As filed with the Securities and Exchange Commission on April 30, 2018
Registration No. 333-

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM S-6

FOR REGISTRATION UNDER THE SECURITIES ACT OF 1933
OF SECURITIES OF UNIT INVESTMENT TRUSTS
REGISTERED ON FORM N-8B-2

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
(Exact Name of Registrant)

METROPOLITAN TOWER LIFE INSURANCE COMPANY
(Name of Depositor)

200 Park Avenue
New York, NY 10166
(Address of Depositor's Principal Executive Offices)

Name and complete address of agent for service:

Stephen W. Gauster, Esq.
Senior Vice President, Interim General Counsel
Metropolitan Tower Life Insurance Company
200 Park Avenue
New York, NY 10166

Copy to:
W. Thomas Conner, Esq.
Vedder Price P.C.
1633 Broadway, 31st Floor
New York, New York 10019

Approximate Date of Proposed Public Offering:
On April 30, 2018 or as soon as possible after the effective date of this
registration statement.

The Registrant hereby amends this registration statement on such dates as may
be necessary to delay its effective date until the Registrant shall file a
further amendment that specifically states that this registration statement
shall thereafter become effective in accordance with Section 8(a) of the
Securities Act of 1933 or until the registration statement shall thereafter
become effective on such date as the Commission, acting pursuant to
Section 8(a), may determine.

Title of securities being registered: Flexible Premium Variable Life Insurance
Policy.

This Registration Statement relates to Registration No. 033-84104.

NOTE

Registrant is filing this Registration Statement for the purpose of registering
interests under the following policies (collectively referred to as the
"Policies"):

Flexible Premium Variable Life Insurance Policies (VUL 100 Flexible VL)

on a new Form S-6. Interests under the Policies were previously registered on
Form S-6 (File No. 033-84104) and funded by General American Separate Account
Eleven. Upon effectiveness of a merger between General American Life Insurance
Company with and into Metropolitan Tower Life Insurance Company ("Met Tower
Life"), (i) Met Tower Life became the Depositor of the Policies and
(ii) General American Separate Account Eleven was transferred intact to Met
Tower Life.

Pursuant to the SEC staff's position in the Great-West Life & Annuity Insurance
Co. No-Action Letter (available October 23, 1990) concerning annual update
requirements for inactive policies, Depositor no longer files annual
post-effective amendments to this Form S-6.

METROPOLITAN TOWER LIFE INSURANCE COMPANY
GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN

FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY

SUPPLEMENT DATED APRIL 30, 2018 TO THE
PROSPECTUS DATED MAY 1, 2000 (AS SUPPLEMENTED)

This supplement updates certain information contained in the last full
prospectus for the above-referenced variable life insurance policy (the
"Policy"), as annually and periodically supplemented (the "Prospectus") and
consists of two parts: PART 1 and PART 2. Part 1 of the supplement describes
the recent merger involving General American Life Insurance Company, the
insurer that issued your Policy, and what it means for you. Part 2 of the
supplement provides additional information regarding your Policy, including
information regarding the separate account, the funds available, and the
underlying fund fees and expenses.

Please read this supplement and keep it with your Prospectus for future
reference. You may obtain a copy of the Prospectus for your Policy, free of
charge, by writing to our Administrative Office, or by calling 1-800-638-9294,
or by accessing the Securities and Exchange Commission's website at
http://www.sec.gov.

PART 1. INFORMATION REGARDING THE MERGER

Effective following the close of business on April 27, 2018, General
American Life Insurance Company was merged into Metropolitan Tower Life
Insurance Company ("Met Tower Life"). Simultaneously, Met Tower Life changed
its domicile from the state of Delaware to Nebraska. Accordingly, all
references in the Prospectus to General American Life Insurance Company or the
Company are deemed to refer to Met Tower Life.

As a result of the merger, Met Tower Life assumed legal ownership of all
of the assets of General American Life Insurance Company, including General
American Separate Account Eleven (the "Separate Account") and the assets held
in the Separate Account. Met Tower Life is now responsible for administering
your Policy and paying any benefits due to you under the Policy. In other
words, you are now a Policy Owner of Met Tower Life. Nevertheless, the transfer
of your Policy to Met Tower Life will not impact the administration of your
Policy. In particular:

. There are no changes in our obligations or your rights and benefits
under your Policy as a result of the merger.

. None of the underlying funds previously available to you under your
Policy have been substituted or terminated by virtue of the merger.
The underlying funds currently available are listed below in Part 2
of this supplement under "THE SEPARATE ACCOUNT."

. Met Tower Life will continue to service and maintain your Policy in
accordance with its terms and there has been no change in the
contact information for the administrative offices for your Policy.

. Your cash value is not affected by the merger and no charges have
been or will be imposed in connection with the merger.

. The merger did not result in any federal income tax consequences to
you.

THE FOLLOWING REPLACES THE SUB-SECTION OF THE PROSPECTUS TITLED "THE COMPANY,"
IN THE SECTION OF THE PROSPECTUS TITLED "THE COMPANY AND THE SEPARATE ACCOUNT,"
AND SUPERSEDES ANY OTHER DISCLOSURE IN THE PROSPECTUS (INCLUDING ANY AND ALL
INTERIM SUPPLEMENTS THERETO) TO THE CONTRARY:

THE COMPANY

Metropolitan Tower Life Insurance Company ("Met Tower Life" or "the
Company") is a stock life insurance company originally incorporated under the
laws of the State of Delaware in 1982 and currently subject to the laws of the
state of Nebraska. Met Tower Life is licensed to issue business in fifty states
and the District of Columbia. Met Tower Life is a direct wholly-owned
subsidiary of MetLife, Inc., a publicly-traded company. MetLife, Inc., through
its subsidiaries and affiliates, is a leading provider of insurance and
financial services to individuals and institutional customers. The principal
executive offices of Met Tower Life are located at 200 Park Avenue New York, NY
10166.

Prior to April 30, 2018, the Policy was issued by General American Life
Insurance Company ("General American"). On April 27, 2018, following the close
of business, General American merged into Met Tower Life which will replace
General American as the issuer of the Policy.

The Administrative Office for various Policy transactions is as follows:

Premium Payments Met Tower Life
P.O. Box 790201
St. Louis, MO 63179-0201
Payment Inquires and Correspondence Met Tower Life
P.O. Box 356
Warwick, RI 02887-0355
Beneficiary and Ownership Changes Met Tower Life
P.O. Box 392
Warwick, RI 02887-0356
Surrenders, Loans, Withdrawals and Met Tower Life
Division Transfers P.O. Box 356
Warwick, RI 02887-0356
Death Claims Met Tower Life
P.O. Box 356
Warwick, RI 02887-0356
All Telephone Transactions and
Inquiries (800) 638-9294

*****

THE FOLLOWING REPLACES THE FIRST PARAGRAPH OF THE DISCLOSURE IN YOUR PROSPECTUS
UNDER THE CAPTION "THE SEPARATE ACCOUNT," IN THE SECTION OF THE PROSPECTUS
TITLED "THE COMPANY AND THE SEPARATE ACCOUNT," AND SUPERSEDES ANY OTHER
DISCLOSURE IN THE PROSPECTUS (INCLUDING ANY AND ALL INTERIM SUPPLEMENTS
THERETO) TO THE CONTRARY:

under the Policy and allocated to it. In addition, the Separate Account
currently receives and invests Net Premiums for other classes of flexible
premium variable life insurance policies and might do so for additional classes
in the future. On April 27, 2018, following the close of business, General
American merged into Met Tower Life and the Separate Account became a separate
account of Met Tower Life.

*****

THE FOLLOWING REPLACES THE DISCLOSURE IN YOUR PROSPECTUS UNDER THE SECTION OF
THE PROSPECTUS TITLED "DISTRIBUTION OF THE POLICIES," AND SUPERSEDES ANY OTHER
DISCLOSURE IN THE PROSPECTUS (INCLUDING ANY AND ALL INTERIM SUPPLEMENTS
THERETO) TO THE CONTRARY:

The Policies are no longer offered for sale. Existing Policy Owners may
continue to make additional purchase payments to their Policies.

MetLife Investors Distribution Company ("MLIDC") is the principal
underwriter and distributor of the Policies. MLIDC, which is our affiliate,
also acts as the principal underwriter and distributor of other variable life
insurance policies and variable annuity contracts that we, or affiliated
companies issue. We pay compensation to MLIDC for sales of the Policies by
selling firms. We also pay amounts to MLIDC that may be used for its operating
other expenses, including sales distribution expenses.

MLIDC is a Missouri corporation organized in 2000 and its principal
executive offices are located at 200 Park Avenue, New York, NY 10166. MLIDC is
registered under the Securities Exchange Act of 1934 as a broker-dealer and is
a member of the Financial Industry Regulatory Authority ("FINRA"). FINRA
provides background information about broker-dealers and their registered
representatives through FINRA BrokerCheck. You may contact the FINRA
BrokerCheck Hotline at 1-800-289-9999, or log on to www.finra.org. An investor
brochure that includes information describing FINRA BrokerCheck is available
through the Hotline or on-line.

MLIDC has entered into selling agreements with other broker-dealers
("selling firms") for the sale of the Policies. The Company pays commissions to
these selling firms for the sale of the Policies, and these selling firms
compensate their registered representative agents. Commissions are payable on
net collected premiums received by the Company. A portion of the payments made
to selling firms may be passed on to their registered representatives in
accordance with their internal compensation programs. Those programs may also
include other types of cash and non-cash compensation and other benefits. Ask
your registered representative for further information about what your
registered representative and the selling firm for which he or she works may
receive in connection with your purchase of a Policy.

MLIDC received sales compensation with respect to the Policies in the
following amounts during the periods indicated: $2,895,144 for 2017, $2,424,979
for 2016, and $2,368,157 for 2015.

These commissions and other incentives or payments are not charged
directly to Policy Owners or the Separate Account. We intend to recoup
commissions and other sales expenses through fees and charges deducted under
the Policy.

*****

THE FOLLOWING REPLACES THE DISCLOSURE IN YOUR PROSPECTUS UNDER THE SECTION OF
THE PROSPECTUS TITLED "SAFEKEEPING OF THE SEPARATE ACCOUNT'S

ASSETS," AND SUPERSEDES ANY OTHER DISCLOSURE IN THE PROSPECTUS (INCLUDING ANY
AND ALL INTERIM SUPPLEMENTS THERETO) TO THE CONTRARY:

Metropolitan Tower Life Insurance Company, 200 Park Avenue New York, NY
10166, acts as the custodian of the assets of the Separate Account.
Metropolitan Tower Life Insurance Company maintains records of all purchases
and redemptions of applicable Fund shares by each of the Divisions.

*****

THE FOLLOWING REPLACES THE DISCLOSURE IN YOUR PROSPECTUS UNDER THE SECTION OF
THE PROSPECTUS TITLED "STATE REGULATION OF THE COMPANY," AND SUPERSEDES ANY
OTHER DISCLOSURE IN THE PROSPECTUS (INCLUDING ANY AND ALL INTERIM SUPPLEMENTS
THERETO) TO THE CONTRARY:

The Company, a stock life insurance company organized under the laws of
Nebraska, and the Separate Account are subject to regulation by the Nebraska
Department of Insurance. An annual statement is filed with the Director of
Insurance on or before March 1st of each year covering the operations and
reporting on the financial condition of the Company as of December 31 of the
preceding year. Periodically, the Director of Insurance examines the
liabilities and reserves of the Company and the Separate Account, and the
Director conducts a full examination of the Company's operations at least once
every five years in accordance with standards set forth in Nebraska insurance
law and the National Association of Insurance Commissioners Examiners Handbook.

In addition, the Company is subject to the insurance laws and
regulations of other states within which it is licensed or may become licensed
to operate. Generally, the insurance departments of other states apply the laws
of the state of domicile in determining permissible investments.

*****

THE FOLLOWING REPLACES THE DISCLOSURE IN YOUR PROSPECTUS UNDER THE SECTION OF
THE PROSPECTUS TITLED "MANAGEMENT OF THE COMPANY," AND SUPERSEDES ANY OTHER
DISCLOSURE IN THE PROSPECTUS (INCLUDING ANY AND ALL INTERIM SUPPLEMENTS
THERETO) TO THE CONTRARY:

PRINCIPAL
OCCUPATION(S)
NAME DURING PAST 5 YEARS*
-------------------- --------------------

PRINCIPAL OFFICERS**

Marlene Debel President and
Presiding Officer
of the Board since
March 2018. Ms.
Debel has served in
various capacities
with MetLife, Inc.
since 2011.

Richard Leist Executive Vice
President and
Executive
Investment Officer
since 2005.

Jason Manske Executive Vice
President and Chief
Hedging Officer
since January 2014.
From August 2008
through December
2013, Mr. Manske
served in various
capacities within
MetLife, Inc.

John McCallion Executive Vice
President and
Treasurer July
2016. Mr. McCallion
has held various
positions within
MetLife, Inc. since
July 2006.

William O'Donnell Executive Vice
President and Chief
Accounting Officer
since June 2017.
From 1989 to June
2017, Mr. O'Donnell
has held various
positions within
MetLife, Inc.

Darrell Hall Senior Vice
President and Chief
Legal Officer since
October 2016. Mr.
Hall has held
various positions
within MetLife,
Inc. since 2001.

PRINCIPAL
OCCUPATION(S)
NAME DURING PAST 5 YEARS*
------------------- --------------------
Zulfi Ahmed Senior Vice
President and Chief
Information
Security Officer
since August 2017.
Prior to joining
MetLife, Inc., Mr.
Ahmed was the
Global Chief
Information
Security Officer
for PepsiCo.

Jeannette Pina Vice President and
Secretary since May
2017. Ms. Pina has
held various
positions within
MetLife, Inc. since
2013. From 2008 to
2013, Ms. Pina was
senior counsel at
ING Insurance
America.

Anne Belden Vice President and
Chief Financial
Officer since 2004.

-------------

* All positions listed are with Met Tower Life unless otherwise indicated.
** The principal business address of Met Tower Life is 200 Park Avenue, New
York, NY 10166.

PRINCIPAL
OCCUPATION(S)
NAME DURING PAST 5 YEARS*
------------------- --------------------

DIRECTORS

Micheal Borowski Director effective
April 27, 2018 and
Ag Investment
Associate for
MetLife, Inc. since
November 2005.

