# EDGAR Filing Document

**Accession Number:** 0000806004
**File Stem:** 0001104659-26-042477
**Filing Date:** 2026-4
**Character Count:** 609332
**Document Hash:** f9433c7e8fbfd6e8d22cf4bfb659d1b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-042477.hdr.sgml**: 20260413

**ACCESSION NUMBER**: 0001104659-26-042477

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260413

**DATE AS OF CHANGE**: 20260413

**EFFECTIVENESS DATE**: 20260413

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
- **CENTRAL INDEX KEY:** 0000806004

**ORGANIZATION NAME:**
- **EIN:** 430285930
- **STATE OF INCORPORATION:** NE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04901
- **FILM NUMBER:** 26856869

**BUSINESS ADDRESS:**
- **STREET 1:** 5601 SOUTH 59TH STREET
- **CITY:** LINCOLN
- **STATE:** NE
- **ZIP:** 68516
- **BUSINESS PHONE:** 212-578-9500

**MAIL ADDRESS:**
- **STREET 1:** METROPOLITAN TOWER LIFE INSURANCE CO
- **STREET 2:** 5601 SOUTH 59TH STREET
- **CITY:** LINCOLN
- **STATE:** NE
- **ZIP:** 68516

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GENERAL AMERICAN LIFE INSURANCE CO SEPARATE ACCOUNT ELEVEN
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN (Series ID: S000004233)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000011919 | American Vision Series VUL 2002            |  |
| C000011920 | Destiny Variable Life                      |  |
| C000023059 | Flexible Life VUL 98/00                    |  |
| C000023060 | Flexible Life VUL 100                      |  |
| C000023061 | Variable General Select Plus & Russell VUL |  |
| C000023062 | Flexible Life VUL 95                       |  |
| C000202482 | GenAm Destiny                              |  |
| C000202483 | GenAm American Vision Series               |  |

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Policy owners of<br>General American Separate Account Eleven<br>and Board of Directors of<br>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 Eleven (the "Separate Account") listed in Note 2 (collectively, the "Divisions") as of December 31, 2025, the related statements of operations and changes in net assets for each of the three 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 and changes in their net assets for each of the three 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<br>March 27, 2026

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

This page is intentionally left blank.

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF ASSETS AND LIABILITIES**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | **American Funds**<sup>®</sup>**<br>Growth<br>Division** |  | **American Funds**<sup>®</sup>**<br>Growth-Income<br>Division** | **BHFTI Brighthouse<br>Asset Allocation 100<br>Division** |  |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments at fair value | $3121433 |  | $28951606 | 28951606 | $18071966 | $22353 |
| Due from Metropolitan Tower Life<br>Insurance Company |  |  | 3 | 3 | 1 |  |
| Total Assets | 3121433 |  | 28951609 | 28951609 | 18071967 | 22353 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Accrued fees | 44 |  | 13 | 13 | 47 |  |
| Total Liabilities | 44 |  | 13 | 13 | 47 |  |
| **Net Assets** | $3121389 |  | $28951596 | 28951596 | $18071920 | $22353 |

---

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF ASSETS AND LIABILITIES — (Continued)**

**December 31, 2025**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | **BHFTI<br>Harris Oakmark<br>International<br>Division** |  | **BHFTI Invesco<br>Small Cap Growth<br>Division** | **BHFTI Loomis<br>Sayles Growth<br>Division** | **BHFTI<br>MFS**<sup>®</sup> **Research<br>International<br>Division** | **BHFTI<br>Morgan Stanley<br>Discovery<br>Division** |  | **BHFTI<br>PIMCO Total Return<br>Division** | **BHFTI<br>T. Rowe Price<br>Large Cap Value<br>Division** | **BHFTI<br>T. Rowe Price<br>Mid Cap Growth<br>Division** | **BHFTI<br>Victory Sycamore<br>Mid Cap Value<br>Division** |  |  |  |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments at fair value | $1067994 |  | $4836537 | 4836537 | $964327 | $1079081 |  | $9529544 | 9529544 | $3516274 |  | $7224988 | $2486253 | $3929196 | $3542082 |
| Due from Metropolitan Tower Life<br>Insurance Company |  |  | 1 | 1 |  | 1 |  | 1 | 1 | 4 |  |  |  | 1 | 2 |
| Total Assets | 1067994 |  | 4836538 | 4836538 | 964327 | 1079082 |  | 9529545 | 9529545 | 3516278 |  | 7224988 | 2486253 | 3929197 | 3542084 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Accrued fees | 58 |  | 57 | 57 | 46 | 55 |  | 27 | 27 | 92 |  | 59 | 71 | 61 | 52 |
| Total Liabilities | 58 |  | 57 | 57 | 46 | 55 |  | 27 | 27 | 92 |  | 59 | 71 | 61 | 52 |
| **Net Assets** | $1067936 |  | $4836481 | 4836481 | $964281 | $1079027 |  | $9529518 | 9529518 | $3516186 |  | $7224929 | $2486182 | $3929136 | $3542032 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF ASSETS AND LIABILITIES — (Continued)**

**December 31, 2025**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | **BHFTII<br>BlackRock <br>Bond Income<br>Division** |  | **BHFTII<br>BlackRock<br>Capital Appreciation<br>Division** |  | **BHFTII BlackRock<br>Ultra-Short<br>Term Bond<br>Division** |  | **BHFTII Brighthouse<br>Asset Allocation 40<br>Division** | **BHFTII Brighthouse<br>Asset Allocation 60<br>Division** |  | **BHFTII Brighthouse<br>Asset Allocation 80<br>Division** |  | **BHFTII Brighthouse/<br>Wellington Balanced<br>Division** |  |  |  |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments at fair value | $2553776 |  | $2645014 | 2645014 | $ | $4358113 | $3021480 |  | $106987 | $ | $12 | $587844 |  | $1766552 | $3182166 | $14193991 |
| Due from Metropolitan Tower Life<br>Insurance Company |  |  | 1 | 1 | 3 | 3 | 2 |  |  |  |  |  |  |  | 4 | 803 |
| Total Assets | 2553776 |  | 2645015 | 2645015 | 4358116 | 4358116 | 3021482 |  | 106987 | 12 | 12 | 587844 |  | 1766552 | 3182170 | 14194794 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Accrued fees | 63 |  | 69 | 69 | 99 | 99 | 88 |  |  |  |  |  |  |  | 52 | 24 |
| Total Liabilities | 63 |  | 69 | 69 | 99 | 99 | 88 |  |  |  |  |  |  |  | 52 | 24 |
| **Net Assets** | $2553713 |  | $2644946 | 2644946 | $ | $4358017 | $3021394 |  | $106987 | $ | $12 | $587844 |  | $1766552 | $3182118 | $14194770 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF ASSETS AND LIABILITIES — (Continued)**

**December 31, 2025**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTII Brighthouse/<br>Wellington <br>Core Equity <br>Opportunities <br>Division** |  | **BHFTII Frontier<br>Mid Cap Growth<br>Division** |  | **BHFTII<br>Jennison Growth<br>Division** | **BHFTII<br>MetLife Aggregate<br>Bond Index<br>Division** | **BHFTII<br>MetLife MSCI<br>EAFE**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife<br>Russell 2000**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife<br>Stock Index<br>Division** |  | **BHFTII MFS**<sup>®</sup> **Value<br>Division** |  |  |  |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments at fair value |  | $7047756 |  | $3220586 | 3220586 | $49928603 | $8230913 | $3149290 | $5264088 | $3715410 |  | $96012782 | $1714203 | $12772280 |
| Due from Metropolitan Tower Life<br>Insurance Company |  |  |  | 1 | 1 | 2 |  |  |  | 1 |  | 418 | 3 |  |
| Total Assets |  | 7047756 |  | 3220587 | 3220587 | 49928605 | 8230913 | 3149290 | 5264088 | 3715411 |  | 96013200 | 1714206 | 12772280 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Accrued fees |  | 46 |  | 61 | 61 | 51 | 11 | 60 | 34 | 50 |  | 5 | 87 | 33 |
| Total Liabilities |  | 46 |  | 61 | 61 | 51 | 11 | 60 | 34 | 50 |  | 5 | 87 | 33 |
| **Net Assets** |  | $7047710 |  | $3220526 | 3220526 | $49928554 | $8230902 | $3149230 | $5264054 | $3715361 |  | $96013195 | $1714119 | $12772247 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF ASSETS AND LIABILITIES — (Continued)**

**December 31, 2025**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | **BHFTII<br>T. Rowe Price<br>Large Cap Growth<br>Division** | **BHFTII<br>T. Rowe Price<br>Small Cap Growth<br>Division** | **BHFTII<br>VanEck Global<br>Natural Resources<br>Division** | **BHFTII Western<br>Asset Management <br>Strategic Bond<br>Opportunities<br>Division** | **BHFTII Western<br>Asset Management<br>U.S. Government<br>Division** |  | **Fidelity**<sup>®</sup> **VIP<br>Equity-Income<br>Division** | **Fidelity**<sup>®</sup> **VIP<br>Mid Cap<br>Division** | **LVIP<br>JPMorgan<br>Core Bond<br>Division** | **LVIP<br>JPMorgan<br>Small Cap Core<br>Division** |  |  |  |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments at fair value | $4911936 |  | $8522859 | $12068310 | $768877 |  | $3416914 |  | $170093 | $15871036 |  | $3197667 | $892711 | $2480245 |
| Due from Metropolitan Tower Life<br>Insurance Company | 1 |  |  | 4 | 1 |  |  |  | 5 | 1 |  | 1 |  | 1 |
| Total Assets | 4911937 |  | 8522859 | 12068314 | 768878 |  | 3416914 |  | 170098 | 15871037 |  | 3197668 | 892711 | 2480246 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Accrued fees | 55 |  | 30 | 43 | 76 |  | 68 |  | 53 | 22 |  | 34 | 88 | 77 |
| Total Liabilities | 55 |  | 30 | 43 | 76 |  | 68 |  | 53 | 22 |  | 34 | 88 | 77 |
| **Net Assets** | $4911882 |  | $8522829 | $12068271 | $768802 |  | $3416846 |  | $170045 | $15871015 |  | $3197634 | $892623 | $2480169 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF ASSETS AND LIABILITIES — (Concluded)**

**December 31, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | **Russell<br>Strategic Bond<br>Division** |  | **Russell<br>U.S. Small Cap<br>Equity<br>Division** | **Russell<br>U.S. Strategic Equity<br>Division** |  |  |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments at fair value | $1170223 |  | $230620 | 230620 | $1660886 | $4096199 | $1833046 |
| Due from Metropolitan Tower Life<br>Insurance Company | 12 |  | 13 | 13 | 21 | 4 |  |
| Total Assets | 1170235 |  | 230633 | 230633 | 1660907 | 4096203 | 1833046 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Accrued fees | 89 |  | 51 | 51 | 88 | 52 | 57 |
| Total Liabilities | 89 |  | 51 | 51 | 88 | 52 | 57 |
| **Net Assets** | $1170146 |  | $230582 | 230582 | $1660819 | $4096151 | $1832989 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF OPERATIONS**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **American Funds**<sup>®</sup> **Global Small Capitalization<br>Division** | **American Funds**<sup>®</sup> **Global Small Capitalization<br>Division** | **American Funds**<sup>®</sup> **Global Small Capitalization<br>Division** | **American Funds**<sup>®</sup> **Global Small Capitalization<br>Division** | **American Funds**<sup>®</sup> **Global Small Capitalization<br>Division** |  | **American Funds**<sup>®</sup> **Growth<br>Division** | **American Funds**<sup>®</sup> **Growth<br>Division** | **American Funds**<sup>®</sup> **Growth<br>Division** | **American Funds**<sup>®</sup> **Growth<br>Division** | **American Funds**<sup>®</sup> **Growth<br>Division** | **American Funds**<sup>®</sup> **Growth<br>Division** | **American Funds**<sup>®</sup> **Growth-Income<br>Division** | **American Funds**<sup>®</sup> **Growth-Income<br>Division** | **American Funds**<sup>®</sup> **Growth-Income<br>Division** | **American Funds**<sup>®</sup> **Growth-Income<br>Division** | **American Funds**<sup>®</sup> **Growth-Income<br>Division** |
| | **2025** | | | | | **2025** | | **2024** | | **2023** | | **2025** | | | **2023** |  |  |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends | $— | 10449 | 33024 | 7946 |  | $— |  | $— | 82875 | $— | 74060 | $148663 |  | $165247 |  | $170601 |  |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Mortality and expense risk <br>charges | 10971 | 10971 | 11634 | 11120 | 11120 | 11120 | 96899 | 96899 | 96899 | 90717 | 90717 | 75628 | 75628 | 51672 | 51672 | 46876 | 39988 |
| Net investment income (loss) | (522) | (522) | 21390 | (3174) | (3174) | (3174) | (54838) | (54838) | (54838) | (7842) | (7842) | (1568) | (1568) | 96991 | 96991 | 118371 | 130613 |
| **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** |
| Realized gain distributions |  | 67279 | 114530 |  | 39355 |  | 2149478 |  |  | 575206 |  | 1169323 |  | 2714849 |  | 657961 | 672674 |
| Realized gains (losses) on sale of<br>investments | (78357) | (78357) | (35327) | (86250) | (86250) | (86250) | 1419468 | 1419468 | 1419468 | 1008173 | 1008173 | 338306 | 338306 | 457057 | 457057 | 519369 | 278788 |
| Net realized gains (losses) | (11078) | (11078) | 79203 | (46895) | (46895) | (46895) | 3568946 | 3568946 | 3568946 | 1583379 | 1583379 | 1507629 | 1507629 | 3171906 | 3171906 | 1177330 | 951462 |
| Change in unrealized gains (losses)<br>on investments | 414191 | 414191 | (40320) | 491209 | 491209 | 491209 | 1507620 | 1507620 | 1507620 | 5144143 | 5144143 | 5034579 | 5034579 | (570001) | (570001) | 1853720 | 1812470 |
| Net realized and changes in unrealized<br>gains (losses) on investments | 403113 | 403113 | 38883 | 444314 | 444314 | 444314 | 5076566 | 5076566 | 5076566 | 6727522 | 6727522 | 6542208 | 6542208 | 2601905 | 2601905 | 3031050 | 2763932 |
| Net increase (decrease) in net assets<br>resulting from operations | $402591 | 402591 | $— | $441140 | 441140 |  | $5021728 | 5021728 |  | 6719680 | 6719680 | $6540640 |  | $2698896 |  | $3149421 | $2894545 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF OPERATIONS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTI Brighthouse Asset Allocation 100<br>Division** | **BHFTI Brighthouse Asset Allocation 100<br>Division** | **BHFTI Brighthouse Asset Allocation 100<br>Division** | **BHFTI Brighthouse Asset Allocation 100<br>Division** | **BHFTI Brighthouse Asset Allocation 100<br>Division** | **BHFTI Brighthouse Asset Allocation 100<br>Division** |  | **BHFTI CBRE Global Real Estate<br>Division** | **BHFTI CBRE Global Real Estate<br>Division** | **BHFTI CBRE Global Real Estate<br>Division** | **BHFTI CBRE Global Real Estate<br>Division** | **BHFTI CBRE Global Real Estate<br>Division** | **BHFTI CBRE Global Real Estate<br>Division** | **BHFTI Harris Oakmark International<br>Division** | **BHFTI Harris Oakmark International<br>Division** | **BHFTI Harris Oakmark International<br>Division** | **BHFTI Harris Oakmark International<br>Division** | **BHFTI Harris Oakmark International<br>Division** |
| | **2025** | | **2024** | | **2023** | | **2025** | | **2024** | | **2023** | | | | | **2023** |  |  |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends | $— | 271 | $— | 198 | $— | 336 | $— | 29928 | $— | 36940 | $— | 28252 | 109215 |  | 103794 |  | 96141 |  |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Mortality and expense risk <br>charges |  |  |  |  |  |  |  |  | 2982 | 2982 | 3138 | 3138 | 3320 | 3320 | 17292 | 17292 | 16951 | 17358 |
| Net investment income (loss) | 271 | 271 | 198 | 198 |  | 336 | 336 |  | 26946 | 26946 | 33802 | 33802 | 24932 | 24932 | 91923 | 91923 | 86843 | 78783 |
| **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** |
| Realized gain distributions |  | 858 |  | 651 |  | 1691 |  |  |  |  |  |  | 159272 |  |  |  |  |  |
| Realized gains (losses) on sale of<br>investments | 60 | 60 | (30) | (30) |  | (61) | (61) |  | (16784) | (16784) | (21588) | (21588) | (28534) | (28534) | 45995 | 45995 | (10544) | (30026) |
| Net realized gains (losses) | 918 | 918 | 621 | 621 |  | 1630 | 1630 |  | (16784) | (16784) | (21588) | (21588) | (28534) | (28534) | 205267 | 205267 | (10544) | (30026) |
| Change in unrealized gains (losses)<br>on investments | 2098 | 2098 | 1364 | 1364 |  | 14 | 14 |  | 58104 | 58104 | (12073) | (12073) | 128340 | 128340 | 998952 | 998952 | (300436) | 729442 |
| Net realized and changes in unrealized<br>gains (losses) on investments | 3016 | 3016 | 1985 | 1985 |  | 1644 | 1644 |  | 41320 | 41320 | (33661) | (33661) | 99806 | 99806 | 1204219 | 1204219 | (310980) | 699416 |
| Net increase (decrease) in net assets<br>resulting from operations | $— | 3287 | $— | 2183 | $— | 1980 | $— | 68266 | $— | 141 | $124738 | 124738 | $1296142 | 1296142 | $(224137) | (224137) | $778199 |  |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF OPERATIONS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTI Invesco Small Cap Growth<br>Division** | **BHFTI Invesco Small Cap Growth<br>Division** | **BHFTI Invesco Small Cap Growth<br>Division** | **BHFTI Invesco Small Cap Growth<br>Division** | **BHFTI Invesco Small Cap Growth<br>Division** |  | **BHFTI Loomis Sayles Growth<br>Division** | **BHFTI Loomis Sayles Growth<br>Division** | **BHFTI Loomis Sayles Growth<br>Division** | **BHFTI Loomis Sayles Growth<br>Division** | **BHFTI Loomis Sayles Growth<br>Division** | **BHFTI Loomis Sayles Growth<br>Division** | **BHFTI MFS**<sup>®</sup> **Research International<br>Division** | **BHFTI MFS**<sup>®</sup> **Research International<br>Division** | **BHFTI MFS**<sup>®</sup> **Research International<br>Division** | **BHFTI MFS**<sup>®</sup> **Research International<br>Division** | **BHFTI MFS**<sup>®</sup> **Research International<br>Division** | **BHFTI MFS**<sup>®</sup> **Research International<br>Division** | **BHFTI MFS**<sup>®</sup> **Research International<br>Division** |
| | **2025** | | **2024** | | | **2025** | | **2024** | **2023** | | **2025** | | | | | **2023** |  |  |  |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends | $— |  | $— |  |  | $— |  | $— | $— |  | $186327 | 186327 |  | $179046 | 179046 |  | $159143 | 159143 |  |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Mortality and expense risk <br>charges | 2057 | 2057 | 2065 | 2065 | 2049 | 2049 | 2947 | 2947 | 2552 | 2552 | 2019 | 2019 | 2019 | 54899 | 54899 | 54899 | 56500 | 56500 | 53050 |
| Net investment income (loss) | (2057) | (2057) | (2065) | (2065) | (2049) | (2049) | (2947) | (2947) | (2552) | (2552) | (2019) | (2019) | (2019) | 131428 | 131428 | 131428 | 122546 | 122546 | 106093 |
| **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** |
| Realized gain distributions |  |  |  |  |  | 130120 | 130120 |  |  | 40219 |  | 541468 | 541468 |  | 240240 | 240240 |  | 177595 |  |
| Realized gains (losses) on sale of<br>investments | (6585) | (6585) | (20198) | (20198) | (163076) | (163076) | 27369 | 27369 | 29663 | 29663 | 6831 | 6831 | 6831 | 131836 | 131836 | 131836 | 123924 | 123924 | (6295) |
| Net realized gains (losses) | (6585) | (6585) | (20198) | (20198) | (163076) | (163076) | 157489 | 157489 | 98542 | 98542 | 47050 | 47050 | 47050 | 673304 | 673304 | 673304 | 364164 | 364164 | 171300 |
| Change in unrealized gains (losses)<br>on investments | 67182 | 67182 | 166462 | 166462 | 280441 | 280441 | (15515) | (15515) | 166440 | 166440 | 239709 | 239709 | 239709 | 1019026 | 1019026 | 1019026 | (203602) | (203602) | 734470 |
| Net realized and changes in unrealized<br>gains (losses) on investments | 60597 | 60597 | 146264 | 146264 | 117365 | 117365 | 141974 | 141974 | 264982 | 264982 | 286759 | 286759 | 286759 | 1692330 | 1692330 | 1692330 | 160562 | 160562 | 905770 |
| Net increase (decrease) in net assets<br>resulting from operations | $— | 58540 | $144199 | 144199 | $115316 |  | $139027 | 139027 | 262430 |  | $284740 | 284740 |  | $1823758 | 1823758 |  | $283108 | 283108 | $1011863 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF OPERATIONS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTI Morgan Stanley Discovery<br>Division** | **BHFTI Morgan Stanley Discovery<br>Division** | **BHFTI Morgan Stanley Discovery<br>Division** | **BHFTI Morgan Stanley Discovery<br>Division** | **BHFTI Morgan Stanley Discovery<br>Division** |  | **BHFTI PIMCO Total Return<br>Division** | **BHFTI PIMCO Total Return<br>Division** | **BHFTI PIMCO Total Return<br>Division** | **BHFTI PIMCO Total Return<br>Division** | **BHFTI PIMCO Total Return<br>Division** | **BHFTI PIMCO Total Return<br>Division** | **BHFTI T. Rowe Price Large Cap Value<br>Division** | **BHFTI T. Rowe Price Large Cap Value<br>Division** | **BHFTI T. Rowe Price Large Cap Value<br>Division** | **BHFTI T. Rowe Price Large Cap Value<br>Division** | **BHFTI T. Rowe Price Large Cap Value<br>Division** |  |
| | **2025** | | | **2023** | | **2025** | | | | **2023** | | | | **2024** | **2023** |  |  |  |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends | $— |  |  | $— |  | $404331 | 404331 |  | $202148 |  | $208782 |  | $— | 46751 | $50299 | $— | 42595 |  |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Mortality and expense risk <br>charges | 12737 | 12737 | 9734 |  | 8198 | 8198 |  | 36524 | 36524 | 35793 | 35793 | 33907 | 33907 |  | 9904 | 9632 | 9632 | 8548 |
| Net investment income (loss) | (12737) | (12737) | (9734) |  | (8198) | (8198) |  | 367807 | 367807 | 166355 | 166355 | 174875 | 174875 |  | 36847 | 40667 | 40667 | 34047 |
| **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** |
| Realized gain distributions |  |  |  |  |  |  |  |  |  |  |  | 216275 |  |  |  | 296899 | 296899 |  |
| Realized gains (losses) on sale of<br>investments | (49920) | (49920) | (309889) |  | (215013) | (215013) |  | (85646) | (85646) | (100375) | (100375) | (158367) | (158367) |  | (18125) | (13023) | (13023) | (55011) |
| Net realized gains (losses) | (49920) | (49920) | (309889) |  | (215013) | (215013) |  | (85646) | (85646) | (100375) | (100375) | (158367) | (158367) |  | 198150 | 87418 | 87418 | 241888 |
| Change in unrealized gains (losses)<br>on investments | 489254 | 489254 | 1266773 |  | 1013337 | 1013337 |  | 291957 | 291957 | 80956 | 80956 | 315791 | 315791 |  | 32957 | 101800 | 101800 | (91496) |
| Net realized and changes in unrealized<br>gains (losses) on investments | 439334 | 439334 | 956884 |  | 798324 | 798324 |  | 206311 | 206311 | (19419) | (19419) | 157424 | 157424 |  | 231107 | 189218 | 189218 | 150392 |
| Net increase (decrease) in net assets<br>resulting from operations | $426597 | 426597 | $947150 |  | $790126 | 790126 |  | $574118 | 574118 | $146936 | 146936 | $332299 | 332299 |  | 267954 | $229885 | 229885 | $184439 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF OPERATIONS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTI T. Rowe Price Mid Cap Growth<br>Division** | **BHFTI T. Rowe Price Mid Cap Growth<br>Division** | **BHFTI T. Rowe Price Mid Cap Growth<br>Division** | **BHFTI T. Rowe Price Mid Cap Growth<br>Division** | **BHFTI T. Rowe Price Mid Cap Growth<br>Division** |  | **BHFTI Victory Sycamore Mid Cap Value<br>Division** | **BHFTI Victory Sycamore Mid Cap Value<br>Division** | **BHFTI Victory Sycamore Mid Cap Value<br>Division** | **BHFTI Victory Sycamore Mid Cap Value<br>Division** | **BHFTI Victory Sycamore Mid Cap Value<br>Division** | **BHFTI Victory Sycamore Mid Cap Value<br>Division** | **BHFTI Victory Sycamore Mid Cap Value<br>Division** | **BHFTII Baillie Gifford International Stock<br>Division** | **BHFTII Baillie Gifford International Stock<br>Division** | **BHFTII Baillie Gifford International Stock<br>Division** | **BHFTII Baillie Gifford International Stock<br>Division** | **BHFTII Baillie Gifford International Stock<br>Division** |  |
| | **2025** | | | **2023** | | **2025** | | **2024** | | **2023** | | **2025** | | | | **2023** |  |  |  |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends | $— |  | 6675 | $— |  | $— | 50087 | $— | 55388 | $— | 58936 | $— | 16910 | 19357 |  | $— |  |  |  |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Mortality and expense risk <br>charges | 16276 | 16276 | 16124 |  | 14023 | 14023 |  | 13482 | 13482 | 14402 | 14402 | 13153 | 13153 | 7489 | 7489 | 7489 | 7085 | 6397 | 6397 |
| Net investment income (loss) | (16276) | (16276) | (9449) |  | (14023) | (14023) |  | 36605 | 36605 | 40986 | 40986 | 45783 | 45783 | 9421 | 9421 | 9421 | 12272 | 21827 | 21827 |
| **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** |
| Realized gain distributions | 524493 | 524493 | 339691 |  | 162198 | 162198 |  | 426724 | 426724 | 236234 | 236234 |  | 393604 |  | 100000 | 100000 | 145495 |  |  |
| Realized gains (losses) on sale of<br>investments | (21373) | (21373) | (32678) |  | (62753) | (62753) |  | (14240) | (14240) | 16397 | 16397 | (9696) | (9696) | (5033) | (5033) | (5033) | (20588) | (38920) | (38920) |
| Net realized gains (losses) | 503120 | 503120 | 307013 |  | 99445 | 99445 |  | 412484 | 412484 | 252631 | 252631 | 383908 | 383908 | 94967 | 94967 | 94967 | 124907 | (38920) | (38920) |
| Change in unrealized gains (losses)<br>on investments | (358662) | (358662) | 22394 |  | 523944 | 523944 |  | (381421) | (381421) | 65676 | 65676 | (95071) | (95071) | 310289 | 310289 | 310289 | (35051) | 378392 | 378392 |
| Net realized and changes in unrealized<br>gains (losses) on investments | 144458 | 144458 | 329407 |  | 623389 | 623389 |  | 31063 | 31063 | 318307 | 318307 | 288837 | 288837 | 405256 | 405256 | 405256 | 89856 | 339472 | 339472 |
| Net increase (decrease) in net assets<br>resulting from operations | $128182 | 128182 | $319958 |  | $609366 | 609366 |  | 67668 |  | 359293 | 359293 | $334620 | 334620 | $414677 | 414677 |  | 102128 | $361299 | 361299 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF OPERATIONS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTII BlackRock Bond Income<br>Division** | **BHFTII BlackRock Bond Income<br>Division** | **BHFTII BlackRock Bond Income<br>Division** | **BHFTII BlackRock Bond Income<br>Division** | **BHFTII BlackRock Bond Income<br>Division** |  | **BHFTII BlackRock Capital Appreciation<br>Division** | **BHFTII BlackRock Capital Appreciation<br>Division** | **BHFTII BlackRock Capital Appreciation<br>Division** | **BHFTII BlackRock Capital Appreciation<br>Division** | **BHFTII BlackRock Capital Appreciation<br>Division** |  | **BHFTII BlackRock Ultra-Short Term Bond<br>Division** | **BHFTII BlackRock Ultra-Short Term Bond<br>Division** | **BHFTII BlackRock Ultra-Short Term Bond<br>Division** | **BHFTII BlackRock Ultra-Short Term Bond<br>Division** | **BHFTII BlackRock Ultra-Short Term Bond<br>Division** | **BHFTII BlackRock Ultra-Short Term Bond<br>Division** | **BHFTII BlackRock Ultra-Short Term Bond<br>Division** |
| | **2025** | | | | | **2025** | | **2024** | | **2023** | **2025** | | | | | **2023** |  |  |  |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends | $137287 | 137287 | $105228 | 105228 | $84317 |  | $— |  | 3292 |  |  | $159335 | 159335 |  | $190779 | 190779 |  | $54842 |  |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Mortality and expense risk <br>charges | 12771 | 12771 | 13106 | 13106 | 13369 | 13369 | 14147 | 14147 | 13564 | 13564 | 10991 | 10991 | 10991 | 11700 | 11700 | 11700 | 12082 | 12082 | 13515 |
| Net investment income (loss) | 124516 | 124516 | 92122 | 92122 | 70948 | 70948 | (14147) | (14147) | (10272) | (10272) | (9497) | (9497) | (9497) | 147635 | 147635 | 147635 | 178697 | 178697 | 41327 |
| **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** |
| Realized gain distributions |  |  |  |  |  | 540783 | 540783 |  | 248820 |  |  |  |  |  |  |  |  |  |  |
| Realized gains (losses) on sale of<br>investments | (31759) | (31759) | (30008) | (30008) | (68545) | (68545) | 150371 | 150371 | 111377 | 111377 | (101218) | (101218) | (101218) | 25849 | 25849 | 25849 | 121836 | 121836 | 408418 |
| Net realized gains (losses) | (31759) | (31759) | (30008) | (30008) | (68545) | (68545) | 691154 | 691154 | 360197 | 360197 | (32155) | (32155) | (32155) | 25849 | 25849 | 25849 | 121836 | 121836 | 408481 |
| Change in unrealized gains (losses)<br>on investments | 90537 | 90537 | (35805) | (35805) | 136703 | 136703 | (158443) | (158443) | 802420 | 802420 | 1423804 | 1423804 | 1423804 | (53570) | (53570) | (53570) | 4690 | 4690 | 4702 |
| Net realized and changes in unrealized<br>gains (losses) on investments | 58778 | 58778 | (65813) | (65813) | 68158 | 68158 | 532711 | 532711 | 1162617 | 1162617 | 1391649 | 1391649 | 1391649 | (27721) | (27721) | (27721) | 126526 | 126526 | 413183 |
| Net increase (decrease) in net assets<br>resulting from operations | $183294 | 183294 | $— | 26309 | 139106 |  | $518564 | 518564 | $1152345 | 1152345 | $1382152 | 1382152 |  | $119914 | 119914 |  | $305223 |  | $454510 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF OPERATIONS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTII Brighthouse Asset Allocation 20<br>Division** | **BHFTII Brighthouse Asset Allocation 20<br>Division** | **BHFTII Brighthouse Asset Allocation 20<br>Division** | **BHFTII Brighthouse Asset Allocation 20<br>Division** | **BHFTII Brighthouse Asset Allocation 20<br>Division** | **BHFTII Brighthouse Asset Allocation 20<br>Division** |  | **BHFTII Brighthouse Asset Allocation 40<br>Division** | **BHFTII Brighthouse Asset Allocation 40<br>Division** | **BHFTII Brighthouse Asset Allocation 40<br>Division** | **BHFTII Brighthouse Asset Allocation 40<br>Division** | **BHFTII Brighthouse Asset Allocation 40<br>Division** | **BHFTII Brighthouse Asset Allocation 40<br>Division** | **BHFTII Brighthouse Asset Allocation 40<br>Division** | **BHFTII Brighthouse Asset Allocation 60<br>Division** | **BHFTII Brighthouse Asset Allocation 60<br>Division** | **BHFTII Brighthouse Asset Allocation 60<br>Division** | **BHFTII Brighthouse Asset Allocation 60<br>Division** | **BHFTII Brighthouse Asset Allocation 60<br>Division** | **BHFTII Brighthouse Asset Allocation 60<br>Division** |
| | **2025** | | **2024** | | **2023** | | **2025** | | **2024** | | **2023** | | **2025** | | **2024** | | **2023** |  |  |  |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends | $— | 3525 | $— | 3320 | $— | 3941 | $— | 1 | $— | 2 | $— | 7 | $— | 13103 | $— | 11431 | $— | 15616 |  |  |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Mortality and expense risk <br>charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net investment income (loss) | 3525 | 3525 | 3320 | 3320 |  | 3941 | 3941 |  | 1 | 1 | 2 | 2 | 7 | 7 |  | 13103 | 13103 |  | 11431 | 15616 |
| **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** |
| Realized gain distributions |  |  |  |  |  | 2327 |  |  |  |  |  | 10 |  | 13888 |  | 9061 |  | 37855 |  |  |
| Realized gains (losses) on sale of<br>investments | (336) | (336) | (1728) | (1728) |  | (728) | (728) |  | 5 | 5 | 4 | 4 | (26) | (26) |  | (386) | (386) |  | (6298) | (1608) |
| Net realized gains (losses) | (336) | (336) | (1728) | (1728) |  | 1599 | 1599 |  | 5 | 5 | 4 | 4 | (16) | (16) |  | 13502 | 13502 |  | 2763 | 36247 |
| Change in unrealized gains (losses)<br>on investments | 6158 | 6158 | 2824 | 2824 |  | 2686 | 2686 |  | 1 | 1 | (2) | (2) | 25 | 25 |  | 44431 | 44431 |  | 29181 | 9497 |
| Net realized and changes in unrealized<br>gains (losses) on investments | 5822 | 5822 | 1096 | 1096 |  | 4285 | 4285 |  | 6 | 6 | 2 | 2 | 9 | 9 |  | 57933 | 57933 |  | 31944 | 45744 |
| Net increase (decrease) in net assets<br>resulting from operations | $— | 9347 | $— | 4416 | $— | 8226 | $— | 7 | $— | 4 | $— | 16 | $— | 71036 | $— | 43375 | $— | 61360 |  |  |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF OPERATIONS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTII Brighthouse Asset Allocation 80<br>Division** | **BHFTII Brighthouse Asset Allocation 80<br>Division** | **BHFTII Brighthouse Asset Allocation 80<br>Division** | **BHFTII Brighthouse Asset Allocation 80<br>Division** | **BHFTII Brighthouse Asset Allocation 80<br>Division** |  | **BHFTII Brighthouse/Artisan Mid Cap Value<br>Division** | **BHFTII Brighthouse/Artisan Mid Cap Value<br>Division** | **BHFTII Brighthouse/Artisan Mid Cap Value<br>Division** | **BHFTII Brighthouse/Artisan Mid Cap Value<br>Division** | **BHFTII Brighthouse/Artisan Mid Cap Value<br>Division** | **BHFTII Brighthouse/Artisan Mid Cap Value<br>Division** | **BHFTII Brighthouse/Wellington Balanced<br>Division** | **BHFTII Brighthouse/Wellington Balanced<br>Division** | **BHFTII Brighthouse/Wellington Balanced<br>Division** | **BHFTII Brighthouse/Wellington Balanced<br>Division** | **BHFTII Brighthouse/Wellington Balanced<br>Division** |
| | **2025** | | | **2023** | | **2025** | | **2024** | | **2023** | | **2025** | | | **2023** |  |  |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends | $— | 30974 | 23258 | $— |  | $— | 40018 | $— | 40001 | $— | 27083 | $303249 |  | $234710 |  | $239087 |  |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Mortality and expense risk <br>charges |  |  |  |  |  |  |  | 8980 | 8980 | 9898 | 9898 | 9438 | 9438 | 69359 | 69359 | 64219 | 55443 |
| Net investment income (loss) | 30974 | 30974 | 23258 |  | 40697 | 40697 |  | 31038 | 31038 | 30103 | 30103 | 17645 | 17645 | 233890 | 233890 | 170491 | 183644 |
| **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** |
| Realized gain distributions |  | 57008 | 28754 | 143912 | 143912 |  | 563235 |  |  | 286603 |  | 410820 |  | 1509088 |  | 400994 | 84138 |
| Realized gains (losses) on sale of<br>investments | 534 | 534 | (801) |  | (2837) | (2837) |  | (35246) | (35246) | (1758) | (1758) | (11349) | (11349) | 161301 | 161301 | 46560 | (47645) |
| Net realized gains (losses) | 57542 | 57542 | 27953 |  | 141075 | 141075 |  | 527989 | 527989 | 284845 | 284845 | 399471 | 399471 | 1670389 | 1670389 | 447554 | 36493 |
| Change in unrealized gains (losses)<br>on investments | 154264 | 154264 | 100044 |  | 21048 | 21048 |  | (512852) | (512852) | (158565) | (158565) | 125039 | 125039 | (369342) | (369342) | 935877 | 1583691 |
| Net realized and changes in unrealized<br>gains (losses) on investments | 211806 | 211806 | 127997 |  | 162123 | 162123 |  | 15137 | 15137 | 126280 | 126280 | 524510 | 524510 | 1301047 | 1301047 | 1383431 | 1620184 |
| Net increase (decrease) in net assets<br>resulting from operations | $242780 | 242780 | $151255 |  | $202820 | 202820 |  | 46175 |  | 156383 | 156383 | $542155 |  | $1534937 |  | $1553922 | $1803828 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF OPERATIONS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTII Brighthouse/Wellington Core Equity Opportunities<br>Division** | **BHFTII Brighthouse/Wellington Core Equity Opportunities<br>Division** | **BHFTII Brighthouse/Wellington Core Equity Opportunities<br>Division** | **BHFTII Brighthouse/Wellington Core Equity Opportunities<br>Division** | **BHFTII Brighthouse/Wellington Core Equity Opportunities<br>Division** |  | **BHFTII Frontier Mid Cap Growth<br>Division** | **BHFTII Frontier Mid Cap Growth<br>Division** | **BHFTII Frontier Mid Cap Growth<br>Division** | **BHFTII Frontier Mid Cap Growth<br>Division** | **BHFTII Frontier Mid Cap Growth<br>Division** | **BHFTII Jennison Growth<br>Division** | **BHFTII Jennison Growth<br>Division** | **BHFTII Jennison Growth<br>Division** | **BHFTII Jennison Growth<br>Division** |  |
| | **2025** | | | **2023** | | **2025** | **2024** | | **2023** | | **2025** | | | **2023** |  |  |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends | $— | 97109 | 99775 | $— | 95555 | $— | $— | 8532 | $— |  |  |  |  | $— |  |  |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Mortality and expense risk <br>charges | 21068 | 21068 | 21807 |  | 19908 | 19908 | 20345 | 20345 | 21026 | 21026 | 18997 | 18997 | 290459 | 290459 | 281805 | 218658 |
| Net investment income (loss) | 76041 | 76041 | 77968 |  | 75647 | 75647 | (20345) | (20345) | (12494) | (12494) | (18997) | (18997) | (290459) | (290459) | (281805) | (218658) |
| **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** |
| Realized gain distributions | 844394 | 844394 | 238863 |  | 705432 | 705432 | 169802 | 169802 |  |  |  |  | 8086810 |  | 5037859 |  |
| Realized gains (losses) on sale of<br>investments | (21342) | (21342) | (3733) |  | (173000) | (173000) | 25457 | 25457 | 151 | 151 | (53793) | (53793) | 257638 | 257638 | 462328 | (709927) |
| Net realized gains (losses) | 823052 | 823052 | 235130 |  | 532432 | 532432 | 195259 | 195259 | 151 | 151 | (53793) | (53793) | 8344448 | 8344448 | 5500187 | (709927) |
| Change in unrealized gains (losses)<br>on investments | (401975) | (401975) | 253250 |  | (111366) | (111366) | (17699) | (17699) | 570415 | 570415 | 578429 | 578429 | (2066661) | (2066661) | 6148329 | 15379603 |
| Net realized and changes in unrealized<br>gains (losses) on investments | 421077 | 421077 | 488380 |  | 421066 | 421066 | 177560 | 177560 | 570566 | 570566 | 524636 | 524636 | 6277787 | 6277787 | 11648516 | 14669676 |
| Net increase (decrease) in net assets<br>resulting from operations | $497118 | 497118 | $566348 |  | $496713 | 496713 | 157215 | 157215 | $558072 | 558072 | $505639 | 505639 | 5987328 | 5987328 | $11366711 | $14451018 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF OPERATIONS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTII MetLife Aggregate Bond Index<br>Division** | **BHFTII MetLife Aggregate Bond Index<br>Division** | **BHFTII MetLife Aggregate Bond Index<br>Division** | **BHFTII MetLife Aggregate Bond Index<br>Division** | **BHFTII MetLife Aggregate Bond Index<br>Division** |  | **BHFTII MetLife Mid Cap Stock Index<br>Division** | **BHFTII MetLife Mid Cap Stock Index<br>Division** | **BHFTII MetLife Mid Cap Stock Index<br>Division** | **BHFTII MetLife Mid Cap Stock Index<br>Division** | **BHFTII MetLife Mid Cap Stock Index<br>Division** | **BHFTII MetLife MSCI EAFE**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife MSCI EAFE**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife MSCI EAFE**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife MSCI EAFE**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife MSCI EAFE**<sup>®</sup> **Index<br>Division** |
| | **2025** | | | | | **2025** | **2024** | | | **2023** | **2025** | | | **2023** |  |  |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends | $166393 | 166393 | $247394 | 247394 | $233416 | 233416 | $31414 |  | $— | 39139 | 36648 | $— | $139128 | 139128 | $101814 |  |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Mortality and expense risk <br>charges | 50709 | 50709 | 50428 | 50428 | 49598 | 49598 | 9464 | 9464 | 10208 | 10208 | 9072 | 9072 | 20846 | 20846 | 18756 | 17480 |
| Net investment income (loss) | 115684 | 115684 | 196966 | 196966 | 183818 | 183818 | 21950 | 21950 | 28931 | 28931 | 27576 | 27576 | 70566 | 70566 | 120372 | 84334 |
| **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** |
| Realized gain distributions |  |  |  |  |  | 202482 |  | 150709 | 150709 |  | 176652 |  |  | 40755 |  |  |
| Realized gains (losses) on sale of<br>investments | (84830) | (84830) | (84301) | (84301) | (189955) | (189955) | 71766 | 71766 | 18856 | 18856 | (30490) | (30490) | 164212 | 164212 | 91043 | 60612 |
| Net realized gains (losses) | (84830) | (84830) | (84301) | (84301) | (189955) | (189955) | 274248 | 274248 | 169565 | 169565 | 146162 | 146162 | 200550 | 200550 | 131798 | 60612 |
| Change in unrealized gains (losses)<br>on investments | 481325 | 481325 | (86363) | (86363) | 371687 | 371687 | (99973) | (99973) | 194364 | 194364 | 242693 | 242693 | 991908 | 991908 | (116423) | 504955 |
| Net realized and changes in unrealized<br>gains (losses) on investments | 396495 | 396495 | (170664) | (170664) | 181732 | 181732 | 174275 | 174275 | 363929 | 363929 | 388855 | 388855 | 1192458 | 1192458 | 15375 | 565567 |
| Net increase (decrease) in net assets<br>resulting from operations | $512179 | 512179 | $— | 26302 | 365550 |  | 196225 |  | $392860 | 392860 | $416431 |  | 1263024 |  | 135747 | $649901 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF OPERATIONS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTII MetLife Russell 2000**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife Russell 2000**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife Russell 2000**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife Russell 2000**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife Russell 2000**<sup>®</sup> **Index<br>Division** |  | **BHFTII MetLife Stock Index<br>Division** | **BHFTII MetLife Stock Index<br>Division** | **BHFTII MetLife Stock Index<br>Division** | **BHFTII MetLife Stock Index<br>Division** | **BHFTII MetLife Stock Index<br>Division** | **BHFTII MetLife Stock Index<br>Division** | **BHFTII MFS**<sup>®</sup> **Total Return<br>Division** | **BHFTII MFS**<sup>®</sup> **Total Return<br>Division** | **BHFTII MFS**<sup>®</sup> **Total Return<br>Division** | **BHFTII MFS**<sup>®</sup> **Total Return<br>Division** | **BHFTII MFS**<sup>®</sup> **Total Return<br>Division** |  |
| | **2025** | | | **2023** | | **2025** | | | | **2023** | | | | **2024** | **2023** |  |  |  |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends | $— | 39331 | 58803 | $— |  | $890172 | 890172 |  | $1025199 |  | $1153199 |  | $— | 45964 | $39812 | $— | 39364 |  |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Mortality and expense risk <br>charges | 12577 | 12577 | 15580 |  | 12336 | 12336 |  | 452080 | 452080 | 425546 | 425546 | 363300 | 363300 |  | 6254 | 6612 | 6612 | 8248 |
| Net investment income (loss) | 26754 | 26754 | 43223 |  | 57142 | 57142 |  | 438092 | 438092 | 599653 | 599653 | 789899 | 789899 |  | 39710 | 33200 | 33200 | 31116 |
| **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** |
| Realized gain distributions | 177177 | 177177 | 134980 |  |  |  |  | 7806593 |  | 5044224 |  | 5447236 |  |  |  | 72737 |  |  |
| Realized gains (losses) on sale of<br>investments | 76058 | 76058 | 294396 |  | 242281 | 242281 |  | 965216 | 965216 | 11475191 | 11475191 | 5085770 | 5085770 |  | (471) | 10908 | 10908 | (6309) |
| Net realized gains (losses) | 253235 | 253235 | 429376 |  | 333614 | 333614 |  | 8771809 | 8771809 | 16519415 | 16519415 | 10533006 | 10533006 |  | 110187 | 83645 | 83645 | 84136 |
| Change in unrealized gains (losses)<br>on investments | 141096 | 141096 | (23217) |  | 1119903 | 1119903 |  | 5110897 | 5110897 | 930747 | 930747 | 6094083 | 6094083 |  | 16457 | (647) | (647) | 54131 |
| Net realized and changes in unrealized<br>gains (losses) on investments | 394331 | 394331 | 406159 |  | 1453517 | 1453517 |  | 13882706 | 13882706 | 17450162 | 17450162 | 16627089 | 16627089 |  | 126644 | 82998 | 82998 | 138267 |
| Net increase (decrease) in net assets<br>resulting from operations | $421085 | 421085 | $449382 |  | $1510659 | 1510659 |  | $14320798 | 14320798 | $18049815 | 18049815 | $17416988 | 17416988 |  | 166354 | $116198 | 116198 | $169383 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF OPERATIONS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTII MFS**<sup>®</sup> **Value<br>Division** | **BHFTII MFS**<sup>®</sup> **Value<br>Division** | **BHFTII MFS**<sup>®</sup> **Value<br>Division** | **BHFTII MFS**<sup>®</sup> **Value<br>Division** |  | **BHFTII Neuberger Berman Genesis<br>Division** | **BHFTII Neuberger Berman Genesis<br>Division** | **BHFTII Neuberger Berman Genesis<br>Division** | **BHFTII Neuberger Berman Genesis<br>Division** | **BHFTII T. Rowe Price Large Cap Growth<br>Division** | **BHFTII T. Rowe Price Large Cap Growth<br>Division** | **BHFTII T. Rowe Price Large Cap Growth<br>Division** | **BHFTII T. Rowe Price Large Cap Growth<br>Division** |  |
| | **2025** | | **2023** | | **2025** | | **2024** | **2023** | | | **2024** | **2023** |  |  |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends | $229418 | $232707 |  | $222507 | 222507 | $— | 5345 | 8132 |  | $— |  | $— | $— |  |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Mortality and expense risk <br>charges | 79200 | 79298 |  | 72702 | 72702 | 19685 | 19685 | 21650 | 20477 | 20477 |  | 35286 | 33737 | 26758 |
| Net investment income (loss) | 150218 | 153409 |  | 149805 | 149805 | (14340) | (14340) | (13518) | (13720) | (13720) |  | (35286) | (33737) | (26758) |
| **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** |
| Realized gain distributions | 1431255 | 1155101 |  | 1406022 | 1406022 | 666597 | 666597 | 531784 | 458904 | 458904 |  | 1094937 | 413882 |  |
| Realized gains (losses) on sale of<br>investments | (174525) | (55158) |  | (153408) | (153408) | (65772) | (65772) | 32498 | 3490 | 3490 |  | 93844 | 100347 | (151914) |
| Net realized gains (losses) | 1256730 | 1099943 |  | 1252614 | 1252614 | 600825 | 600825 | 564282 | 462394 | 462394 |  | 1188781 | 514229 | (151914) |
| Change in unrealized gains (losses)<br>on investments | 92185 | 89361 |  | (563414) | (563414) | (859106) | (859106) | (74283) | 288544 | 288544 |  | 12389 | 1416743 | 2329033 |
| Net realized and changes in unrealized<br>gains (losses) on investments | 1348915 | 1189304 |  | 689200 | 689200 | (258281) | (258281) | 489999 | 750938 | 750938 |  | 1201170 | 1930972 | 2177119 |
| Net increase (decrease) in net assets<br>resulting from operations | $1499133 | $1342713 |  | $839005 | 839005 | $(272621) | (272621) | $476481 | $737218 | 737218 |  | 1165884 | $1897235 | $2150361 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF OPERATIONS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTII T. Rowe Price Small Cap Growth<br>Division** | **BHFTII T. Rowe Price Small Cap Growth<br>Division** | **BHFTII T. Rowe Price Small Cap Growth<br>Division** | **BHFTII T. Rowe Price Small Cap Growth<br>Division** | **BHFTII T. Rowe Price Small Cap Growth<br>Division** |  | **BHFTII VanEck Global Natural Resources<br>Division** | **BHFTII VanEck Global Natural Resources<br>Division** | **BHFTII VanEck Global Natural Resources<br>Division** | **BHFTII VanEck Global Natural Resources<br>Division** | **BHFTII VanEck Global Natural Resources<br>Division** | **BHFTII VanEck Global Natural Resources<br>Division** | **BHFTII Western Asset Management Strategic Bond Opportunities<br>Division** | **BHFTII Western Asset Management Strategic Bond Opportunities<br>Division** | **BHFTII Western Asset Management Strategic Bond Opportunities<br>Division** | **BHFTII Western Asset Management Strategic Bond Opportunities<br>Division** | **BHFTII Western Asset Management Strategic Bond Opportunities<br>Division** | **BHFTII Western Asset Management Strategic Bond Opportunities<br>Division** |
| | **2025** | | | **2023** | | **2025** | | | **2024** | | | **2025** | | | **2023** |  |  |  |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends | $— | 28778 | 5980 | $— |  | $— | 19800 | $— | 103998 |  | $97760 | $— | 275844 | $261803 | 261803 | $227552 | 227552 |  |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Mortality and expense risk <br>charges | 65739 | 65739 | 67241 |  | 57296 | 57296 |  | 3600 | 3600 | 5077 | 5077 | 6041 | 6041 | 16026 | 16026 | 16708 |  | 16631 |
| Net investment income (loss) | (36961) | (36961) | (61261) |  | (51836) | (51836) |  | 16200 | 16200 | 98921 | 98921 | 91719 | 91719 | 259818 | 259818 | 245095 |  | 210921 |
| **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** |
| Realized gain distributions | 2323658 | 2323658 | 589252 |  | 238594 | 238594 |  | 10509 |  | 146485 |  |  |  |  |  |  |  |  |
| Realized gains (losses) on sale of<br>investments | (73484) | (73484) | 133714 |  | (184905) | (184905) |  | (89471) | (89471) | (887071) | (887071) | 182266 | 182266 | (103871) | (103871) | (67964) |  | (109582) |
| Net realized gains (losses) | 2250174 | 2250174 | 722966 |  | 53689 | 53689 |  | (78962) | (78962) | (740586) | (740586) | 182266 | 182266 | (103871) | (103871) | (67964) |  | (109582) |
| Change in unrealized gains (losses)<br>on investments | (1120455) | (1120455) | 743340 |  | 1927678 | 1927678 |  | 314593 | 314593 | (314384) | (314384) | 74602 | 74602 | 135674 | 135674 | (22130) |  | 198507 |
| Net realized and changes in unrealized<br>gains (losses) on investments | 1129719 | 1129719 | 1466306 |  | 1981367 | 1981367 |  | 235631 | 235631 | (1054970) | (1054970) | 256868 | 256868 | 31803 | 31803 | (90094) |  | 88925 |
| Net increase (decrease) in net assets<br>resulting from operations | $1092758 | 1092758 | $1405045 |  | $1929531 | 1929531 |  | 251831 | 251831 | $— | (956049) | $348587 | 348587 | 291621 | 291621 | $155001 |  | $299846 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF OPERATIONS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTII Western Asset Management U.S. Government<br>Division** | **BHFTII Western Asset Management U.S. Government<br>Division** | **BHFTII Western Asset Management U.S. Government<br>Division** | **BHFTII Western Asset Management U.S. Government<br>Division** | **BHFTII Western Asset Management U.S. Government<br>Division** | **BHFTII Western Asset Management U.S. Government<br>Division** |  | **Fidelity**<sup>®</sup> **VIP Equity-Income<br>Division** | **Fidelity**<sup>®</sup> **VIP Equity-Income<br>Division** | **Fidelity**<sup>®</sup> **VIP Equity-Income<br>Division** | **Fidelity**<sup>®</sup> **VIP Equity-Income<br>Division** | **Fidelity**<sup>®</sup> **VIP Equity-Income<br>Division** | **Fidelity**<sup>®</sup> **VIP Equity-Income<br>Division** | **Fidelity**<sup>®</sup> **VIP Mid Cap<br>Division** | **Fidelity**<sup>®</sup> **VIP Mid Cap<br>Division** | **Fidelity**<sup>®</sup> **VIP Mid Cap<br>Division** | **Fidelity**<sup>®</sup> **VIP Mid Cap<br>Division** | **Fidelity**<sup>®</sup> **VIP Mid Cap<br>Division** | **Fidelity**<sup>®</sup> **VIP Mid Cap<br>Division** | **Fidelity**<sup>®</sup> **VIP Mid Cap<br>Division** |
| | **2025** | | **2024** | | **2023** | | **2025** | | | | **2023** | | **2025** | | **2024** | | **2023** |  |  |  |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends | $— | 6551 | $— | 6107 | $— | 4144 | $269620 | 269620 | $260064 | 260064 |  | $268169 | 268169 | $— | 13106 |  | 17329 |  |  |  |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Mortality and expense risk <br>charges | 505 | 505 | 624 | 624 |  | 664 | 664 | 82935 | 82935 | 83061 | 83061 | 83061 | 78114 | 78114 |  | 13999 | 13999 | 15554 |  | 14312 |
| Net investment income (loss) | 6046 | 6046 | 5483 | 5483 |  | 3480 | 3480 | 186685 | 186685 | 177003 | 177003 | 177003 | 190055 | 190055 |  | (893) | (893) | 1775 |  | 3685 |
| **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** |
| Realized gain distributions |  |  |  |  |  |  | 838540 | 838540 | 853689 | 853689 |  | 402534 | 402534 | 350585 | 350585 | 350585 | 409361 |  | 82583 |  |
| Realized gains (losses) on sale of<br>investments | (4014) | (4014) | (3743) | (3743) |  | (1365) | (1365) | 356982 | 356982 | 361033 | 361033 | 361033 | 82864 | 82864 |  | 19592 | 19592 | 97727 |  | 17420 |
| Net realized gains (losses) | (4014) | (4014) | (3743) | (3743) |  | (1365) | (1365) | 1195522 | 1195522 | 1214722 | 1214722 | 1214722 | 485398 | 485398 |  | 370177 | 370177 | 507088 |  | 100003 |
| Change in unrealized gains (losses)<br>on investments | 9326 | 9326 | 2060 | 2060 |  | 6580 | 6580 | 1200686 | 1200686 | 687293 | 687293 | 687293 | 664623 | 664623 |  | (58871) | (58871) | 17193 |  | 314550 |
| Net realized and changes in unrealized<br>gains (losses) on investments | 5312 | 5312 | (1683) | (1683) |  | 5215 | 5215 | 2396208 | 2396208 | 1902015 | 1902015 | 1902015 | 1150021 | 1150021 |  | 311306 | 311306 | 524281 |  | 414553 |
| Net increase (decrease) in net assets<br>resulting from operations | $— | 11358 | $— | 3800 | $— | 8695 | $2582893 | 2582893 | $2079018 | 2079018 |  | $1340076 | 1340076 | $310413 | 310413 | 310413 | $526056 | $418238 | 418238 | 418238 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF OPERATIONS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **LVIP JPMorgan Core Bond<br>Division** | **LVIP JPMorgan Core Bond<br>Division** | **LVIP JPMorgan Core Bond<br>Division** | **LVIP JPMorgan Core Bond<br>Division** | **LVIP JPMorgan Core Bond<br>Division** | **LVIP JPMorgan Core Bond<br>Division** |  | **LVIP JPMorgan Small Cap Core<br>Division** | **LVIP JPMorgan Small Cap Core<br>Division** | **LVIP JPMorgan Small Cap Core<br>Division** | **LVIP JPMorgan Small Cap Core<br>Division** | **LVIP JPMorgan Small Cap Core<br>Division** | **LVIP JPMorgan Small Cap Core<br>Division** | **LVIP JPMorgan Small Cap Core<br>Division** | **LVIP JPMorgan Small Cap Core<br>Division** | **Russell International Developed Markets<br>Division** | **Russell International Developed Markets<br>Division** | **Russell International Developed Markets<br>Division** | **Russell International Developed Markets<br>Division** | **Russell International Developed Markets<br>Division** | **Russell International Developed Markets<br>Division** |
| | **2025** | | **2024** | | **2023** | | **2025** | | | | | **2023** | | **2025** | | **2024** | | **2023** |  |  |  |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends | $— | 31520 | $— | 33347 | $— | 24647 | $— | 14676 |  | 19527 |  | $— |  | $— | 21001 | $— | 32770 | $— | 14406 |  |  |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Mortality and expense risk <br>charges | 3342 | 3342 | 3073 | 3073 |  | 2850 | 2850 |  | 10009 | 10009 |  | 10446 | 10446 | 9126 | 9126 |  | 6582 | 6582 |  | 6483 | 6198 |
| Net investment income (loss) | 28178 | 28178 | 30274 | 30274 |  | 21797 | 21797 |  | 4667 | 4667 |  | 9081 | 9081 | 20028 | 20028 |  | 14419 | 14419 |  | 26287 | 8208 |
| **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** |
| Realized gain distributions |  |  |  |  |  |  | 193696 | 193696 | 193696 |  | 36793 |  | 18559 |  |  |  |  |  |  |  |  |
| Realized gains (losses) on sale of<br>investments | (5463) | (5463) | (3827) | (3827) |  | (7959) | (7959) |  | 17369 | 17369 |  | 17915 | 17915 | (91073) | (91073) |  | 41126 | 41126 |  | 12741 | 9113 |
| Net realized gains (losses) | (5463) | (5463) | (3827) | (3827) |  | (7959) | (7959) |  | 211065 | 211065 |  | 54708 | 54708 | (72514) | (72514) |  | 110424 | 110424 |  | 32213 | 15879 |
| Change in unrealized gains (losses)<br>on investments | 31416 | 31416 | (16393) | (16393) |  | 21166 | 21166 |  | 9198 | 9198 |  | 192091 | 192091 | 244304 | 244304 |  | 155541 | 155541 |  | (31074) | 134546 |
| Net realized and changes in unrealized<br>gains (losses) on investments | 25953 | 25953 | (20220) | (20220) |  | 13207 | 13207 |  | 220263 | 220263 |  | 246799 | 246799 | 171790 | 171790 |  | 265965 | 265965 |  | 1139 | 150425 |
| Net increase (decrease) in net assets<br>resulting from operations | $— | 54131 | $— | 10054 | $— | 35004 | $224930 | 224930 | 224930 | $255880 | 255880 |  | $191818 | 191818 |  | 280384 | 280384 | $— | 27426 | $158633 |  |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF OPERATIONS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Russell Strategic Bond<br>Division** | **Russell Strategic Bond<br>Division** | **Russell Strategic Bond<br>Division** | **Russell Strategic Bond<br>Division** | **Russell Strategic Bond<br>Division** | **Russell Strategic Bond<br>Division** |  | **Russell U.S. Small Cap Equity<br>Division** | **Russell U.S. Small Cap Equity<br>Division** | **Russell U.S. Small Cap Equity<br>Division** | **Russell U.S. Small Cap Equity<br>Division** | **Russell U.S. Small Cap Equity<br>Division** | **Russell U.S. Small Cap Equity<br>Division** | **Russell U.S. Strategic Equity<br>Division** | **Russell U.S. Strategic Equity<br>Division** | **Russell U.S. Strategic Equity<br>Division** | **Russell U.S. Strategic Equity<br>Division** | **Russell U.S. Strategic Equity<br>Division** | **Russell U.S. Strategic Equity<br>Division** |
| | **2025** | | **2024** | | **2023** | | **2025** | | | **2023** | | **2025** | | **2024** | | **2023** |  |  |  |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends | $— | 10242 | $— | 11282 | $— | 11928 | $— | 11418 | 30730 | $— |  | $— | 29536 | $— | 40438 | $— | 30514 |  |  |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Mortality and expense risk <br>charges | 1345 | 1345 | 1505 | 1505 |  | 2468 | 2468 |  | 8947 | 10823 | 10823 | 9673 | 9673 |  | 25287 | 25287 |  | 25259 | 21907 |
| Net investment income (loss) | 8897 | 8897 | 9777 | 9777 |  | 9460 | 9460 |  | 2471 | 19907 | 19907 | 2768 | 2768 |  | 4249 | 4249 |  | 15179 | 8607 |
| **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** |
| Realized gain distributions |  |  |  |  |  |  |  | 56794 | 145586 |  | 12386 |  | 364086 |  |  | 334095 |  |  |  |
| Realized gains (losses) on sale of<br>investments | (6485) | (6485) | (12228) | (12228) |  | (36120) | (36120) |  | 15914 | 18188 | 18188 | (2533) | (2533) |  | 302199 | 302199 |  | 122349 | 45879 |
| Net realized gains (losses) | (6485) | (6485) | (12228) | (12228) |  | (36120) | (36120) |  | 72708 | 163774 | 163774 | 9853 | 9853 |  | 666285 | 666285 |  | 456444 | 130540 |
| Change in unrealized gains (losses)<br>on investments | 12096 | 12096 | 2956 | 2956 |  | 40284 | 40284 |  | 56044 | (30437) | (30437) | 212142 | 212142 |  | (88153) | (88153) |  | 312034 | 742747 |
| Net realized and changes in unrealized<br>gains (losses) on investments | 5611 | 5611 | (9272) | (9272) |  | 4164 | 4164 |  | 128752 | 133337 | 133337 | 221995 | 221995 |  | 578132 | 578132 |  | 768478 | 873287 |
| Net increase (decrease) in net assets<br>resulting from operations | $— | 14508 | $— | 505 | $— | 13624 | $131223 | 131223 | $153244 |  | $224763 | 224763 |  | 582381 | 582381 | $783657 | 783657 | $881894 | 881894 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF OPERATIONS — (Concluded)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **VanEck VIP Emerging Markets<br>Division** | **VanEck VIP Emerging Markets<br>Division** | **VanEck VIP Emerging Markets<br>Division** | **VanEck VIP Emerging Markets<br>Division** | **VanEck VIP Emerging Markets<br>Division** |
| | **2025** | | | **2023** |  |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends | $— | 12213 | 27587 | $— |  |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Mortality and expense risk <br>charges | 7698 | 7698 | 7618 |  | 7147 |
| Net investment income (loss) | 4515 | 4515 | 19969 |  | 47648 |
| **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** | **Net Realized and Changes in Unrealized <br>Gains (Losses) on Investments:** |
| Realized gain distributions |  |  |  |  |  |
| Realized gains (losses) on sale of<br>investments | 558 | 558 | 518671 |  | (579637) |
| Net realized gains (losses) | 558 | 558 | 518671 |  | (579637) |
| Change in unrealized gains (losses)<br>on investments | 453368 | 453368 | (371009) |  | 824722 |
| Net realized and changes in unrealized<br>gains (losses) on investments | 453926 | 453926 | 147662 |  | 245085 |
| Net increase (decrease) in net assets<br>resulting from operations | $458441 | 458441 | $167631 |  | $292733 |

---

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

This page is intentionally left blank.

