# EDGAR Filing Document

**Accession Number:** 0000927028
**File Stem:** 0001104659-23-039593
**Filing Date:** 2023-3
**Character Count:** 118628
**Document Hash:** 788288a0a61dbc94da549d0997d6ef4e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-039593.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001104659-23-039593

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**EFFECTIVENESS DATE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Metropolitan Life Variable Annuity Separate Account II
- **CENTRAL INDEX KEY:** 0000927028
- **IRS NUMBER:** 135581829
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08628
- **FILM NUMBER:** 23783197

**BUSINESS ADDRESS:**
- **STREET 1:** 200 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10166
- **BUSINESS PHONE:** 3026725000

**MAIL ADDRESS:**
- **STREET 1:** 200 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10166

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CITICORP LIFE VARIABLE ANNUITY SEPARATE ACCOUNT
- **DATE OF NAME CHANGE:** 19940719

## Series and Classes Contracts Data

### Metropolitan Life Variable Annuity Separate Account II (Series ID: S000004244)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000041155 | Flexible Premium Variable Annuity              |  |
| C000041157 | Flexible Premium Deferred Variable Annuity     |  |
| C000080661 | Flexible Premium Variable Annuity (B)          |  |
| C000080662 | Flexible Premium Deferred Variable Annuity (B) |  |

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Contract Owners of<br>Metropolitan Life Variable Annuity Separate Account II <br>and Board of Directors of<br>Metropolitan Life Insurance Company

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Metropolitan Life Variable Annuity Separate Account II (the "Separate Account") of Metropolitan Life Insurance Company (the "Company") comprising each of the individual Divisions listed in Note 2 as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights in Note 8 for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Divisions constituting the Separate Account of the Company as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of investments owned as of December 31, 2022, by correspondence with the custodian or mutual fund companies. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Tampa, Florida<br>March 24, 2023

We have served as the Separate Account's auditor since 2005.

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**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>STATEMENTS OF ASSETS AND LIABILITIES**

**December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **AB VPS**<br> **Sustainable Global**<br> **Thematic**<br> **Division** | **BHFTI BlackRock** <br> **High Yield** <br> **Division** | **BHFTI Brighthouse** <br> **Small Cap Value** <br> **Division** | **BHFTI Brighthouse/**<br> **Wellington** <br> **Large Cap Research** <br> **Division** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments at fair value | $257478 | $43536 | $20661 | $4734050 |
| Total Assets | 257478 | 43536 | 20661 | 4734050 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Total Liabilities |  |  |  |  |
| **Net Assets** | $257478 | $43536 | $20661 | $4734050 |

---

The accompanying notes are an integral part of these financial statements.<br>1

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**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>STATEMENTS OF ASSETS AND LIABILITIES — (Continued)**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BHFTI**<br> **Invesco Comstock**<br> **Division** | **BHFTI MFS<sup>®</sup>** <br> **Research** <br> **International** <br> **Division** | **BHFTI** <br> **Morgan Stanley** <br> **Discovery** <br> **Division** | **BHFTI PIMCO** <br> **Total Return** <br> **Division** | **BHFTI** <br> **T. Rowe Price** <br> **Large Cap Value** <br> **Division** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments at fair value | $52125 | $716016 | $17418 | $87674 | $1732391 |
| Total Assets | 52125 | 716016 | 17418 | 87674 | 1732391 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Total Liabilities |  |  |  |  |  |
| **Net Assets** | $52125 | $716016 | $17418 | $87674 | $1732391 |

---

The accompanying notes are an integral part of these financial statements.<br>2

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BHFTII BlackRock** <br> **Bond Income** <br> **Division** | **BHFTII BlackRock** <br> **Capital Appreciation** <br> **Division** | **BHFTII BlackRock** <br> **Ultra-Short Term** <br> **Bond** <br> **Division** | **BHFTII Brighthouse/**<br> **Wellington Core** <br> **Equity Opportunities** <br> **Division** | **BHFTII Frontier** <br> **Mid Cap Growth** <br> **Division** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments at fair value | $117422 | $6485916 | $763649 | $6486333 | $944271 |
| Total Assets | 117422 | 6485916 | 763649 | 6486333 | 944271 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Total Liabilities |  |  |  |  |  |
| **Net Assets** | $117422 | $6485916 | $763649 | $6486333 | $944271 |

---

The accompanying notes are an integral part of these financial statements.<br>3

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**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>STATEMENTS OF ASSETS AND LIABILITIES — (Continued)**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BHFTII**<br> **Jennison Growth**<br> **Division** | **BHFTII MetLife** <br> **Stock Index** <br> **Division** | **BHFTII MFS<sup>®</sup>** <br> **Total Return** <br> **Division** | **BHFTII MFS<sup>®</sup> Value** <br> **Division** | **BHFTII** <br> **T. Rowe Price** <br> **Large Cap Growth** <br> **Division** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments at fair value | $3724732 | $818786 | $3797464 | $225484 | $6244024 |
| Total Assets | 3724732 | 818786 | 3797464 | 225484 | 6244024 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Total Liabilities |  |  |  |  |  |
| **Net Assets** | $3724732 | $818786 | $3797464 | $225484 | $6244024 |

---

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

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BHFTII** <br> **Western Asset** <br> **Management** <br> **Strategic Bond** <br> **Opportunities** <br> **Division** | **BHFTII** <br> **Western Asset** <br> **Management** <br> **U.S. Government** <br> **Division** | **Fidelity<sup>®</sup> VIP** <br> **Contrafund<sup>®</sup>** <br> **Division** | **Fidelity<sup>®</sup> VIP** <br> **Dynamic Capital** <br> **Appreciation** <br> **Division** | **Fidelity<sup>®</sup> VIP** <br> **Equity-Income** <br> **Division** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments at fair value | $208930 | $1066149 | $9718431 | $4494 | $4878687 |
| Total Assets | 208930 | 1066149 | 9718431 | 4494 | 4878687 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Total Liabilities |  |  |  |  |  |
| **Net Assets** | $208930 | $1066149 | $9718431 | $4494 | $4878687 |

---

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

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**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>STATEMENTS OF ASSETS AND LIABILITIES — (Continued)**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fidelity<sup>®</sup> VIP**<br> **High Income**<br> **Division** | **Fidelity<sup>®</sup> VIP** <br> **Index 500** <br> **Division** | **FTVIPT Franklin** <br> **Small-Mid Cap** <br> **Growth VIP** <br> **Division** | **FTVIPT Templeton** <br> **Foreign VIP** <br> **Division** | **Invesco V.I.** <br> **Equity and Income** <br> **Division** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments at fair value | $538036 | $9476672 | $364073 | $478748 | $19739 |
| Total Assets | 538036 | 9476672 | 364073 | 478748 | 19739 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Total Liabilities |  |  |  |  |  |
| **Net Assets** | $538036 | $9476672 | $364073 | $478748 | $19739 |

---

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

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Invesco V.I.** <br> **EQV International** <br> **Equity** <br> **Division** | **LMPVET** <br> **ClearBridge Variable** <br> **Aggressive Growth** <br> **Division** | **LMPVET** <br> **ClearBridge Variable** <br> **Appreciation** <br> **Division** | **LMPVET** <br> **ClearBridge Variable** <br> **Dividend Strategy** <br> **Division** | **LMPVET** <br> **ClearBridge Variable** <br> **Large Cap Growth** <br> **Division** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments at fair value | $1406297 | $1860538 | $2062464 | $565806 | $4696 |
| Total Assets | 1406297 | 1860538 | 2062464 | 565806 | 4696 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Total Liabilities |  |  |  |  |  |
| **Net Assets** | $1406297 | $1860538 | $2062464 | $565806 | $4696 |

---

The accompanying notes are an integral part of these financial statements.<br>7

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**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>STATEMENTS OF ASSETS AND LIABILITIES — (Concluded)**

**December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| | **LMPVET**<br> **ClearBridge Variable**<br> **Large Cap Value**<br> **Division** | **LMPVET** <br> **ClearBridge Variable** <br> **Mid Cap** <br> **Division** | **LMPVET** <br> **ClearBridge Variable** <br> **Small Cap Growth** <br> **Division** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments at fair value | $989685 | $17630 | $751938 |
| Total Assets | 989685 | 17630 | 751938 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Total Liabilities |  |  |  |
| **Net Assets** | $989685 | $17630 | $751938 |

---

The accompanying notes are an integral part of these financial statements.<br>8

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---

| | | |
|:---|:---|:---|
| | **LMPVIT Western** <br> **Asset Variable Global** <br> **High Yield Bond** <br> **Division** | **MFS<sup>®</sup> VIT** <br> **Total Return Bond** <br> **Division** |
| **Assets:** | **Assets:** | **Assets:** |
| Investments at fair value | $63352 | $499981 |
| Total Assets | 63352 | 499981 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Total Liabilities |  |  |
| **Net Assets** | $63352 | $499981 |

---

The accompanying notes are an integral part of these financial statements.<br>9

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**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>STATEMENTS OF OPERATIONS**

**For the year ended December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **AB VPS Sustainable**<br> **Global Thematic**<br> **Division** | **BHFTI BlackRock** <br> **High Yield** <br> **Division** | **BHFTI Brighthouse** <br> **Small Cap Value** <br> **Division** | **BHFTI Brighthouse/**<br> **Wellington** <br> **Large Cap Research** <br> **Division** | **BHFTI** <br> **Invesco Comstock** <br> **Division** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends | $— | $3590 | $134 | $36097 | $979 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Mortality and expense risk <br>charges | 3907 | 796 | 269 | 47782 | 658 |
| Administrative charges | 468 | 104 | 31 | 7696 | 78 |
| Total expenses | 4375 | 900 | 300 | 55478 | 736 |
| Net investment income (loss) | (4375) | 2690 | (166) | (19381) | 243 |
| **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** |
| Realized gain distributions | 30045 |  | 3769 | 1096382 | 7461 |
| Realized gains (losses) on sale of<br>investments | 2867 | (3640) | 30 | 43052 | 1154 |
| Net realized gains (losses) | 32912 | (3640) | 3799 | 1139434 | 8615 |
| Change in unrealized gains (losses)<br>on investments | (156020) | (7634) | (7021) | (2323394) | (9188) |
| Net realized and change in unrealized<br>gains (losses) on investments | (123108) | (11274) | (3222) | (1183960) | (573) |
| Net increase (decrease) in net assets<br>resulting from operations | $(127483) | $(8584) | $(3388) | $(1203341) | $(330) |

---

The accompanying notes are an integral part of these financial statements.<br>10

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BHFTI MFS<sup>®</sup>** <br> **Research** <br> **International** <br> **Division** | **BHFTI** <br> **Morgan Stanley** <br> **Discovery** <br> **Division** | **BHFTI PIMCO** <br> **Total Return** <br> **Division** | **BHFTI** <br> **T. Rowe Price** <br> **Large Cap Value** <br> **Division** | **BHFTII BlackRock** <br> **Bond Income** <br> **Division** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends | $15549 | $— | $2781 | $29928 | $3602 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Mortality and expense risk <br>charges | 6622 | 320 | 1181 | 22233 | 1553 |
| Administrative charges | 1117 | 37 | 141 | 2666 | 185 |
| Total expenses | 7739 | 357 | 1322 | 24899 | 1738 |
| Net investment income (loss) | 7810 | (357) | 1459 | 5029 | 1864 |
| **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** |
| Realized gain distributions | 50920 | 11944 |  | 219278 | 148 |
| Realized gains (losses) on sale of<br>investments | 2661 | (393) | (577) | 3837 | (420) |
| Net realized gains (losses) | 53581 | 11551 | (577) | 223115 | (272) |
| Change in unrealized gains (losses)<br>on investments | (225289) | (40875) | (17631) | (348831) | (22995) |
| Net realized and change in unrealized<br>gains (losses) on investments | (171708) | (29324) | (18208) | (125716) | (23267) |
| Net increase (decrease) in net assets<br>resulting from operations | $(163898) | $(29681) | $(16749) | $(120687) | $(21403) |

---

The accompanying notes are an integral part of these financial statements.<br>11

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**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>STATEMENTS OF OPERATIONS — (Continued)**