Frank Cassandra Director since
October 2016. Mr.
Cassandra has held
various positions
within
MetLife, Inc. since
1986.

Marlene Debel Director since
October 2016.

Andrew Kaniuk Director since
September 2001. Mr.
Kaniuk has held
various positions
within
MetLife, Inc. since
1988.

John McCallion Director since July
2016. Mr. McCallion
has held various
positions within
MetLife, Inc. since
July 2006.

Richard Leist Director since
April 2018. Mr.
Leist has been
Executive Vice
President and
Executive
Investment Officer
with MetLife, Inc.
since 2005

Alessandro Papa Director effective
April 27, 2018. Mr.
Papa is Head of
Group Pricing and
Valuation Oversight
and interim US
Chief Risk Officer
since December
2017. Mr. Papa is
Head of Group
Pricing and
Valuation Oversight
and interim US
Chief Risk Officer
since December
2017. From 2012
until December
2017, Mr. Papa was
head of Risk
Analytics at AIG.

Michael Zarcone Director effective
April 27, 2018. Mr.
Zarcone is
Executive Vice
President,
Corporate Affairs
for MetLife, Inc.
since 2014. Mr.
Zarcone has held
various positions
within MetLife,
Inc. since 1991.

-------------

* All positions listed are with Met Tower Life unless otherwise indicated.

*****

THE FOLLOWING REPLACES THE DISCLOSURE IN YOUR PROSPECTUS UNDER THE SECTION OF
THE PROSPECTUS TITLED "LEGAL PROCEEDINGS," AND SUPERSEDES ANY OTHER DISCLOSURE
IN THE PROSPECTUS (INCLUDING ANY AND ALL INTERIM SUPPLEMENTS THERETO) TO THE
CONTRARY:

In the ordinary course of business, Met Tower Life, similar to other
life insurance companies, is involved in lawsuits (including class action
lawsuits), arbitrations and other legal proceedings. Also, from

time to time, state and federal regulators or other officials conduct formal
and informal examinations or undertake other actions dealing with various
aspects of the financial services and insurance industries. In some legal
proceedings involving insurers, substantial damages have been sought and/or
material settlement payments have been made. It is not possible to predict with
certainty the ultimate outcome of any pending legal proceeding or regulatory
action. However, Met Tower Life does not believe any such action or proceeding
will have a material adverse effect upon the Separate Account or upon the
ability of MetLife Investors Distribution Company to perform it to perform its
contract with the Separate Account or of Met Tower Life to meet its obligations
under the Policies.

*****

THE FOLLOWING REPLACES THE SECTION OF THE PROSPECTUS TITLED "EXPERTS," AND
SUPERSEDES ANY OTHER DISCLOSURE IN THE PROSPECTUS (INCLUDING ANY AND ALL
INTERIM SUPPLEMENTS THERETO) TO THE CONTRARY:

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The financial statements and financial highlights comprising each of the
Divisions of General American Separate Account Eleven included in this
Prospectus, have been audited by Deloitte & Touche LLP, an independent
registered public accounting firm, as stated in their report appearing herein.
Such financial statements and financial highlights are included in reliance
upon the report of such firm given upon their authority as experts in
accounting and auditing.

INDEPENDENT AUDITORS

The consolidated financial statements of Metropolitan Tower Life
Insurance Company and subsidiaries, included in this Prospectus, have been
audited by Deloitte & Touche LLP, independent auditors, as stated in their
report appearing herein (which report expresses an unmodified opinion and
includes an emphasis-of-matter paragraph related to Metropolitan Tower Life
Insurance Company and subsidiaries being a member of a controlled group). Such
financial statements are included in reliance upon the report of such firm
given upon their authority as experts in accounting and auditing.

The consolidated financial statements of General American Life Insurance
Company and subsidiary, included in this Prospectus, have been audited by
Deloitte & Touche LLP, independent auditors, as stated in their report
appearing herein (which report expresses an unmodified opinion and includes an
emphasis-of-matter paragraph related to General American Life Insurance Company
and subsidiary being a member of a controlled group). Such financial statements
are included in reliance upon the report of such firm given upon their
authority as experts in accounting and auditing.

The principal business address of Deloitte & Touche LLP is 30
Rockefeller Plaza, New York, New York 10112-0015.

*****

THE FOLLOWING REPLACES THE DISCLOSURE IN YOUR PROSPECTUS UNDER THE SECTION OF
THE PROSPECTUS TITLED "FINANCIAL STATEMENTS," AND SUPERSEDES ANY OTHER
DISCLOSURE IN THE PROSPECTUS (INCLUDING ANY AND ALL INTERIM SUPPLEMENTS
THERETO) TO THE CONTRARY:

The financial statements of General American Separate Account Eleven and
Metropolitan Tower Life Insurance Company are included herewith. Also included
are the financial statements of General American Life Insurance Company (an
affiliate of Met Tower Life that was merged into Met

Tower Life effective as of April 27, 2018) and a narrative description of the
PRO FORMA effects of the merger.

The financial statements of Metropolitan Tower Life Insurance Company
should be distinguished from the financial statements of the Separate Account,
and should be considered only as bearing upon the ability of Met Tower Life to
meet its obligations under the Policy. They should not be considered as bearing
on the investment performance of the assets held in the Separate Account.

*****

PART 2. ADDITIONAL INFORMATION REGARDING YOUR POLICY

THE SEPARATE ACCOUNT

The separate account consists of divisions, each of which corresponds to
an underlying Fund. Each division may either make money or lose money.
Therefore if you invest in a division of the separate account, you may either
make money or lose money, depending on the investment experience of that
division. There is no guaranteed rate of return in the separate account.

The following chart shows the Funds that are available under the Policy
along with the name of the investment adviser, sub-adviser (where applicable)
and investment objective of each Fund. The Funds have different investment
goals and strategies. You should review the prospectus of each Fund carefully
before investing, or seek professional guidance in determining which Fund(s)
best meet your objectives.

NOTE: The Russell Investment Funds are not available to Destiny or Executive
Benefit Policies. For all other Policies, the Russell Investment Funds are only
available for Policies with an issue date prior to January 1, 2000.

FUND INVESTMENT OBJECTIVE INVESTMENT ADVISER/SUBADVISER
---- -------------------- -----------------------------
AMERICAN FUNDS
INSURANCE SERIES(R) --
CLASS 2
American Funds Global Seeks long-term growth Capital Research and
Small Capitalization of capital. Management Companysm
Fund
American Funds Growth Seeks growth of Capital Research and
Fund capital. Management Companysm
American Funds Seeks long-term growth Capital Research and
Growth-Income Fund of capital and income. Management Companysm

BRIGHTHOUSE FUNDS
TRUST I -- CLASS A
Clarion Global Real Seeks total return Brighthouse Investment
Estate Portfolio through investment in Advisers, LLC Subadviser:
real estate CBRE Clarion Securities LLC
securities,
emphasizing both
capital appreciation
and current income.
ClearBridge Aggressive Seeks capital Brighthouse Investment
Growth Portfolio appreciation. Advisers, LLC Subadviser:
ClearBridge Investments, LLC
Harris Oakmark Seeks long-term Brighthouse Investment
International Portfolio capital appreciation. Advisers, LLC Subadviser:
Harris Associates L.P.
Invesco Small Cap Seeks long-term growth Brighthouse Investment
Growth Portfolio of capital. Advisers, LLC Subadviser:
Invesco Advisers, Inc.

FUND INVESTMENT OBJECTIVE INVESTMENT ADVISER/SUBADVISER
---- -------------------- -----------------------------
MFS(R) Research Seeks capital Brighthouse Investment
International Portfolio appreciation. Advisers, LLC Subadviser:
Massachusetts Financial
Services Company
Morgan Stanley Mid Cap Seeks capital Brighthouse Investment
Growth Portfolio appreciation. Advisers, LLC Subadviser:
Morgan Stanley Investment
Management Inc.
PIMCO Total Return Seeks maximum total Brighthouse Investment
Portfolio return, consistent Advisers, LLC Subadviser:
with the preservation Pacific Investment Management
of capital and prudent Company LLC
investment management.
T. Rowe Price Large Seeks long-term Brighthouse Investment
Cap Value Portfolio capital appreciation Advisers, LLC Subadviser:
by investing in common T. Rowe Price Associates, Inc.
stocks believed to be
undervalued. Income is
a secondary objective.
T. Rowe Price Mid Cap Seeks long-term growth Brighthouse Investment
Growth Portfolio of capital. Advisers, LLC Subadviser:
T. Rowe Price Associates, Inc.
Victory Sycamore Mid Seeks high total Brighthouse Investment
Cap Value Portfolio return by investing in Advisers, LLC Subadviser:
(formerly Invesco Mid equity securities of Victory Capital Management
Cap Value Portfolio) mid-sized companies. Inc.

BRIGHTHOUSE FUNDS
TRUST II -- CLASS A
Baillie Gifford Seeks long-term growth Brighthouse Investment
International Stock of capital. Advisers, LLC Subadviser:
Portfolio Baillie Gifford Overseas
Limited
BlackRock Bond Income Seeks a competitive Brighthouse Investment
Portfolio total return primarily Advisers, LLC Subadviser:
from investing in BlackRock Advisors, LLC
fixed-income
securities.
BlackRock Capital Seeks long-term growth Brighthouse Investment
Appreciation Portfolio of capital. Advisers, LLC Subadviser:
BlackRock Advisors, LLC
BlackRock Ultra-Short Seeks a high level of Brighthouse Investment
Term Bond Portfolio current income Advisers, LLC Subadviser:
consistent with BlackRock Advisors, LLC
preservation of
capital.
Brighthouse/Artisan Seeks long-term Brighthouse Investment
Mid Cap Value Portfolio capital growth. Advisers, LLC Subadviser:
Artisan Partners Limited
Partnership
Brighthouse/Wellington Seeks long-term Brighthouse Investment
Balanced Portfolio capital appreciation Advisers, LLC Subadviser:
with some current Wellington Management Company
income. LLP

FUND INVESTMENT OBJECTIVE INVESTMENT ADVISER/SUBADVISER
---- -------------------- -----------------------------
Brighthouse/Wellington Seeks to provide a Brighthouse Investment
Core Equity growing stream of Advisers, LLC Subadviser:
Opportunities Portfolio income over time and, Wellington Management Company
secondarily, long-term LLP
capital appreciation
and current income.
Frontier Mid Cap Seeks maximum capital Brighthouse Investment
Growth Portfolio appreciation. Advisers, LLC Subadviser:
Frontier Capital Management
Company, LLC
Jennison Growth Seeks long-term growth Brighthouse Investment
Portfolio of capital. Advisers, LLC Subadviser:
Jennison Associates LLC
MetLife Aggregate Bond Seeks to track the Brighthouse Investment
Index Portfolio performance of the Advisers, LLC Subadviser:
Bloomberg Barclays MetLife Investment Advisors,
U.S. Aggregate Bond LLC
Index.
MetLife Mid Cap Stock Seeks to track the Brighthouse Investment
Index Portfolio performance of the Advisers, LLC Subadviser:
Standard & Poor's MetLife Investment Advisors,
MidCap 400(R) LLC
Composite Stock Price
Index.
MetLife MSCI EAFE(R) Seeks to track the Brighthouse Investment
Index Portfolio performance of the Advisers, LLC Subadviser:
MSCI EAFE(R) Index. MetLife Investment Advisors,
LLC
MetLife Russell Seeks to track the Brighthouse Investment
2000(R) Index Portfolio performance of the Advisers, LLC Subadviser:
Russell 2000(R) Index. MetLife Investment Advisors,
LLC
MetLife Stock Index Seeks to track the Brighthouse Investment
Portfolio performance of the Advisers, LLC Subadviser:
Standard & Poor's MetLife Investment Advisors,
500(R) Composite Stock LLC
Price Index.
MFS(R) Total Return Seeks a favorable Brighthouse Investment
Portfolio total return through Advisers, LLC Subadviser:
investment in a Massachusetts Financial
diversified portfolio. Services Company
MFS(R) Value Portfolio Seeks capital Brighthouse Investment
appreciation. Advisers, LLC Subadviser:
Massachusetts Financial
Services Company
Neuberger Berman Seeks high total Brighthouse Investment
Genesis Portfolio return, consisting Advisers, LLC Subadviser:
principally of capital Neuberger Berman Investment
appreciation. Advisers LLC
T. Rowe Price Large Seeks long-term growth Brighthouse Investment
Cap Growth Portfolio of capital. Advisers, LLC Subadviser: T.
Rowe Price Associates, Inc.
T. Rowe Price Small Seeks long-term Brighthouse Investment
Cap Growth Portfolio capital growth. Advisers, LLC Subadviser: T.
Rowe Price Associates, Inc.

FUND INVESTMENT OBJECTIVE INVESTMENT ADVISER/SUBADVISER
---- -------------------- -----------------------------
VanEck Global Natural Seeks long-term Brighthouse Investment
Resources Portfolio capital appreciation Advisers, LLC Subadviser: Van
with income as a Eck Associates Corporation
secondary
consideration.
Western Asset Seeks to maximize Brighthouse Investment
Management Strategic total return Advisers, LLC Subadviser:
Bond Opportunities consistent with Western Asset Management
Portfolio preservation of Company
capital.
Western Asset Seeks to maximize Brighthouse Investment
Management U.S. total return Advisers, LLC Subadviser:
Government Portfolio consistent with Western Asset Management
preservation of Company
capital and
maintenance of
liquidity.

FIDELITY(R) VARIABLE
INSURANCE PRODUCTS --
INITIAL CLASS
Equity-Income Portfolio Seeks reasonable Fidelity Management &
income. The fund will Research Company Subadviser:
also consider the FMR Co., Inc.
potential for capital
appreciation. The
fund's goal is to
achieve a yield which
exceeds the composite
yield on the
securities comprising
the S&P 500(R) Index.
Mid Cap Portfolio Seeks long-term growth Fidelity Management &
of capital. Research Company Subadviser:
FMR Co., Inc.