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF CHANGES IN NET ASSETS**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **American Funds**<sup>®</sup> **Global Small Capitalization<br>Division** | **American Funds**<sup>®</sup> **Global Small Capitalization<br>Division** | **American Funds**<sup>®</sup> **Global Small Capitalization<br>Division** | **American Funds**<sup>®</sup> **Global Small Capitalization<br>Division** | **American Funds**<sup>®</sup> **Global Small Capitalization<br>Division** | **American Funds**<sup>®</sup> **Global Small Capitalization<br>Division** | **American Funds**<sup>®</sup> **Growth<br>Division** | **American Funds**<sup>®</sup> **Growth<br>Division** | **American Funds**<sup>®</sup> **Growth<br>Division** | **American Funds**<sup>®</sup> **Growth<br>Division** | **American Funds**<sup>®</sup> **Growth<br>Division** | **American Funds**<sup>®</sup> **Growth<br>Division** | **American Funds**<sup>®</sup> **Growth<br>Division** | **American Funds**<sup>®</sup> **Growth<br>Division** | **American Funds**<sup>®</sup> **Growth-Income<br>Division** | **American Funds**<sup>®</sup> **Growth-Income<br>Division** | **American Funds**<sup>®</sup> **Growth-Income<br>Division** | **American Funds**<sup>®</sup> **Growth-Income<br>Division** | **American Funds**<sup>®</sup> **Growth-Income<br>Division** |  |
| | **2025** | | | | **2023** | | **2025** | | | **2024** | | **2023** | | **2025** | | | |  |  |  |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net investment income (loss) | $— | (522) | 21390 |  | $— |  | $(54838) | (54838) |  | $— |  | $— | (1568) | $— | 96991 | $118371 | 118371 | 130613 |  |  |
| Net realized gains (losses) | (11078) | (11078) |  | 79203 |  | (46895) |  | 3568946 | 3568946 |  | 1583379 | 1583379 |  | 1507629 |  | 3171906 | 3171906 | 1177330 | 951462 | 951462 |
| Change in unrealized gains (losses) on investments | 414191 | 414191 | (40320) | (40320) |  | 491209 |  | 1507620 | 1507620 | 1507620 | 5144143 | 5144143 |  | 5034579 | 5034579 | (570001) | (570001) | 1853720 | 1812470 | 1812470 |
| Net increase (decrease) in net assets resulting <br>from operations | 402591 | 402591 | 60273 | 60273 |  | 441140 |  | 5021728 | 5021728 | 5021728 | 6719680 | 6719680 |  | 6540640 | 6540640 | 2698896 | 2698896 | 3149421 | 2894545 | 2894545 |
| **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** |
| Premium payments received from Policy owners |  | 78812 | 99913 |  | 102620 | 102620 |  | 475571 | 475571 |  | 543041 |  |  | 548834 |  | 365559 | 365559 | 392436 | 388143 | 388143 |
| Net transfers (including fixed account) | (84238) | (84238) |  | 61425 |  | 499 |  | (145593) | (145593) |  | (818354) |  |  | (436867) |  | 726387 | 726387 | 300421 | (306811) | (306811) |
| Policy charges | (67250) | (67250) | (128059) | (128059) |  | (136725) |  |  | (768766) | (768766) |  | (777626) |  | (738430) | (738430) |  | (421883) | (447061) |  | (435478) |
| Transfers for Policy benefits and terminations | (299950) | (299950) | (121949) | (121949) |  | (152309) |  | (2237076) | (2237076) | (2237076) | (1495856) | (1495856) |  | (1198069) | (1198069) | (1058928) | (1058928) | (990838) | (1072918) | (1072918) |
| Net increase (decrease) in net assets resulting <br>from Policy transactions | (372626) | (372626) | (88670) | (88670) |  | (185915) |  | (2675864) | (2675864) | (2675864) | (2548795) | (2548795) |  | (1824532) | (1824532) | (388865) | (388865) | (745042) | (1427064) | (1427064) |
| Net increase (decrease) in net assets |  | 29965 | (28397) | (28397) |  | 255225 |  | 2345864 | 2345864 |  | 4170885 | 4170885 |  | 4716108 |  | 2310031 | 2310031 | 2404379 | 1467481 | 1467481 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 3091424 | 3091424 | 3119821 | 3119821 |  | 2864596 |  | 26605732 | 26605732 | 26605732 | 22434847 | 22434847 |  | 17718739 | 17718739 | 15761889 | 15761889 | 13357510 | 11890029 | 11890029 |
| End of year | $3121389 | 3121389 | $3091424 | 3091424 |  | $3119821 |  | $— | 28951596 | 28951596 | $— | 26605732 |  | 22434847 | 22434847 | $— | 18071920 | $15761889 | $— | 13357510 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF CHANGES IN NET ASSETS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTI Brighthouse Asset Allocation 100<br>Division** | **BHFTI Brighthouse Asset Allocation 100<br>Division** | **BHFTI Brighthouse Asset Allocation 100<br>Division** | **BHFTI Brighthouse Asset Allocation 100<br>Division** | **BHFTI Brighthouse Asset Allocation 100<br>Division** | **BHFTI Brighthouse Asset Allocation 100<br>Division** |  | **BHFTI CBRE Global Real Estate<br>Division** | **BHFTI CBRE Global Real Estate<br>Division** | **BHFTI CBRE Global Real Estate<br>Division** | **BHFTI CBRE Global Real Estate<br>Division** | **BHFTI CBRE Global Real Estate<br>Division** | **BHFTI CBRE Global Real Estate<br>Division** | **BHFTI CBRE Global Real Estate<br>Division** | **BHFTI Harris Oakmark International<br>Division** | **BHFTI Harris Oakmark International<br>Division** | **BHFTI Harris Oakmark International<br>Division** | **BHFTI Harris Oakmark International<br>Division** | **BHFTI Harris Oakmark International<br>Division** | **BHFTI Harris Oakmark International<br>Division** | **BHFTI Harris Oakmark International<br>Division** |
| | **2025** | | **2024** | | **2023** | | **2025** | | | | **2023** | | **2025** | | **2024** | | **2023** |  |  |  |  |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net investment income (loss) | $— | 271 | $— | 198 | $— | 336 | $— | 26946 |  | 33802 | $— |  | $— | 91923 | $— | 86843 | $— | 78783 |  |  |  |
| Net realized gains (losses) |  | 918 |  | 621 |  | 1630 | (16784) | (16784) | (16784) | (21588) |  | (28534) | (28534) |  | 205267 | 205267 | (10544) | (10544) | (10544) | (30026) | (30026) |
| Change in unrealized gains (losses) on investments | 2098 | 2098 | 1364 | 1364 |  | 14 | 14 |  | 58104 | 58104 | (12073) | (12073) | 128340 | 128340 |  | 998952 | 998952 |  | (300436) | (300436) | 729442 |
| Net increase (decrease) in net assets resulting <br>from operations | 3287 | 3287 | 2183 | 2183 |  | 1980 | 1980 |  | 68266 | 68266 | 141 | 141 | 124738 | 124738 |  | 1296142 | 1296142 |  | (224137) | (224137) | 778199 |
| **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** |
| Premium payments received from Policy owners |  | 778 |  | 3924 |  | 3924 |  | 26161 |  | 28198 |  |  | 115588 | 115588 |  | 127810 |  |  | 143134 |  |  |
| Net transfers (including fixed account) |  | (193) |  | 388 |  | 263 |  | 90974 |  | (14317) |  | (11233) |  |  | (149087) |  | 243115 | 243115 |  | (135838) |  |
| Policy charges |  | (360) |  | (357) |  | (326) | (17617) | (17617) | (17617) | (45130) |  | (48659) | (48659) |  | (184675) | (184675) | (183271) | (183271) | (183271) | (197627) | (197627) |
| Transfers for Policy benefits and terminations | (473) | (473) |  |  |  |  |  |  | (73274) | (73274) | (68435) | (68435) | (43221) | (43221) |  | (442304) | (442304) |  | (286220) | (286220) | (316842) |
| Net increase (decrease) in net assets resulting <br>from Policy transactions | (248) | (248) | 3955 | 3955 |  | 3861 | 3861 |  | 26244 | 26244 | (99684) | (99684) | (74237) | (74237) |  | (660478) | (660478) |  | (98566) | (98566) | (507173) |
| Net increase (decrease) in net assets |  | 3039 |  | 6138 |  | 5841 |  | 94510 |  | (99543) |  | 50501 |  | 635664 |  |  | (322703) |  |  | 271026 |  |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 19314 | 19314 | 13176 | 13176 |  | 7335 | 7335 |  | 973426 | 973426 | 1072969 | 1072969 | 1022468 | 1022468 |  | 4200817 | 4200817 |  | 4523520 | 4523520 | 4252494 |
| End of year | $— | 22353 | $— | 19314 | $— | 13176 | $1067936 | 1067936 | 1067936 | $973426 |  | $1072969 | 1072969 |  | 4836481 | 4836481 | $4200817 | 4200817 | 4200817 | $4523520 | 4523520 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF CHANGES IN NET ASSETS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTI Invesco Small Cap Growth<br>Division** | **BHFTI Invesco Small Cap Growth<br>Division** | **BHFTI Invesco Small Cap Growth<br>Division** | **BHFTI Invesco Small Cap Growth<br>Division** | **BHFTI Invesco Small Cap Growth<br>Division** | **BHFTI Invesco Small Cap Growth<br>Division** |  | **BHFTI Loomis Sayles Growth<br>Division** | **BHFTI Loomis Sayles Growth<br>Division** | **BHFTI Loomis Sayles Growth<br>Division** | **BHFTI Loomis Sayles Growth<br>Division** | **BHFTI Loomis Sayles Growth<br>Division** | **BHFTI Loomis Sayles Growth<br>Division** | **BHFTI Loomis Sayles Growth<br>Division** | **BHFTI MFS**<sup>®</sup> **Research International<br>Division** | **BHFTI MFS**<sup>®</sup> **Research International<br>Division** | **BHFTI MFS**<sup>®</sup> **Research International<br>Division** | **BHFTI MFS**<sup>®</sup> **Research International<br>Division** | **BHFTI MFS**<sup>®</sup> **Research International<br>Division** | **BHFTI MFS**<sup>®</sup> **Research International<br>Division** |  |
| | **2025** | | | | **2023** | | **2025** | | **2024** | | | **2023** | | | | | **2023** |  |  |  |  |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net investment income (loss) | $— | (2057) | (2065) |  | $— |  | $— | (2947) | $— | (2552) |  | $— | (2019) | 131428 |  | 122546 |  | 106093 |  |  |  |
| Net realized gains (losses) |  | (6585) | (20198) | (20198) |  | (163076) |  |  | 157489 |  |  | 98542 |  |  | 673304 |  | 364164 |  | 171300 | 171300 |  |
| Change in unrealized gains (losses) on investments | 67182 | 67182 | 166462 | 166462 |  | 280441 | 280441 |  | (15515) | (15515) |  | 166440 | 166440 | 239709 | 239709 | 1019026 | 1019026 | (203602) | (203602) |  | 734470 |
| Net increase (decrease) in net assets resulting <br>from operations | 58540 | 58540 | 144199 | 144199 |  | 115316 | 115316 |  | 139027 | 139027 |  | 262430 | 262430 | 284740 | 284740 | 1823758 | 1823758 | 283108 | 283108 |  | 1011863 |
| **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** |
| Premium payments received from Policy owners |  | 19674 | 22296 |  |  |  |  | 24598 |  | 23319 |  |  | 23302 | 275577 |  | 303595 |  | 304230 |  |  |  |
| Net transfers (including fixed account) | (16065) | (16065) |  | (3643) |  | (341937) |  |  |  |  | (24958) | (24958) |  | (22513) |  | (248713) |  | (447239) |  | 506794 | 506794 |
| Policy charges | (22665) | (22665) | (25675) | (25675) |  | (25817) | (25817) |  | (43972) | (43972) |  | (40567) | (40567) | (38821) | (38821) | (302667) | (302667) | (373124) | (373124) |  | (406740) |
| Transfers for Policy benefits and terminations | (34022) | (34022) | (81112) | (81112) |  | (35637) | (35637) |  | (41606) | (41606) |  | (24715) | (24715) | (45410) | (45410) | (561776) | (561776) | (466814) | (466814) |  | (385113) |
| Net increase (decrease) in net assets resulting <br>from Policy transactions | (53078) | (53078) | (88134) | (88134) |  | (382188) | (382188) |  | (47040) | (47040) |  | (66921) | (66921) | (83442) | (83442) | (837579) | (837579) | (983582) | (983582) |  | 19171 |
| Net increase (decrease) in net assets |  | 5462 | 56065 |  | (266872) | (266872) |  |  |  | 195509 | 195509 |  |  |  | 986179 |  | (700474) |  | 1031034 | 1031034 |  |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 958819 | 958819 | 902754 | 902754 |  | 1169626 | 1169626 |  | 987040 | 987040 |  | 791531 | 791531 | 590233 | 590233 | 8543339 | 8543339 | 9243813 | 9243813 |  | 8212779 |
| End of year | $964281 | 964281 | $958819 | 958819 |  | $902754 | 902754 |  | 1079027 | 1079027 |  | $987040 | 987040 | $791531 | 791531 | $9529518 | 9529518 | $8543339 | 8543339 |  | $9243813 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF CHANGES IN NET ASSETS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTI Morgan Stanley Discovery<br>Division** | **BHFTI Morgan Stanley Discovery<br>Division** | **BHFTI Morgan Stanley Discovery<br>Division** | **BHFTI Morgan Stanley Discovery<br>Division** | **BHFTI Morgan Stanley Discovery<br>Division** | **BHFTI PIMCO Total Return<br>Division** | **BHFTI PIMCO Total Return<br>Division** | **BHFTI PIMCO Total Return<br>Division** | **BHFTI PIMCO Total Return<br>Division** | **BHFTI PIMCO Total Return<br>Division** | **BHFTI PIMCO Total Return<br>Division** | **BHFTI PIMCO Total Return<br>Division** | **BHFTI T. Rowe Price Large Cap Value<br>Division** | **BHFTI T. Rowe Price Large Cap Value<br>Division** | **BHFTI T. Rowe Price Large Cap Value<br>Division** | **BHFTI T. Rowe Price Large Cap Value<br>Division** | **BHFTI T. Rowe Price Large Cap Value<br>Division** | **BHFTI T. Rowe Price Large Cap Value<br>Division** |  |  |
| | **2025** | | | | | | | **2024** | | **2023** | | | **2024** | | **2023** |  |  |  |  |  |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net investment income (loss) | $(12737) | (12737) | $— | (9734) | (8198) | $367807 | 367807 |  | $166355 | 166355 | $174875 | 174875 | $— |  | $— | 40667 | $— | 34047 |  |  |
| Net realized gains (losses) | (49920) | (49920) | (309889) | (309889) | (215013) |  | (85646) | (85646) |  | (100375) |  | (158367) |  | 198150 | 198150 |  | 87418 |  | 241888 | 241888 |
| Change in unrealized gains (losses) on investments | 489254 | 489254 | 1266773 | 1266773 | 1013337 |  | 291957 | 291957 |  | 80956 |  | 315791 |  | 32957 | 32957 |  | 101800 | 101800 | (91496) | (91496) |
| Net increase (decrease) in net assets resulting <br>from operations | 426597 | 426597 | 947150 | 947150 | 790126 |  | 574118 | 574118 |  | 146936 |  | 332299 |  | 267954 | 267954 |  | 229885 | 229885 | 184439 | 184439 |
| **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** |
| Premium payments received from Policy owners |  | 62453 | 63786 |  |  | 183362 |  |  | 234595 |  | 259409 |  | 151689 |  | 147278 | 147278 |  | 150828 |  |  |
| Net transfers (including fixed account) |  | 7673 | (121911) | (121911) | 7520 | 545650 | 545650 |  | 208257 | 208257 | 1397163 | 1397163 |  |  |  | 4512 |  | 48218 |  |  |
| Policy charges | (77656) | (77656) | (81374) | (81374) | (78072) |  | (274531) | (274531) |  | (329691) |  | (334841) |  | (182646) | (182646) |  | (207698) | (207698) | (198710) | (198710) |
| Transfers for Policy benefits and terminations | (151309) | (151309) | (211478) | (211478) | (95632) |  | (379583) | (379583) |  | (430241) |  | (607546) |  | (100042) | (100042) |  | (27030) | (27030) | (169625) | (169625) |
| Net increase (decrease) in net assets resulting <br>from Policy transactions | (158839) | (158839) | (350977) | (350977) | (106085) |  | 74898 | 74898 |  | (317080) |  | 714185 |  | (32264) | (32264) |  | (82938) | (82938) | (169289) | (169289) |
| Net increase (decrease) in net assets | 267758 | 267758 | 596173 | 596173 | 684041 |  | 649016 | 649016 |  | (170144) |  | 1046484 |  | 235690 | 235690 |  | 146947 | 146947 |  | 15150 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 3248428 | 3248428 | 2652255 | 2652255 | 1968214 |  | 6575913 | 6575913 |  | 6746057 |  | 5699573 |  | 2250492 | 2250492 |  | 2103545 | 2103545 | 2088395 | 2088395 |
| End of year | $3516186 | 3516186 | $3248428 | 3248428 | $2652255 |  | $7224929 | 7224929 |  | $6575913 |  | $6746057 |  | $2486182 | 2486182 |  | 2250492 | 2250492 | $2103545 | 2103545 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF CHANGES IN NET ASSETS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTI T. Rowe Price Mid Cap Growth<br>Division** | **BHFTI T. Rowe Price Mid Cap Growth<br>Division** | **BHFTI T. Rowe Price Mid Cap Growth<br>Division** | **BHFTI T. Rowe Price Mid Cap Growth<br>Division** | **BHFTI T. Rowe Price Mid Cap Growth<br>Division** | **BHFTI T. Rowe Price Mid Cap Growth<br>Division** |  | **BHFTI Victory Sycamore Mid Cap Value<br>Division** | **BHFTI Victory Sycamore Mid Cap Value<br>Division** | **BHFTI Victory Sycamore Mid Cap Value<br>Division** | **BHFTI Victory Sycamore Mid Cap Value<br>Division** | **BHFTI Victory Sycamore Mid Cap Value<br>Division** | **BHFTI Victory Sycamore Mid Cap Value<br>Division** | **BHFTII Baillie Gifford International Stock<br>Division** | **BHFTII Baillie Gifford International Stock<br>Division** | **BHFTII Baillie Gifford International Stock<br>Division** | **BHFTII Baillie Gifford International Stock<br>Division** | **BHFTII Baillie Gifford International Stock<br>Division** | **BHFTII Baillie Gifford International Stock<br>Division** | **BHFTII Baillie Gifford International Stock<br>Division** | **BHFTII Baillie Gifford International Stock<br>Division** |  |
| | **2025** | | | | | | **2025** | | **2024** | | **2023** | | | | **2024** | | | **2023** |  |  |  |  |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net investment income (loss) | $(16276) | (16276) | $— | (9449) | (14023) | (14023) |  | 36605 |  | $— |  | $— | 45783 | $9421 |  | $— | 12272 |  | 21827 |  |  |  |
| Net realized gains (losses) | 503120 | 503120 | 307013 | 307013 |  | 99445 |  | 412484 | 412484 |  | 252631 |  |  |  |  | 94967 |  |  | 124907 |  | (38920) | (38920) |
| Change in unrealized gains (losses) on investments | (358662) | (358662) | 22394 | 22394 | 523944 | 523944 | 523944 | (381421) | (381421) |  | 65676 | 65676 |  | (95071) |  | 310289 | 310289 | 310289 | (35051) | (35051) |  | 378392 |
| Net increase (decrease) in net assets resulting <br>from operations | 128182 | 128182 | 319958 | 319958 | 609366 | 609366 | 609366 | 67668 | 67668 |  | 359293 | 359293 |  | 334620 |  | 414677 | 414677 | 414677 | 102128 | 102128 |  | 361299 |
| **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** |
| Premium payments received from Policy owners |  | 76233 | 85870 |  | 103643 |  |  |  |  | 118081 |  | 118095 | 118095 |  | 77492 |  | 108584 | 108584 |  | 113016 | 113016 |  |
| Net transfers (including fixed account) | 175831 | 175831 |  | 30309 | 111578 | 111578 |  | 64054 |  | (44616) | (44616) |  |  | (36121) | (36121) |  |  |  |  | 63525 |  |  |
| Policy charges | (129759) | (129759) | (138858) | (138858) | (149698) | (149698) | (149698) | (138748) | (138748) |  | (152602) | (152602) |  | (160920) |  | (84374) | (84374) | (84374) | (93219) | (93219) |  | (101255) |
| Transfers for Policy benefits and terminations | (50139) | (50139) | (202628) | (202628) | (220588) | (220588) | (220588) | (254171) | (254171) |  | (222518) | (222518) |  | (240753) |  | (82840) | (82840) | (82840) | (194363) | (194363) |  | (146622) |
| Net increase (decrease) in net assets resulting <br>from Policy transactions | 72166 | 72166 | (225307) | (225307) | (155065) | (155065) | (155065) | (237731) | (237731) |  | (301655) | (301655) |  | (253571) |  | (125843) | (125843) | (125843) | (133148) | (133148) |  | (71336) |
| Net increase (decrease) in net assets | 200348 | 200348 |  | 94651 | 454301 | 454301 |  | (170063) | (170063) |  | 57638 |  |  | 288834 | 288834 |  |  | (31020) |  | 289963 | 289963 |  |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 3728788 | 3728788 | 3634137 | 3634137 | 3179836 | 3179836 | 3179836 | 3712095 | 3712095 |  | 3654457 | 3654457 |  | 3573408 |  | 2264879 | 2264879 | 2264879 | 2295899 | 2295899 |  | 2005936 |
| End of year | $3929136 | 3929136 | $3728788 | 3728788 | $3634137 | 3634137 | 3634137 | $3542032 | 3542032 |  | $3712095 | 3712095 |  | 3654457 |  | $2553713 | 2553713 | 2553713 | $2264879 | 2264879 |  | $2295899 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF CHANGES IN NET ASSETS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTII BlackRock Bond Income<br>Division** | **BHFTII BlackRock Bond Income<br>Division** | **BHFTII BlackRock Bond Income<br>Division** | **BHFTII BlackRock Bond Income<br>Division** | **BHFTII BlackRock Bond Income<br>Division** | **BHFTII BlackRock Capital Appreciation<br>Division** | **BHFTII BlackRock Capital Appreciation<br>Division** | **BHFTII BlackRock Capital Appreciation<br>Division** | **BHFTII BlackRock Capital Appreciation<br>Division** | **BHFTII BlackRock Capital Appreciation<br>Division** | **BHFTII BlackRock Capital Appreciation<br>Division** | **BHFTII BlackRock Capital Appreciation<br>Division** | **BHFTII BlackRock Ultra-Short Term Bond<br>Division** | **BHFTII BlackRock Ultra-Short Term Bond<br>Division** | **BHFTII BlackRock Ultra-Short Term Bond<br>Division** | **BHFTII BlackRock Ultra-Short Term Bond<br>Division** | **BHFTII BlackRock Ultra-Short Term Bond<br>Division** | **BHFTII BlackRock Ultra-Short Term Bond<br>Division** | **BHFTII BlackRock Ultra-Short Term Bond<br>Division** | **BHFTII BlackRock Ultra-Short Term Bond<br>Division** |  |
| | **2025** | | | | | | | **2024** | | **2023** | | **2025** | | | | | **2023** |  |  |  |  |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net investment income (loss) | $124516 | 124516 | $— | 92122 | 70948 | $(14147) | (14147) |  | $(10272) | (10272) | $— |  | $— | 147635 |  | $178697 | 178697 |  | $— |  |  |
| Net realized gains (losses) | (31759) | (31759) | (30008) | (30008) | (68545) |  | 691154 | 691154 |  | 360197 |  | (32155) | (32155) |  |  |  |  | 121836 |  | 408481 | 408481 |
| Change in unrealized gains (losses) on investments | 90537 | 90537 | (35805) | (35805) | 136703 |  | (158443) | (158443) |  | 802420 |  | 1423804 | 1423804 |  | (53570) | (53570) |  | 4690 |  | 4702 | 4702 |
| Net increase (decrease) in net assets resulting <br>from operations | 183294 | 183294 | 26309 | 26309 | 139106 |  | 518564 | 518564 |  | 1152345 |  | 1382152 | 1382152 |  | 119914 | 119914 |  | 305223 |  | 454510 | 454510 |
| **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** |
| Premium payments received from Policy owners |  | 47578 | 64726 |  |  | 119611 |  |  | 148413 |  | 147953 |  |  | 288904 |  | 293607 | 293607 |  | 291774 | 291774 |  |
| Net transfers (including fixed account) |  | 6119 | 37253 |  | 106814 | (50072) | (50072) |  | (183389) | (183389) | (176144) | (176144) |  | (2317309) | (2317309) |  | 2172355 | 2172355 |  | 780104 | 780104 |
| Policy charges | (105068) | (105068) | (168080) | (168080) | (179296) |  | (157938) | (157938) |  | (171915) |  | (177517) | (177517) |  | (317067) | (317067) |  | (442360) |  |  | (568740) |
| Transfers for Policy benefits and terminations | (44517) | (44517) | (57287) | (57287) | (229966) |  | (283355) | (283355) |  | (548216) |  | (308513) | (308513) |  | (191180) | (191180) |  | (185009) |  | (1097124) | (1097124) |
| Net increase (decrease) in net assets resulting <br>from Policy transactions | (95888) | (95888) | (123388) | (123388) | (233756) |  | (371754) | (371754) |  | (755107) |  | (514221) | (514221) |  | (2536652) | (2536652) |  | 1838593 |  | (593986) | (593986) |
| Net increase (decrease) in net assets |  | 87406 | (97079) | (97079) | (94650) |  | 146810 | 146810 |  | 397238 |  | 867931 |  |  | (2416738) |  |  | 2143816 |  | (139476) | (139476) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 2557540 | 2557540 | 2654619 | 2654619 | 2749269 |  | 4211207 | 4211207 |  | 3813969 |  | 2946038 | 2946038 |  | 5438132 | 5438132 |  | 3294316 |  | 3433792 | 3433792 |
| End of year | $2644946 | 2644946 | $2557540 | 2557540 | $2654619 |  | $4358017 | 4358017 |  | $4211207 |  | $3813969 | 3813969 |  | $3021394 | 3021394 |  | $5438132 |  | $— | 3294316 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF CHANGES IN NET ASSETS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTII Brighthouse Asset Allocation 20<br>Division** | **BHFTII Brighthouse Asset Allocation 20<br>Division** | **BHFTII Brighthouse Asset Allocation 20<br>Division** | **BHFTII Brighthouse Asset Allocation 20<br>Division** | **BHFTII Brighthouse Asset Allocation 20<br>Division** |  | **BHFTII Brighthouse Asset Allocation 40<br>Division** | **BHFTII Brighthouse Asset Allocation 40<br>Division** | **BHFTII Brighthouse Asset Allocation 40<br>Division** | **BHFTII Brighthouse Asset Allocation 40<br>Division** | **BHFTII Brighthouse Asset Allocation 40<br>Division** | **BHFTII Brighthouse Asset Allocation 40<br>Division** | **BHFTII Brighthouse Asset Allocation 40<br>Division** | **BHFTII Brighthouse Asset Allocation 60<br>Division** | **BHFTII Brighthouse Asset Allocation 60<br>Division** | **BHFTII Brighthouse Asset Allocation 60<br>Division** | **BHFTII Brighthouse Asset Allocation 60<br>Division** | **BHFTII Brighthouse Asset Allocation 60<br>Division** | **BHFTII Brighthouse Asset Allocation 60<br>Division** | **BHFTII Brighthouse Asset Allocation 60<br>Division** |
| | **2025** | | | **2023** | | **2025** | | **2024** | | **2023** | | **2025** | | **2024** | | **2023** |  |  |  |  |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net investment income (loss) | $— | 3525 | 3320 | $— |  | $— | 1 | $— | 2 | $— | 7 | $— | 13103 | $— | 11431 | $— | 15616 |  |  |  |
| Net realized gains (losses) |  | (336) | (1728) |  |  |  | 5 |  | 4 |  | (16) |  | 13502 |  | 2763 |  | 36247 |  |  |  |
| Change in unrealized gains (losses) on investments | 6158 | 6158 | 2824 |  | 2686 | 2686 |  | 1 | 1 | (2) | (2) | 25 | 25 |  | 44431 | 44431 |  | 29181 | 29181 | 9497 |
| Net increase (decrease) in net assets resulting <br>from operations | 9347 | 9347 | 4416 |  | 8226 | 8226 |  | 7 | 7 | 4 | 4 | 16 | 16 |  | 71036 | 71036 |  | 43375 | 43375 | 61360 |
| **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** |
| Premium payments received from Policy owners |  | 1222 | 2443 |  |  |  | 405 |  | 395 |  | 278 |  | 22143 |  | 26250 |  | 18238 |  |  |  |
| Net transfers (including fixed account) |  |  | (10000) |  |  |  |  |  |  |  |  |  |  |  | (70029) |  |  |  |  |  |
| Policy charges |  | (4314) | (4469) |  |  |  | (474) |  | (430) |  | (398) | (11481) | (11481) |  | (12502) |  |  | (11695) |  |  |
| Transfers for Policy benefits and terminations |  |  |  |  | (1) | (1) |  |  |  | (1) | (1) |  |  |  |  |  |  |  |  |  |
| Net increase (decrease) in net assets resulting <br>from Policy transactions | (3092) | (3092) | (12026) |  | (4580) | (4580) |  | (68) | (68) | (36) | (36) | (120) | (120) |  | 17879 | 17879 |  | (56281) | (56281) | 20272 |
| Net increase (decrease) in net assets |  | 6255 | (7610) |  |  |  | (61) |  | (32) |  | (104) |  | 88915 | (12906) | (12906) |  |  | 81632 |  |  |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 100732 | 100732 | 108342 |  | 104696 | 104696 |  | 73 | 73 | 105 | 105 | 209 | 209 |  | 498929 | 498929 |  | 511835 | 511835 | 430203 |
| End of year | $106987 | 106987 | $100732 |  | $108342 | 108342 |  | 12 |  | 73 |  | 105 |  | 587844 | 587844 | $498929 | 498929 | 498929 | $511835 | 511835 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF CHANGES IN NET ASSETS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTII Brighthouse Asset Allocation 80<br>Division** | **BHFTII Brighthouse Asset Allocation 80<br>Division** | **BHFTII Brighthouse Asset Allocation 80<br>Division** | **BHFTII Brighthouse Asset Allocation 80<br>Division** | **BHFTII Brighthouse Asset Allocation 80<br>Division** |  | **BHFTII Brighthouse/Artisan Mid Cap Value<br>Division** | **BHFTII Brighthouse/Artisan Mid Cap Value<br>Division** | **BHFTII Brighthouse/Artisan Mid Cap Value<br>Division** | **BHFTII Brighthouse/Artisan Mid Cap Value<br>Division** | **BHFTII Brighthouse/Artisan Mid Cap Value<br>Division** | **BHFTII Brighthouse/Artisan Mid Cap Value<br>Division** | **BHFTII Brighthouse/Artisan Mid Cap Value<br>Division** | **BHFTII Brighthouse/Wellington Balanced<br>Division** | **BHFTII Brighthouse/Wellington Balanced<br>Division** | **BHFTII Brighthouse/Wellington Balanced<br>Division** | **BHFTII Brighthouse/Wellington Balanced<br>Division** | **BHFTII Brighthouse/Wellington Balanced<br>Division** |  |
| | **2025** | | | **2023** | | **2025** | | **2024** | | | **2023** | | | | | **2023** |  |  |  |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net investment income (loss) | $— | 30974 | 23258 | $— |  | $— | 31038 | $— | 30103 |  | $— | 17645 | 233890 |  | 170491 |  | 183644 |  |  |
| Net realized gains (losses) |  | 57542 | 27953 | 141075 | 141075 |  | 527989 |  |  | 284845 | 284845 |  | 399471 |  | 1670389 |  | 447554 |  |  |
| Change in unrealized gains (losses) on investments | 154264 | 154264 | 100044 |  | 21048 | 21048 |  | (512852) | (512852) |  | (158565) | (158565) | 125039 | 125039 | (369342) | (369342) | 935877 | 935877 | 1583691 |
| Net increase (decrease) in net assets resulting <br>from operations | 242780 | 242780 | 151255 |  | 202820 | 202820 |  | 46175 | 46175 |  | 156383 | 156383 | 542155 | 542155 | 1534937 | 1534937 | 1553922 | 1553922 | 1803828 |
| **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** |
| Premium payments received from Policy owners |  | 31403 | 33757 |  |  | 105495 | 105495 |  | 122544 | 122544 |  |  |  | 208673 |  | 237085 |  | 210455 |  |
| Net transfers (including fixed account) |  | 30 | 10000 |  |  |  | 58221 |  | 8696 |  |  | (3391) | 112631 |  | 470390 |  | (25281) |  |  |
| Policy charges | (30736) | (30736) | (29199) |  | (27001) | (27001) |  | (117698) | (117698) |  | (145680) | (145680) | (155925) | (155925) | (991709) | (991709) | (444203) | (444203) | (429405) |
| Transfers for Policy benefits and terminations |  |  | (3814) |  |  |  |  | (141605) | (141605) |  | (266668) | (266668) | (250656) | (250656) |  |  | (209428) | (209428) | (445527) |
| Net increase (decrease) in net assets resulting <br>from Policy transactions | 697 | 697 | 10744 |  | 2638 | 2638 |  | (95587) | (95587) |  | (281108) | (281108) | (280765) | (280765) | (670405) | (670405) | 53844 | 53844 | (689758) |
| Net increase (decrease) in net assets | 243477 | 243477 | 161999 |  | 205458 | 205458 |  | (49412) | (49412) |  | (124725) | (124725) | 261390 | 261390 | 864532 | 864532 | 1607766 | 1607766 | 1114070 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 1523075 | 1523075 | 1361076 |  | 1155618 | 1155618 |  | 3231530 | 3231530 |  | 3356255 | 3356255 | 3094865 | 3094865 | 13330238 | 13330238 | 11722472 | 11722472 | 10608402 |
| End of year | $1766552 | 1766552 | $1523075 |  | $1361076 | 1361076 |  | 3182118 | 3182118 |  | $3231530 | 3231530 | $3356255 | 3356255 | $14194770 | 14194770 | $13330238 | 13330238 | $11722472 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF CHANGES IN NET ASSETS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTII Brighthouse/Wellington Core Equity Opportunities<br>Division** | **BHFTII Brighthouse/Wellington Core Equity Opportunities<br>Division** | **BHFTII Brighthouse/Wellington Core Equity Opportunities<br>Division** | **BHFTII Brighthouse/Wellington Core Equity Opportunities<br>Division** | **BHFTII Brighthouse/Wellington Core Equity Opportunities<br>Division** |  | **BHFTII Frontier Mid Cap Growth<br>Division** | **BHFTII Frontier Mid Cap Growth<br>Division** | **BHFTII Frontier Mid Cap Growth<br>Division** | **BHFTII Frontier Mid Cap Growth<br>Division** | **BHFTII Frontier Mid Cap Growth<br>Division** | **BHFTII Frontier Mid Cap Growth<br>Division** | **BHFTII Jennison Growth<br>Division** | **BHFTII Jennison Growth<br>Division** | **BHFTII Jennison Growth<br>Division** | **BHFTII Jennison Growth<br>Division** | **BHFTII Jennison Growth<br>Division** | **BHFTII Jennison Growth<br>Division** | **BHFTII Jennison Growth<br>Division** | **BHFTII Jennison Growth<br>Division** |  |
| | **2025** | | | **2023** | | **2025** | | | | **2023** | | **2025** | | **2024** | | |  |  |  |  |  |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net investment income (loss) | $— | 76041 | 77968 | $— | 75647 | $(20345) | (20345) |  | $(12494) |  | $(18997) |  | $— | (290459) |  | $(281805) | (281805) |  | $(218658) | (218658) |  |
| Net realized gains (losses) | 823052 | 823052 | 235130 |  | 532432 | 532432 |  | 195259 | 195259 |  |  | (53793) |  | 8344448 | 8344448 |  | 5500187 | 5500187 |  | (709927) | (709927) |
| Change in unrealized gains (losses) on investments | (401975) | (401975) | 253250 |  | (111366) | (111366) |  | (17699) | (17699) | 570415 | 570415 | 578429 | 578429 | (2066661) | (2066661) |  | 6148329 | 6148329 |  | 15379603 | 15379603 |
| Net increase (decrease) in net assets resulting <br>from operations | 497118 | 497118 | 566348 |  | 496713 | 496713 |  | 157215 | 157215 | 558072 | 558072 | 505639 | 505639 | 5987328 | 5987328 |  | 11366711 | 11366711 |  | 14451018 | 14451018 |
| **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** |
| Premium payments received from Policy owners | 187066 | 187066 | 215887 |  | 226877 | 226877 |  | 153655 | 153655 | 150251 | 150251 | 151285 | 151285 |  | 879050 |  |  | 887929 |  |  | 1015395 |
| Net transfers (including fixed account) |  | 80117 | (248480) |  | 371989 |  |  | (187042) |  | (36271) |  | (14840) |  | 461217 | 461217 |  | (1506238) | (1506238) |  | (507296) | (507296) |
| Policy charges | (255587) | (255587) | (261119) |  | (274459) | (274459) |  | (187316) | (187316) | (192061) | (192061) | (193779) | (193779) | (1649507) | (1649507) |  | (1599376) | (1599376) |  | (1715071) | (1715071) |
| Transfers for Policy benefits and terminations | (210800) | (210800) | (401969) |  | (428473) | (428473) |  | (227824) | (227824) | (335531) | (335531) | (80134) | (80134) | (1775989) | (1775989) |  | (3644375) | (3644375) |  | (1078265) | (1078265) |
| Net increase (decrease) in net assets resulting <br>from Policy transactions | (199204) | (199204) | (695681) |  | (104066) | (104066) |  | (448527) | (448527) | (413612) | (413612) | (137468) | (137468) | (2085229) | (2085229) |  | (5862060) | (5862060) |  | (2285237) | (2285237) |
| Net increase (decrease) in net assets | 297914 | 297914 | (129333) |  | 392647 | 392647 |  | (291312) | (291312) | 144460 | 144460 | 368171 | 368171 |  | 3902099 |  |  | 5504651 |  |  | 12165781 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 6749796 | 6749796 | 6879129 |  | 6486482 | 6486482 |  | 3511838 | 3511838 | 3367378 | 3367378 | 2999207 | 2999207 | 46026455 | 46026455 |  | 40521804 | 40521804 |  | 28356023 | 28356023 |
| End of year | $7047710 | 7047710 | $6749796 |  | $6879129 | 6879129 |  | $3220526 | 3220526 | $3511838 | 3511838 | $3367378 | 3367378 | $— | 49928554 |  | $— | 46026455 |  | $— | 40521804 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF CHANGES IN NET ASSETS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTII MetLife Aggregate Bond Index<br>Division** | **BHFTII MetLife Aggregate Bond Index<br>Division** | **BHFTII MetLife Aggregate Bond Index<br>Division** | **BHFTII MetLife Aggregate Bond Index<br>Division** | **BHFTII MetLife Aggregate Bond Index<br>Division** | **BHFTII MetLife Aggregate Bond Index<br>Division** |  | **BHFTII MetLife Mid Cap Stock Index<br>Division** | **BHFTII MetLife Mid Cap Stock Index<br>Division** | **BHFTII MetLife Mid Cap Stock Index<br>Division** | **BHFTII MetLife Mid Cap Stock Index<br>Division** | **BHFTII MetLife Mid Cap Stock Index<br>Division** | **BHFTII MetLife MSCI EAFE**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife MSCI EAFE**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife MSCI EAFE**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife MSCI EAFE**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife MSCI EAFE**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife MSCI EAFE**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife MSCI EAFE**<sup>®</sup> **Index<br>Division** |  |  |
| | **2025** | | | **2023** | | | **2025** | | **2024** | **2023** | | | | **2024** | | **2023** |  |  |  |  |  |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net investment income (loss) | $115684 | $196966 | 196966 |  | $183818 | 183818 | 183818 | $— | 21950 | 28931 | $— |  | $— | 70566 | $120372 | 120372 | 120372 | $84334 |  |  |  |
| Net realized gains (losses) | (84830) | (84301) | (84301) |  | (189955) | (189955) | (189955) | 274248 | 274248 | 169565 |  | 146162 | 146162 |  | 200550 | 200550 |  | 131798 |  |  | 60612 |
| Change in unrealized gains (losses) on investments | 481325 | (86363) | (86363) |  | 371687 | 371687 | 371687 | (99973) | (99973) | 194364 |  | 242693 | 242693 |  | 991908 | 991908 |  | (116423) |  | 504955 | 504955 |
| Net increase (decrease) in net assets resulting <br>from operations | 512179 | 26302 | 26302 |  | 365550 | 365550 | 365550 | 196225 | 196225 | 392860 |  | 416431 | 416431 |  | 1263024 | 1263024 |  | 135747 |  | 649901 | 649901 |
| **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** |
| Premium payments received from Policy owners | 226346 | 230458 | 230458 |  | 269094 | 269094 | 269094 |  | 29506 | 37737 |  |  | 150166 | 150166 |  | 171589 | 171589 | 172697 | 172697 |  |  |
| Net transfers (including fixed account) | (57110) | 476739 | 476739 |  |  | 63615 |  | 49398 |  | 309721 | (156413) | (156413) |  |  |  | 159300 | 159300 | (73689) | (73689) |  |  |
| Policy charges | (471619) | (474286) | (474286) |  | (489331) | (489331) | (489331) | (21966) | (21966) | (77969) |  | (77004) | (77004) |  | (210485) | (210485) |  | (194647) |  | (204622) | (204622) |
| Transfers for Policy benefits and terminations | (91284) | (242133) | (242133) |  | (325161) | (325161) | (325161) | (484151) | (484151) | (139400) |  | (205817) | (205817) |  | (131734) | (131734) |  | (343537) |  | (200251) | (200251) |
| Net increase (decrease) in net assets resulting <br>from Policy transactions | (393667) | (9222) | (9222) |  | (481783) | (481783) | (481783) | (427213) | (427213) | 130089 |  | (394818) | (394818) |  | (146296) | (146296) |  | (207295) |  | (305865) | (305865) |
| Net increase (decrease) in net assets | 118512 |  | 17080 |  | (116233) | (116233) |  | (230988) | (230988) | 522949 |  | 21613 |  | 1116728 |  |  | (71548) |  | 344036 | 344036 |  |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 8112390 | 8095310 | 8095310 |  | 8211543 | 8211543 | 8211543 | 3380218 | 3380218 | 2857269 |  | 2835656 | 2835656 |  | 4147326 | 4147326 |  | 4218874 |  | 3874838 | 3874838 |
| End of year | $8230902 | $8112390 | 8112390 |  | $8095310 | 8095310 | 8095310 | $3149230 | 3149230 | $3380218 |  | $2857269 | 2857269 |  | 5264054 | 5264054 |  | 4147326 |  | $4218874 | 4218874 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF CHANGES IN NET ASSETS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTII MetLife Russell 2000**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife Russell 2000**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife Russell 2000**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife Russell 2000**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife Russell 2000**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife Stock Index<br>Division** | **BHFTII MetLife Stock Index<br>Division** | **BHFTII MetLife Stock Index<br>Division** | **BHFTII MetLife Stock Index<br>Division** | **BHFTII MetLife Stock Index<br>Division** | **BHFTII MetLife Stock Index<br>Division** | **BHFTII MetLife Stock Index<br>Division** | **BHFTII MetLife Stock Index<br>Division** | **BHFTII MFS**<sup>®</sup> **Total Return<br>Division** | **BHFTII MFS**<sup>®</sup> **Total Return<br>Division** | **BHFTII MFS**<sup>®</sup> **Total Return<br>Division** | **BHFTII MFS**<sup>®</sup> **Total Return<br>Division** | **BHFTII MFS**<sup>®</sup> **Total Return<br>Division** | **BHFTII MFS**<sup>®</sup> **Total Return<br>Division** |  |  |
| | **2025** | | | | | **2025** | | **2024** | | | | **2025** | | | **2024** | | **2023** |  |  |  |  |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net investment income (loss) | $— | 26754 | 43223 | 57142 |  | $438092 | 438092 | $— | 599653 |  | $789899 | 789899 |  | $— | 39710 | $— | 33200 | $— | 31116 |  |  |
| Net realized gains (losses) | 253235 | 253235 | 429376 |  | 333614 |  |  | 8771809 |  | 16519415 |  |  | 10533006 | 10533006 |  | 110187 | 110187 |  | 83645 | 84136 |  |
| Change in unrealized gains (losses) on investments | 141096 | 141096 | (23217) | 1119903 | 1119903 |  | 5110897 | 5110897 | 930747 | 930747 |  | 6094083 | 6094083 | 6094083 |  | 16457 | 16457 | (647) | (647) | 54131 | 54131 |
| Net increase (decrease) in net assets resulting <br>from operations | 421085 | 421085 | 449382 | 1510659 | 1510659 |  | 14320798 | 14320798 | 18049815 | 18049815 |  | 17416988 | 17416988 | 17416988 |  | 166354 | 166354 | 116198 | 116198 | 169383 | 169383 |
| **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** |
| Premium payments received from Policy owners |  | 69297 | 91038 | 95683 |  | 1711609 | 1711609 |  | 1789540 |  | 1923627 | 1923627 |  |  | 57405 |  | 77284 |  | 69369 |  |  |
| Net transfers (including fixed account) | 196855 | 196855 | (276166) |  | (792287) |  |  | (216289) | (2019839) | (2019839) |  | (17971292) | (17971292) | (17971292) |  | 7918 |  | 101 |  |  |  |
| Policy charges | (83260) | (83260) | (116850) |  | (119373) |  | (2933554) | (2933554) | (3161038) | (3161038) |  | (3297658) | (3297658) | (3297658) |  | (71369) | (71369) | (81103) | (81103) | (84888) | (84888) |
| Transfers for Policy benefits and terminations | (355280) | (355280) | (283637) | (375036) | (375036) |  | (4467307) | (4467307) | (3668233) | (3668233) |  | (3241385) | (3241385) | (3241385) |  | (19528) | (19528) | (389839) | (389839) | (104566) | (104566) |
| Net increase (decrease) in net assets resulting <br>from Policy transactions | (172388) | (172388) | (585615) | (1191013) | (1191013) |  | (5905541) | (5905541) | (7059570) | (7059570) |  | (22586708) | (22586708) | (22586708) |  | (25574) | (25574) | (393557) | (393557) | (118710) | (118710) |
| Net increase (decrease) in net assets | 248697 | 248697 | (136233) |  | 319646 |  |  | 8415257 |  | 10990245 |  | (5169720) | (5169720) | (5169720) |  | 140780 | 140780 | (277359) | (277359) |  | 50673 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 3466664 | 3466664 | 3602897 | 3283251 | 3283251 |  | 87597938 | 87597938 | 76607693 | 76607693 |  | 81777413 | 81777413 | 81777413 |  | 1573339 | 1573339 | 1850698 | 1850698 | 1800025 | 1800025 |
| End of year | $3715361 | 3715361 | $3466664 | $— | 3602897 |  | $— | 96013195 | $— | 87597938 |  | $— | 76607693 | 76607693 |  | 1714119 | 1714119 | $1573339 | 1573339 | $1850698 | 1850698 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF CHANGES IN NET ASSETS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTII MFS**<sup>®</sup> **Value<br>Division** | **BHFTII MFS**<sup>®</sup> **Value<br>Division** | **BHFTII MFS**<sup>®</sup> **Value<br>Division** | **BHFTII MFS**<sup>®</sup> **Value<br>Division** |  | **BHFTII Neuberger Berman Genesis<br>Division** | **BHFTII Neuberger Berman Genesis<br>Division** | **BHFTII Neuberger Berman Genesis<br>Division** | **BHFTII Neuberger Berman Genesis<br>Division** | **BHFTII Neuberger Berman Genesis<br>Division** | **BHFTII T. Rowe Price Large Cap Growth<br>Division** | **BHFTII T. Rowe Price Large Cap Growth<br>Division** | **BHFTII T. Rowe Price Large Cap Growth<br>Division** | **BHFTII T. Rowe Price Large Cap Growth<br>Division** | **BHFTII T. Rowe Price Large Cap Growth<br>Division** | **BHFTII T. Rowe Price Large Cap Growth<br>Division** | **BHFTII T. Rowe Price Large Cap Growth<br>Division** |  |
| | **2025** | | **2023** | | **2025** | | **2024** | **2023** | | | | **2024** | | | **2023** |  |  |  |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net investment income (loss) | $150218 | $153409 |  | $149805 | 149805 | $(14340) | (14340) | $(13518) | (13518) | $(13720) | (13720) |  | $(35286) | (35286) | (35286) | $(33737) | (33737) | $(26758) |
| Net realized gains (losses) | 1256730 | 1099943 |  | 1252614 | 1252614 | 600825 | 600825 | 564282 | 564282 | 462394 | 462394 |  | 1188781 | 1188781 | 1188781 | 514229 | 514229 | (151914) |
| Change in unrealized gains (losses) on investments | 92185 | 89361 |  | (563414) | (563414) | (859106) | (859106) | (74283) | (74283) | 288544 | 288544 |  | 12389 | 12389 | 12389 | 1416743 | 1416743 | 2329033 |
| Net increase (decrease) in net assets resulting <br>from operations | 1499133 | 1342713 |  | 839005 | 839005 | (272621) | (272621) | 476481 | 476481 | 737218 | 737218 |  | 1165884 | 1165884 | 1165884 | 1897235 | 1897235 | 2150361 |
| **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** |
| Premium payments received from Policy owners | 287134 | 337027 |  | 341773 | 341773 | 181914 | 181914 | 202866 | 202866 | 192096 | 192096 |  |  | 83743 |  | 102359 | 102359 | 117723 |
| Net transfers (including fixed account) | (536102) | 113801 |  | (142963) | (142963) |  | 40733 | 31574 |  |  |  | 29003 |  | (180597) | (180597) |  | 168821 |  |
| Policy charges | (532188) | (584030) |  | (580988) | (580988) | (202558) | (202558) | (230591) | (230591) | (243762) | (243762) |  | (368697) | (368697) | (368697) | (358546) | (358546) | (320302) |
| Transfers for Policy benefits and terminations | (433372) | (668804) |  | (592127) | (592127) | (391429) | (391429) | (414965) | (414965) | (255701) | (255701) |  | (171324) | (171324) | (171324) | (247634) | (247634) | (277418) |
| Net increase (decrease) in net assets resulting <br>from Policy transactions | (1214528) | (802006) |  | (974305) | (974305) | (371340) | (371340) | (411116) | (411116) | (296654) | (296654) |  | (427275) | (427275) | (427275) | (684418) | (684418) | (311176) |
| Net increase (decrease) in net assets | 284605 | 540707 |  | (135300) | (135300) | (643961) | (643961) |  | 65365 | 440564 |  |  | 738609 | 738609 |  | 1212817 | 1212817 | 1839185 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 12487642 | 11946935 |  | 12082235 | 12082235 | 5555843 | 5555843 | 5490478 | 5490478 | 5049914 | 5049914 |  | 7784220 | 7784220 | 7784220 | 6571403 | 6571403 | 4732218 |
| End of year | $12772247 | $12487642 |  | $11946935 | 11946935 | $4911882 | 4911882 | $5555843 | 5555843 | $5490478 | 5490478 |  | $8522829 | 8522829 | 8522829 | $7784220 | 7784220 | $6571403 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF CHANGES IN NET ASSETS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTII T. Rowe Price Small Cap Growth<br>Division** | **BHFTII T. Rowe Price Small Cap Growth<br>Division** | **BHFTII T. Rowe Price Small Cap Growth<br>Division** | **BHFTII T. Rowe Price Small Cap Growth<br>Division** | **BHFTII T. Rowe Price Small Cap Growth<br>Division** | **BHFTII T. Rowe Price Small Cap Growth<br>Division** | **BHFTII VanEck Global Natural Resources<br>Division** | **BHFTII VanEck Global Natural Resources<br>Division** | **BHFTII VanEck Global Natural Resources<br>Division** | **BHFTII VanEck Global Natural Resources<br>Division** | **BHFTII VanEck Global Natural Resources<br>Division** | **BHFTII VanEck Global Natural Resources<br>Division** | **BHFTII VanEck Global Natural Resources<br>Division** | **BHFTII VanEck Global Natural Resources<br>Division** | **BHFTII Western Asset Management Strategic Bond Opportunities<br>Division** | **BHFTII Western Asset Management Strategic Bond Opportunities<br>Division** | **BHFTII Western Asset Management Strategic Bond Opportunities<br>Division** | **BHFTII Western Asset Management Strategic Bond Opportunities<br>Division** | **BHFTII Western Asset Management Strategic Bond Opportunities<br>Division** | **BHFTII Western Asset Management Strategic Bond Opportunities<br>Division** | **BHFTII Western Asset Management Strategic Bond Opportunities<br>Division** | **BHFTII Western Asset Management Strategic Bond Opportunities<br>Division** | **BHFTII Western Asset Management Strategic Bond Opportunities<br>Division** |
| | **2025** | | | **2023** | | | **2025** | | | **2024** | | **2023** | | **2025** | | | | | **2023** |  |  |  |  |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net investment income (loss) | $(36961) | (36961) | $(61261) |  | $(51836) | (51836) |  | $— | 16200 |  |  | 98921 | $— |  | $— | 259818 | 259818 |  | $245095 | 245095 |  | $210921 | 210921 |
| Net realized gains (losses) | 2250174 | 2250174 | 722966 |  |  | 53689 |  | (78962) | (78962) |  | (740586) | (740586) |  | 182266 |  |  | (103871) | (103871) |  |  | (67964) |  | (109582) |
| Change in unrealized gains (losses) on investments | (1120455) | (1120455) | 743340 |  | 1927678 | 1927678 |  | 314593 | 314593 | 314593 | (314384) | (314384) |  | 74602 | 74602 |  | 135674 | 135674 | 135674 |  | (22130) | (22130) | 198507 |
| Net increase (decrease) in net assets resulting <br>from operations | 1092758 | 1092758 | 1405045 |  | 1929531 | 1929531 |  | 251831 | 251831 | 251831 | (956049) | (956049) |  | 348587 | 348587 |  | 291621 | 291621 | 291621 |  | 155001 | 155001 | 299846 |
| **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** |
| Premium payments received from Policy owners |  | 94430 | 103417 |  | 119370 | 119370 |  |  |  |  | 26099 |  | 26398 |  | 101184 | 101184 |  |  | 169274 | 169274 |  | 166320 |  |
| Net transfers (including fixed account) | (98696) | (98696) | (305290) |  |  | 36423 |  | (1298033) | (1298033) |  | (1798926) | (1798926) |  | 3829003 |  |  |  | 29887 |  | 158867 | 158867 |  | 36748 |
| Policy charges | (262454) | (262454) | (289978) |  | (287348) | (287348) |  |  | (28270) | (28270) |  | (240166) |  | (81607) | (81607) |  |  | (140156) | (140156) |  | (181078) | (181078) | (195607) |
| Transfers for Policy benefits and terminations | (399256) | (399256) | (266535) |  | (319747) | (319747) |  | (258590) | (258590) | (258590) |  |  |  |  |  |  | (477120) | (477120) | (477120) |  | (249775) | (249775) | (247122) |
| Net increase (decrease) in net assets resulting <br>from Policy transactions | (665976) | (665976) | (758386) |  | (451302) | (451302) |  | (1567937) | (1567937) | (1567937) | (2012993) | (2012993) |  | 3773794 | 3773794 |  | (486205) | (486205) | (486205) |  | (102712) | (102712) | (239661) |
| Net increase (decrease) in net assets | 426782 | 426782 | 646659 |  | 1478229 | 1478229 |  | (1316106) | (1316106) | (1316106) | (2969042) | (2969042) |  | 4122381 | 4122381 |  |  | (194584) | (194584) |  |  |  | 60185 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 11641489 | 11641489 | 10994830 |  | 9516601 | 9516601 |  | 2084908 | 2084908 | 2084908 | 5053950 | 5053950 |  | 931569 | 931569 |  | 3611430 | 3611430 | 3611430 |  | 3559141 | 3559141 | 3498956 |
| End of year | $12068271 | 12068271 | $11641489 |  | $10994830 | 10994830 |  | $— | 768802 | 768802 | $— | 2084908 |  | $5053950 | 5053950 |  | $— | 3416846 | 3416846 |  | $3611430 | 3611430 | $3559141 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF CHANGES IN NET ASSETS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTII Western Asset Management U.S. Government<br>Division** | **BHFTII Western Asset Management U.S. Government<br>Division** | **BHFTII Western Asset Management U.S. Government<br>Division** | **BHFTII Western Asset Management U.S. Government<br>Division** | **BHFTII Western Asset Management U.S. Government<br>Division** | **Fidelity**<sup>®</sup> **VIP Equity-Income<br>Division** | **Fidelity**<sup>®</sup> **VIP Equity-Income<br>Division** | **Fidelity**<sup>®</sup> **VIP Equity-Income<br>Division** | **Fidelity**<sup>®</sup> **VIP Equity-Income<br>Division** | **Fidelity**<sup>®</sup> **VIP Equity-Income<br>Division** | **Fidelity**<sup>®</sup> **VIP Equity-Income<br>Division** | **Fidelity**<sup>®</sup> **VIP Equity-Income<br>Division** | **Fidelity**<sup>®</sup> **VIP Mid Cap<br>Division** | **Fidelity**<sup>®</sup> **VIP Mid Cap<br>Division** | **Fidelity**<sup>®</sup> **VIP Mid Cap<br>Division** | **Fidelity**<sup>®</sup> **VIP Mid Cap<br>Division** | **Fidelity**<sup>®</sup> **VIP Mid Cap<br>Division** | **Fidelity**<sup>®</sup> **VIP Mid Cap<br>Division** | **Fidelity**<sup>®</sup> **VIP Mid Cap<br>Division** |  |
| | **2025** | | | **2023** | | **2025** | | **2024** | | **2023** | | | | **2024** | **2023** |  |  |  |  |  |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net investment income (loss) | $— | 6046 | 5483 | $— |  | $186685 | 186685 | $— | 177003 |  | $190055 |  | $— | (893) | $1775 | $— | 3685 |  |  |  |
| Net realized gains (losses) |  | (4014) | (3743) |  |  | 1195522 | 1195522 |  | 1214722 |  | 485398 |  | 370177 | 370177 | 507088 |  |  | 100003 | 100003 |  |
| Change in unrealized gains (losses) on investments | 9326 | 9326 | 2060 |  | 6580 |  | 1200686 | 1200686 | 687293 | 687293 | 687293 | 664623 | 664623 |  | (58871) | 17193 | 17193 | 17193 |  | 314550 |
| Net increase (decrease) in net assets resulting <br>from operations | 11358 | 11358 | 3800 |  | 8695 |  | 2582893 | 2582893 | 2079018 | 2079018 | 2079018 | 1340076 | 1340076 |  | 310413 | 526056 | 526056 | 526056 |  | 418238 |
| **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** |
| Premium payments received from Policy owners |  | 9440 | 11315 |  |  | 357358 | 357358 |  | 421548 |  | 453701 |  |  | 94459 | 95103 |  | 99798 |  |  |  |
| Net transfers (including fixed account) |  | 2364 | (25350) |  | 45785 |  | 3024 |  |  |  | (26999) |  | 23797 |  | (94446) |  | (7655) |  |  |  |
| Policy charges |  | (6005) | (6515) |  |  | (570166) | (570166) |  | (627806) |  | (730593) |  | (184090) | (184090) | (197548) |  |  | (213197) | (213197) |  |
| Transfers for Policy benefits and terminations | (54563) | (54563) | (4443) |  | (2657) |  | (1337022) | (1337022) | (1580065) | (1580065) | (1580065) | (529726) | (529726) |  | (295424) | (258552) | (258552) | (258552) |  | (124061) |
| Net increase (decrease) in net assets resulting <br>from Policy transactions | (48764) | (48764) | (24993) |  | 45832 |  | (1546806) | (1546806) | (1781614) | (1781614) | (1781614) | (833617) | (833617) |  | (361258) | (455443) | (455443) | (455443) |  | (245115) |
| Net increase (decrease) in net assets | (37406) | (37406) | (21193) |  |  |  | 1036087 |  | 297404 | 297404 |  | 506459 |  |  |  | 70613 |  |  | 173123 | 173123 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 207451 | 207451 | 228644 |  | 174117 |  | 14834928 | 14834928 | 14537524 | 14537524 | 14537524 | 14031065 | 14031065 |  | 3248479 | 3177866 | 3177866 | 3177866 |  | 3004743 |
| End of year | $170045 | 170045 | $207451 |  | $228644 |  | $— | 15871015 | $— | 14834928 | 14834928 | $14537524 | 14537524 |  | 3197634 | $3248479 | 3248479 | 3248479 |  | $3177866 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF CHANGES IN NET ASSETS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **LVIP JPMorgan Core Bond<br>Division** | **LVIP JPMorgan Core Bond<br>Division** | **LVIP JPMorgan Core Bond<br>Division** | **LVIP JPMorgan Core Bond<br>Division** | **LVIP JPMorgan Core Bond<br>Division** | **LVIP JPMorgan Core Bond<br>Division** |  | **LVIP JPMorgan Small Cap Core<br>Division** | **LVIP JPMorgan Small Cap Core<br>Division** | **LVIP JPMorgan Small Cap Core<br>Division** | **LVIP JPMorgan Small Cap Core<br>Division** | **LVIP JPMorgan Small Cap Core<br>Division** | **LVIP JPMorgan Small Cap Core<br>Division** | **LVIP JPMorgan Small Cap Core<br>Division** |  | **Russell International Developed Markets<br>Division** | **Russell International Developed Markets<br>Division** | **Russell International Developed Markets<br>Division** | **Russell International Developed Markets<br>Division** | **Russell International Developed Markets<br>Division** | **Russell International Developed Markets<br>Division** |  |
| | **2025** | | | | **2023** | | **2025** | | **2024** | | | **2023** | | | | **2024** | | **2023** |  |  |  |  |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net investment income (loss) | $— | 28178 | 30274 |  | $— |  | $— | 4667 | $— | 9081 |  | $— | 20028 | 14419 |  | $— |  | $— | 8208 |  |  |  |
| Net realized gains (losses) |  | (5463) | (3827) |  |  |  | 211065 | 211065 |  |  | 54708 |  | (72514) |  | 110424 | 110424 |  | 32213 |  | 15879 |  |  |
| Change in unrealized gains (losses) on investments | 31416 | 31416 | (16393) | (16393) |  | 21166 | 21166 |  | 9198 | 9198 |  | 192091 | 192091 | 244304 | 244304 |  | 155541 | 155541 |  | (31074) |  | 134546 |
| Net increase (decrease) in net assets resulting <br>from operations | 54131 | 54131 | 10054 | 10054 |  | 35004 | 35004 |  | 224930 | 224930 |  | 255880 | 255880 | 191818 | 191818 |  | 280384 | 280384 |  | 27426 |  | 158633 |
| **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** |
| Premium payments received from Policy owners |  | 18444 | 22398 |  |  |  |  | 72292 |  | 60724 |  |  | 61215 | 11074 |  |  |  |  | 20539 |  |  |  |
| Net transfers (including fixed account) | 133001 | 133001 |  | 62311 |  | 94571 |  |  |  | (27130) | (27130) |  |  |  | (26208) | (26208) |  | 6613 |  | (111) |  |  |
| Policy charges | (28876) | (28876) | (32674) | (32674) |  | (37264) | (37264) |  | (69285) | (69285) |  | (76341) | (76341) | (82821) | (82821) |  | (21573) | (21573) |  | (23647) |  | (26455) |
| Transfers for Policy benefits and terminations | (41790) | (41790) | (8856) | (8856) |  | (12528) | (12528) |  | (190949) | (190949) |  | (56431) | (56431) | (38010) | (38010) |  | (153805) | (153805) |  | (52345) |  | (76183) |
| Net increase (decrease) in net assets resulting <br>from Policy transactions | 80779 | 80779 | 43179 | 43179 |  | 67033 | 67033 |  | (185485) | (185485) |  | (99178) | (99178) | 3058 | 3058 |  | (190512) | (190512) |  | (52277) |  | (82210) |
| Net increase (decrease) in net assets | 134910 | 134910 |  | 53233 |  | 102037 |  |  |  |  | 156702 | 156702 |  | 194876 |  |  |  | (24851) | (24851) |  | 76423 |  |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 757713 | 757713 | 704480 | 704480 |  | 602443 | 602443 |  | 2440724 | 2440724 |  | 2284022 | 2284022 | 2089146 | 2089146 |  | 1080274 | 1080274 |  | 1105125 |  | 1028702 |
| End of year | $892623 | 892623 | $757713 | 757713 |  | $704480 | 704480 |  | 2480169 | 2480169 |  | $2440724 | 2440724 | $2284022 | 2284022 |  | $1170146 | 1170146 |  | 1080274 |  | $1105125 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF CHANGES IN NET ASSETS — (Continued)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Russell Strategic Bond<br>Division** | **Russell Strategic Bond<br>Division** | **Russell Strategic Bond<br>Division** | **Russell Strategic Bond<br>Division** | **Russell Strategic Bond<br>Division** |  | **Russell U.S. Small Cap Equity<br>Division** | **Russell U.S. Small Cap Equity<br>Division** | **Russell U.S. Small Cap Equity<br>Division** | **Russell U.S. Small Cap Equity<br>Division** | **Russell U.S. Small Cap Equity<br>Division** | **Russell U.S. Small Cap Equity<br>Division** | **Russell U.S. Strategic Equity<br>Division** | **Russell U.S. Strategic Equity<br>Division** | **Russell U.S. Strategic Equity<br>Division** | **Russell U.S. Strategic Equity<br>Division** | **Russell U.S. Strategic Equity<br>Division** | **Russell U.S. Strategic Equity<br>Division** |  |
| | **2025** | | | **2023** | | **2025** | | **2024** | | **2023** | | | **2024** | | **2023** |  |  |  |  |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net investment income (loss) | $— | 8897 | 9777 | $— |  | $— | 2471 | $— | 19907 | $— | 2768 | 4249 | $— |  | $— | 8607 |  |  |  |
| Net realized gains (losses) |  | (6485) | (12228) |  | (36120) |  |  |  |  | 163774 |  |  | 666285 |  | 456444 | 456444 |  | 130540 |  |
| Change in unrealized gains (losses) on investments | 12096 | 12096 | 2956 |  | 40284 | 40284 |  | 56044 | 56044 | (30437) | (30437) | 212142 |  | (88153) | (88153) |  | 312034 | 312034 | 742747 |
| Net increase (decrease) in net assets resulting <br>from operations | 14508 | 14508 | 505 |  | 13624 | 13624 |  | 131223 | 131223 | 153244 | 153244 | 224763 |  | 582381 | 582381 |  | 783657 | 783657 | 881894 |
| **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** |
| Premium payments received from Policy owners |  | 62162 | 64180 |  |  |  | 16329 |  | 22047 |  | 23250 | 79704 |  |  |  | 86043 |  |  |  |
| Net transfers (including fixed account) |  | 1729 | 5594 |  |  |  | 8510 |  | 3853 |  | 10742 | (521503) |  | (20647) |  |  | (15079) |  |  |
| Policy charges | (73713) | (73713) | (87936) |  | (85305) | (85305) |  | (38053) | (38053) | (47159) | (47159) | (44684) |  | (164103) | (164103) |  | (164494) | (164494) | (152762) |
| Transfers for Policy benefits and terminations | (685) | (685) | (20094) |  | (176221) | (176221) |  | (361886) | (361886) | (171930) | (171930) | (14722) |  | (378303) | (378303) |  | (303731) | (303731) | (184672) |
| Net increase (decrease) in net assets resulting <br>from Policy transactions | (10507) | (10507) | (38256) |  | (187991) | (187991) |  | (375100) | (375100) | (193189) | (193189) | (25414) |  | (984205) | (984205) |  | (413038) | (413038) | (266470) |
| Net increase (decrease) in net assets |  | 4001 | (37751) |  | (174367) |  |  | (243877) |  | (39945) | (39945) | 199349 |  | (401824) |  |  | 370619 |  | 615424 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 226581 | 226581 | 264332 |  | 438699 | 438699 |  | 1904696 | 1904696 | 1944641 | 1944641 | 1745292 |  | 4497975 | 4497975 |  | 4127356 | 4127356 | 3511932 |
| End of year | $230582 | 230582 | $226581 |  | $264332 | 264332 |  | 1660819 | 1660819 | $1904696 | 1904696 | $1944641 |  | $4096151 | 4096151 |  | $4497975 | 4497975 | $4127356 |