**For the year ended December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BHFTII BlackRock**<br> **Capital Appreciation**<br> **Division** | **BHFTII BlackRock** <br> **Ultra-Short Term** <br> **Bond** <br> **Division** | **BHFTII Brighthouse/**<br> **Wellington Core** <br> **Equity Opportunities** <br> **Division** | **BHFTII Frontier** <br> **Mid Cap Growth** <br> **Division** | **BHFTII** <br> **Jennison Growth** <br> **Division** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends | $— | $— | $97725 | $— | $— |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Mortality and expense risk <br>charges | 84506 | 8238 | 62535 | 13904 | 45615 |
| Administrative charges | 11992 | 1210 | 9957 | 1667 | 7033 |
| Total expenses | 96498 | 9448 | 72492 | 15571 | 52648 |
| Net investment income (loss) | (96498) | (9448) | 25233 | (15571) | (52648) |
| **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** |
| Realized gain distributions | 2167362 |  | 1202699 | 338037 | 1115862 |
| Realized gains (losses) on sale of<br>investments | (57445) | 293 | 48376 | (27588) | (90072) |
| Net realized gains (losses) | 2109917 | 293 | 1251075 | 310449 | 1025790 |
| Change in unrealized gains (losses)<br>on investments | (6264153) | 11156 | (1736092) | (733682) | (3575503) |
| Net realized and change in unrealized<br>gains (losses) on investments | (4154236) | 11449 | (485017) | (423233) | (2549713) |
| Net increase (decrease) in net assets<br>resulting from operations | $(4250734) | $2001 | $(459784) | $(438804) | $(2602361) |

---

The accompanying notes are an integral part of these financial statements.<br>12

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BHFTII MetLife** <br> **Stock Index** <br> **Division** | **BHFTII MFS<sup>®</sup>** <br> **Total Return** <br> **Division** | **BHFTII MFS<sup>®</sup> Value** <br> **Division** | **BHFTII** <br> **T. Rowe Price** <br> **Large Cap Growth** <br> **Division** | **BHFTII** <br> **Western Asset** <br> **Management** <br> **Strategic Bond** <br> **Opportunities** <br> **Division** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends | $9774 | $73567 | $4469 | $— | $13748 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Mortality and expense risk <br>charges | 11330 | 39832 | 3163 | 71306 | 2438 |
| Administrative charges | 1359 | 6170 | 378 | 11659 | 338 |
| Total expenses | 12689 | 46002 | 3541 | 82965 | 2776 |
| Net investment income (loss) | (2915) | 27565 | 928 | (82965) | 10972 |
| **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** |
| Realized gain distributions | 86211 | 400312 | 39717 | 1607619 |  |
| Realized gains (losses) on sale of<br>investments | 26493 | 42639 | (3957) | (27162) | (1888) |
| Net realized gains (losses) | 112704 | 442951 | 35760 | 1580457 | (1888) |
| Change in unrealized gains (losses)<br>on investments | (319470) | (975009) | (63392) | (6020212) | (55274) |
| Net realized and change in unrealized<br>gains (losses) on investments | (206766) | (532058) | (27632) | (4439755) | (57162) |
| Net increase (decrease) in net assets<br>resulting from operations | $(209681) | $(504493) | $(26704) | $(4522720) | $(46190) |

---

The accompanying notes are an integral part of these financial statements.<br>13

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**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>STATEMENTS OF OPERATIONS — (Continued)**

**For the year ended December 31, 2022**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BHFTII**<br> **Western Asset**<br> **Management**<br> **U.S. Government**<br> **Division** | **Fidelity<sup>®</sup> VIP** <br> **Contrafund<sup>®</sup>** <br> **Division** | **Fidelity<sup>®</sup> VIP** <br> **Dynamic Capital** <br> **Appreciation** <br> **Division** | **Fidelity<sup>®</sup> VIP** <br> **Equity-Income** <br> **Division** | **Fidelity<sup>®</sup> VIP** <br> **High Income** <br> **Division** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends | $27903 | $52514 | $5 | $93808 | $29099 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Mortality and expense risk <br>charges | 11984 | 105741 | 59 | 45256 | 5198 |
| Administrative charges | 1755 | 16358 | 6 | 7581 | 877 |
| Total expenses | 13739 | 122099 | 65 | 52837 | 6075 |
| Net investment income (loss) | 14164 | (69585) | (60) | 40971 | 23024 |
| **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** |
| Realized gain distributions |  | 520502 | 628 | 164745 |  |
| Realized gains (losses) on sale of<br>investments | (16303) | 150469 | 16 | 41433 | (21388) |
| Net realized gains (losses) | (16303) | 670971 | 644 | 206178 | (21388) |
| Change in unrealized gains (losses)<br>on investments | (125994) | (4351753) | (1788) | (573754) | (82244) |
| Net realized and change in unrealized<br>gains (losses) on investments | (142297) | (3680782) | (1144) | (367576) | (103632) |
| Net increase (decrease) in net assets<br>resulting from operations | $(128133) | $(3750367) | $(1204) | $(326605) | $(80608) |

---

The accompanying notes are an integral part of these financial statements.<br>14

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fidelity<sup>®</sup> VIP** <br> **Index 500** <br> **Division** | **FTVIPT Franklin** <br> **Small-Mid Cap** <br> **Growth VIP** <br> **Division** | **FTVIPT Templeton** <br> **Foreign VIP** <br> **Division** | **Invesco V.I.** <br> **Equity and Income** <br> **Division** | **Invesco V.I.** <br> **EQV International** <br> **Equity** <br> **Division** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends | $151418 | $— | $15935 | $353 | $25740 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Mortality and expense risk <br>charges | 99656 | 5223 | 6509 | 251 | 13462 |
| Administrative charges | 15798 | 626 | 780 | 29 | 2241 |
| Total expenses | 115454 | 5849 | 7289 | 280 | 15703 |
| Net investment income (loss) | 35964 | (5849) | 8646 | 73 | 10037 |
| **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** |
| Realized gain distributions | 82868 | 109402 |  | 2694 | 164187 |
| Realized gains (losses) on sale of<br>investments | 536434 | (10636) | (19074) | 19 | 32292 |
| Net realized gains (losses) | 619302 | 98766 | (19074) | 2713 | 196479 |
| Change in unrealized gains (losses)<br>on investments | (3026663) | (295012) | (42740) | (4688) | (555301) |
| Net realized and change in unrealized<br>gains (losses) on investments | (2407361) | (196246) | (61814) | (1975) | (358822) |
| Net increase (decrease) in net assets<br>resulting from operations | $(2371397) | $(202095) | $(53168) | $(1902) | $(348785) |

---

The accompanying notes are an integral part of these financial statements.<br>15

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**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>STATEMENTS OF OPERATIONS — (Concluded)**

**For the year ended December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **LMPVET**<br> **ClearBridge Variable**<br> **Aggressive Growth**<br> **Division** | **LMPVET** <br> **ClearBridge Variable** <br> **Appreciation** <br> **Division** | **LMPVET** <br> **ClearBridge Variable** <br> **Dividend Strategy** <br> **Division** | **LMPVET** <br> **ClearBridge Variable** <br> **Large Cap Growth** <br> **Division** | **LMPVET** <br> **ClearBridge Variable** <br> **Large Cap Value** <br> **Division** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends | $9606 | $22814 | $8176 | $— | $13251 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Mortality and expense risk <br>charges | 19543 | 21424 | 7741 | 60 | 12528 |
| Administrative charges | 3142 | 3501 | 928 | 6 | 1502 |
| Total expenses | 22685 | 24925 | 8669 | 66 | 14030 |
| Net investment income (loss) | (13079) | (2111) | (493) | (66) | (779) |
| **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** |
| Realized gain distributions | 258575 | 104969 | 49851 | 344 | 38285 |
| Realized gains (losses) on sale of<br>investments | (8120) | 168773 | 37033 | 29 | 11382 |
| Net realized gains (losses) | 250455 | 273742 | 86884 | 373 | 49667 |
| Change in unrealized gains (losses)<br>on investments | (941159) | (635808) | (152818) | (2365) | (134980) |
| Net realized and change in unrealized<br>gains (losses) on investments | (690704) | (362066) | (65934) | (1992) | (85313) |
| Net increase (decrease) in net assets<br>resulting from operations | $(703783) | $(364177) | $(66427) | $(2058) | $(86092) |

---

The accompanying notes are an integral part of these financial statements.<br>16

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **LMPVET** <br> **ClearBridge Variable** <br> **Mid Cap** <br> **Division** | **LMPVET** <br> **ClearBridge Variable** <br> **Small Cap Growth** <br> **Division** | **LMPVIT Western** <br> **Asset Variable Global** <br> **High Yield Bond** <br> **Division** | **MFS<sup>®</sup> VIT** <br> **Total Return Bond** <br> **Division** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends | $67 | $— | $5662 | $15140 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Mortality and expense risk <br>charges | 239 | 9363 | 1219 | 4662 |
| Administrative charges | 28 | 1235 | 145 | 811 |
| Total expenses | 267 | 10598 | 1364 | 5473 |
| Net investment income (loss) | (200) | (10598) | 4298 | 9667 |
| **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** | **Net Realized and Change in** <br> **Unrealized Gains (Losses)**<br> **on Investments:** |
| Realized gain distributions | 1173 | 16624 |  | 6381 |
| Realized gains (losses) on sale of<br>investments | 88 | 13867 | (10920) | (946) |
| Net realized gains (losses) | 1261 | 30491 | (10920) | 5435 |
| Change in unrealized gains (losses)<br>on investments | (7327) | (348226) | (10318) | (105518) |
| Net realized and change in unrealized<br>gains (losses) on investments | (6066) | (317735) | (21238) | (100083) |
| Net increase (decrease) in net assets<br>resulting from operations | $(6266) | $(328333) | $(16940) | $(90416) |

---

The accompanying notes are an integral part of these financial statements.<br>17

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**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>STATEMENTS OF CHANGES IN NET ASSETS**

**For the years ended December 31, 2022 and 2021**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **AB VPS Sustainable** <br> **Global Thematic** <br> **Division** | **AB VPS Sustainable** <br> **Global Thematic** <br> **Division** | **BHFTI BlackRock High Yield** <br> **Division** | **BHFTI BlackRock High Yield** <br> **Division** | **BHFTI Brighthouse** <br> **Small Cap Value** <br> **Division** | **BHFTI Brighthouse** <br> **Small Cap Value** <br> **Division** | **BHFTI Brighthouse/Wellington** <br> **Large Cap Research** <br> **Division** | **BHFTI Brighthouse/Wellington** <br> **Large Cap Research** <br> **Division** |
| | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income (loss) | $(4375) | $(6042) | $2690 | $2196 | $(166) | $(127) | $(19381) | $(13626) |
| Net realized gains (losses) | 32912 | 73019 | (3640) | 26 | 3799 | 316 | 1139434 | 617946 |
| Change in unrealized gains <br>(losses) on investments | (156020) | 16093 | (7634) | 987 | (7021) | 5559 | (2323394) | 560565 |
| Net increase (decrease) <br>in net assets resulting<br>from operations | (127483) | 83070 | (8584) | 3209 | (3388) | 5748 | (1203341) | 1164885 |
| **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** |
| Purchase payments received <br>from Contract owners |  |  |  |  |  |  | 135 | 180 |
| Net transfers (including fixed <br>account) |  |  |  |  | (214) | (986) | 2537 | (470) |
| Contract charges | (211) | (192) | (40) | (16) | (24) | (15) | (737) | (321) |
| Transfers for Contract benefits <br>and terminations | (68787) | (58247) | (27163) | (667) | (101) | (25) | (196258) | (151012) |
| Net increase (decrease) <br>in net assets resulting <br>from Contract transactions | (68998) | (58439) | (27203) | (683) | (339) | (1026) | (194323) | (151623) |
| Net increase (decrease) <br>in net assets | (196481) | 24631 | (35787) | 2526 | (3727) | 4722 | (1397664) | 1013262 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 453959 | 429328 | 79323 | 76797 | 24388 | 19666 | 6131714 | 5118452 |
| End of year | $257478 | $453959 | $43536 | $79323 | $20661 | $24388 | $4734050 | $6131714 |