JPMORGAN INSURANCE
TRUST -- CLASS 1
JPMorgan Insurance Seeks to maximize J.P. Morgan Investment
Trust Core Bond total return by Management Inc.
Portfolio investing primarily in
a diversified
portfolio of
intermediate- and
long-term debt
securities.
JPMorgan Insurance Seeks capital growth J.P. Morgan Investment
Trust Small Cap Core over the long term. Management Inc.
Portfolio

RUSSELL INVESTMENT
FUNDS
International Seeks to provide long Russell Investment Management
Developed Markets Fund term capital growth. Company Subadvisers: GQG
Partners LLC; Janus Capital
Management LLC and Perkins
Investment Management LLC;
Numeric Investors LLC Pzena
Investment Management, LLC;
Wellington Management Company
LLP

FUND INVESTMENT OBJECTIVE INVESTMENT ADVISER/SUBADVISER
---- -------------------- -----------------------------
Strategic Bond Fund Seeks to provide total Russell Investment Management
return. Company Subadvisers:
Colchester Global Investors
Limited; Logan Circle
Partners, L.P.; Pareto
Investment Management
Limited; Schroder Investment
Management North America
Inc.; Scout Investments,
Inc.; Western Asset
Management Company and
Western Asset Management
Company Limited
U.S. Small Cap Equity Seeks to provide long Russell Investment Management
Fund term capital growth. Company Subadvisers: Ancora
Advisors, LLC; Copeland
Capital Management, LLC
DePrince, Race & Zollo, Inc.;
Falcon Point Capital, LLC;
Penn Capital Management
Company, Inc.; Snow Capital
Management L.P.; Timpani
Capital Management LLC
U.S. Strategic Equity Seeks to provide long Russell Investment Management
Fund term capital growth. Company Subadvisers: Barrow,
Hanley, Mewhinney & Strauss,
LLC; Jacobs Levy Equity
Management, Inc.; Mar Vista
Investment Partners, LLC;
Suffolk Capital Management,
LLC; William Blair Investment
Management, LLC
VANECK VIP TRUST --
INITIAL CLASS
VanEck VIP Emerging Seeks long-term Van Eck Associates Corporation
Markets Fund capital appreciation
by investing primarily
in equity securities
in emerging markets
around the world.
FOR MORE INFORMATION REGARDING THE FUNDS AND THEIR INVESTMENT ADVISERS AND
SUB-ADVISERS, SEE THE FUND PROSPECTUSES AND THEIR STATEMENTS OF ADDITIONAL
INFORMATION, WHICH YOU CAN OBTAIN BY CALLING 1-800-638-9294.

OTHER FUNDS AND SHARE CLASSES

Brighthouse Funds Trust II, we offer Class A shares; for JPMorgan Insurance
Trust, we offer Class 1 shares; and for Fidelity/(R)/ Variable Insurance
Products Russell Investment Funds and VanEck VIP Trust, we offer Initial
Class shares.

CHARGES AND DEDUCTIONS

Charges will be deducted in connection with the Policy to compensate the
Company for providing the insurance benefits set forth in the Policy and any
additional benefits added by rider, administering the Policies, incurring
expenses in distributing the Policies, and assuming certain risks in connection
with the Policy. We may profit from one or more of the charges deducted under
the Policy, including the cost of insurance charge. We may use these profits
for any corporate purpose.

FEE TABLES

The tables below describe the Fund fees and expenses that a Policy Owner
may pay periodically during the time that he or she owns the Policy. One table
shows the minimum and maximum total operating expenses charged by the Funds for
the fiscal year ended December 31, 2017. The other table describes the annual
operating expenses of each Fund for the year ended December 31, 2017, before
and after any applicable fee waivers and expense reimbursements. Expenses of
the Funds may be higher or lower in the future. Certain Funds may impose a
redemption fee in the future. More detail concerning each Fund's fees and
expenses is contained in the table that follows and in the prospectus for each
Fund.

MINIMUM AND MAXIMUM TOTAL ANNUAL FUND OPERATING EXPENSES

Minimum Maximum
------- -------

Total Annual Fund Operating Expenses (expenses that are deducted from Fund assets,
including management fees, distribution and/or service (12b-1) fees, and other
expenses).......................................................................... 0.27% 1.19%

FUND FEES AND EXPENSES
(as a percentage of average daily net assets) The following table is a summary.
For more complete information on Fund fees and expenses, please refer to the
prospectus for each Fund.

DISTRIBUTION ACQUIRED TOTAL NET TOTAL
AND/OR FUND FEES ANNUAL FEE WAIVER ANNUAL
MANAGEMENT SERVICE OTHER AND OPERATING AND/OR EXPENSE OPERATING
FUND FEE (12B-1) FEES EXPENSES EXPENSES EXPENSES REIMBURSEMENT EXPENSES
------------------------- ---------- ------------ -------- --------- --------- -------------- ---------

AMERICAN FUNDS
INSURANCE SERIES(R)
American Funds Global
Small Capitalization
Fund 0.70% 0.25% 0.04% -- 0.99% -- 0.99%
American Funds Growth
Fund 0.33% 0.25% 0.02% -- 0.60% -- 0.60%
American Funds Growth-
Income Fund 0.26% 0.25% 0.02% -- 0.53% -- 0.53%

BRIGHTHOUSE FUNDS
TRUST I
Clarion Global Real
Estate Portfolio 0.61% -- 0.05% -- 0.66% -- 0.66%
ClearBridge Aggressive
Growth Portfolio 0.55% -- 0.03% -- 0.58% 0.02% 0.56%
Harris Oakmark
International Portfolio 0.77% -- 0.04% -- 0.81% 0.02% 0.79%

DISTRIBUTION ACQUIRED TOTAL NET TOTAL
AND/OR FUND FEES ANNUAL FEE WAIVER ANNUAL
MANAGEMENT SERVICE OTHER AND OPERATING AND/OR EXPENSE OPERATING
FUND FEE (12B-1) FEES EXPENSES EXPENSES EXPENSES REIMBURSEMENT EXPENSES
-------------------------- ---------- ------------ -------- --------- --------- -------------- ---------

Invesco Small Cap
Growth Portfolio 0.85% -- 0.03% -- 0.88% 0.02% 0.86%
MFS(R) Research
International Portfolio 0.69% -- 0.05% -- 0.74% 0.10% 0.64%
Morgan Stanley Mid Cap
Growth Portfolio 0.65% -- 0.04% -- 0.69% 0.02% 0.67%
PIMCO Total Return
Portfolio 0.48% -- 0.08% -- 0.56% 0.03% 0.53%
T. Rowe Price Large Cap
Value Portfolio 0.57% -- 0.02% -- 0.59% 0.03% 0.56%
T. Rowe Price Mid Cap
Growth Portfolio 0.75% -- 0.03% -- 0.78% -- 0.78%
Victory Sycamore Mid
Cap Value Portfolio 0.65% -- 0.03% -- 0.68% 0.09% 0.59%

BRIGHTHOUSE FUNDS
TRUST II
Baillie Gifford
International Stock
Portfolio 0.79% -- 0.06% -- 0.85% 0.12% 0.73%
BlackRock Bond Income
Portfolio 0.33% -- 0.18% -- 0.51% -- 0.51%
BlackRock Capital
Appreciation Portfolio 0.69% -- 0.03% -- 0.72% 0.09% 0.63%
BlackRock Ultra-Short
Term Bond Portfolio 0.35% -- 0.04% -- 0.39% 0.03% 0.36%
Brighthouse/Artisan Mid
Cap Value Portfolio 0.82% -- 0.03% -- 0.85% 0.05% 0.80%
Brighthouse/Wellington
Balanced Portfolio 0.46% -- 0.08% -- 0.54% -- 0.54%
Brighthouse/Wellington
Core Equity
Opportunities Portfolio 0.70% -- 0.02% -- 0.72% 0.11% 0.61%
Frontier Mid Cap Growth
Portfolio 0.71% -- 0.04% -- 0.75% 0.02% 0.73%
Jennison Growth Portfolio 0.60% -- 0.02% -- 0.62% 0.08% 0.54%
MetLife Aggregate Bond
Index Portfolio 0.25% -- 0.03% -- 0.28% 0.01% 0.27%
MetLife Mid Cap Stock
Index Portfolio 0.25% -- 0.04% 0.01% 0.30% -- 0.30%
MetLife MSCI EAFE(R)
Index Portfolio 0.30% -- 0.07% 0.01% 0.38% -- 0.38%
MetLife Russell 2000(R)
Index Portfolio 0.25% -- 0.06% 0.01% 0.32% -- 0.32%
MetLife Stock Index
Portfolio 0.25% -- 0.02% -- 0.27% 0.01% 0.26%
MFS(R) Total Return
Portfolio 0.56% -- 0.05% -- 0.61% -- 0.61%
MFS(R) Value Portfolio 0.62% -- 0.02% -- 0.64% 0.06% 0.58%
Neuberger Berman
Genesis Portfolio 0.81% -- 0.04% -- 0.85% 0.01% 0.84%
T. Rowe Price Large Cap
Growth Portfolio 0.60% -- 0.02% -- 0.62% 0.05% 0.57%
T. Rowe Price Small Cap
Growth Portfolio 0.47% -- 0.03% -- 0.50% -- 0.50%
VanEck Global Natural
Resources Portfolio 0.78% -- 0.03% 0.01% 0.82% 0.01% 0.81%

Western Asset
Management Strategic
Bond Opportunities
Portfolio 0.56% -- 0.04% -- 0.60% 0.06% 0.54%
Western Asset
Management U.S.
Government Portfolio 0.47% -- 0.02% -- 0.49% 0.01% 0.48%

FIDELITY(R) VARIABLE
INSURANCE PRODUCTS
Equity-Income Portfolio 0.44% -- 0.09% 0.03% 0.56% -- 0.56%
Mid Cap Portfolio 0.54% -- 0.09% -- 0.63% -- 0.63%

JPMORGAN INSURANCE
TRUST
JPMorgan Insurance Trust
Core Bond Portfolio 0.40% -- 0.23% -- 0.63% 0.03% 0.60%
JPMorgan Insurance Trust
Small Cap Core
Portfolio 0.65% -- 0.18% -- 0.83% -- 0.83%

RUSSELL INVESTMENT
FUNDS
International Developed
Markets Fund 0.90% -- 0.18% -- 1.08% -- 1.08%
Strategic Bond Fund 0.55% -- 0.12% -- 0.67% -- 0.67%
U.S. Small Cap Equity
Fund 0.90% -- 0.13% -- 1.03% -- 1.03%
U.S. Strategic Equity
Fund 0.73% -- 0.10% -- 0.83% -- 0.83%

VANECK VIP TRUST
VanEck VIP Emerging
Markets Fund 1.00% -- 0.19% -- 1.19% 0.00% 1.19%

The information shown in the table above was provided by the Funds.
Certain Funds and their investment adviser have entered into expense
reimbursement and/or fee waiver arrangements that will continue from April 30,
2018 through April 30, 2019. These arrangements can be terminated with respect
to these Funds only with the approval of the Fund's board of directors or
trustees. Please see the Funds' prospectuses for additional information
regarding these arrangements.

Certain Funds that have "Acquired Fund Fees and Expenses" are "funds of
funds." A fund of funds invests substantially all of its assets in other
underlying funds. Because the Fund invests in other funds, it will bear its pro
rata portion of the operating expenses of those underlying funds, including the
management fee.

CERTAIN PAYMENTS WE RECEIVE WITH REGARD TO THE FUNDS

An investment adviser or subadviser of a Fund, or its affiliates, may
make payments to us and/or certain of our affiliates. These payments may be
used for a variety of purposes, including payment of expenses for certain
administrative, marketing, and support services with respect to the Policies
and, in our role as an intermediary, with respect to the Funds. We and our
affiliates may profit from these payments. These payments may be derived, in
whole or in part, from the advisory fee deducted from Fund assets. Policy
Owners, through their indirect investment in the Funds, bear the costs of these
advisory fees (see the prospectuses for the Funds for more information). The
amount of the payments

we receive is based on a percentage of assets of the Funds attributable to the
Policies and certain other variable insurance products that we and our
affiliates issue. These percentages differ and some advisers or subadvisers (or
their affiliates) may pay us more than others. These percentages currently
range up to 0.50%. Additionally, an investment adviser or subadviser of a Fund
or its affiliates may provide us with wholesaling services that assist in the
distribution of the Policies and may pay us and/or certain of our affiliates
amounts to participate in sales meetings. These amounts may be significant and
may provide the adviser or subadviser (or its affiliate) with increased access
to persons involved in the distribution of the Policies.

On August 4, 2017, MetLife, Inc. completed the separation of Brighthouse
Financial, Inc. and its subsidiaries ("Brighthouse") where MetLife, Inc.
retained an ownership interest of 19.2% common stock outstanding of Brighthouse
Financial, Inc. Brighthouse subsidiaries include Brighthouse Investment
Advisers, LLC, which serves as the investment adviser for the Brighthouse Funds
Trust I and Brighthouse Funds Trust II. We and our affiliated companies have
entered into agreements with Brighthouse Investment Advisers, LLC, Brighthouse
Funds Trust I and Brighthouse Funds Trust II whereby we receive payments for
certain administrative, marketing and support services described in the
previous paragraph. Currently, the Funds in Brighthouse Funds Trust I and
Brighthouse Funds Trust II are only available in annuity contracts and variable
life insurance policies issued by Met Tower Life and its affiliates, as well as
Brighthouse Life Insurance Company and its affiliates. As of December 31, 2017,
approximately 85% of Fund assets held in separate accounts of Met Tower Life
and its affiliates were allocated to Funds in Brighthouse Funds Trust I and
Brighthouse Funds Trust II. Should we or Brighthouse Investment Advisers, LLC
decide to terminate the agreements, we could be required to find alternative
Funds which could have higher or lower costs to Policy Owners. In addition, the
amount of payments we receive could cease or be substantially reduced which
would have a material impact on our financial statements.

We select the Funds offered through this Policy based on a number of
criteria, including asset class coverage, the strength of the adviser's or
subadviser's reputation and tenure, brand recognition, performance, and the
capability and qualification of each investment firm. Another factor we
consider during the selection process is whether the Fund's adviser or
subadviser is one of our affiliates or whether the Fund, its adviser, its
subadviser(s), or an affiliate will make payments to us or our affiliates. In
this regard, the profit distributions we receive from our affiliated investment
adviser are a component of the total revenue that we consider in configuring
the features and investment choices available in the variable insurance
products that we and our affiliated insurance companies issue. Since we and our
affiliated insurance companies may benefit more from the allocation of assets
to portfolios advised by our affiliate than those that are not, we may be more
inclined to offer portfolios advised by our affiliate in the variable insurance
products we issue. We review the Funds periodically and may remove a Fund or
limit its availability to new purchase payments and/or transfers of Policy
value if we determine that the Fund no longer meets one or more of the
selection criteria, and/or if the Fund has not attracted significant
allocations from Policy owners. In some cases, we have included Funds based on
recommendations made by selling firms. These selling firms may receive payments
from the Funds they recommend and may benefit accordingly from the allocation
of Policy value to such Funds.