---

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

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>STATEMENTS OF CHANGES IN NET ASSETS — (Concluded)**

**For the years ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **VanEck VIP Emerging Markets<br>Division** | **VanEck VIP Emerging Markets<br>Division** | **VanEck VIP Emerging Markets<br>Division** | **VanEck VIP Emerging Markets<br>Division** | **VanEck VIP Emerging Markets<br>Division** | **VanEck VIP Emerging Markets<br>Division** | **VanEck VIP Emerging Markets<br>Division** |
| | | **2025** | | **2024** | | **2023** |  |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net investment income (loss) | $— |  | 4515 |  | 19969 | $— |  |
| Net realized gains (losses) |  |  | 558 | 518671 | 518671 |  | (579637) |
| Change in unrealized gains (losses) on investments | 453368 | 453368 | 453368 | (371009) | (371009) |  | 824722 |
| Net increase (decrease) in net assets resulting <br>from operations | 458441 | 458441 | 458441 | 167631 | 167631 |  | 292733 |
| **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** | **Policy Transactions:** |
| Premium payments received from Policy owners |  |  | 46964 |  | 58862 |  |  |
| Net transfers (including fixed account) | (1295302) | (1295302) | (1295302) | (7182804) | (7182804) |  | 4607563 |
| Policy charges |  | (67987) | (67987) |  | (139622) |  | (168156) |
| Transfers for Policy benefits and terminations | (178858) | (178858) | (178858) | (20800) | (20800) |  | (238579) |
| Net increase (decrease) in net assets resulting <br>from Policy transactions | (1495183) | (1495183) | (1495183) | (7284364) | (7284364) |  | 4265100 |
| Net increase (decrease) in net assets | (1036742) | (1036742) | (1036742) | (7116733) | (7116733) |  | 4557833 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 2869731 | 2869731 | 2869731 | 9986464 | 9986464 |  | 5428631 |
| End of year | $— | 1832989 | 1832989 | $— | 2869731 |  | $9986464 |

---

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

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1.** **ORGANIZATION**

General American Separate Account Eleven (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 January 30, 1985 to support operations of GALIC with respect to certain variable life insurance policies (the "Policies"). 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 fund or portfolio (with the same name) of registered investment management companies (the "Trusts"), which are presented below:

American Funds Insurance Series<sup>®</sup> ("American Funds")

Brighthouse Funds Trust I ("BHFTI")

Brighthouse Funds Trust II ("BHFTII")

Fidelity<sup>®</sup> Variable Insurance Products ("Fidelity VIP")

Lincoln Variable Insurance Products Trust ("LVIP")

Russell Investment Funds ("Russell")

VanEck VIP Trust ("VanEck 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 Policies 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:

American Funds<sup>®</sup> Global Small Capitalization Division

American Funds<sup>®</sup> Growth Division

American Funds<sup>®</sup> Growth-Income Division

BHFTI Brighthouse Asset Allocation 100 Division

BHFTI CBRE Global Real Estate Division

BHFTI Harris Oakmark International Division

BHFTI Invesco Small Cap Growth Division

BHFTI Loomis Sayles Growth Division

BHFTI MFS<sup>®</sup> Research International Division

BHFTI Morgan Stanley Discovery Division

BHFTI PIMCO Total Return Division

BHFTI T. Rowe Price Large Cap Value Division

BHFTI T. Rowe Price Mid Cap Growth Division

BHFTI Victory Sycamore Mid Cap Value Division

BHFTII Baillie Gifford International Stock Division

BHFTII BlackRock Bond Income Division

BHFTII BlackRock Capital Appreciation Division

BHFTII BlackRock Ultra-Short Term Bond Division

BHFTII Brighthouse Asset Allocation 20 Division

BHFTII Brighthouse Asset Allocation 40 Division

BHFTII Brighthouse Asset Allocation 60 Division

BHFTII Brighthouse Asset Allocation 80 Division

BHFTII Brighthouse/Artisan Mid Cap Value Division

BHFTII Brighthouse/Wellington Balanced Division (a)

BHFTII Brighthouse/Wellington Core Equity Opportunities Division

BHFTII Frontier Mid Cap Growth Division

BHFTII Jennison Growth Division

BHFTII MetLife Aggregate Bond Index Division

BHFTII MetLife Mid Cap Stock Index Division

BHFTII MetLife MSCI EAFE<sup>®</sup> Index Division

BHFTII MetLife Russell 2000<sup>®</sup> Index Division

BHFTII MetLife Stock Index Division

BHFTII MFS<sup>®</sup> Total Return Division

BHFTII MFS<sup>®</sup> Value Division

BHFTII Neuberger Berman Genesis Division

BHFTII T. Rowe Price Large Cap Growth Division

BHFTII T. Rowe Price Small Cap Growth Division

BHFTII Van Eck Global Natural Resources Division

BHFTII Western Asset Management Strategic Bond Opportunities Division

BHFTII Western Asset Management U.S. Government Division

Fidelity<sup>®</sup> VIP Equity-Income Division

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2.** **LIST OF DIVISIONS — (Concluded)**

Fidelity<sup>®</sup> VIP Mid Cap Division

LVIP JPMorgan Core Bond Division

LVIP JPMorgan Small Cap Core Division

Russell International Developed Markets Division

Russell Strategic Bond Division

Russell U.S. Small Cap Equity Division

Russell U.S. Strategic Equity Division

VanEck VIP Emerging Markets Division

(a) This Division invests in two or more share classes within the underlying fund or portfolio of the Trust.

**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 life 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.

**Security Valuation**

A Division's investment in shares of a fund or 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 fund or 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 Policies. 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 Policies.

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3.** **SIGNIFICANT ACCOUNTING POLICIES — (Concluded)**

**Premium Payments**

Premium 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 Policy owner. The Company deducts a sales charge for certain Policies and a state premium tax charge from premiums before amounts are allocated to the Separate Account. In the case of certain Policies, the Company also deducts a federal income tax charge before amounts are allocated to the Separate Account. This federal income tax charge is imposed in connection with certain Policies to recover a portion of the federal income tax adjustment attributable to Policy acquisition expenses. Net premiums are reported as premium payments received from Policy owners on the statements of changes in net assets of the applicable Divisions and are credited as units.

**Net Transfers**

Assets transferred by the Policy 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.

**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 life Policies issued by the Company to support the liabilities of the applicable Policies. 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 & POLICY 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:

<u>Mortality and Expense Risk</u> — 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 Policies will exceed the amounts realized from the administrative charges assessed against the Policies.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Mortality and Expense Risk | 0.00% - 0.90% |

---

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 Policy.

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4.** **EXPENSES & POLICY CHARGES — (Concluded)**

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 Account charges referred to in this disclosure are for current charges of the Policies and can vary among products within the Separate Account. For some Policies, a Mortality and Expense Risk charge ranging from 0.15% to 0.75% is assessed on a monthly basis through the redemption of units. Other Policy charges that are assessed through the redemption of units generally include: cost of insurance ("COI") charges, administrative charges, a Policy fee, and charges for benefits provided by rider, if any. The COI charge is the primary charge under the Policy for the death benefit provided by the Company. Policy administrative charges range from $.03 to $.38 for every $1,000 of the Policy face amount and are assessed per month for the first 10 Policy years.

Policy fees range from $4 to $25 and are assessed monthly depending on the Policy and the Policy year. In addition, a surrender charge is imposed if the Policy is partially or fully surrendered within the specified surrender charge period that ranges from 0% to 45% of the Policy's target premium. Most Policies offer optional benefits that can be added to the Policy by rider. The charge for riders that provide life insurance benefits can range from $.04 to $83.33 per $1,000 of coverage and the charge for riders providing benefits in the event of disability can range from $2.40 to $61.44 per $100 of the benefit provided. These charges are paid to the Company and are recorded as Policy charges in the accompanying statements of changes in net assets of the applicable Divisions for the years ended December 31, 2025, 2024 and 2023.

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5.** **STATEMENTS OF INVESTMENTS**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of <br>December 31** | **As of <br>December 31** |  | **For the years ended December 31** | **For the years ended December 31** | **For the years ended December 31** | **For the years ended December 31** | **For the years ended December 31** | **For the years ended December 31** | **For the years ended December 31** | **For the years ended December 31** | **For the years ended December 31** | **For the years ended December 31** |
|  | **Shares** | **Cost ($)** | **Cost of<br>Purchases ($)** | **Cost of<br>Purchases ($)** | **Cost of<br>Purchases ($)** | **Cost of<br>Purchases ($)** | **Cost of<br>Purchases ($)** |  | **Proceeds<br>from Sales ($)** | **Proceeds<br>from Sales ($)** | **Proceeds<br>from Sales ($)** | **Proceeds<br>from Sales ($)** |  |
| | | | | **2025** | | **2023** | | **2025** | | |  |  |  |
| American Funds<sup>®</sup> Global Small <br>Capitalization Division | 163941 | 3291729 | 3291729 |  | 203434 | 245252 |  | 202384 | 202384 | 509307 | 198019 |  | 352118 |
| American Funds<sup>®</sup> Growth <br>Division | 208585 | 17270929 | 17270929 |  | 3186326 | 1174197 | 1760103 | 1760103 | 1760103 | 3767561 | 3155632 | 2416879 | 2416879 |
| American Funds<sup>®</sup> Growth-Income <br>Division | 272661 | 13838465 | 13838465 |  | 4260584 | 1848986 | 1215206 | 1215206 | 1215206 | 1837595 | 1817699 | 1838998 | 1838998 |
| BHFTI Brighthouse Asset <br>Allocation 100 Division | 1810 | 19802 | 19802 |  | 1887 | 5672 |  | 6726 | 6726 | 1006 |  |  | 839 |
| BHFTI CBRE Global Real <br>Estate Division | 100564 | 1139744 | 1139744 |  | 226211 | 79790 |  | 122758 | 122758 | 173016 | 145690 |  | 172079 |
| BHFTI Harris Oakmark <br>International Division | 315084 | 4174327 | 4174327 |  | 421586 | 403921 |  | 262884 | 262884 | 830865 | 415638 |  | 691259 |
| BHFTI Invesco Small Cap <br>Growth Division | 95008 | 997649 | 997649 |  | 34643 | 35633 |  | 26292 | 26292 | 89789 | 125840 |  | 410527 |
| BHFTI Loomis Sayles Growth <br>Division | 55969 | 780969 | 780969 |  | 182385 | 108280 |  | 68594 | 68594 | 102251 | 108891 |  | 113842 |
| BHFTI MFS<sup>®</sup> Research <br>International Division | 702769 | 8361792 | 8361792 |  | 1464420 | 1520196 | 1614452 | 1614452 | 1614452 | 1629102 | 2140994 | 1311587 | 1311587 |
| BHFTI Morgan Stanley <br>Discovery Division | 388539 | 4256864 | 4256864 |  | 79593 | 55309 |  | 60832 | 60832 | 251151 | 416007 |  | 175133 |
| BHFTI PIMCO Total Return <br>Division | 711121 | 7804136 | 7804136 |  | 1213870 | 583839 | 1745107 | 1745107 | 1745107 | 771151 | 734570 |  | 856044 |
| BHFTI T. Rowe Price Large Cap <br>Value Division | 91239 | 2596429 | 2596429 |  | 546338 | 273778 |  | 545939 | 545939 | 325504 | 215582 |  | 384255 |
| BHFTI T. Rowe Price Mid Cap <br>Growth Division | 466097 | 4549355 | 4549355 |  | 727891 | 504917 |  | 360116 | 360116 | 147534 | 399954 |  | 366991 |
| BHFTI Victory Sycamore <br>Mid Cap Value Division | 202752 | 3861575 | 3861575 |  | 596352 | 409292 |  | 528256 | 528256 | 370738 | 433748 |  | 342433 |
| BHFTII Baillie Gifford <br>International Stock Division | 220343 | 2488007 | 2488007 |  | 205260 | 344553 |  | 180090 | 180090 | 221698 | 319912 |  | 229626 |
| BHFTII BlackRock Bond <br>Income Division | 28838 | 2961753 | 2961753 |  | 250013 | 170972 |  | 263383 | 263383 | 221372 | 202220 |  | 426207 |
| BHFTII BlackRock Capital <br>Appreciation Division | 98178 | 3847021 | 3847021 |  | 1195549 | 482746 |  | 136981 | 136981 | 1040628 | 999327 |  | 591640 |
| BHFTII BlackRock Ultra-Short <br>Term Bond Division | 29507 | 3045626 | 3045626 |  | 2047268 | 59928312 | 131728102 | 131728102 | 131728102 | 4436238 | 57911043 | 132280706 | 132280706 |
| BHFTII Brighthouse Asset <br>Allocation 20 Division | 10510 | 111796 | 111796 |  | 4747 | 5764 |  | 6267 | 6267 | 4314 | 14469 |  | 4579 |
| BHFTII Brighthouse Asset<br>Allocation 40 Division | 1 | 12 |  | 365 | 359 |  | 296 |  | 433 | 393 | 398 |  |  |
| BHFTII Brighthouse Asset <br>Allocation 60 Division | 52580 | 579228 | 579228 |  | 57133 | 55871 |  | 83099 | 83099 | 12263 | 91659 |  | 9357 |
| BHFTII Brighthouse Asset <br>Allocation 80 Division | 141098 | 1642332 | 1642332 |  | 112426 | 88483 |  | 208890 | 208890 | 23747 | 25728 |  | 21644 |
| BHFTII Brighthouse/Artisan <br>Mid Cap Value Division | 19036 | 3868560 | 3868560 |  | 757430 | 399742 |  | 508458 | 508458 | 258753 | 364139 |  | 360793 |
| BHFTII Brighthouse/Wellington <br>Balanced Division | 748651 | 13445963 | 13445963 |  | 4014921 | 1242115 |  | 535834 | 535834 | 2943162 | 616784 |  | 957834 |
| BHFTII Brighthouse/Wellington<br>Core Equity Opportunities <br>Division | 257405 | 7546204 | 7546204 |  | 1110409 | 731795 | 8830536 | 8830536 | 8830536 | 389184 | 1110651 | 8153502 | 8153502 |
| BHFTII Frontier Mid Cap <br>Growth Division | 109246 | 3059664 | 3059664 |  | 280741 | 98752 |  | 79881 | 79881 | 579798 | 524872 |  | 236342 |
| BHFTII Jennison Growth <br>Division | 3182193 | 46532080 | 46532080 |  | 10053330 | 5398468 |  | 970774 | 970774 | 4342213 | 6504468 | 3474673 | 3474673 |

---

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5.** **STATEMENTS OF INVESTMENTS — (Concluded)**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of <br>December 31** | **As of <br>December 31** |  | **For the years ended December 31** | **For the years ended December 31** | **For the years ended December 31** | **For the years ended December 31** | **For the years ended December 31** | **For the years ended December 31** | **For the years ended December 31** | **For the years ended December 31** | **For the years ended December 31** | **For the years ended December 31** | **For the years ended December 31** |
|  | **Shares** | **Cost ($)** | **Cost of<br>Purchases ($)** | **Cost of<br>Purchases ($)** | **Cost of<br>Purchases ($)** | **Cost of<br>Purchases ($)** | **Cost of<br>Purchases ($)** |  | **Proceeds<br>from Sales ($)** | **Proceeds<br>from Sales ($)** | **Proceeds<br>from Sales ($)** | **Proceeds<br>from Sales ($)** | **Proceeds<br>from Sales ($)** |  |
| | **2025** | | | **2025** | **2024** | **2023** | | **2025** | | **2024** | **2023** |  |  |  |
| BHFTII MetLife Aggregate <br>Bond Index Division | 843331 | 8846412 | 8846412 |  | 586298 | 832516 | 1017186 | 1017186 | 1017186 |  | 864315 | 644758 | 1315188 | 1315188 |
| BHFTII MetLife Mid Cap Stock <br>Index Division | 179140 | 3041245 | 3041245 |  | 1326739 | 664617 |  | 552104 | 552104 | 1529517 | 1529517 | 354878 |  | 742699 |
| BHFTII MetLife MSCI EAFE<sup>®</sup><br>Index Division | 280154 | 3723050 | 3723050 |  | 672665 | 469382 |  | 322262 | 322262 |  | 712101 | 515550 |  | 543785 |
| BHFTII MetLife Russell 2000<sup>®</sup> <br>Index Division | 191024 | 2995467 | 2995467 |  | 630907 | 1629838 | 24722823 | 24722823 | 24722823 |  | 599386 | 2037255 | 25765358 | 25765358 |
| BHFTII MetLife Stock Index <br>Division | 1291362 | 80491365 | 80491365 |  | 10624739 | 78944796 | 89074764 | 89074764 | 89074764 | 8286036 | 8286036 | 80360481 | 105424342 | 105424342 |
| BHFTII MFS<sup>®</sup> Total Return <br>Division | 11301 | 1688943 | 1688943 |  | 188411 | 167672 |  | 170883 | 170883 |  | 63577 | 455336 |  | 168018 |
| BHFTII MFS<sup>®</sup> Value Division | 937071 | 13369410 | 13369410 |  | 2869845 | 2629829 | 2318761 | 2318761 | 2318761 | 2502891 | 2502891 | 2123331 | 1737236 | 1737236 |
| BHFTII Neuberger Berman <br>Genesis Division | 325079 | 5602295 | 5602295 |  | 985055 | 731727 |  | 614188 | 614188 |  | 704143 | 624568 |  | 465691 |
| BHFTII T. Rowe Price Large Cap <br>Growth Division | 334886 | 7110798 | 7110798 |  | 1325311 | 531825 |  | 396499 | 396499 |  | 692940 | 836097 |  | 734508 |
| BHFTII T. Rowe Price Small Cap <br>Growth Division | 647789 | 12637156 | 12637156 |  | 3390560 | 1591744 | 1158589 | 1158589 | 1158589 | 1769846 | 1769846 | 1822131 | 1423139 | 1423139 |
| BHFTII VanEck Global Natural <br>Resources Division | 54376 | 649045 | 649045 |  | 101781 | 34391495 | 11203052 | 11203052 | 11203052 | 1643002 | 1643002 | 36159085 | 7337528 | 7337528 |
| BHFTII Western Asset <br>Management Strategic Bond <br>Opportunities Division | 319040 | 3825674 | 3825674 |  | 527110 | 607961 |  | 586719 | 586719 |  | 753503 | 465622 |  | 615430 |
| BHFTII Western Asset <br>Management U.S. Government <br>Division | 15837 | 178632 | 178632 |  | 15914 | 19896 |  | 58243 | 58243 |  | 58619 | 39411 |  | 8912 |
| Fidelity<sup>®</sup> VIP Equity-Income <br>Division | 539281 | 12645354 | 12645354 |  | 1309831 | 1312068 | 1001436 | 1001436 | 1001436 | 1831417 | 1831417 | 2062981 | 1242466 | 1242466 |
| Fidelity<sup>®</sup> VIP Mid Cap <br>Division | 85248 | 2919961 | 2919961 |  | 461439 | 477691 |  | 144552 | 144552 |  | 473026 | 522011 |  | 303418 |
| LVIP JPMorgan Core Bond <br>Division | 89666 | 943262 | 943262 |  | 209728 | 117103 |  | 157605 | 157605 |  | 100741 | 43675 |  | 68749 |
| LVIP JPMorgan Small Cap <br>Core Division | 113016 | 2285665 | 2285665 |  | 293597 | 174079 | 1752619 | 1752619 | 1752619 |  | 280706 | 227409 | 1710984 | 1710984 |
| Russell International Developed <br>Markets Division | 83767 | 922234 | 922234 |  | 99756 | 71756 |  | 37335 | 37335 |  | 206543 | 78290 |  | 104557 |
| Russell Strategic Bond <br>Division | 26508 | 251790 | 251790 |  | 58068 | 69664 |  | 68039 | 68039 |  | 59738 | 98109 |  | 246597 |
| Russell U.S. Small Cap Equity <br>Division | 114861 | 1568140 | 1568140 |  | 82734 | 191474 |  | 42680 | 42680 |  | 398560 | 219186 |  | 52946 |
| Russell U.S. Strategic Equity <br>Division | 185853 | 3097275 | 3097275 |  | 444898 | 425975 |  | 160294 | 160294 | 1060772 | 1060772 | 489716 |  | 333508 |
| VanEck VIP Emerging Markets <br>Division | 154949 | 1479394 | 1479394 |  | 82061 | 8852199 | 34340347 | 34340347 | 34340347 | 1572728 | 1572728 | 16116591 | 30027592 | 30027592 |

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**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6.** <br> **SCHEDULES OF UNITS<br>For the years ended December 31, 2025, 2024 and 2023:**

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **American Funds**<sup>®</sup> **Global Small Capitalization <br>Division** | **American Funds**<sup>®</sup> **Global Small Capitalization <br>Division** | **American Funds**<sup>®</sup> **Global Small Capitalization <br>Division** | **American Funds**<sup>®</sup> **Global Small Capitalization <br>Division** | **American Funds**<sup>®</sup> **Global Small Capitalization <br>Division** |  | **American Funds**<sup>®</sup> **Growth<br>Division** | **American Funds**<sup>®</sup> **Growth<br>Division** | **American Funds**<sup>®</sup> **Growth<br>Division** | **American Funds**<sup>®</sup> **Growth<br>Division** | **American Funds**<sup>®</sup> **Growth-Income<br>Division** | **American Funds**<sup>®</sup> **Growth-Income<br>Division** | **American Funds**<sup>®</sup> **Growth-Income<br>Division** | **American Funds**<sup>®</sup> **Growth-Income<br>Division** | **American Funds**<sup>®</sup> **Growth-Income<br>Division** |  | **BHFTI Brighthouse Asset Allocation 100<br>Division** | **BHFTI Brighthouse Asset Allocation 100<br>Division** | **BHFTI Brighthouse Asset Allocation 100<br>Division** | **BHFTI Brighthouse Asset Allocation 100<br>Division** |  |
| | **2025** | **2024** | | **2023** | | **2025** | **2024** | **2023** | **2025** | | | **2024** | **2023** | **2025** | | **2024** | | **2023** |  |  |  |
| Units beginning of year | 61486 |  | 63284 |  | 67371 | 67371 | 235147 | 260599 |  | 284413 | 284413 |  | 225166 | 235880 |  | 264523 | 264523 |  | 44 | 34 | 23 |
| Units issued and transferred <br>from other funding options | 42639 |  | 4812 |  | 6908 | 6908 | 51525 | 14236 |  | 19014 | 19014 |  | 27173 | 25542 |  | 18106 | 18106 |  | 2 | 12 | 13 |
| Units redeemed and transferred<br>to other funding options | (50027) | (6610) | (6610) |  | (10995) | (10995) | (73401) | (39688) | (42828) | (42828) | (42828) |  | (32382) | (36256) | (46749) | (46749) | (46749) | (3) | (3) | (2) | (2) |
| Units end of year | 54098 | 61486 | 61486 |  | 63284 | 63284 | 213271 | 235147 | 260599 | 260599 | 260599 |  | 219957 | 225166 | 235880 | 235880 | 235880 | 43 | 43 | 44 | 34 |

---

---

| | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **BHFTI CBRE Global Real Estate <br>Division** | **BHFTI CBRE Global Real Estate <br>Division** | **BHFTI CBRE Global Real Estate <br>Division** | **BHFTI CBRE Global Real Estate <br>Division** | **BHFTI CBRE Global Real Estate <br>Division** |  | **BHFTI Harris Oakmark International<br>Division** | **BHFTI Harris Oakmark International<br>Division** | **BHFTI Harris Oakmark International<br>Division** | **BHFTI Harris Oakmark International<br>Division** | **BHFTI Invesco Small Cap Growth<br>Division** | **BHFTI Invesco Small Cap Growth<br>Division** | **BHFTI Invesco Small Cap Growth<br>Division** | **BHFTI Invesco Small Cap Growth<br>Division** | **BHFTI Invesco Small Cap Growth<br>Division** | **BHFTI Invesco Small Cap Growth<br>Division** | **BHFTI Invesco Small Cap Growth<br>Division** | **BHFTI Invesco Small Cap Growth<br>Division** |  | **BHFTI Loomis Sayles Growth<br>Division** | **BHFTI Loomis Sayles Growth<br>Division** | **BHFTI Loomis Sayles Growth<br>Division** | **BHFTI Loomis Sayles Growth<br>Division** | **BHFTI Loomis Sayles Growth<br>Division** |  |
| | **2025** | **2024** | | **2023** | | **2025** | | **2024** | **2023** | **2025** | | **2024** | | **2023** | **2023** | | **2025** | | **2024** | | **2023** |  |  |  |  |
| Units beginning of year | 3309 |  | 3678 |  | 3952 |  | 107830 | 107830 | 110304 | 123436 |  |  | 15165 |  |  | 16618 |  | 25068 | 25068 | 25068 | 15925 | 15925 | 17168 |  | 19520 |
| Units issued and transferred<br>from other funding options | 4801 |  | 244 |  | 543 |  | 12739 |  | 12097 | 9359 |  |  | 937 |  | 970 |  | 1125 |  | 1127 | 1127 |  | 1326 | 1515 |  |  |
| Units redeemed and transferred<br>to other funding options | (4709) | (613) | (613) | (817) | (817) | (817) | (26977) | (26977) | (14571) | (22491) | (22491) |  | (1719) | (1719) |  | (2423) | (2423) | (9575) | (9575) | (9575) | (1871) | (1871) | (2569) | (3867) | (3867) |
| Units end of year | 3401 | 3309 | 3309 | 3678 | 3678 | 3678 | 93592 | 93592 | 107830 | 110304 | 110304 |  | 14383 | 14383 |  | 15165 | 15165 | 16618 | 16618 | 16618 | 15181 | 15181 | 15925 | 17168 | 17168 |

---

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **BHFTI MFS**<sup>®</sup> **Research International <br>Division** | **BHFTI MFS**<sup>®</sup> **Research International <br>Division** | **BHFTI MFS**<sup>®</sup> **Research International <br>Division** | **BHFTI MFS**<sup>®</sup> **Research International <br>Division** | **BHFTI MFS**<sup>®</sup> **Research International <br>Division** |  | **BHFTI Morgan Stanley Discovery<br>Division** | **BHFTI Morgan Stanley Discovery<br>Division** | **BHFTI Morgan Stanley Discovery<br>Division** | **BHFTI Morgan Stanley Discovery<br>Division** | **BHFTI PIMCO Total Return<br>Division** | **BHFTI PIMCO Total Return<br>Division** | **BHFTI PIMCO Total Return<br>Division** | **BHFTI PIMCO Total Return<br>Division** | **BHFTI PIMCO Total Return<br>Division** |  | **BHFTI T. Rowe Price Large Cap Value<br>Division** | **BHFTI T. Rowe Price Large Cap Value<br>Division** | **BHFTI T. Rowe Price Large Cap Value<br>Division** | **BHFTI T. Rowe Price Large Cap Value<br>Division** |  |
| | **2025** | **2024** | | **2023** | | **2025** | **2024** | **2023** | **2025** | | | **2024** | **2023** | **2025** | | **2024** | | **2023** |  |  |  |
| Units beginning of year | 312989 |  | 349372 |  | 345805 | 345805 | 141752 | 161500 |  | 168923 | 168923 |  | 306821 | 322587 |  | 284803 | 284803 |  | 42612 | 44100 | 47396 |
| Units issued and transferred<br>from other funding options | 398478 |  | 392263 |  | 386187 | 386187 | 26085 | 6752 |  | 9000 | 9000 |  | 293291 | 152330 |  | 151248 | 151248 |  | 8161 | 3337 | 8066 |
| Units redeemed and transferred<br>to other funding options | (424220) | (428646) | (428646) |  | (382620) | (382620) | (32515) | (26500) | (16423) | (16423) | (16423) |  | (290076) | (168096) | (113464) | (113464) | (113464) | (8708) | (8708) | (4825) | (11362) |
| Units end of year | 287247 | 312989 | 312989 |  | 349372 | 349372 | 135322 | 141752 | 161500 | 161500 | 161500 |  | 310036 | 306821 | 322587 | 322587 | 322587 | 42065 | 42065 | 42612 | 44100 |

---

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **BHFTI T. Rowe Price Mid Cap Growth <br>Division** | **BHFTI T. Rowe Price Mid Cap Growth <br>Division** | **BHFTI T. Rowe Price Mid Cap Growth <br>Division** | **BHFTI T. Rowe Price Mid Cap Growth <br>Division** | **BHFTI T. Rowe Price Mid Cap Growth <br>Division** |  | **BHFTI Victory Sycamore Mid Cap Value<br>Division** | **BHFTI Victory Sycamore Mid Cap Value<br>Division** | **BHFTI Victory Sycamore Mid Cap Value<br>Division** | **BHFTI Victory Sycamore Mid Cap Value<br>Division** | **BHFTII Baillie Gifford International Stock<br>Division** | **BHFTII Baillie Gifford International Stock<br>Division** | **BHFTII Baillie Gifford International Stock<br>Division** | **BHFTII Baillie Gifford International Stock<br>Division** | **BHFTII Baillie Gifford International Stock<br>Division** |  | **BHFTII BlackRock Bond Income<br>Division** | **BHFTII BlackRock Bond Income<br>Division** | **BHFTII BlackRock Bond Income<br>Division** | **BHFTII BlackRock Bond Income<br>Division** |  |
| | **2025** | **2024** | | **2023** | | **2025** | **2024** | **2023** | **2025** | | | **2024** | **2023** | **2025** | | **2024** | | **2023** |  |  |  |
| Units beginning of year | 47679 |  | 50734 |  | 53022 | 53022 | 51644 | 55778 |  | 59811 | 59811 |  | 96139 | 101556 |  | 104751 | 104751 |  | 130372 | 136730 | 149038 |
| Units issued and transferred<br>from other funding options | 4820 |  | 3640 |  | 5583 | 5583 | 8981 | 4811 |  | 3849 | 3849 |  | 5982 | 13656 |  | 13125 | 13125 |  | 9055 | 6452 | 14402 |
| Units redeemed and transferred<br>to other funding options | (3782) | (6695) | (6695) |  | (7871) | (7871) | (12029) | (8945) | (7882) | (7882) | (7882) |  | (10973) | (19073) | (16320) | (16320) | (16320) | (13970) | (13970) | (12810) | (26710) |
| Units end of year | 48717 | 47679 | 47679 |  | 50734 | 50734 | 48596 | 51644 | 55778 | 55778 | 55778 |  | 91148 | 96139 | 101556 | 101556 | 101556 | 125457 | 125457 | 130372 | 136730 |

---

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6.** <br> **SCHEDULES OF UNITS — (Continued)<br>For the years ended December 31, 2025, 2024 and 2023:**

---

| | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **BHFTII BlackRock Capital Appreciation <br>Division** | **BHFTII BlackRock Capital Appreciation <br>Division** | **BHFTII BlackRock Capital Appreciation <br>Division** | **BHFTII BlackRock Capital Appreciation <br>Division** | **BHFTII BlackRock Capital Appreciation <br>Division** |  | **BHFTII BlackRock Ultra-Short Term Bond<br>Division** | **BHFTII BlackRock Ultra-Short Term Bond<br>Division** | **BHFTII BlackRock Ultra-Short Term Bond<br>Division** | **BHFTII BlackRock Ultra-Short Term Bond<br>Division** | **BHFTII Brighthouse Asset Allocation 20<br>Division** | **BHFTII Brighthouse Asset Allocation 20<br>Division** | **BHFTII Brighthouse Asset Allocation 20<br>Division** | **BHFTII Brighthouse Asset Allocation 20<br>Division** | **BHFTII Brighthouse Asset Allocation 20<br>Division** | **BHFTII Brighthouse Asset Allocation 20<br>Division** | **BHFTII Brighthouse Asset Allocation 20<br>Division** |  | **BHFTII Brighthouse Asset Allocation 40<br>Division** | **BHFTII Brighthouse Asset Allocation 40<br>Division** | **BHFTII Brighthouse Asset Allocation 40<br>Division** | **BHFTII Brighthouse Asset Allocation 40<br>Division** | **BHFTII Brighthouse Asset Allocation 40<br>Division** | **BHFTII Brighthouse Asset Allocation 40<br>Division** |
| | **2025** | **2024** | | **2023** | | **2025** | **2024** | **2023** | **2025** | | | **2024** | | **2023** | | **2025** | | **2024** | | | **2023** |  |  |  |
| Units beginning of year | 70405 |  | 82318 |  | 94328 | 94328 | 340386 | 220594 |  | 240618 | 240618 |  | 436 |  | 489 |  | 511 |  |  | 1 |  | 1 | 1 |  |
| Units issued and transferred<br>from other funding options | 55978 |  | 8452 |  | 5919 | 5919 | 662198 | 3762070 | 10130477 | 10130477 | 10130477 |  | 5 |  | 11 |  |  |  |  | 2 |  | 2 | 1 |  |
| Units redeemed and transferred<br>to other funding options | (61546) | (20365) | (20365) |  | (17929) | (17929) | (815663) | (3642278) | (10150501) | (10150501) | (10150501) |  | (18) | (18) | (64) |  | (22) | (22) | (22) |  | (2) | (2) | (2) | (1) |
| Units end of year | 64837 | 70405 | 70405 |  | 82318 | 82318 | 186921 | 340386 | 220594 | 220594 | 220594 |  | 423 | 423 | 436 |  | 489 | 489 | 489 |  | 1 | 1 | 1 | 1 |

---

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| | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **BHFTII Brighthouse Asset Allocation 60 <br>Division** | **BHFTII Brighthouse Asset Allocation 60 <br>Division** | **BHFTII Brighthouse Asset Allocation 60 <br>Division** | **BHFTII Brighthouse Asset Allocation 60 <br>Division** | **BHFTII Brighthouse Asset Allocation 60 <br>Division** | **BHFTII Brighthouse Asset Allocation 60 <br>Division** |  | **BHFTII Brighthouse Asset Allocation 80<br>Division** | **BHFTII Brighthouse Asset Allocation 80<br>Division** | **BHFTII Brighthouse Asset Allocation 80<br>Division** | **BHFTII Brighthouse Asset Allocation 80<br>Division** | **BHFTII Brighthouse Asset Allocation 80<br>Division** | **BHFTII Brighthouse Asset Allocation 80<br>Division** | **BHFTII Brighthouse/Artisan Mid Cap Value<br>Division** | **BHFTII Brighthouse/Artisan Mid Cap Value<br>Division** | **BHFTII Brighthouse/Artisan Mid Cap Value<br>Division** | **BHFTII Brighthouse/Artisan Mid Cap Value<br>Division** | **BHFTII Brighthouse/Artisan Mid Cap Value<br>Division** |  | **BHFTII Brighthouse/Wellington Balanced<br>Division** | **BHFTII Brighthouse/Wellington Balanced<br>Division** | **BHFTII Brighthouse/Wellington Balanced<br>Division** | **BHFTII Brighthouse/Wellington Balanced<br>Division** |  |
| | **2025** | | **2024** | | **2023** | | **2025** | | **2024** | | **2023** | | **2025** | **2024** | | **2023** | **2025** | **2024** | | | **2023** |  |  |  |
| Units beginning of year | 1486 | 1486 |  | 1651 |  | 1581 | 1581 |  | 3854 | 3854 | 3826 | 3826 | 3817 | 3817 | 72381 | 72381 | 78732 |  | 85775 | 85775 |  | 197451 | 197507 | 209248 |
| Units issued and transferred<br>from other funding options |  | 99 |  | 125 |  | 117 |  | 76 |  | 114 |  | 92 | 6773 |  | 4675 |  | 6415 | 147533 | 147533 |  | 11048 | 11048 | 7507 |  |
| Units redeemed and transferred<br>to other funding options | (48) | (48) | (290) | (290) |  | (47) | (47) |  | (73) | (73) | (86) | (86) | (83) | (83) | (9076) | (9076) | (11026) | (13458) | (13458) | (13458) |  | (158233) | (11104) | (19248) |
| Units end of year | 1537 | 1537 | 1486 | 1486 |  | 1651 | 1651 |  | 3857 | 3857 | 3854 | 3854 | 3826 | 3826 | 70078 | 70078 | 72381 | 78732 | 78732 | 78732 |  | 186751 | 197451 | 197507 |

---

---

| | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **BHFTII Brighthouse/Wellington <br>Core Equity Opportunities <br>Division** | **BHFTII Brighthouse/Wellington <br>Core Equity Opportunities <br>Division** | **BHFTII Brighthouse/Wellington <br>Core Equity Opportunities <br>Division** | **BHFTII Brighthouse/Wellington <br>Core Equity Opportunities <br>Division** | **BHFTII Brighthouse/Wellington <br>Core Equity Opportunities <br>Division** |  | **BHFTII Frontier Mid Cap Growth<br>Division** | **BHFTII Frontier Mid Cap Growth<br>Division** | **BHFTII Frontier Mid Cap Growth<br>Division** | **BHFTII Frontier Mid Cap Growth<br>Division** | **BHFTII Jennison Growth<br>Division** | **BHFTII Jennison Growth<br>Division** | **BHFTII Jennison Growth<br>Division** | **BHFTII Jennison Growth<br>Division** | **BHFTII Jennison Growth<br>Division** | **BHFTII Jennison Growth<br>Division** |  | **BHFTII MetLife Aggregate Bond Index<br>Division** | **BHFTII MetLife Aggregate Bond Index<br>Division** | **BHFTII MetLife Aggregate Bond Index<br>Division** | **BHFTII MetLife Aggregate Bond Index<br>Division** |  |
| | **2025** | **2024** | | **2023** | | **2025** | **2024** | **2023** | **2025** | | | **2024** | | **2023** | **2025** | | **2024** | | **2023** |  |  |  |
| Units beginning of year | 115446 |  | 127207 |  | 128944 | 128944 | 55365 | 62820 |  | 65507 | 65507 |  | 73212 |  | 83579 |  | 89046 | 89046 |  | 309803 | 308717 | 326576 |
| Units issued and transferred<br>from other funding options | 21649 |  | 16402 |  | 232208 | 232208 | 3662 | 3549 |  | 4670 | 4670 |  | 44371 |  | 42015 |  | 45861 | 45861 |  | 321945 | 298602 | 285587 |
| Units redeemed and transferred<br>to other funding options | (24969) | (28163) | (28163) |  | (233945) | (233945) | (9999) | (11004) | (7357) | (7357) | (7357) |  | (47560) |  | (52382) | (51328) | (51328) | (51328) | (336840) | (336840) | (297516) | (303446) |
| Units end of year | 112126 | 115446 | 115446 |  | 127207 | 127207 | 49028 | 55365 | 62820 | 62820 | 62820 |  | 70023 |  | 73212 | 83579 | 83579 | 83579 | 294908 | 294908 | 309803 | 308717 |

---

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **BHFTII MetLife Mid Cap Stock Index <br>Division** | **BHFTII MetLife Mid Cap Stock Index <br>Division** | **BHFTII MetLife Mid Cap Stock Index <br>Division** | **BHFTII MetLife Mid Cap Stock Index <br>Division** | **BHFTII MetLife Mid Cap Stock Index <br>Division** |  | **BHFTII MetLife MSCI EAFE**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife MSCI EAFE**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife MSCI EAFE**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife MSCI EAFE**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife Russell 2000**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife Russell 2000**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife Russell 2000**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife Russell 2000**<sup>®</sup> **Index<br>Division** | **BHFTII MetLife Russell 2000**<sup>®</sup> **Index<br>Division** |  | **BHFTII MetLife Stock Index<br>Division** | **BHFTII MetLife Stock Index<br>Division** | **BHFTII MetLife Stock Index<br>Division** | **BHFTII MetLife Stock Index<br>Division** | **BHFTII MetLife Stock Index<br>Division** |
| | **2025** | **2024** | | **2023** | | **2025** | **2024** | **2023** | **2025** | | | **2024** | **2023** | **2025** | | **2024** | | **2023** |  |  |  |
| Units beginning of year | 41643 |  | 39703 |  | 45482 | 45482 | 125055 | 130976 |  | 140745 | 140745 |  | 64927 | 74816 |  | 79673 | 79673 |  | 905593 | 975627 | 1394201 |
| Units issued and transferred<br>from other funding options | 35137 |  | 36456 |  | 12384 | 12384 | 32089 | 16863 |  | 16366 | 16366 |  | 41567 | 42645 |  | 767292 | 767292 |  | 286129 | 1347027 | 2669209 |
| Units redeemed and transferred<br>to other funding options | (39966) | (34516) | (34516) |  | (18163) | (18163) | (35236) | (22784) | (26135) | (26135) | (26135) |  | (44518) | (52534) | (772149) | (772149) | (772149) | (348140) | (348140) | (1417061) | (3087783) |
| Units end of year | 36814 | 41643 | 41643 |  | 39703 | 39703 | 121908 | 125055 | 130976 | 130976 | 130976 |  | 61976 | 64927 | 74816 | 74816 | 74816 | 843582 | 843582 | 905593 | 975627 |