---

The accompanying notes are an integral part of these financial statements.<br>18

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTI Invesco Comstock** <br> **Division** | **BHFTI Invesco Comstock** <br> **Division** | **BHFTI MFS<sup>®</sup> Research** <br> **International** <br> **Division** | **BHFTI MFS<sup>®</sup> Research** <br> **International** <br> **Division** | **BHFTI Morgan Stanley** <br> **Discovery** <br> **Division** | **BHFTI Morgan Stanley** <br> **Discovery** <br> **Division** |
| | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income (loss) | $243 | $266 | $7810 | $1316 | $(357) | $(768) |
| Net realized gains (losses) | 8615 | 1200 | 53581 | 61730 | 11551 | 27898 |
| Change in unrealized gains <br>(losses) on investments | (9188) | 12077 | (225289) | 37336 | (40875) | (33561) |
| Net increase (decrease) <br>in net assets resulting<br>from operations | (330) | 13543 | (163898) | 100382 | (29681) | (6431) |
| **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** |
| Purchase payments received <br>from Contract owners |  |  | 135 | 180 |  |  |
| Net transfers (including fixed <br>account) | (1672) | (1986) | 1569 |  |  |  |
| Contract charges | (29) | (15) | (80) | (28) | (15) | (13) |
| Transfers for Contract benefits <br>and terminations | (880) | (687) | (45966) | (143379) | (47) | (13) |
| Net increase (decrease) <br>in net assets resulting <br>from Contract transactions | (2581) | (2688) | (44342) | (143227) | (62) | (26) |
| Net increase (decrease) <br>in net assets | (2911) | 10855 | (208240) | (42845) | (29743) | (6457) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 55036 | 44181 | 924256 | 967101 | 47161 | 53618 |
| End of year | $52125 | $55036 | $716016 | $924256 | $17418 | $47161 |

---

The accompanying notes are an integral part of these financial statements.<br>19

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**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>STATEMENTS OF CHANGES IN NET ASSETS — (Continued)**

**For the years ended December 31, 2022 and 2021**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTI PIMCO Total Return** <br> **Division** | **BHFTI PIMCO Total Return** <br> **Division** | **BHFTI T. Rowe Price** <br> **Large Cap Value** <br> **Division** | **BHFTI T. Rowe Price** <br> **Large Cap Value** <br> **Division** | **BHFTII BlackRock Bond Income** <br> **Division** | **BHFTII BlackRock Bond Income** <br> **Division** | **BHFTII BlackRock** <br> **Capital Appreciation** <br> **Division** | **BHFTII BlackRock** <br> **Capital Appreciation** <br> **Division** |
| | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income (loss) | $1459 | $423 | $5029 | $9856 | $1864 | $1947 | $(96498) | $(131273) |
| Net realized gains (losses) | (577) | 5143 | 223115 | 11888 | (272) | 3384 | 2109917 | 1899082 |
| Change in unrealized gains <br>(losses) on investments | (17631) | (8732) | (348831) | 367243 | (22995) | (8051) | (6264153) | 179842 |
| Net increase (decrease) <br>in net assets resulting<br>from operations | (16749) | (3166) | (120687) | 388987 | (21403) | (2720) | (4250734) | 1947651 |
| **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** |
| Purchase payments received <br>from Contract owners |  |  |  | 8372 |  |  | 400 | 7431 |
| Net transfers (including fixed <br>account) | (324) | 2634 | (1844) | (1828) | 732 | 3289 | (575) | 11738 |
| Contract charges | (112) | (34) | (1347) | (840) | (113) | (97) | (2595) | (1403) |
| Transfers for Contract benefits <br>and terminations | (2454) | (6460) | (64047) | (89620) | (1589) | (12837) | (506965) | (802825) |
| Net increase (decrease) <br>in net assets resulting <br>from Contract transactions | (2890) | (3860) | (67238) | (83916) | (970) | (9645) | (509735) | (785059) |
| Net increase (decrease) <br>in net assets | (19639) | (7026) | (187925) | 305071 | (22373) | (12365) | (4760469) | 1162592 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 107313 | 114339 | 1920316 | 1615245 | 139795 | 152160 | 11246385 | 10083793 |
| End of year | $87674 | $107313 | $1732391 | $1920316 | $117422 | $139795 | $6485916 | $11246385 |

---

The accompanying notes are an integral part of these financial statements.<br>20

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTII BlackRock** <br> **Ultra-Short Term Bond** <br> **Division** | **BHFTII BlackRock** <br> **Ultra-Short Term Bond** <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** |
| | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income (loss) | $(9448) | $(9734) | $25233 | $21662 | $(15571) | $(20854) |
| Net realized gains (losses) | 293 | 10733 | 1251075 | 449522 | 310449 | 223888 |
| Change in unrealized gains <br>(losses) on investments | 11156 | (15138) | (1736092) | 969610 | (733682) | (24335) |
| Net increase (decrease) <br>in net assets resulting<br>from operations | 2001 | (14139) | (459784) | 1440794 | (438804) | 178699 |
| **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** |
| Purchase payments received <br>from Contract owners |  |  | 41099 | 800 |  | 7032 |
| Net transfers (including fixed <br>account) | 2348 | 25540 | (291) | 1265 | 608 | (354) |
| Contract charges | (358) | (225) | (964) | (401) | (786) | (484) |
| Transfers for Contract benefits <br>and terminations | (62358) | (3387951) | (493195) | (466039) | (146948) | (59531) |
| Net increase (decrease) <br>in net assets resulting <br>from Contract transactions | (60368) | (3362636) | (453351) | (464375) | (147126) | (53337) |
| Net increase (decrease) <br>in net assets | (58367) | (3376775) | (913135) | 976419 | (585930) | 125362 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 822016 | 4198791 | 7399468 | 6423049 | 1530201 | 1404839 |
| End of year | $763649 | $822016 | $6486333 | $7399468 | $944271 | $1530201 |

---

The accompanying notes are an integral part of these financial statements.<br>21

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**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>STATEMENTS OF CHANGES IN NET ASSETS — (Continued)**

**For the years ended December 31, 2022 and 2021**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTII Jennison Growth** <br> **Division** | **BHFTII Jennison Growth** <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> Value** <br> **Division** | **BHFTII MFS<sup>®</sup> Value** <br> **Division** |
| | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income (loss) | $(52648) | $(71953) | $(2915) | $(195) | $27565 | $33003 | $928 | $214 |
| Net realized gains (losses) | 1025790 | 1430250 | 112704 | 99904 | 442951 | 318509 | 35760 | 3633 |
| Change in unrealized gains <br>(losses) on investments | (3575503) | (414551) | (319470) | 134591 | (975009) | 200785 | (63392) | 54484 |
| Net increase (decrease) <br>in net assets resulting<br>from operations | (2602361) | 943746 | (209681) | 234300 | (504493) | 552297 | (26704) | 58331 |
| **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** |
| Purchase payments received <br>from Contract owners | 17490 |  |  | 10547 | 90 | 120 |  |  |
| Net transfers (including fixed <br>account) | 24060 | (158) | (807) | 22 | (4152) | 65 |  |  |
| Contract charges | (619) | (216) | (503) | (249) | (766) | (347) | (82) | (59) |
| Transfers for Contract benefits <br>and terminations | (411905) | (284697) | (58694) | (64061) | (373981) | (221515) | (51260) | (1084) |
| Net increase (decrease) <br>in net assets resulting <br>from Contract transactions | (370974) | (285071) | (60004) | (53741) | (378809) | (221677) | (51342) | (1143) |
| Net increase (decrease) <br>in net assets | (2973335) | 658675 | (269685) | 180559 | (883302) | 330620 | (78046) | 57188 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 6698067 | 6039392 | 1088471 | 907912 | 4680766 | 4350146 | 303530 | 246342 |
| End of year | $3724732 | $6698067 | $818786 | $1088471 | $3797464 | $4680766 | $225484 | $303530 |

---

The accompanying notes are an integral part of these financial statements.<br>22

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTII T. Rowe Price** <br> **Large Cap Growth** <br> **Division** | **BHFTII T. Rowe Price** <br> **Large Cap Growth** <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> **U.S. Government** <br> **Division** | **BHFTII Western Asset Management** <br> **U.S. Government** <br> **Division** |
| | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income (loss) | $(82965) | $(118357) | $10972 | $6500 | $14164 | $20264 |
| Net realized gains (losses) | 1580457 | 1546598 | (1888) | 4465 | (16303) | (1530) |
| Change in unrealized gains <br>(losses) on investments | (6020212) | 472030 | (55274) | (7013) | (125994) | (55779) |
| Net increase (decrease) <br>in net assets resulting<br>from operations | (4522720) | 1900271 | (46190) | 3952 | (128133) | (37045) |
| **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** |
| Purchase payments received <br>from Contract owners | 32777 | 1430 |  |  |  |  |
| Net transfers (including fixed <br>account) | (1915) |  | 2901 | 15984 | (1151) | 164 |
| Contract charges | (569) | (180) | (79) | (44) | (229) | (105) |
| Transfers for Contract benefits <br>and terminations | (430812) | (880582) | (8088) | (55188) | (110043) | (62639) |
| Net increase (decrease) <br>in net assets resulting <br>from Contract transactions | (400519) | (879332) | (5266) | (39248) | (111423) | (62580) |
| Net increase (decrease) <br>in net assets | (4923239) | 1020939 | (51456) | (35296) | (239556) | (99625) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 11167263 | 10146324 | 260386 | 295682 | 1305705 | 1405330 |
| End of year | $6244024 | $11167263 | $208930 | $260386 | $1066149 | $1305705 |

---

The accompanying notes are an integral part of these financial statements.<br>23

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**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>STATEMENTS OF CHANGES IN NET ASSETS — (Continued)**

**For the years ended December 31, 2022 and 2021**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup>** <br> **Division** | **Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup>** <br> **Division** | **Fidelity<sup>®</sup> VIP** <br> **Dynamic Capital Appreciation** <br> **Division** | **Fidelity<sup>®</sup> VIP** <br> **Dynamic Capital Appreciation** <br> **Division** | **Fidelity<sup>®</sup> VIP Equity-Income** <br> **Division** | **Fidelity<sup>®</sup> VIP Equity-Income** <br> **Division** | **Fidelity<sup>®</sup> VIP High Income** <br> **Division** | **Fidelity<sup>®</sup> VIP High Income** <br> **Division** |
| | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income (loss) | $(69585) | $(136027) | $(60) | $(65) | $40971 | $44813 | $23024 | $30510 |
| Net realized gains (losses) | 670971 | 2023049 | 644 | 618 | 206178 | 649093 | (21388) | (39481) |
| Change in unrealized gains <br>(losses) on investments | (4351753) | 1114622 | (1788) | 519 | (573754) | 417009 | (82244) | 36850 |
| Net increase (decrease) <br>in net assets resulting<br>from operations | (3750367) | 3001644 | (1204) | 1072 | (326605) | 1110915 | (80608) | 27879 |
| **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** |
| Purchase payments received <br>from Contract owners | 23464 | 60 |  |  | 825 | 900 | 45 | 60 |
| Net transfers (including fixed <br>account) | (5892) | 35170 |  | 62 | 539 | (22171) | 313 | (11582) |
| Contract charges | (1319) | (528) | (1) |  | (470) | (138) | (131) | (61) |
| Transfers for Contract benefits <br>and terminations | (457410) | (808925) | (75) | (72) | (378515) | (298956) | (62743) | (213166) |
| Net increase (decrease) <br>in net assets resulting <br>from Contract transactions | (441157) | (774223) | (76) | (10) | (377621) | (320365) | (62516) | (224749) |
| Net increase (decrease) <br>in net assets | (4191524) | 2227421 | (1280) | 1062 | (704226) | 790550 | (143124) | (196870) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 13909955 | 11682534 | 5774 | 4712 | 5582913 | 4792363 | 681160 | 878030 |
| End of year | $9718431 | $13909955 | $4494 | $5774 | $4878687 | $5582913 | $538036 | $681160 |

---

The accompanying notes are an integral part of these financial statements.<br>24

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fidelity<sup>®</sup> VIP Index 500** <br> **Division** | **Fidelity<sup>®</sup> VIP Index 500** <br> **Division** | **FTVIPT Franklin** <br> **Small-Mid Cap Growth VIP** <br> **Division** | **FTVIPT Franklin** <br> **Small-Mid Cap Growth VIP** <br> **Division** | **FTVIPT Templeton Foreign VIP** <br> **Division** | **FTVIPT Templeton Foreign VIP** <br> **Division** |
| | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income (loss) | $35964 | $16352 | $(5849) | $(8362) | $8646 | $2801 |
| Net realized gains (losses) | 619302 | 694588 | 98766 | 76023 | (19074) | (3989) |
| Change in unrealized gains <br>(losses) on investments | (3026663) | 2104586 | (295012) | (19958) | (42740) | 18889 |
| Net increase (decrease) <br>in net assets resulting<br>from operations | (2371397) | 2815526 | (202095) | 47703 | (53168) | 17701 |
| **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** |
| Purchase payments received <br>from Contract owners | 41712 | 3620 |  |  |  |  |
| Net transfers (including fixed <br>account) | (3733) | (16307) | 316 | (423) | 2357 | 72 |
| Contract charges | (810) | (221) | (228) | (119) | (319) | (138) |
| Transfers for Contract benefits <br>and terminations | (793656) | (841960) | (26257) | (30226) | (71831) | (34070) |
| Net increase (decrease) <br>in net assets resulting <br>from Contract transactions | (756487) | (854868) | (26169) | (30768) | (69793) | (34136) |
| Net increase (decrease) <br>in net assets | (3127884) | 1960658 | (228264) | 16935 | (122961) | (16435) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 12604556 | 10643898 | 592337 | 575402 | 601709 | 618144 |
| End of year | $9476672 | $12604556 | $364073 | $592337 | $478748 | $601709 |