WE DO NOT PROVIDE ANY INVESTMENT ADVICE AND DO NOT RECOMMEND OR ENDORSE
ANY PARTICULAR FUND. YOU BEAR THE RISK OF ANY DECLINE IN THE POLICY VALUE OF
YOUR POLICY RESULTING FROM THE PERFORMANCE OF THE FUNDS YOU HAVE CHOSEN.

*****

THIS SUPPLEMENT SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Policy Owners of
General American Separate Account Eleven
and Board of Directors of
General American Life Insurance Company

OPINION ON THE FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS

We have audited the accompanying statements of assets and liabilities of
General American Separate Account Eleven (the "Separate Account") of General
American Life Insurance Company (the "Company") comprising each of the
individual Divisions listed in Note 2 as of December 31, 2017, the related
statements of operations and changes in net assets for the respective stated
periods in the three years then ended, the financial highlights in Note 8 for
the respective stated periods in the five years 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,
2017, the results of their operations and changes in net assets for the
respective stated periods in the three years then ended, and the financial
highlights for the respective stated periods in the five years 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, 2017, 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
Certified Public Accountants

Tampa, Florida
March 23, 2018

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

This page is intentionally left blank.

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2017

AMERICAN FUNDS
GLOBAL SMALL AMERICAN FUNDS AMERICAN FUNDS BHFTI BRIGHTHOUSE
CAPITALIZATION GROWTH GROWTH-INCOME ASSET ALLOCATION 100
DIVISION DIVISION DIVISION DIVISION
--------------------- -------------------- --------------------- --------------------

ASSETS:
Investments at fair value........... $ 3,802,348 $ 18,652,569 $ 11,710,351 $ 48,230
Due from General American Life
Insurance Company................. -- -- 1 --
--------------------- -------------------- --------------------- --------------------
Total Assets................... 3,802,348 18,652,569 11,710,352 48,230
--------------------- -------------------- --------------------- --------------------
LIABILITIES:
Accrued fees........................ 51 34 20 --
Due to General American Life
Insurance Company................. 1 1 -- --
--------------------- -------------------- --------------------- --------------------
Total Liabilities.............. 52 35 20 --
--------------------- -------------------- --------------------- --------------------

NET ASSETS............................. $ 3,802,296 $ 18,652,534 $ 11,710,332 $ 48,230
===================== ==================== ===================== ====================

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES -- (CONTINUED)
DECEMBER 31, 2017

BHFTI
BHFTI CLARION BHFTI CLEARBRIDGE HARRIS OAKMARK BHFTI INVESCO
GLOBAL REAL ESTATE AGGRESSIVE GROWTH INTERNATIONAL SMALL CAP GROWTH
DIVISION DIVISION DIVISION DIVISION
-------------------- -------------------- -------------------- --------------------

ASSETS:
Investments at fair value..... $ 3,004,130 $ 1,458,808 $ 7,943,407 $ 1,220,600
Due from General American Life
Insurance Company........... -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Assets............. 3,004,130 1,458,808 7,943,407 1,220,600
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Accrued fees.................. 44 32 46 58
Due to General American Life
Insurance Company........... 1 -- -- --
-------------------- -------------------- -------------------- --------------------
Total Liabilities........ 45 32 46 58
-------------------- -------------------- -------------------- --------------------

NET ASSETS....................... $ 3,004,085 $ 1,458,776 $ 7,943,361 $ 1,220,542
==================== ==================== ==================== ====================

BHFTI BHFTI BHFTI
MFS RESEARCH MORGAN STANLEY BHFTI T. ROWE PRICE
INTERNATIONAL MID CAP GROWTH PIMCO TOTAL RETURN LARGE CAP VALUE
DIVISION DIVISION DIVISION DIVISION
-------------------- ------------------- ------------------- -------------------

ASSETS:
Investments at fair value..... $ 9,253,974 $ 2,105,291 $ 10,459,480 $ 2,311,993
Due from General American Life
Insurance Company........... -- -- -- --
-------------------- ------------------- ------------------- -------------------
Total Assets............. 9,253,974 2,105,291 10,459,480 2,311,993
-------------------- ------------------- ------------------- -------------------
LIABILITIES:
Accrued fees.................. 11 77 26 41
Due to General American Life
Insurance Company........... -- -- -- --
-------------------- ------------------- ------------------- -------------------
Total Liabilities........ 11 77 26 41
-------------------- ------------------- ------------------- -------------------

NET ASSETS....................... $ 9,253,963 $ 2,105,214 $ 10,459,454 $ 2,311,952
==================== =================== =================== ===================

BHFTI BHFTI
T. ROWE PRICE VICTORY SYCAMORE
MID CAP GROWTH MID CAP VALUE
DIVISION DIVISION
------------------- --------------------

ASSETS:
Investments at fair value..... $ 3,167,024 $ 3,913,386
Due from General American Life
Insurance Company........... -- --
------------------- --------------------
Total Assets............. 3,167,024 3,913,386
------------------- --------------------
LIABILITIES:
Accrued fees.................. 40 33
Due to General American Life
Insurance Company........... -- 1
------------------- --------------------
Total Liabilities........ 40 34
------------------- --------------------

NET ASSETS....................... $ 3,166,984 $ 3,913,352
=================== ====================

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES -- (CONTINUED)
DECEMBER 31, 2017

BHFTII BHFTII BHFTII BHFTII BLACKROCK
BAILLIE GIFFORD BLACKROCK BLACKROCK ULTRA-SHORT
INTERNATIONAL STOCK BOND INCOME CAPITAL APPRECIATION TERM BOND
DIVISION DIVISION DIVISION DIVISION
-------------------- --------------------- -------------------- --------------------

ASSETS:
Investments at fair value..... $ 2,275,303 $ 4,092,121 $ 3,080,218 $ 4,497,307
Due from General American Life
Insurance Company........... -- -- 1 1
-------------------- --------------------- -------------------- --------------------
Total Assets............. 2,275,303 4,092,121 3,080,219 4,497,308
-------------------- --------------------- -------------------- --------------------
LIABILITIES:
Accrued fees.................. 74 32 40 48
Due to General American Life
Insurance Company........... -- -- -- --
-------------------- --------------------- -------------------- --------------------
Total Liabilities........ 74 32 40 48
-------------------- --------------------- -------------------- --------------------

NET ASSETS....................... $ 2,275,229 $ 4,092,089 $ 3,080,179 $ 4,497,260
==================== ===================== ==================== ====================

BHFTII BRIGHTHOUSE BHFTII BRIGHTHOUSE BHFTII BRIGHTHOUSE BHFTII BRIGHTHOUSE
ASSET ALLOCATION 20 ASSET ALLOCATION 40 ASSET ALLOCATION 60 ASSET ALLOCATION 80
DIVISION DIVISION DIVISION DIVISION
-------------------- --------------------- -------------------- --------------------

ASSETS:
Investments at fair value..... $ 108,414 $ 252,266 $ 413,479 $ 912,133
Due from General American Life
Insurance Company........... -- -- -- --
-------------------- --------------------- -------------------- --------------------
Total Assets............. 108,414 252,266 413,479 912,133
-------------------- --------------------- -------------------- --------------------
LIABILITIES:
Accrued fees.................. -- -- -- --
Due to General American Life
Insurance Company........... -- -- -- --
-------------------- --------------------- -------------------- --------------------
Total Liabilities........ -- -- -- --
-------------------- --------------------- -------------------- --------------------

NET ASSETS....................... $ 108,414 $ 252,266 $ 413,479 $ 912,133
==================== ===================== ==================== ====================

BHFTII
BRIGHTHOUSE/ARTISAN BHFTII BRIGHTHOUSE/
MID CAP VALUE WELLINGTON BALANCED
DIVISION DIVISION
--------------------- --------------------

ASSETS:
Investments at fair value..... $ 3,552,034 $ 10,120,063
Due from General American Life
Insurance Company........... -- --
--------------------- --------------------
Total Assets............. 3,552,034 10,120,063
--------------------- --------------------
LIABILITIES:
Accrued fees.................. 39 28
Due to General American Life
Insurance Company........... -- --
--------------------- --------------------
Total Liabilities........ 39 28
--------------------- --------------------

NET ASSETS....................... $ 3,551,995 $ 10,120,035
===================== ====================

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES -- (CONTINUED)
DECEMBER 31, 2017

BHFTII BRIGHTHOUSE/
WELLINGTON BHFTII
CORE EQUITY BHFTII FRONTIER BHFTII METLIFE AGGREGATE
OPPORTUNITIES MID CAP GROWTH JENNISON GROWTH BOND INDEX
DIVISION DIVISION DIVISION DIVISION
-------------------- -------------------- -------------------- --------------------

ASSETS:
Investments at fair value..... $ 5,985,545 $ 3,357,360 $ 27,987,581 $ 13,699,296
Due from General American Life
Insurance Company........... -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Assets............. 5,985,545 3,357,360 27,987,581 13,699,296
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Accrued fees.................. 48 47 24 18
Due to General American Life
Insurance Company........... -- -- 1 --
-------------------- -------------------- -------------------- --------------------
Total Liabilities........ 48 47 25 18
-------------------- -------------------- -------------------- --------------------

NET ASSETS....................... $ 5,985,497 $ 3,357,313 $ 27,987,556 $ 13,699,278
==================== ==================== ==================== ====================

BHFTII BHFTII
METLIFE MID CAP METLIFE MSCI BHFTII METLIFE BHFTII METLIFE
STOCK INDEX EAFE INDEX RUSSELL 2000 INDEX STOCK INDEX
DIVISION DIVISION DIVISION DIVISION
-------------------- -------------------- -------------------- --------------------

ASSETS:
Investments at fair value..... $ 3,833,538 $ 4,942,208 $ 3,455,618 $ 59,960,841
Due from General American Life
Insurance Company........... -- -- 1 --
-------------------- -------------------- -------------------- --------------------
Total Assets............. 3,833,538 4,942,208 3,455,619 59,960,841
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Accrued fees.................. 52 31 49 4
Due to General American Life
Insurance Company........... -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Liabilities........ 52 31 49 4
-------------------- -------------------- -------------------- --------------------

NET ASSETS....................... $ 3,833,486 $ 4,942,177 $ 3,455,570 $ 59,960,837
==================== ==================== ==================== ====================

BHFTII MFS
TOTAL RETURN BHFTII MFS VALUE
DIVISION DIVISION
-------------------- -------------------

ASSETS:
Investments at fair value..... $ 2,944,634 $ 9,338,319
Due from General American Life
Insurance Company........... -- --
-------------------- -------------------
Total Assets............. 2,944,634 9,338,319
-------------------- -------------------
LIABILITIES:
Accrued fees.................. 45 27
Due to General American Life
Insurance Company........... -- 1
-------------------- -------------------
Total Liabilities........ 45 28
-------------------- -------------------

NET ASSETS....................... $ 2,944,589 $ 9,338,291
==================== ===================

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES -- (CONTINUED)
DECEMBER 31, 2017

BHFTII BHFTII
BHFTII BHFTII NEUBERGER T. ROWE PRICE T. ROWE PRICE
MFS VALUE II BERMAN GENESIS LARGE CAP GROWTH SMALL CAP GROWTH
DIVISION DIVISION DIVISION DIVISION
------------------- -------------------- -------------------- --------------------

ASSETS:
Investments at fair value..... $ 4,928,545 $ 8,669,164 $ 7,354,259 $ 8,016,895
Due from General American Life
Insurance Company........... -- -- -- --
------------------- -------------------- -------------------- --------------------
Total Assets............. 4,928,545 8,669,164 7,354,259 8,016,895
------------------- -------------------- -------------------- --------------------
LIABILITIES:
Accrued fees.................. 32 26 10 26
Due to General American Life
Insurance Company........... -- -- -- --
------------------- -------------------- -------------------- --------------------
Total Liabilities........ 32 26 10 26
------------------- -------------------- -------------------- --------------------

NET ASSETS....................... $ 4,928,513 $ 8,669,138 $ 7,354,249 $ 8,016,869
=================== ==================== ==================== ====================

BHFTII WESTERN
BHFTII ASSET MANAGEMENT BHFTII WESTERN
VAN ECK GLOBAL STRATEGIC BOND ASSET MANAGEMENT FIDELITY VIP
NATURAL RESOURCES OPPORTUNITIES U.S. GOVERNMENT EQUITY-INCOME
DIVISION DIVISION DIVISION DIVISION
-------------------- -------------------- ------------------- -------------------

ASSETS:
Investments at fair value..... $ 4,107,902 $ 6,950,145 $ 723,853 $ 15,458,808
Due from General American Life
Insurance Company........... -- -- -- 1
-------------------- -------------------- ------------------- -------------------
Total Assets............. 4,107,902 6,950,145 723,853 15,458,809
-------------------- -------------------- ------------------- -------------------
LIABILITIES:
Accrued fees.................. 52 53 45 1
Due to General American Life
Insurance Company........... -- -- -- --
-------------------- -------------------- ------------------- -------------------
Total Liabilities........ 52 53 45 1
-------------------- -------------------- ------------------- -------------------

NET ASSETS....................... $ 4,107,850 $ 6,950,092 $ 723,808 $ 15,458,808
==================== ==================== =================== ===================

JPMORGAN INSURANCE
FIDELITY VIP MID CAP TRUST CORE BOND
DIVISION DIVISION
-------------------- --------------------

ASSETS:
Investments at fair value..... $ 4,672,103 $ 750,622
Due from General American Life
Insurance Company........... -- --
-------------------- --------------------
Total Assets............. 4,672,103 750,622
-------------------- --------------------
LIABILITIES:
Accrued fees.................. 51 59
Due to General American Life
Insurance Company........... -- 1
-------------------- --------------------
Total Liabilities........ 51 60
-------------------- --------------------

NET ASSETS....................... $ 4,672,052 $ 750,562
==================== ====================

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES -- (CONCLUDED)
DECEMBER 31, 2017