---

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6.** <br> **SCHEDULES OF UNITS — (Continued)<br>For the years ended December 31, 2025, 2024 and 2023:**

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **BHFTII MFS**<sup>®</sup> **Total Return <br>Division** | **BHFTII MFS**<sup>®</sup> **Total Return <br>Division** | **BHFTII MFS**<sup>®</sup> **Total Return <br>Division** | **BHFTII MFS**<sup>®</sup> **Total Return <br>Division** | **BHFTII MFS**<sup>®</sup> **Total Return <br>Division** | **BHFTII MFS**<sup>®</sup> **Value<br>Division** | **BHFTII MFS**<sup>®</sup> **Value<br>Division** | **BHFTII MFS**<sup>®</sup> **Value<br>Division** | **BHFTII MFS**<sup>®</sup> **Value<br>Division** | **BHFTII Neuberger Berman Genesis<br>Division** | **BHFTII Neuberger Berman Genesis<br>Division** | **BHFTII Neuberger Berman Genesis<br>Division** | **BHFTII Neuberger Berman Genesis<br>Division** | **BHFTII T. Rowe Price Large Cap Growth<br>Division** | **BHFTII T. Rowe Price Large Cap Growth<br>Division** | **BHFTII T. Rowe Price Large Cap Growth<br>Division** | **BHFTII T. Rowe Price Large Cap Growth<br>Division** |  |
| | **2025** | **2024** | | **2023** | **2025** | **2024** | **2023** | **2025** | | **2024** | **2023** | **2025** | **2024** | | **2023** |  |  |  |
| Units beginning of year | 34995 |  | 42494 |  | 45627 | 296616 | 315217 |  | 342291 |  | 86745 | 92821 | 97884 | 97884 |  | 105957 | 116547 | 122258 |
| Units issued and transferred<br>from other funding options | 1507 |  | 2175 |  | 2357 | 143322 | 299306 |  | 481349 |  | 26129 | 6415 | 6865 | 6865 |  | 5487 | 3662 | 14906 |
| Units redeemed and transferred<br>to other funding options | (2044) | (9674) | (9674) |  | (5490) | (170402) | (317907) | (508423) | (508423) | (508423) | (31899) | (12491) | (11928) | (11928) |  | (10904) | (14252) | (20617) |
| Units end of year | 34458 | 34995 | 34995 |  | 42494 | 269536 | 296616 | 315217 | 315217 | 315217 | 80975 | 86745 | 92821 | 92821 |  | 100540 | 105957 | 116547 |

---

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **BHFTII T. Rowe Price Small Cap Growth <br>Division** | **BHFTII T. Rowe Price Small Cap Growth <br>Division** | **BHFTII T. Rowe Price Small Cap Growth <br>Division** | **BHFTII T. Rowe Price Small Cap Growth <br>Division** | **BHFTII T. Rowe Price Small Cap Growth <br>Division** |  | **BHFTII VanEck Global Natural Resources<br>Division** | **BHFTII VanEck Global Natural Resources<br>Division** | **BHFTII VanEck Global Natural Resources<br>Division** | **BHFTII VanEck Global Natural Resources<br>Division** | **BHFTII Western Asset Management<br>Strategic Bond Opportunities<br>Division** | **BHFTII Western Asset Management<br>Strategic Bond Opportunities<br>Division** | **BHFTII Western Asset Management<br>Strategic Bond Opportunities<br>Division** | **BHFTII Western Asset Management<br>Strategic Bond Opportunities<br>Division** | **BHFTII Western Asset Management<br>Strategic Bond Opportunities<br>Division** |  | **BHFTII Western Asset<br>Management U.S. Government<br>Division** | **BHFTII Western Asset<br>Management U.S. Government<br>Division** | **BHFTII Western Asset<br>Management U.S. Government<br>Division** | **BHFTII Western Asset<br>Management U.S. Government<br>Division** |  |
| | **2025** | **2024** | | **2023** | | **2025** | **2024** | **2023** | **2025** | | | **2024** | **2023** | **2025** | | **2024** | | **2023** |  |  |  |
| Units beginning of year | 195281 |  | 208351 |  | 218119 | 218119 | 45907 | 110074 |  | 21599 | 21599 |  | 7780 | 8050 |  | 8623 | 8623 |  | 799 | 919 | 733 |
| Units issued and transferred<br>from other funding options | 471695 |  | 450853 |  | 485502 | 485502 | 2028 | 1527365 |  | 672035 | 672035 |  | 2193 | 1215 |  | 1436 | 1436 |  | 46 | 67 | 240 |
| Units redeemed and transferred<br>to other funding options | (482395) | (463923) | (463923) |  | (495270) | (495270) | (34839) | (1591532) | (583560) | (583560) | (583560) |  | (3213) | (1485) | (2009) | (2009) | (2009) | (233) | (233) | (187) | (54) |
| Units end of year | 184581 | 195281 | 195281 |  | 208351 | 208351 | 13096 | 45907 | 110074 | 110074 | 110074 |  | 6760 | 7780 | 8050 | 8050 | 8050 | 612 | 612 | 799 | 919 |

---

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fidelity**<sup>®</sup> **VIP Equity-Income <br>Division** | **Fidelity**<sup>®</sup> **VIP Equity-Income <br>Division** | **Fidelity**<sup>®</sup> **VIP Equity-Income <br>Division** | **Fidelity**<sup>®</sup> **VIP Equity-Income <br>Division** | **Fidelity**<sup>®</sup> **VIP Equity-Income <br>Division** | **Fidelity**<sup>®</sup> **VIP Mid Cap<br>Division** | **Fidelity**<sup>®</sup> **VIP Mid Cap<br>Division** | **Fidelity**<sup>®</sup> **VIP Mid Cap<br>Division** | **Fidelity**<sup>®</sup> **VIP Mid Cap<br>Division** | **LVIP JPMorgan Core Bond<br>Division** | **LVIP JPMorgan Core Bond<br>Division** | **LVIP JPMorgan Core Bond<br>Division** | **LVIP JPMorgan Core Bond<br>Division** | **LVIP JPMorgan Small Cap Core<br>Division** | **LVIP JPMorgan Small Cap Core<br>Division** | **LVIP JPMorgan Small Cap Core<br>Division** | **LVIP JPMorgan Small Cap Core<br>Division** |  |
| | **2025** | **2024** | | **2023** | **2025** | **2024** | **2023** | **2025** | | **2024** | **2023** | **2025** | **2024** | | **2023** |  |  |  |
| Units beginning of year | 201055 |  | 222780 |  | 235170 | 34528 | 39578 |  | 42953 |  | 43496 | 41057 | 37155 | 37155 |  | 35084 | 36719 | 37839 |
| Units issued and transferred<br>from other funding options | 7814 |  | 9057 |  | 15197 | 2056 | 1469 |  | 1866 |  | 15857 | 7856 | 12524 | 12524 |  | 1986 | 2547 | 76210 |
| Units redeemed and transferred<br>to other funding options | (29458) | (30782) | (30782) |  | (27587) | (6103) | (6519) |  | (5241) | (5241) | (11491) | (5417) | (8622) | (8622) |  | (4471) | (4182) | (77330) |
| Units end of year | 179411 | 201055 | 201055 |  | 222780 | 30481 | 34528 |  | 39578 | 39578 | 47862 | 43496 | 41057 | 41057 |  | 32599 | 35084 | 36719 |

---

---

| | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Russell International Developed Markets <br>Division** | **Russell International Developed Markets <br>Division** | **Russell International Developed Markets <br>Division** | **Russell International Developed Markets <br>Division** | **Russell International Developed Markets <br>Division** | **Russell International Developed Markets <br>Division** |  | **Russell Strategic Bond<br>Division** | **Russell Strategic Bond<br>Division** | **Russell Strategic Bond<br>Division** | **Russell Strategic Bond<br>Division** | **Russell Strategic Bond<br>Division** | **Russell Strategic Bond<br>Division** | **Russell U.S. Small Cap Equity<br>Division** | **Russell U.S. Small Cap Equity<br>Division** | **Russell U.S. Small Cap Equity<br>Division** | **Russell U.S. Small Cap Equity<br>Division** | **Russell U.S. Small Cap Equity<br>Division** | **Russell U.S. Small Cap Equity<br>Division** | **Russell U.S. Small Cap Equity<br>Division** | **Russell U.S. Strategic Equity<br>Division** | **Russell U.S. Strategic Equity<br>Division** | **Russell U.S. Strategic Equity<br>Division** | **Russell U.S. Strategic Equity<br>Division** |  |
| | **2025** | | **2024** | | **2023** | | **2025** | | **2024** | | **2023** | **2025** | | | | **2023** | | **2025** | | **2024** | | **2023** |  |  |  |
| Units beginning of year | 37164 | 37164 |  | 38857 |  | 41797 | 41797 | 9152 | 9152 | 10769 | 10769 |  | 18104 | 18104 |  | 33064 |  | 36410 |  |  | 37038 |  | 63961 | 69932 | 74649 |
| Units issued and transferred<br>from other funding options |  | 537 |  | 993 | 1022 | 1022 |  | 2840 |  | 2888 |  | 3094 | 3094 |  | 558 |  | 630 |  | 828 |  | 1331 |  | 1574 | 1861 |  |
| Units redeemed and transferred<br>to other funding options | (6173) | (6173) | (2686) | (2686) |  | (3962) | (3962) | (3258) | (3258) | (4505) | (4505) | (10429) | (10429) | (10429) | (6460) | (6460) |  | (3976) |  | (1456) | (1456) |  | (13009) | (7545) | (6578) |
| Units end of year | 31528 | 31528 | 37164 | 37164 |  | 38857 | 38857 | 8734 | 8734 | 9152 | 9152 | 10769 | 10769 | 10769 | 27162 | 27162 |  | 33064 |  | 36410 | 36410 |  | 52283 | 63961 | 69932 |

---

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6.** <br> **SCHEDULES OF UNITS — (Concluded)<br>For the years ended December 31, 2025, 2024 and 2023:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **VanEck VIP Emerging Markets <br>Division** | **VanEck VIP Emerging Markets <br>Division** | **VanEck VIP Emerging Markets <br>Division** | **VanEck VIP Emerging Markets <br>Division** | **VanEck VIP Emerging Markets <br>Division** |
| | **2025** | **2024** | | **2023** |  |
| Units beginning of year | 52587 |  | 198951 |  | 115902 |
| Units issued and transferred<br>from other funding options | 1663 |  | 214737 |  | 1294735 |
| Units redeemed and transferred<br>to other funding options | (30636) | (361101) | (361101) |  | (1211686) |
| Units end of year | 23614 | 52587 | 52587 |  | 198951 |

---

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7.** **FINANCIAL HIGHLIGHTS**

The Company sells a number of variable life 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 Policies, net assets, net investment income ratios, expense ratios, excluding expenses for the underlying fund or portfolio, and total return ratios for the five years ended December 31, 2025:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **As of December 31** | **As of December 31** | **As of December 31** | **As of December 31** |  | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** |  |
| | | **Units** | **Unit Value<br>Lowest to<br>Highest ($)** | **Net<br>Assets ($)** | **Investment**<sup>1</sup>**<br>Income<br>Ratio (%)** |  | **Expense**<sup>2</sup>**<br>Ratio<br>Lowest to<br>Highest (%)** |  | **Total**<sup>3</sup>**<br>Return<br>Lowest to<br>Highest (%)** |  |  |  |
| American Funds<sup>®</sup> Global | 2025 | 54098 |  | 50.61 - 63.41 |  | 3121389 |  | 0.34 |  | 0.00 - 0.90 | 13.61 - 14.64 | 13.61 - 14.64 |
| Small Capitalization Division | 2024 | 61486 |  | 44.54 - 55.32 |  | 3091424 |  | 1.06 |  | 0.00 - 0.90 | 1.41 - 2.33 | 1.41 - 2.33 |
|  | 2023 | 63284 |  | 43.92 - 54.06 |  | 3119821 |  | 0.26 |  | 0.00 - 0.90 | 15.14 - 16.17 | 15.14 - 16.17 |
|  | 2022 | 67371 |  | 38.15 - 46.53 |  | 2864596 |  |  |  | 0.00 - 0.90 | (30.18) - (29.55) | (30.18) - (29.55) |
|  | 2021 | 71149 |  | 54.64 - 66.05 |  | 4316156 |  |  |  | 0.00 - 0.90 | 5.79 - 6.74 | 5.79 - 6.74 |
| American Funds<sup>®</sup> Growth | 2025 | 213271 | 119.44 - 148.14 | 119.44 - 148.14 | 28951596 | 28951596 |  | 0.15 |  | 0.00 - 0.90 | 19.16 - 20.23 | 19.16 - 20.23 |
| Division | 2024 | 235147 | 100.24 - 123.22 | 100.24 - 123.22 | 26605732 | 26605732 |  | 0.33 |  | 0.00 - 0.90 | 30.44 - 31.63 | 30.44 - 31.63 |
|  | 2023 | 260599 |  | 76.84 - 93.61 | 22434847 | 22434847 |  | 0.36 |  | 0.00 - 0.90 | 37.25 - 38.48 | 37.25 - 38.48 |
|  | 2022 | 284413 |  | 55.99 - 67.60 | 17718739 | 17718739 |  | 0.32 |  | 0.00 - 0.90 | (30.56) - (29.94) | (30.56) - (29.94) |
|  | 2021 | 304595 |  | 80.63 - 96.48 | 27225258 | 27225258 |  | 0.21 |  | 0.00 - 0.90 | 20.90 - 21.99 | 20.90 - 21.99 |
| American Funds<sup>®</sup> | 2025 | 219957 |  | 72.30 - 88.31 | 18071920 | 18071920 |  | 0.91 |  | 0.00 - 0.90 | 17.01 - 18.06 | 17.01 - 18.06 |
| Growth-Income Division | 2024 | 225166 |  | 61.78 - 74.80 | 15761889 | 15761889 |  | 1.11 |  | 0.00 - 0.90 | 23.11 - 24.23 | 23.11 - 24.23 |
|  | 2023 | 235880 |  | 50.19 - 60.21 | 13357510 | 13357510 |  | 1.36 |  | 0.00 - 0.90 | 25.02 - 26.14 | 25.02 - 26.14 |
|  | 2022 | 264523 |  | 40.14 - 48.32 | 11890029 | 11890029 |  | 1.25 |  | 0.00 - 0.90 | (17.24) - (16.49) | (17.24) - (16.49) |
|  | 2021 | 302415 |  | 48.50 - 57.86 | 16326619 | 16326619 |  | 1.12 |  | 0.00 - 0.90 | 22.99 - 24.10 | 22.99 - 24.10 |
| BHFTI Brighthouse Asset | 2025 | 43 |  | 518.36 |  | 22353 |  | 1.33 |  | 0.00 |  | 17.41 |
| Allocation 100 Division | 2024 | 44 |  | 441.50 |  | 19314 |  | 1.11 |  | 0.00 |  | 13.65 |
|  | 2023 | 34 |  | 388.48 |  | 13176 |  | 2.98 |  | 0.00 |  | 21.10 |
|  | 2022 | 23 |  | 320.79 |  | 7335 |  | 0.67 |  | 0.00 | (19.89) | (19.89) |
|  | 2021 | 68 |  | 400.42 |  | 27127 |  | 1.34 |  | 0.00 |  | 18.34 |
| BHFTI CBRE Global Real | 2025 | 3401 | 276.00 - 335.20 | 276.00 - 335.20 |  | 1067936 |  | 2.92 |  | 0.00 - 0.90 | 6.16 - 7.11 | 6.16 - 7.11 |
| Estate Division | 2024 | 3309 | 259.99 - 312.94 | 259.99 - 312.94 |  | 973426 |  | 3.62 |  | 0.00 - 0.90 | (0.25) - 0.66 | (0.25) - 0.66 |
|  | 2023 | 3678 | 260.64 - 310.90 | 260.64 - 310.90 |  | 1072969 |  | 2.74 |  | 0.00 - 0.90 | 11.86 - 12.87 | 11.86 - 12.87 |
|  | 2022 | 3952 | 233.00 - 275.45 | 233.00 - 275.45 |  | 1022468 |  | 5.18 |  | 0.00 - 0.90 | (25.39) - (24.71) | (25.39) - (24.71) |
|  | 2021 | 5709 | 312.27 - 365.88 | 312.27 - 365.88 |  | 1994025 |  | 3.39 |  | 0.00 - 0.90 | 33.50 - 34.70 | 33.50 - 34.70 |
| BHFTI Harris Oakmark | 2025 | 93592 |  | 45.95 - 56.82 |  | 4836481 |  | 2.38 |  | 0.00 - 0.90 | 31.98 - 33.17 | 31.98 - 33.17 |
| International Division | 2024 | 107830 |  | 34.82 - 42.67 |  | 4200817 |  | 2.34 |  | 0.00 - 0.90 | (5.59) - (4.73) | (5.59) - (4.73) |
|  | 2023 | 110304 |  | 36.88 - 44.79 |  | 4523520 |  | 2.14 |  | 0.00 - 0.90 | 18.20 - 19.26 | 18.20 - 19.26 |
|  | 2022 | 123436 |  | 31.20 - 37.55 |  | 4252494 |  | 2.42 |  | 0.00 - 0.90 | (16.53) - (15.78) | (16.53) - (15.78) |
|  | 2021 | 127972 |  | 37.38 - 44.59 |  | 5232337 |  | 0.93 |  | 0.00 - 0.90 | 7.69 - 8.66 | 7.69 - 8.66 |
| BHFTI Invesco Small Cap | 2025 | 14383 |  | 56.37 - 71.80 |  | 964281 |  |  |  | 0.00 - 0.90 | 5.22 - 6.17 | 5.22 - 6.17 |
| Growth Division | 2024 | 15165 |  | 53.57 - 67.62 |  | 958819 |  |  |  | 0.00 - 0.90 | 15.54 - 16.59 | 15.54 - 16.59 |
|  | 2023 | 16618 |  | 46.37 - 58.00 |  | 902754 |  |  |  | 0.00 - 0.90 | 11.33 - 12.33 | 11.33 - 12.33 |
|  | 2022 | 25068 |  | 41.65 - 51.64 |  | 1169626 |  |  |  | 0.00 - 0.90 | (35.62) - (35.04) | (35.62) - (35.04) |
|  | 2021 | 20790 |  | 64.69 - 79.49 |  | 1568724 |  |  |  | 0.00 - 0.90 | 6.17 - 7.12 | 6.17 - 7.12 |

---

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7.** **FINANCIAL HIGHLIGHTS — (Continued)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **As of December 31** | **As of December 31** | **As of December 31** | **As of December 31** |  | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** |  |
| | | **Units** | **Unit Value<br>Lowest to<br>Highest ($)** | **Net<br>Assets ($)** | **Investment**<sup>1</sup>**<br>Income<br>Ratio (%)** |  | **Expense**<sup>2</sup>**<br>Ratio<br>Lowest to<br>Highest (%)** |  | **Total**<sup>3</sup>**<br>Return<br>Lowest to<br>Highest (%)** |  |  |
| BHFTI Loomis Sayles Growth | 2025 | 15181 |  | 55.44 - 97.69 |  | 1079027 |  |  |  | 0.00 - 0.90 | 14.19 - 15.21 |
| Division | 2024 | 15925 |  | 48.55 - 84.79 |  | 987040 |  |  |  | 0.00 - 0.90 | 33.27 - 34.47 |
|  | 2023 | 17168 |  | 36.43 - 63.05 |  | 791531 |  |  |  | 0.00 - 0.90 | 50.71 - 52.06 |
|  | 2022 | 19520 |  | 24.17 - 41.46 |  | 590233 |  |  |  | 0.00 - 0.90 | (28.51) - (27.86) |
|  | 2021 | 23669 |  | 33.81 - 57.48 |  | 981553 |  | 0.20 |  | 0.00 - 0.90 | 17.60 - 18.66 |
| BHFTI MFS<sup>®</sup> Research | 2025 | 287247 |  | 29.30 - 41.16 |  | 9529518 |  | 2.03 |  | 0.00 - 0.90 | 21.63 - 22.72 |
| International Division | 2024 | 312989 |  | 24.09 - 33.54 |  | 8543339 |  | 1.91 |  | 0.00 - 0.90 | 2.24 - 3.17 |
|  | 2023 | 349372 |  | 23.56 - 32.51 |  | 9243813 |  | 1.78 |  | 0.00 - 0.90 | 12.05 - 13.05 |
|  | 2022 | 345805 |  | 21.03 - 28.76 |  | 8212779 |  | 2.16 |  | 0.00 - 0.90 | (18.04) - (17.30) |
|  | 2021 | 343421 |  | 25.66 - 34.77 |  | 9943295 |  | 1.15 |  | 0.00 - 0.90 | 10.98 - 11.98 |
| BHFTI Morgan Stanley | 2025 | 135322 |  | 21.87 - 67.51 |  | 3516186 |  |  |  | 0.00 - 0.90 | 12.54 - 13.55 |
| Discovery Division | 2024 | 141752 |  | 19.44 - 59.46 |  | 3248428 |  |  |  | 0.00 - 0.90 | 38.08 - 39.34 |
|  | 2023 | 161500 |  | 14.08 - 42.67 |  | 2652255 |  |  |  | 0.00 - 0.90 | 39.98 - 41.23 |
|  | 2022 | 168923 |  | 10.06 - 30.21 |  | 1968214 |  |  |  | 0.00 - 0.90 | (62.80) - (62.47) |
|  | 2021 | 245542 |  | 27.04 - 80.50 |  | 7751467 |  |  |  | 0.00 - 0.90 | (11.34) - (10.54) |
| BHFTI PIMCO Total Return | 2025 | 310036 |  | 21.42 - 26.48 |  | 7224929 |  | 5.80 |  | 0.00 - 0.90 | 8.24 - 9.21 |
| Division | 2024 | 306821 |  | 19.79 - 24.25 |  | 6575913 |  | 3.04 |  | 0.00 - 0.90 | 1.80 - 2.73 |
|  | 2023 | 322587 |  | 19.44 - 23.60 |  | 6746057 |  | 3.27 |  | 0.00 - 0.90 | 5.28 - 6.22 |
|  | 2022 | 284803 |  | 18.46 - 22.22 |  | 5699573 |  | 3.15 |  | 0.00 - 0.90 | (15.10) - (14.34) |
|  | 2021 | 317341 |  | 21.75 - 25.94 |  | 7443221 |  | 1.99 |  | 0.00 - 0.90 | (2.01) - (1.13) |
| BHFTI T. Rowe Price Large | 2025 | 42065 |  | 43.50 - 63.53 |  | 2486182 |  | 2.00 |  | 0.00 - 0.90 | 11.32 - 12.32 |
| Cap Value Division | 2024 | 42612 |  | 39.08 - 56.76 |  | 2250492 |  | 2.23 |  | 0.00 - 0.90 | 10.37 - 11.37 |
|  | 2023 | 44100 |  | 35.41 - 51.14 |  | 2103545 |  | 2.06 |  | 0.00 - 0.90 | 8.93 - 9.91 |
|  | 2022 | 47396 |  | 32.50 - 46.69 |  | 2088395 |  | 1.80 |  | 0.00 - 0.90 | (5.74) - (4.89) |
|  | 2021 | 45131 |  | 34.48 - 49.27 |  | 2107919 |  | 3.58 |  | 0.00 - 0.90 | 25.17 - 26.30 |
| BHFTI T. Rowe Price Mid Cap | 2025 | 48717 |  | 71.81 - 93.21 |  | 3929136 |  |  |  | 0.00 - 0.90 | 2.82 - 3.75 |
| Growth Division | 2024 | 47679 |  | 69.84 - 89.85 |  | 3728788 |  | 0.18 |  | 0.00 - 0.90 | 8.60 - 9.59 |
|  | 2023 | 50734 |  | 64.31 - 81.99 |  | 3634137 |  |  |  | 0.00 - 0.90 | 19.04 - 20.11 |
|  | 2022 | 53022 |  | 54.02 - 68.26 |  | 3179836 |  |  |  | 0.00 - 0.90 | (23.02) - (22.33) |
|  | 2021 | 56367 |  | 70.18 - 87.89 |  | 4348000 |  |  |  | 0.00 - 0.90 | 14.12 - 15.15 |
| BHFTI Victory Sycamore Mid | 2025 | 48596 |  | 59.57 - 80.89 |  | 3542032 |  | 1.40 |  | 0.00 - 0.90 | 1.59 - 2.51 |
| Cap Value Division | 2024 | 51644 |  | 58.63 - 79.19 |  | 3712095 |  | 1.45 |  | 0.00 - 0.90 | 9.11 - 10.10 |
|  | 2023 | 55778 |  | 53.73 - 72.17 |  | 3654457 |  | 1.66 |  | 0.00 - 0.90 | 9.22 - 10.20 |
|  | 2022 | 59811 |  | 49.20 - 68.56 |  | 3573408 |  | 1.92 |  | 0.00 - 0.90 | (3.32) - (2.45) |
|  | 2021 | 69868 |  | 50.89 - 70.29 |  | 4242861 |  | 1.40 |  | 0.00 - 0.90 | 30.95 - 32.13 |
| BHFTII Baillie Gifford | 2025 | 91148 |  | 24.51 - 29.80 |  | 2553713 |  | 0.69 |  | 0.00 - 0.90 | 18.25 - 19.31 |
| International Stock Division | 2024 | 96139 |  | 20.73 - 24.98 |  | 2264879 |  | 0.83 |  | 0.00 - 0.90 | 3.68 - 4.62 |
|  | 2023 | 101556 |  | 20.00 - 23.88 |  | 2295899 |  | 1.31 |  | 0.00 - 0.90 | 17.53 - 18.59 |
|  | 2022 | 104751 |  | 17.01 - 20.13 |  | 2005936 |  | 1.15 |  | 0.00 - 0.90 | (29.24) - (28.60) |
|  | 2021 | 112380 |  | 24.04 - 28.20 |  | 3017953 |  | 0.95 |  | 0.00 - 0.90 | (1.64) - (0.76) |
| BHFTII BlackRock Bond | 2025 | 125457 |  | 19.21 - 23.75 |  | 2644946 |  | 5.34 |  | 0.00 - 0.90 | 6.98 - 7.95 |
| Income Division | 2024 | 130372 |  | 17.95 - 22.00 |  | 2557540 |  | 4.04 |  | 0.00 - 0.90 | 0.59 - 1.51 |
|  | 2023 | 136730 |  | 17.85 - 21.67 |  | 2654619 |  | 3.13 |  | 0.00 - 0.90 | 4.90 - 5.84 |
|  | 2022 | 149038 |  | 17.02 - 20.48 |  | 2749269 |  | 2.91 |  | 0.00 - 0.90 | (14.91) - (14.15) |
|  | 2021 | 142162 |  | 20.00 - 23.77 |  | 3048318 |  | 2.70 |  | 0.00 - 0.90 | (1.32) - (0.44) |

---

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7.** **FINANCIAL HIGHLIGHTS — (Continued)**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **As of December 31** | **As of December 31** | **As of December 31** | **As of December 31** | **As of December 31** |  | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** |  |
| | | **Units** | **Unit Value<br>Lowest to<br>Highest ($)** |  | **Net<br>Assets ($)** | **Investment**<sup>1</sup>**<br>Income<br>Ratio (%)** |  | **Expense**<sup>2</sup>**<br>Ratio<br>Lowest to<br>Highest (%)** |  | **Total**<sup>3</sup>**<br>Return<br>Lowest to<br>Highest (%)** |  |  |  |
| BHFTII BlackRock Capital | 2025 | 64837 |  | 54.61 - 106.63 | 54.61 - 106.63 |  | 4358017 |  |  |  | 0.00 - 0.90 | 12.18 - 13.19 | 12.18 - 13.19 |
| Appreciation Division | 2024 | 70405 |  | 48.68 - 94.20 | 48.68 - 94.20 |  | 4211207 |  | 0.08 |  | 0.00 - 0.90 | 30.81 - 31.99 | 30.81 - 31.99 |
|  | 2023 | 82318 |  | 37.22 - 71.37 | 37.22 - 71.37 |  | 3813969 |  | 0.04 |  | 0.00 - 0.90 | 48.28 - 49.61 | 48.28 - 49.61 |
|  | 2022 | 94328 |  | 25.10 - 47.70 | 25.10 - 47.70 |  | 2946038 |  |  |  | 0.00 - 0.90 | (38.17) - (37.61) | (38.17) - (37.61) |
|  | 2021 | 101813 |  | 40.59 - 76.46 | 40.59 - 76.46 |  | 5130844 |  |  |  | 0.00 - 0.90 | 20.12 - 21.20 | 20.12 - 21.20 |
| BHFTII BlackRock | 2025 | 186921 |  | 14.79 - 24.28 | 14.79 - 24.28 |  | 3021394 |  | 4.95 |  | 0.00 - 0.90 | 3.22 - 4.15 | 3.22 - 4.15 |
| Ultra-Short Term Bond | 2024 | 340386 |  | 14.20 - 23.51 | 14.20 - 23.51 |  | 5438132 |  | 2.96 |  | 0.00 - 0.90 | 4.16 - 5.11 | 4.16 - 5.11 |
| Division | 2023 | 220594 |  | 13.51 - 22.56 | 13.51 - 22.56 |  | 3294316 |  | 0.58 |  | 0.00 - 0.90 | 4.11 - 5.05 | 4.11 - 5.05 |
|  | 2022 | 240618 |  | 12.86 - 21.65 | 12.86 - 21.65 |  | 3433792 |  |  |  | 0.00 - 0.90 | 0.54 - 1.44 | 0.54 - 1.44 |
|  | 2021 | 288997 |  | 12.68 - 21.53 | 12.68 - 21.53 |  | 4194785 |  | 0.22 |  | 0.00 - 0.90 | (1.08) - (0.19) | (1.08) - (0.19) |
| BHFTII Brighthouse Asset | 2025 | 423 |  | 252.67 | 252.67 |  | 106987 |  | 3.41 |  | 0.00 |  | 9.47 |
| Allocation 20 Division | 2024 | 436 |  | 230.81 | 230.81 |  | 100732 |  | 3.14 |  | 0.00 |  | 4.21 |
|  | 2023 | 489 |  | 221.49 | 221.49 |  | 108342 |  | 3.73 |  | 0.00 |  | 8.08 |
|  | 2022 | 511 |  | 204.94 | 204.94 |  | 104696 |  | 3.38 |  | 0.00 | (12.54) | (12.54) |
|  | 2021 | 526 |  | 234.33 | 234.33 |  | 123199 |  | 3.19 |  | 0.00 |  | 4.01 |
| BHFTII Brighthouse Asset | 2025 | 1 | 312.93 | 312.93 |  | 12 |  | 1.16 |  | 0.00 |  | 11.75 |  |
| Allocation 40 Division | 2024 | 1 | 280.04 | 280.04 |  | 73 |  | 2.76 |  | 0.00 |  | 6.13 |  |
|  | 2023 | 1 | 263.86 | 263.86 |  | 105 |  | 4.19 |  | 0.00 |  | 10.82 |  |
|  | 2022 | 1 | 238.10 | 238.10 |  | 209 |  | 3.11 |  | 0.00 |  | (13.63) | (13.63) |
|  | 2021 | 1 | 275.69 | 275.69 |  | 351 |  | 2.99 |  | 0.00 |  | 7.68 |  |
| BHFTII Brighthouse Asset | 2025 | 1537 |  | 382.54 | 382.54 |  | 587844 |  | 2.42 |  | 0.00 |  | 13.96 |
| Allocation 60 Division | 2024 | 1486 |  | 335.67 | 335.67 |  | 498929 |  | 2.07 |  | 0.00 |  | 8.28 |
|  | 2023 | 1651 |  | 309.99 | 309.99 |  | 511835 |  | 3.35 |  | 0.00 |  | 13.93 |
|  | 2022 | 1581 |  | 272.08 | 272.08 |  | 430203 |  | 2.41 |  | 0.00 | (15.17) | (15.17) |
|  | 2021 | 1507 |  | 320.75 | 320.75 |  | 483456 |  | 2.31 |  | 0.00 |  | 11.17 |
| BHFTII Brighthouse Asset | 2025 | 3857 |  | 458.06 | 458.06 |  | 1766552 |  | 1.89 |  | 0.00 |  | 15.91 |
| Allocation 80 Division | 2024 | 3854 |  | 395.17 | 395.17 |  | 1523075 |  | 1.58 |  | 0.00 |  | 11.09 |
|  | 2023 | 3826 |  | 355.72 | 355.72 |  | 1361076 |  | 3.25 |  | 0.00 |  | 17.51 |
|  | 2022 | 3817 |  | 302.73 | 302.73 |  | 1155618 |  | 2.08 |  | 0.00 | (17.71) | (17.71) |
|  | 2021 | 3795 |  | 367.88 | 367.88 |  | 1395998 |  | 1.84 |  | 0.00 |  | 14.87 |
| BHFTII Brighthouse/Artisan | 2025 | 70078 |  | 41.19 - 51.39 | 41.19 - 51.39 |  | 3182118 |  | 1.28 |  | 0.00 - 0.90 | 0.91 - 1.82 | 0.91 - 1.82 |
| Mid Cap Value Division | 2024 | 72381 |  | 40.81 - 50.47 | 40.81 - 50.47 |  | 3231530 |  | 1.20 |  | 0.00 - 0.90 | 4.03 - 4.97 | 4.03 - 4.97 |
|  | 2023 | 78732 |  | 39.23 - 48.08 | 39.23 - 48.08 |  | 3356255 |  | 0.85 |  | 0.00 - 0.90 | 17.48 - 18.53 | 17.48 - 18.53 |
|  | 2022 | 85775 |  | 33.40 - 40.56 | 33.40 - 40.56 |  | 3094865 |  | 0.95 |  | 0.00 - 0.90 | (13.40) - (12.62) | (13.40) - (12.62) |
|  | 2021 | 95296 |  | 38.56 - 43.18 | 38.56 - 43.18 |  | 3923949 |  | 0.92 |  | 0.00 - 0.90 | 25.77 - 26.91 | 25.77 - 26.91 |
| BHFTII | 2025 | 186751 |  | 52.27 - 162.90 | 52.27 - 162.90 | 14194770 | 14194770 |  | 2.22 |  | 0.00 - 0.90 | 11.66 - 12.51 | 11.66 - 12.51 |
| Brighthouse/Wellington | 2024 | 197451 |  | 46.45 - 145.82 | 46.45 - 145.82 | 13330238 | 13330238 |  | 1.85 |  | 0.00 - 0.90 | 12.83 - 13.67 | 12.83 - 13.67 |
| Balanced Division | 2023 | 197507 |  | 40.87 - 129.17 | 40.87 - 129.17 | 11722472 | 11722472 |  | 2.15 |  | 0.00 - 0.90 | 17.05 - 17.98 | 17.05 - 17.98 |
|  | 2022 | 209248 |  | 34.64 - 110.29 | 34.64 - 110.29 | 10608402 | 10608402 |  | 1.71 |  | 0.00 - 0.90 | (17.82) - (17.26) | (17.82) - (17.26) |
|  | 2021 | 218212 |  | 41.87 - 134.14 | 41.87 - 134.14 | 13480213 | 13480213 |  | 1.83 |  | 0.00 - 0.90 | 13.01 - 14.02 | 13.01 - 14.02 |
| BHFTII | 2025 | 112126 |  | 54.93 - 67.92 | 54.93 - 67.92 |  | 7047710 |  | 1.42 |  | 0.00 - 0.90 | 6.87 - 7.83 | 6.87 - 7.83 |
| Brighthouse/Wellington Core | 2024 | 115446 |  | 51.40 - 62.98 | 51.40 - 62.98 |  | 6749796 |  | 1.42 |  | 0.00 - 0.90 | 7.64 - 8.61 | 7.64 - 8.61 |
| Equity Opportunities Division | 2023 | 127207 |  | 47.75 - 57.99 | 47.75 - 57.99 |  | 6879129 |  | 1.38 |  | 0.00 - 0.90 | 6.70 - 7.66 | 6.70 - 7.66 |
|  | 2022 | 128944 |  | 44.75 - 53.86 | 44.75 - 53.86 |  | 6486482 |  | 2.23 |  | 0.00 - 0.90 | (5.93) - (5.08) | (5.93) - (5.08) |
|  | 2021 | 141850 |  | 47.57 - 56.75 | 47.57 - 56.75 |  | 7512241 |  | 1.36 |  | 0.00 - 0.90 | 23.32 - 24.43 | 23.32 - 24.43 |

---

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7.** **FINANCIAL HIGHLIGHTS — (Continued)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **As of December 31** | **As of December 31** | **As of December 31** | **As of December 31** |  | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** |  |
| | | **Units** | **Unit Value<br>Lowest to<br>Highest ($)** | **Net<br>Assets ($)** | **Investment**<sup>1</sup>**<br>Income<br>Ratio (%)** |  | **Expense**<sup>2</sup>**<br>Ratio<br>Lowest to<br>Highest (%)** |  | **Total**<sup>3</sup>**<br>Return<br>Lowest to<br>Highest (%)** |  |  |
| BHFTII Frontier Mid Cap | 2025 | 49028 |  | 52.31 - 83.78 |  | 3220526 |  |  |  | 0.00 - 0.90 | 4.22 - 5.16 |
| Growth Division | 2024 | 55365 |  | 49.92 - 79.67 |  | 3511838 |  | 0.24 |  | 0.00 - 0.90 | 16.71 - 17.77 |
|  | 2023 | 62820 |  | 41.48 - 67.65 |  | 3367378 |  |  |  | 0.00 - 0.90 | 16.95 - 18.00 |
|  | 2022 | 65507 |  | 34.46 - 57.42 |  | 2999207 |  |  |  | 0.00 - 0.90 | (28.79) - (28.15) |
|  | 2021 | 71327 |  | 48.23 - 80.47 |  | 4537386 |  |  |  | 0.00 - 0.90 | 13.66 - 14.68 |
| BHFTII Jennison Growth | 2025 | 70023 | 666.38 - 832.94 | 666.38 - 832.94 | 49928554 | 49928554 |  |  |  | 0.00 - 0.90 | 13.02 - 14.04 |
| Division | 2024 | 73212 | 589.62 - 730.42 | 589.62 - 730.42 | 46026455 | 46026455 |  |  |  | 0.00 - 0.90 | 29.11 - 30.28 |
|  | 2023 | 83579 | 456.69 - 560.67 | 456.69 - 560.67 | 40521804 | 40521804 |  |  |  | 0.00 - 0.90 | 51.90 - 53.26 |
|  | 2022 | 89046 | 300.65 - 365.82 | 300.65 - 365.82 | 28356023 | 28356023 |  |  |  | 0.00 - 0.90 | (39.42) - (38.87) |
|  | 2021 | 93086 | 496.25 - 598.43 | 496.25 - 598.43 | 48737234 | 48737234 |  |  |  | 0.00 - 0.90 | 16.13 - 17.17 |
| BHFTII MetLife Aggregate | 2025 | 294908 |  | 21.54 - 47.36 |  | 8230902 |  | 2.03 |  | 0.00 - 0.90 | 6.09 - 7.04 |
| Bond Index Division | 2024 | 309803 |  | 20.13 - 44.62 |  | 8112390 |  | 3.05 |  | 0.00 - 0.90 | (0.02) - 0.89 |
|  | 2023 | 308717 |  | 19.95 - 44.61 |  | 8095310 |  | 2.92 |  | 0.00 - 0.90 | 4.26 - 5.20 |
|  | 2022 | 326576 |  | 18.96 - 42.76 |  | 8211543 |  | 2.87 |  | 0.00 - 0.90 | (13.87) - (13.09) |
|  | 2021 | 365650 |  | 21.82 - 49.62 | 10620134 | 10620134 |  | 2.44 |  | 0.00 - 0.90 | (2.80) - (1.93) |
| BHFTII MetLife Mid Cap | 2025 | 36814 |  | 81.35 - 99.69 |  | 3149230 |  | 1.10 |  | 0.00 - 0.90 | 6.23 - 7.19 |
| Stock Index Division | 2024 | 41643 |  | 76.58 - 93.00 |  | 3380218 |  | 1.25 |  | 0.00 - 0.90 | 12.57 - 13.59 |
|  | 2023 | 39703 |  | 67.79 - 81.87 |  | 2857269 |  | 1.30 |  | 0.00 - 0.90 | 15.05 - 16.08 |
|  | 2022 | 45482 |  | 58.40 - 70.53 |  | 2835656 |  | 1.13 |  | 0.00 - 0.90 | (14.03) - (13.26) |
|  | 2021 | 58647 |  | 67.33 - 81.30 |  | 4360484 |  | 1.28 |  | 0.00 - 0.90 | 23.29 - 24.40 |
| BHFTII MetLife MSCI EAFE<sup>®</sup> | 2025 | 121908 |  | 39.49 - 58.29 |  | 5264054 |  | 1.88 |  | 0.00 - 0.90 | 29.86 - 31.02 |
| Index Division | 2024 | 125055 |  | 29.49 - 44.87 |  | 4147326 |  | 3.19 |  | 0.00 - 0.90 | 2.39 - 3.32 |
|  | 2023 | 130976 |  | 29.43 - 43.80 |  | 4218874 |  | 2.51 |  | 0.00 - 0.90 | 16.88 - 17.93 |
|  | 2022 | 140745 |  | 23.04 - 37.46 |  | 3874838 |  | 3.73 |  | 0.00 - 0.90 | (15.24) - (14.47) |
|  | 2021 | 153922 |  | 26.93 - 44.17 |  | 4954361 |  | 1.78 |  | 0.00 - 0.90 | 9.74 - 10.72 |
| BHFTII MetLife Russell 2000<sup>®</sup> | 2025 | 61976 |  | 52.66 - 67.27 |  | 3715361 |  | 1.15 |  | 0.00 - 0.90 | 11.65 - 12.66 |
| Index Division | 2024 | 64927 |  | 47.16 - 59.71 |  | 3466664 |  | 1.50 |  | 0.00 - 0.90 | 10.29 - 11.29 |
|  | 2023 | 74816 |  | 42.76 - 53.66 |  | 3602897 |  | 1.74 |  | 0.00 - 0.90 | 15.76 - 16.80 |
|  | 2022 | 79673 |  | 36.94 - 45.94 |  | 3283251 |  | 1.03 |  | 0.00 - 0.90 | (20.94) - (20.23) |
|  | 2021 | 76293 |  | 46.73 - 57.59 |  | 3967739 |  | 0.89 |  | 0.00 - 0.90 | 13.50 - 14.52 |
| BHFTII MetLife Stock Index | 2025 | 843582 |  | 81.65 - 311.18 | 96013195 | 96013195 |  | 0.99 |  | 0.00 - 0.90 | 16.54 - 17.59 |
| Division | 2024 | 905593 |  | 69.44 - 266.89 | 87597938 | 87597938 |  | 1.21 |  | 0.00 - 0.90 | 23.55 - 24.67 |
|  | 2023 | 975627 |  | 55.70 - 215.90 | 76607693 | 76607693 |  | 1.53 |  | 0.00 - 0.90 | 24.82 - 25.94 |
|  | 2022 | 1394201 |  | 44.23 - 172.89 | 81777413 | 81777413 |  | 1.31 |  | 0.00 - 0.90 | (19.02) - (18.30) |
|  | 2021 | 1295105 |  | 54.13 - 213.40 | 96243128 | 96243128 |  | 1.49 |  | 0.00 - 0.90 | 27.21 - 28.36 |
| BHFTII MFS<sup>®</sup> Total Return | 2025 | 34458 |  | 46.48 - 63.66 |  | 1714119 |  | 2.81 |  | 0.00 - 0.90 | 10.12 - 11.11 |
| Division | 2024 | 34995 |  | 41.83 - 57.70 |  | 1573339 |  | 2.46 |  | 0.00 - 0.90 | 6.81 - 7.78 |
|  | 2023 | 42494 |  | 37.74 - 53.91 |  | 1850698 |  | 2.20 |  | 0.00 - 0.90 | 9.42 - 10.40 |
|  | 2022 | 45627 |  | 34.37 - 49.17 |  | 1800025 |  | 1.82 |  | 0.00 - 0.90 | (10.44) - (9.63) |
|  | 2021 | 47225 |  | 38.90 - 54.79 |  | 2062417 |  | 1.87 |  | 0.00 - 0.90 | 13.20 - 14.22 |
| BHFTII MFS<sup>®</sup> Value Division | 2025 | 269536 |  | 44.66 - 53.97 | 12772247 | 12772247 |  | 1.82 |  | 0.00 - 0.90 | 12.28 - 13.29 |
|  | 2024 | 296616 |  | 39.78 - 47.64 | 12487642 | 12487642 |  | 1.85 |  | 0.00 - 0.90 | 10.91 - 11.91 |
|  | 2023 | 315217 |  | 35.87 - 42.57 | 11946935 | 11946935 |  | 1.90 |  | 0.00 - 0.90 | 7.19 - 8.15 |
|  | 2022 | 342291 |  | 33.46 - 40.27 | 12082235 | 12082235 |  | 1.74 |  | 0.00 - 0.90 | (6.81) - (5.98) |
|  | 2021 | 360157 |  | 35.91 - 42.83 | 13613577 | 13613577 |  | 1.56 |  | 0.00 - 0.90 | 24.42 - 25.54 |

---

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7.** **FINANCIAL HIGHLIGHTS — (Continued)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **As of December 31** | **As of December 31** | **As of December 31** | **As of December 31** |  | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** |  |
| | | **Units** | **Unit Value<br>Lowest to<br>Highest ($)** | **Net<br>Assets ($)** | **Investment**<sup>1</sup>**<br>Income<br>Ratio (%)** |  | **Expense**<sup>2</sup>**<br>Ratio<br>Lowest to<br>Highest (%)** |  | **Total**<sup>3</sup>**<br>Return<br>Lowest to<br>Highest (%)** |  |  |
| BHFTII Neuberger Berman | 2025 | 80975 |  | 48.85 - 68.08 |  | 4911882 |  | 0.10 |  | 0.00 - 0.90 | (5.42) - (4.57) |
| Genesis Division | 2024 | 86745 |  | 51.19 - 71.33 |  | 5555843 |  | 0.14 |  | 0.00 - 0.90 | 8.12 - 9.10 |
|  | 2023 | 92821 |  | 46.92 - 65.39 |  | 5490478 |  | 0.13 |  | 0.00 - 0.90 | 14.50 - 15.53 |
|  | 2022 | 97884 |  | 40.61 - 56.78 |  | 5049914 |  |  |  | 0.00 - 0.90 | (19.87) - (19.15) |
|  | 2021 | 105199 |  | 50.23 - 70.48 |  | 6737882 |  | 0.08 |  | 0.00 - 0.90 | 17.36 - 18.41 |
| BHFTII T. Rowe Price Large | 2025 | 100540 |  | 73.50 - 116.29 |  | 8522829 |  |  |  | 0.00 - 0.90 | 14.67 - 15.70 |
| Cap Growth Division | 2024 | 105957 |  | 64.10 - 100.50 |  | 7784220 |  |  |  | 0.00 - 0.90 | 29.14 - 30.31 |
|  | 2023 | 116547 |  | 49.64 - 77.13 |  | 6571403 |  |  |  | 0.00 - 0.90 | 45.50 - 46.81 |
|  | 2022 | 122258 |  | 34.11 - 52.54 |  | 4732218 |  |  |  | 0.00 - 0.90 | (40.99) - (40.46) |
|  | 2021 | 126930 |  | 57.81 - 88.24 |  | 8255241 |  |  |  | 0.00 - 0.90 | 19.15 - 20.22 |
| BHFTII T. Rowe Price Small | 2025 | 184581 |  | 58.83 - 97.17 | 12068271 | 12068271 |  | 0.25 |  | 0.00 - 0.90 | 9.31 - 10.30 |
| Cap Growth Division | 2024 | 195281 |  | 53.82 - 88.10 | 11641489 | 11641489 |  | 0.05 |  | 0.00 - 0.90 | 12.45 - 13.47 |
|  | 2023 | 208351 |  | 47.86 - 77.64 | 10994830 | 10994830 |  | 0.05 |  | 0.00 - 0.90 | 20.49 - 21.57 |
|  | 2022 | 218119 |  | 39.72 - 63.87 |  | 9516601 |  | 0.22 |  | 0.00 - 0.90 | (22.85) - (22.15) |
|  | 2021 | 226542 |  | 51.49 - 82.04 | 12757788 | 12757788 |  | 0.03 |  | 0.00 - 0.90 | 10.67 - 11.67 |
| BHFTII VanEck Global | 2025 | 13096 |  | 47.02 - 71.98 |  | 768802 |  | 2.70 |  | 0.00 - 0.90 | 35.57 - 36.78 |
| Natural Resources Division | 2024 | 45907 |  | 34.68 - 52.81 |  | 2084908 |  | 1.29 |  | 0.00 - 0.90 | (3.20) - (2.33) |
|  | 2023 | 110074 |  | 35.83 - 54.26 |  | 5053950 |  | 3.94 |  | 0.00 - 0.90 | (4.35) - (3.49) |
|  | 2022 | 21599 |  | 37.46 - 56.42 |  | 931569 |  | 2.38 |  | 0.00 - 0.90 | 7.28 - 8.24 |
|  | 2021 | 37278 |  | 34.92 - 52.30 |  | 1567487 |  | 1.40 |  | 0.00 - 0.90 | 17.77 - 18.82 |
| BHFTII Western Asset | 2025 | 6760 | 443.49 - 578.62 | 443.49 - 578.62 |  | 3416846 |  | 7.76 |  | 0.00 - 0.90 | 8.10 - 9.07 |
| Management Strategic Bond | 2024 | 7780 | 410.25 - 530.49 | 410.25 - 530.49 |  | 3611430 |  | 7.33 |  | 0.00 - 0.90 | 3.94 - 4.88 |
| Opportunities Division | 2023 | 8050 | 394.70 - 505.80 | 394.70 - 505.80 |  | 3559141 |  | 6.49 |  | 0.00 - 0.90 | 8.46 - 9.44 |
|  | 2022 | 8623 | 363.91 - 462.18 | 363.91 - 462.18 |  | 3498956 |  | 6.22 |  | 0.00 - 0.90 | (17.40) - (16.66) |
|  | 2021 | 9178 | 440.56 - 554.55 | 440.56 - 554.55 |  | 4476001 |  | 3.64 |  | 0.00 - 0.90 | 1.90 - 2.82 |
| BHFTII Western Asset | 2025 | 612 | 229.73 - 303.78 | 229.73 - 303.78 |  | 170045 |  | 3.72 |  | 0.00 - 0.90 | 6.11 - 7.07 |
| Management U.S. Government | 2024 | 799 | 216.49 - 283.73 | 216.49 - 283.73 |  | 207451 |  | 2.98 |  | 0.00 - 0.90 | 1.42 - 2.34 |
| Division | 2023 | 919 | 213.46 - 277.24 | 213.46 - 277.24 |  | 228644 |  | 2.29 |  | 0.00 - 0.90 | 3.93 - 4.87 |
|  | 2022 | 733 | 205.38 - 264.37 | 205.38 - 264.37 |  | 174117 |  | 2.24 |  | 0.00 - 0.90 | (9.82) - (9.01) |
|  | 2021 | 919 | 227.74 - 290.54 | 227.74 - 290.54 |  | 239256 |  | 2.90 |  | 0.00 - 0.90 | (2.40) - (1.52) |
| Fidelity<sup>®</sup> VIP | 2025 | 179411 |  | 62.82 - 142.98 | 15871015 | 15871015 |  | 1.77 |  | 0.00 - 0.90 | 17.96 - 19.02 |
| Equity-Income Division | 2024 | 201055 |  | 52.78 - 120.97 | 14834928 | 14834928 |  | 1.72 |  | 0.00 - 0.90 | 14.31 - 15.35 |
|  | 2023 | 222780 |  | 45.76 - 105.61 | 14537524 | 14537524 |  | 1.91 |  | 0.00 - 0.90 | 9.66 - 10.65 |
|  | 2022 | 235170 |  | 41.35 - 96.12 | 14031065 | 14031065 |  | 1.87 |  | 0.00 - 0.90 | (5.80) - (4.96) |
|  | 2021 | 249224 |  | 43.51 - 101.84 | 15767440 | 15767440 |  | 1.84 |  | 0.00 - 0.90 | 23.78 - 24.89 |
| Fidelity<sup>®</sup> VIP Mid Cap | 2025 | 30481 |  | 93.59 - 107.70 |  | 3197634 |  | 0.42 |  | 0.35 - 0.90 | 10.76 - 11.36 |
| Division | 2024 | 34528 |  | 84.50 - 96.71 |  | 3248479 |  | 0.52 |  | 0.35 - 0.90 | 16.44 - 17.08 |
|  | 2023 | 39578 |  | 72.57 - 82.60 |  | 3177866 |  | 0.59 |  | 0.35 - 0.90 | 14.05 - 14.68 |
|  | 2022 | 42953 |  | 63.63 - 77.97 |  | 3004743 |  | 0.49 |  | 0.00 - 0.90 | (15.50) - (14.74) |
|  | 2021 | 47418 |  | 75.31 - 91.45 |  | 3878518 |  | 0.55 |  | 0.00 - 0.90 | 24.48 - 25.60 |
| LVIP JPMorgan Core Bond | 2025 | 47862 |  | 16.21 - 21.11 |  | 892623 |  | 3.88 |  | 0.00 - 0.90 | 6.44 - 7.40 |
| Division | 2024 | 43496 |  | 15.22 - 19.65 |  | 757713 |  | 4.54 |  | 0.00 - 0.90 | 0.81 - 1.72 |
|  | 2023 | 41057 |  | 15.10 - 19.32 |  | 704480 |  | 3.72 |  | 0.00 - 0.90 | 4.96 - 5.91 |
|  | 2022 | 37155 |  | 14.39 - 18.24 |  | 602443 |  | 1.98 |  | 0.00 - 0.90 | (13.35) - (12.58) |
|  | 2021 | 39054 |  | 16.61 - 20.87 |  | 725494 |  | 1.71 |  | 0.00 - 0.90 | (2.23) - (1.35) |

---

**GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN<br>OF METROPOLITAN TOWER LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Concluded)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7.** **FINANCIAL HIGHLIGHTS — (Concluded)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **As of December 31** | **As of December 31** | **As of December 31** | **As of December 31** |  | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** |  |
| | | **Units** | **Unit Value<br>Lowest to<br>Highest ($)** | **Net<br>Assets ($)** | **Investment**<sup>1</sup>**<br>Income<br>Ratio (%)** |  | **Expense**<sup>2</sup>**<br>Ratio<br>Lowest to<br>Highest (%)** |  | **Total**<sup>3</sup>**<br>Return<br>Lowest to<br>Highest (%)** |  |  |
| LVIP JPMorgan Small Cap | 2025 | 32599 |  | 59.13 - 79.96 |  | 2480169 |  | 0.62 |  | 0.35 - 0.90 | 9.29 - 9.89 |
| Core Division | 2024 | 35084 |  | 54.10 - 73.05 |  | 2440724 |  | 0.80 |  | 0.00 - 0.90 | 10.70 - 11.71 |
|  | 2023 | 36719 |  | 48.87 - 65.39 |  | 2284022 |  | 1.31 |  | 0.00 - 0.90 | 12.09 - 13.10 |
|  | 2022 | 37839 |  | 43.60 - 58.00 |  | 2089146 |  | 0.51 |  | 0.00 - 0.90 | (20.07) - (19.35) |
|  | 2021 | 51775 |  | 54.54 - 72.17 |  | 3581517 |  | 0.43 |  | 0.00 - 0.90 | 20.30 - 21.38 |
| Russell International | 2025 | 31528 |  | 30.12 - 39.81 |  | 1170146 |  | 1.81 |  | 0.35 - 0.90 | 27.49 - 28.19 |
| Developed Markets Division | 2024 | 37164 |  | 23.63 - 31.05 |  | 1080274 |  | 2.88 |  | 0.35 - 0.90 | 1.85 - 2.41 |
|  | 2023 | 38857 |  | 23.20 - 30.32 |  | 1105125 |  | 1.31 |  | 0.35 - 0.90 | 15.23 - 15.86 |
|  | 2022 | 41797 |  | 20.13 - 26.17 |  | 1028702 |  |  |  | 0.35 - 0.90 | (13.82) - (13.35) |
|  | 2021 | 45628 |  | 23.36 - 30.20 |  | 1305573 |  | 2.45 |  | 0.35 - 0.90 | 11.65 - 12.26 |
| Russell Strategic Bond | 2025 | 8734 |  | 22.82 - 28.32 |  | 230582 |  | 4.59 |  | 0.35 - 0.90 | 6.40 - 6.98 |
| Division | 2024 | 9152 |  | 21.45 - 26.51 |  | 226581 |  | 4.64 |  | 0.35 - 0.90 | (0.08) - 0.47 |
|  | 2023 | 10769 |  | 21.47 - 26.43 |  | 264332 |  | 2.84 |  | 0.35 - 0.90 | 3.09 - 3.65 |
|  | 2022 | 18104 |  | 20.82 - 25.53 |  | 438699 |  | 2.44 |  | 0.35 - 0.90 | (15.04) - (14.58) |
|  | 2021 | 16974 |  | 24.51 - 29.93 |  | 482091 |  | 0.87 |  | 0.35 - 0.90 | (2.69) - (2.16) |
| Russell U.S. Small Cap | 2025 | 27162 |  | 40.54 - 67.19 |  | 1660819 |  | 0.69 |  | 0.35 - 0.90 | 7.38 - 7.96 |
| Equity Division | 2024 | 33064 |  | 37.76 - 62.33 |  | 1904696 |  | 1.54 |  | 0.35 - 0.90 | 7.55 - 8.15 |
|  | 2023 | 36410 |  | 35.10 - 57.72 |  | 1944641 |  | 0.69 |  | 0.35 - 0.90 | 12.60 - 13.21 |
|  | 2022 | 37038 |  | 31.18 - 51.06 |  | 1745292 |  | 0.19 |  | 0.35 - 0.90 | (16.70) - (16.25) |
|  | 2021 | 38137 |  | 37.43 - 61.06 |  | 2145676 |  | 0.25 |  | 0.35 - 0.90 | 24.67 - 25.35 |
| Russell U.S. Strategic | 2025 | 52283 |  | 55.35 - 92.05 |  | 4096151 |  | 0.67 |  | 0.35 - 0.90 | 13.41 - 14.03 |
| Equity Division | 2024 | 63961 |  | 48.80 - 80.84 |  | 4497975 |  | 0.92 |  | 0.35 - 0.90 | 19.42 - 20.08 |
|  | 2023 | 69932 |  | 40.86 - 67.42 |  | 4127356 |  | 0.79 |  | 0.35 - 0.90 | 25.17 - 25.85 |
|  | 2022 | 74649 |  | 32.65 - 53.65 |  | 3511932 |  | 0.59 |  | 0.35 - 0.90 | (21.56) - (21.13) |
|  | 2021 | 81164 |  | 41.62 - 68.13 |  | 4802397 |  | 0.56 |  | 0.35 - 0.90 | 19.33 - 19.98 |
| VanEck VIP Emerging Markets | 2025 | 23614 |  | 51.53 - 91.41 |  | 1832989 |  | 0.70 |  | 0.00 - 0.90 | 28.77 - 29.92 |
| Division | 2024 | 52587 |  | 40.02 - 70.60 |  | 2869731 |  | 0.72 |  | 0.00 - 0.90 | 0.30 - 1.21 |
|  | 2023 | 198951 |  | 39.90 - 70.01 |  | 9986464 |  | 1.23 |  | 0.00 - 0.90 | 8.80 - 9.77 |
|  | 2022 | 115902 |  | 36.67 - 64.00 |  | 5428631 |  | 0.15 |  | 0.00 - 0.90 | (25.05) - (24.37) |
|  | 2021 | 110847 |  | 48.93 - 84.92 |  | 6864422 |  | 1.25 |  | 0.00 - 0.90 | (12.66) - (11.87) |

---

<sup>1</sup>

These amounts represent the dividends, excluding distributions of capital gains, received by the Division from the underlying fund or portfolio, net of management fees assessed by the fund manager, divided by the average net assets, regardless of share class, if any. These ratios exclude those expenses, such as mortality and expense risk charges, that are assessed against Policy 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 fund or portfolio in which the Division invests. The investment income ratio is calculated as a weighted average ratio since the Division may invest in two or more share classes, within the underlying fund or portfolio of the Trusts which may have unique investment income ratios.