---

The accompanying notes are an integral part of these financial statements.<br>25

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**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>STATEMENTS OF CHANGES IN NET ASSETS — (Continued)**

**For the years ended December 31, 2022 and 2021**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Invesco V.I. Equity and Income** <br> **Division** | **Invesco V.I. Equity and Income** <br> **Division** | **Invesco V.I. EQV** <br> **International Equity** <br> **Division** | **Invesco V.I. EQV** <br> **International Equity** <br> **Division** | **LMPVET ClearBridge** <br> **Variable Aggressive Growth** <br> **Division** | **LMPVET ClearBridge** <br> **Variable Aggressive Growth** <br> **Division** | **LMPVET ClearBridge** <br> **Variable Appreciation** <br> **Division** | **LMPVET ClearBridge** <br> **Variable Appreciation** <br> **Division** |
| | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income (loss) | $73 | $101 | $10037 | $3549 | $(13079) | $(25590) | $(2111) | $(11560) |
| Net realized gains (losses) | 2713 | 249 | 196479 | 229492 | 250455 | 813731 | 273742 | 153002 |
| Change in unrealized gains <br>(losses) on investments | (4688) | 2814 | (555301) | (141955) | (941159) | (552136) | (635808) | 377293 |
| Net increase (decrease) <br>in net assets resulting<br>from operations | (1902) | 3164 | (348785) | 91086 | (703783) | 236005 | (364177) | 518735 |
| **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** |
| Purchase payments received <br>from Contract owners |  |  | 26514 | 1650 |  | 8596 |  | 7032 |
| Net transfers (including fixed <br>account) |  |  | (23991) | (31985) | 799 | (5039) | (924) | (120) |
| Contract charges | (30) | (30) | (193) | (65) | (426) | (166) | (487) | (253) |
| Transfers for Contract benefits <br>and terminations | (2) | (11) | (104137) | (206801) | (29875) | (222423) | (361532) | (85597) |
| Net increase (decrease) <br>in net assets resulting <br>from Contract transactions | (32) | (41) | (101807) | (237201) | (29502) | (219032) | (362943) | (78938) |
| Net increase (decrease) <br>in net assets | (1934) | 3123 | (450592) | (146115) | (733285) | 16973 | (727120) | 439797 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 21673 | 18550 | 1856889 | 2003004 | 2593823 | 2576850 | 2789584 | 2349787 |
| End of year | $19739 | $21673 | $1406297 | $1856889 | $1860538 | $2593823 | $2062464 | $2789584 |

---

The accompanying notes are an integral part of these financial statements.<br>26

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **LMPVET ClearBridge** <br> **Variable Dividend Strategy** <br> **Division** | **LMPVET ClearBridge** <br> **Variable Dividend Strategy** <br> **Division** | **LMPVET ClearBridge** <br> **Variable Large Cap Growth** <br> **Division** | **LMPVET ClearBridge** <br> **Variable Large Cap Growth** <br> **Division** | **LMPVET ClearBridge** <br> **Variable Large Cap Value** <br> **Division** | **LMPVET ClearBridge** <br> **Variable Large Cap Value** <br> **Division** |
| | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income (loss) | $(493) | $797 | $(66) | $(76) | $(779) | $(3981) |
| Net realized gains (losses) | 86884 | 92483 | 373 | 548 | 49667 | 111875 |
| Change in unrealized gains <br>(losses) on investments | (152818) | 59987 | (2365) | 579 | (134980) | 120328 |
| Net increase (decrease) <br>in net assets resulting<br>from operations | (66427) | 153267 | (2058) | 1051 | (86092) | 228222 |
| **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** |
| Purchase payments received <br>from Contract owners |  | 8596 |  |  |  |  |
| Net transfers (including fixed <br>account) | (510) | 234 | 732 | 210 | (219) | (38) |
| Contract charges | (416) | (194) | (3) |  | (555) | (383) |
| Transfers for Contract benefits <br>and terminations | (92363) | (88164) | (3) | (8) | (40500) | (51297) |
| Net increase (decrease) <br>in net assets resulting <br>from Contract transactions | (93289) | (79528) | 726 | 202 | (41274) | (51718) |
| Net increase (decrease) <br>in net assets | (159716) | 73739 | (1332) | 1253 | (127366) | 176504 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 725522 | 651783 | 6028 | 4775 | 1117051 | 940547 |
| End of year | $565806 | $725522 | $4696 | $6028 | $989685 | $1117051 |

---

The accompanying notes are an integral part of these financial statements.<br>27

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**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>STATEMENTS OF CHANGES IN NET ASSETS — (Concluded)**

**For the years ended December 31, 2022 and 2021**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **LMPVET ClearBridge** <br> **Variable Mid Cap** <br> **Division** | **LMPVET ClearBridge** <br> **Variable Mid Cap** <br> **Division** | **LMPVET ClearBridge** <br> **Variable Small Cap Growth** <br> **Division** | **LMPVET ClearBridge** <br> **Variable Small Cap Growth** <br> **Division** |
| | **2022** | **2021** | **2022** | **2021** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income (loss) | $(200) | $(297) | $(10598) | $(14551) |
| Net realized gains (losses) | 1261 | 2852 | 30491 | 175749 |
| Change in unrealized gains <br>(losses) on investments | (7327) | 2537 | (348226) | (42356) |
| Net increase (decrease) <br>in net assets resulting<br>from operations | (6266) | 5092 | (328333) | 118842 |
| **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** |
| Purchase payments received <br>from Contract owners |  |  |  | 7032 |
| Net transfers (including fixed <br>account) |  |  | 888 | (928) |
| Contract charges | (14) | (4) | (291) | (102) |
| Transfers for Contract benefits <br>and terminations | (46) | (11) | (46649) | (76523) |
| Net increase (decrease) <br>in net assets resulting <br>from Contract transactions | (60) | (15) | (46052) | (70521) |
| Net increase (decrease) <br>in net assets | (6326) | 5077 | (374385) | 48321 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 23956 | 18879 | 1126323 | 1078002 |
| End of year | $17630 | $23956 | $751938 | $1126323 |

---

The accompanying notes are an integral part of these financial statements.<br>28

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| | | | | |
|:---|:---|:---|:---|:---|
| | **LMPVIT Western Asset** <br> **Variable Global High Yield Bond** <br> **Division** | **LMPVIT Western Asset** <br> **Variable Global High Yield Bond** <br> **Division** | **MFS<sup>®</sup> VIT Total Return Bond** <br> **Division** | **MFS<sup>®</sup> VIT Total Return Bond** <br> **Division** |
| | **2022** | **2021** | **2022** | **2021** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income (loss) | $4298 | $3582 | $9667 | $16905 |
| Net realized gains (losses) | (10920) | (475) | 5435 | 43571 |
| Change in unrealized gains <br>(losses) on investments | (10318) | (3309) | (105518) | (76514) |
| Net increase (decrease) <br>in net assets resulting<br>from operations | (16940) | (202) | (90416) | (16038) |
| **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** | **Contract Transactions:** |
| Purchase payments received <br>from Contract owners |  | 10547 |  |  |
| Net transfers (including fixed <br>account) |  |  | 848 | 507 |
| Contract charges | (66) | (26) | (94) | (53) |
| Transfers for Contract benefits <br>and terminations | (36932) | (11862) | (24378) | (348406) |
| Net increase (decrease) <br>in net assets resulting <br>from Contract transactions | (36998) | (1341) | (23624) | (347952) |
| Net increase (decrease) <br>in net assets | (53938) | (1543) | (114040) | (363990) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 117290 | 118833 | 614021 | 978011 |
| End of year | $63352 | $117290 | $499981 | $614021 |

---

The accompanying notes are an integral part of these financial statements.<br>29

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**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS**

**1. ORGANIZATION**

Metropolitan Life Variable Annuity Separate Account II (the "Separate Account"), a separate account of Metropolitan Life Insurance Company (the "Company"), was established by the Board of Directors of Citicorp Life Insurance Company ("CLIC") on July 6, 1993 to support operations of CLIC with respect to certain variable annuity contracts (the "Contracts"). On October 6, 2006, CLIC merged into the Company and 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 New York State Department of Financial Services.

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

AB Variable Products Series Fund, Inc. ("AB VPS")

AIM Variable Insurance Funds (Invesco Variable Insurance Funds) ("Invesco V.I.")

Brighthouse Funds Trust I ("BHFTI")

Brighthouse Funds Trust II ("BHFTII")

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

Franklin Templeton Variable Insurance Products Trust ("FTVIPT")

Legg Mason Partners Variable Equity Trust ("LMPVET")

Legg Mason Partners Variable Income Trust ("LMPVIT")

MFS<sup>®</sup> Variable Insurance Trust ("MFS VIT")

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

**2. LIST OF DIVISIONS**

Purchase payments, less any applicable charges, applied to the Separate Account are invested in one or more Divisions in accordance with the selection made by the Contract owner. The following Divisions had net assets as of December 31, 2022:

AB VPS Sustainable Global Thematic Division

BHFTI BlackRock High Yield Division

BHFTI Brighthouse Small Cap Value Division

BHFTI Brighthouse/Wellington Large Cap Research Division (a)

BHFTI Invesco Comstock Division

BHFTI MFS<sup>®</sup> Research International Division (a)

BHFTI Morgan Stanley Discovery Division

BHFTI PIMCO Total Return Division

BHFTI T. Rowe Price Large Cap Value Division (a)

BHFTII BlackRock Bond Income Division

BHFTII BlackRock Capital Appreciation Division

BHFTII BlackRock Ultra-Short Term Bond Division

BHFTII Brighthouse/Wellington Core Equity Opportunities Division

BHFTII Frontier Mid Cap Growth Division

BHFTII Jennison Growth Division (a)

BHFTII MetLife Stock Index Division

BHFTII MFS<sup>®</sup> Total Return Division (a)

BHFTII MFS<sup>®</sup> Value Division

BHFTII T. Rowe Price Large Cap Growth Division (a)

BHFTII Western Asset Management Strategic Bond Opportunities Division

BHFTII Western Asset Management U.S. Government Division

Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup> Division (a)

Fidelity<sup>®</sup> VIP Dynamic Capital Appreciation Division

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

Fidelity<sup>®</sup> VIP High Income Division

Fidelity<sup>®</sup> VIP Index 500 Division

FTVIPT Franklin Small-Mid Cap Growth VIP Division

FTVIPT Templeton Foreign VIP Division

Invesco V.I. Equity and Income Division

Invesco V.I. EQV International Equity Division

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**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Continued)**

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

LMPVET ClearBridge Variable Aggressive Growth Division

LMPVET ClearBridge Variable Appreciation Division

LMPVET ClearBridge Variable Dividend Strategy Division

LMPVET ClearBridge Variable Large Cap Growth Division

LMPVET ClearBridge Variable Large Cap Value Division

LMPVET ClearBridge Variable Mid Cap Division

LMPVET ClearBridge Variable Small Cap Growth Division

LMPVIT Western Asset Variable Global High Yield Bond Division

MFS<sup>®</sup> VIT Total Return Bond Division

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

**3. PORTFOLIO CHANGES**

The operations of the Divisions were affected by the following changes that occurred during the year ended December 31, 2022:

**Name Changes:**

<u>Former Name</u>

AB VPS Global Thematic Growth Portfolio

Invesco V.I. International Growth Fund

<u>New Name</u>

AB VPS Sustainable Global Thematic Portfolio

Invesco V.I. EQV International Equity Fund

**4. SIGNIFICANT ACCOUNTING POLICIES**

**Basis of Accounting**

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

**Security Transactions**

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

**Security Valuation**

A Division's investment in shares of a fund, portfolio or series 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, portfolio or series of the Trusts are using NAV as a practical expedient, therefore investments are not categorized within the ASC 820 fair value hierarchy.