JPMORGAN INSURANCE RUSSELL RUSSELL
TRUST SMALL INTERNATIONAL RUSSELL U.S. SMALL CAP
CAP CORE DEVELOPED MARKETS STRATEGIC BOND EQUITY
DIVISION DIVISION DIVISION DIVISION
-------------------- -------------------- -------------------- --------------------

ASSETS:
Investments at fair value..... $ 3,341,203 $ 1,542,746 $ 893,733 $ 1,782,819
Due from General American Life
Insurance Company........... -- -- -- 1
-------------------- -------------------- -------------------- --------------------
Total Assets............. 3,341,203 1,542,746 893,733 1,782,820
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Accrued fees.................. 64 43 60 67
Due to General American Life
Insurance Company........... -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Liabilities........ 64 43 60 67
-------------------- -------------------- -------------------- --------------------

NET ASSETS....................... $ 3,341,139 $ 1,542,703 $ 893,673 $ 1,782,753
==================== ==================== ==================== ====================

RUSSELL VANECK VIP
U.S. STRATEGIC EQUITY EMERGING MARKETS
DIVISION DIVISION
--------------------- ---------------------

ASSETS:
Investments at fair value..... $ 4,090,917 $ 5,093,874
Due from General American Life
Insurance Company........... -- --
--------------------- ---------------------
Total Assets............. 4,090,917 5,093,874
--------------------- ---------------------
LIABILITIES:
Accrued fees.................. 33 36
Due to General American Life
Insurance Company........... -- 1
--------------------- ---------------------
Total Liabilities........ 33 37
--------------------- ---------------------

NET ASSETS....................... $ 4,090,884 $ 5,093,837
===================== =====================

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION
DIVISION
-------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 15,120 $ 9,379 $ --
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 15,564 16,098 18,960
-------------------- -------------------- --------------------
Net investment income (loss).................... (444) (6,719) (18,960)
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... -- 778,254 405,109
Realized gains (losses) on sale of investments....... 41,357 (15,540) 78,853
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 41,357 762,714 483,962
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 807,841 (711,241) (456,444)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 849,198 51,473 27,518
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 848,754 $ 44,754 $ 8,558
==================== ==================== ====================

AMERICAN FUNDS GROWTH
DIVISION
------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 87,908 $ 123,506 $ 102,075
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 74,312 70,301 75,298
-------------------- -------------------- --------------------
Net investment income (loss).................... 13,596 53,205 26,777
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 1,686,428 1,466,761 3,547,677
Realized gains (losses) on sale of investments....... 534,981 214,966 389,196
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 2,221,409 1,681,727 3,936,873
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 2,080,715 (331,473) (2,894,639)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 4,302,124 1,350,254 1,042,234
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 4,315,720 $ 1,403,459 $ 1,069,011
==================== ==================== ====================

AMERICAN FUNDS GROWTH-INCOME
DIVISION
-------------------------------------------------------------------
2017 2016 2015
-------------------- --------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 153,824 $ 145,350 $ 142,667
-------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 42,199 39,492 43,842
-------------------- --------------------- --------------------
Net investment income (loss).................... 111,625 105,858 98,825
-------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 714,326 1,121,427 1,601,651
Realized gains (losses) on sale of investments....... 224,108 217,979 219,014
-------------------- --------------------- --------------------
Net realized gains (losses)..................... 938,434 1,339,406 1,820,665
-------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... 1,145,870 (373,381) (1,796,982)
-------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 2,084,304 966,025 23,683
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 2,195,929 $ 1,071,883 $ 122,508
==================== ===================== ====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

BHFTI BRIGHTHOUSE ASSET ALLOCATION 100
DIVISION
--------------------------------------------------------------------
2017 2016 2015
--------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 647 $ 1,022 $ 772
--------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- -------------------- --------------------
Net investment income (loss).................... 647 1,022 772
--------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 2,420 5,181 3,741
Realized gains (losses) on sale of investments....... 295 962 331
--------------------- -------------------- --------------------
Net realized gains (losses)..................... 2,715 6,143 4,072
--------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 5,960 (3,551) (5,733)
--------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 8,675 2,592 (1,661)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 9,322 $ 3,614 $ (889)
===================== ==================== ====================

BHFTI CLARION GLOBAL REAL ESTATE
DIVISION
--------------------------------------------------------------------
2017 2016 2015
--------------------- --------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 103,821 $ 77,055 $ 150,322
--------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 7,639 8,724 9,245
--------------------- --------------------- --------------------
Net investment income (loss).................... 96,182 68,331 141,077
--------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 19,244 94,113 37,749
--------------------- --------------------- --------------------
Net realized gains (losses)..................... 19,244 94,113 37,749
--------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... 177,972 (93,220) (239,288)
--------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 197,216 893 (201,539)
--------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 293,398 $ 69,224 $ (60,462)
===================== ===================== ====================

BHFTI CLEARBRIDGE AGGRESSIVE GROWTH
DIVISION
--------------------------------------------------------------------
2017 2016 2015
-------------------- --------------------- ---------------------

INVESTMENT INCOME:
Dividends............................................ $ 13,122 $ 9,112 $ 13,429
-------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 6,924 6,741 7,573
-------------------- --------------------- ---------------------
Net investment income (loss).................... 6,198 2,371 5,856
-------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 68,756 71,427 690,168
-------------------- --------------------- ---------------------
Net realized gains (losses)..................... 68,756 71,427 690,168
-------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... 154,155 (43,287) (702,277)
-------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 222,911 28,140 (12,109)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 229,109 $ 30,511 $ (6,253)
==================== ===================== =====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

BHFTI HARRIS OAKMARK INTERNATIONAL
DIVISION
------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 131,196 $ 148,671 $ 252,393
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 31,759 27,377 31,194
-------------------- -------------------- --------------------
Net investment income (loss).................... 99,437 121,294 221,199
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... -- 416,568 720,780
Realized gains (losses) on sale of investments....... 60,004 (262,290) 92,970
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 60,004 154,278 813,750
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 1,689,235 143,639 (1,386,571)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 1,749,239 297,917 (572,821)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 1,848,676 $ 419,211 $ (351,622)
==================== ==================== ====================

BHFTI INVESCO SMALL CAP GROWTH
DIVISION
------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ -- $ -- $ 1,428
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 3,245 2,917 3,103
-------------------- -------------------- --------------------
Net investment income (loss).................... (3,245) (2,917) (1,675)
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 111,604 166,426 232,597
Realized gains (losses) on sale of investments....... (948) (8,331) 21,190
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 110,656 158,095 253,787
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 142,459 (50,274) (268,144)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 253,115 107,821 (14,357)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 249,870 $ 104,904 $ (16,032)
==================== ==================== ====================

BHFTI MFS RESEARCH INTERNATIONAL
DIVISION
------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 181,226 $ 190,554 $ 320,114
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 56,141 54,366 68,824
-------------------- -------------------- --------------------
Net investment income (loss).................... 125,085 136,188 251,290
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 96,658 (240,470) 67,399
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 96,658 (240,470) 67,399
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 1,966,754 (90,823) (423,899)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 2,063,412 (331,293) (356,500)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 2,188,497 $ (195,105) $ (105,210)
==================== ==================== ====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

BHFTI MORGAN STANLEY MID CAP GROWTH
DIVISION
-----------------------------------------------------------------
2017 2016 2015
------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 6,844 $ -- $ --
------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 9,208 7,901 9,187
------------------- -------------------- --------------------
Net investment income (loss).................... (2,364) (7,901) (9,187)
------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 62,637 32,343 47,980
------------------- -------------------- --------------------
Net realized gains (losses)..................... 62,637 32,343 47,980
------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 563,488 (179,232) (141,174)
------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 626,125 (146,889) (93,194)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 623,761 $ (154,790) $ (102,381)
=================== ==================== ====================

BHFTI PIMCO TOTAL RETURN
DIVISION
------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 199,256 $ 306,253 $ 693,908
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 48,959 51,862 56,892
-------------------- -------------------- --------------------
Net investment income (loss).................... 150,297 254,391 637,016
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 49,596 -- 151,169
Realized gains (losses) on sale of investments....... (25,156) (142,777) (29,833)
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 24,440 (142,777) 121,336
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 252,866 198,934 (774,770)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 277,306 56,157 (653,434)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 427,603 $ 310,548 $ (16,418)
==================== ==================== ====================

BHFTI T. ROWE PRICE LARGE CAP VALUE
DIVISION
-----------------------------------------------------------------
2017 2016 2015
------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 48,830 $ 59,566 $ 60,710
------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 11,866 10,620 10,819
------------------- -------------------- --------------------
Net investment income (loss).................... 36,964 48,946 49,891
------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 184,070 227,017 7,305
Realized gains (losses) on sale of investments....... 27,777 52,848 316,500
------------------- -------------------- --------------------
Net realized gains (losses)..................... 211,847 279,865 323,805
------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 90,317 (41,435) (455,584)
------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 302,164 238,430 (131,779)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 339,128 $ 287,376 $ (81,888)
=================== ==================== ====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

BHFTI T. ROWE PRICE MID CAP GROWTH
DIVISION
-------------------------------------------------------------------
2017 2016 2015
-------------------- --------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ -- $ -- $ --
-------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 13,959 13,494 14,394
-------------------- --------------------- --------------------
Net investment income (loss).................... (13,959) (13,494) (14,394)
-------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 247,525 442,361 531,920
Realized gains (losses) on sale of investments....... 59,859 53,369 72,742
-------------------- --------------------- --------------------
Net realized gains (losses)..................... 307,384 495,730 604,662
-------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... 395,543 (290,932) (379,732)
-------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 702,927 204,798 224,930
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 688,968 $ 191,304 $ 210,536
==================== ===================== ====================

BHFTI VICTORY SYCAMORE MID CAP VALUE
DIVISION
--------------------------------------------------------------------
2017 2016 2015
--------------------- -------------------- ---------------------

INVESTMENT INCOME:
Dividends............................................ $ 43,336 $ 32,057 $ 32,247
--------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 17,455 16,370 19,128
--------------------- -------------------- ---------------------
Net investment income (loss).................... 25,881 15,687 13,119
--------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... -- 171,303 219,685
Realized gains (losses) on sale of investments....... 20,553 (67,586) 167,606
--------------------- -------------------- ---------------------
Net realized gains (losses)..................... 20,553 103,717 387,291
--------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... 297,352 399,812 (807,927)
--------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 317,905 503,529 (420,636)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 343,786 $ 519,216 $ (407,517)
===================== ==================== =====================

BHFTII BAILLIE GIFFORD INTERNATIONAL STOCK
DIVISION
--------------------------------------------------------------------
2017 2016 2015
--------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 24,532 $ 29,005 $ 31,885
--------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 6,987 6,271 6,757
--------------------- -------------------- --------------------
Net investment income (loss).................... 17,545 22,734 25,128
--------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 21,550 (16,468) (17,092)
--------------------- -------------------- --------------------
Net realized gains (losses)..................... 21,550 (16,468) (17,092)
--------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 558,804 84,434 (51,040)
--------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 580,354 67,966 (68,132)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 597,899 $ 90,700 $ (43,004)
===================== ==================== ====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

BHFTII BLACKROCK BOND INCOME
DIVISION
------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 116,078 $ 60,489 $ 73,313
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 22,650 14,653 8,886
-------------------- -------------------- --------------------
Net investment income (loss).................... 93,428 45,836 64,427
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... -- -- 21,470
Realized gains (losses) on sale of investments....... (7,702) (3,875) 1,441
-------------------- -------------------- --------------------
Net realized gains (losses)..................... (7,702) (3,875) 22,911
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 43,764 (47,132) (85,628)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 36,062 (51,007) (62,717)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 129,490 $ (5,171) $ 1,710
==================== ==================== ====================

BHFTII BLACKROCK CAPITAL APPRECIATION
DIVISION
------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 3,082 $ -- $ --
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 10,327 9,537 10,861
-------------------- -------------------- --------------------
Net investment income (loss).................... (7,245) (9,537) (10,861)
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 68,038 235,690 496,837
Realized gains (losses) on sale of investments....... 104,287 60,663 97,006
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 172,325 296,353 593,843
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 660,446 (299,992) (421,432)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 832,771 (3,639) 172,411
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 825,526 $ (13,176) $ 161,550
==================== ==================== ====================

BHFTII BLACKROCK ULTRA-SHORT TERM BOND
DIVISION
------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 16,364 $ 3,618 $ 179
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 21,878 24,233 25,557
-------------------- -------------------- --------------------
Net investment income (loss).................... (5,514) (20,615) (25,378)
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 95 97 --
Realized gains (losses) on sale of investments....... 3,985 1,569 --
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 4,080 1,666 --
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 20,890 12,277 --
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 24,970 13,943 --
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 19,456 $ (6,672) $ (25,378)
==================== ==================== ====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

BHFTII BRIGHTHOUSE ASSET ALLOCATION 20
DIVISION
----------------------------------------------------------------------
2017 2016 2015
--------------------- --------------------- ---------------------

INVESTMENT INCOME:
Dividends............................................ $ 2,607 $ 3,740 $ 2,493
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- --------------------- ---------------------
Net investment income (loss).................... 2,607 3,740 2,493
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 1,793 3,595 3,330
Realized gains (losses) on sale of investments....... (77) (58) 80
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 1,716 3,537 3,410
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... 3,429 (2,226) (6,137)
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 5,145 1,311 (2,727)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 7,752 $ 5,051 $ (234)
===================== ===================== =====================

BHFTII BRIGHTHOUSE ASSET ALLOCATION 40
DIVISION
---------------------------------------------------------------------
2017 2016 2015
--------------------- --------------------- ---------------------

INVESTMENT INCOME:
Dividends............................................ $ 5,349 $ 8,469 $ 1,066
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- --------------------- ---------------------
Net investment income (loss).................... 5,349 8,469 1,066
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 7,395 14,440 12,280
Realized gains (losses) on sale of investments....... (382) (275) (93)
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 7,013 14,165 12,187
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... 12,945 (8,803) (19,736)
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 19,958 5,362 (7,549)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 25,307 $ 13,831 $ (6,483)
===================== ===================== =====================

BHFTII BRIGHTHOUSE ASSET ALLOCATION 60
DIVISION
----------------------------------------------------------------------
2017 2016 2015
--------------------- --------------------- ---------------------