<sup>2</sup>

These amounts represent annualized Policy 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 Policy owner accounts through the redemption of units and expenses of the underlying fund or portfolio have been excluded.

<sup>3</sup>

These amounts represent the total return for the period indicated, including changes in the value of the underlying fund or 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.

![](tm262446d37_medcoimg001.jpg)

***Metropolitan Tower Life Insurance Company***

*Statutory Financial Statements as of and for the<br> Years Ended December 31, 2025 and 2024,<br> Statutory Supplemental Information and*

*Independent Auditor's Report*

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| | |
|:---|:---|
| ![](tm262446d37_medcoimg002.jpg) | **Deloitte & Touche LLP**<br> 30 Rockefeller Plaza<br> New York<br> USA<br>Tel: +1 212-436-2000<br> Fax: +1 212-436-5000 |

---

**INDEPENDENT AUDITOR'S REPORT**

To the Board of Directors and Stockholder of Metropolitan Tower Life Insurance Company:

**Opinions**

We have audited the statutory-basis financial statements of Metropolitan Tower Life Insurance Company (a wholly-owned subsidiary of MetLife, Inc.) (the "Company"), which comprise the statutory-basis statements of admitted assets, liabilities, and capital and surplus as of December 31, 2025 and 2024, and the related statutory-basis statements of operations, changes in capital and surplus, and cash flows for the years then ended, and the related notes to the statutory-basis financial statements (collectively referred to as the "statutory-basis financial statements").

***Unmodified Opinion on Statutory-Basis of Accounting***

In our opinion, the accompanying statutory-basis financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the years then ended, in accordance with the accounting practices prescribed or permitted by the Nebraska Department of Insurance described in Note 1.

***Adverse Opinion on Accounting Principles Generally Accepted in the United States of America***

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America section of our report, the statutory-basis financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2025 and 2024, or the results of its operations or its cash flows for the years then ended.

MTL - 1

**Basis for Opinions**

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Statutory-Basis Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

**Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America**

As described in Note 1 to the statutory-basis financial statements, the statutory-basis financial statements are prepared by the Company using the accounting practices prescribed or permitted by the Nebraska Department of Insurance, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of the Nebraska Department of Insurance. The effects on the statutory-basis financial statements of the variances between the statutory-basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material and pervasive.

**Emphasis of Matter**

As discussed in Note 1 to the statutory-basis financial statements, since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a stand-alone entity. Our opinion is not modified with respect to this matter.

**Responsibilities of Management for the Statutory-Basis Financial Statements**

Management is responsible for the preparation and fair presentation of the statutory-basis financial statements in accordance with the accounting practices prescribed or permitted by the Nebraska Department of Insurance. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of statutory-basis financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the statutory-basis financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the statutory-basis financial statements are issued.<sup>1</sup>

MTL - 2

**Auditor's Responsibilities for the Audit of the Statutory-Basis Financial Statements**

Our objectives are to obtain reasonable assurance about whether the statutory-basis financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the statutory-basis financial statements.

In performing an audit in accordance with GAAS, we:

● Exercise professional judgment and maintain professional skepticism throughout the audit.

● Identify and assess the risks of material misstatement of the statutory-basis financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the statutory-basis financial statements.

● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the statutory-basis financial statements.

● Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.

MTL - 3

**Report on Supplemental Schedules**

Our 2025 audit was conducted for the purpose of forming an opinion on the 2025 statutory-basis financial statements as a whole. The supplemental schedule of investment risk interrogatories, the supplemental summary investment schedule, and the supplemental schedule of selected financial data and the supplemental schedule of Reinsurance Contracts with Risk-Limiting Features as of and for the year ended December 31, 2025, are presented for purposes of additional analysis and are not a required part of the 2025 statutory-basis financial statements. These schedules are the responsibility of the Company's management and were derived from and relate directly to the underlying accounting and other records used to prepare the statutory-basis financial statements. Such schedules have been subjected to the auditing procedures applied in our audit of the 2025 statutory-basis financial statements and certain additional procedures, including comparing and reconciling such schedules directly to the underlying accounting and other records used to prepare the statutory-basis financial statements or to the statutory-basis financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, such schedules are fairly stated in all material respects in relation to the 2025 statutory-basis financial statements as a whole.

/s/ Deloitte & Touche llp

March 24, 2026

MTL - 4

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus<br> December 31, 2025 and 2024**

**(In millions, except share data)**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **ADMITTED ASSETS** |  |  |
| Bonds | $24629 | $21028 |
| Preferred stocks | 51 | 28 |
| Common stocks - unaffiliated | 73 | 76 |
| Mortgage loans | 6760 | 6423 |
| Real estate | 1 | 43 |
| Cash, cash equivalents and short-term investments | 1394 | 1770 |
| Contract loans | 1163 | 1223 |
| Derivative assets | 125 | 301 |
| Other invested assets | 2132 | 1922 |
| &nbsp;&nbsp;&nbsp;Total cash and invested assets | 36328 | 32814 |
| Investment income due and accrued | 278 | 232 |
| Premiums and annuity considerations deferred and uncollected | 409 | 416 |
| Net deferred tax assets | 110 | 126 |
| Other assets | 1573 | 1283 |
| &nbsp;&nbsp;&nbsp;Total assets excluding separate accounts | 38698 | 34871 |
| Separate account assets | 33038 | 27820 |
| &nbsp;&nbsp;&nbsp;**Total Admitted Assets** | $71736 | $62691 |
| **LIABILITIES AND CAPITAL AND SURPLUS** |  |  |
| **LIABILITIES** |  |  |
| Reserves for life and health insurance and annuity contracts | $14175 | $13974 |
| Liability for deposit-type contracts | 14844 | 12542 |
| Dividends due to policyholders | 122 | 141 |
| Interest maintenance reserve | 198 | 248 |
| Other policy liabilities | 1024 | 710 |
| Asset valuation reserve | 617 | 493 |
| Derivative liabilities | 139 | 8 |
| Payable for collateral under securities loaned and other transactions | 1315 | 1707 |
| Funds held under reinsurance treaties | 1713 | 978 |
| Other liabilities | 2309 | 1877 |
| &nbsp;&nbsp;&nbsp;Total liabilities excluding separate accounts | 36456 | 32678 |
| Separate account liabilities | 33038 | 27766 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 69494 | 60444 |
| **CAPITAL AND SURPLUS** |  |  |
| Capital stock (par value $2,000 per share, 4,000 shares authorized of which 1,000 shares are issued and outstanding) | 3 | 3 |
| Paid-in surplus | 1194 | 1194 |
| Unassigned surplus (deficit) | 1045 | 1050 |
| &nbsp;&nbsp;&nbsp;**Total Capital and Surplus** | 2242 | 2247 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities and Capital and Surplus** | $71736 | $62691 |

---

See accompanying notes to statutory financial statements

MTL - 5

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Statutory Statements of Operations and Changes in Capital and Surplus<br> For the Years Ended December 31, 2025 and 2024**

**(In millions)**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **INCOME** |  |  |
| Premiums and annuity considerations | $(676) | $5560 |
| Considerations for supplementary contracts | (1) | 28 |
| Net investment income | 1579 | 1390 |
| Reserve adjustment on reinsurance ceded | 8844 | 2058 |
| Other income (loss) | 1044 | 796 |
| &nbsp;&nbsp;&nbsp;TOTAL INCOME | 10790 | 9832 |
| **BENEFITS AND EXPENSES** |  |  |
| Benefit payments (other than dividends) | 4629 | 4088 |
| Changes to reserves, deposit-type funds and other policy liabilities | 755 | 1332 |
| Insurance expenses and taxes (other than federal income and capital gains taxes) | 365 | 352 |
| Net transfers to (from) separate accounts | 4266 | 3508 |
| &nbsp;&nbsp;&nbsp;Total benefits and expenses before dividends to policyholders and federal income tax | 10015 | 9280 |
| &nbsp;&nbsp;&nbsp;Gain (loss) from operations before dividends to policyholders and federal income tax | 775 | 552 |
| Dividends to policyholders | 104 | 125 |
| &nbsp;&nbsp;&nbsp;Gain (loss) from operations before federal income tax | 671 | 427 |
| Federal income tax expense (benefit) (excluding income tax on capital gains and losses) | 123 | 68 |
| &nbsp;&nbsp;&nbsp;Gain (loss) from operations | 548 | 359 |
| Net realized capital gains (losses), net of federal income tax and transfers to interest maintenance reserve | (20) | 2 |
| &nbsp;&nbsp;&nbsp;**NET INCOME (LOSS)** | 528 | 361 |
| **CHANGES IN CAPITAL AND SURPLUS** |  |  |
| Change in General Account net unrealized capital gains (losses) | (5) | (70) |
| Change in net deferred income tax | (77) | 14 |
| Change in nonadmitted assets | (37) | 8 |
| Change in asset valuation reserve | (124) | (42) |
| Change in surplus as a result of reinsurance | 441 | (5) |
| Dividends to stockholder | (760) | (373) |
| Change in surplus notes |  | (107) |
| Other - net | 29 |  |
| **NET CHANGE IN CAPITAL AND SURPLUS** | (5) | (214) |
| **CAPITAL AND SURPLUS AT BEGINNING OF YEAR** | 2247 | 2461 |
| **CAPITAL AND SURPLUS AT END OF YEAR** | $2242 | $2247 |

---

See accompanying notes to statutory financial statements

MTL - 6

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Statutory Statements of Cash Flow**

**For the Years Ended December 31, 2025 and 2024**

**(In millions)**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **CASH FROM OPERATIONS** |  |  |
| Premiums and annuity considerations, net of reinsurance, received | $5901 | $6398 |
| Net investment income received | 1309 | 1205 |
| Other income (loss) received | 1115 | 776 |
| &nbsp;&nbsp;&nbsp;Total receipts | 8325 | 8379 |
| Benefits paid (other than dividends) | 4651 | 5062 |
| Insurance expenses and taxes paid (other than federal income and capital gains taxes) | 450 | 371 |
| Net transfers to (from) separate accounts | 1893 | 1739 |
| Dividends paid to policyholders | 123 | 128 |
| Federal income tax paid (recovered) (net of tax on capital gains and losses) | 226 | 86 |
| &nbsp;&nbsp;&nbsp;Total payments | 7343 | 7386 |
| &nbsp;&nbsp;&nbsp;**Net cash provided by (used in) operations** | 982 | 993 |
| **CASH FROM INVESTMENTS** |  |  |
| Proceeds from invested assets sold, matured or repaid | 7043 | 4570 |
| Cost of invested assets acquired | (10559) | (7814) |
| Net change in contract loans | 61 | 92 |
| &nbsp;&nbsp;&nbsp;**Net cash provided by (used in) investments** | (3455) | (3152) |
| **CASH FROM FINANCING AND OTHER SOURCES** |  |  |
| Dividends to stockholder | (760) | (373) |
| Net change in deposit-type contracts | 2303 | 2370 |
| Surplus notes |  | (107) |
| Net change in payable for collateral under securities loaned and other transactions | 393 | 119 |
| Other-net | 161 | (5) |
| &nbsp;&nbsp;&nbsp;**Net cash provided by (used in) financing and other sources** | 2097 | 2004 |
| &nbsp;&nbsp;&nbsp;**NET CHANGE IN CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS** | (376) | (155) |
| **CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS:** |  |  |
| **BEGINNING OF YEAR** | 1770 | 1925 |
| **END OF YEAR** | $1394 | $1770 |

---

See accompanying notes to statutory financial statements

MTL - 7

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Statutory Statements of Cash Flow**

**For the Years Ended December 31, 2025 and 2024**

**(In millions)**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION FOR NON-CASH TRANSACTIONS:** |  |  |
| Transfer of assets to separate accounts from affiliate(s) | $2256 | $— |
| Transfer of assets under reinsurance agreement | $690 | $— |
| Transfer of assets to securities from a third party - bonds | $294 | $297 |
| Seed money transfer from separate accounts | $55 | $— |
| Capitalized interest on bonds | $51 | $30 |
| RGA pass through expense - net investment income | $40 | $40 |
| RGA pass through expense - interest credited to reinsurer | $38 | $39 |
| Bond exchanges with affiliate(s) | $20 | $26 |
| Transfer of assets from / to separate accounts | $— | $55 |
| Transfer of assets to separate accounts from a third party- bonds | $— | $1513 |
| Collateral loan received in exchange for private equity | $— | $67 |

---

MTL - 8

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements**

**For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

**Note 1 – Summary of Significant Accounting Policies**

**Throughout the following document, certain terms, abbreviations and acronyms are utilized and are defined below.**

---

| | |
|:---|:---|
| **Listing of Defined Terms** | **Listing of Defined Terms** |
| ABS | Asset-backed securities |
| Act | The Investment Company Act of 1940 |
| Annual Statement | Statutory Annual Statement blank filed annually with the NAIC and/or state insurance departments |
| ASU | Accounting Standard Update |
| AVR | Asset valuation reserve |
| BACV | Book Adjusted Carrying Value |
|  | A hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or |
| CF hedge | liability |
| CAMT | A 15-percent book minimum tax or Corporate Alternative Minimum Tax |
| CLO | Collateralized loan obligations |
| Code | Nebraska Insurance Law |
| COLI | Corporate-owned life insurance |
| Commissioner | Director of the Nebraska Department of Insurance |
| Company | Metropolitan Tower Life Insurance Company |
| Contributors | The Company and various affiliates |
| CARVM | Commissioners' Annuity Reserve Valuation Method |
| CMBS | Commercial mortgage-backed securities |
| DCF | Discounted cash flow |
| Department | Nebraska Department of Insurance |
| Domiciliary State | State of Nebraska |
| Domiciliary State SAP | NAIC SAP as modified by the Department |
| DTAs | Deferred Tax Assets |
| DTLs | Deferred Tax Liabilities |
| EDP | Electronic data processing equipment |
| FV hedge | A hedge of the estimated fair value of a recognized asset or liability |
| Farmer Mac | Federal Agriculture Mortgage Corporation |
| FHLB | Federal Home Loan Bank of New York |
| FWH | Funds withheld |
| GAAP | Accounting principles generally accepted in the United States of America |
| ICO | Issuer Credit Obligations |
| IFRS | International Financial Reporting Standards |
| IMA | Investment Management Agreement |
| IMR | Interest Maintenance Reserve |
| INT | Interpretation |
| IRC | Internal Revenue Code of 1986, as amended |
| ISDA | International Swaps and Derivatives Associations, Inc. |
| IRS | Internal Revenue Service |
| LLC | Limited liability company |
| LOC | Letters of credit |
| MBS | Mortgage-Backed Securities |
| MODCO | Modified coinsurance |
| Moody's | Moody's Investors Service |
| MSA | Master Service Agreement |
| MSFA | Master Services and Facilities Agreement |
| NAIC | National Association of Insurance Commissioners |
| NAIC SAP | NAIC Statutory Accounting Principles |

---

MTL - 9

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

---

| | |
|:---|:---|
| **Listing of Defined Terms** | **Listing of Defined Terms** |
| NAV | Net asset value |
| OTTI | Other-than-temporary impairments |
| OTC | Over-the-counter |
| OTC-bilateral | OTC derivatives between two counterparties |
| OTC-cleared | OTC derivatives are cleared and settled through central clearing counterparties |
| PIK | Paid in kind |
| RBC | Risk-based capital |
| Residuals | Collectively referring to residual interests or residual security tranche |
| RMBS | Residential mortgage-backed securities |
| RSATs | Replication synthetic asset transactions |
| SCA | Subsidiary, controlled and affiliated |
| SSAP | Statement of Statutory Accounting Principles |
| S&P | Standard and Poor's Global Ratings |
| SVO | Securities Valuation Office |
| TSA | Tax sharing agreement |
| U.K. | United Kingdom |
| U.S. | United States of America |

---

---

| | |
|:---|:---|
| **Defined Entities** | **Defined Entities** |
| Brighthouse NY | Brighthouse Life Insurance Company of NY (formerly known as First MetLife Investors Insurance Company) |
| Chariot Re | Chariot Reinsurance, Ltd. |
| GALIC | General American Life Insurance Company |
| GWLAIC | Great West Life and Annuity Insurance Company |
| MACI | MetLife Assignment Company, Inc. |
| MCPP | MetLife Core Plus Partners, LLC |
| MCPPO | MCPP Owners, LLC |
| MetLife | MetLife, Inc. |
| MIM | MetLife Investment Management, LLC |
| MLIC | Metropolitan Life Insurance Company |
| MLIDC | MetLife Investors Distribution Company |
| MLG | MetLife Group, Inc. |
| MRH | MetLife Reinsurance Company of Hamilton, Ltd. |
| Missouri Re | Missouri Reinsurance, Inc. |
| MSS | MetLife Services and Solutions, LLC |
| MTL | Metropolitan Tower Life Insurance Company |
| Paragon | Paragon Life Insurance Company |
| SELIC | Security Equity Life Insurance Company |

---

---

| | |
|:---|:---|
| **Listing of Defined SSAP's** | **Listing of Defined SSAP's** |
| A-791 | A-791, *Life and Health Reinsurance Agreements* |
| AG 43 | Actuarial Guideline XLIII, *CARVM For Variable Annuities* |
| INT 23-01 | INT 23-01, *Net Negative (Disallowed) IMR* |
| SSAP 1 | SSAP No. 1, *Accounting Policies, Risks & Uncertainties, and Other Disclosures* |
| SSAP 2 | SSAP No. 2, *Cash, Cash Equivalents, Drafts and Short-Term Investments* |
| SSAP 5 | SSAP No. 5, *Liabilities, Contingencies and Impairments of Assets* |
| SSAP 7 | SSAP No. 7, *Asset Valuation Reserve and Interest Maintenance Reserve* |
| SSAP 21 | SSAP No. 21, *Other Admitted Assets* |
| SSAP 26 | SSAP No. 26, *Bonds* |
| SSAP 34 | SSAP No. 34, *Investment Income Due and Accrued* |
| SSAP 43 | SSAP No. 43, *Asset-Backed Securities* |
| SSAP 48 | SSAP No. 48, *Joint Ventures, Partnerships and Limited Liability Companies* |
| SSAP 61 | SSAP No. 61, *Life, Deposit-Type and Accident and Health Reinsurance* |
| SSAP 86 | SSAP No. 86, *Derivatives* |

---

MTL - 10

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

---

| | |
|:---|:---|
| **Listing of Defined SSAP's** | **Listing of Defined SSAP's** |
| SSAP 93 | SSAP No. 93, *Investments in Tax Credit Structures* |
| SSAP 94 | SSAP No. 94, *State and Federal Tax Credits* |
| SSAP 97 | SSAP No. 97, *Investments in Subsidiary, Controlled and Affiliated Entities* |
| SSAP 101 | SSAP No. 101, *Income Taxes* |
| VM-21 | Section 21 of the Valuation Manual for Principle Based Reserves |

---

***Business***

The Company is a wholly-owned subsidiary of MetLife, a Delaware corporation. The Company is domiciled in Nebraska and is licensed to transact insurance business in, and is subject to regulation by, all 50 states and the District of Columbia, Canada and Puerto Rico. The Company is actively selling to institutional customers a broad range of annuity and investment products, including guaranteed investment contracts and other stable value products, pension risk transfer products, including U.K. longevity reinsurance and funded reinsurance and structured settlements and certain products to fund company-, bank-or trust-owned life insurance used to finance nonqualified benefit programs for executives. The Company no longer markets individual annuities, variable and universal life insurance, and traditional life insurance to individuals.

Since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a stand-alone entity.

***Basis of Presentation***

The accompanying financial statements have been prepared on the basis of accounting practices prescribed or permitted by the Department. The Department requires that insurance companies domiciled in their state prepare their statutory financial statements in accordance with the NAIC SAP as modified by the Department. NAIC SAP adjusted for those differences is referred to in these statutory financial statements as Domiciliary State SAP.

MTL - 11

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

Reconciliations of the Company's net income (loss) for the years ended December 31 and capital and surplus at December 31 between Domiciliary State SAP and NAIC SAP are shown below:

---

| | | | |
|:---|:---|:---|:---|
|  | | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **SSAP**<br>**Number** | **2025** | **2024** |
| Net income (loss), NE SAP |  | $528 | $361 |
| State prescribed practices: NONE |  |  |  |
| State permitted practices: |  |  |  |
| &nbsp;&nbsp;&nbsp;Private Placement Variable Life Stable Value <sup>(1)</sup> | 5156 | 10 | 2 |
| &nbsp;&nbsp;&nbsp;Reinsurance Capital Gains (Losses) Reclass <sup>(2)</sup> | 61 | 29 |  |
| Net income, NAIC SAP |  | $567 | $363 |
|  |  | **December 31,** | **December 31,** |
|  |  | **2025** | **2024** |
| Statutory capital and surplus, NE SAP |  | $2242 | $2247 |
| State prescribed practices: NONE |  |  |  |
| State permitted practices: |  |  |  |
| &nbsp;&nbsp;&nbsp;Private Placement Variable Life Stable Value <sup>(1)</sup> | 5156 | 2 | (8) |
| Statutory capital and surplus, NAIC SAP |  | $2244 | $2239 |

---

<sup>(1)</sup> For private placement variable life insurance stable value wrap reserves, under NAIC SAP, reserves are computed under the NAIC model standard valuation. For Domiciliary SAP, private placement variable life insurance stable value wrap reserves are computed in accordance with a permitted practice approved by the Department.

<sup>(2)</sup> Under NAIC SAP, the ceding company's reinsurance activities are presented within the Statement of Operations. For Domiciliary SAP, the reinsurance settlement activities related to unrealized capital gains and losses generated by investment activities are presented as a direct increase/decrease to surplus in accordance with a permitted practice approved by the Department.

The Company's RBC would not have triggered a regulatory event without the use of the state prescribed practices referenced in the table above.

Domiciliary State SAP comprises a basis of accounting which differs from GAAP. The more significant differences are as follows:

● Financial statements of subsidiaries and other controlled entities, including those of partnerships and joint ventures, certain separate accounts, and variable interest entities for which the Company is deemed to be the primary beneficiary, are not consolidated with the financial statements of the Company under Domiciliary State SAP; whereas under GAAP consolidated financial statements are required.

● Certain assets designated as nonadmitted assets are excluded from the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus by direct charges to unassigned surplus (deficit). The most significant nonadmitted assets include a portion of DTAs and premiums due and unpaid, whereas under GAAP, all applicable asset values are admitted.

● Amounts relating to the assets and liabilities of the Company's former Canadian operations are presented in Canadian dollars in the accompanying statutory financial statements. Net assets from Canadian operations are translated into U.S. dollars using year-end exchange rates. The corresponding adjustment is reflected in liabilities; and the unrealized gain or loss is included in surplus. Under GAAP, the amounts relating to the Company's Canadian operations are presented in U.S. dollars.

MTL - 12

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

● Investments in bonds and redeemable preferred stocks are generally carried at amortized cost under Domiciliary State SAP. Under GAAP, the Company accounts for investments in bonds and redeemable preferred stocks in one of three classifications: those classified as held-to- maturity are carried at amortized cost; those classified as available-for-sale are carried at estimated fair value with changes in estimated fair value recorded as a component of equity; and those for which fair value option has been elected, where assets are carried at estimated fair value with changes in estimated fair value recorded through earnings.

● The cost basis of investments in impaired bonds, that don't have an intent to sell, is reduced for the impairment in value and is not adjusted for subsequent recoveries in value. Under GAAP, the cost basis of impaired available-for-sale bonds that don't have the intent to sell, is not reduced. Rather, these bonds are reported net of an allowance for credit loss. The carrying value of impaired available-for-sale bonds is increased for subsequent improvements in the estimated recoverable value through a reduction in the allowance for credit loss.

● Investments in unaffiliated common stocks are generally carried at estimated fair value or NAV with changes to unrealized gains and losses recorded directly to surplus, while under GAAP, changes in unrealized gains and losses are recorded in net income.

● Investments in mortgage loans that are impaired are reported at the estimated fair value of the underlying collateral less estimated costs to obtain and sell such collateral. If the estimated fair value of the impaired loan subsequently increases, the mortgage loan's carrying value may not be adjusted to reflect this increase in value for other-than-temporarily impaired loans; while for loans that are not other-than-temporarily impaired, the mortgage loan's carrying value may be adjusted to reflect this increase in value. Under GAAP, if the value of the impaired mortgage loan subsequently increases, the mortgage loan's carrying value may be adjusted to reflect this increase, through a decrease in a specific valuation allowance.

● Derivatives that meet the criteria for a highly effective hedge are valued and reported in a manner consistent with the hedged asset or liability, which is generally at amortized cost. Contracts that contain an embedded derivative are not bifurcated between components and are not separately recognized under Domiciliary State SAP. Derivatives that do not meet the criteria for hedge accounting are carried at estimated fair value with changes in their estimated fair value reported in changes in capital and surplus, except for: (i) income generation derivatives, which are carried at cost; (ii) derivatives used in RSATs, which are carried at amortized cost; and (iii) exchange- traded futures, which are carried at the amount of cash deposits outstanding. Under GAAP, in a CF hedge, the change in estimated fair value of the hedging derivative is credited or charged directly to a separate component of equity and is reclassified into earnings when the Company's earnings are affected by the variability in cash flows of the hedged item. In a FV hedge, changes in the estimated fair value of the hedging derivative and changes in the estimated fair value of the hedged item related to the designated risk being hedged are reported within earnings, together with any ineffectiveness. If a derivative is not designated as an accounting hedge or its use in managing risk does not qualify for hedge accounting, changes in the estimated fair value of the derivative are generally reported in net derivative gains (losses). An embedded derivative that is not clearly and closely related to the economic characteristics of the host contract and that meets certain other criteria is bifurcated from the host contract and accounted for separately at estimated fair value.

MTL - 13

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

● Investments in real estate joint ventures and other limited partnership interests are accounted for under the equity method of accounting; whereas under GAAP, these investments are consolidated or accounted for using the equity method when the Company has significant influence over the joint venture, otherwise the Company accounts for these investments at fair value, or the Company may elect the fair value option. Further, under Domiciliary State SAP, non-cash operating earnings are recorded in change in general account net unrealized gains (losses) and are realized when cash is received or when the Company has determined the unrealized loss is unrecoverable. Under GAAP, non-cash operating earnings for equity method investments in real estate joint ventures and other limited partnership interests are reported in earnings.

● Under Domiciliary State SAP, cash, cash equivalents and short-term investments in the statutory statements of cash flows represent cash balances and investments with remaining maturities at acquisition of one year or less; whereas under GAAP, the corresponding caption of cash and cash equivalents includes cash balances and investments with original maturities of three months or less.

● Negative cash is accounted for within the cash, cash equivalent and short-term investments financial statement line; whereas under GAAP it is reported as a liability.

● Domiciliary State SAP requires an amount to be recorded for deferred taxes based on temporary differences between Domiciliary State SAP and tax-basis reporting, however, the amount is charged or credited directly to unassigned surplus (deficit) and there are limitations as to the amount of deferred tax assets that may be reported as "admitted assets"; whereas under GAAP, a provision is made for deferred income tax on temporary differences between the financial reporting and tax bases of assets and liabilities.

● Certain reinsurance agreements are accounted for as reinsurance under both Domiciliary State SAP and GAAP if certain risk transfer provisions are met. The risk transfer provisions in GAAP differ from the risk transfer provisions under Domiciliary State SAP. Under GAAP, the reinsurer must assume significant insurance risk and have a reasonable possibility of realizing a significant loss from the transaction. Domiciliary State SAP requires the reinsurer to assume all of certain risks deemed to be significant, regardless of the significance of loss potential.

 Certain assets and liabilities as a result of ceded reinsurance transactions are netted under Domiciliary State SAP but are reported gross under GAAP. Ceding commissions received in conjunction with reinsurance transactions are reported as revenue under Domiciliary State SAP but are reported as a reduction of commission expense under GAAP.

● Gains on certain economic transactions with related parties, defined as arm's-length transactions, resulting in the transfer of risks and rewards of ownership and considered permanent, are recognized under Domiciliary State SAP rather than deferred until the assets are sold to third parties as required under GAAP.

● Certain separate account products are accounted for and classified differently under GAAP. See the separate accounts policy section within this note for more details.

● Insurance reserves are based on statutory mortality, morbidity and interest requirements without consideration of withdrawals and company experience, except reserves for variable annuities where assumptions are based on a mixture of prudent estimates and prescribed assumptions as of the valuation date; whereas under GAAP, reserving assumptions are generally based upon best estimates as of the valuation date, best estimates as of the valuation date the policy is issued, or the account value plus a reserve for additional benefits, that is based on current assumptions, for fund based products.

MTL - 14

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

● Policyholder dividends are recognized when declared, rather than over the term of the related policies under GAAP.

● An IMR is established to capture realized gains and losses, net of income tax, on the sale of certain interest sensitive investments, principally bonds and mortgage loans, resulting from changes in the general level of interest rates, and is amortized into net investment income over the remaining years to expected maturity of the assets sold; whereas under GAAP, gains and losses on disposal of available-for-sale bonds and mortgage loans are reported in earnings in the period that the assets are sold.

● An AVR liability is established, based upon a formula prescribed by the NAIC, to offset potential credit-related investment losses on all invested assets. Changes in the AVR are charged or credited directly to surplus. Under GAAP, no such reserve is required.

● The Company establishes a general valuation allowance when the amount of the mortgage loan loss contingency is greater than the mortgage component of the AVR. The amount recorded is the excess of the estimated incurred loss amount over the mortgage component of the AVR, with an offset to net unrealized capital gains (losses). Under GAAP, allowance for credit losses, which are based on estimated lifetime credit losses, are recorded as a reduction to net carrying value with an offset to realized gains and losses.

● A liability is established when the reserves ceded to an unauthorized reinsurer exceed the eligible collateral supporting the reserves. Changes to these amounts are credited or charged directly to unassigned surplus (deficit). Under GAAP, no such liability is required.

● Certain funds withheld amounts may contain amounts from embedded derivatives that are bifurcated from the host contract and accounted for separately at estimated fair value under GAAP. For Domiciliary State SAP embedded derivatives are not bifurcated between components and are not separately recognized.

● For loss contingencies, when no amount within management's estimate of the range is a better estimate than any other amount, the midpoint of the range is accrued; whereas under GAAP, the minimum amount in the range is accrued. In addition, the timing of recognition of certain costs related to loss contingencies may be different.

● Under Domiciliary State SAP, liabilities reported or disclosed at fair value do not incorporate the Company's non-performance risk, as they do in GAAP.

● Contracts that have any mortality and morbidity risk, regardless of significance, and contracts with life contingent annuity purchase rate guarantees are classified as insurance contracts and amounts received under these contracts are reported as revenue for Domiciliary State SAP; whereas under GAAP, for contracts that do not subject the Company to significant risks arising from mortality or morbidity, amounts received are reported as increases to policyholder account balances.

MTL - 15

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

● Policy acquisition costs are charged to expense as incurred under Domiciliary State SAP; whereas under GAAP, certain policy acquisition costs that are related directly to the successful acquisition or renewal of insurance contracts are deferred and amortized over a constant level basis for most long-duration products and in proportion to actual and expected future earned premiums for short-duration products.

● Certain items, including modifications to required policy reserves resulting from changes in reserve methodologies, are recorded directly to unassigned surplus (deficit); whereas under GAAP, these items are recorded in income.

● Surplus notes issued by the Company are reported as surplus under Domiciliary State SAP; whereas under GAAP, surplus notes are reported as liabilities. Interest expense on surplus notes is reported as a reduction of net investment income under Domiciliary State SAP; whereas under GAAP, interest expense on liabilities is recorded as an expense and not as a reduction of net investment income.

● Comprehensive income and its components are not presented in the statutory financial statements under Domiciliary State SAP; whereas under GAAP, this information is required to be presented.

***Reclassifications***

In the current period, the Company implemented a prospective reclassification on the Statement of Cash Flows. This change affects the current year presentation, to simplify and align with the NAIC Cash Flow Instructions. Prior period amounts continue to be presented as originally reported. The primary reclassifications included:

● Classifying derivatives on a gross basis with changes in derivative liabilities being presented under the financing section.

● Inclusion of unrealized and realized capital gains and foreign exchange on aggregate write-ins will be presented in the financing section instead of the investing section.

● Inclusion of foreign exchange for aggregate reserves will be classified within the operating section.

● Classification of short-term investments discounts and premiums amortization were previously netted within the investment section will now be classified within operating section.

***Use of Estimates***

The preparation of the statutory financial statements requires that management make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements. In applying these estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Management is also required to disclose contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from those estimates.

MTL - 16

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

***Investments***

Income from investments, including amortization of premium, accretion of discount and similar items, is recorded within net investment income, unless otherwise stated herein. The earnings on certain investments are dependent upon market conditions, which could result in prepayments and changes in amounts to be earned due to changing interest rates or equity markets. OTTI losses are recorded as realized capital losses, the cost basis of the investment is reduced, and the revised cost basis is not adjusted for subsequent recoveries in value.

Bonds are generally stated at amortized cost, unless they have a NAIC designation of 6, in which case they are stated at the lower of amortized cost or estimated fair value. Unrealized capital losses on bonds having a NAIC designation of 6 are charged directly to surplus. Interest and prepayment fees are recorded when earned. Amortization of premium or accretion of discount is calculated using the effective yield method taking into consideration specified interest and principal provisions over the life of the bonds. Amortization of premium or accretion of discount on ABS is calculated using the effective yield method. Amortization of premium or accretion of discount from the purchase of ABS considers the estimated timing and amount of prepayments of the underlying assets. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the prepayments originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for single class and multi-class ABS are estimated using inputs obtained from third party specialists and are based on management's knowledge of the current market. For asset-backed credit-sensitive securities and certain prepayment-sensitive securities, the effective yield is recalculated on a prospective basis. For all other ABS, the effective yield is recalculated on a retrospective basis.

The NAIC designation for certain ABS (non-agency RMBS and CMBS) that were issued prior to January 1, 2013 is based on the NAIC's security level modeled expected losses and the Company's statutory carrying value of the security. These designation methodologies result in certain ABS having two rating designations - an initial NAIC designation and a final NAIC designation, which may not be the same designation. In accordance with NAIC instructions, the initial NAIC designation was used for determining the carrying value of the security and the final NAIC designation was used for reporting in the Annual Statement and in preparing RBC calculations. ABS with an initial NAIC designation of 1 through 5 are stated at amortized cost. ABS with an initial NAIC designation of 6 are stated at the lower of amortized cost or estimated fair value.

Redeemable preferred stocks continue to be stated at amortized cost if they have an NAIC designation of 1 through 3, or at the lower of amortized cost or estimated fair value if they have an NAIC designation of 4 through 6. Unrealized capital gains or losses on preferred stocks are recorded directly to surplus. Amortization of premium or accretion of discount on preferred stocks is calculated using the effective yield method. Preferred stock dividends are recognized when declared.

Unaffiliated common stocks are stated at estimated fair value with changes in unrealized capital gains or losses recorded directly to surplus. FHLB common stock is carried at cost and is considered a restricted investment until redeemed by the respective FHLB regional banks. Unaffiliated common stock dividends are recognized when declared.

MTL - 17

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

Affiliated non-insurance company common stocks are carried at the amount of underlying GAAP equity stated in the respective entity's audited financial statements, with the Company's share of undistributed earnings and losses being recorded directly to surplus. Affiliated non-insurance company common stock dividends are recognized when declared to the extent they are not in excess of undistributed accumulated earnings.

The Company periodically evaluates bonds and stocks for impairment. The assessment of whether impairments have occurred is based on management's case-by-case evaluation of the underlying reasons for the decline in estimated fair value, as well as an analysis of the gross unrealized losses by severity and/or age, as described in Note 3 "— Evaluating Temporarily Impaired Bonds and Stocks for OTTI." Management considers a wide range of factors about the security issuer and uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and in assessing the prospects for near-term recovery. Inherent in management's evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. Considerations used in the impairment evaluation process include, but are not limited to: (i) the length of time and the extent to which the estimated fair value has been below cost or amortized cost; (ii) the potential for impairments when the issuer is experiencing significant financial difficulties; (iii) the potential for impairments in an entire industry sector or sub-sector; (iv) the potential for impairments in certain economically depressed geographic locations; (v) the potential for impairments where the issuer, series of issuers or industry has suffered a catastrophic type of loss or has exhausted natural resources; (vi) both the Company's intent to sell a security before the recovery of its estimated fair value and its intent and ability to hold the security for a period of time sufficient to allow for the recovery of its value to an amount equal to or greater than cost or amortized cost; (vii) unfavorable changes in forecasted cash flows on ABS; (viii) other subjective factors, including concentrations and information obtained from regulators and rating agencies and (ix) the potential for impairments due to weakening of foreign currencies on non-functional currency denominated securities that are near maturity.

The measurement of the OTTI loss for an ABS in an unrealized loss position when it is anticipated that the amortized cost basis will not be recovered is different than the measurement for all other classes of securities described above and is dependent upon the Company's intent to sell or intent and ability to hold the ABS, as described below. NAIC SAP requires that an OTTI loss be recognized in earnings for ABS in an unrealized loss position when it is anticipated that the amortized cost basis will not be recovered. In such situations, the OTTI loss recognized in earnings is the entire difference between the security's amortized cost and its estimated fair value when either: (i) the Company intends to sell the security or (ii) the Company does not have the intent and ability to retain the security for the time sufficient to recover the amortized cost basis. If neither of the two conditions exists, and the Company has the intent and ability to hold the security but does not expect to recover the entire amortized cost, the difference between the amortized cost basis of the security and the present value of projected future cash flows expected to be collected is recognized as an OTTI loss. The non-interest related portion of the OTTI loss is recorded through the AVR and the interest related portion is recorded through the IMR. The analysis for bifurcating impairment losses between AVR and IMR is completed when the OTTI is determined.

The determination of estimated fair values for securities and other investments is described in Note 2.

Mortgage loans are stated at unpaid principal balance, adjusted for any unamortized premium, discount, or deferred fees, and are net of valuation allowances. Interest income and prepayment fees are recorded when earned. Interest income is accrued on the principal amount of the loan based on the loan's contractual interest rate. Amortization of premium and accretion of discount are recorded using the effective yield method. Gains and losses from sales of mortgage loans are recorded in net realized capital gains (losses).

MTL - 18

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

Mortgage loans are considered to be impaired when it is probable, based upon current information and events, that the Company will be unable to collect all amounts due under the loan agreement. Valuation allowances are established both on a loan specific basis and, in certain circumstances, described below, for pools of loans. Valuation allowances are determined separately for each of the loan portfolio segments: commercial, agricultural and residential. In conjunction with the valuation allowance process, management identifies mortgage loans to be placed on a nonaccrual status at which time the Company recognizes income on the cash method.

Specific valuation allowances are established using the same methodology for all three portfolio segments and a common evaluation framework is used for establishing general valuation allowances for all loan portfolio segments; however, a separate general valuation allowance is calculated and maintained for each loan portfolio segment that is based on inputs that are unique to each loan portfolio segment. The Company records specific valuation allowances for impaired commercial and agricultural mortgage loans when it is probable that based upon current information and events, the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. Based on the facts and circumstances of the individual mortgage loan being impaired, loan specific valuation allowances are established for the excess carrying value of the mortgage loan over the estimated fair value of the loan's underlying collateral (as determined by acceptable appraisal methodologies) less estimated costs to obtain and sell such collateral. If the impairment is considered other-than-temporary, the charge is reported within net realized capital gains (losses) and is not changed for subsequent recoveries in value of the collateral. If the impairment is not considered other-than-temporary the charge is reported within net unrealized capital gains (losses) and, if there is a subsequent change in the net value of the collateral, the valuation allowance is adjusted up or down and is adjusted through net unrealized capital gains (losses). General valuation allowances are established for loan losses when a loss has been incurred. A loss has been incurred when, based on experience, it is probable that a credit loss has occurred and the amount of credit loss can be reasonably estimated. Loan loss rates, which vary by internal risk rating, are applied to the amortized cost of each loan, excluding accrued investment income, on a quarterly basis to develop the general valuation allowance. Internal risk ratings are based on an assessment of the loan's credit quality, which can change over time. The loan loss rates are based on several loan portfolio segment-specific factors, including (i) the Company's experience with defaults and loss severity, (ii) expected default and loss severity, (iii) economic conditions including growth, inflation, interest rates and unemployment levels, (iv) loan specific characteristics including loan-to-value ratios, and (v) internal risk ratings. These evaluations are revised as conditions change and new information becomes available. The Company uses its several decades of historical default and loss severity experience which capture multiple economic cycles. The general valuation allowance is established when the amount of the expected incurred loss is greater than the mortgage component of the AVR, and the amount recorded is the excess of the expected incurred loss amount over the mortgage component of the AVR. If the mortgage component of the AVR is greater than the expected incurred loss amount, no general valuation allowance is recorded. Changes in the general valuation allowance are included in change in general account net unrealized capital gains (losses) which are credited or charged directly to surplus.

MTL - 19

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

All commercial mortgage loans are monitored on an ongoing basis, which may include an analysis of the property's financial statements and rent rolls, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, loan-to-value ratios, debt service coverage ratios and tenant creditworthiness. The monitoring process for commercial mortgage loans focuses on higher-risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher loan-to-value and lower debt service coverage ratios. Agricultural mortgage loans are monitored on an ongoing basis, which review includes but is not limited to property inspections, market analysis, estimated valuations of the underlying collateral, loan-to-value ratios and borrower creditworthiness, as well as reviews on a geographic and property-type basis. The monitoring process for agricultural mortgage loans also focuses on higher-risk loans. Higher risk commercial and agricultural mortgage loans are reviewed individually on an ongoing basis for potential credit loss and specific valuation allowances are established using the methodology described above for all mortgage loan portfolio segments. Quarterly, the remaining mortgage loans are reviewed on a pool basis, by aggregating groups of loans that have similar risk characteristics for potential credit loss. General valuation allowances are established as described above using inputs that are unique to each segment of the mortgage loan portfolio.

For commercial mortgage loans, the primary credit quality indicator is the debt service coverage ratio, which compares a property's net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the debt service coverage ratio, the higher the risk of experiencing a credit loss. The Company also reviews the loan-to-value ratio of its commercial mortgage loan portfolio. Loan-to-value ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the loan-to-value ratio, the higher the risk of experiencing a credit loss. The debt service coverage ratio and the values utilized in calculating the ratio are updated annually on a rolling basis, with a portion of the mortgage loan portfolio updated each quarter. In addition, the loan-to-value ratio is routinely updated for all but the lowest risk loans as part of the Company's ongoing review of its commercial mortgage loan portfolio.

For agricultural mortgage loans, the Company's primary credit quality indicator is the loan-to-value ratio. The values utilized in calculating this ratio are developed in connection with the ongoing review of the agricultural mortgage loan portfolio and are routinely updated.

For evaluations of residential mortgage loans, they are pooled by loan type (i.e., new origination and reperforming) and by similar risk profiles (including consumer credit score and loan-to-value ratios). The key inputs into the estimated incurred losses include (i) industry historical experience and expected results over the forecast period for defaults, (ii) loss severity, (iii) prepayment rates, (iv) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, and (v) loan pool specific characteristics including consumer credit scores, loan-to-value ratios, payment history and home prices. These evaluations are revised as conditions change and new information becomes available. The Company uses industry historical experience, which captures multiple economic cycles as the Company has purchased most of its residential mortgage loans in the last five years. General valuation allowances are established using the evaluation framework described above for pools of mortgage loans with similar risk characteristics from inputs that are unique to the residential segment of the loan portfolio. Mortgage loan specific valuation allowances are typically not established on residential mortgage loans, but residential mortgage loans may be impaired as a result of troubled debt restructurings.

For residential mortgage loans, the Company's primary credit quality indicator is whether the loan is performing or nonperforming. The Company generally defines nonperforming residential mortgage loans as those that are 60 or more days past due and/or in nonaccrual status which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss.

MTL - 20

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

The Company may grant concessions related to the borrowers' financial difficulties which are classified as troubled debt restructurings. Generally, the types of concessions include reduction of the contractual interest rate, extension of the maturity date at an interest rate lower than current market interest rates, and/or a reduction of accrued interest. The amount, timing and extent of the concession granted is considered in determining any impairment or changes in the specific valuation allowance recorded in connection with the troubled debt restructuring. Through the continuous portfolio monitoring process, a specific valuation allowance may have been recorded prior to the period when the mortgage loan is modified in a troubled debt restructuring. Accordingly, the carrying value (after specific valuation allowance) before and after modification through a troubled debt restructuring may not change significantly or may increase if the expected recovery is higher than the pre-modification recovery assessment.

Investments in real estate are stated at depreciated cost, net of non-recourse debt. Depreciation, a component of net investment income, is calculated on a straight-line basis over a period not to exceed 50 years. Rental income is recognized on a straight-line basis over the term of the respective leases. Real estate held-for-investment is reviewed for impairments whenever events or circumstances and current estimated fair values, indicate the carrying amount of the asset may not be recoverable. For real estate investments whose carrying values are greater than estimated fair value, and, for which carrying values are greater than undiscounted cash flows, the investments are written down to their estimated fair value. Impairment losses are based upon the estimated fair value of real estate, which is generally computed using either: (i) the present value of projected future cash flows from the real estate discounted at a rate commensurate with the underlying risks or (ii) the estimated net sales proceeds. Real estate acquired upon foreclosure of mortgage loans is recorded at the lower of estimated fair value of the real estate or the carrying value of the mortgage loan at the date of foreclosure.

Cash equivalents, which are short-term, highly liquid securities and other investments with original maturities of three months or less at date of purchase are generally stated at amortized cost or NAV, which approximates estimated fair value.

Short-term investments include securities and other investments with remaining maturities of one year or less, but greater than three months, at date of purchase and are generally stated at amortized cost, which approximates estimated fair value.

Contract loans are stated at unpaid principal balance. If the unpaid balance of the loan exceeds the cash surrender value or policy reserves, the excess of the unpaid balance of the loan over the cash surrender value is evaluated for collectability. If the amount is considered uncollectible, it is written off as a reduction of net investment income in the Statutory Statements of Operations and Changes in Capital and Surplus during the period it is determined to be uncollectible. Interest income on such contract loans is recorded as earned using the contractually agreed upon interest rate.

Other invested assets consist primarily of investments in LLCs, real estate joint ventures, other limited partnership interests, residual tranches and surplus notes. The significant accounting policies for the most significant components are as follows:

● Real estate joint ventures, other limited partnership interests, and LLCs are carried at the underlying audited GAAP equity (or audited IFRS equity for certain partnership interests), with the Company's share of undistributed earnings and losses included in net unrealized capital gains (losses) which is credited or charged directly to surplus.

MTL - 21

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

● The Company generally recognizes its share of the investee's earnings on a three-month lag in instances where the investee's financial information is not sufficiently timely or when the investee's reporting period differs from the Company's reporting period. Dividends or distributions received are recognized to the extent they are not in excess of undistributed accumulated earnings. Dividends and distributions in excess of undistributed accumulated earnings are recorded as a reduction to the carrying value of the investment. The Company also periodically evaluates the partnerships' unrealized losses for recoverability. In addition to the partnerships performing regular evaluations for the impairment of underlying investments, the Company routinely evaluates these investments for impairment. The Company considers financial and other information provided by such entities, other known information and inherent risks in the underlying investments, as well as future capital commitments, in determining whether an impairment has occurred.

● The Company regularly reviews residual values and impairs them to expected values when an impairment has occurred.

● Investments in surplus notes and revolving lines of credit are carried at amortized cost. Interest income is recognized on notes using an effective yield method giving effect to amortization of premium and accretion of discount. Interest income is recognized on surplus notes using an effective yield method giving effect to amortization of premium and accretion of discount, once approved by the issuer's Commissioner. Investments in qualifying tax credit structures are accounted for using the proportional amortized cost method.

● Collateral loans backed by investments in warehouse loans are carried at amortized cost, less valuation allowances and those backed by affiliated LLCs are recorded based on the underlying adjusted statutory equity of the respective entity's financial statements.

***Securities Lending Program***

The Company accounts for securities lending transactions as financing arrangements and the associated liability is recorded at the amount of cash received. The securities loaned or sold under these agreements are included in invested assets. Income and expenses associated with securities lending transactions are reported in the accompanying Statutory Statements of Operations and Changes in Capital and Surplus as investment income and investment expense, respectively, within net investment income.

The Company enters into securities lending transactions, whereby securities are loaned to unaffiliated financial institutions. The Company obtains collateral at inception of the loan, usually cash, in an amount generally equal to 102% of the estimated fair value of the securities loaned and maintains it at a level greater than or equal to 100% for the duration of the loan. Securities loaned under such transactions may be sold or repledged by the transferee. The Company is liable to return to the counterparties the cash collateral received. Security collateral on deposit from counterparties in connection with securities lending transactions may not be sold or re-pledged unless the counterparty is in default and is not reflected in the accompanying Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus. The Company monitors the ratio of the collateral held to the estimated fair value of securities loaned on a daily basis and additional collateral is obtained as necessary throughout the duration of the loan.

MTL - 22

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

***Derivatives***

The Company may be exposed to various risks relating to its ongoing business operations, including interest rate risk, foreign currency exchange rate risk, credit risk and equity market risk. The Company uses a variety of strategies to manage these risks, including the use of derivatives.

Derivatives are financial instruments whose values are derived from interest rates, foreign currency exchange rates, credit spreads or other financial indices. Derivatives may be exchange-traded or contracted in the OTC market. Certain of the Company's OTC derivatives are OTC-cleared, while others are OTC-bilateral. The Company uses a variety of derivatives, including swaps, forwards and options to manage risks that may include interest rate risk, foreign currency exchange rate risk, credit risk and equity market risk. Derivative hedges are designed to reduce risk on an economic basis while considering their impact on accounting results and statutory capital. To a lesser extent, the Company uses credit derivatives in RSATs to synthetically replicate investment risks and returns which are not readily available in the cash market.

Domiciliary State SAP restricts the Company's use of derivatives to: (i) hedging activities intended to offset changes in the estimated fair value of assets held, obligations and anticipated transactions; (ii) income generation transactions to generate additional income or return on covering assets; and (iii) RSATs to reproduce the investment characteristics of otherwise permissible investments. The Company is prohibited from using derivatives for speculation. OTC derivatives are carried on the Company's Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus either as derivative assets or derivative liabilities.

The Company does not offset the values recognized for derivatives executed with the same counterparty under the same master netting agreement. This policy applies to the recognition of derivative assets and derivative liabilities in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus.

To qualify for hedge accounting under SSAP 86, the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge as either: (i) FV hedge; or (ii) CF hedge. In its hedge documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument's effectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and at least quarterly throughout the life of the designated hedging relationship.

The Company may hold cash flow and fair value derivatives that hedge various assets and liabilities including bonds, mortgage loans, guaranteed interest contracts and liability portfolios; the derivatives that hedge those assets and liabilities are valued in a manner consistent with the underlying hedged item, if the derivatives meet the criteria for highly effective hedges. Bonds that have an NAIC designation of 1 through 5 are carried at amortized cost; therefore, the derivatives hedging such bonds are also carried at amortized cost. Bonds that have an NAIC designation of 6 are carried at the lower of amortized cost or estimated fair value; therefore, the derivatives hedging such bonds are also carried at the lower of amortized cost or estimated fair value. Mortgage loans are carried at amortized cost; therefore, the derivatives hedging mortgage loans are also carried at amortized cost. Any hedged liabilities of the Company are carried at amortized cost; therefore, the derivatives hedging liabilities are also carried at amortized cost. Effective foreign currency swaps have a foreign currency adjustment reported in capital and surplus pursuant to SSAP 86 by using the same procedures as used to translate the hedged item.

MTL - 23

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

The Company discontinues hedge accounting prospectively when: (i) it is determined that the derivative is no longer highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item; (ii) the derivative expires or is sold, terminated or exercised; (iii) it is no longer probable that the hedged forecasted transaction will occur; or (iv) the Company removes the designation of the hedge.

When hedge accounting is discontinued because it is determined that the derivative is not highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative is carried at its estimated fair value with changes in estimated fair value reported in change in general account net unrealized capital gains (losses).

Upon termination of a derivative that qualified for hedge accounting, the gain or loss is reflected as an adjustment to the basis of the hedged item and is recognized in income consistent with the hedged item. If the hedged item is sold, the gain or loss on the derivative is realized but is subject to the IMR.

To the extent the Company does not designate a derivative for hedge accounting, the derivative is carried at estimated fair value, with changes in estimated fair value reported in change in general account net unrealized capital gains (losses).

The Company carries RSATs at amortized cost. Upon termination of an RSAT, the gain or loss on the derivative is realized but is subject to the IMR.

Cash received or paid representing interest on derivative instruments is reported in cash from operations in the Statutory Statements of Cash Flows, within net investment income received. Cash paid in connection with the inception of a derivative instrument contract (i.e., cash premiums paid for the acquisition of new on-market derivatives) is reported in cash from investments, under cost of invested assets acquired. Cash received in connection with the inception of a derivative instrument contract (i.e. cash premiums received for written options) is reported in cash from financing and other sources, under other-net. Cash received in connection with the termination of a derivative instrument contract (including prior to or at maturity) is reported in cash from investments, under proceeds from invested assets sold, matured or repaid. Cash paid in connection with the termination of a derivative instrument contract (including prior to or at maturity) is reported in cash from financing and other sources, under other-net. Cash amounts received or paid at termination of a derivative reflect the fair value of the derivative at termination. The difference between fair value and any unamortized premium at termination is recognized in net realized capital gains (losses), net of federal income tax and transfers to IMR. Unrealized gains and losses from changes in value that occur prior to termination are not reflected in the Statutory Statements of Cash Flows.

***Other Assets***

At December 31, 2025 and 2024, other assets included amounts recoverable from reinsurers of $438 and $237, respectively, and current tax recoverable of $129 and $132, respectively.

MTL - 24

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

***Insurance Reserves and Annuity and Other Fund Reserves***

Reserves for permanent plans of individual life insurance sold after 1959, universal life plans and certain term plans sold after 1982 are computed principally on the Commissioners' Reserve Valuation Method. Reserves for other life insurance policies are computed on the Net Level Premium Method. Reserves for individual annuity contracts are computed on the Net Level Premium Method, the Net Single Premium Method, CARVM, AG 43, or VM-21, as appropriate. Reserves for group annuity contracts are computed on the Net Single Premium Method. The reserves are based on mortality, morbidity and interest rate assumptions prescribed by the Code. Such reserves are sufficient to provide for contractual surrender values.