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**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Continued)**

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

**Federal Income Taxes**

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

**Annuity Payouts**

Net assets allocated to Contracts in the annuity payout period are computed according to industry standard mortality tables and, if any, are shown in net assets from Contracts in payout on the statements of assets and liabilities. The assumed investment return is 3.0 percent. The mortality risk is fully borne by the Company and may result in additional amounts being transferred into the Separate Account by the Company to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to the Company. There were no Contracts in payout/annuitization at December 31, 2022. Annuity payouts, if any, are included in transfers for Contract benefits and terminations on the statements of changes in net assets of the applicable Divisions.

**Purchase Payments**

Purchase payments received from Contract owners by the Company are credited as accumulation units as of the end of the valuation period in which received, as provided in the prospectus for the Contracts, and are reported as Contract transactions on the statements of changes in net assets of the applicable Divisions.

**Net Transfers**

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

**Use of Estimates**

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

**COVID**

The COVID-19 pandemic has caused volatility within the global economy and financial markets. This pandemic may last for an extended period of time and may continue to impact the economy for the foreseeable future. These events may negatively affect the Separate Account's operations or financial results.

**5. EXPENSES & CONTRACT CHARGES**

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

<u>Administrative</u> — The Company has responsibility for the administration of the Contracts and the Separate Account. Generally, the administrative charge is related to the maintenance, including distribution, of each Contract and the Separate Account.

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**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Continued)**

**5. EXPENSES & CONTRACT CHARGES — (Concluded)**

The following annual Separate Account charge paid to the Company is an asset-based charge assessed through a daily reduction in unit values, which are recorded as expenses 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 that expenses incurred in issuing and administering the Contracts will exceed the amounts realized from the administrative charges assessed against the Contracts. In addition, the charge compensates the Company for the risk that the insured (the annuitant) may live longer than estimated and the Company would be obligated to pay more in income payments than anticipated.

The table below represents the range of effective annual rates for each respective charge for the year ended December 31, 2022:

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| | | |
|:---|:---|:---|
| Administrative | 0.15 | % |
| Mortality and Expense Risk | 0.84 | % - 1.25% |

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

Separate Account charges referred to in this disclosure are for current charges of the Contracts and can vary among products within the Separate Account. A Contract administrative charge of $30 is assessed on an annual basis for the Contracts. For certain Contracts, the administrative charge is waived if the Contract value is less than $25,000 or if the Contract owner has added at least $2,500 ($2,000 for Qualified Contracts) to the Contract in the last 12 months. For certain Contracts, a transfer fee of $25 may be deducted after twelve transfers are made in a Contract year. For certain Contracts, the Company reserves the right to assess a transaction charge on partial surrenders for the lesser of 2% of the amount withdrawn or $25. The Company did not impose this charge for the years reported. In addition, most Contracts impose a surrender charge which ranges from 0% to 7% if the Contract is partially or fully surrendered within the specified surrender charge period. These charges are paid to the Company, assessed through redemption of units, and recorded as Contract charges in the accompanying statements of changes in net assets of the applicable Divisions for the years ended December 31, 2022 and 2021.

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**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Continued)**

**6. STATEMENT OF INVESTMENTS**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2022** | **As of December 31, 2022** | **For the year ended**<br> **December 31, 2022** | **For the year ended**<br> **December 31, 2022** |
| | **Shares** | **Cost ($)** | **Cost of**<br> **Purchases ($)** | **Proceeds**<br> **from Sales ($)** |
| AB VPS Sustainable Global Thematic Division | 9006 | 273679 | 30045 | 73361 |
| BHFTI BlackRock High Yield Division | 6337 | 50101 | 3891 | 28386 |
| BHFTI Brighthouse Small Cap Value Division | 1541 | 22912 | 3935 | 597 |
| BHFTI Brighthouse/Wellington Large Cap Research <br>Division | 405242 | 4885044 | 1146335 | 263532 |
| BHFTI Invesco Comstock Division | 3726 | 38257 | 8439 | 3278 |
| BHFTI MFS<sup>®</sup> Research International Division | 64521 | 767575 | 68891 | 54385 |
| BHFTI Morgan Stanley Discovery Division | 6243 | 57302 | 11944 | 375 |
| BHFTI PIMCO Total Return Division | 9287 | 103207 | 3542 | 4892 |
| BHFTI T. Rowe Price Large Cap Value Division | 60657 | 1815602 | 249206 | 92056 |
| BHFTII BlackRock Bond Income Division | 1305 | 136302 | 4469 | 3417 |
| BHFTII BlackRock Capital Appreciation Division | 262694 | 8105376 | 2180884 | 619755 |
| BHFTII BlackRock Ultra-Short Term Bond Division | 7541 | 756040 | 2322 | 72138 |
| BHFTII Brighthouse/Wellington Core Equity Opportunities <br>Division | 215564 | 6364969 | 1357387 | 582806 |
| BHFTII Frontier Mid Cap Growth Division | 47025 | 1261327 | 338286 | 162876 |
| BHFTII Jennison Growth Division | 398368 | 5383016 | 1153460 | 461190 |
| BHFTII MetLife Stock Index Division | 16649 | 588844 | 95985 | 72627 |
| BHFTII MFS<sup>®</sup> Total Return Division | 25764 | 3896262 | 722270 | 673108 |
| BHFTII MFS<sup>®</sup> Value Division | 15194 | 223004 | 44186 | 54873 |
| BHFTII T. Rowe Price Large Cap Growth Division | 442922 | 8365724 | 1639047 | 514785 |
| BHFTII Western Asset Management Strategic Bond <br>Opportunities Division | 19472 | 247060 | 16642 | 10936 |
| BHFTII Western Asset Management U.S. Government <br>Division | 103610 | 1234478 | 32582 | 129841 |
| Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup> Division | 257382 | 8191886 | 601384 | 591522 |
| Fidelity<sup>®</sup> VIP Dynamic Capital Appreciation Division | 343 | 3888 | 633 | 69 |
| Fidelity<sup>®</sup> VIP Equity-Income Division | 207075 | 4702837 | 278268 | 450173 |
| Fidelity<sup>®</sup> VIP High Income Division | 122004 | 757393 | 31175 | 70666 |
| Fidelity<sup>®</sup> VIP Index 500 Division | 25286 | 4231511 | 276793 | 914405 |
| FTVIPT Franklin Small-Mid Cap Growth VIP Division | 34641 | 582934 | 109656 | 32264 |
| FTVIPT Templeton Foreign VIP Division | 39338 | 598224 | 18362 | 79480 |
| Invesco V.I. Equity and Income Division | 1223 | 21456 | 3046 | 312 |
| Invesco V.I. EQV International Equity Division | 48594 | 1293861 | 221389 | 148973 |
| LMPVET ClearBridge Variable Aggressive Growth Division | 121763 | 2528143 | 268970 | 52974 |
| LMPVET ClearBridge Variable Appreciation Division | 41011 | 1295808 | 127784 | 387868 |
| LMPVET ClearBridge Variable Dividend Strategy Division | 26714 | 416834 | 58027 | 101917 |
| LMPVET ClearBridge Variable Large Cap Growth Division | 173 | 4118 | 1094 | 90 |
| LMPVET ClearBridge Variable Large Cap Value Division | 49116 | 822580 | 51536 | 55237 |
| LMPVET ClearBridge Variable Mid Cap Division | 866 | 14152 | 1239 | 284 |
| LMPVET ClearBridge Variable Small Cap Growth Division | 29803 | 661303 | 17393 | 57418 |
| LMPVIT Western Asset Variable Global High Yield Bond <br>Division | 10961 | 84781 | 5662 | 38343 |
| MFS<sup>®</sup> VIT Total Return Bond Division | 44403 | 532870 | 26301 | 33781 |

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**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Continued)**

**7. SCHEDULES OF UNITS<br>For the years ended December 31, 2022 and 2021:**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **AB VPS Sustainable**<br> **Global Thematic**<br> **Division** | **AB VPS Sustainable**<br> **Global Thematic**<br> **Division** | **BHFTI BlackRock** <br> **High Yield** <br> **Division** | **BHFTI BlackRock** <br> **High Yield** <br> **Division** | **BHFTI Brighthouse** <br> **Small Cap Value** <br> **Division** | **BHFTI Brighthouse** <br> **Small Cap Value** <br> **Division** |
| | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| Units beginning of year | 361056 | 412724 | 21590 | 21777 | 5074 | 5316 |
| Units issued and transferred<br>from other funding options |  |  | 88 |  | 7 | 42 |
| Units redeemed and transferred to <br>other funding options | (75920) | (51668) | (8317) | (187) | (66) | (284) |
| Units end of year | 285136 | 361056 | 13361 | 21590 | 5015 | 5074 |
|  | **BHFTI Morgan Stanley** <br> **Discovery** <br> **Division** | **BHFTI Morgan Stanley** <br> **Discovery** <br> **Division** | **BHFTI PIMCO** <br> **Total Return** <br> **Division** | **BHFTI PIMCO** <br> **Total Return** <br> **Division** | **BHFTI T. Rowe Price** <br> **Large Cap Value** <br> **Division** | **BHFTI T. Rowe Price** <br> **Large Cap Value** <br> **Division** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| Units beginning of year | 8821 | 8823 | 50904 | 52738 | 632736 | 661612 |
| Units issued and transferred<br>from other funding options |  |  | 380 | 1249 |  | 2838 |
| Units redeemed and transferred to <br>other funding options | (5) | (2) | (1923) | (3083) | (22744) | (31714) |
| Units end of year | 8816 | 8821 | 49361 | 50904 | 609992 | 632736 |
|  | **BHFTII Brighthouse/**<br> **Wellington Core Equity** <br> **Opportunities** <br> **Division** | **BHFTII Brighthouse/**<br> **Wellington Core Equity** <br> **Opportunities** <br> **Division** | **BHFTII Frontier** <br> **Mid Cap Growth** <br> **Division** | **BHFTII Frontier** <br> **Mid Cap Growth** <br> **Division** | **BHFTII Jennison Growth** <br> **Division** | **BHFTII Jennison Growth** <br> **Division** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| Units beginning of year | 1666293 | 1776646 | 403852 | 418768 | 1416471 | 1478991 |
| Units issued and transferred<br>from other funding options | 18415 | 510 | 213 | 1899 | 11612 | 3595 |
| Units redeemed and transferred to <br>other funding options | (131569) | (110863) | (52026) | (16815) | (124594) | (66115) |
| Units end of year | 1553139 | 1666293 | 352039 | 403852 | 1303489 | 1416471 |
|  | **BHFTII T. Rowe Price** <br> **Large Cap Growth** <br> **Division** | **BHFTII T. Rowe Price** <br> **Large Cap Growth** <br> **Division** | **BHFTII Western Asset** <br> **Management Strategic** <br> **Bond Opportunities** <br> **Division** | **BHFTII Western Asset** <br> **Management Strategic** <br> **Bond Opportunities** <br> **Division** | **BHFTII Western Asset** <br> **Management** <br> **U.S. Government** <br> **Division** | **BHFTII Western Asset** <br> **Management** <br> **U.S. Government** <br> **Division** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| Units beginning of year | 1229736 | 1335714 | 128602 | 149186 | 755917 | 791165 |
| Units issued and transferred<br>from other funding options | 5824 | 2763 | 1629 | 7740 | 2784 | 1077 |
| Units redeemed and transferred to <br>other funding options | (68727) | (108741) | (4802) | (28324) | (78449) | (36325) |
| Units end of year | 1166833 | 1229736 | 125429 | 128602 | 680252 | 755917 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **BHFTI Brighthouse/**<br> **Wellington** <br> **Large Cap Research** <br> **Division** | **BHFTI Brighthouse/**<br> **Wellington** <br> **Large Cap Research** <br> **Division** | **BHFTI Invesco Comstock** <br> **Division** | **BHFTI Invesco Comstock** <br> **Division** | **BHFTI MFS<sup>®</sup>** <br> **Research International** <br> **Division** | **BHFTI MFS<sup>®</sup>** <br> **Research International** <br> **Division** |
| | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| Units beginning of year | 1551623 | 1594525 | 17636 | 18594 | 294147 | 340278 |
| Units issued and transferred<br>from other funding options | 4293 | 169 |  |  | 1034 | 352 |
| Units redeemed and transferred to <br>other funding options | (60168) | (43071) | (806) | (958) | (16680) | (46483) |
| Units end of year | 1495748 | 1551623 | 16830 | 17636 | 278501 | 294147 |
|  | **BHFTII BlackRock** <br> **Bond Income** <br> **Division** | **BHFTII BlackRock** <br> **Bond Income** <br> **Division** | **BHFTII BlackRock** <br> **Capital Appreciation** <br> **Division** | **BHFTII BlackRock** <br> **Capital Appreciation** <br> **Division** | **BHFTII BlackRock** <br> **Ultra-Short Term Bond** <br> **Division** | **BHFTII BlackRock** <br> **Ultra-Short Term Bond** <br> **Division** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| Units beginning of year | 70063 | 74872 | 2921289 | 3129943 | 825508 | 3966908 |
| Units issued and transferred<br>from other funding options | 439 | 1652 | 4428 | 6489 | 2331 | 25158 |
| Units redeemed and transferred to <br>other funding options | (991) | (6461) | (196436) | (215143) | (64122) | (3166558) |
| Units end of year | 69511 | 70063 | 2729281 | 2921289 | 763717 | 825508 |
|  | **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> Value** <br> **Division** | **BHFTII MFS<sup>®</sup> Value** <br> **Division** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| Units beginning of year | 94310 | 99323 | 1774349 | 1861913 | 98762 | 99136 |
| Units issued and transferred<br>from other funding options |  | 977 | 97560 | 840 |  |  |
| Units redeemed and transferred to <br>other funding options | (6028) | (5990) | (261434) | (88404) | (19596) | (374) |
| Units end of year | 88282 | 94310 | 1610475 | 1774349 | 79166 | 98762 |
|  | **Fidelity<sup>®</sup> VIP** <br> **Contrafund<sup>®</sup>** <br> **Division** | **Fidelity<sup>®</sup> VIP** <br> **Contrafund<sup>®</sup>** <br> **Division** | **Fidelity<sup>®</sup> VIP Dynamic** <br> **Capital Appreciation** <br> **Division** | **Fidelity<sup>®</sup> VIP Dynamic** <br> **Capital Appreciation** <br> **Division** | **Fidelity<sup>®</sup> VIP** <br> **Equity-Income** <br> **Division** | **Fidelity<sup>®</sup> VIP** <br> **Equity-Income** <br> **Division** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| Units beginning of year | 1447519 | 1530156 | 1155 | 1155 | 1095811 | 1161765 |
| Units issued and transferred<br>from other funding options | 3491 | 14490 |  |  | 4485 | 2260 |
| Units redeemed and transferred to <br>other funding options | (61279) | (97127) | (1) |  | (81879) | (68214) |
| Units end of year | 1389731 | 1447519 | 1154 | 1155 | 1018417 | 1095811 |

