		16,499,817		—		1.00	16.00
	2020		130,993		120.80		15,824,530		0.22		1.00	55.23
	2019		145,636		77.82		11,333,430		0.45		1.00	31.51
BHFTII MetLife Aggregate	2023		10,899		39.41		429,573		2.92		1.00	4.15
Bond Index Division	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)
	2020		18,862		45.30		854,379		2.95		1.00	6.14
	2019		20,388		42.67		870,028		3.16		1.00	7.55
BHFTII MetLife Stock Index	2023		99,843		252.67		25,227,350		1.40		1.00	24.69
Division	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
	2020		124,808		197.12		24,602,598		1.84		1.00	16.92
	2019		142,909		168.59		24,093,351		2.13		1.00	29.85
BHFTII MFS^® Value	2023		23,644		151.96 - 338.32		4,234,174		1.88		0.75 - 1.00	7.08 - 7.34
Division	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
	2020		32,584		122.65 - 271.04		4,613,822		2.01		0.75 - 1.00	2.92 - 3.18
	2019		37,294		119.17 - 262.68		5,121,565		1.94		0.75 - 1.00	28.84 - 29.16

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 ($)		Net Assets ($)		Investment¹Income Ratio (%)		Expense²Ratio Lowest to Highest (%)		Total³Return Lowest to Highest (%)
Fidelity^® VIP Equity-Income	2023		65,214		88.66		5,782,157		1.93		1.00		9.55
Division	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
	2020		95,453		69.56		6,639,660		1.75		1.00		5.63
	2019		106,764		65.85		7,030,677		1.97		1.00		26.18

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.

This page is intentionally left blank.