Periodically, to reflect changes in circumstances or regulatory requirements, the Company may change the assumptions, methodologies or procedures used to calculate reserves. These changes in actuarial assumptions, methodologies and procedures, or changes in "valuation basis," are recorded as direct adjustments to surplus cumulatively in the accounting year applied, whereas generally, changes in reserves are reflected in net income.

Reserves for deposit-type contracts, which do not subject the reporting entity to any risks arising from policyholder mortality or morbidity, are equal to deposits received and interest credited to the benefit of contract holders, less fees and other charges assessed and surrenders or withdrawals that represent a return to the contract holders.

***Dividends Due to Policyholders***

Policyholder dividends are determined annually by the Company's Board of Directors. The aggregate amount of policyholder dividends is based on actual interest, mortality, morbidity and expense experience for the year, as well as management's judgment as to the appropriate level of statutory surplus to be retained by the Company.

***Asset Valuation Reserve and Interest Maintenance Reserve***

The Company has established an AVR and IMR for the general account and separate account investments, where required. An AVR is established for potential credit-related losses on applicable general account and separate account invested assets. Changes to the AVR are reported as direct additions to or deductions from surplus. An IMR is established for interest-related realized capital gains (losses) resulting from changes in the general level of interest rates for the general account investments, as well as any separate account investments, not carried at fair value. Transfers to the IMR are deducted from realized capital gains and losses and are net of related federal and foreign income tax. IMR amortization, as calculated under the Grouped Method as specified by Domiciliary State SAP, is included in net investment income. Net realized capital gains (losses) are presented net of federal and foreign income tax expense or benefit and IMR transfer.

MTL - 25

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

***Income***

In general, premiums are recognized as income when due from policyholders under the terms of the insurance contract.

Investment income is recognized as income when earned. The earnings on certain investments are dependent upon market conditions, which could result in prepayments and changes in amounts to be earned due to changing interest rates or equity markets. Dividends from subsidiaries are reported by the Company as earnings in the year the dividends are declared. Other income (loss) includes management and service fee income and net statutory strain on new pension risk transfer and term certain structured settlements.

***Benefits and Expenses***

Expenses, including policy acquisition costs and federal and foreign income tax, are charged to operations as incurred. Amounts received as payment for and amounts representing return of policyholder balances relating to deposit-type contracts are not reported as income or benefits but are recorded directly to the liability for deposit-type contracts.

The Company accrues for policyholder dividends and accounts for them under various methods dependent upon the dividend type. Cash option dividends are recognized when earned and paid in cash on the policy anniversary date. Reduced annual premium option dividends earned on the policy anniversary date are credited against the next premium due. Paid up additions option dividends earned on the policy anniversary date are applied to buy paid up insurance in the form of a single premium. Dividend accumulation option dividends are recognized when earned by policyholders, remain on deposit with the Company and earn interest. Terminal dividends are recognized when earned and paid at death or maturity of the policy.

The Company is the owner and beneficiary of COLI assets recorded at cash surrender value in other assets in the Statements of Admitted Assets, Liabilities and Capital and Surplus. Changes in account value are primarily recorded as insurance expenses and taxes (other than federal income and capital gains taxes) in the Statements of Operations and Changes in Capital and Surplus. Under certain COLI contracts, if the Company reports adverse results in its financial statements, withdrawals would not be immediately available and would be subject to an estimated fair value adjustment, which could result in a reduction of the account value. Information related to the cash surrender value and allocation of the underlying investment characteristics of the COLI contracts is shown below at December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Cash surrender value | $865 | $831 |
| Bonds | 10% | 5% |
| Stocks | 79% | 66% |
| Cash, cash equivalents and short-term investments | 8% | 25% |
| Other invested assets | 3% | 3% |

---

MTL - 26

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

***Other Income (Loss)***

At December 31, 2025 and 2024, other income (loss) included reserve adjustment on reinsurance ceded of $8,844 and $2,058, respectively, and commissions and expense allowances on reinsurance ceded of $504 and $369, respectively.

***Foreign Currency Translation***

The Company holds investments denominated in foreign currencies which are translated into U.S. dollars based on the foreign exchange spot rate at the end of the year. Any increases or decreases in the carrying amount of the Company's investments in foreign subsidiaries or investments denominated in foreign currencies due to changes in exchange rates between years are recorded in change in general account net unrealized capital gains (losses).

The financial statements of the Company contain its Canadian insurance operation in Canadian dollars. The net assets of the Canadian insurance operations are adjusted by recording a foreign currency asset or liability, based on the current foreign exchange spot rate applied to the net assets of the Canadian operation.

The change in the foreign currency asset or liability, based on the change in the exchange rates between years, is recorded in change in general account net unrealized capital gains (losses). At December 31, 2025, the foreign currency liability decreased $35 to $163. At December 31, 2024, the foreign currency liability increased $18 to $198.

***Separate Account Operations***

Separate accounts are established in conformity with insurance laws and are generally not chargeable with liabilities that arise from any other business of the Company. Separate account assets are subject to general account claims to the extent that the value of such assets exceeds the separate account liabilities or for those assets that are not legally insulated. Investments (generally stated at estimated fair value) and liabilities of the separate accounts are reported separately as assets and liabilities.

The Company previously invested seed money in various separate accounts for the purposes of facilitating initial operations of the separate accounts. During the year ended December 31, 2025, the Company repatriated all seed money invested and the corresponding earnings back to the general account. At December 31, 2024, the cost and estimated fair value of seed money was $50 and $54, respectively. A change in the estimated fair value of the Company's seed money is reported in the Company's Statutory Statements of Operations and Changes in Capital and Surplus. Investment income and realized and unrealized capital gains (losses) on the investments, excluding amounts on seed money investments of the separate accounts and certain non-qualifying separate accounts, accrue directly to contract holders and accordingly, are not reflected in the Company's Statutory Statements of Operations and Changes in Capital and Surplus and Cash Flow.

MTL - 27

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

Under GAAP, all of the following conditions must be met to receive separate account reporting classification:

● Legal recognition - The separate account is legally recognized. That is, the separate account is established, approved, and regulated under special rules such as state insurance laws, federal securities laws, or similar foreign laws.

● Legally insulated - The separate account assets supporting the contract liabilities are legally insulated from the general account liabilities of the insurance enterprise (that is, the contract holder is not subject to insurer default risk to the extent of the assets held in the separate account).

● Investment directive - The insurer must, as a result of contractual, statutory, or regulatory requirements, invest the contract holder's funds within the separate account as directed by the contract holder in designated investment alternatives or in accordance with specific investment objectives or policies.

● Investment performance - All investment performance, net of contract fees and assessments, must as a result of contractual, statutory, or regulatory requirements be passed through to the individual contract holder. Contracts may specify conditions under which there may be a minimum guarantee, but not a ceiling, as a ceiling would prohibit all investment performance from being passed through to the contract holder.

The following products are reported as separate accounts under Domiciliary State SAP and the condition noted if different under GAAP.

---

| | |
|:---|:---|
| **Product Identifier** | **Condition that Requires GAAP General Account Reporting** |
| Group annuities | Investment performance |

---

***Income Tax***

The Company joins with MetLife and its includable subsidiaries in filing a consolidated U.S. life and non-life federal income tax return in accordance with the provisions of the IRC. Current taxes (and the benefits of tax attributes such as losses) are allocated to the Company under the consolidated tax return regulations and a TSA. Under the consolidated tax return regulations, MetLife has elected the "percentage method" of reimbursing companies for tax attributes, i.e., net operating losses. As a result, 100% of tax attributes are reimbursed by MetLife to the extent that consolidated federal income tax of the consolidated federal tax return group is reduced in a year by tax attributes of the Company. On an annual basis, each of the profitable subsidiaries pays to MetLife the federal income tax which it would have paid based upon that year's taxable income. If the Company has current or prior deductions and credits which reduce the consolidated tax liability of the consolidated federal tax return group, the deductions and credits are characterized as realized (or realizable) by MetLife and its subsidiaries when those tax attributes are realized (or realizable) by the consolidated federal tax return group, even if MetLife or the subsidiary would not have realized the attributes on a stand-alone basis under a "wait and see" method.

The future tax consequences of temporary differences between statutory financial reporting and tax basis of assets and liabilities are measured at the financial reporting dates and are recorded as DTAs and DTLs, subject to certain limitations. Changes in DTAs and DTLs, including changes attributable to changes in tax rates and changes in tax status, if any, are recognized as a separate component of gains and losses in unassigned surplus (deficit).

MTL - 28

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

DTAs are limited to: (i) the amount of federal income tax paid in prior years that can be recovered through loss carrybacks for existing temporary differences that reverse during a time frame corresponding with IRS tax loss carryback provisions, not to exceed three years; (ii) an amount expected to be realized within the applicable period that is no greater than the applicable percentage of statutory capital and surplus as required to be shown on the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus for the current reporting period's statement, adjusted to exclude any net DTAs, EDP and operating software and any net positive goodwill plus; and (iii) the amount of remaining gross DTAs that can be offset against existing gross DTLs. Any remaining DTAs are nonadmitted.

The realization of DTAs depends upon the existence of sufficient taxable income within the carryback or carryforward periods under the tax law in the applicable tax jurisdiction. Valuation allowances are established when management determines, based on available information, that it is more likely than not that the DTAs will not be realized. Significant judgment is required in determining whether valuation allowances should be established, as well as the amount of such allowances. When making such determination, the Company considers many factors, including:

● the nature, frequency, and amount of cumulative financial reporting income and losses in recent years;

● the jurisdiction in which the DTAs were generated;

● the length of time that carryforwards can be utilized in the various taxing jurisdictions;

● future taxable income exclusive of reversing temporary differences and carryforwards;

● future reversals of existing taxable temporary differences;

● taxable income in prior carryback years; and

● tax planning strategies.

The Company may be required to change its provision for income taxes in certain circumstances. Examples of such circumstances include when estimates used in determining valuation allowances on DTAs significantly change or when receipt of new information indicates the need for an adjustment in valuation allowances. Additionally, future events, such as changes in tax laws, tax regulations, or interpretations of such laws or regulations, could have an impact on the provision for income taxes and the effective tax rate. Any such changes could significantly affect the amounts reported in the financial statements in the year these changes occur.

The Company determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement. Unrecognized tax benefits due to tax uncertainties that do not meet the threshold are included within other liabilities and are charged to earnings in the period that such determination is made.

The Company classifies interest and penalties as a component of income tax expense.

MTL - 29

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

***Related Party Transactions***

A transaction between related parties involving the exchange of assets or liabilities is classified as either an economic transaction or a non-economic transaction. An economic transaction is defined as an arm's-length transaction which results in the transfer of risks and rewards of ownership and represents a consummated act thereof, i.e., "permanence." Non-economic transactions between the Company and a related party insurance entity are recorded at the lower of existing book values or fair values at the date of the transaction. Non-economic transactions between the Company and related parties that are not insurance entities are recorded at fair value at the date of the transaction; however, to the extent that the transaction results in a gain, an offsetting unrealized capital loss and liability is recorded to defer any impact on surplus. Economic transactions between the Company and other related parties are recorded at fair value at the date of the transaction. To the extent that the related parties are affiliates under control of the Company, the Company defers the effects of such transactions that result in gains or increases in surplus by recording an offsetting unrealized capital loss and liability until the assets are sold to third parties. A transaction involving services between the Company and an affiliate is recorded at the amount charged and is generally subject to regulatory approval.

***Application of Recent Accounting Pronouncements***

Changes to statutory accounting are issued by the NAIC in the form of SSAPs. The Company considers the applicability and impact of all SSAPs. Except as noted below, the SSAPs adopted by the Company did not have a material impact on the Company's financial statements.

*SSAP 1*

In March 2025, the NAIC adopted modifications to SSAP 1 which expands the required restricted asset disclosure to include collateral or assets that are held under MODCO or FWH arrangements that are reflected as assets for which there is a recognized liability to return these collateral assets or for the dedicated use of those assets under MODCO or FWH agreements. In May 2025, the NAIC adopted modifications to SSAP 1 related to an additional restricted asset disclosure requirements. This modification will require the Company to identify whether MODCO or FWH assets are related to the reinsurer. The Company has provided all required disclosures.

*SSAP 86*

In August 2024, the NAIC adopted with modification to SSAP 86 related to certain select items from ASU 2023-06, *Disclosure Improvements, Codifications Amendments in Response to the SEC Disclosure Update and Simplification Initiative.* These modifications include requiring that for all derivative contracts, the Company will disclose its accounting policy for where cash flows associated with derivative instruments and the related gains and losses are presented in the Statement of Cash Flows. The Company has provided all required disclosures.

*SSAP 34, SSAP 48, SSAP 93, SSAP 94*

In March 2024, the NAIC adopted revisions to expand and amend guidance within SSAP 93 to include all tax credit investments regardless of structure and type of state or federal tax credit program. Additionally, the NAIC revised SSAP 94 to expand and amend guidance to include both purchased state and federal tax credits. Lastly, consistency revisions were adopted to SSAP 34 and SSAP 48 resulting from changes in SSAP 93 and SSAP 94. In November 2024, the NAIC adopted additional revisions to clarify guidance on tax credit investments. The Company has provided all required disclosures.

MTL - 30

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

*SSAP 26, SSAP 43, and SSAP 2*

In August 2023, the NAIC adopted revisions to SSAP 26 and SSAP 43 for the principles-based bond definition, the accounting for bonds (ICO and ABS), as well as revisions to various SSAPs that have been updated to reflect the revised definition or SSAP references. Additionally, the guidance revised SSAP 2, to preclude ABS, mortgage loans or other invested assets from being reported as cash equivalents or short-term investments. During 2024, the NAIC adopted several additional revisions that added clarifications for the treatment of various types of securities, including bonds issued by funds representing operating entities, and the level of granularity required in certain disclosures. Further in August 2025, the NAIC adopted revisions to SSAP 26 clarifying the maturity disclosure requirements. The Company reclassed $26 from bonds to other invested assets as of January 1, 2025 and the Company has provided all required disclosures.

***Application of Future Accounting Pronouncements***

SSAPs not listed below were assessed and either determined to be not applicable or are not expected to have a material impact on the Company's financial statements. SSAPs issued but not yet adopted by the Company as of December 31, 2025 that are currently being assessed and may or may not have a material impact on the Company's financial statements or disclosures are summarized below.

*SSAP 2, SSAP 21, SSAP 26, SSAP 43*

In December 2025, the NAIC adopted new reporting requirements to SSAP 2, SSAP 21, SSAP 26, and SSAP 43 related to reporting key investment information related primarily to private placement investments. The guidance has an effective date of December 31, 2026. The Company will comply with the reporting requirements upon its effective date.

In December 2025, the NAIC adopted revisions to SSAP 2, SSAP 21, SSAP 26 and SSAP 43 to improve the utilization of existing disclosures, clarifying guidance and incorporating consistent presentation for specific debt security disclosures, as well as adding disclosures for non-bond debt securities and residuals. The guidance will be effective on December 31, 2026. The Company will comply with the reporting requirements upon its effective date.

*SSAP 56*

In February 2025, the NAIC adopted revisions to SSAP 56 to clarify the measurement of separate account assets, particularly for book-value separate accounts, and prescribes the treatment for transfers between the general account and separate account with IMR and AVR recognition. The guidance has an effective date of January 1, 2026 but early adoption is permitted for 2025. The Company has elected not to early adopt this guidance and will align transfers after January 1, 2026, in accordance with the updated guidance.

**Note 2 – Fair Value Information**

Considerable judgment is often required in interpreting the market data used to develop estimates of fair value, and the use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts.

MTL - 31

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

***Estimated Fair Value of All Financial Instruments***

Information related to the aggregate fair value of financial instruments is shown below at December 31:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **Aggregate**<br>**Fair Value** | **Admitted**<br>**Value** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**NAV** |
| **Assets** |  |  |  |  |  |  |
| Bonds - ICO | $14512 | $15691 | $988 | $10381 | $3143 | $— |
| Bonds - ABS | 8748 | 8938 |  | 8276 | 472 |  |
| Preferred stocks | 51 | 51 |  | 51 |  |  |
| Common stock - unaffiliated | 73 | 73 | 1 | 72 |  |  |
| Mortgage loans | 6458 | 6760 |  |  | 6458 |  |
| Cash, cash equivalents and short-term investments | 1394 | 1394 | 1378 | 6 | 5 | 5 |
| Contract loans | 1336 | 1163 |  |  | 1336 |  |
| Derivative assets <sup>(1)</sup> | 123 | 125 |  | 123 |  |  |
| Other invested assets | 134 | 134 |  | 90 | 44 |  |
| Investment income due and accrued | 278 | 278 |  | 278 |  |  |
| Separate account assets | 31725 | 32570 | 1976 | 21286 | 8463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $64832 | $67177 | $4343 | $40563 | $19921 | $5 |
| **Liabilities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment contracts included in: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserves for life and health insurance and annuities | $838 | $846 | $— | $— | $838 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liability for deposit-type contracts | 15188 | 14810 |  |  | 15188 |  |
| Derivative liabilities <sup>(1)</sup> | 100 | 139 |  | 100 |  |  |
| Payable for collateral under securities loaned and other transactions | 1314 | 1314 |  | 1314 |  |  |
| Investment contracts included in separate account liabilities | 2616 | 2616 |  | 2616 |  |  |
| Separate account liabilities | 93 | 93 |  | 93 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities | $20149 | $19818 | $— | $4123 | $16026 | $— |

---

MTL - 32

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **Aggregate <br> Fair Value** | **Admitted <br> Value** | **Level 1** | **Level 2** | **Level 3** | **NAV** |
| **Assets** |  |  |  |  |  |  |
| Bonds | $19287 | $21028 | $1309 | $14790 | $3188 | $— |
| Preferred stocks | 27 | 28 |  | 27 |  |  |
| Common stock - unaffiliated | 76 | 76 |  | 71 | 5 |  |
| Mortgage loans | 5870 | 6423 |  |  | 5870 |  |
| Cash, cash equivalents and short-term investments | 1771 | 1770 | 1652 | 117 | 2 |  |
| Contract loans | 1389 | 1223 |  |  | 1389 |  |
| Derivative assets <sup>(1)</sup> | 273 | 301 |  | 273 |  |  |
| Other invested assets | 65 | 65 |  | 45 | 20 |  |
| Investment income due and accrued | 232 | 232 |  | 232 |  |  |
| Separate account assets | 26319 | 27526 | 2251 | 15589 | 8479 |  |
| &nbsp;&nbsp;&nbsp;Total assets | $55309 | $58672 | $5212 | $31144 | $18953 | $— |
| **Liabilities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment contracts included in: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserves for life and health insurance and annuities | $1209 | $1232 | $— | $— | $1209 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liability for deposit-type contracts | 12610 | 12505 |  |  | 12610 |  |
| Derivative liabilities <sup>(1)</sup> | 28 | 8 |  | 28 |  |  |
| Payable for collateral under securities loaned and other transactions | 1707 | 1707 |  | 1707 |  |  |
| Investment contracts included in separate account liabilities | 846 | 846 |  | 846 |  |  |
| Separate account liabilities | 4 | 4 |  | 4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $16404 | $16302 | $— | $2585 | $13819 | $— |

---

<sup>(1)</sup> Classification of derivatives is based on each derivative's positive (asset) or negative (liability) book/adjusted carrying value, which equals the net admitted assets and liabilities.

The methods and significant assumptions used to estimate the fair value of all admitted financial instruments are presented below.

The Company 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. In most cases, the exit price and the transaction (or entry) price will be the same at initial recognition.

When developing estimated fair values, the Company considers two broad valuation techniques: (i) the market approach and (ii) the income approach. The Company determines the most appropriate valuation technique to use, given what is being measured and the availability of sufficient inputs, giving priority to observable inputs.

The Company categorizes its financial assets and liabilities into a three-level hierarchy, based on the significant input with the lowest level in their valuation. The input levels are as follows:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. The Company defines active markets based on average trading volume for common stocks. The size of the bid/ask spread is used as an indicator of market activity for bonds.

MTL - 33

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

---

| | |
|:---|:---|
| Level 2 | Quoted prices in markets that are not active or inputs that are observable either directly or indirectly. These inputs can include quoted prices for similar but not identical assets or liabilities other than quoted prices in Level 1, quoted prices in markets that are not active, or other significant inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. |

---

---

| | |
|:---|:---|
| Level 3 | Unobservable inputs that are supported by little or no market activity and are significant to the determination of estimated fair value of the assets and liabilities. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability. |

---

In general, investments classified within Level 3 use many of the same valuation techniques and inputs as described in the Level 2 discussions. However, if key inputs are unobservable, or if the investments are less liquid and there is limited trading activity, the investments are generally classified as Level 3. The use of independent non-binding broker quotations to value investments generally indicates there is a lack of liquidity or the general lack of transparency in the process to develop the valuation estimates, generally causing such investments to be classified in Level 3.

Excluded from the disclosure are general account investments accounted for under the equity method.

 ****

***Bonds, Stocks, Cash, Cash Equivalents and Short-term Investments, Including Affiliated Securities***

When available, the estimated fair value for bonds, including ABS, affiliated securities, preferred stocks, unaffiliated common stocks, cash equivalents and short-term investments are based on quoted prices in active markets that are readily and regularly obtainable. Generally, these investments are classified in Level 1 and are the most liquid of the Company's securities holdings and valuation of these securities do not involve management's judgment.

When quoted prices in active markets are not available, the determination of estimated fair value is based on market standard valuation methodologies, giving priority to observable inputs. The significant inputs to the market standard valuation methodologies for certain types of securities with reasonable levels of price transparency are inputs that are observable in the market or can be derived principally from or corroborated by observable market data. Generally, these investments are classified in Level 2.

When observable inputs are not available, the market standard valuation methodologies rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from or corroborated by observable market data. These unobservable inputs can be based in large part on management's judgment or estimation; and cannot be supported by reference to market activity. Even though these inputs are unobservable, management believes they are consistent with what other market participants would use when pricing such securities and are considered appropriate given the circumstances. Generally, these investments are classified in Level 3.

The use of different methodologies, assumptions and inputs may have a material effect on the estimated fair values of the Company's securities holdings.

The estimated fair value for cash approximates carrying value and is classified in Level 1 given the nature of cash.

MTL - 34

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

The Company invests in money market mutual funds and bond mutual funds that primarily back certain non-qualified employee retirement plans and deferred compensation plans that are direct liabilities of the Company. All funds are registered under the Act and are carried at NAV. The money market funds, included in cash equivalents, comply with Rule 2a-7 of the Act. These funds seek current income consistent with stability of principal by investing in U.S. Treasury and agency bonds that have short-term maturities. These cash equivalent assets are valued using a NAV of $1 per share. The bond mutual fund, included in common stocks, is an intermediate-term fund that seeks to maximize capital appreciation and income by investing primarily in investment grade U.S. corporate and U.S. Treasury and agency bonds. Its NAV fluctuates on a daily basis in line with the underlying estimated fair value of its investments, less associated fund liabilities.

***Mortgage Loans***

For mortgage loans, estimated fair value is primarily determined by estimating expected future cash flows and discounting them using current interest rates for similar mortgage loans with similar credit risk, or is determined from pricing for similar mortgage loans. The estimated fair values for impaired mortgage loans are principally obtained by estimating the fair value of the underlying collateral using market standard appraisal and valuation methods. Mortgage loans valued using significant unobservable inputs are classified in Level 3.

***Contract Loans***

The estimated fair value for contract loans with fixed interest rates determined using a DCF model applied to groups of similar contract loans determined based on the nature of the underlying insurance liabilities, using unobservable inputs and these investments are classified in Level 3.

***Derivatives***

The estimated fair value of OTC derivatives is determined through the use of pricing models. The determination of estimated fair value, when quoted market values are not available, is based on market standard valuation methodologies and inputs that management believes are consistent with what other market participants would use when pricing such instruments. The significant inputs to the pricing models for most OTC derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. Significant inputs that are observable generally include interest rates, foreign currency exchange rates, interest rate curves, credit curves and volatility. Derivative valuations can be affected by changes in interest rates, foreign currency exchange rates, financial indices, credit spreads, default risk, nonperformance risk, volatility, liquidity and changes in estimates and assumptions used in pricing models. Generally, these derivatives are classified in Level 2.

Certain OTC derivatives may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. Significant inputs that are unobservable generally include references to emerging market currencies and inputs that are outside the observable portion of the relevant curve or other relevant market measure. These unobservable inputs may involve significant management judgment or estimation. Even though unobservable, these inputs are based on assumptions deemed appropriate given the circumstances and management believes they are consistent with what other market participants would use when pricing such instruments. Generally, these derivatives are classified in Level 3.

MTL - 35

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

Most inputs for OTC derivatives are mid-market inputs but, in certain cases, liquidity adjustments are used when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company's derivatives and could materially affect the net change in capital and surplus.

***Other Invested Assets***

The estimated fair value of receivables for cash collateral pledged on derivatives and receivables for investments other than securities, which are included in other invested assets, approximates carrying value as these receivables are short-term in nature and the Company believes that there is minimal risk of material changes in the credit of the counterparties. These amounts are generally classified in Level 2.

For the remaining other invested assets, the estimated fair value is determined using the methodologies as described in the above sections titled "Bonds, Stocks, Cash, Cash Equivalents and Short-term Investments, Including Affiliated Securities" and "Mortgage Loans," based on the nature of the investment. Excluded from the disclosure are those other invested assets that are not considered to be financial instruments subject to this disclosure including investments carried under the equity method.

***Investment Income Due and Accrued***

Due to the short-term nature of investment income due and accrued, the Company believes there is minimal risk of material changes in interest rates or the credit of the issuer such that estimated fair value approximates carrying value. These amounts are generally classified in Level 2.

***Investment Contracts Included in Reserves for Life and Health Insurance and Annuity Contracts and Liability for Deposit-Type Contracts***

The fair value of investment contracts included in reserves for life and health insurance and annuity contracts and in the liability for deposit-type contracts is estimated by discounting best estimate future cash flows based on assumptions that market participants would use in pricing such liabilities. The assumptions used in estimating these fair values are based in part on unobservable inputs classified in Level 3.

***Payable for Collateral Under Securities Loaned and Other Transactions***

The estimated fair value of amounts payable for collateral under securities loaned and other transactions approximates carrying value as these obligations are short-term in nature. These amounts are generally classified in Level 2.

***Separate Accounts***

Separate account assets and liabilities are generally carried at estimated fair value on the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus. Level 1 assets are comprised of common stock, derivative assets and liabilities, U.S. Treasury and agency bonds, cash, cash equivalents and short-term investments. Common stocks are valued based upon unadjusted quoted prices in active markets that are readily and regularly available. Derivative assets and derivative liabilities are comprised of exchange-traded interest rate derivatives (option-based). These derivatives are principally valued based on quoted market prices. U.S. Treasury and agency securities are valued based upon unadjusted quoted prices in active markets that are readily and regularly available. The estimated fair value of cash equivalents and short-term investments approximates carrying value due to the short-term maturities of these instruments.

MTL - 36

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

Level 2 assets consist of mutual funds and hedge funds without readily determinable fair values given prices are not published publicly, redeemable and non-redeemable preferred stock, certain bonds that include U.S. corporate and foreign corporate, foreign government, municipals and ABS and certain derivative assets and liabilities. Mutual funds and hedge funds are valued based upon quoted prices or reported NAVs provided by the fund manager. U.S. corporate and foreign corporate, municipals and ABS are valued using the market approach where market quotes are available but not considered actively traded, and the income approach based primarily on discounting expected future cash flows or other similar techniques using standard market observable inputs.

Level 3 assets consist of ABS, mortgage loans and other invested assets. ABS are valued using the market approach where market quotes are available but not considered actively traded or inputs are unobservable. Mortgage loans are valued based on expected future cash flows and discounting them using current interest rates for similar loans with similar credit risk. Other invested assets are valued under the equity method and are generally based on the Company's share of the net asset value as provided in the financial statements of the investees.

The difference between the estimated fair value of separate account assets in the table above and the total recognized in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus represents amounts that are not considered financial instruments.

Investment contracts included in separate account liabilities represent those balances due to policyholders under contracts that are classified as investment contracts. The carrying value of these separate account liabilities, which represents an equivalent summary total of the separate account assets supporting these liabilities, approximates the estimated fair value. These investment contracts are classified as Level 2 to correspond with the separate account assets backing the investment contracts.

The difference between the estimated fair value of investment contracts and derivatives included in separate account liabilities in the table above and the total recognized in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus represents amounts due under contracts that are accounted for as insurance contracts.

MTL - 37

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)**

**For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

***Assets and Liabilities Measured and Reported at Estimated Fair Value at Reporting Date***

 

*Hierarchy Table*

The following tables provide information about financial assets and liabilities measured and reported at estimated fair value at December 31:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | |
|  | **Level 1** | **Level 2** | **Level 3** | **NAV** |<br>**Total** |
| **Assets** |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICO | $— | $1 | $1 | $— | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total bonds |  | 1 | 1 |  | 2 |
| Common stocks |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Industrial & Miscellaneous | 1 | 72 |  |  | 73 |
| Short-term investments |  |  |  |  |  |
| Cash equivalents |  |  |  | 5 | 5 |
| Derivative assets <sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate |  | 10 |  |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange rate |  | 28 |  |  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total derivative assets |  | 38 |  |  | 38 |
| Other invested assets |  | 14 |  |  | 14 |
| Separate Account assets <sup>(2)</sup> | 1844 | 9925 | 30 |  | 11799 |
| **Total assets** | $1845 | $10050 | $31 | $5 | $11931 |
| **Liabilities** |  |  |  |  |  |
| Derivative liabilities <sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate | $— | $1 | $— | $— | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange rate |  | 14 |  |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total derivative liabilities |  | 15 |  |  | 15 |
| **Total liabilities** | $— | $15 | $— | $— | $15 |

---

MTL - 38

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)**

**For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | |
|  | **Level 1** | **Level 2** | **Level 3** | **NAV** |<br>**Total** |
| **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Bank Loans | $— | $1 | $— | $— | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total bonds |  | 1 |  |  | 1 |
| Common stocks |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial & Miscellaneous |  | 71 | 5 |  | 76 |
| &nbsp;&nbsp;&nbsp;Short-term investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash equivalents |  |  |  |  |  |
| Derivative assets <sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate |  | 7 |  |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange rate |  | 45 |  |  | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total derivative assets |  | 52 |  |  | 52 |
| Other invested assets |  |  |  |  |  |
| Separate Account assets <sup>(2)</sup> | 1181 | 7155 | 130 |  | 8466 |
| Total assets | $1181 | $7279 | $135 | $— | $8595 |
| **Liabilities** |  |  |  |  |  |
| Derivative liabilities <sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange rate |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total derivative liabilities |  |  |  |  |  |
| Total liabilities | $— | $— | $— | $— | $— |

---

<sup>(1)</sup> Derivative assets and derivative liabilities presented in the tables above represent only those derivatives that are carried at estimated fair value. Accordingly, the amounts above exclude derivatives carried at amortized cost, which include highly effective derivatives and RSATs. The amounts are presented gross in the table above to reflect the presentation in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus.

<sup>(2)</sup> Separate account assets are subject to general account claims to the extent that the value of such assets exceeds the separate account liabilities. Investments (stated generally at estimated fair value) and liabilities of the separate accounts are reported separately as assets and liabilities. Separate account assets as presented in the table above may differ from the amounts presented in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus because certain of these investments are not measured at estimated fair value.

MTL - 39

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)**

**For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

*Rollforward Table- Level 3 Assets and Liabilities*

A rollforward of the estimated fair value measurements for all assets and liabilities measured and reported at estimated fair value using significant unobservable (Level 3) inputs for their respective time periods is as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Estimated Fair Value Measurements in Level 3 of the Fair Value Hierarchy** | **Estimated Fair Value Measurements in Level 3 of the Fair Value Hierarchy** | **Estimated Fair Value Measurements in Level 3 of the Fair Value Hierarchy** | **Estimated Fair Value Measurements in Level 3 of the Fair Value Hierarchy** | **Estimated Fair Value Measurements in Level 3 of the Fair Value Hierarchy** | **Estimated Fair Value Measurements in Level 3 of the Fair Value Hierarchy** | **Estimated Fair Value Measurements in Level 3 of the Fair Value Hierarchy** | **Estimated Fair Value Measurements in Level 3 of the Fair Value Hierarchy** | **Estimated Fair Value Measurements in Level 3 of the Fair Value Hierarchy** | **Estimated Fair Value Measurements in Level 3 of the Fair Value Hierarchy** |
|  | **Balance,<br> January 1,<br> 2025** | **Transfer into <br> Level 3 <sup>(1)</sup>** | **Transfer <br> out of <br> Level 3 <sup>(1)</sup>** | **Total<br> Gains and <br> Losses <br> included <br> in Net <br> Income <sup>(2)</sup>** | **Total<br> Gains and<br> Losses<br> included<br> in Capital <br> and <br> Surplus** | **Purchases <sup>(3)</sup>** | **Sales <sup>(3)</sup>** | **Issuances <sup>(3)</sup>** | **Settlements <sup>(3)</sup>** | **Balance,<br> December 31, <br> 2025** |
| **Assets** |  |  |  |  |  |  |  |  |  |  |
| Bonds - ICO |  |  |  |  |  |  |  |  |  |  |
| Common stocks - Industrial & miscellaneous | $— | $— | $— | $— | $— | $1 | $— | $— | $— | $1 |
| Short-term investments | 5 |  |  | (1) |  |  | (4) |  |  |  |
| Other invested assets |  |  |  | (1) |  | 1 |  |  |  |  |
| Separate Accounts <sup>(4)</sup> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total | 130 | 25 | (1) | (4) | 5 | 4 | (129) |  |  | 30 |
|  | $135 | $25 | $(1) | $(6) | $5 | $6 | $(133) | $— | $— | $31 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Estimated Fair Value Measurements in Level 3 of the Fair Value Hierarchy** | **Estimated Fair Value Measurements in Level 3 of the Fair Value Hierarchy** | **Estimated Fair Value Measurements in Level 3 of the Fair Value Hierarchy** | **Estimated Fair Value Measurements in Level 3 of the Fair Value Hierarchy** | **Estimated Fair Value Measurements in Level 3 of the Fair Value Hierarchy** | **Estimated Fair Value Measurements in Level 3 of the Fair Value Hierarchy** | **Estimated Fair Value Measurements in Level 3 of the Fair Value Hierarchy** | **Estimated Fair Value Measurements in Level 3 of the Fair Value Hierarchy** | **Estimated Fair Value Measurements in Level 3 of the Fair Value Hierarchy** | **Estimated Fair Value Measurements in Level 3 of the Fair Value Hierarchy** |
|  | **Balance,<br> January 1,<br> 2024** | **Transfer<br> into <br> Level 3 <sup>(1)</sup>** | **Transfer <br> out of <br> Level 3 <sup>(1)</sup>** | **Total<br> Gains and <br> Losses <br> included <br> in Net <br> Income <sup>(2)</sup>** | **Total<br> Gains and<br> Losses<br> included<br> in Capital <br> and <br> Surplus** | **Purchases <sup>(3)</sup>** | **Sales <sup>(3)</sup>** | **Issuances <sup>(3)</sup>** | **Settlements <sup>(3)</sup>** | **Balance,<br> December 31, <br> 2024** |
| **Assets** |  |  |  |  |  |  |  |  |  |  |
| Bonds - Industrial and miscellaneous | $1 | $— | $(1) | $— | $— | $— | $— | $— | $— | $— |
| Bond - Unaffiliated Bank Loans | 1 |  | (1) |  |  |  |  |  |  |  |
| Common stocks - Industrial & miscellaneous | 7 |  |  | (3) | 1 |  |  |  |  | 5 |
| Short-term investments |  |  |  |  |  |  |  |  |  |  |
| Other invested assets | 1 |  |  | (1) |  |  |  |  |  |  |
| Separate Accounts | 179 |  | (1) |  | (24) | 2 | (26) |  |  | 130 |
| &nbsp;&nbsp;&nbsp;Total | $189 | $— | $(3) | $(4) | $(23) | $2 | $(26) | $— | $— | $135 |

---

<sup>(1)</sup> Bonds that were measured at estimated fair value at the beginning of the period as estimated fair value was less than amortized cost at the beginning of the period, but were measured at amortized cost at the end of the period as estimated fair value was greater than amortized cost at the end of the period are reported within transfer out of Level 3 column in the amount of $0 and $2 during the years ended December 31, 2025 and 2024.

<sup>(2)</sup> Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.

<sup>(3)</sup> The amount reported within purchases, sales, issuances and settlements is the purchase/issuance price (for purchases and issuances) and the sales/ settlement proceeds (for sales and settlements) are based upon the actual date purchased/issued or sold.

<sup>(4)</sup> Separate account assets and liabilities are presented net for purposes of the rollforward.

MTL - 40

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)**

**For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

***Transfers between Levels***

Overall, transfers between levels occur when there are changes in the observability of inputs and market activity.

*Transfers into or out of Level 3*

Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event or one or more significant input(s) becoming observable.

***Valuation Techniques and Inputs for Level 2 and Level 3 Assets and Liabilities by Major Classes of Assets and Liabilities***

See the above section titled "Fair Value Information - Estimated Fair Value of All Financial Instruments" for information on how the estimated fair value of financial instruments is determined. Information related to the valuation techniques and inputs for Level 2 and Level 3 assets and liabilities that are measured and reported at estimated fair value as of the reporting date by major classes of assets and liabilities is presented in the table below.

Valuation Techniques: Principally the market and income approaches.Key Inputs:●quoted prices in markets that are not active●benchmark U. S. Treasury yield or other yields●the spread off the U.S. Treasury yield curve for the identical security●issuer ratings and issuer spreads; broker-dealer quotes●comparable securities that are actively traded; duration●privately-placed securities are valued using the additionalkey inputs:&nbsp;&nbsp;&nbsp;&nbsp;●market yield curve; call provisions&nbsp;&nbsp;&nbsp;&nbsp;●observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector of the issuer&nbsp;&nbsp;&nbsp;&nbsp;●delta spread adjustments to reflect specific credit-related issues Valuation Techniques: Principally the market approach. Key Inputs: ● credit spreads ● quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 ● independent non-binding broker quotations ● delta spread adjustments to reflect specific credit-related issues ● illiquidity premium

MTL - 41

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)**

**For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

Valuation
 Techniques: Principally the market approachKey Input:●quoted prices in markets that are not active Valuation Techniques: Principally the market and income approaches. Key Inputs: ● credit ratings; issuance structures ● quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 ● independent non-binding broker quotations

Valuation
 Techniques: Principally the income approachKey Inputs:●swap yield curves●basis curves●interest rate volatility <sup>(3)</sup> ● not applicable

Valuation
 Techniques: Principally the income approachKey Inputs:●swap yield curves●basis curves●currency spot rates●cross currency basis curves ● not applicable

Valuation
 Techniques: Principally the income approachKey Inputs:●swap yield curves●credit curves●recovery rates ● not applicable

Valuation
 Techniques: Principally the market approach.Key
 Inputs:●quoted prices in markets that are not active●benchmark yields; spreads off benchmark yields; new
 issuances; issuer rating●trades of identical or comparable securities; duration●privately-placed securities are valued using the additionalkey inputs:&nbsp;&nbsp;&nbsp;&nbsp;●market yield curve; call provisions&nbsp;&nbsp;&nbsp;&nbsp;●observable prices and spreads for similar public or
 private securities that incorporate the credit quality and industry sector of the issuer&nbsp;&nbsp;&nbsp;&nbsp;●delta spread adjustments to reflect specific credit-related
 issues ● not applicable

● not applicable Valuation Techniques: Principally the market and income approaches. Key Inputs: ● credit spreads ● quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 ● credit spreads ● independent non-binding broker quotations

MTL - 42

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)**

**For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

Valuation Techniques: Principally the market and income
 approaches.Key Inputs:●quoted prices in markets that are not active●benchmark U. S. Treasury yield or other yields●the spread off the U.S. Treasury yield curve for the identical security●issuer
ratings and issuer spreads; broker-dealer quotes●comparable securities that are actively traded; duration●privately-placed
securities are valued using the additionalkey inputs:&nbsp;&nbsp;&nbsp;&nbsp;●market yield curve; call provisions&nbsp;&nbsp;&nbsp;&nbsp;●observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector
 of the issuer&nbsp;&nbsp;&nbsp;&nbsp;●delta
spread adjustments to reflect specific credit-related issues Valuation Techniques: Principally the market approach. Key Inputs: ● credit spreads ● quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 ● independent non-binding broker quotations ● delta spread adjustments to reflect specific credit-related issues ● illiquidity premium

Valuation Techniques: Principally
 the market and income approaches.Key Inputs:&nbsp;&nbsp;&nbsp;&nbsp;●current and forecasted loss severity; ratings; geographic region&nbsp;&nbsp;&nbsp;&nbsp;●weighted average coupon and weighted average maturity&nbsp;&nbsp;&nbsp;&nbsp;●average delinquency rates; debt-service coverage ratios&nbsp;&nbsp;&nbsp;&nbsp;●issuance-specific information, including, but not limited to:&nbsp;&nbsp;&nbsp;&nbsp;●collateral type; structure of the security; vintage of the loans&nbsp;&nbsp;&nbsp;&nbsp;●payment terms of the underlying assets&nbsp;&nbsp;&nbsp;&nbsp;●payment
priority within the tranche; deal performance Valuation Techniques: Principally the market and income approaches. Key Inputs: ● credit spreads ● quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 ● independent non-binding broker quotations

Valuation Techniques: Principally the market approach.Key Inputs:●quoted
prices in markets that are not active Valuation Techniques: Principally the market and income approaches. Key Inputs: ● credit ratings, issuance structures ● quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2

MTL - 43

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)**

**For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

Valuation Techniques: Principally
 the market approach.Key Inputs:●quoted prices in markets that are not active●benchmark yields; spreads off benchmark yields; new issuances; issuer rating●trades of identical or comparable securities; duration●privately-placed securities are valued using the additionalkey inputs:&nbsp;&nbsp;&nbsp;&nbsp;●market yield curve; call provisions&nbsp;&nbsp;&nbsp;&nbsp;●observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector
 of the issuer&nbsp;&nbsp;&nbsp;&nbsp;●delta spread adjustments to reflect specific credit-related issues Valuation Techniques: Principally the market and income approaches. Key Inputs: ● illiquidity premium ● delta spread adjustments to reflect specific credit-related issues ● credit spreads ● quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 ● independent non-binding broker quotations

Valuation Techniques: Principally the market approach.Key Inputs:●quoted prices in markets that are not active●spreads for actively traded securities; spreads off benchmark yields●expected prepayment speeds and volumes●current and forecasted loss severity; ratings; geographic region●weighted average coupon and weighted average maturity●average delinquency rates; debt-service coverage ratios●credit ratings●issuance-specific information, including, but not limited to:&nbsp;&nbsp;&nbsp;&nbsp;●collateral type; structure of the security; vintage of the loans&nbsp;&nbsp;&nbsp;&nbsp;●payment
terms of the underlying assets Valuation Techniques: Principally the market and income approaches. Key Inputs: ● credit spreads ● quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 ● credit spreads ● independent non-binding broker quotations

(1) Estimated fair value equals carrying value, based on the value
of the underlying assets.

(2) Valuations of non-option-based derivatives utilize present value
techniques, whereas valuations of option-based derivatives utilize option pricing models.

(3) Option-based only

(4) Extrapolation beyond the observable limits of the curve(s)

MTL - 44

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)**

**For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

***Quantitative Information about Significant Unobservable Inputs used in the Fair Value Measurement of Financial Instruments Classified as Level 3***

The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement for the more significant asset classes measured and reported at estimated fair value using significant unobservable inputs (Level 3):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | |
|  | <br>**Valuation**<br> **Techniques**  | **Range** | **Weighted**<br> **Average <sup>(1)</sup>**  | **Range** | **Weighted**<br> **Average <sup>(1)</sup>**  | <br>**Impact of<br> Increase in Input on<br> Estimated Fair Value <sup>(2)</sup>** |
| **Securities:** |  | | | | |  |
| Bonds – ICO <sup>(3)</sup> | • Matrix Pricing • Offered quotes <sup>(4)</sup> | 73 | 73 | N/A | N/A | Increase |
| Bonds – ICO <sup>(3)</sup> | • Consensus Pricing • Offered quotes <sup>(4)</sup> |  |  | N/A | N/A | Increase |
| Bonds - ABS <sup>(3)</sup> | • Market Pricing • Quoted prices <sup>(4)</sup> | 40 | 40 | N/A | N/A | Increase |
| Bonds - Industrial & Miscellaneous <sup>(3)</sup> | Consensus Pricing • Offered quotes <sup>(4)</sup> |  |  | 93 | 93 | Increase |
| Short- Term Investments<sup>(3)</sup> | • Consensus Pricing • Offered quotes <sup>(4)</sup> | 17 | 17 | N/A | N/A | Increase |
| Common Stocks | • Market Pricing • Quoted prices <sup>(4)</sup> | N/A | N/A | 20 | 20 | Increase |
| Common Stocks | • Consensus Pricing Offered quotes <sup>(4)</sup> | 1 | 1 | 6 | 6 | Increase |

---

(1) The weighted average for bonds and stocks is determined based on the estimated fair value of the securities.

(2) The impact of a decrease in input would have the opposite impact on the estimated fair value.

(3) Significant increases (decreases) in expected default rates in isolation would result in substantially lower (higher) valuations.

(4) For this unobservable input, range and weighted average are presented in accordance with the market
convention for bonds of dollars per hundred dollars of par and stocks of price per share.

Valuation techniques and significant unobservable inputs used in the estimated fair value measurement for other types of financial instruments classified within Level 3, including those within separate account assets, generally use the same valuation techniques and significant unobservable inputs as previously described for Level 3 bonds and stocks. This includes matrix pricing and DCF methodologies, inputs such as quoted prices for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2, as well as independent non- binding broker quotations.

MTL - 45

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

**Note 3 – Investments**

***Bonds, Preferred Stocks and Common Stocks by Sector***

The following table presents the book/adjusted carrying value or cost, gross unrealized gains and losses and estimated fair value of bonds, preferred stocks and common stocks owned at December 31:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** |
|  | | **Gross Unrealized** | **Gross Unrealized** | |
|  | **Book/**<br>**Adjusted<br> Carrying**<br>**Value** | **Gains** | **Losses** |<br>**Estimated**<br>**Fair Value** |
| **ICO:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate bonds - unaffiliated | $5642 | $78 | $536 | $5184 |
| &nbsp;&nbsp;&nbsp;Project finance bonds issued by operating company - unaffiliated | 3160 | 33 | 270 | 2923 |
| &nbsp;&nbsp;&nbsp;U.S. Government obligations | 2058 | 6 | 246 | 1818 |
| &nbsp;&nbsp;&nbsp;Non-U.S. sovereign jurisdictions | 1691 | 39 | 85 | 1645 |
| &nbsp;&nbsp;&nbsp;Bank loans - acquired - unaffiliated | 1120 | 6 | 5 | 1121 |
| &nbsp;&nbsp;&nbsp;Bonds issued from funds representing operating entities - unaffiliated | 1007 | 3 | 114 | 896 |
| &nbsp;&nbsp;&nbsp;Municipal bonds - special revenues | 489 | 8 | 55 | 442 |
| &nbsp;&nbsp;&nbsp;Single entity backed obligations - unaffiliated | 308 | 1 | 39 | 270 |
| &nbsp;&nbsp;&nbsp;Other U.S. government obligations | 109 |  | 1 | 108 |
| &nbsp;&nbsp;&nbsp;Corporate bonds - affiliated | 69 |  | 2 | 67 |
| &nbsp;&nbsp;&nbsp;Municipal bonds - general obligations | 38 | 1 | 1 | 38 |
| **ABS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Not/partially guaranteed agency residential MBS | 2487 | 43 | 129 | 2401 |
| &nbsp;&nbsp;&nbsp;Non-agency residential MBS - unaffiliated | 2291 | 35 | 97 | 2229 |
| &nbsp;&nbsp;&nbsp;Other financial ABS - self liquidating - unaffiliated | 1126 | 9 | 19 | 1116 |
| &nbsp;&nbsp;&nbsp;Non-agency CLO/CBOs/CDOs - unaffiliated | 756 | 1 | 1 | 756 |
| &nbsp;&nbsp;&nbsp;Full analysis - lease-backed securities - unaffiliated | 745 | 8 | 13 | 740 |
| &nbsp;&nbsp;&nbsp;Non-agency commercial MBS - unaffiliated | 545 | 5 | 20 | 530 |
| &nbsp;&nbsp;&nbsp;Practical expedient - other non-financial ABS - unaffiliated | 349 | 11 | 16 | 344 |
| &nbsp;&nbsp;&nbsp;Guaranteed agency residential MBS | 337 | 9 | 5 | 341 |
| &nbsp;&nbsp;&nbsp;Not self-liquidating - equity-backed securities - unaffiliated | 150 | 1 | 3 | 148 |
| &nbsp;&nbsp;&nbsp;Practical expedient - lease-backed securities - unaffiliated | 98 | 1 |  | 99 |
| &nbsp;&nbsp;&nbsp;Not/partially guaranteed agency commercial MBS | 35 |  | 8 | 27 |
| &nbsp;&nbsp;&nbsp;Guaranteed agency commercial MBS | 19 |  | 2 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total bonds | $24629 | $298 | $1667 | $23260 |
| **Preferred Stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred - unaffiliated | $51 | $1 | $1 | $51 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Gross Unrealized** | **Gross Unrealized** | |
|  |<br>**Cost** | **Gains** | **Losses** | **Estimated**<br>**Fair Value** |
| **Common Stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stocks - unaffiliated | $72 | $1 | $— | $73 |

---

MTL - 46

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** |
|  | | **Gross Unrealized** | **Gross Unrealized** | |
|  | **Book/**<br>**Adjusted<br> Carrying<br> Value** | **Gains** | **Losses** | <br>**Estimated <br> Fair Value** |
| **Bonds:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. corporate | $5300 | $17 | $665 | $4652 |
| &nbsp;&nbsp;&nbsp;Foreign corporate | 4140 | 56 | 378 | 3818 |
| &nbsp;&nbsp;&nbsp;RMBS | 4159 | 22 | 351 | 3830 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury and agency | 2499 | 3 | 272 | 2230 |
| &nbsp;&nbsp;&nbsp;ABS & CLO | 1991 | 12 | 53 | 1950 |
| &nbsp;&nbsp;&nbsp;Foreign government | 1702 | 51 | 82 | 1671 |
| &nbsp;&nbsp;&nbsp;CMBS | 729 | 9 | 38 | 700 |
| &nbsp;&nbsp;&nbsp;Municipals <sup>(1)</sup> | 439 | 1 | 74 | 366 |
| &nbsp;&nbsp;&nbsp;Affiliated | 69 | 1 |  | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total bonds | $21028 | $172 | $1913 | $19287 |
| **Preferred Stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred | $28 | $— | $1 | $27 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Gross Unrealized** | **Gross Unrealized** | |
|  |<br>**Cost** | **Gains** | **Losses** | **Estimated**<br>**Fair Value** |
| **Common Stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stocks - unaffiliated | $76 | $— | $— | $76 |

---

<sup>(1)</sup> Municipals includes taxable and tax-exempt revenue bonds and general obligations of states, municipalities and political subdivisions.

The Company held non-income producing bonds with a book/adjusted carrying value of $1 and $1 at December 31, 2025 and 2024, respectively.

***Maturities of Bonds***

The book/adjusted carrying value and estimated fair value of bonds, by contractual maturity, were as follows, at December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Book/Adjusted<br> Carrying Value** | **Estimated Fair<br> Value** |
| Due in one year or less | $1032 | $1036 |
| Due after one year through five years | 2359 | 2339 |
| Due after five years through ten years | 3750 | 3631 |
| Due after ten years through twenty years | 3945 | 3657 |
| Due after twenty years | 4605 | 3849 |
| &nbsp;&nbsp;&nbsp;Subtotal | 15691 | 14512 |
| ABS | 8938 | 8748 |
| &nbsp;&nbsp;&nbsp;Total | $24629 | $23260 |

---

Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Bonds not due at a single maturity date have been presented in the year of final contractual maturity. ABS are shown separately, as they are not due at a single maturity date.

MTL - 47

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

***Continuous Gross Unrealized Losses for Bonds and Stocks – By Sector***

The following table presents the estimated fair value and gross unrealized losses of bonds and stocks in an unrealized loss position, aggregated by sector and by length of time that the securities have been in a continuous gross unrealized loss position at December 31:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
|  | **Less than 12 Months** | **Less than 12 Months** | **Equal to or Greater<br> than 12 Months** | **Equal to or Greater<br> than 12 Months** | **Less than 12 Months** | **Less than 12 Months** | **Equal to or Greater<br> than 12 Months** | **Equal to or Greater<br> than 12 Months** |
|  | **Estimated<br> Fair Value** | **Gross <br> Unrealized <br> Losses** | **Estimated<br> Fair Value** | **Gross <br> Unrealized <br> Losses** | **Estimated<br> Fair Value** | **Gross <br> Unrealized <br> Losses** | **Estimated<br> Fair Value** | **Gross <br> Unrealized <br> Losses** |
| U.S. corporate | $1310 | $128 | $2107 | $455 | $1614 | $336 | $2012 | $329 |
| Foreign corporate | 1370 | 93 | 1345 | 289 | 1006 | 99 | 1522 | 279 |
| RMBS | 446 | 16 | 1187 | 215 | 1601 | 87 | 1245 | 264 |
| U.S. Treasury and agency | 507 | 62 | 667 | 185 | 779 | 54 | 613 | 218 |
| ABS & CLO | 804 | 11 | 505 | 41 | 345 | 16 | 544 | 37 |
| Foreign government | 431 | 11 | 467 | 74 | 418 | 14 | 459 | 68 |
| CMBS | 86 | 5 | 176 | 25 | 118 | 7 | 292 | 31 |
| Municipals <sup>(1)</sup> | 44 | 6 | 176 | 51 | 185 | 26 | 155 | 48 |
| &nbsp;&nbsp;&nbsp;Total bonds | $4998 | $332 | $6630 | $1335 | $6066 | $639 | $6842 | $1274 |
| Stocks - unaffiliated | $24 | $1 | $2 | $— | $19 | $1 | $— | $— |
| &nbsp;&nbsp;&nbsp;Total number of securities in an unrealized loss position | 989 |  | 1382 |  | 928 |  | 1608 |  |

---

***Loan-backed Security Holdings - OTTI Losses and Aging of Unrealized Losses***

The following table shows the estimated fair value and gross unrealized losses of ABS held as of the end of the year for which an OTTI loss has not been recognized in earnings as a realized capital loss, aggregated by length of time these bonds have been in a continuous gross unrealized loss position, measured as the difference between estimated fair value and amortized cost, at December 31:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aging of Gross Unrealized Losses on ABS** | **Aging of Gross Unrealized Losses on ABS** | **Aging of Gross Unrealized Losses on ABS** | **Aging of Gross Unrealized Losses on ABS** |
|  | **Less than 12 Months** | **Less than 12 Months** | **Equal to or Greater than 12 Months** | **Equal to or Greater than 12 Months** |
|  | **Estimated Fair<br> Value** | **Gross Unrealized<br> Losses** | **Estimated Fair<br> Value** | **Gross Unrealized<br> Losses** |
| 2025.0 | $1375 | $34 | $1868 | $281 |
| 2024.0 | $2030 | $109 | $2082 | $333 |

---

MTL - 48

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

***Evaluating Temporarily Impaired Bonds and Stocks for OTTI***

As more fully described in Note 1, the Company performs a regular evaluation, on a security-by-security basis, of its securities holdings in accordance with its OTTI policy in order to evaluate whether such investments are other than temporarily impaired. With respect to ABS in the bond portfolio, the Company performs scenario analyses. The scenarios attempt to project future delinquencies and principal losses. Based upon the Company's current evaluation of its securities in an unrealized loss position in accordance with its impairment policy, and the Company's current intentions and assessments (as applicable to the type of security) about holding, selling and any requirements to sell these securities, the Company concluded that these securities were not other than temporarily impaired. Future OTTI will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), and changes in credit ratings, collateral valuation and foreign currency exchange rates. If economic fundamentals deteriorate or if there are adverse changes in the above factors, additional impairments may be incurred in upcoming periods.

Gross unrealized losses on bonds decreased $246 during the year ended December 31, 2025 to $1,667 from $1,913 at December 31, 2024. The decrease in gross unrealized losses for the year ended December 31, 2025 was primarily attributable to a decrease in interest rates.

At December 31, 2025, $1,335 of the total $1,667 of gross unrealized losses were from 1,381 bonds with an unrealized loss position for twelve months or greater.

*Investment Grade Bonds (NAIC 1 - 2 designated bonds)*

Of the $1,335 of gross unrealized losses on bonds with an unrealized loss for twelve months or greater, $1,312, or 98%, were related to gross unrealized losses on 1,341 investment grade bonds. Unrealized losses on investment grade bonds were principally related to narrowing credit spreads since purchase, and with respect to fixed-rate bonds, rising interest rates since purchase.

*Below Investment Grade Bonds (NAIC 3 - 6 designated bonds)*

Of the $1,335 of gross unrealized losses on bonds with an unrealized loss for twelve months or greater, $23, or 2%, were related to gross unrealized losses on 40 below investment grade bonds.

Unrealized losses on below investment grade bonds were principally related to foreign corporate, U.S. corporate bonds (primarily industrial and financial institutions) and ABS were the result of significantly wider credit spreads resulting from higher risk premiums since purchase, largely due to economic and market uncertainties, and with respect to fixed-rate bonds, rising interest rates since purchase. Management evaluates these Foreign corporate and U.S. corporate bonds based on factors such as expected cash flows and the financial condition and near-term and long-term prospects of the issuer; and evaluates ABS based on actual and projected cash flows after considering the quality of underlying collateral, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying assets backing a particular security, and the payment priority within the tranche structure of the security.