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**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Continued)**

**7. SCHEDULES OF UNITS — (Concluded)<br>For the years ended December 31, 2022 and 2021:**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fidelity<sup>®</sup> VIP** <br> **High Income** <br> **Division** | **Fidelity<sup>®</sup> VIP** <br> **High Income** <br> **Division** | **Fidelity<sup>®</sup> VIP** <br> **Index 500** <br> **Division** | **Fidelity<sup>®</sup> VIP** <br> **Index 500** <br> **Division** | **FTVIPT Franklin** <br> **Small-Mid Cap** <br> **Growth VIP** <br> **Division** | **FTVIPT Franklin** <br> **Small-Mid Cap** <br> **Growth VIP** <br> **Division** |
| | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| Units beginning of year | 290066 | 386167 | 1781031 | 1912218 | 118986 | 125390 |
| Units issued and transferred<br>from other funding options | 1047 | 750 | 8990 | 2852 | 88 |  |
| Units redeemed and transferred to <br>other funding options | (29638) | (96851) | (133593) | (134039) | (7228) | (6404) |
| Units end of year | 261475 | 290066 | 1656428 | 1781031 | 111846 | 118986 |
|  | **LMPVET ClearBridge** <br> **Variable Aggressive Growth** <br> **Division** | **LMPVET ClearBridge** <br> **Variable Aggressive Growth** <br> **Division** | **LMPVET ClearBridge** <br> **Variable Appreciation** <br> **Division** | **LMPVET ClearBridge** <br> **Variable Appreciation** <br> **Division** | **LMPVET ClearBridge** <br> **Variable Dividend Strategy** <br> **Division** | **LMPVET ClearBridge** <br> **Variable Dividend Strategy** <br> **Division** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| Units beginning of year | 670729 | 729774 | 594644 | 613296 | 186751 | 209774 |
| Units issued and transferred<br>from other funding options | 368 | 2685 |  | 1770 |  | 2441 |
| Units redeemed and transferred to <br>other funding options | (10547) | (61730) | (89989) | (20422) | (26041) | (25464) |
| Units end of year | 660550 | 670729 | 504655 | 594644 | 160710 | 186751 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **LMPVET ClearBridge** <br> **Variable Small Cap Growth** <br> **Division** | **LMPVET ClearBridge** <br> **Variable Small Cap Growth** <br> **Division** | **LMPVIT Western Asset** <br> **Variable Global** <br> **High Yield Bond** <br> **Division** | **LMPVIT Western Asset** <br> **Variable Global** <br> **High Yield Bond** <br> **Division** | **MFS<sup>®</sup> VIT Total Return Bond** <br> **Division** | **MFS<sup>®</sup> VIT Total Return Bond** <br> **Division** |
| | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| Units beginning of year | 136862 | 145694 | 39399 | 39884 | 224781 | 351441 |
| Units issued and transferred<br>from other funding options | 127 | 884 |  | 3477 | 2021 | 1291 |
| Units redeemed and transferred to <br>other funding options | (6777) | (9716) | (14386) | (3962) | (11974) | (127951) |
| Units end of year | 130212 | 136862 | 25013 | 39399 | 214828 | 224781 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FTVIPT Templeton** <br> **Foreign VIP** <br> **Division** | **FTVIPT Templeton** <br> **Foreign VIP** <br> **Division** | **Invesco V.I.** <br> **Equity and Income** <br> **Division** | **Invesco V.I.** <br> **Equity and Income** <br> **Division** | **Invesco V.I.** <br> **EQV** <br> **International Equity** <br> **Division** | **Invesco V.I.** <br> **EQV** <br> **International Equity** <br> **Division** |
| | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| Units beginning of year | 374083 | 394718 | 10580 | 10595 | 524295 | 591953 |
| Units issued and transferred<br>from other funding options | 1799 | 1003 |  |  | 10828 | 2744 |
| Units redeemed and transferred to <br>other funding options | (49209) | (21638) | (16) | (15) | (43514) | (70402) |
| Units end of year | 326673 | 374083 | 10564 | 10580 | 491609 | 524295 |
|  | **LMPVET ClearBridge** <br> **Variable Large Cap Growth** <br> **Division** | **LMPVET ClearBridge** <br> **Variable Large Cap Growth** <br> **Division** | **LMPVET ClearBridge** <br> **Variable Large Cap Value** <br> **Division** | **LMPVET ClearBridge** <br> **Variable Large Cap Value** <br> **Division** | **LMPVET ClearBridge** <br> **Variable Mid Cap** <br> **Division** | **LMPVET ClearBridge** <br> **Variable Mid Cap** <br> **Division** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| Units beginning of year | 1163 | 1108 | 295902 | 310077 | 5497 | 5498 |
| Units issued and transferred<br>from other funding options | 197 | 101 |  |  |  |  |
| Units redeemed and transferred to <br>other funding options | (4) | (46) | (11782) | (14175) | (5) | (1) |
| Units end of year | 1356 | 1163 | 284120 | 295902 | 5492 | 5497 |

---

------

**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Continued)**

**8. FINANCIAL HIGHLIGHTS**

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

The following table is a summary of unit values and units outstanding for the Contracts, net assets, net investment income ratios, expense ratios, excluding expenses for the underlying fund, portfolio, or series, and the total return for the five years ended December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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** |
| | | **Units** | **Unit Value<br>Lowest to<br>Highest ($)** | **Net<br>Assets ($)** | **Investment<sup>1</sup><br>Income<br>Ratio (%)** | **Expense Ratio<sup>2</sup><br>Lowest to<br>Highest (%)** | **Total Return<sup>3</sup><br>Lowest to<br>Highest (%)** |
| AB VPS Sustainable Global | 2022 | 285136 | 0.90 | 257478 |  | 1.40 | (28.18) |
| Thematic Division | 2021 | 361056 | 1.26 | 453959 |  | 1.40 | 20.87 |
|  | 2020 | 412724 | 1.04 | 429328 | 0.45 | 1.40 | 37.14 |
|  | 2019 | 450632 | 0.76 | 341801 | 0.16 | 1.40 | 27.98 |
|  | 2018 | 476132 | 0.59 | 282191 |  | 1.40 | (11.24) |
| BHFTI BlackRock High Yield | 2022 | 13361 | 3.26 | 43536 | 5.13 | 1.29 | (11.32) |
| Division | 2021 | 21590 | 3.67 | 79323 | 4.09 | 1.29 | 4.18 |
|  | 2020 | 21777 | 3.53 | 76797 | 5.47 | 1.29 | 6.38 |
|  | 2019 | 22270 | 3.32 | 73827 | 6.00 | 1.29 | 13.57 |
|  | 2018 | 22673 | 2.92 | 66182 | 5.08 | 1.29 | (3.84) |
| BHFTI Brighthouse Small Cap | 2022 | 5015 | 4.12 | 20661 | 0.62 | 1.40 | (14.30) |
| Value Division | 2021 | 5074 | 4.81 | 24388 | 0.83 | 1.40 | 29.94 |
|  | 2020 | 5316 | 3.70 | 19666 | 1.34 | 1.40 | (1.96) |
|  | 2019 | 5078 | 3.77 | 19160 | 0.89 | 1.40 | 26.99 |
|  | 2018 | 5043 | 2.97 | 14984 | 0.84 | 1.40 | (16.42) |
| BHFTI | 2022 | 1495748 | 2.80 - 3.26 | 4734050 | 0.70 | 0.99 - 1.40 | (20.24) - (19.82) |
| Brighthouse/Wellington Large | 2021 | 1551623 | 3.50 - 4.07 | 6131714 | 0.84 | 0.99 - 1.40 | 22.47 - 23.16 |
| Cap Research Division | 2020 | 1594525 | 2.86 - 3.30 | 5118452 | 1.10 | 0.99 - 1.40 | 20.40 - 21.06 |
|  | 2019 | 1682052 | 2.38 - 2.73 | 4464673 | 1.13 | 0.99 - 1.40 | 30.00 - 30.77 |
|  | 2018 | 1787902 | 1.83 - 2.09 | 3633768 | 1.01 | 0.99 - 1.40 | (7.60) - (7.08) |
| BHFTI Invesco Comstock | 2022 | 16830 | 3.10 | 52125 | 1.85 | 1.40 | (0.76) |
| Division | 2021 | 17636 | 3.12 | 55036 | 1.91 | 1.40 | 31.33 |
|  | 2020 | 18594 | 2.38 | 44181 | 2.23 | 1.40 | (1.89) |
|  | 2019 | 18160 | 2.42 | 43982 | 2.10 | 1.40 | 23.22 |
|  | 2018 | 18483 | 1.97 | 36330 | 0.60 | 1.40 | (13.38) |
| BHFTI MFS<sup>®</sup> Research | 2022 | 278501 | 1.82 - 2.62 | 716016 | 2.08 | 0.99 - 1.40 | (18.71) - (18.12) |
| International Division | 2021 | 294147 | 2.24 - 3.20 | 924256 | 1.17 | 0.99 - 1.40 | 10.16 - 10.88 |
|  | 2020 | 340278 | 2.04 - 2.89 | 967101 | 2.44 | 0.99 - 1.40 | 11.44 - 12.16 |
|  | 2019 | 366008 | 1.83 - 2.57 | 928850 | 1.58 | 0.99 - 1.40 | 26.53 - 27.42 |
|  | 2018 | 399721 | 1.44 - 2.02 | 796239 | 2.21 | 0.99 - 1.40 | (15.20) - (14.66) |
| BHFTI Morgan Stanley | 2022 | 8816 | 1.98 | 17418 |  | 1.40 | (63.04) |
| Discovery Division | 2021 | 8821 | 5.35 | 47161 |  | 1.40 | (12.02) |
|  | 2020 | 8823 | 6.08 | 53618 |  | 1.40 | 149.59 |
|  | 2019 | 8823 | 2.43 | 21482 |  | 1.40 | 38.18 |
|  | 2018 | 8823 | 1.76 | 15546 |  | 1.40 | 8.61 |
| BHFTI PIMCO Total Return | 2022 | 49361 | 1.78 | 87674 | 2.93 | 1.40 | (15.75) |
| Division | 2021 | 50904 | 2.11 | 107313 | 1.78 | 1.40 | (2.76) |
|  | 2020 | 52738 | 2.17 | 114339 | 3.87 | 1.40 | 7.00 |
|  | 2019 | 54969 | 2.03 | 111378 | 2.75 | 1.40 | 6.95 |
|  | 2018 | 65576 | 1.89 | 124231 | 1.31 | 1.40 | (1.62) |