INVESTMENT INCOME:
Dividends............................................ $ 7,315 $ 10,465 $ 2,614
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- --------------------- ---------------------
Net investment income (loss).................... 7,315 10,465 2,614
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 14,690 27,755 22,724
Realized gains (losses) on sale of investments....... 250 142 33,408
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 14,940 27,897 56,132
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... 29,679 (16,166) (56,186)
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 44,619 11,731 (54)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 51,934 $ 22,196 $ 2,560
===================== ===================== =====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

BHFTII BRIGHTHOUSE ASSET ALLOCATION 80
DIVISION
--------------------------------------------------------------------
2017 2016 2015
-------------------- --------------------- ---------------------

INVESTMENT INCOME:
Dividends............................................ $ 14,834 $ 22,881 $ 4,019
-------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- --------------------- ---------------------
Net investment income (loss).................... 14,834 22,881 4,019
-------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 45,573 84,499 34,263
Realized gains (losses) on sale of investments....... 9,748 13,417 4,416
-------------------- --------------------- ---------------------
Net realized gains (losses)..................... 55,321 97,916 38,679
-------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... 79,824 (61,134) (54,209)
-------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 135,145 36,782 (15,530)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 149,979 $ 59,663 $ (11,511)
==================== ===================== =====================

BHFTII BRIGHTHOUSE/ARTISAN MID CAP VALUE
DIVISION
--------------------------------------------------------------------
2017 2016 2015
--------------------- --------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 24,071 $ 37,800 $ 39,521
--------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 13,041 12,052 13,354
--------------------- --------------------- --------------------
Net investment income (loss).................... 11,030 25,748 26,167
--------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... -- 376,674 417,037
Realized gains (losses) on sale of investments....... 60,211 5,740 63,232
--------------------- --------------------- --------------------
Net realized gains (losses)..................... 60,211 382,414 480,269
--------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... 339,435 264,858 (831,669)
--------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 399,646 647,272 (351,400)
--------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 410,676 $ 673,020 $ (325,233)
===================== ===================== ====================

BHFTII BRIGHTHOUSE/WELLINGTON BALANCED
DIVISION
--------------------------------------------------------------------
2017 2016 2015
-------------------- --------------------- ---------------------

INVESTMENT INCOME:
Dividends............................................ $ 187,694 $ 208,079 $ 157,345
-------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 56,350 44,467 44,177
-------------------- --------------------- ---------------------
Net investment income (loss).................... 131,344 163,612 113,168
-------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 236,175 351,414 1,348,056
Realized gains (losses) on sale of investments....... 95,977 119,362 168,350
-------------------- --------------------- ---------------------
Net realized gains (losses)..................... 332,152 470,776 1,516,406
-------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... 853,760 (135,374) (1,462,562)
-------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 1,185,912 335,402 53,844
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 1,317,256 $ 499,014 $ 167,012
==================== ===================== =====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

BHFTII BRIGHTHOUSE/WELLINGTON CORE EQUITY OPPORTUNITIES
DIVISION
-------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 86,951 $ 101,444 $ 95,607
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 21,707 20,721 21,187
-------------------- -------------------- --------------------
Net investment income (loss).................... 65,244 80,723 74,420
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 205,212 277,052 1,839,176
Realized gains (losses) on sale of investments....... 15,939 (89,709) 37,815
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 221,151 187,343 1,876,991
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 713,120 121,024 (1,850,670)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 934,271 308,367 26,321
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 999,515 $ 389,090 $ 100,741
==================== ==================== ====================

BHFTII FRONTIER MID CAP GROWTH
DIVISION
------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ -- $ -- $ --
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 21,515 20,381 23,259
-------------------- -------------------- --------------------
Net investment income (loss).................... (21,515) (20,381) (23,259)
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 81,761 391,022 463,328
Realized gains (losses) on sale of investments....... 152,646 74,041 130,430
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 234,407 465,063 593,758
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 523,297 (286,708) (476,786)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 757,704 178,355 116,972
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 736,189 $ 157,974 $ 93,713
==================== ==================== ====================

BHFTII JENNISON GROWTH
DIVISION
------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 81,209 $ 70,398 $ 71,978
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 174,087 156,421 180,974
-------------------- -------------------- --------------------
Net investment income (loss).................... (92,878) (86,023) (108,996)
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 1,810,961 3,115,503 3,971,059
Realized gains (losses) on sale of investments....... 448,919 199,303 760,787
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 2,259,880 3,314,806 4,731,846
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 5,682,678 (3,419,832) (2,060,648)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 7,942,558 (105,026) 2,671,198
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 7,849,680 $ (191,049) $ 2,562,202
==================== ==================== ====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

BHFTII METLIFE AGGREGATE BOND INDEX
DIVISION
-----------------------------------------------------------------
2017 2016 2015
------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 401,524 $ 388,718 $ 416,941
------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 85,776 88,106 89,982
------------------- -------------------- --------------------
Net investment income (loss).................... 315,748 300,612 326,959
------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (1,761) 18,120 21,767
------------------- -------------------- --------------------
Net realized gains (losses)..................... (1,761) 18,120 21,767
------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 44,573 (77,577) (396,378)
------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 42,812 (59,457) (374,611)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 358,560 $ 241,155 $ (47,652)
=================== ==================== ====================

BHFTII METLIFE MID CAP STOCK INDEX
DIVISION
-----------------------------------------------------------------
2017 2016 2015
------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 47,352 $ 26,432 $ 26,538
------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 10,408 8,987 8,991
------------------- -------------------- --------------------
Net investment income (loss).................... 36,944 17,445 17,547
------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 215,851 158,705 144,250
Realized gains (losses) on sale of investments....... 28,355 25,304 271,750
------------------- -------------------- --------------------
Net realized gains (losses)..................... 244,206 184,009 416,000
------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 191,763 180,914 (480,822)
------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 435,969 364,923 (64,822)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 472,913 $ 382,368 $ (47,275)
=================== ==================== ====================

BHFTII METLIFE MSCI EAFE INDEX
DIVISION
-----------------------------------------------------------------
2017 2016 2015
------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 121,962 $ 103,171 $ 144,319
------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 24,542 22,035 25,232
------------------- -------------------- --------------------
Net investment income (loss).................... 97,420 81,136 119,087
------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 58,406 4,142 65,063
------------------- -------------------- --------------------
Net realized gains (losses)..................... 58,406 4,142 65,063
------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 818,791 (50,058) (237,706)
------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 877,197 (45,916) (172,643)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 974,617 $ 35,220 $ (53,556)
=================== ==================== ====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

BHFTII METLIFE RUSSELL 2000 INDEX
DIVISION
-------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 39,345 $ 41,503 $ 43,761
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 14,336 13,329 16,029
-------------------- -------------------- --------------------
Net investment income (loss).................... 25,009 28,174 27,732
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 129,057 174,764 207,375
Realized gains (losses) on sale of investments....... 139,118 143,321 185,460
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 268,175 318,085 392,835
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 148,566 236,931 (573,131)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 416,741 555,016 (180,296)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 441,750 $ 583,190 $ (152,564)
==================== ==================== ====================

BHFTII METLIFE STOCK INDEX
DIVISION
-------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- ---------------------

INVESTMENT INCOME:
Dividends............................................ $ 998,595 $ 1,028,948 $ 991,259
-------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 331,301 303,209 330,673
-------------------- -------------------- ---------------------
Net investment income (loss).................... 667,294 725,739 660,586
-------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 1,569,540 2,255,946 2,384,414
Realized gains (losses) on sale of investments....... 1,844,507 1,668,618 3,150,123
-------------------- -------------------- ---------------------
Net realized gains (losses)..................... 3,414,047 3,924,564 5,534,537
-------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... 6,588,528 724,662 (5,754,918)
-------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 10,002,575 4,649,226 (220,381)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 10,669,869 $ 5,374,965 $ 440,205
==================== ==================== =====================

BHFTII MFS TOTAL RETURN
DIVISION
-------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 72,570 $ 82,051 $ 86,747
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 15,388 15,701 16,503
-------------------- -------------------- --------------------
Net investment income (loss).................... 57,182 66,350 70,244
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 148,934 117,195 --
Realized gains (losses) on sale of investments....... 64,847 132,172 38,051
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 213,781 249,367 38,051
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 50,500 (64,607) (128,963)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 264,281 184,760 (90,912)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 321,463 $ 251,110 $ (20,668)
==================== ==================== ====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

BHFTII MFS VALUE
DIVISION
-----------------------------------------------------------------
2017 2016 2015
------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 180,020 $ 154,264 $ 190,886
------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 49,469 43,825 44,945
------------------- -------------------- --------------------
Net investment income (loss).................... 130,551 110,439 145,941
------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 531,486 615,342 1,096,736
Realized gains (losses) on sale of investments....... 43,373 (68,419) 741,069
------------------- -------------------- --------------------
Net realized gains (losses)..................... 574,859 546,923 1,837,805
------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 645,393 253,948 (2,085,181)
------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 1,220,252 800,871 (247,376)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 1,350,803 $ 911,310 $ (101,435)
=================== ==================== ====================

BHFTII MFS VALUE II
DIVISION
-----------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- -------------------

INVESTMENT INCOME:
Dividends............................................ $ 125,360 $ 74,678 $ 91,205
-------------------- -------------------- -------------------
EXPENSES:
Mortality and expense risk charges................... 30,501 29,393 33,273
-------------------- -------------------- -------------------
Net investment income (loss).................... 94,859 45,285 57,932
-------------------- -------------------- -------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... -- 341,314 408,128
Realized gains (losses) on sale of investments....... (26,868) (111,743) (44,277)
-------------------- -------------------- -------------------
Net realized gains (losses)..................... (26,868) 229,571 363,851
-------------------- -------------------- -------------------
Change in unrealized gains (losses) on investments... 257,084 479,870 (752,133)
-------------------- -------------------- -------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 230,216 709,441 (388,282)
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 325,075 $ 754,726 $ (330,350)
==================== ==================== ===================

BHFTII NEUBERGER BERMAN GENESIS
DIVISION
-----------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- -------------------

INVESTMENT INCOME:
Dividends............................................ $ 34,899 $ 36,124 $ 37,126
-------------------- -------------------- -------------------
EXPENSES:
Mortality and expense risk charges................... 46,413 42,345 48,439
-------------------- -------------------- -------------------
Net investment income (loss).................... (11,514) (6,221) (11,313)
-------------------- -------------------- -------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 692,292 -- --
Realized gains (losses) on sale of investments....... 357,566 453,637 366,420
-------------------- -------------------- -------------------
Net realized gains (losses)..................... 1,049,858 453,637 366,420
-------------------- -------------------- -------------------
Change in unrealized gains (losses) on investments... 159,525 861,100 (356,362)
-------------------- -------------------- -------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 1,209,383 1,314,737 10,058
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 1,197,869 $ 1,308,516 $ (1,255)
==================== ==================== ===================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

BHFTII T. ROWE PRICE LARGE CAP GROWTH
DIVISION
-------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 19,629 $ 3,198 $ 6,938
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 26,159 22,806 25,310
-------------------- -------------------- --------------------
Net investment income (loss).................... (6,530) (19,608) (18,372)
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 386,850 665,873 887,454
Realized gains (losses) on sale of investments....... 54,433 4,035 124,466
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 441,283 669,908 1,011,920
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 1,315,448 (657,494) (541,770)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 1,756,731 12,414 470,150
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 1,750,201 $ (7,194) $ 451,778
==================== ==================== ====================

BHFTII T. ROWE PRICE SMALL CAP GROWTH
DIVISION
-------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 22,559 $ 15,644 $ 9,423
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 39,628 32,689 37,993
-------------------- -------------------- --------------------
Net investment income (loss).................... (17,069) (17,045) (28,570)
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 416,582 745,099 591,705
Realized gains (losses) on sale of investments....... 277,815 225,407 392,599
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 694,397 970,506 984,304
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 789,248 (297,835) (777,293)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 1,483,645 672,671 207,011
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 1,466,576 $ 655,626 $ 178,441
==================== ==================== ====================

BHFTII VAN ECK GLOBAL NATURAL RESOURCES
DIVISION
-------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- ---------------------

INVESTMENT INCOME:
Dividends............................................ $ 4,257 $ 32,627 $ 25,042
-------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 21,505 21,451 24,345
-------------------- -------------------- ---------------------
Net investment income (loss).................... (17,248) 11,176 697
-------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (96,669) (266,985) (218,089)
-------------------- -------------------- ---------------------
Net realized gains (losses)..................... (96,669) (266,985) (218,089)
-------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... 60,091 1,653,307 (1,446,457)
-------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (36,578) 1,386,322 (1,664,546)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (53,826) $ 1,397,498 $ (1,663,849)
==================== ==================== =====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

BHFTII WESTERN ASSET
MANAGEMENT STRATEGIC BOND OPPORTUNITIES
DIVISION
--------------------------------------------
2017 2016 (a)
-------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 256,257 $ 97,900
-------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 35,694 22,646
-------------------- --------------------
Net investment income (loss).................... 220,563 75,254
-------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... -- --
Realized gains (losses) on sale of investments....... 33,679 12,923
-------------------- --------------------
Net realized gains (losses)..................... 33,679 12,923
-------------------- --------------------
Change in unrealized gains (losses) on investments... 229,611 184,899
-------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 263,290 197,822
-------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 483,853 $ 273,076
==================== ====================

BHFTII WESTERN ASSET MANAGEMENT U.S. GOVERNMENT
DIVISION
-------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 18,877 $ 15,336 $ 25,111
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 2,929 2,291 2,794
-------------------- -------------------- --------------------
Net investment income (loss).................... 15,948 13,045 22,317
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (752) (1,395) (1,768)
-------------------- -------------------- --------------------
Net realized gains (losses)..................... (752) (1,395) (1,768)
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (7,363) 4,332 (16,976)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (8,115) 2,937 (18,744)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 7,833 $ 15,982 $ 3,573
==================== ==================== ====================

FIDELITY VIP EQUITY-INCOME
DIVISION
-------------------------------------------------------------------
2017 2016 2015
-------------------- --------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 254,352 $ 320,613 $ 495,388
-------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 96,459 92,775 100,658
-------------------- --------------------- --------------------
Net investment income (loss).................... 157,893 227,838 394,730
-------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 309,975 964,441 1,496,073
Realized gains (losses) on sale of investments....... 88,011 (111,757) 34,354
-------------------- --------------------- --------------------
Net realized gains (losses)..................... 397,986 852,684 1,530,427
-------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... 1,177,762 1,277,548 (2,639,815)
-------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 1,575,748 2,130,232 (1,109,388)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 1,733,641 $ 2,358,070 $ (714,658)
==================== ===================== ====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