MTL - 49

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

*Stocks - Unaffiliated*

Gross unrealized losses on stocks remained $1 during the year ended December 31, 2025 and December 31, 2024.

*NAIC Designation of 5GI Securities*

As of December 31, 2025, the Company held 1 security with a NAIC designation of 5GI with a book/ adjusted carrying value of $3 and an estimated fair value of $3. As of December 31, 2024, the Company held 1 security with a NAIC designation of 5GI with a book/adjusted carrying value of $8 and an estimated fair value of $8.

***Mortgage Loans***

*Mortgage Loans by Portfolio Segment*

Mortgage loans are summarized as follows at December 31:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Amount** | **Percent** | **Amount** | **Percent** |
| Commercial | $3067 | 45% | $3218 | 50% |
| Agricultural | 2239 | 33 | 2275 | 35 |
| Residential | 1474 | 22 | 943 | 15 |
| &nbsp;&nbsp;&nbsp;Total mortgage loans | 6780 | 100 | 6436 | 100 |
| &nbsp;&nbsp;&nbsp;Less: valuation allowances | 20 |  | 13 |  |
| &nbsp;&nbsp;&nbsp;Total mortgage loans, net | $6760 | 100% | $6423 | 100% |

---

The amount of mortgage loan participations included in the table above was $4,461 and $4,665 at December 31, 2025 and 2024, respectively.

*Valuation Allowance by Portfolio Segment*

The following table presents the changes in valuation allowances, by portfolio segment, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Commercial** | **Agricultural** | **Total** |
| Balance, January 1, 2024 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Provision (release) | 11 | 5 | 16 |
| &nbsp;&nbsp;&nbsp;Charge-offs, net of recoveries |  | (3) | (3) |
| Balance, December 31, 2024 | 11 | 2 | 13 |
| &nbsp;&nbsp;&nbsp;Provision (release) | 25 | 1 | 26 |
| &nbsp;&nbsp;&nbsp;Charge-offs, net of recoveries | (19) |  | (19) |
| Balance, December 31, 2025 | $17 | $3 | $20 |

---

MTL - 50

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

*Geographic Diversification, Loan Origination and Interest Rate Changes*

Mortgage loans are collateralized by real estate primarily located in the U.S. and are diversified by geographic region. States where the associated real estate was located that were 5% or more of the Company's total mortgage loans at December 31, 2025 were as follows:

---

| | |
|:---|:---|
| **State** | **Percent of Total <br> Mortgage Loans** |
| California | 24% |
| Texas | 8 |
| Florida | 8 |
| New York | 5 |
| &nbsp;&nbsp;&nbsp;Total | 45% |

---

Generally, the Company, as the lender, lends loans up to 75% of the purchase price of the underlying real estate. From time to time, the Company may originate mortgage loans in excess of 75% of the purchase price of the underlying real estate, if underwriting risk is sufficiently within the Company's standards. The maximum percentage of any one mortgage loan to the value of the underlying real estate at the time of the origination and originated during the years ended December 31, 2025 and 2024 was 83% and 96%, respectively.

The maximum and minimum interest rates for mortgage loans funded during 2025 and 2024, by portfolio segment, were:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Maximum** | **Minimum** | **Maximum** | **Minimum** |
| Commercial | 8.00% | 3.73% | 15.00% | 3.59% |
| Agricultural | 6.84% | 5.21% | 10.32% | 2.90% |
| Residential | 13.45% | 3.38% | 10.38% | 2.50% |

---

During 2025 and 2024, the Company reduced interest rates on outstanding mortgage loans, by portfolio segment, as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Weighted<br> Average<br> Percentage<br> Reduced** | **Recorded<br> Investment** | **Number of <br> Loans** | **Weighted<br> Average<br> Percentage<br> Reduced** | **Recorded<br> Investment** | **Number of <br> Loans** |
| Commercial | 0.7% | $532 | 106 | 0.9% | $708 | 136 |
| Agricultural | 0.7% | $105 | 31 | 0.9% | $150 | 32 |
| Residential | 1.8% | $1 | 4 | —% | $— |  |

---

MTL - 51

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

*Credit Quality of Commercial Mortgage Loans*

Information about the credit quality of commercial mortgage loans is presented below at December 31:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **Recorded Investment** | **Recorded Investment** | **Recorded Investment** | **Recorded Investment** | **Recorded Investment** |
|  | **Debt Service Coverage Ratios** | **Debt Service Coverage Ratios** | **Debt Service Coverage Ratios** | | |
| **Loan-to-value ratios:** | **> 1.20x** | **1.00x - 1.20x** | **< 1.00x** | **Total** | **% of Total** |
| &nbsp;&nbsp;&nbsp;Less than 65% | $1597 | $1 | $28 | $1626 | 53% |
| &nbsp;&nbsp;&nbsp;65% to 75% | 529 | 21 | 50 | 600 | 19 |
| &nbsp;&nbsp;&nbsp;76% to 80% | 191 | 3 | 10 | 204 | 7 |
| &nbsp;&nbsp;&nbsp;Greater than 80% | 347 | 156 | 134 | 637 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $2664 | $181 | $222 | $3067 | 100% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **Recorded Investment** | **Recorded Investment** | **Recorded Investment** | **Recorded Investment** | **Recorded Investment** |
|  | **Debt Service Coverage Ratios** | **Debt Service Coverage Ratios** | **Debt Service Coverage Ratios** | | |
| **Loan-to-value ratios:** | **> 1.20x** | **1.00x - 1.20x** | **< 1.00x** | **Total** | **% of Total** |
| &nbsp;&nbsp;&nbsp;Less than 65% | $1275 | $123 | $36 | $1434 | 44% |
| &nbsp;&nbsp;&nbsp;65% to 75% | 804 | 33 | 30 | 867 | 27 |
| &nbsp;&nbsp;&nbsp;76% to 80% | 167 | 8 | 6 | 181 | 6 |
| &nbsp;&nbsp;&nbsp;Greater than 80% | 558 | 66 | 112 | 736 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $2804 | $230 | $184 | $3218 | 100% |

---

*Credit Quality of Agricultural Mortgage Loans*

Information about the credit quality of agricultural mortgage loans is presented below at December 31:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| **Loan-to-value ratios:** | **Recorded<br> Investment** | **% of Total** | **Recorded<br> Investment** | **% of Total** |
| Less than 65% | $2095 | 94% | $2208 | 97% |
| 65% to 75% | 110 | 5 | 63 | 3 |
| Greater than 80% | 34 | 1 | 4 |  |
| &nbsp;&nbsp;&nbsp;Total | $2239 | 100% | $2275 | 100% |

---

MTL - 52

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

*Credit Quality of Residential Mortgage Loans*

 

*Information about the credit quality of residential mortgage loans is presented below at December 31:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| **Performance indicators:** | **Recorded<br> Investment** | **% of Total** | **Recorded<br> Investment** | **% of Total** |
| Performing | $1446 | 98% | 927 | 98% |
| Nonperforming | 28 | 2 | 16 | 2 |
| &nbsp;&nbsp;&nbsp;Total | $1474 | 100% | 943 | 100% |

---

*Age Analysis of Mortgage Loans*

The Company's age analysis of mortgage loans, by portfolio segment, was as follows at December 31:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** |
|  | **Commercial** | **Agricultural** | **Residential** | **Total** |
| Recorded Investment Current | $3023 | $2217 | $1445 | $6685 |
| 30-59 days past due | $17 | $— | $— | $17 |
| 60-89 days past due | $3 | $— | $7 | $10 |
| 90-179 days past due | $15 | $8 | $7 | $30 |
| 180+ days past due | $9 | $14 | $15 | $38 |
|  | **2024** | **2024** | **2024** | **2024** |
|  | **Commercial** | **Agricultural** | **Residential** | **Total** |
| Recorded Investment Current | $3194 | $2209 | $927 | $6330 |
| 30-59 days past due | $5 | $12 | $— | $17 |
| 60-89 days past due | $— | $— | $6 | $6 |
| 90-179 days past due | $5 | $— | $6 | $11 |
| 180+ days past due | $14 | $54 | $4 | $72 |

---

The Company has a high quality, well performing, mortgage loan portfolio, with 99% mortgage loans classified as current at both December 31, 2025 and 2024. The Company defines delinquent mortgage loans, consistent with industry practice, when mortgage loans are past due as follows: commercial and residential mortgage loans - 60 days and agricultural mortgage loans - 90 days.

MTL - 53

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

*Impaired and Nonaccrual Mortgage Loans*

The Company's investment in impaired mortgage loans with or without a valuation allowance and nonaccrual mortgage loans, by portfolio segment, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** |
|  | **Commercial** | **Agricultural** | **Residential** | **Total** |
| With valuation allowance | $84 | $14 | $— | $98 |
| No valuation allowance | $65 | $50 | $18 | $133 |
| Average recorded investment | $127 | $62 | $12 | $201 |
| Recorded investments on nonaccrual status | $79 | $16 | $18 | $113 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** |
|  | **Commercial** | **Agricultural** | **Residential** | **Total** |
| With valuation allowance | $56 | $2 | $— | $58 |
| No valuation allowance | $31 | $51 | $6 | $88 |
| Average recorded investment | $45 | $33 | $4 | $82 |
| Recorded investments on nonaccrual status | $45 | $7 | $6 | $58 |

---

***Investments in Companies Valued Utilizing the Look-Through Approach***

The Company utilizes the look-through approach in valuing its investment in the following downstream non-insurance companies. At December 31, 2025, the carrying values are as shown below:

---

| | |
|:---|:---|
| **Name** | **Statement <br> Value** |
| ML Mililani Member, LLC | $40 |
| MetLife Camino Ramon Member, LLC | $39 |
| MetLife Park Tower Member, LLC | $39 |
| MTL GV Owner, LLC | $29 |
| MetLife 555 12th Member LLC | $26 |
| ML Bellevue Member, LLC | $14 |
| ML Port Chester SC Member LLC | $12 |
| ML Terminal 106 Member LLC | $9 |
| ML Southlands Member, LLC | $7 |
| MetLife CC Member, LLC | $6 |
| ML - AI Member 4, LLC | $5 |
| ML Armature Member LLC | $5 |
| ML Beachwood Place LLC | $5 |
| ML Cerritos TC Member LLC | $3 |
| MTL HS Member LLC | $1 |

---

The Company does not obtain GAAP audited financial statements for the companies listed above and has limited the admitted value of its investment in them to the value contained in the downstream GAAP audited financial statements, including adjustments required by SSAP 97 of SCA entities and/or non-SCA entities under SSAP 48, that are owned by downstream non-insurance company and valued in accordance with SSAP 97. All liabilities, commitments, contingencies, guarantees or obligations of downstream non-insurance companies, which are required to be recorded as liabilities, commitments, contingencies, guarantees or obligations under applicable accounting guidance, are reflected in the Company's determination of the carrying value of the investment in these companies, if not already recorded in the financial statements of the Company.

MTL - 54

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

***Concentrations of Credit Risk***

Investments in any counterparty that were greater than 10% of surplus included U.S. Treasury and agency securities with a book/adjusted carrying value of $2,846 and $3,486 at December 31, 2025 and 2024, respectively.

Investments in any counterparty that were greater than 10% of surplus, other than the U.S. government and its agencies, were fixed-income bonds of certain Canadian provinces and U.K. and Northern Ireland government with a book/adjusted carrying value of $638 at December 31, 2025 and fixed-income bonds of certain Canadian provinces and the Canadian government with a book/adjusted carrying value of $716 at December 31, 2024.

***Securities Lending***

Outstanding securities lending transactions accounted for as secured borrowings are presented below at December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Securities on loan: <sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Book adjusted carrying value | $1395 | $1679 |
| &nbsp;&nbsp;&nbsp;Estimated fair value | 1228 | 1475 |
| **Aging of cash collateral liability:** |  |  |
| &nbsp;&nbsp;&nbsp;Open <sup>(2)</sup> | $381 | $574 |
| &nbsp;&nbsp;&nbsp;Less than thirty days | 597 | 765 |
| &nbsp;&nbsp;&nbsp;Thirty days or greater but less than sixty days | 284 | 173 |
| &nbsp;&nbsp;&nbsp;Sixty days or greater but less than ninety days |  |  |
| **Total cash collateral received <sup>(3)</sup>** | 1262 | 1512 |
| &nbsp;&nbsp;&nbsp;Security collateral on deposit from counterparties |  |  |
| **Total cash and security collateral** | $1262 | $1512 |

---

<sup>(1)</sup> Included within bonds, short-term investments and cash equivalents.

<sup>(2)</sup> The related loaned security could be returned to the Company on the next business day requiring the Company to immediately return the cash collateral.

<sup>(3)</sup> Included within payable for collateral under securities loaned and other transactions.

MTL - 55

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

The book/adjusted carrying value and estimated fair value of the reinvestment portfolio by contractual maturity dates, was as follows at December 31:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Book/Adjusted<br> Carrying Value** | **Estimated Fair<br> Value** | **Book/Adjusted<br> Carrying Value** | **Estimated Fair<br> Value** |
| **Long-term, short-term and cash equivalent bonds - by maturity date:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less than thirty days | $37 | $37 | $133 | $133 |
| &nbsp;&nbsp;&nbsp;Thirty days or greater but less than sixty days | 115 | 115 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;Sixty days or greater but less than ninety days | 18 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp;Ninety days or greater but less than one hundred and twenty days | 47 | 46 |  |  |
| &nbsp;&nbsp;&nbsp;One hundred and twenty days or greater but less than one hundred and eighty days | 44 | 44 | 47 | 47 |
| &nbsp;&nbsp;&nbsp;One hundred and eighty days or greater but less than one year | 52 | 53 | 40 | 40 |
| &nbsp;&nbsp;&nbsp;One year or greater but less than two years | 49 | 49 | 247 | 245 |
| &nbsp;&nbsp;&nbsp;Two years or greater but less than three years | 52 | 52 | 63 | 62 |
| &nbsp;&nbsp;&nbsp;Three years or greater, or perpetual hybrid securities | 845 | 810 | 938 | 876 |
| **Total long-term, short-term and cash equivalent bonds** | 1259 | 1224 | 1493 | 1428 |
| &nbsp;&nbsp;&nbsp;Preferred stocks | 2 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;Derivatives | 1 | 1 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;Payables, receivables, cash and all other, net | 5 | 5 | 10 | 10 |
| **Total reinvestment portfolio** | 1267 | 1232 | 1507 | 1442 |
| **Total reinvestment portfolio and security collateral** | $1267 | $1232 | $1507 | $1442 |

---

The reinvestment portfolio acquired with cash collateral consisted principally of high quality, liquid, publicly traded long-term bonds, short-term investments, cash equivalents, or held in cash. If the securities on loan or the reinvestment portfolio become less liquid, the Company has the liquidity resources of most of its general account available to meet any potential cash demands when securities are returned to the Company.

Security collateral on deposit from counterparties may not be sold or repledged, unless the counterparty is in default, and since the Company does not have exclusive control, it is not reflected in invested assets in the accompanying financial statements.

MTL - 56

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

***Restricted Assets***

The table below provides a summary of restricted assets at book/adjusted carrying value at December 31:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **Total <br> General <br> Account** | **Total <br> Separate <br> Account** | **Total<br> Pledged &<br> Restricted<br> Assets** | **% of <br> Total <br> Assets** | **% of <br> Total<br> Admitted<br> Assets** | **General<br> Interrogatory <br> Amount** | **Difference** |
| Collateral held under security lending agreements | $1390 | $5 | $1395 | 1.9% | 1.9% | $1262 | $128 |
| FHLB capital stock | 72 |  | 72 | 0.1 | 0.1 | $72 | $— |
| State deposits | 7 |  | 7 |  |  | $7 | $— |
| Other regulatory deposits | 1459 |  | 1459 | 2.0 | 2.0 | $1459 | $— |
| Pledged collateral to FHLB | 2057 |  | 2057 | 2.9 | 2.9 | $2057 | $— |
| Derivative OTC bilateral – securities pledged <sup>(2)</sup> | 145 | 129 | 274 | 0.4 | 0.4 | $274 | $(129) |
| Derivative OTC cleared – securities pledged <sup>(2)</sup> | 28 |  | 28 |  |  | $28 | $— |
| Derivative OTC cleared - cash pledged <sup>(2)</sup> | 6 |  | 6 |  |  | $6 | $— |
| Assets pledged to support reinsurance agreements | 591 |  | 591 | 0.8 | 0.8 | $— | $591 |
| Collateral assets received and on balance sheet | 51 | 14 | 65 | 0.1 | 0.1 |  |  |
| Assets held under modco reinsurance agreements | 7283 | 11340 | 18623 | 25.9 | 26.0 |  |  |
| Assets held under funds withheld reinsurance agreements | 1713 |  | 1713 | 2.4 | 2.4 |  |  |
| **Total pledged and restricted assets** | $14802 | $11488 | $26290 | 36.5% | 36.6% |  |  |

---

<sup>(2)</sup> These amounts are combined in the Annual Statement General Interrogatory entitled "Pledged as collateral not captured in other categories".

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **Total <br> General <br> Account** | **Total <br> Separate <br> Account** | **Total<br> Pledged &<br> Restricted<br> Assets** | **% of Total<br> Assets** | **% of Total <br> Admitted <br> Assets** |
| Collateral held under security lending agreements | $1475 | $204 | $1679 | 2.7% | 2.7% |
| FHLB capital stock | 71 |  | 71 | 0.1 | 0.1 |
| State deposits | 7 |  | 7 |  |  |
| Other regulatory deposits | 1582 |  | 1582 | 2.5 | 2.5 |
| Pledged collateral to FHLB | 2040 |  | 2040 | 3.2 | 3.3 |
| Derivative OTC bilateral – securities pledged | 76 | 63 | 139 | 0.2 | 0.2 |
| Derivative OTC cleared – securities pledged | 9 |  | 9 |  |  |
| Derivative OTC cleared - cash pledged | 7 |  | 7 |  |  |
| Assets pledged to support reinsurance agreements | 327 |  | 327 | 0.5 | 0.5 |
| Collateral assets received and on balance sheet |  |  |  |  |  |
| Assets held under modco reinsurance agreements |  |  |  |  |  |
| Assets held under funds withheld reinsurance agreements |  |  |  |  |  |
| **Total pledged and restricted assets** | $5594 | $267 | $5861 | 9.2% | 9.3% |

---

MTL - 57

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

The table below provides the collateral received and assets held under MODCO and FWH reinsurance agreements reflected as assets at December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | **BACV** | **BACV** | **BACV** | | | | | |
| <br>**Asset** |<br><br>**Collateral** |<br><br>**Modco** |<br><br>**FWH** |<br>**% of BACV to**<br>**Total Assets**<br>**(Admitted and**<br>**Nonadmitted)** |<br>**% of**<br>**BACV to**<br>**Total**<br>**Admitted**<br>**Assets** |<br><br><br>**BACV** |<br>**% of BACV to**<br>**Total Assets**<br>**(Admitted and**<br>**Nonadmitted)** |<br>**% of BACV**<br>**to Total**<br>**Admitted**<br>**Assets** |
| General Account: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents and short-term investments | $51 | $— | $— | 0.1% | 0.1% | $193 | 0.3% | 0.3% |
| &nbsp;&nbsp;&nbsp;Bonds |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds - ICO |  | 3036 | 1412 | 11.4 | 11.5 |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds - ABS |  | 2580 | 126 | 6.9 | 7.0 |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock |  | 1 | 1 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage loans |  | 1601 | 143 | 4.5 | 4.5 |  |  |  |
| &nbsp;&nbsp;&nbsp;Other invested assets |  | 65 | 31 | 0.3 | 0.3 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $51 | $7283 | $1713 | 23.2% | 23.4% | $193 | 0.3% | 0.3% |
| **Separate Account:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents and short-term investments | $14 | $15 | $— | 0.1% | 0.1% | $113 | 0.4% | 0.4% |
| &nbsp;&nbsp;&nbsp;Bonds - ICO |  | 6078 |  | 18.4 | 18.4 |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds - ABS |  | 2973 |  | 9.0 | 9.0 |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock |  | 551 |  | 1.7 | 1.7 |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage loans |  | 1577 |  | 4.8 | 4.8 |  |  |  |
| &nbsp;&nbsp;&nbsp;Other invested assets |  | 146 |  | 0.4 | 0.4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $14 | $11340 | $— | 34.4% | 34.4% | $113 | 0.4% | 0.4% |

---

MTL - 58

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
| | **Related Party Code** | **Related Party Code** | **Related Party Code** | **Related Party Code** | **Related Party Code** | **Related Party Code** |
| | | **Securitizations or Similar Investments Involving a<br> Relationship with a Related Party the Reinsurer as Sponsor,<br> Originator, <br> Manager, Servicer, or Other Similar Influential Role and** | **Securitizations or Similar Investments Involving a<br> Relationship with a Related Party the Reinsurer as Sponsor,<br> Originator, <br> Manager, Servicer, or Other Similar Influential Role and** | **Securitizations or Similar Investments Involving a<br> Relationship with a Related Party the Reinsurer as Sponsor,<br> Originator, <br> Manager, Servicer, or Other Similar Influential Role and** | | |
| <br>**Asset** |<br>**Direct Loan or<br> Investment** | **Which 50% or<br> more of the<br> underlying<br> collateral<br> represents<br> investments in or<br> direct credit <br> exposure to the<br> reinsurer** | **Which less than<br> 50% (including<br> 0%) of the<br> underlying<br> collateral<br> represents<br> investments in or<br> direct credit <br> exposure to the<br> reinsurer** | **Does not involve a<br> relationship with a<br> the reinsurer as<br> sponsor,<br> originator, <br> manager, servicer<br> or other similar<br> influential role.** |<br>**Related to<br> Reinsurer but not<br> include in<br> Elsewhere** |<br>**Not Related /<br> Affiliated** |
| **General Account:** |  |  |  |  |  |  |
| Cash, cash equivalents and short-term investments | $— | $— | $— | $— | $— | $— |
| Bonds - ICO |  |  |  |  | 121 | 4327 |
| Bonds - ABS |  |  |  |  | 45 | 2661 |
| Preferred stock |  |  |  |  |  | 2 |
| Common stock |  |  |  |  |  |  |
| Mortgage loans |  |  |  |  | 318 | 1426 |
| Other invested assets |  |  |  |  | 4 | 92 |
| Total Assets | $— | $— | $— | $— | $488 | $8508 |
| **Separate Account:** |  |  |  |  |  |  |
| Cash, cash equivalents and short-term investments | $— | $— | $— | $— | $— | $15 |
| Bonds - ICO |  |  |  |  | 2800 | 3278 |
| Bonds - ABS |  |  |  |  | 1074 | 1899 |
| Preferred stock |  |  |  |  |  |  |
| Common stock |  |  |  |  |  | 551 |
| Mortgage loans |  |  |  |  | 542 | 1035 |
| Other invested assets |  |  |  |  | 20 | 126 |
| Total Assets | $— | $— | $— | $— | $4436 | $6904 |

---

The Company's recognized liability to return these collateral assets were as follows at December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Recognized Obligation to Return Collateral Asset (General Account) | $51 | $193 |
| Recognized Obligation to Return Collateral Asset (Separate Account) | $14 | $113 |
| Recognized Obligations for MODCO assets (General Account) | $7283 |  |
| Recognized Obligations for MODCO assets (Separate Account) | $11340 |  |
| Recognized Obligations FWH (excluding MODCO) assets (General Account) | $1713 |  |
| Recognized Obligations FWH (excluding MODCO) assets (Separate Account) | $— |  |

---

MTL - 59

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

***Net Investment Income***

The components of net investment income for the years ended December 31, were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Bonds | $1090 | $888 |
| Preferred stocks | 2 | 1 |
| Common stocks - affiliated | 6 |  |
| Common stocks - unaffiliated | 6 | 7 |
| Mortgage loans | 333 | 301 |
| Real estate | 2 | 2 |
| Cash, cash equivalents and short-term investments | 66 | 76 |
| Contract loans | 66 | 72 |
| Derivatives | 30 | 60 |
| Other invested assets | 113 | 115 |
| &nbsp;&nbsp;&nbsp;Gross investment income | 1714 | 1522 |
| &nbsp;&nbsp;&nbsp;Less: investment expenses | 156 | 161 |
| &nbsp;&nbsp;&nbsp;Net investment income, before IMR amortization | 1558 | 1361 |
| IMR amortization | 21 | 29 |
| Net investment income | $1579 | $1390 |

---

All investment income due and accrued with amounts over 90 days past due is nonadmitted except for mortgage loans in default (i.e., delinquent or in the process of foreclosure), when any amounts due and accrued over 180 days past due are nonadmitted. The gross amount for interest income due and accrued is $236 and $232 of which $1 and $0 is nonadmitted and $235 and $232 is admitted as of December 31, 2025 and 2024, respectively. The cumulative amounts of paid-in-kind interest included in the current principal balance is $85 as of December 31, 2025.

MTL - 60

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)**

**For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

***Net Realized Capital Gains (Losses), Net of Federal Income Tax and IMR Transfer***

Net realized capital gains (losses) on investments and derivatives were as follows for the years ended December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Bonds | $(42) | $(59) |
| &nbsp;&nbsp;&nbsp;Common stocks - unaffiliated | (1) | (3) |
| &nbsp;&nbsp;&nbsp;Mortgage loans | (22) | (4) |
| &nbsp;&nbsp;&nbsp;Real estate | 5 |  |
| &nbsp;&nbsp;&nbsp;Other invested assets | 14 | 10 |
| &nbsp;&nbsp;&nbsp;Derivatives | 5 | 11 |
| &nbsp;&nbsp;&nbsp;Other |  | (1) |
| Net realized capital gains (losses), before federal income tax | (41) | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: federal income tax expense (benefit) | 3 | 4 |
| Net realized capital gains (losses), before IMR transfer | (44) | (50) |
| IMR transfer, net of federal income tax expense (benefit) of $6 and $82, respectively. | (24) | (52) |
| Net realized capital gains (losses), net of federal income tax and IMR transfer | $(20) | $2 |

---

Impairment losses on real estate joint ventures, other limited partnership interests and LLCs were $5 and $3 for the years ended December 31, 2025 and 2024, respectively.

***Proceeds from Sales and Disposals and Realized Capital Gains (Losses) on Bonds and Stocks***

Proceeds from sales and disposals of bonds (including surplus notes included in other invested assets) and stocks, and the related gross realized capital gains (losses) and the related foreign exchange capital gains (losses) included in net realized capital gains (losses), and OTTI losses were as follows for the years ended December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Proceeds from sales and disposals | $4066 | $2712 |
| Gross realized capital gains | $42 | $19 |
| Gross realized capital losses | $(76) | $(69) |
| Foreign exchange capital gains | $10 | $— |
| Foreign exchange capital losses | $(16) | $(5) |
| OTTI losses - bonds | $(3) | $(4) |
| OTTI losses - stocks | $— | $(3) |

---

For the years ended December 31, 2025 and 2024, 37 and 16 securities with callable or tender offer features were disposed which generated prepayment fee income, included within net investment income, of ($3) and ($6), respectively.

MTL - 61

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

***Net Negative (Disallowed) IMR***

The table below provides a summary of the net negative (disallowed) IMR, which is included in special surplus at December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Insulated separate account | $132 | $81 |
| Total net negative (disallowed) IMR | $132 | $81 |

---

The table below provides summary of the negative (disallowed) IMR admitted at December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Insulated separate account | $132 | $81 |
| Total net negative (disallowed) IMR | $132 | $81 |

---

The Company's calculated adjusted capital and surplus was $1,821 and $2,268 at December 31, 2025 and 2024, respectively. The percentage of adjusted capital and surplus for which the admitted net negative (disallowed) IMR represents is 7% and 4% at December 31, 2025 and 2024, respectively.

The Company attested to the following:

● The fixed income instruments generating IMR losses comply with the Company's documented investment or liability management policies;

● IMR losses for fixed income related derivatives are all in accordance with prudent and documented risk management procedures, in accordance with the Company's derivative use plans and reflect symmetry with historical treatment in which unrealized derivative gains were reversed to IMR and amortized in lieu of being recognized as realized gains upon derivative termination;

● The Company did not have any deviations to INT 23-01 paragraph 13c(i); and

● Asset sales that were generating admitted negative IMR were not compelled by liquidity pressures (i.e., to fund significant cash outflows including, but not limited to excess withdrawals and collateral calls).

MTL - 62

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

**Note 4 - Derivatives**

***Types of Derivatives***

The table below provides a summary of the notional amount, book/adjusted carrying value, estimated fair value and primary underlying risk exposure by type of derivative held at December 31:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | |  | **Book/ <br> Adjusted** |  |  | **Book/ <br> Adjusted** |  |
| **Primary Underlying** |  | **Notional** | **Carrying** | **Estimated** | **Notional** | **Carrying** | **Estimated** |
| **Risk Exposure** | **Instrument Type** | **Amount** | **Value** | **Fair Value** | **Amount** | **Value** | **Fair Value** |
| Interest rate | Interest rate caps | $400 | $1 | $1 | $750 | $2 | $2 |
|  | Interest rate floors | 250 | 4 | 4 | 650 | 4 | 4 |
|  | Interest rate forwards | 22 |  |  |  |  |  |
|  | Interest rate options | 1324 | 4 | 4 | 308 | 1 | 1 |
|  | Interest rate swaps | 944 |  | (36) | 400 |  | (36) |
| Foreign currency | Foreign currency swaps | 4201 | (21) | 52 | 3607 | 283 | 271 |
| exchange rate | Foreign currency forwards | 700 | (2) | (2) | 237 | 3 | 3 |
| Credit | Credit default swaps | 7 |  |  | 12 |  |  |
| Other Derivatives | Longevity swaps | 1000 |  |  | 1000 |  |  |
|  | &nbsp;&nbsp;&nbsp;Total | $8848 | $(14) | $23 | $6964 | $293 | $245 |

---

***Interest Rate Derivatives***

The Company uses a variety of interest rate derivatives to reduce its exposure to changes in interest rates, including interest rate swaps, forwards, caps, floors, and swaptions.

Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from duration mismatches between assets and liabilities. In an interest rate swap, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest amounts as calculated by reference to an agreed notional amount. In certain instances, the Company locks in the economic impact of existing interest rate swaps by entering into offsetting positions.

Interest rate caps are purchased by the Company primarily to protect its floating rate liabilities against rises in interest rates above a specified level and against interest rate exposure arising from duration mismatches between assets and liabilities. At the outset of the contract, the Company pays a premium for the right to receive the cash payments equal to the excess of the market rate over the strike price multiplied by the notional amount, if the observed reference interest rate is above the strike level of the cap on the applicable reset date. In certain instances, the Company locks in the economic impact of existing purchased caps by entering into offsetting written caps.

Interest rate floors are purchased by the Company to protect its minimum rate guarantee liabilities against declines in interest rates below a specified level. At the outset of the contract, the Company pays a premium for the right to receive cash payments equal to the difference between the market rate and strike price multiplied by the notional amount, if the observed reference interest rate is below the strike level of the floor on the applicable reset date. In certain instances, the Company locks in the economic impact of existing purchased floors by entering into offsetting written floors.

MTL - 63

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

Interest rate forwards are used by the Company to buy and sell securities. The price is agreed upon at the time of the contract and payment for such a contract is made at a specified future date. In certain instances, the Company may lock in the economic impact of existing interest rate forwards by entering into offsetting positions.

Swaptions are used by the Company to hedge interest rate risk associated with the Company's long-term liabilities and invested assets. A swaption is an option to enter into a swap with a forward starting effective date. The Company pays a premium for purchased swaptions and receives a premium for written swaptions. In certain instances, the Company may enter into a combination of transactions to hedge changes in interest rates within a pre-determined range through the purchase and sale of options. Swaptions are included in interest rate options in the preceding table.

***Foreign Currency Exchange Rate Derivatives***

The Company uses foreign currency exchange rate derivatives, including foreign currency swaps and foreign currency forwards, to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets denominated in foreign currencies.

In a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a fixed exchange rate, generally set at inception, calculated by reference to an agreed upon notional amount. The notional amount of each currency is exchanged at the inception and termination of the currency swap by each party.

In a foreign currency forward transaction, the Company agrees with another party to deliver a specified amount of an identified currency at a specified future date. The price is agreed upon at the time of the contract and payment for such a contract is made in a specified currency at the specified future date. In certain instances, the Company locks in the economic impact of existing forwards by entering into offsetting positions.

***Credit Derivatives***

Credit derivatives are used by the Company to hedge against credit-related changes in the value of its investments.

In a credit default swap transaction, the Company agrees with another party to pay, at specified intervals, a premium to hedge credit risk. If a credit event as defined by the contract occurs, the contract may be cash settled or it may be settled gross by the delivery of par quantities of the referenced investment equal to the specified swap notional in exchange for the payment of cash amounts by the counterparty equal to the par value of the investment surrendered. Credit events vary by type of issuer but typically include bankruptcy, failure to pay debt obligations, and involuntary restructuring for corporate obligors, as well as repudiation, moratorium, or governmental intervention for sovereign obligors. In each case, payout on a credit default swap is triggered after the relevant third party, Credit Derivatives Determinations Committee, determines that a credit event has occurred.

Credit default swaps are also used in RSATs to synthetically create investments that are either more expensive to acquire or otherwise unavailable in the cash markets. These transactions are a combination of a derivative and one or more cash instruments such as U.S. Treasury securities, agency securities or other bonds. These credit default swaps are not designated as hedging instruments. In certain instances, the Company may lock in the economic impact of existing credit default swaps used in RSATs by entering into offsetting positions. There were no credit default swaps used in RSATs at December 31, 2025 and 2024.

MTL - 64

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

***Other Derivatives***

Longevity swaps are used by the Company to mitigate risk associated with life expectancy and unanticipated changes in mortality rates.

***Hedging***

*Fair Value Hedges*

The Company designates and accounts for the following as FV hedges when they have met the effectiveness requirements of SSAP 86: (i) interest rate swaps to convert fixed rate assets to floating rate assets; (ii) interest rate swaps to convert fixed rate liabilities to floating rate liabilities; and (iii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets.

For the years ended December 31, 2025 and 2024, there were no gains (losses) reported in change in net unrealized capital gains (losses) related to fair value derivatives that no longer qualify for hedge accounting or for which the Company removed the hedge designation.

All components of each derivative's gain or loss were included in the assessment of hedge effectiveness, except for cross currency basis spread on certain foreign currency swaps, as shown in the table below.

The hedging instruments with excluded components for determining hedge effectiveness is presented in the following table for the year ended December 31, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  |<br>**Current Fair**<br>**Value** |<br>**Recognized**<br>**Unrealized**<br>**Gain (Loss)** | <br>**Fair Value**<br>**Reflected in**<br>**BACV** | **Aggregate**<br>**Amount**<br>**Owed at**<br>**Maturity** | **Aggregate**<br>**Amount**<br>**Owed at**<br>**Maturity** | <br>**Current Year**<br>**Amortization** |<br>**Remaining**<br>**Amortization** |
| Cross Currency Basis | $(2) | $— | &nbsp;&nbsp;XXX | XXX | &nbsp;&nbsp;XXX | &nbsp;&nbsp;XXX | XXX |

---

There were no hedging instruments with excluded components for determining effectiveness for the year ended December 31, 2024.

*Cash Flow Hedges*

The Company designates and accounts for the following as CF hedges when they have met the effectiveness requirements of SSAP 86: (i) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets, (ii) interest rate swaps to convert floating rate assets to fixed rate assets; and (iii) interest rate swaps and forwards to hedge the forecasted purchases of fixed rate investments.

All components of each derivative's gain or loss were included in the assessment of hedge effectiveness.

MTL - 65

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

For the year ended December 31, 2025, there were net gains (losses) of $18 related to cash flow derivatives that no longer qualify for hedge accounting or for which the Company removed the hedge designation. For the year ended December 31, 2024, there were no gains (losses) related to cash flow derivatives that no longer qualify for hedge accounting or for which the Company removed the hedge designation.

In certain instances, the Company discontinued CF hedge accounting because it was no longer probable that the forecasted transaction would occur by or within two months of the anticipated date. There were no gains (losses) related to such discontinued CF hedges for the years ended December 31, 2025 and 2024.

At December 31, 2025, the maximum length of time over which the Company was hedging its exposure to variability in future cash flows for forecasted transactions did not exceed 1 year. There were no hedged forecasted transactions, other than the receipt or payment of variable interest payments, at December 31, 2024.

*Non-qualifying Derivatives*

The Company enters into the following derivatives that do not qualify for hedge accounting under SSAP 86: (i) interest rate swaps, purchased caps and floors and swaptions to economically hedge its exposure to interest rates; (ii) foreign currency swaps and forwards to economically hedge its exposure to adverse movements in exchange rates; (iii) llongevity swaps to hedge the tail longevity risk of certain liabilities; (iv) credit default swaps to economically hedge its exposure to adverse movements in credit.

*Derivatives for Other than Hedging Purposes*

The Company enters into credit default swaps used in RSATs for other than hedging purposes under SSAP 86.

The average estimated fair value of derivatives held for other than hedging purposes is presented in the following table for the years ended December 31:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset** | **Asset** | **Liability** | **Liability** |
|  | **2025** | **2024** | **2025** | **2024** |
| Derivative component of RSATs |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit default swaps | $2 | $3 | $— | $— |

---

The net realized gains (losses) on the derivatives held for other than hedging purposes is presented in the following table for the years ended December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Derivative component of RSATs |  |  |
| &nbsp;&nbsp;&nbsp;Credit default swaps | $1 | $3 |

---

MTL - 66

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

*Credit Derivatives*

In connection with RSATs, the Company writes credit default swaps for which it receives a premium to insure credit risk. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the Company paying the counterparty the specified swap notional amount in exchange for the delivery of par quantities of the referenced credit obligation. The Company can terminate these contracts at any time through cash settlement with the counterparty at an amount equal to the then current estimated fair value of the credit default swaps. There was no credit default swaps used in RSATs at December 31, 2025 and 2024.

*Off-Balance Sheet Risk and Credit Risk*

The table below summarizes the notional amount of the Company's financial instruments (derivatives that are designated as effective hedging instruments and derivatives used in replications) with off-balance sheet credit risk at December 31:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset** | **Asset** | **Liability** | **Liability** |
|  | **2025** | **2024** | **2025** | **2024** |
| Foreign currency swaps | $499 | $1227 | $741 | $136 |
| Credit default swaps |  |  |  |  |
| Interest rate swaps |  | 10 |  | 30 |
| &nbsp;&nbsp;&nbsp;Total | $499 | $1237 | $741 | $166 |

---

The Company may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of the Company's derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements.

The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties in jurisdictions in which it understands that close-out netting should be enforceable and establishing and monitoring exposure limits. The Company's OTC-bilateral derivative transactions are governed by ISDA Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, close-out netting permits the Company (subject to financial regulations such as the Orderly Liquidation Authority under Title II of Dodd-Frank) to set-off receivables from the counterparty against payables to the same counterparty arising out of all included transactions and to apply collateral to the obligations without application of the automatic stay, upon the counterparty's bankruptcy. All of the Company's ISDA Master Agreements also include Credit Support Annex provisions which may require both the pledging and accepting of collateral in connection with its OTC-bilateral derivatives as required by applicable law.

The Company's OTC-cleared derivatives are effected through central clearing counterparties. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by brokers and central clearinghouses to such derivatives.

MTL - 67

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

Off-balance sheet credit exposure is the excess of positive estimated fair value over positive book/ adjusted carrying value for the Company's highly effective hedges and derivatives used in replications at the reporting date. All collateral received from counterparties to mitigate credit-related losses is deemed worthless for the purpose of calculating the Company's off-balance sheet credit exposure. The off- balance sheet credit exposure of the Company's swaps was $57 and $69 at December 31, 2025 and 2024, respectively.

The Company enters into various collateral arrangements, which may require both the pledging and accepting of collateral in connection with its derivatives. The table below summarizes the collateral pledged by the Company in connection with its OTC derivatives at December 31:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Cash <sup>(1)</sup>** | **Cash <sup>(1)</sup>** | **Securities <sup>(2)</sup>** | **Securities <sup>(2)</sup>** | **Total** | **Total** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **Initial Margin:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;OTC-bilateral | $— | $— | $91 | $48 | $91 | $48 |
| &nbsp;&nbsp;&nbsp;OTC-cleared |  |  | 28 | 9 | 28 | 9 |
| **Variation Margin:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;OTC-bilateral |  |  | 54 | 28 | 54 | 28 |
| &nbsp;&nbsp;&nbsp;OTC-cleared | 6 | 7 |  |  | 6 | 7 |
| **Total OTC** | $6 | $7 | $173 | $85 | $179 | $92 |

---

<sup>(1)</sup> Cash collateral pledged for OTC-cleared is reported in other invested assets. <br> <sup>(2)</sup> Securities pledged as collateral are reported in bonds. Subject to certain constraints, the counterparties are permitted by contract to sell or repledge this collateral.

The table below summarizes the collateral received by the Company in connection with its OTC derivatives at December 31:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Cash <sup>(1)</sup>** | **Cash <sup>(1)</sup>** | **Securities <sup>(2)</sup>** | **Securities <sup>(2)</sup>** | **Total** | **Total** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **Initial Margin:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;OTC-bilateral | $— | $— | $— | $— | $— | $— |
| **Variation Margin:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;OTC-bilateral | 51 | 193 | 45 | 104 | 96 | 297 |
| &nbsp;&nbsp;&nbsp;OTC-cleared |  |  |  |  |  |  |
| **Total OTC** | $51 | $193 | $45 | $104 | $96 | $297 |

---

<sup>(1)</sup> Cash collateral received is reported in cash, cash equivalents and short-term investments and the obligation to return the collateral is reported in payable for collateral under securities loaned and other transactions.

<sup>(2)</sup> Securities collateral received is held in separate custodial accounts and is not reflected in the financial statements.

The Company's collateral arrangements for its OTC-bilateral derivatives generally require the counterparty in a net liability position, after considering the effect of netting agreements, to pledge collateral when the amount owed by that counterparty reaches a minimum transfer amount. The Company's netting agreements for derivatives generally contain provisions that require both the Company and the counterparty to maintain a specified minimum financial strength or credit ratings above investment grade level from Moody's, S&P or both. In those agreements, if a party's financial strength or credit ratings were to fall below the applicable minimum rating, that party would be in violation of these provisions, and the other party to the derivatives could terminate the transactions and demand immediate settlement and payment based on reasonable valuation of the derivatives.

MTL - 68

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

**Note 5 – Related Party Information**

***Service Agreements***

The Company is party to a MSFA, with an affiliated services entity, MSS, and an IMA with MIM. The MSS MSFA provides for personnel, facilities and equipment to be made available and for a broad range of services to be rendered, principally by MSS. The MIM IMA provides for investment-related services to be rendered by MIM. The Company is also a party to a legacy MSA with MLIC.

The MSS MSFA, MIM IMA, MLIC service agreement, and a global service agreement with MSS are enterprise service agreements. Under these agreements, generally, personnel, facilities, equipment and services may be requested by the Company as deemed necessary for its business and investment operations. Under the MSS MSFA, MSS further agrees to make available employee participation in employee benefit plans for which MLG, the principal U.S. employer entity for the enterprise, or MLIC is the plan sponsor or obligor. All of these agreements, excluding the MIM IMA under which the Company is charged a market-based fee, involve cost allocation arrangements, under which the Company pays or receives compensation for all expenses, direct and indirect, reasonably and equitably determined to be attributable to the personnel, facilities, equipment, services and employee benefit plan participation provided (subject to a transfer pricing mark-up as required). These expenses include, but are not limited to, compensation payable to enterprise employees performing services, such as salary, cash bonuses, stock-based compensation under MetLife incentive plans and expenses attributable to pension and post- retirement benefit plans benefiting such employees.

Total expenses under these agreements amounted to $242 and $222 for the years ended December 31, 2025 and 2024, respectively, and are split between net investment income and insurance expenses and taxes (other than federal income and capital gains taxes).

***Reinsurance Agreements***

The Company has reinsurance agreements with certain of MetLife's affiliates, including MLIC, Missouri Re, and MRH, all of which are related parties.

MTL - 69

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

Information regarding the significant effects of affiliated reinsurance included in the Statutory Statements of Operations and Changes in Capital and Surplus was as follows for the years ended December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Premiums and annuity considerations: |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance assumed | $86 | $96 |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | $(1613) | $(868) |
| Benefit payments (other than dividends): |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance assumed | $55 | $38 |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | $(336) | $(331) |
| Changes to reserves, deposit-type funds and other policy liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance assumed | $40 | $69 |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | $(6) | $(3) |

---

Information regarding the significant effects of affiliated reinsurance included in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus was as follows at December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Reserves for life and health insurance, annuities and deposit-type contracts: |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance assumed | $969 | $929 |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | $(723) | $(794) |
| Funds held under reinsurance treaties: |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | $— | $— |

---

The Company has a reinsurance agreement with MLIC where the Company assumes, on a coinsurance basis, 90% of MLIC's liabilities on certain participating whole life insurance policies issued on or after January 1, 2011. The premiums assumed were $86 and $96 for the years ended December 31, 2025 and 2024, respectively. The policy reserves assumed were $969 and $929 as of December 31, 2025 and 2024, respectively.

The Company entered into agreements to cede certain group annuity contracts issued in connection with qualifying pension risk transfer on a modified coinsurance basis to Missouri Re, an affiliate. The modified coinsurance reserves for this agreement totaled $2,445 and $2,618 as of December 31, 2025 and 2024, respectively.

The Company entered into an agreement to cede certain group annuity contracts issued in connection with qualifying pension risk transfer on a modified coinsurance basis to MRH, an affiliate. The premium ceded was $1,608 and $861 for the years ended December 31, 2025 and 2024, respectively. The modified coinsurance reserves for this agreement totaled $2,487 and $935 as of December 31, 2025 and 2024, respectively.

MTL - 70

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

***Investments***

The Company's admitted related party investments at book/adjusted carrying value were as follows at December 31:

---

| | | |
|:---|:---|:---|
| **Related Party Investments** | **2025** | **2024** |
| Bonds | $69 | $69 |
| Mortgage loans | $— | $9 |
| Joint ventures (primarily real estate and mortgage loans) | $763 | $668 |

---

The Company purchases mortgage loan participations under a master participation agreement, from affiliates simultaneously with the affiliates' origination or acquisition of mortgage loans.

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **2025** | **2024** |
| Aggregate amount of loan participation interest purchased from affiliates | $818 | $660 |
| Mortgage loan principal and interest collected on behalf of the Company and remitted to the Company | $1081 | $856 |

---

In the normal course of business, the Company transfers invested assets to and from affiliates.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **BACV<sup>(1)</sup>** | **Fair Value<sup>(2)</sup>** | **BACV<sup>(1)</sup>** | **Fair Value<sup>(2)</sup>** |
| Transferred bonds | $219 | $219 | $29 | $29 |
| Transferred mortgages | $17 | $14 | $1 | $1 |
| Transferred private equities | $132 | $132 | $2 | $2 |
| Received bonds | XXX | $21 | XXX | $27 |
| Received real estate joint ventures | $181 | $181 | $— | $— |

---

<sup>(1)</sup> BACV (including accrued interest for bonds) at the date of transfer.

<sup>(2)</sup> Estimated Fair Value (including accrued interest for bonds and mortgage loans) at the date of transfer.

The Company's SCA investments, as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**SCA Entities** | **Admitted**<br>**Amount** | **Nonadmitted**<br>**Amount** | **Type of <br> NAIC**<br>**Filing <sup>(1)</sup>** | **Date of <br> Filing to the**<br>**NAIC** | **NAIC <br> Valuation**<br>**Amount** |
| MACI | $— | $3 | S1 | 11/01/2017 | $— N |

---

<sup>(1)</sup> S1 - Sub 1, S2 - Sub 2 or RDF - Resubmission of Disallowed Filing

***Other***

The Company has receivables and payables with affiliates for services necessary to conduct its business. Receivables expected to be settled within 90 days are admitted. Receivables from affiliates, included in other assets, totaled $0 and $6 at December 31, 2025 and 2024, respectively. Payables to affiliates, included in other liabilities, totaled $17 and $24 at December 31, 2025 and 2024, respectively.

MTL - 71

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

**Note 6 – Premium and Annuity Considerations Deferred and Uncollected**

Premiums and annuity considerations deferred and uncollected on life and annuity products at December 31 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| <br>**Type** | **Gross** | **Net of Loading** | **Gross** | **Net of Loading** |
| Ordinary renewal | $94 | $82 | $117 | $105 |
| Group life | 7 | 7 | 5 | 5 |
| Group annuity | 320 | 320 | 306 | 306 |
| Total | $421 | $409 | $428 | $416 |

---

**Note 7 – Reinsurance and Other Insurance Transactions**

The Company enters into reinsurance agreements primarily as a purchaser of reinsurance for its various insurance products and also as a provider of reinsurance for some insurance products issued by affiliated and unaffiliated companies. The Company purchases reinsurance in order to limit losses, minimize exposure to significant risks, and provide additional capacity for future growth.

For its individual life products, the Company has historically reinsured the mortality risk primarily on an excess of retention basis or on a quota share basis. In addition to reinsuring mortality risk as described above, the Company reinsures other risks, as well as specific coverages. Placement of reinsurance is done primarily on an automatic basis and also on a facultative basis for risks with specified characteristics. The Company ceded to nonaffiliates, (i) an in-force block of universal life, variable universal life, universal life with secondary guarantees and fixed annuities and (ii) certain variable annuities both on a 100% quota share basis. The Company also reinsures portions of certain level premium term and universal life policies with secondary death benefit guarantees to a nonaffiliate.

The Company has exposure to catastrophes, which could contribute to significant fluctuations in the Company's results of operations. The Company also uses excess of retention and quota share reinsurance arrangements to provide greater diversification of risk and minimize exposure to larger risks. Excess of retention reinsurance agreements provide for a portion of a risk to remain with the direct writing company and quota share reinsurance agreements provide for the direct writing company to transfer a fixed percentage of all risks of a class of policies.

The Company has reinsured certain of its annuity and supplementary contract business to an affiliate. The Company also reinsures certain group annuity contracts issued in connection with pension risk transfers to certain affiliates and a nonaffiliate.

The Company assumes portions of certain whole life policies issued by an affiliate and a nonaffiliate. In addition, the Company assumes longevity risks for certain pension products issued by unaffiliated providers located in the U.K.

The Company reinsures its business through a diversified group of reinsurers. The Company analyzes recent trends in arbitration and litigation outcomes in disputes, if any, with its reinsurers. The Company monitors ratings and evaluates the financial strength of its reinsurers by analyzing their financial statements. The Company also periodically monitors the collectability of reinsurance balances. In addition, the reinsurance recoverable balance due from each reinsurer is evaluated as part of the overall monitoring process. Recoverability of reinsurance recoverable balances is evaluated based on these analyses. The Company remains liable for all risks reinsured in the event the reinsurers are unable to meet their obligations under the agreements.

MTL - 72

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

The financial statements include the impact of reinsurance. Information regarding the significant effects of affiliated and non-affiliated reinsurance included in the Statutory Statements of Operations and Changes in Capital and Surplus was as follows for the years ended December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Premiums and annuity considerations: |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance assumed | $2740 | $2383 |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | $(11131) | $(3107) |
| Benefit payments (other than dividends): |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance assumed | $2211 | $1854 |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | $1782 | $(1343) |
| Changes to reserves, deposit-type funds and other policy liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance assumed | $506 | $499 |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | $(483) | $280 |

---

Information regarding the significant effects of affiliated and non-affiliated reinsurance included in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus was as follows at December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Reserves for life and health insurance, annuities and deposit-type contracts: |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance assumed | $4727 | $4195 |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | $(8148) | $(7774) |
| Funds held under reinsurance treaties: |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | $1713 | $978 |

---

In 2025, the Company entered into two reinsurance agreements with Chariot Re. One to cede certain structured settlement annuity contracts and group annuity contracts associated with pension risk transfers on a funds withheld basis and another to cede certain participating whole life business on a funds withheld basis. For these transactions, the Company recorded cash, cash equivalents and short-term investments of $977, modified coinsurance reserves of $10,300, ceded reserves of $682 and a funds withheld liability of $682 within funds held under reinsurance treaties at December 31, 2025. The Company also recorded ceded premiums of $7,800 for the year ended December 31, 2025. In addition, the Company (i) recorded ceding commissions of $642 and (ii) recorded deferred gains of $461 within capital and surplus which will be amortized into income as future profits emerge.

MTL - 73

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

The Company has ceded reinsurance to affiliated and unaffiliated companies that are unauthorized, or not accredited to write reinsurance agreements in the domiciliary state of the Company. The unauthorized reinsurance liability is calculated to record a liability for reserve credits taken that are not fully collateralized by each unauthorized reinsurance company. Information regarding the unauthorized liability balances, as well as collateral amounts provided from unauthorized companies to the Company to support the ceded liabilities for affiliated and unaffiliated reinsurers was as follows at December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Unauthorized reinsurance liability: |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | $— | $— |
| LOCs held under reinsurance treaties: |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | $3 | $3 |
| Assets held in trust under reinsurance treaties: |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | $181 | $151 |
| Funds held under reinsurance treaties: |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | $682 | $— |

---

***Deferred Gains on Reinsurance Agreements***

The Company has entered into reinsurance agreements on a coinsurance with funds withheld basis or a modified coinsurance basis to cede in-force business to reinsurers. Any resulting deferred gains on reinsurance, net of income tax, are recorded in unassigned surplus (deficit). The change in deferred gains on reinsurance is recognized as an adjustment to surplus and is reflected in change in surplus as a result of reinsurance. The rollforward of deferred gains on reinsurance agreements is as follows at December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Balance at beginning of year | $542 | $547 |
| Deferred gains on affiliated reinsurance <sup>(1)</sup> | (46) | (45) |
| Ceded amortization of deferred gains | (66) | (14) |
| Ceded additions of affiliated deferred gains | 44 | 54 |
| Ceded additions of deferred gains | 509 |  |
| Balance at end of year | $983 | $542 |

---

<sup>(1)</sup> See Note 5 - Related Party Information - "Reinsurance Agreements" for additional information.

**Note 8 – Reserves for Life Contracts and Deposit-Type Contracts**

The Company waives deduction of deferred fractional premiums upon death of the insured for policies issued prior to January 1, 1963. For policies issued after December 31, 1962, premiums paid beyond the date of death are returned. Reserves for surrender values in excess of the legally computed reserves amounted to $1 and $1 at December 31, 2025 and 2024, respectively.

The method employed in the valuation of substandard policies is identical to the method employed in the valuation of standard policies; a mean reserve method is used, but for substandard policies, the mean reserves are based on appropriate multiples of standard rates of mortality.

As of December 31, 2025 and 2024, the Company had $15,956 and $13,132, respectively, of insurance in force for which the gross premiums are less than the net premiums according to the standard valuation set by Domiciliary State. Reserves to cover the above insurance totaled the gross amount of $56 and $60 at December 31, 2025 and 2024, respectively.

MTL - 74

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

The tabular interest has been determined by formula as described in the NAIC instructions for all traditional product types. For universal life, variable universal life, and flexible premium annuity products, accrued interest credited to the fund balances was used in the calculations of tabular interest.

The tabular less actual reserve released and tabular cost have been determined by formula as described by the NAIC instructions.

For the determination of tabular interest on funds not involving life contingencies for each valuation rate of interest, the tabular interest is calculated as one hundredth of the product of such valuation rate of interest times the mean of the amount of funds subject to such valuation rate of interest held at the beginning and end of the valuation period.

The general nature of other reserve changes are items that include reserves established as a result of asset adequacy analysis, reserves for secondary guarantees on universal life policies and general account reserves held for variable annuity guaranteed minimum death benefits and for variable annuity guaranteed living benefits.

The details for other changes are as follows at December 31, 2025 :

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Ordinary** | **Ordinary** | **Group** | **Group** |
| <br>**Item** |<br>**Total** | **Life <br> Insurance** | **Individual<br> Annuities** | **Life<br> Insurance** | **Annuities** |
| Additional actuarial reserves- Asset/liability analysis | $(6) | $— | $— | $— | $(6) |
| For excess of valuation net premiums over corresponding gross premiums | (4) | (4) |  |  |  |
| Inception of reinsurance agreement with Chariot Reinsurance, Ltd | (672) | (672) |  |  |  |
| Reinsurance ceded | 3 | 3 |  |  |  |
| Variable Annuity Aggregate Excess | 1 |  | 1 |  |  |
| Dividends and other (PPVL) | 5 |  |  | 5 |  |
| A200/Voluntary Benefit Reserve | 15 |  |  |  | 15 |
| Total | $(658) | $(673) | $1 | $5 | $9 |

---

The Company assumed structured settlement claim obligations when operating solely as an assignment company. The structured settlement obligation and the carrying value of the annuity contracts are based upon the actuarially determined present value of expected future benefit payments, which are period certain or life contingent. The Company has reduced its obligation by the carrying value of the funding annuity contracts. The carrying value of the funding annuity contracts and the corresponding obligations amounted to $5,835 and $5,940 for years ended December 31, 2025 and 2024, respectively.