---

------

**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Continued)**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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** |
| | | **Units** | **Unit Value<br>Lowest to<br>Highest ($)** | **Net<br>Assets ($)** | **Investment<sup>1</sup><br>Income<br>Ratio (%)** | **Expense Ratio<sup>2</sup><br>Lowest to<br>Highest (%)** | **Total Return<sup>3</sup><br>Lowest to<br>Highest (%)** |
| BHFTI T. Rowe Price Large | 2022 | 609992 | 2.50 - 2.86 | 1732391 | 1.68 | 1.40 | (6.47) - (6.39) |
| Cap Value Division | 2021 | 632736 | 2.67 - 3.06 | 1920316 | 1.93 | 1.40 | 24.23 - 24.36 |
|  | 2020 | 661612 | 2.15 - 2.46 | 1615245 | 2.47 | 1.40 | 1.44 - 1.56 |
|  | 2019 | 710497 | 2.12 - 2.42 | 1708785 | 2.13 | 1.40 | 24.76 - 24.86 |
|  | 2018 | 745839 | 1.70 - 1.94 | 1437222 | 1.93 | 1.40 | (10.43) - (10.33) |
| BHFTII BlackRock Bond | 2022 | 69511 | 1.69 | 117422 | 2.89 | 1.40 | (15.34) |
| Income Division | 2021 | 70063 | 2.00 | 139795 | 2.71 | 1.40 | (1.82) |
|  | 2020 | 74872 | 2.03 | 152160 | 3.66 | 1.40 | 7.08 |
|  | 2019 | 80560 | 1.90 | 152889 | 3.84 | 1.40 | 8.30 |
|  | 2018 | 111268 | 1.75 | 194985 | 2.89 | 1.40 | (1.75) |
| BHFTII BlackRock Capital | 2022 | 2729281 | 2.20 - 2.57 | 6485916 |  | 0.99 - 1.40 | (38.48) - (38.22) |
| Appreciation Division | 2021 | 2921289 | 3.57 - 4.16 | 11246385 |  | 0.99 - 1.40 | 19.52 - 20.01 |
|  | 2020 | 3129943 | 2.99 - 3.47 | 10083793 |  | 0.99 - 1.40 | 38.70 - 39.28 |
|  | 2019 | 3337078 | 2.15 - 2.49 | 7739860 | 0.21 | 0.99 - 1.40 | 31.01 - 31.54 |
|  | 2018 | 3595198 | 1.64 - 1.89 | 6354485 | 0.12 | 0.99 - 1.40 | 0.99 - 1.41 |
| BHFTII BlackRock | 2022 | 763717 | 0.95 - 1.05 | 763649 |  | 0.99 - 1.40 | 0.04 - 0.45 |
| Ultra-Short Term Bond | 2021 | 825508 | 0.95 - 1.05 | 822016 | 0.28 | 0.99 - 1.40 | (1.58) - (1.18) |
| Division | 2020 | 3966908 | 0.97 - 1.07 | 4198791 | 1.90 | 0.99 - 1.40 | (0.97) - (0.56) |
|  | 2019 | 3758957 | 0.98 - 1.08 | 4035313 | 1.80 | 0.99 - 1.40 | 0.71 - 1.12 |
|  | 2018 | 3735385 | 0.97 - 1.07 | 3981019 | 1.04 | 0.99 - 1.40 | 0.38 - 0.80 |
| BHFTII | 2022 | 1553139 | 2.60 - 4.41 | 6486333 | 1.47 | 0.99 - 1.40 | (6.40) - (6.01) |
| Brighthouse/Wellington Core | 2021 | 1666293 | 2.78 - 4.70 | 7399468 | 1.40 | 0.99 - 1.40 | 22.70 - 23.20 |
| Equity Opportunities Division | 2020 | 1776646 | 2.26 - 3.81 | 6423049 | 1.60 | 0.99 - 1.40 | 9.72 - 10.17 |
|  | 2019 | 1912343 | 2.06 - 3.46 | 6250741 | 1.62 | 0.99 - 1.40 | 29.12 - 29.65 |
|  | 2018 | 2076539 | 1.60 - 2.67 | 5226726 | 1.75 | 0.99 - 1.40 | (1.48) - (1.08) |
| BHFTII Frontier Mid Cap | 2022 | 352039 | 2.68 | 944271 |  | 1.40 | (29.21) |
| Growth Division | 2021 | 403852 | 3.79 | 1530201 |  | 1.40 | 12.95 |
|  | 2020 | 418768 | 3.35 | 1404839 |  | 1.40 | 29.76 |
|  | 2019 | 452649 | 2.59 | 1170257 |  | 1.40 | 31.16 |
|  | 2018 | 496436 | 1.97 | 978535 |  | 1.40 | (7.08) |
| BHFTII Jennison Growth | 2022 | 1303489 | 2.69 - 2.95 | 3724732 |  | 0.99 - 1.40 | (39.87) - (39.47) |
| Division | 2021 | 1416471 | 4.47 - 4.87 | 6698067 |  | 0.99 - 1.40 | 15.29 - 16.02 |
|  | 2020 | 1478991 | 3.87 - 4.19 | 6039392 | 0.22 | 0.99 - 1.40 | 54.20 - 55.25 |
|  | 2019 | 1558733 | 2.50 - 2.70 | 4104816 | 0.45 | 0.99 - 1.40 | 30.65 - 31.52 |
|  | 2018 | 1654557 | 1.91 - 2.05 | 3314732 | 0.35 | 0.99 - 1.40 | (1.29) - (0.64) |
| BHFTII MetLife Stock Index | 2022 | 88282 | 9.27 | 818786 | 1.08 | 1.40 | (19.64) |
| Division | 2021 | 94310 | 11.54 | 1088471 | 1.38 | 1.40 | 26.26 |
|  | 2020 | 99323 | 9.14 | 907912 | 1.69 | 1.40 | 16.18 |
|  | 2019 | 105116 | 7.87 | 827022 | 1.95 | 1.40 | 28.98 |
|  | 2018 | 109225 | 6.10 | 666257 | 1.61 | 1.40 | (6.16) |
| BHFTII MFS<sup>®</sup> Total Return | 2022 | 1610475 | 2.13 - 2.84 | 3797464 | 1.78 | 0.98 - 1.40 | (11.07) - (10.51) |
| Division | 2021 | 1774349 | 2.39 - 3.19 | 4680766 | 1.84 | 0.98 - 1.40 | 12.41 - 13.10 |
|  | 2020 | 1861913 | 2.12 - 2.84 | 4350146 | 2.40 | 0.98 - 1.40 | 8.01 - 8.69 |
|  | 2019 | 2012182 | 1.96 - 2.63 | 4326375 | 2.34 | 0.98 - 1.40 | 18.46 - 19.20 |
|  | 2018 | 2198171 | 1.65 - 2.22 | 3966723 | 2.24 | 0.98 - 1.40 | (7.08) - (6.50) |

---

------

**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Continued)**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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** |
| | | **Units** | **Unit Value<br>Lowest to<br>Highest ($)** | **Net<br>Assets ($)** | **Investment<sup>1</sup><br>Income<br>Ratio (%)** | **Expense Ratio<sup>2</sup><br>Lowest to<br>Highest (%)** | **Total Return<sup>3</sup><br>Lowest to<br>Highest (%)** |
| BHFTII MFS<sup>®</sup> Value Division | 2022 | 79166 | 2.85 | 225484 | 1.76 | 1.40 | (7.32) |
|  | 2021 | 98762 | 3.07 | 303530 | 1.47 | 1.40 | 23.68 |
|  | 2020 | 99136 | 2.48 | 246342 | 1.67 | 1.40 | 2.40 |
|  | 2019 | 129826 | 2.43 | 315045 | 1.82 | 1.40 | 28.16 |
|  | 2018 | 137035 | 1.89 | 259478 | 1.36 | 1.40 | (11.32) |
| BHFTII T. Rowe Price Large | 2022 | 1166833 | 3.01 - 5.48 | 6244024 |  | 0.99 - 1.40 | (41.49) - (41.05) |
| Cap Growth Division | 2021 | 1229736 | 5.14 - 9.29 | 11167263 |  | 0.99 - 1.40 | 18.28 - 19.04 |
|  | 2020 | 1335714 | 4.34 - 7.80 | 10146324 | 0.23 | 0.99 - 1.40 | 34.74 - 35.60 |
|  | 2019 | 1389598 | 3.22 - 5.75 | 7790076 | 0.42 | 0.99 - 1.40 | 28.77 - 29.70 |
|  | 2018 | 1484636 | 2.50 - 4.44 | 6419609 | 0.42 | 0.99 - 1.40 | (2.54) - (1.92) |
| BHFTII Western Asset | 2022 | 125429 | 1.62 - 1.73 | 208930 | 6.02 | 0.99 - 1.40 | (17.81) - (17.48) |
| Management Strategic Bond | 2021 | 128602 | 1.97 - 2.10 | 260386 | 3.61 | 0.99 - 1.40 | 1.39 - 1.80 |
| Opportunities Division | 2020 | 149186 | 1.94 - 2.06 | 295682 | 6.00 | 0.99 - 1.40 | 5.43 - 5.86 |
|  | 2019 | 160313 | 1.84 - 1.95 | 301716 | 4.94 | 0.99 - 1.40 | 12.90 - 13.36 |
|  | 2018 | 172496 | 1.63 - 1.72 | 287577 | 5.36 | 0.99 - 1.40 | (5.14) - (4.75) |
| BHFTII Western Asset | 2022 | 680252 | 1.31 - 1.71 | 1066149 | 2.38 | 0.99 - 1.40 | (10.27) - (9.90) |
| Management U.S. Government | 2021 | 755917 | 1.46 - 1.90 | 1305705 | 2.66 | 0.99 - 1.40 | (2.89) - (2.49) |
| Division | 2020 | 791165 | 1.50 - 1.95 | 1405330 | 3.36 | 0.99 - 1.40 | 3.78 - 4.21 |
|  | 2019 | 729899 | 1.45 - 1.87 | 1224385 | 2.77 | 0.99 - 1.40 | 4.56 - 4.99 |
|  | 2018 | 773037 | 1.38 - 1.78 | 1242669 | 2.31 | 0.99 - 1.40 | (0.44) - (0.03) |
| Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup> | 2022 | 1389731 | 3.61 - 7.89 | 9718431 | 0.48 | 0.99 - 1.40 | (27.51) - (27.04) |
| Division | 2021 | 1447519 | 4.98 - 10.82 | 13909955 | 0.06 | 0.99 - 1.40 | 25.74 - 26.58 |
|  | 2020 | 1530156 | 3.96 - 8.55 | 11682534 | 0.23 | 0.99 - 1.40 | 28.42 - 29.28 |
|  | 2019 | 1665211 | 3.08 - 6.61 | 9812964 | 0.44 | 0.99 - 1.40 | 29.45 - 30.28 |
|  | 2018 | 1753808 | 2.38 - 5.08 | 7946850 | 0.68 | 0.99 - 1.40 | (7.95) - (7.30) |
| Fidelity<sup>®</sup> VIP Dynamic | 2022 | 1154 | 3.89 | 4494 | 0.11 | 1.40 | (22.15) |
| Capital Appreciation Division | 2021 | 1155 | 5.00 | 5774 | 0.12 | 1.40 | 22.54 |
|  | 2020 | 1155 | 4.08 | 4712 | 0.04 | 1.40 | 31.48 |
|  | 2019 | 1155 | 3.10 | 3583 | 0.39 | 1.40 | 28.02 |
|  | 2018 | 1155 | 2.42 | 2799 | 0.34 | 1.40 | (6.49) |
| Fidelity<sup>®</sup> VIP | 2022 | 1018417 | 4.38 - 4.86 | 4878687 | 1.85 | 0.99 - 1.40 | (6.28) - (5.89) |
| Equity-Income Division | 2021 | 1095811 | 4.67 - 5.17 | 5582913 | 1.88 | 0.99 - 1.40 | 23.16 - 23.66 |
|  | 2020 | 1161765 | 3.79 - 4.18 | 4792363 | 1.82 | 0.99 - 1.40 | 5.21 - 5.64 |
|  | 2019 | 1224436 | 3.61 - 3.95 | 4786438 | 1.94 | 0.99 - 1.40 | 25.67 - 26.19 |
|  | 2018 | 1370820 | 2.87 - 3.13 | 4230876 | 2.27 | 0.99 - 1.40 | (9.57) - (9.20) |
| Fidelity<sup>®</sup> VIP High Income | 2022 | 261475 | 1.89 - 2.08 | 538036 | 4.95 | 0.99 - 1.40 | (12.60) - (12.25) |
| Division | 2021 | 290066 | 2.16 - 2.37 | 681160 | 4.71 | 0.99 - 1.40 | 2.96 - 3.38 |
|  | 2020 | 386167 | 2.10 - 2.30 | 878030 | 5.02 | 0.99 - 1.40 | 1.31 - 1.73 |
|  | 2019 | 411260 | 2.07 - 2.26 | 920064 | 4.66 | 0.99 - 1.40 | 13.51 - 13.97 |
|  | 2018 | 513570 | 1.82 - 1.98 | 994916 | 5.56 | 0.99 - 1.40 | (4.64) - (4.24) |
| Fidelity<sup>®</sup> VIP Index 500 | 2022 | 1656428 | 5.30 - 5.89 | 9476672 | 1.44 | 0.99 - 1.40 | (19.35) - (19.02) |
| Division | 2021 | 1781031 | 6.57 - 7.27 | 12604556 | 1.23 | 0.99 - 1.40 | 26.79 - 27.31 |
|  | 2020 | 1912218 | 5.18 - 5.71 | 10643898 | 1.75 | 0.99 - 1.40 | 16.59 - 17.07 |
|  | 2019 | 2112870 | 4.45 - 4.88 | 10060412 | 1.95 | 0.99 - 1.40 | 29.52 - 30.06 |
|  | 2018 | 2287736 | 3.43 - 3.75 | 8369872 | 1.84 | 0.99 - 1.40 | (5.83) - (5.44) |