FIDELITY VIP MID CAP
DIVISION
--------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- ---------------------

INVESTMENT INCOME:
Dividends............................................ $ 30,757 $ 20,410 $ 23,403
-------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 25,229 24,064 28,152
-------------------- -------------------- ---------------------
Net investment income (loss).................... 5,528 (3,654) (4,749)
-------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 201,360 272,451 612,064
Realized gains (losses) on sale of investments....... 85,404 39,317 131,710
-------------------- -------------------- ---------------------
Net realized gains (losses)..................... 286,764 311,768 743,774
-------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... 527,778 155,735 (795,687)
-------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 814,542 467,503 (51,913)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 820,070 $ 463,849 $ (56,662)
==================== ==================== =====================

JPMORGAN INSURANCE TRUST CORE BOND
DIVISION
--------------------------------------------------------------------
2017 2016 2015
--------------------- -------------------- ---------------------

INVESTMENT INCOME:
Dividends............................................ $ 18,897 $ 19,307 $ 30,525
--------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 3,796 3,856 4,423
--------------------- -------------------- ---------------------
Net investment income (loss).................... 15,101 15,451 26,102
--------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (748) (1,000) (1,941)
--------------------- -------------------- ---------------------
Net realized gains (losses)..................... (748) (1,000) (1,941)
--------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... 7,512 (657) (19,927)
--------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 6,764 (1,657) (21,868)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 21,865 $ 13,794 $ 4,234
===================== ==================== =====================

JPMORGAN INSURANCE TRUST SMALL CAP CORE
DIVISION
-------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INVESTMENT INCOME:
Dividends............................................ $ 9,006 $ 11,087 $ 4,187
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 11,456 9,976 11,077
-------------------- -------------------- --------------------
Net investment income (loss).................... (2,450) 1,111 (6,890)
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 19,772 173,271 295,568
Realized gains (losses) on sale of investments....... 71,832 166,566 151,620
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 91,604 339,837 447,188
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 328,670 1,666 (621,720)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 420,274 341,503 (174,532)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 417,824 $ 342,614 $ (181,422)
==================== ==================== ====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

RUSSELL INTERNATIONAL DEVELOPED MARKETS
DIVISION
-----------------------------------------------------------------------
2017 2016 2015
---------------------- --------------------- ---------------------

INVESTMENT INCOME:
Dividends.......................................... $ 38,103 $ 44,466 $ 18,345
---------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................. 8,092 8,473 9,313
---------------------- --------------------- ---------------------
Net investment income (loss).................. 30,011 35,993 9,032
---------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions........................ 51,158 -- --
Realized gains (losses) on sale of investments..... 21,564 30,847 18,277
---------------------- --------------------- ---------------------
Net realized gains (losses)................... 72,722 30,847 18,277
---------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments. 209,463 (39,455) (51,390)
---------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments................................... 282,185 (8,608) (33,113)
---------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations.................................. $ 312,196 $ 27,385 $ (24,081)
====================== ===================== =====================

RUSSELL STRATEGIC BOND
DIVISION
------------------------------------------------------------------------
2017 2016 2015
---------------------- ---------------------- ----------------------

INVESTMENT INCOME:
Dividends.......................................... $ 12,727 $ 17,013 $ 26,477
---------------------- ---------------------- ----------------------
EXPENSES:
Mortality and expense risk charges................. 5,469 6,422 6,749
---------------------- ---------------------- ----------------------
Net investment income (loss).................. 7,258 10,591 19,728
---------------------- ---------------------- ----------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions........................ -- 27,119 12,843
Realized gains (losses) on sale of investments..... (1,391) 2,093 874
---------------------- ---------------------- ----------------------
Net realized gains (losses)................... (1,391) 29,212 13,717
---------------------- ---------------------- ----------------------
Change in unrealized gains (losses) on investments. 25,589 (10,512) (41,255)
---------------------- ---------------------- ----------------------
Net realized and changes in unrealized gains (losses)
on investments................................... 24,198 18,700 (27,538)
---------------------- ---------------------- ----------------------
Net increase (decrease) in net assets resulting
from operations.................................. $ 31,456 $ 29,291 $ (7,810)
====================== ====================== ======================

RUSSELL U.S. SMALL CAP EQUITY
DIVISION
-----------------------------------------------------------------------
2017 2016 2015
---------------------- --------------------- ---------------------

INVESTMENT INCOME:
Dividends.......................................... $ 3,051 $ 12,990 $ 11,352
---------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................. 9,638 9,144 10,125
---------------------- --------------------- ---------------------
Net investment income (loss).................. (6,587) 3,846 1,227
---------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions........................ 115,656 858 154,225
Realized gains (losses) on sale of investments..... 29,365 11,311 13,018
---------------------- --------------------- ---------------------
Net realized gains (losses)................... 145,021 12,169 167,243
---------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments. 100,755 248,974 (300,458)
---------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments................................... 245,776 261,143 (133,215)
---------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations.................................. $ 239,189 $ 264,989 $ (131,988)
====================== ===================== =====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONCLUDED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

RUSSELL U.S. STRATEGIC EQUITY
DIVISION
----------------------------------------------------------------------
2017 2016 2015
--------------------- --------------------- ---------------------

INVESTMENT INCOME:
Dividends............................................ $ 39,412 $ 38,106 $ 30,646
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 22,315 21,434 22,287
--------------------- --------------------- ---------------------
Net investment income (loss).................... 17,097 16,672 8,359
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... 378,230 225,502 313,207
Realized gains (losses) on sale of investments....... 55,257 88,713 45,490
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 433,487 314,215 358,697
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... 253,931 15,350 (348,438)
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 687,418 329,565 10,259
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 704,515 $ 346,237 $ 18,618
===================== ===================== =====================

VANECK VIP EMERGING MARKETS
DIVISION
----------------------------------------------------------------------
2017 2016 2015
--------------------- --------------------- ---------------------

INVESTMENT INCOME:
Dividends............................................ $ 14,924 $ 19,433 $ 27,015
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 15,293 13,411 16,334
--------------------- --------------------- ---------------------
Net investment income (loss).................... (369) 6,022 10,681
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED
GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions.......................... -- 21,052 266,571
Realized gains (losses) on sale of investments....... 33,302 (288,559) (24,212)
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 33,302 (267,507) 242,359
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... 1,574,155 288,392 (973,993)
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 1,607,457 20,885 (731,634)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 1,607,088 $ 26,907 $ (720,953)
===================== ===================== =====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION
DIVISION
------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (444) $ (6,719) $ (18,960)
Net realized gains (losses)......................... 41,357 762,714 483,962
Change in unrealized gains (losses) on investments.. 807,841 (711,241) (456,444)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 848,754 44,754 8,558
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 157,039 174,030 209,666
Net transfers (including fixed account)............. (489,820) (804,093) 365,247
Policy charges...................................... (155,094) (191,524) (216,755)
Transfers for Policy benefits and terminations...... (321,268) (293,219) (247,095)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (809,143) (1,114,806) 111,063
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 39,611 (1,070,052) 119,621
NET ASSETS:
Beginning of year................................... 3,762,685 4,832,737 4,713,116
-------------------- -------------------- --------------------
End of year......................................... $ 3,802,296 $ 3,762,685 $ 4,832,737
==================== ==================== ====================

AMERICAN FUNDS GROWTH
DIVISION
------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- -------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 13,596 $ 53,205 $ 26,777
Net realized gains (losses)......................... 2,221,409 1,681,727 3,936,873
Change in unrealized gains (losses) on investments.. 2,080,715 (331,473) (2,894,639)
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from operations................................ 4,315,720 1,403,459 1,069,011
-------------------- -------------------- -------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 767,596 830,232 960,812
Net transfers (including fixed account)............. (865,480) (518,352) (729,180)
Policy charges...................................... (693,537) (692,655) (758,489)
Transfers for Policy benefits and terminations...... (1,429,251) (1,222,645) (653,372)
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (2,220,672) (1,603,420) (1,180,229)
-------------------- -------------------- -------------------
Net increase (decrease) in net assets............. 2,095,048 (199,961) (111,218)
NET ASSETS:
Beginning of year................................... 16,557,486 16,757,447 16,868,665
-------------------- -------------------- -------------------
End of year......................................... $ 18,652,534 $ 16,557,486 $ 16,757,447
==================== ==================== ===================

AMERICAN FUNDS GROWTH-INCOME
DIVISION
------------------------------------------------------------------
2017 2016 2015
------------------- -------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 111,625 $ 105,858 $ 98,825
Net realized gains (losses)......................... 938,434 1,339,406 1,820,665
Change in unrealized gains (losses) on investments.. 1,145,870 (373,381) (1,796,982)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 2,195,929 1,071,883 122,508
------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 489,656 528,275 588,440
Net transfers (including fixed account)............. (174,668) (580,379) (245,740)
Policy charges...................................... (423,868) (415,436) (452,321)
Transfers for Policy benefits and terminations...... (611,624) (920,226) (408,414)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (720,504) (1,387,766) (518,035)
------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 1,475,425 (315,883) (395,527)
NET ASSETS:
Beginning of year................................... 10,234,907 10,550,790 10,946,317
------------------- -------------------- --------------------
End of year......................................... $ 11,710,332 $ 10,234,907 $ 10,550,790
=================== ==================== ====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

BHFTI BRIGHTHOUSE ASSET ALLOCATION 100
DIVISION
--------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- ---------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 647 $ 1,022 $ 772
Net realized gains (losses)......................... 2,715 6,143 4,072
Change in unrealized gains (losses) on investments.. 5,960 (3,551) (5,733)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 9,322 3,614 (889)
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 271 271 3,442
Net transfers (including fixed account)............. 16 (7,962) 2,830
Policy charges...................................... (1,783) (1,794) (2,031)
Transfers for Policy benefits and terminations...... (1,515) (801) (29)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (3,011) (10,286) 4,212
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. 6,311 (6,672) 3,323
NET ASSETS:
Beginning of year................................... 41,919 48,591 45,268
-------------------- -------------------- ---------------------
End of year......................................... $ 48,230 $ 41,919 $ 48,591
==================== ==================== =====================

BHFTI CLARION GLOBAL REAL ESTATE
DIVISION
--------------------------------------------------------------------
2017 2016 2015
-------------------- --------------------- ---------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 96,182 $ 68,331 $ 141,077
Net realized gains (losses)......................... 19,244 94,113 37,749
Change in unrealized gains (losses) on investments.. 177,972 (93,220) (239,288)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 293,398 69,224 (60,462)
-------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 77,723 72,697 71,590
Net transfers (including fixed account)............. (53,852) (568,321) 18,073
Policy charges...................................... (99,538) (108,794) (108,684)
Transfers for Policy benefits and terminations...... (48,439) -- (96,753)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (124,106) (604,418) (115,774)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. 169,292 (535,194) (176,236)
NET ASSETS:
Beginning of year................................... 2,834,793 3,369,987 3,546,223
-------------------- --------------------- ---------------------
End of year......................................... $ 3,004,085 $ 2,834,793 $ 3,369,987
==================== ===================== =====================

BHFTI CLEARBRIDGE AGGRESSIVE GROWTH
DIVISION
--------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- ---------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 6,198 $ 2,371 $ 5,856
Net realized gains (losses)......................... 68,756 71,427 690,168
Change in unrealized gains (losses) on investments.. 154,155 (43,287) (702,277)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 229,109 30,511 (6,253)
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 72,482 72,976 81,096
Net transfers (including fixed account)............. (12,379) (91,266) (1,455,033)
Policy charges...................................... (70,750) (72,833) (102,818)
Transfers for Policy benefits and terminations...... (100,058) (25,128) (29,195)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (110,705) (116,251) (1,505,950)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. 118,404 (85,740) (1,512,203)
NET ASSETS:
Beginning of year................................... 1,340,372 1,426,112 2,938,315
-------------------- -------------------- ---------------------
End of year......................................... $ 1,458,776 $ 1,340,372 $ 1,426,112
==================== ==================== =====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

BHFTI HARRIS OAKMARK INTERNATIONAL
DIVISION
------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 99,437 $ 121,294 $ 221,199
Net realized gains (losses)......................... 60,004 154,278 813,750
Change in unrealized gains (losses) on investments.. 1,689,235 143,639 (1,386,571)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 1,848,676 419,211 (351,622)
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 270,612 272,674 291,531
Net transfers (including fixed account)............. 100,407 (1,022,351) (213,410)
Policy charges...................................... (292,798) (276,123) (288,125)
Transfers for Policy benefits and terminations...... (164,112) (310,861) (266,994)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (85,891) (1,336,661) (476,998)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 1,762,785 (917,450) (828,620)
NET ASSETS:
Beginning of year................................... 6,180,576 7,098,026 7,926,646
-------------------- -------------------- --------------------
End of year......................................... $ 7,943,361 $ 6,180,576 $ 7,098,026
==================== ==================== ====================

BHFTI INVESCO SMALL CAP GROWTH
DIVISION
------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (3,245) $ (2,917) $ (1,675)
Net realized gains (losses)......................... 110,656 158,095 253,787
Change in unrealized gains (losses) on investments.. 142,459 (50,274) (268,144)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 249,870 104,904 (16,032)
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 43,445 44,153 45,753
Net transfers (including fixed account)............. (9,268) (35,143) (16,877)
Policy charges...................................... (34,336) (34,190) (36,099)
Transfers for Policy benefits and terminations...... (17,491) (18,398) (17,079)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (17,650) (43,578) (24,302)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 232,220 61,326 (40,334)
NET ASSETS:
Beginning of year................................... 988,322 926,996 967,330
-------------------- -------------------- --------------------
End of year......................................... $ 1,220,542 $ 988,322 $ 926,996
==================== ==================== ====================

BHFTI MFS RESEARCH INTERNATIONAL
DIVISION
------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 125,085 $ 136,188 $ 251,290
Net realized gains (losses)......................... 96,658 (240,470) 67,399
Change in unrealized gains (losses) on investments.. 1,966,754 (90,823) (423,899)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 2,188,497 (195,105) (105,210)
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 499,486 500,995 553,626
Net transfers (including fixed account)............. (939,318) (1,329,078) 317,343
Policy charges...................................... (463,699) (476,499) (524,579)
Transfers for Policy benefits and terminations...... (282,681) (413,471) (384,259)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (1,186,212) (1,718,053) (37,869)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 1,002,285 (1,913,158) (143,079)
NET ASSETS:
Beginning of year................................... 8,251,678 10,164,836 10,307,915
-------------------- -------------------- --------------------
End of year......................................... $ 9,253,963 $ 8,251,678 $ 10,164,836
==================== ==================== ====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