MTL - 75

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

**Note 9 – Analysis of Annuity Actuarial Reserves and Deposit Liabilities by Withdrawal Characteristics**

Withdrawal characteristics of annuity actuarial reserves, deposit-type contracts without life or disability contingencies were as follows at December 31:

***Individual Annuities:***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **General<br> Account** | **Separate<br> Account with Guarantees** | **Separate<br> Account<br> Nonguaranteed** | **Total** | **Percent of<br> Total** |
| **Subject to discretionary withdrawal:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With market value adjustment | $— | $— | $— | $— | —% |
| &nbsp;&nbsp;&nbsp;At fair value |  |  | 67 | 67 | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total with market value adjustment or at fair value |  |  | 67 | 67 | 1.4 |
| &nbsp;&nbsp;&nbsp;At book value without adjustment (minimal or no charge adjustment) | 648 |  |  | 648 | 13.9 |
| **Not subject to discretionary withdrawal:** | 3956 |  |  | 3956 | 84.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (gross: direct + assumed) | 4604 |  | 67 | 4671 | 100.0% |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | 583 |  |  | 583 |  |
| Total (net) | $4021 | $— | $67 | $4088 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **General<br> Account** | **Separate<br> Account with Guarantees** | **Separate<br> Account<br> Nonguaranteed** | **Total** | **Percent of<br> Total** |
| **Subject to discretionary withdrawal:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With market value adjustment | $— | $— | $— | $— | —% |
| &nbsp;&nbsp;&nbsp;At fair value |  |  | 63 | 63 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total with market value adjustment or at fair value |  |  | 63 | 63 | 1.5 |
| &nbsp;&nbsp;&nbsp;At book value without adjustment (minimal or no charge adjustment) | 693 |  |  | 693 | 17.0 |
| **Not subject to discretionary withdrawal:** | 3331 |  |  | 3331 | 81.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (gross: direct + assumed) | 4024 |  | 63 | 4087 | 100.0% |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | 628 |  |  | 628 |  |
| Total (net) | $3396 | $— | $63 | $3459 |  |

---

***Group Annuities:***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **General<br> Account** | **Separate<br> Account with Guarantees** | **Separate<br> Account<br> Nonguaranteed** | **Total** | **Percent of<br> Total** |
| **Subject to discretionary withdrawal:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With market value adjustment | $336 | $1840 | $— | $2176 | 8.1% |
| &nbsp;&nbsp;&nbsp;At fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total with market value adjustment or at fair value | 336 | 1840 |  | 2176 | 8.1 |
| &nbsp;&nbsp;&nbsp;At book value without adjustment (minimal or no charge adjustment) |  |  |  |  |  |
| **Not subject to discretionary withdrawal:** | 1958 | 22796 |  | 24754 | 91.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (gross: direct + assumed) | 2294 | 24636 |  | 26930 | 100.0% |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | 1 |  |  | 1 |  |
| Total (net) | $2293 | $24636 | $— | $26929 |  |

---

MTL - 76

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |<br>**General**<br>**Account** | **Separate**<br>**Account with**<br>**Guarantees** | **Separate**<br>**Account**<br>**Nonguaranteed** |<br>**Total** |<br>**Percent of**<br>**Total** |
| **Subject to discretionary withdrawal:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With market value adjustment | $390 | $184 | $— | $574 | 2.5% |
| &nbsp;&nbsp;&nbsp;At fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total with market value adjustment or at fair value | 390 | 184 |  | 574 | 2.5 |
| &nbsp;&nbsp;&nbsp;At book value without adjustment (minimal or no charge adjustment) |  |  |  |  |  |
| **Not subject to discretionary withdrawal:** | 1810 | 20593 |  | 22403 | 97.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (gross: direct + assumed) | 2200 | 20777 |  | 22977 | 100.0% |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | 1 |  |  | 1 |  |
| Total (net) | $2199 | $20777 | $— | $22976 |  |

---

***Deposit-Type Contracts (no life contingencies):***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** |
|  |<br>**General**<br>**Account** | **Separate**<br>**Account with**<br>**Guarantees** | **Separate**<br>**Account**<br>**Nonguaranteed** |<br>**Total** |<br>**Percent of**<br>**Total** |
| **Subject to discretionary withdrawal:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With market value adjustment | $— | $— | $— | $— | —% |
| &nbsp;&nbsp;&nbsp;At fair value |  | 296 | 555 | 851 | 5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total with market value adjustment or at fair value |  | 296 | 555 | 851 | 5.2 |
| &nbsp;&nbsp;&nbsp;At book value without adjustment (minimal or no charge adjustment) | 670 |  |  | 670 | 4.1 |
| **Not subject to discretionary withdrawal:** | 14828 |  |  | 14828 | 90.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (gross: direct + assumed) | 15498 | 296 | 555 | 16349 | 100.0% |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | 654 |  |  | 654 |  |
| Total (net) | $14844 | $296 | $555 | $15695 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |<br>**General**<br>**Account** | **Separate**<br>**Account with**<br>**Guarantees** | **Separate**<br>**Account**<br>**Nonguaranteed** |<br>**Total** |<br>**Percent of**<br>**Total** |
| **Subject to discretionary withdrawal:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**With market value adjustment** | $**21** | $**—** | $**—** | $**21** | **0.1%** |
| &nbsp;&nbsp;&nbsp;**At fair value** | **—** | **243** | **538** | **781** | **5.6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total with market value adjustment or at fair value** | **21** | **243** | **538** | **802** | **5.7** |
| &nbsp;&nbsp;&nbsp;**At book value without adjustment (minimal or no charge adjustment)** | **728** | **—** | **—** | **728** | **5.2** |
| **Not subject to discretionary withdrawal:** | **12509** | **—** | **—** | **12509** | **89.1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total (gross: direct + assumed)** | **13258** | **243** | **538** | **14039** | **100.0%** |
| &nbsp;&nbsp;&nbsp;**Reinsurance ceded** | **716** | **—** | **—** | **716** |  |
| **Total (net)** | $**12542** | $**243** | $**538** | $**13323** |  |

---

MTL - 77

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

Annuity actuarial reserves, deposit-type contract funds and other liabilities without life or disability contingencies at December 31, were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **General Account:** |  |  |
| &nbsp;&nbsp;&nbsp;Annuities (excluding supplementary contracts with life contingencies) | $6310 | $5592 |
| &nbsp;&nbsp;&nbsp;Supplementary contracts with life contingencies | 4 | 3 |
| &nbsp;&nbsp;&nbsp;Deposit-type contracts | 14844 | 12542 |
| &nbsp;&nbsp;&nbsp;Subtotal | 21158 | 18137 |
| **Separate Account:** |  |  |
| &nbsp;&nbsp;&nbsp;Annuities (excluding supplementary contracts) | 24703 | 20840 |
| &nbsp;&nbsp;&nbsp;Deposit-type contracts | 851 | 781 |
| &nbsp;&nbsp;&nbsp;Subtotal | 25554 | 21621 |
| Total annuity actuarial reserves and deposit liabilities | $46712 | $39758 |

---

**Note 10 - Analysis of Life Actuarial Reserves by Withdrawal Characteristics**

The amounts of account value, cash value and reserve for the breakouts of life insurance by withdrawal characteristics , separately for general account and separate account products, were as follows at December 31:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **General Account** | **General Account** | **General Account** | **General Account** | **General Account** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Account <br> Value** | **Cash <br> Value** | **Reserve** | **Account <br> Value** | **Cash Value** | **Reserve** |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Universal life | $3436 | $3427 | $3752 | $3433 | $3410 | $3757 |
| &nbsp;&nbsp;&nbsp;Universal life with secondary guarantees | 1484 | 1410 | 3399 | 1533 | 1461 | 3464 |
| &nbsp;&nbsp;&nbsp;Other permanent cash value life insurance | 13 | 4555 | 6816 | 5 | 4512 | 6847 |
| &nbsp;&nbsp;&nbsp;Variable life | 149 | 145 | 153 | 71 | 69 | 74 |
| &nbsp;&nbsp;&nbsp;Variable universal life | 278 | 266 | 279 | 283 | 281 | 283 |
| Total | $5360 | $9803 | $14399 | $5325 | $9733 | $14425 |
| Not subject to discretionary withdrawal or no cash values |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Term policies without cash value | XXX | XXX | $106 | XXX | XXX | $106 |
| &nbsp;&nbsp;&nbsp;Accidental death benefits | XXX | XXX | 2 | XXX | XXX | 2 |
| &nbsp;&nbsp;&nbsp;Disability - active lives | XXX | XXX | 8 | XXX | XXX | 7 |
| &nbsp;&nbsp;&nbsp;Disability - disabled lives | XXX | XXX | 60 | XXX | XXX | 64 |
| &nbsp;&nbsp;&nbsp;Miscellaneous reserves | XXX | XXX | 89 | XXX | XXX | 93 |
| Total (gross: direct + assumed) | 5360 | 9803 | 14664 | 5325 | 9733 | 14697 |
| Reinsurance ceded | 3685 | 4614 | 6836 | 3847 | 3860 | 6352 |
| Total (net) | $1675 | $5189 | $7828 | $1478 | $5873 | $8345 |

---

MTL - 78

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Separate Account with Guarantees** | **Separate Account with Guarantees** | **Separate Account with Guarantees** | **Separate Account with Guarantees** | **Separate Account with Guarantees** | **Separate Account with Guarantees** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Account**<br>**Value** | **Cash**<br>**Value** |<br>**Reserve** | **Account**<br>**Value** | **Cash**<br>**Value** |<br>**Reserve** |
| **Subject to discretionary withdrawal, surrender values, or policy loans:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Universal life** | $**—** | $**—** | $**—** | **—** | $**—** | $**—** |
| &nbsp;&nbsp;&nbsp;**Universal life with secondary guarantees** | **—** | **—** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;**Other permanent cash value life insurance** | **—** | **—** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;**Variable life** | **1028** | **1017** | **1011** | **812** | **804** | **801** |
| &nbsp;&nbsp;&nbsp;**Variable universal life** | **5** | **5** | **5** | 5 | 4 | **5** |
| **Total** | $**1033** | $**1022** | $**1016** | $**817** | $**808** | $**806** |
| **Not subject to discretionary withdrawal or no cash values** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Term policies without cash value** | **XXX** | **XXX** | $**—** | **XXX** | **XXX** | $**—** |
| &nbsp;&nbsp;&nbsp;**Accidental death benefits** | **XXX** | **XXX** | **—** | **XXX** | **XXX** | **—** |
| &nbsp;&nbsp;&nbsp;**Disability - active lives** | **XXX** | **XXX** | **—** | **XXX** | **XXX** | **—** |
| &nbsp;&nbsp;&nbsp;**Disability - disabled lives** | **XXX** | **XXX** | **—** | **XXX** | **XXX** | **—** |
| &nbsp;&nbsp;&nbsp;**Miscellaneous reserves** | **XXX** | **XXX** | **—** | **XXX** | **XXX** | **—** |
| **Total (gross: direct + assumed)** | **1033** | **1022** | **1016** | **817** | **808** | **806** |
| **Reinsurance ceded** | **—** | **—** | **—** | **—** | **—** | **—** |
| **Total (net)** | $**1033** | $**1022** | $**1016** | $**817** | $**808** | $**806** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Separate Account Nonguaranteed** | **Separate Account Nonguaranteed** | **Separate Account Nonguaranteed** | **Separate Account Nonguaranteed** | **Separate Account Nonguaranteed** | **Separate Account Nonguaranteed** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Account**<br>**Value** | **Cash**<br>**Value** |<br>**Reserve** | **Account**<br>**Value** | **Cash**<br>**Value** |<br>**Reserve** |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Universal life | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Universal life with secondary guarantees |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other permanent cash value life insurance |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable life | 7149 | 7067 | 7034 | 5649 | 5585 | 5573 |
| &nbsp;&nbsp;&nbsp;Variable universal life | 1168 | 1135 | 1169 | 1102 | 1070 | 1104 |
| Total | $8317 | $8202 | $8203 | $6751 | $6655 | $6677 |
| Not subject to discretionary withdrawal or no cash values |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Term policies without cash value | XXX | XXX | $— | XXX | XXX | $— |
| &nbsp;&nbsp;&nbsp;Accidental death benefits | XXX | XXX |  | XXX | XXX |  |
| &nbsp;&nbsp;&nbsp;Disability - active lives | XXX | XXX |  | XXX | XXX |  |
| &nbsp;&nbsp;&nbsp;Disability - disabled lives | XXX | XXX |  | XXX | XXX |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous reserves | XXX | XXX |  | XXX | XXX |  |
| Total (gross: direct + assumed) | 8317 | 8202 | 8203 | 6751 | 6655 | 6677 |
| Reinsurance ceded |  |  |  |  |  |  |
| Total (net) | $8317 | $8202 | $8203 | $6751 | $6655 | $6677 |

---

MTL - 79

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

Life actuarial reserves at December 31, were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **General Account:** |  |  |
| &nbsp;&nbsp;&nbsp;Life insurance | $7727 | $8238 |
| &nbsp;&nbsp;&nbsp;Accidental death benefits | 2 | 2 |
| &nbsp;&nbsp;&nbsp;Disability - active lives | 7 | 7 |
| &nbsp;&nbsp;&nbsp;Disability - disabled lives | 54 | 59 |
| &nbsp;&nbsp;&nbsp;Miscellaneous reserves | 38 | 39 |
| &nbsp;&nbsp;&nbsp;Subtotal | 7828 | 8345 |
| **Separate Account:** |  |  |
| &nbsp;&nbsp;&nbsp;Life insurance | 9219 | 7483 |
| &nbsp;&nbsp;&nbsp;Accident & Health |  |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous reserve |  |  |
| &nbsp;&nbsp;&nbsp;Subtotal | 9219 | 7483 |
| &nbsp;&nbsp;&nbsp;Combined total | $17047 | $15828 |

---

**Note 11 — Separate Accounts**

The Company utilizes separate accounts to support and record segregated assets and liabilities related to life and annuity products. Separate account assets and liabilities represent segregated funds which are administered for pensions and other clients. At December 31, 2025 and 2024, the Company's separate account assets that are legally insulated from the general account claims are $33,038 and $27,751, respectively. At December 31, 2025 and 2024, the Company's separate account assets that are not legally insulated from the general account claims are $0 and $69, respectively. The assets consist of common stocks (mutual and hedge funds), long-term bonds, and short-term investments. The liabilities consist of reserves established to meet withdrawal and future benefit payment contractual provisions. Investment risks associated with market value changes are generally borne by the policyholders, except to the extent of the minimum guarantees made by the Company with respect to certain accounts. The assets of these accounts are predominately carried at estimated fair value; however, certain separate accounts are permitted to be carried at amortized cost due to the purpose of the separate account as outlined in the applicable memorandum of operations. The assets held at amortized cost, together with their fair value and the corresponding unrealized gain (loss) that would be recorded if these assets were recorded at estimated fair value, is given below:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Assets held at amortized cost | $21060 | $19320 |
| Fair value | 20214 | 18114 |
| Unrecorded unrealized gain (losses) | $(846) | $(1206) |

---

MTL - 80

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

To compensate the general account for the risk taken, the separate account has paid risk charges to the general account for the past 5 years totaling:

---

| | |
|:---|:---|
| **As of December 31,** | **Amount** |
| 2025 | $245 |
| 2024 | $221 |
| 2023 | $193 |
| 2022 | $158 |
| 2021 | $93 |

---

The Company engages in securities lending programs/transactions within certain separate accounts, which is in accordance with the plans of operations of each separate account. The Company participates in a securities program whereby blocks of securities, which are included in separate account invested assets, are loaned to third parties, primarily major brokerage firms and commercial banks. The Company obtains collateral at the inception of the loan, usually cash, in an amount generally equal to 102% of the estimated fair value of the securities loaned, and maintains it at a level greater than or equal to 100% for the duration of the loan.

As of December 31, 2025, the Company loaned securities in the amount of $5, attributable to group annuity products in accordance with securities lending transactions.

Elements of the securities lending programs are presented below at December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Securities on loan:** |  |  |
| &nbsp;&nbsp;&nbsp;Book/adjusted carrying value | $5 | $204 |
| Estimated fair value |  |  |
| **Total collateral received** | $5 | $204 |
| **Percentage of separate account assets lent** | —% | 2% |
| **Aging of cash collateral liability:** |  |  |
| Open <sup>(1)</sup> | $4 | $174 |
| Less than thirty days |  | 25 |
| Thirty days or greater but less than sixty days |  |  |
| Sixty days or greater but less than ninety days |  |  |
| Ninety days or greater |  |  |
| **Total cash collateral received** | 4 | 199 |
| &nbsp;&nbsp;&nbsp;Security collateral on deposit from counterparties |  |  |
| **Total cash and security collateral** | $4 | $199 |

---

<sup>(1)</sup> The related loaned security could be returned to the Company on the next business day requiring the Company to immediately return the cash collateral.

MTL - 81

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

Information regarding the separate accounts, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Nonindexed**<br>**Guarantee Less than/**<br>**Equal to 4%** |<br>**Nonguaranteed**<br>**Separate Accounts** |<br>**Total** |
| Premiums, considerations or deposits for year ended December 31, 2025 | $5135 | $1351 | $6486 |
| Reserves at December 31, 2025 |  |  |  |
| For accounts with assets at: |  |  |  |
| &nbsp;&nbsp;&nbsp;Fair value | $3022 | $8780 | $11802 |
| &nbsp;&nbsp;&nbsp;Amortized cost | 22971 |  | 22971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total reserves | $25993 | $8780 | $34773 |
| By withdrawal characteristics: |  |  |  |
| &nbsp;&nbsp;&nbsp;With fair value adjustment | $1841 | $— | $1841 |
| &nbsp;&nbsp;&nbsp;At book value without market value adjustment and with current surrender charge less than 5% | 174 |  | 174 |
| &nbsp;&nbsp;&nbsp;At fair value | 1182 | 8780 | 9962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 3197 | 8780 | 11977 |
| Not subject to discretionary withdrawal | 22796 |  | 22796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total reserves | $25993 | $8780 | $34773 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Nonindexed**<br>**Guarantee Less than/**<br>**Equal to 4%** |<br>**Nonguaranteed**<br>**Separate Accounts** |<br>**Total** |
| Premiums, considerations or deposits for year ended December 31, 2024 | $3779 | $1408 | $5187 |
| Reserves at December 31, 2024 |  |  |  |
| For accounts with assets at: |  |  |  |
| &nbsp;&nbsp;&nbsp;Fair value | $1070 | $7278 | $8348 |
| &nbsp;&nbsp;&nbsp;Amortized cost | 20756 |  | 20756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total reserves | $21826 | $7278 | $29104 |
| By withdrawal characteristics: |  |  |  |
| &nbsp;&nbsp;&nbsp;With fair value adjustment | $183 | $— | $183 |
| &nbsp;&nbsp;&nbsp;At book value without market value adjustment and with current surrender charge less than 5% | 163 |  | 163 |
| &nbsp;&nbsp;&nbsp;At fair value | 887 | 7278 | 8165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 1233 | 7278 | 8511 |
| Not subject to discretionary withdrawal | 20593 |  | 20593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total reserves | $21826 | $7278 | $29104 |

---

Reconciliation of net transfers to/from Separate Accounts of the Company for the years ended December 31, were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Transfers to separate accounts | $6610 | $5260 |
| Transfers from separate accounts | 2344 | 1752 |
| &nbsp;&nbsp;&nbsp;Transfers as reported in the statements of operations of the General Account | $4266 | $3508 |

---

MTL - 82

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)**

**For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

**Note 12 - Federal Income Tax**

The Company joins with MetLife and its includable subsidiaries in filing a consolidated life/non-life federal income tax return. The Company participates in a TSA with MetLife, as described in Note 1.

The federal tax return of MetLife and its subsidiaries includes the following entities:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23rd Street Investments, Inc. | MetLife Services and Solutions, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Life Insurance Company | MetLife Tower Resources Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block Vision of Texas, Inc. | MetLife, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borderland Investments, Ltd. | Metropolitan General Insurance Company |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cova Life Management Company | Metropolitan Life Insurance Company |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Davis Vision IPA, Inc. | Metropolitan Tower Life Insurance Company |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Davis Vision, Inc. | MIM CM Syndicator LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware American Life Insurance Company | Missouri Reinsurance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Technical and Advisory Services, Ltd. | Newbury Insurance Company Limited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Assignment Company, Inc. | Park Tower REIT, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Consumer Services, Inc. | SafeGuard Health Enterprises, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Credit Corp. | SafeGuard Health Plans, Inc., A California Corporation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Funding, Inc. | SafeGuard Health Plans, Inc., A Florida Corporation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Global Benefits, Ltd. | SafeGuard Health Plans, Inc., A Texas Corporation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Global Holding Company II, LLC | SafeHealth Life Insurance Company |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Global, Inc. | Superior Vision Benefit Management, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Group, Inc. | Superior Vision Insurance Plan of Wisconsin, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Health Plans, Inc. | Superior Vision Insurance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Holdings, Inc. | Superior Vision of New Jersey, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Home Loans, LLC | Superior Vision Services Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Insurance Brokerage, Inc. | Transmountain Land & Livestock Company |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife International Holdings, LLC | UVC Independent Practice Association, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Investment Management Holdings, LLC | Versant Health Consolidations Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Investors Distribution Company | Versant Health Holdco, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Legal Plans, Inc. | Versant Health, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Pet Insurance Solutions, LLC | Vision 21 Physician Practice Management Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Reinsurance Company of Charleston | Vision Twenty-One Managed Eye-Care IPA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Reinsurance Company of Vermont | White Oak Royalty Company |

---

Federal income tax expense has been calculated in accordance with the provisions of the IRC.

The components of net DTAs and DTLs consisted of the following, at December 31:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** |
| Gross DTAs | $545 | $153 | $698 | $503 | $124 | $627 |
| Statutory valuation allowance adjustments |  |  |  |  |  |  |
| Adjusted gross DTAs | 545 | 153 | 698 | 503 | 124 | 627 |
| DTAs nonadmitted | (216) |  | (216) | (173) |  | (173) |
| Subtotal net admitted DTAs | 329 | 153 | 482 | 330 | 124 | 454 |
| DTLs | (92) | (280) | (372) | (121) | (207) | (328) |
| Net admitted DTAs/(Net DTLs) | $237 | $(127) | $110 | $209 | $(83) | $126 |

---

MTL - 83

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Change** | **Change** | **Change** |
|  | **Ordinary** | **Capital** | **Total** |
| Gross DTAs | $42 | $29 | $71 |
| Statutory valuation allowance adjustments |  |  |  |
| Adjusted gross DTAs | 42 | 29 | 71 |
| DTAs nonadmitted | (43) |  | (43) |
| Subtotal net admitted DTAs | (1) | 29 | 28 |
| DTLs | 29 | (73) | (44) |
| Net admitted DTAs/(Net DTLs) | $28 | $(44) | $(16) |

---

The amount of each result or component of the calculation for SSAP 101 at December 31:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** |
| Federal income taxes paid in prior years recoverable through loss carrybacks | $— | $3 | $3 | $— | $1 | $1 |
| Adjusted gross DTAs expected to be realized (excluding the amount of DTAs from above) after application of the threshold limitation (the lesser of 1 and 2 below) | 107 |  | 107 | 123 | 2 | 125 |
| 1. Adjusted gross DTAs expected to be realized following the balance sheet date | 107 |  | 107 | 123 | 2 | 125 |
| 2. Adjusted gross DTAs allowed per limitation threshold | XXX | XXX | 320 | XXX | XXX | 318 |
| Adjusted gross DTAs (excluding the amount of DTAs from above) offset by gross DTLs | 222 | 150 | 372 | 207 | 121 | 328 |
| DTAs admitted as the result of application of SSAP 101 total | $329 | $153 | $482 | $330 | $124 | $454 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Change** | **Change** | **Change** |
|  | **Ordinary** | **Capital** | **Total** |
| Federal income taxes paid in prior years recoverable through loss carrybacks | $— | $2 | $2 |
| Adjusted gross DTAs expected to be realized (excluding the amount of DTAs from above) after application of the threshold limitation (the lesser of 1 and 2 below) | (16) | (2) | (18) |
| 1. Adjusted gross DTAs expected to be realized following the balance sheet date | (16) | (2) | (18) |
| 2. Adjusted gross DTAs allowed per limitation threshold | XXX | XXX | 2 |
| Adjusted gross DTAs (excluding the amount of DTAs from above) offset by gross DTLs | 15 | 29 | 44 |
| DTAs admitted as the result of application of SSAP 101 total | $(1) | $29 | $28 |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| RBC percentage used to determine recovery period and threshold limitation amount | 829% | 722% |
| Amount of total adjusted capital and surplus used to determine recovery period and threshold limitation | $2802 | $2676 |

---

Management believes the Company will be able to utilize the DTAs in the future without any tax planning strategies.

All DTLs were recognized as of December 31, 2025 and 2024.

MTL - 84

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

Current income tax incurred (benefit) for the years ended December 31, consisted of the following major components:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Change** |
| Current income tax: |  |  |  |
| Federal | $123 | $69 | $54 |
| Federal income tax expense (benefit) on net capital gains (losses) | 4 | 4 |  |
| Federal and foreign income taxes incurred (benefit) | $127 | $73 | $54 |

---

The changes in the main components of deferred income tax amounts were as follows at December 31:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Change** |
| DTAs resulting from book/income tax differences: |  |  |  |
| Ordinary: |  |  |  |
| &nbsp;&nbsp;&nbsp;Policyholder reserves | $291 | $259 | $32 |
| &nbsp;&nbsp;&nbsp;Investments | 84 | 65 | 19 |
| &nbsp;&nbsp;&nbsp;Deferred acquisition costs | 144 | 126 | 18 |
| &nbsp;&nbsp;&nbsp;Policyholder dividends accrual |  | 26 | (26) |
| &nbsp;&nbsp;&nbsp;Compensation and benefits accrual | 3 | 3 |  |
| &nbsp;&nbsp;&nbsp;Receivables - nonadmitted | 16 |  | 16 |
| &nbsp;&nbsp;&nbsp;Other | 7 | 24 | (17) |
| Gross ordinary DTAs - (admitted and nonadmitted) | 545 | 503 | 42 |
| Total ordinary DTAs - (nonadmitted) | (216) | (173) | (43) |
| Total ordinary DTAs - (admitted) | 329 | 330 | (1) |
| Capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 153 | 124 | 29 |
| Gross ordinary DTAs - (admitted and nonadmitted) | 153 | 124 | 29 |
| Total capital DTAs - (admitted) | 153 | 124 | 29 |
| Total DTAs - (admitted) | 482 | 454 | 28 |
| DTLs resulting from book/income tax differences: |  |  |  |
| Ordinary: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (92) | (122) | 30 |
| &nbsp;&nbsp;&nbsp;Other |  | 1 | (1) |
| Total ordinary DTL | (92) | (121) | 29 |
| Capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (280) | (207) | (73) |
| Total capital DTL | (280) | (207) | (73) |
| Total DTLs | (372) | (328) | (44) |
| Net admitted DTAs/(DTLs) | $110 | $126 | (16) |
| Change in nonadmitted DTAs |  |  | 43 |
| Tax effect of unrealized gains (losses) |  |  |  |
| Purchase tax credits |  |  | (104) |
| Change in net DTAs |  |  | $(77) |

---

MTL - 85

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2023** | **Change** |
| DTAs resulting from book/income tax differences: |  |  |  |
| Ordinary: |  |  |  |
| &nbsp;&nbsp;&nbsp;Policyholder reserves | $259 | $264 | $(5) |
| &nbsp;&nbsp;&nbsp;Investments | 65 | 65 |  |
| &nbsp;&nbsp;&nbsp;Deferred acquisition costs | 126 | 94 | 32 |
| &nbsp;&nbsp;&nbsp;Policyholder dividends accrual | 26 | 27 | (1) |
| &nbsp;&nbsp;&nbsp;Compensation and benefits accrual | 3 | 4 | (1) |
| &nbsp;&nbsp;&nbsp;Other | 24 | 31 | (7) |
| Gross ordinary DTAs - (admitted and nonadmitted) | 503 | 485 | 18 |
| Total ordinary DTAs - (nonadmitted) | (173) | (175) | 2 |
| Total ordinary DTAs - (admitted) | 330 | 310 | 20 |
| Capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 124 | 99 | 25 |
| Gross ordinary DTAs - (admitted and nonadmitted) | 124 | 99 | 25 |
| Total capital DTAs - (admitted) | 124 | 99 | 25 |
| Total DTAs - (admitted) | 454 | 409 | 45 |
| DTLs resulting from book/income tax differences: |  |  |  |
| Ordinary: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (122) | (62) | (60) |
| &nbsp;&nbsp;&nbsp;Other | 1 | (11) | 12 |
| Total ordinary DTL | (121) | (73) | (48) |
| Capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (207) | (246) | 39 |
| Total capital DTL | (207) | (246) | 39 |
| Total DTLs | (328) | (319) | (9) |
| Net admitted DTAs/(DTLs) | $126 | $90 | $36 |
| Change in nonadmitted DTAs |  |  | (2) |
| Tax effect of unrealized gains (losses) |  |  | (20) |
| Change in net DTAs |  |  | $14 |

---

As of December 31, 2025, the Company has federal income taxes available for recoupment in the event of future net losses:

---

| | | |
|:---|:---|:---|
| **Year** | **Ordinary** | **Capital** |
| **2025** | $– $| 15 |

---

MTL - 86

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

The provision for federal income taxes incurred is different from that which would be obtained by applying the statutory federal income tax rate to net gain (loss) from operations after dividends to policyholders and before federal income tax. The significant items causing the difference for the years ended December 31, were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Provision computed at statutory rate | $132 | $80 |
| Tax effect of: |  |  |
| Deferred gains on reinsurance | 94 |  |
| Nontaxable or nondeductible Items | (20) | (22) |
| Reinsurance settlement in surplus | 8 |  |
| Tax credits | (1) |  |
| Change in nonadmitted assets |  | 2 |
| Other adjustments | (1) | (1) |
| Total statutory income taxes (benefit) | $212 | $59 |
| Federal and foreign income taxes incurred including tax on realized capital gains | $127 | $73 |
| Change in net DTAs | 77 | (14) |
| Reinsurance settlement in surplus | 8 |  |
| Total statutory income taxes (benefit) | $212 | $59 |

---

The Company files income tax returns with the U.S. federal government and various state and local jurisdictions, as well as non-U.S. jurisdictions. The Company is under examination by the IRS and other tax authorities in jurisdictions in which the Company has significant business operations. The income tax years under examination vary by jurisdiction. The Company is no longer subject to U.S. federal, state or local income tax examinations in major taxing jurisdictions for years prior to 2017.

At December 31, 2025 and 2024, the Company had a liability for unrecognized tax benefits, computed in accordance with SSAP 5 of $0 and $1, respectively.

The Company's liability for unrecognized tax benefits may increase or decrease in the next 12 months. A reasonable estimate of the increase or decrease cannot be made at this time. However, the Company continues to believe that the ultimate resolution of the pending issues will not result in a material change to its financial statements.

The MetLife consolidated U.S. federal tax return filing group, of which the Company is a member, meets the average "adjusted financial statement income" threshold and is required to perform CAMT calculations in 2025. The Company, which is included in a consolidated tax return, is an applicable reporting entity, which is consistent with SSAP 101. The Company has determined as of December 31, 2025, that it does not expect to be liable for CAMT in 2025 and does not recognize any CAMT credit DTA.

MTL - 87

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

**Note 13 – Capital and Surplus**

The portion of unassigned surplus (deficit) represented (or reduced) by each item below was as follows at December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Net unrealized capital gains (losses) | $(444) | $(439) |
| Nonadmitted asset values | $(295) | $(258) |
| Surplus of separate accounts | $— | $54 |
| AVR | $(617) | $(493) |

---

***Capital Stock***

In 1999, the Company's Board of Directors authorized the transfer of $1 from paid-in surplus to capital stock. The transfer was made to meet minimum capital stock requirements pursuant to State of California statutes. As a result of this action, the Company has $1 of capital stock not assigned specifically to shares issued and outstanding.

***Dividend Restrictions***

Under the Code, the Company is permitted, without prior insurance regulatory clearance, to pay a dividend to its stockholders as long as the amount of the dividend, when aggregated with all other dividends in the preceding 12 months, does not exceed the greater of: (i) 10% of its surplus to policyholders as of the end of the immediately preceding calendar year, or (ii) its statutory net gain from operations for the immediately preceding calendar year (excluding realized capital gains), not including pro rata distributions of the Company`s own securities. The Company will be permitted to pay a dividend to its stockholders in excess of the greater of such two amounts if it files notice of the declaration of such a dividend and the amount thereof with the Commissioner and the Commissioner either approves or does not disapprove the dividend within 30 days of its filing. In addition, any dividend that exceeds earned surplus (defined as "unassigned surplus (deficit)", excluding unrealized capital gains) as of the immediately preceding calendar year requires insurance regulatory approval. Under the Code, the Commissioner has broad discretion in determining whether the financial condition of a stock life insurance company would support the dividends to its stockholders. Based on amounts at December 31, 2025, the Company could pay a stockholder dividend of $547 in 2026 without prior approval of the Commissioner.

MTL - 88

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

***Surplus Note***

The Company received no capital contributions nor made any distributions for the year ended December 31, 2025.

The Company had the following surplus note at December 31:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
| **Item** |  |  | **Original Issue** | **Carrying Value of** | **Carrying Value<br> of Note** | **Unapproved<br> Interest and/or** |
| **Number** | **Date Issued** | **Interest Rate** | **Amount of Note** | **Note Prior Year** | **Current Year** | **Principal** |
| 0001 <sup>(12)</sup> | 1/14/1994 | 7.625% | $107 | $107 | $— | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **Current Year** | **Life-To-Date** |  |  |  |
|  | **Interest Expense** | **Interest Expense** | **Current Year** | **Life-To-Date** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Item Number** | **Recognized** | **Recognized** | **Principal Paid** | **Principal Paid** | **Date of Maturity** |
| **0001 <sup>(12)</sup>** | $4 | $**244** | $107 | $107 | **1/15/2024** |

---

<sup>(1)</sup> The surplus note in the table above was issued pursuant to Rule 144A under the Securities Act of 1933. The surplus note was registered in the name of a nominee, CEDE & Co., of the Depository Trust Company. The Company redeemed for cash and canceled surplus note 0001 in January 2024, with the approval from the Commissioner.

<sup>(2)</sup> The note in the tables above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Did not have current year interest offset percentage (not including amounts paid to a 3rd party liquidity provider),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Did not have payments that are contractually linked,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Did not have payments subject to administrative offsetting provisions, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Did not use proceeds to purchase an asset directly from the holder of the surplus note.

Each payment of principal and interest on the surplus notes may be made only with the prior written approval of the Commissioner, which approval will be granted if, in the judgment of the Commissioner, the financial condition of the Company warrants such payment. In addition, pursuant to applicable Code, any payment of principal or interest on the surplus note must be deducted from the Company's unassigned surplus.

**Note 14 – Employee Benefit Plans**

***Pension Plans and Other Benefits***

The Company is a participating employer in certain qualified and nonqualified defined benefit pension plans sponsored by MLG.

The Company is a participating employer in certain postemployment benefits and certain postretirement medical and life insurance benefits for retired employees through a plan sponsored by MLG.

The Company continues to sponsor nonqualified defined benefit pension plans. Accordingly, the obligations and related net periodic expense associated with these plans are included in the accompanying financial statements and the additional disclosures below. These nonqualified pension plans have ceased accepting new participants. Participants with accrued benefits continue to earn vesting service credits while employed, but are not accruing additional benefits in these plans.

MTL - 89

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

A December 31, 2025 measurement date is used for all of the Company's nonqualified defined benefit pension plans and other postretirement benefit plans.

***Assumptions***

Assumptions used in determining the aggregate projected benefit obligation for the pension and postretirement benefit plans were as follows at December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Weighted-average discount rate | 5.50% | 5.70% |

---

Assumptions used in determining the net periodic benefit cost for the pension and postretirement benefit plans were as follows at December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Weighted-average discount rate** | **5.70%** |  |
| **Weighted-average discount rate - Pension** |  | 5.25% |

---

***Expected Future Contribution and Benefit Payments***

Other than funding benefit payments, the Company does not expect to make any other contributions to its nonqualified pension plans during 2026.

Gross benefit payments for the next 10 years, which reflect expected future service where appropriate, are expected to be as follows:

---

| | |
|:---|:---|
| **Year(s)** | **Pension Amounts** |
| 2026 | $2 |
| 2027 | $2 |
| 2028 | $1 |
| 2029 | $1 |
| 2030 | $1 |
| 2031 through 2035 | $4 |

---

**Note 15 – Other Commitments and Contingencies**

***Insolvency Assessments***

Many jurisdictions in which the Company transacts business require life and health insurers to participate in guaranty or similar associations. These arrangements pay certain insurance benefits owed by impaired, insolvent or failed insurers. Guaranty associations levy assessments, up to prescribed limits, on all member insurers in a particular jurisdiction on the basis of the proportionate share of the premiums written by member insurers in the lines of business in which the impaired, insolvent or failed insurer engaged. Some jurisdictions permit member insurers to recover assessments paid through full or partial premium tax offsets.

MTL - 90

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

As of December 31, 2025, the Company had a $6 liability for retrospective premium-based guaranty fund assessments and a $21 asset for the related premium tax offset. As of December 31, 2024, the Company had a $7 liability for retrospective premium-based guaranty fund assessments and a $25 asset for the related premium tax offset. The periods over which the guaranty fund assessments are expected to be paid and the periods the related premium tax offsets are expected to be realized are unknown at this time.

The change in the guaranty asset balance summarized below reflects estimated 2025 premium tax offsets used and revised estimated premium tax offsets for accrued liabilities.

---

| | |
|:---|:---|
| **Assets Recognized from Paid and<br> Accrued Premium Tax Offsets** | **Assets Recognized from Paid and<br> Accrued Premium Tax Offsets** |
| Balance at December 31, 2024 | $25 |
| Decreases current year: |  |
| &nbsp;&nbsp;&nbsp;Premium tax offset | 4 |
| &nbsp;&nbsp;&nbsp;Est. premium tax offset |  |
| Increases current year: |  |
| &nbsp;&nbsp;&nbsp;Premium tax offset |  |
| &nbsp;&nbsp;&nbsp;Est. premium tax offset |  |
| Balance at December 31, 2025 | $21 |

---

The Company did not receive any refunds of assessments for the years ended December 31, 2025 and 2024. Assessments levied against the Company were $1 and $21 for the years ended December 31, 2025 and 2024, respectively.

***Litigation***

Various litigation, claims or assessments against the Company, may arise in the course of the Company's business. Further, state insurance regulatory and other federal and state authorities may make inquiries and conduct investigations concerning the Company's compliance with applicable insurance and other laws and regulations.

It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. It is possible in certain cases that an adverse outcome could have a material effect upon the Company's financial position.

On a quarterly and annual basis, management reviews relevant information with respect to liabilities for litigation, regulatory investigations and litigation-related contingencies to be reflected in the Company's financial statements. Liabilities are established when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated.

***Commitments to Fund Partnership Investments and Private Corporate Bond Investments***

The Company makes commitments to fund partnership investments and to lend funds under bank credit facilities, bridge loans and private corporate bond investments in the normal course of business. The amounts of these unfunded commitments were $2,769 and $1,175 at December 31, 2025 and 2024, respectively.

MTL - 91

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)**

**For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

***Mortgage Loan Commitments***

The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $119 and $121 at December 31, 2025 and 2024, respectively.

***Other Commitments***

The Company is a member of FHLB. The Company has entered into funding agreements with the FHLB in exchange for cash and for which the FHLB has been granted a lien on certain Company assets to collateralize the Company's obligations under the funding agreements. The Company maintains control over these pledged assets to the extent that they are in excess of a required collateral maintenance amount, which is generally slightly above the specific amount borrowed, and may use, commingle, encumber or dispose of such portion of the collateral as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the required collateral maintenance level. Upon any event of default by the Company, the FHLB's recovery on the collateral is limited to the amount of the Company's liability to the FHLB. The Company's liability for funding agreements with the FHLB is included in liability for deposit-type contracts. All FHLB funding agreement assets and liabilities are included in the Company's general account. It is part of the Company's strategy to utilize FHLB funds as a source of contingent liquidity as well as for spread margin business. The Company's actual or estimated borrowing capacity with the FHLB is calculated in accordance with FHLB specific borrowing limits.

The Company's aggregate amount of FHLB capital stock was as follows at December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Membership stock - Class B | $10 | $9 |
| Activity stock | 62 | $62 |
| Aggregate total | $72 | $71 |
| Actual or estimated borrowing capacity as determined by the insurer | $17934 | $15673 |

---

The Company's membership stock (Class A and B) that was eligible for redemption at December 31, 2025 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**Total** |<br>**Not Eligible for**<br>**Redemption** |<br>**Less Than 6**<br>**Months** | **6 Months to**<br>**Less Than 1**<br>**Year** |<br>**1 to Less Than**<br>**3 Years** |<br>**3 to 5 Years** |
| Membership stock |  |  |  |  |  |  |
| Class A | $— | $— | $— | $— | $— | $— |
| Class B | $10 | $10 | $— | $— | $— | $— |

---

The Company's collateral pledged to FHLB was as follows at December 31:

---

| | | | |
|:---|:---|:---|:---|
|  | **Estimated Fair**<br>**Value** | **Book/ Adjusted**<br>**Carrying Value** | **Aggregate Total**<br>**Borrowing** |
| 2025.0 | $2002 | $2057 | $1380 |
| 2024.0 | $1869 | $2040 | $1380 |

---

MTL - 92

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

The Company's maximum collateral amount pledged to the FHLB during the year ended December 31, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Estimated Fair**<br>**Value** |<br>**Book/ Adjusted**<br>**Carrying Value** | **Amount Borrowed at**<br>**Time of Maximum**<br>**Collateral** |
| 2025.0 | $2693 | $2826 | $1380 |
| 2024.0 | $3229 | $3525 | $1380 |

---

The Company's amount borrowed from FHLB was as follows at December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Debt | $— | $— |
| Funding agreements | 1380 | 1380 |
| Other |  |  |
| Aggregate total | $1380 | $1380 |

---

The maximum amount borrowed from the FHLB during the reporting periods ended December 31, 2025 and 2024, totaled $1,380 and $1,555, respectively, comprised only of funding agreements.

There were no prepayment obligations under such funding agreements, other than in the event of default.

***Other***

Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents. The Company maintains its cash accounts with high-credit quality financial institutions where deposits, at times, exceed the Federal Deposit Insurance Corporation limits.

***Financial Guarantees***

At December 31, 2025, the Company was obligor under the following guarantees, indemnities and support obligations:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Nature and <br> circumstances of<br> guarantee and key<br> attributes, including date<br> and duration of <br> agreement.** | **Liability recognition of<br> guarantee. (Include <br> amount recognized at<br> inception. If no initial<br> recognition, document<br> exception allowed under<br> SSAP 5)** | **Ultimate financial <br> statement impact if<br> action under the <br> guarantee is required.** | **Maximum potential<br> amount of future<br> payments (undiscounted)<br> the guarantor could be<br> required to make under <br> the guarantee. If unable <br> to develop an estimate,<br> this should be specifically<br> noted.** | **Current status of <br> payment or performance<br> risk of guarantee. Also<br> provide additional <br> discussion as warranted.** |
| GALIC is obligated to indemnify GWLAIC for losses arising out of breaches of representations and covenants by the Company under an Asset Purchase Agreement and certain ancillary agreements. On April 27, 2018, GALIC merged into MTL and accordingly, the Company is instead obligated to GWLAIC. | No liability has been established as the indemnification is for events for which neither a probability of occurrence nor a reasonable estimate can be established at this time. | Expense | $250,000 for losses arising out of breaches of representation; there is no cap on losses arising out of breaches of covenants | The Company has made no payments on the guarantee since inception. |

---

MTL - 93

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Nature and<br> circumstances of<br> guarantee and key<br> attributes, including date<br> and duration of<br> agreement.** | **Liability recognition of<br> guarantee. (Include<br> amount recognized at<br> inception. If no initial<br> recognition, document<br> exception allowed under<br> SSAP 5)** | **Ultimate financial<br> statement impact if<br> action under the<br> guarantee is required.** | **Maximum potential<br> amount of future<br> payments (undiscounted)<br> the guarantor could be<br> required to make under<br> the guarantee. If unable<br> to develop an estimate,<br> this should be specifically <br> noted.** | **Current status of<br> payment or performance<br> risk of guarantee. Also <br> provide additional<br> discussion as warranted.** |
| GALIC, which merged with the Company on April 27, 2018, had agreed to guarantee certain contractual obligations of its former subsidiaries, Paragon (which merged into MLIC in 2006), SELIC (which merged into MLIC in 2003), and Brighthouse NY. GALIC's obligations under these guarantees became the Company's obligations by operation of law upon merger into the Company. The Company's ongoing guarantee obligations are limited to in force contracts that were issued by these insurers while GALIC still owned them. Each guarantee was terminated prospectively with respect to contracts that were issued by these insurers after GALIC ceased to own them (for Paragon, on May 1, 2006; for SELIC, on October 31, 2003; and for Brighthouse NY, on December 31, 2002). | No liability has been established as the indemnification is for events for which neither a probability of occurrence nor a reasonable estimate can be established at this time. | Expense | Since this obligation is not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. | The Company has made no payments on the guarantee since inception. |
| In the normal course of its business, the Company has provided certain indemnities and guarantees to third parties such that it may be required to make payments now or in the future. In the context of acquisition, disposition, investment and other transactions, the Company has provided indemnities and guarantees, including those related to tax, environmental and other specific liabilities and other indemnities and guarantees that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. | No liability has been established as the indemnification is for events for which neither a probability of occurrence nor a reasonable estimate can be established at this time. | Expense | Since this obligation is not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. | The Company has made no payments on the guarantee since inception. |
| The Company indemnifies its directors and officers as provided in its by-laws. | No liability has been established as the indemnification is for events for which neither a probability of occurrence nor a reasonable estimate can be established at this time. | Expense | Since this obligation is not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. | The Company has made no payments on the guarantee since inception. |
| The Company indemnifies its agents for liabilities incurred as a result of their representation of the Company's interests. | No liability has been established as the indemnification is for events for which neither a probability of occurrence nor a reasonable estimate can be established at this time. | Expense | Since this obligation is not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. | The Company has made no payments on the guarantee since inception. |

---

MTL - 94

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**Notes to Statutory Financial Statements - (Continued)<br> For the Years Ended December 31, 2025 and 2024**

**(Dollar amounts in millions except for per share, number of shares/securities and percentages data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Nature and <br> circumstances of <br> guarantee and key <br> attributes, including date <br> and duration of <br> agreement.** | **Liability recognition of<br> guarantee. (Include<br> amount recognized at<br> inception. If no initial<br> recognition, document<br> exception allowed under<br> SSAP 5)** | **Ultimate financial <br> statement impact if <br> action under the <br> guarantee is required.** | **Maximum potential <br> amount of future <br> payments (undiscounted) <br> the guarantor could be <br> required to make under <br> the guarantee. If unable <br> to develop an estimate, <br> this should be specifically <br> noted.** | **Current status of<br> payment or performance<br> risk of guarantee. Also**<br> **provide additional<br> discussion as warranted.** |
| Contributors contributed real property (or interests in real property) to MCPP pursuant to a contribution agreement. In exchange, the Contributors received LLC interests in MCPPO. The Company, along with MLIC, is obligated to pay certain potential costs up to specified limits, as outlined in a tenant lease agreement, for one of the contributed properties. The Company and MLIC have agreed to hold the other member within MCPPO harmless from any such potential payment. | A liability of less than $1 has been established. | Expense | $2 | The Company has made no <br> payments on the guarantee <br> since inception. |
| The Company has guaranteed the obligations of its subsidiary, MACI, to payees under certain qualified assignment contracts that were issued by MACI. | Guarantee made to/or on behalf of a wholly-owned subsidiary and as such are excluded from recognition. | Investments in SCA | Since this obligation is not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. | The Company did not make any capital contributions to its subsidiary or any payments to the beneficiary of the guarantee.  |
| Total | $— |  | $2 |  |

---

At December 31, 2025, the Company's aggregate compilation of guarantee obligations was as follows:

---

| | |
|:---|:---|
| **Aggregate maximum potential of future payments of all guarantees (undiscounted) the guarantor could be required to make under guarantees.** | $**2** |
| **Current liability recognized in financial statement:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Noncontingent liabilities** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Contingent liabilities** | **—** |
| **Ultimate financial statement impact if action under the guarantee is required.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments in SCA entities** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Joint venture** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dividends to stockholders (capital contribution)** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Expense** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Other** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**2** |

---

**Note 16 – Subsequent Events**

The Company has evaluated events subsequent to December 31, 2025 through March 24, 2026 which is the date these financial statements were available to be issued and has determined there are no material subsequent events requiring adjustment to or disclosure in the financial statements.

MTL - 95

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

****TABLE OF CONTENTS** TO STATUTORY SUPPLEMENTAL SCHEDULES**

---

| | |
|:---|:---|
| **Description** | **Page** |
| SCHEDULE 1 |  |
| &nbsp;&nbsp;&nbsp;Statutory Selected Financial Data |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of and for the Year Ended December 31, 2025 | 97 |
| SCHEDULE 2 |  |
| &nbsp;&nbsp;&nbsp;Supplemental Investment Risks Interrogatories |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of and for the Year Ended December 31, 2025 | 101 |
| SCHEDULE 3 |  |
| &nbsp;&nbsp;&nbsp;Statutory Summary Investment Schedule |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of and for the Year Ended December 31, 2025 | 107 |
| SCHEDULE 4 |  |
| &nbsp;&nbsp;&nbsp;Supplemental SSAP 61 Disclosure |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of and for the Year Ended December 31, 2025 | 108 |

---

MTL - 96

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**SCHEDULE 1 - STATUTORY SELECTED FINANCIAL DATA**

---

| | |
|:---|:---|
| **As of and for the Year Ended December 31, 2025** | |
| **Investment Income Earned** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. government bonds** | $**95865683** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Other bonds (unaffiliated)** | **992595570** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bonds of affiliates** | **1294518** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Preferred stocks (unaffiliated)** | **1543230** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Preferred stocks of affiliates** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common stocks (unaffiliated)** | **5846414** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common stocks of affiliates** | **6000000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mortgage loans** | **332760487** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real estate** | **2200000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Contract loans** | **66301778** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash, cash equivalents and short-term investments** | **65573195** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Derivatives** | **30332636** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Other invested assets** | **114140521** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aggregate write-ins for investment income** | **31421** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gross investment income** | $**1714485453** |
| **Real Estate Owned – Book Value Less Encumbrances** | $**923930** |
| **Mortgage Loans – Book Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Agricultural mortgages** | $**2235837921** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Residential mortgages** | **1473656702** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial mortgages** | **3050542055** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total mortgage loans** | $**6760036678** |
| **Mortgage Loans by Standing– Book Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Good standing** | $**6646741098** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Good standing with restructured terms** | $**43110286** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interest overdue more than three months, not in foreclosure** | $**45901805** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Foreclosure in process** | $**24283489** |
| **Other Long-Term Invested Assets – Statement Value** | $**2098634734** |
| **Bonds and Stocks of Parents, Subsidiaries and Affiliates – Book Value:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bonds** | $**68707169** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Preferred Stocks** | $**—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks** | $**2840172** |
| **Bonds and Short-Term Investments by Class and Maturity:** |  |
| &nbsp;&nbsp;**Bonds by Maturity – Statement Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Due within one year or less** | $**2756141760** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Over 1 year through 5 years** | **5696107973** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Over 5 years through 10 years** | **6785716619** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Over 10 years through 20 years** | **5637130869** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Over 20 years** | **4456147196** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total by Maturity** | $**25331244417** |

---

MTL - 97

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**SCHEDULE 1 - STATUTORY SELECTED FINANCIAL DATA - (Continued)**

---

| | |
|:---|:---|
| **As of and for the Year Ended December 31, 2025** | |
| **Bond by Class – Statement Value** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class 1** | $**17647200985** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class 2** | **6996745393** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class 3** | **527925106** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class 4** | **140810226** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class 5** | **17053591** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class 6** | **1509116** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total by Class** | $**25331244417** |
| **Total Bonds Publicly Traded** | $**10508090245** |
| **Total Bonds Privately Placed** | $**14823154172** |
| **Preferred Stocks - Book/Adjusted Carrying Value** | $**51400001** |
| **Common Stocks - Fair Value** | $**75879006** |
| **Short Term Investments - Book/Adjusted Carrying Value** | $**91646773** |
| **Options, Caps and Floors Owned - Book/Adjusted Carrying Value** | $**9835045** |
| **Options, Caps and Floors Written and In-force - Book/Adjusted Carrying Value** | $**—** |
| **Collar, Swap and Forward Agreements Open - Book/Adjusted Carrying Value** | $**(23496416)** |
| **Futures Contracts Open - Book/Adjusted Carrying Value** | $**—** |
| **Cash on Deposit** | $**682553692** |
| **Life Insurance In-Force (000's)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial** | $**—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ordinary** | $**21278788** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Credit Life** | $**—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Group Life** | $**21762228** |
| **Amount of Accidental Death Insurance In-Force Under Ordinary Policies (000's)** | $**186520** |
| **Life Insurance Policies with Disability Provisions In-Force (000's)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial** | $**—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ordinary** | $**1223839** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Credit Life** | $**—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Group Life** | $**—** |

---

MTL - 98

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**SCHEDULE 1 - STATUTORY SELECTED FINANCIAL DATA - (Continued)**

---

| | |
|:---|:---|
| **As of and for the Year Ended December 31, 2025** | |
| **Supplementary Contracts In-Force:** |  |
| **Ordinary - Not Involving Life Contingencies** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount on Deposit** | $**26494636** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income Payable** | $**7047970** |
| **Ordinary - Involving Life Contingencies** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income Payable** | $**2394101** |
| **Group - Not Involving Life Contingencies** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount on Deposit** | $**—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income Payable** | $**—** |
| **Group - Involving Life Contingencies** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income Payable** | $**—** |
| **Annuities:** |  |
| &nbsp;&nbsp;**Ordinary** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Immediate - Amount of Income Payable** | $**600679474** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Deferred - Fully Paid Account Balance** | $**5153210179** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Deferred - Not Fully Paid Account Balance** | $**7709920** |
| &nbsp;&nbsp;**Group** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount of Income Payable** | $**1975859873** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fully Paid Account Balance** | $**77230480** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Not Fully Paid Account Balance** | $**—** |
| &nbsp;&nbsp;**Accident and Health Insurance - Premiums In-Force:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Other** | $**1069783** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Group** | $**—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Credit** | $**—** |
| **Deposit Funds and Dividend Accumulations:** |  |
| **Deposit Funds - Account Balance** | $**7538266806** |
| **Dividend Accumulations - Account Balance** | $**—** |

---

MTL - 99

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**SCHEDULE 1 - STATUTORY SELECTED FINANCIAL DATA - (Continued)**

---

| | |
|:---|:---|
| **As of and for the Year Ended December 31, 2025** | |
| **Claim Payments For The Year Ended December 31, 2025 (000's):** |  |
| **Group Accident and Health** |  |
| **2025** | $**—** |
| **2024** | $**—** |
| **2023** | $**—** |
| **2022** | $**—** |
| **2021** | $**—** |
| **Prior** | $**—** |
| **Other Accident & Health** |  |
| **2025** | $**5** |
| **2024** | $**9** |
| **2023** | $**34** |
| **2022** | $**100** |
| **2021** | $**173** |
| **Prior** | $**14097** |
| **Other Coverages that use developmental methods to calculate claim reserves** |  |
| **2025** | $**—** |
| **2024** | $**—** |
| **2023** | $**—** |
| **2022** | $**—** |
| **2021** | $**—** |
| **Prior** | $**—** |

---

MTL - 100

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm262446d37_med023img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;METROPOLITAN TOWER LIFE INSURANCE COMPANY SCHEDULE 2 - SUPPLEMENTAL INVESTMENT RISK INTERROGATORIES MTL - 101  |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm262446d37_med023img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;METROPOLITAN TOWER LIFE INSURANCE COMPANY SCHEDULE 2 - SUPPLEMENTAL INVESTMENT RISK INTERROGATORIES (Continued) MTL - 102  |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm262446d37_med023img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;METROPOLITAN TOWER LIFE INSURANCE COMPANY SCHEDULE 2 - SUPPLEMENTAL INVESTMENT RISK INTERROGATORIES (Continued) MTL - 103  |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm262446d37_med023img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;METROPOLITAN TOWER LIFE INSURANCE COMPANY SCHEDULE 2 - SUPPLEMENTAL INVESTMENT RISK INTERROGATORIES (Continued) MTL - 104  |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm262446d37_med023img005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;METROPOLITAN TOWER LIFE INSURANCE COMPANY SCHEDULE 2 - SUPPLEMENTAL INVESTMENT RISK INTERROGATORIES (Continued) MTL - 105  |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm262446d37_med023img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;METROPOLITAN TOWER LIFE INSURANCE COMPANY SCHEDULE 2 - SUPPLEMENTAL INVESTMENT RISK INTERROGATORIES (Continued) MTL - 106  |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm262446d37_med023img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;METROPOLITAN TOWER LIFE INSURANCE COMPANY SCHEDULE 3 - STATUTORY SUMMARY INVESTMENT SCHEDULE MTL - 107  |

---

**METROPOLITAN TOWER LIFE INSURANCE COMPANY**

**SCHEDULE 4 - SUPPLEMENTAL SSAP 61 DISCLOSURE**

The Company evaluates all reinsurance contracts subject to A-791 for risk transfer. As of December 31, 2025, there were three contracts with provisions that limit significant risk transfer under A-791 which are accounted for under deposit accounting.

There were no contracts subject to A-791 that included a provision that limits the reinsurer's assumption of risk where reinsurance accounting was applied and there were no contracts not subject to A-791, and not yearly renewable term, that reflect reinsurance accounting credit.

The Company has not entered into any reinsurance agreements that delay timely reimbursement to the ceding entity either through non quarterly settlements, delayed settlements or through payment schedules.

The Company does not cede any risk which is not subject to A-791 and not yearly renewable term reinsurance, that is accounted for as reinsurance under statutory accounting principles and as deposit under generally accepted accounting principles or accounted for as reinsurance under GAAP and deposit for SAP.

MTL - 108