---

------

**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Continued)**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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** |
| | | **Units** | **Unit Value<br>Lowest to<br>Highest ($)** | **Net<br>Assets ($)** | **Investment<sup>1</sup><br>Income<br>Ratio (%)** | **Expense Ratio<sup>2</sup><br>Lowest to<br>Highest (%)** | **Total Return<sup>3</sup><br>Lowest to<br>Highest (%)** |
| FTVIPT Franklin Small-Mid | 2022 | 111846 | 3.26 | 364073 |  | 1.40 | (34.61) |
| Cap Growth VIP Division | 2021 | 118986 | 4.98 | 592337 |  | 1.40 | 8.48 |
|  | 2020 | 125390 | 4.59 | 575402 |  | 1.40 | 52.93 |
|  | 2019 | 138927 | 3.00 | 416867 |  | 1.40 | 29.61 |
|  | 2018 | 141079 | 2.32 | 326617 |  | 1.40 | (6.69) |
| FTVIPT Templeton Foreign | 2022 | 326673 | 1.47 | 478748 | 3.05 | 1.40 | (8.89) |
| VIP Division | 2021 | 374083 | 1.61 | 601709 | 1.84 | 1.40 | 2.71 |
|  | 2020 | 394718 | 1.57 | 618144 | 3.39 | 1.40 | (2.54) |
|  | 2019 | 420326 | 1.61 | 675375 | 1.71 | 1.40 | 10.96 |
|  | 2018 | 411820 | 1.45 | 596324 | 2.73 | 1.40 | (16.62) |
| Invesco V.I. Equity and | 2022 | 10564 | 1.87 | 19739 | 1.75 | 1.40 | (8.79) |
| Income Division | 2021 | 10580 | 2.05 | 21673 | 1.87 | 1.40 | 17.00 |
|  | 2020 | 10595 | 1.75 | 18550 | 2.53 | 1.40 | 8.42 |
|  | 2019 | 10595 | 1.61 | 17110 | 2.60 | 1.40 | 18.69 |
|  | 2018 | 10595 | 1.36 | 14415 | 2.51 | 1.40 | (10.77) |
| Invesco V.I. EQV | 2022 | 491609 | 2.62 - 2.91 | 1406297 | 1.72 | 0.99 - 1.40 | (19.44) - (19.11) |
| International Equity Division | 2021 | 524295 | 3.25 - 3.60 | 1856889 | 1.22 | 0.99 - 1.40 | 4.42 - 4.85 |
|  | 2020 | 591953 | 3.11 - 3.43 | 2003004 | 2.39 | 0.99 - 1.40 | 12.41 - 12.87 |
|  | 2019 | 635522 | 2.77 - 3.04 | 1907903 | 1.56 | 0.99 - 1.40 | 26.79 - 27.31 |
|  | 2018 | 703954 | 2.18 - 2.39 | 1657106 | 2.00 | 0.99 - 1.40 | (16.17) - (15.82) |
| LMPVET ClearBridge Variable | 2022 | 660550 | 2.63 - 2.87 | 1860538 | 0.46 | 0.99 - 1.40 | (27.44) - (27.14) |
| Aggressive Growth Division | 2021 | 670729 | 3.62 - 3.95 | 2593823 | 0.16 | 0.99 - 1.40 | 8.77 - 9.21 |
|  | 2020 | 729774 | 3.33 - 3.61 | 2576850 | 0.83 | 0.99 - 1.40 | 16.37 - 16.85 |
|  | 2019 | 756212 | 2.86 - 3.09 | 2287194 | 0.99 | 0.99 - 1.40 | 23.33 - 23.84 |
|  | 2018 | 774825 | 2.32 - 2.50 | 1894616 | 0.59 | 0.99 - 1.40 | (9.63) - (9.25) |
| LMPVET ClearBridge Variable | 2022 | 504655 | 3.79 - 4.14 | 2062464 | 0.98 | 0.99 - 1.40 | (13.66) - (13.31) |
| Appreciation Division | 2021 | 594644 | 4.39 - 4.78 | 2789584 | 0.63 | 0.99 - 1.40 | 21.94 - 22.44 |
|  | 2020 | 613296 | 3.60 - 3.90 | 2349787 | 1.08 | 0.99 - 1.40 | 13.18 - 13.64 |
|  | 2019 | 635670 | 3.18 - 3.44 | 2145892 | 1.36 | 0.99 - 1.40 | 28.06 - 28.59 |
|  | 2018 | 692470 | 2.48 - 2.67 | 1820560 | 1.24 | 0.99 - 1.40 | (3.11) - (2.71) |
| LMPVET ClearBridge Variable | 2022 | 160710 | 3.52 | 565806 | 1.32 | 1.40 | (9.38) |
| Dividend Strategy Division | 2021 | 186751 | 3.88 | 725522 | 1.52 | 1.40 | 25.04 |
|  | 2020 | 209774 | 3.11 | 651783 | 1.46 | 1.40 | 6.17 |
|  | 2019 | 223757 | 2.93 | 654827 | 1.46 | 1.40 | 29.76 |
|  | 2018 | 255058 | 2.26 | 575236 | 1.53 | 1.40 | (6.19) |
| LMPVET ClearBridge Variable | 2022 | 1356 | 3.46 | 4696 |  | 1.40 | (33.19) |
| Large Cap Growth Division | 2021 | 1163 | 5.18 | 6028 |  | 1.40 | 20.25 |
|  | 2020 | 1108 | 4.31 | 4775 | 0.02 | 1.40 | 28.92 |
|  | 2019 | 1357 | 3.34 | 4538 | 0.36 | 1.40 | 30.32 |
|  | 2018 | 1454 | 2.57 | 3730 | 0.28 | 1.40 | (1.38) |
| LMPVET ClearBridge Variable | 2022 | 284120 | 3.48 | 989685 | 1.32 | 1.40 | (7.73) |
| Large Cap Value Division | 2021 | 295902 | 3.78 | 1117051 | 1.03 | 1.40 | 24.46 |
|  | 2020 | 310077 | 3.03 | 940547 | 1.41 | 1.40 | 3.78 |
|  | 2019 | 322090 | 2.92 | 941396 | 1.76 | 1.40 | 27.09 |
|  | 2018 | 347342 | 2.30 | 798798 | 1.42 | 1.40 | (10.15) |

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**METROPOLITAN LIFE VARIABLE ANNUITY SEPARATE ACCOUNT II<br>OF METROPOLITAN LIFE INSURANCE COMPANY<br>NOTES TO THE FINANCIAL STATEMENTS — (Concluded)**

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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** |
| | | **Units** | **Unit Value<br>Lowest to<br>Highest ($)** | **Net<br>Assets ($)** | **Investment<sup>1</sup><br>Income<br>Ratio (%)** | **Expense Ratio<sup>2</sup><br>Lowest to<br>Highest (%)** | **Total Return<sup>3</sup><br>Lowest to<br>Highest (%)** |
| LMPVET ClearBridge Variable | 2022 | 5492 | 3.21 | 17630 | 0.35 | 1.40 | (26.35) |
| Mid Cap Division | 2021 | 5497 | 4.36 | 23956 | 0.03 | 1.40 | 26.92 |
|  | 2020 | 5498 | 3.43 | 18879 | 0.29 | 1.40 | 13.75 |
|  | 2019 | 5498 | 3.02 | 16598 | 0.61 | 1.40 | 31.10 |
|  | 2018 | 5498 | 2.30 | 12660 | 0.50 | 1.40 | (13.74) |
| LMPVET ClearBridge Variable | 2022 | 130212 | 5.55 - 6.16 | 751938 |  | 0.99 - 1.40 | (29.83) - (29.55) |
| Small Cap Growth Division | 2021 | 136862 | 7.91 - 8.75 | 1126323 |  | 0.99 - 1.40 | 11.04 - 11.50 |
|  | 2020 | 145694 | 7.12 - 7.84 | 1078002 |  | 0.99 - 1.40 | 41.27 - 41.85 |
|  | 2019 | 156156 | 5.04 - 5.53 | 819297 |  | 0.99 - 1.40 | 25.11 - 25.62 |
|  | 2018 | 170613 | 4.03 - 4.40 | 716564 |  | 0.99 - 1.40 | 1.99 - 2.41 |
| LMPVIT Western Asset | 2022 | 25013 | 2.53 | 63352 | 5.80 | 1.40 | (14.92) |
| Variable Global High Yield | 2021 | 39399 | 2.98 | 117290 | 4.39 | 1.40 | (0.08) |
| Bond Division | 2020 | 39884 | 2.98 | 118833 | 4.03 | 1.40 | 5.82 |
|  | 2019 | 41454 | 2.82 | 116717 | 4.99 | 1.40 | 12.80 |
|  | 2018 | 52425 | 2.50 | 130861 | 3.23 | 1.40 | (5.26) |
| MFS<sup>®</sup> VIT Total Return Bond | 2022 | 214828 | 2.12 - 2.34 | 499981 | 2.79 | 0.99 - 1.40 | (15.13) - (14.78) |
| Division | 2021 | 224781 | 2.50 - 2.74 | 614021 | 2.92 | 0.99 - 1.40 | (2.19) - (1.79) |
|  | 2020 | 351441 | 2.55 - 2.79 | 978011 | 3.50 | 0.99 - 1.40 | 6.96 - 7.40 |
|  | 2019 | 356891 | 2.39 - 2.60 | 924898 | 3.32 | 0.99 - 1.40 | 8.67 - 9.12 |
|  | 2018 | 398626 | 2.20 - 2.38 | 944344 | 3.21 | 0.99 - 1.40 | (2.47) - (2.07) |

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1 These amounts represent the dividends, excluding distributions of capital gains, received by the Division from the underlying fund, portfolio, or series, 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 Contract owner accounts either through reductions in the unit values or the redemption of units. The investment income ratio is calculated for each period indicated or from the effective date through the end of the reporting period. The recognition of investment income by the Division is affected by the timing of the declaration of dividends by the underlying fund, porfolio, or series 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, portfolio, or series of the trusts which may have unique investment income ratios.

2 These amounts represent the annualized Contract expenses of each of the applicable Divisions, consisting primarily of mortality and expense risk charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to Contract owner accounts through the redemption of units and expenses of the underlying fund, portfolio or series have been excluded.

3 These amounts represent the total return for the period indicated, including changes in the value of the underlying fund, portfolio or series, 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 minimum and maximum returns within each product grouping of the applicable Division.

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