BHFTI MORGAN STANLEY MID CAP GROWTH
DIVISION
-----------------------------------------------------------------
2017 2016 2015
------------------- -------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (2,364) $ (7,901) $ (9,187)
Net realized gains (losses)......................... 62,637 32,343 47,980
Change in unrealized gains (losses) on investments.. 563,488 (179,232) (141,174)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 623,761 (154,790) (102,381)
------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 116,136 125,831 128,187
Net transfers (including fixed account)............. (56,829) (38,125) (31,990)
Policy charges...................................... (85,464) (83,113) (86,177)
Transfers for Policy benefits and terminations...... (80,116) (48,411) (57,769)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (106,273) (43,818) (47,749)
------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 517,488 (198,608) (150,130)
NET ASSETS:
Beginning of year................................... 1,587,726 1,786,334 1,936,464
------------------- -------------------- --------------------
End of year......................................... $ 2,105,214 $ 1,587,726 $ 1,786,334
=================== ==================== ====================

BHFTI PIMCO TOTAL RETURN
DIVISION
------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 150,297 $ 254,391 $ 637,016
Net realized gains (losses)......................... 24,440 (142,777) 121,336
Change in unrealized gains (losses) on investments.. 252,866 198,934 (774,770)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 427,603 310,548 (16,418)
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 539,052 526,508 555,683
Net transfers (including fixed account)............. 246,664 (1,573,215) (201,352)
Policy charges...................................... (446,558) (500,052) (521,279)
Transfers for Policy benefits and terminations...... (305,978) (1,086,148) (265,467)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... 33,180 (2,632,907) (432,415)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 460,783 (2,322,359) (448,833)
NET ASSETS:
Beginning of year................................... 9,998,671 12,321,030 12,769,863
-------------------- -------------------- --------------------
End of year......................................... $ 10,459,454 $ 9,998,671 $ 12,321,030
==================== ==================== ====================

BHFTI T. ROWE PRICE LARGE CAP VALUE
DIVISION
-----------------------------------------------------------------
2017 2016 2015
------------------- -------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 36,964 $ 48,946 $ 49,891
Net realized gains (losses)......................... 211,847 279,865 323,805
Change in unrealized gains (losses) on investments.. 90,317 (41,435) (455,584)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 339,128 287,376 (81,888)
------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 171,014 154,224 153,355
Net transfers (including fixed account)............. (53,111) 15,860 (1,179,113)
Policy charges...................................... (191,793) (191,210) (193,744)
Transfers for Policy benefits and terminations...... (40,750) (54,506) (78,413)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (114,640) (75,632) (1,297,915)
------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 224,488 211,744 (1,379,803)
NET ASSETS:
Beginning of year................................... 2,087,464 1,875,720 3,255,523
------------------- -------------------- --------------------
End of year......................................... $ 2,311,952 $ 2,087,464 $ 1,875,720
=================== ==================== ====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

BHFTI T. ROWE PRICE MID CAP GROWTH
DIVISION
-------------------------------------------------------------------
2017 2016 2015
-------------------- --------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (13,959) $ (13,494) $ (14,394)
Net realized gains (losses)......................... 307,384 495,730 604,662
Change in unrealized gains (losses) on investments.. 395,543 (290,932) (379,732)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 688,968 191,304 210,536
-------------------- --------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 104,825 109,599 109,713
Net transfers (including fixed account)............. (331,745) (591,851) 765,982
Policy charges...................................... (117,174) (131,145) (142,421)
Transfers for Policy benefits and terminations...... (297,638) (162,405) (135,440)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (641,732) (775,802) 597,834
-------------------- --------------------- --------------------
Net increase (decrease) in net assets............. 47,236 (584,498) 808,370
NET ASSETS:
Beginning of year................................... 3,119,748 3,704,246 2,895,876
-------------------- --------------------- --------------------
End of year......................................... $ 3,166,984 $ 3,119,748 $ 3,704,246
==================== ===================== ====================

BHFTI VICTORY SYCAMORE MID CAP VALUE
DIVISION
--------------------------------------------------------------------
2017 2016 2015
--------------------- -------------------- ---------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 25,881 $ 15,687 $ 13,119
Net realized gains (losses)......................... 20,553 103,717 387,291
Change in unrealized gains (losses) on investments.. 297,352 399,812 (807,927)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 343,786 519,216 (407,517)
--------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 160,136 201,029 246,302
Net transfers (including fixed account)............. (109,138) (544,756) 520,158
Policy charges...................................... (169,162) (177,172) (213,927)
Transfers for Policy benefits and terminations...... (56,837) (297,355) (264,269)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (175,001) (818,254) 288,264
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. 168,785 (299,038) (119,253)
NET ASSETS:
Beginning of year................................... 3,744,567 4,043,605 4,162,858
--------------------- -------------------- ---------------------
End of year......................................... $ 3,913,352 $ 3,744,567 $ 4,043,605
===================== ==================== =====================

BHFTII BAILLIE GIFFORD INTERNATIONAL STOCK
DIVISION
--------------------------------------------------------------------
2017 2016 2015
--------------------- -------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 17,545 $ 22,734 $ 25,128
Net realized gains (losses)......................... 21,550 (16,468) (17,092)
Change in unrealized gains (losses) on investments.. 558,804 84,434 (51,040)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 597,899 90,700 (43,004)
--------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 118,094 133,824 147,302
Net transfers (including fixed account)............. (63,789) 24,431 5,816
Policy charges...................................... (84,526) (80,068) (77,294)
Transfers for Policy benefits and terminations...... (99,290) (127,060) (120,467)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (129,511) (48,873) (44,643)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 468,388 41,827 (87,647)
NET ASSETS:
Beginning of year................................... 1,806,841 1,765,014 1,852,661
--------------------- -------------------- --------------------
End of year......................................... $ 2,275,229 $ 1,806,841 $ 1,765,014
===================== ==================== ====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

BHFTII BLACKROCK BOND INCOME
DIVISION
------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 93,428 $ 45,836 $ 64,427
Net realized gains (losses)......................... (7,702) (3,875) 22,911
Change in unrealized gains (losses) on investments.. 43,764 (47,132) (85,628)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 129,490 (5,171) 1,710
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 104,645 104,805 106,154
Net transfers (including fixed account)............. 478,526 2,025,275 89,471
Policy charges...................................... (170,449) (122,526) (84,993)
Transfers for Policy benefits and terminations...... (178,527) (205,032) (49,470)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... 234,195 1,802,522 61,162
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 363,685 1,797,351 62,872
NET ASSETS:
Beginning of year................................... 3,728,404 1,931,053 1,868,181
-------------------- -------------------- --------------------
End of year......................................... $ 4,092,089 $ 3,728,404 $ 1,931,053
==================== ==================== ====================

BHFTII BLACKROCK CAPITAL APPRECIATION
DIVISION
------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (7,245) $ (9,537) $ (10,861)
Net realized gains (losses)......................... 172,325 296,353 593,843
Change in unrealized gains (losses) on investments.. 660,446 (299,992) (421,432)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 825,526 (13,176) 161,550
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 154,760 167,532 192,543
Net transfers (including fixed account)............. (182,718) (129,390) (123,712)
Policy charges...................................... (148,128) (149,263) (146,699)
Transfers for Policy benefits and terminations...... (131,594) (148,167) (125,759)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (307,680) (259,288) (203,627)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 517,846 (272,464) (42,077)
NET ASSETS:
Beginning of year................................... 2,562,333 2,834,797 2,876,874
-------------------- -------------------- --------------------
End of year......................................... $ 3,080,179 $ 2,562,333 $ 2,834,797
==================== ==================== ====================

BHFTII BLACKROCK ULTRA-SHORT TERM BOND
DIVISION
------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (5,514) $ (20,615) $ (25,378)
Net realized gains (losses)......................... 4,080 1,666 --
Change in unrealized gains (losses) on investments.. 20,890 12,277 --
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 19,456 (6,672) (25,378)
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 415,445 450,687 534,610
Net transfers (including fixed account)............. (33,364) (118,238) 1,192,319
Policy charges...................................... (333,907) (353,827) (423,919)
Transfers for Policy benefits and terminations...... (383,114) (663,241) (1,513,527)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (334,940) (684,619) (210,517)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (315,484) (691,291) (235,895)
NET ASSETS:
Beginning of year................................... 4,812,744 5,504,035 5,739,930
-------------------- -------------------- --------------------
End of year......................................... $ 4,497,260 $ 4,812,744 $ 5,504,035
==================== ==================== ====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

BHFTII BRIGHTHOUSE ASSET ALLOCATION 20
DIVISION
----------------------------------------------------------------------
2017 2016 2015
--------------------- --------------------- ---------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 2,607 $ 3,740 $ 2,493
Net realized gains (losses)......................... 1,716 3,537 3,410
Change in unrealized gains (losses) on investments.. 3,429 (2,226) (6,137)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 7,752 5,051 (234)
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 1,222 1,222 2,404
Net transfers (including fixed account)............. -- -- 1
Policy charges...................................... (3,289) (2,974) (3,215)
Transfers for Policy benefits and terminations...... (7,481) (2) --
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (9,548) (1,754) (810)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ (1,796) 3,297 (1,044)
NET ASSETS:
Beginning of year................................... 110,210 106,913 107,957
--------------------- --------------------- ---------------------
End of year......................................... $ 108,414 $ 110,210 $ 106,913
===================== ===================== =====================

BHFTII BRIGHTHOUSE ASSET ALLOCATION 40
DIVISION
---------------------------------------------------------------------
2017 2016 2015
--------------------- --------------------- ---------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 5,349 $ 8,469 $ 1,066
Net realized gains (losses)......................... 7,013 14,165 12,187
Change in unrealized gains (losses) on investments.. 12,945 (8,803) (19,736)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 25,307 13,831 (6,483)
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 253 67 --
Net transfers (including fixed account)............. -- -- 227,070
Policy charges...................................... (4,416) (2,353) (1,633)
Transfers for Policy benefits and terminations...... -- -- --
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (4,163) (2,286) 225,437
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ 21,144 11,545 218,954
NET ASSETS:
Beginning of year................................... 231,122 219,577 623
--------------------- --------------------- ---------------------
End of year......................................... $ 252,266 $ 231,122 $ 219,577
===================== ===================== =====================

BHFTII BRIGHTHOUSE ASSET ALLOCATION 60
DIVISION
----------------------------------------------------------------------
2017 2016 2015
--------------------- --------------------- ---------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 7,315 $ 10,465 $ 2,614
Net realized gains (losses)......................... 14,940 27,897 56,132
Change in unrealized gains (losses) on investments.. 29,679 (16,166) (56,186)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 51,934 22,196 2,560
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 33,616 31,626 39,530
Net transfers (including fixed account)............. 11 62,669 (9,808)
Policy charges...................................... (8,885) (9,109) (15,462)
Transfers for Policy benefits and terminations...... -- -- (214,052)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... 24,742 85,186 (199,792)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ 76,676 107,382 (197,232)
NET ASSETS:
Beginning of year................................... 336,803 229,421 426,653
--------------------- --------------------- ---------------------
End of year......................................... $ 413,479 $ 336,803 $ 229,421
===================== ===================== =====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

BHFTII BRIGHTHOUSE ASSET ALLOCATION 80
DIVISION
--------------------------------------------------------------------
2017 2016 2015
-------------------- --------------------- ---------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 14,834 $ 22,881 $ 4,019
Net realized gains (losses)......................... 55,321 97,916 38,679
Change in unrealized gains (losses) on investments.. 79,824 (61,134) (54,209)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 149,979 59,663 (11,511)
-------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 62,701 64,526 71,665
Net transfers (including fixed account)............. -- (62,668) --
Policy charges...................................... (22,699) (31,158) (37,518)
Transfers for Policy benefits and terminations...... (56,266) (9,543) (894)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (16,264) (38,843) 33,253
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. 133,715 20,820 21,742
NET ASSETS:
Beginning of year................................... 778,418 757,598 735,856
-------------------- --------------------- ---------------------
End of year......................................... $ 912,133 $ 778,418 $ 757,598
==================== ===================== =====================

BHFTII BRIGHTHOUSE/ARTISAN MID CAP VALUE
DIVISION
--------------------------------------------------------------------
2017 2016 2015
--------------------- --------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 11,030 $ 25,748 $ 26,167
Net realized gains (losses)......................... 60,211 382,414 480,269
Change in unrealized gains (losses) on investments.. 339,435 264,858 (831,669)
--------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 410,676 673,020 (325,233)
--------------------- --------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 173,476 191,653 261,397
Net transfers (including fixed account)............. (217,122) 172,543 (103,143)
Policy charges...................................... (164,373) (182,301) (235,757)
Transfers for Policy benefits and terminations...... (233,777) (200,747) (236,534)
--------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (441,796) (18,852) (314,037)
--------------------- --------------------- --------------------
Net increase (decrease) in net assets............. (31,120) 654,168 (639,270)
NET ASSETS:
Beginning of year................................... 3,583,115 2,928,947 3,568,217
--------------------- --------------------- --------------------
End of year......................................... $ 3,551,995 $ 3,583,115 $ 2,928,947
===================== ===================== ====================

BHFTII BRIGHTHOUSE/WELLINGTON BALANCED
DIVISION
--------------------------------------------------------------------
2017 2016 2015
-------------------- --------------------- ---------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 131,344 $ 163,612 $ 113,168
Net realized gains (losses)......................... 332,152 470,776 1,516,406
Change in unrealized gains (losses) on investments.. 853,760 (135,374) (1,462,562)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 1,317,256 499,014 167,012
-------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 409,816 405,104 376,761
Net transfers (including fixed account)............. 18,965 1,022,564 69,367
Policy charges...................................... (402,447) (384,657) (362,701)
Transfers for Policy benefits and terminations...... (395,816) (331,314) (454,436)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (369,482) 711,697 (371,009)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. 947,774 1,210,711 (203,997)
NET ASSETS:
Beginning of year................................... 9,172,261 7,961,550 8,165,547
-------------------- --------------------- ---------------------
End of year......................................... $ 10,120,035 $ 9,172,261 $ 7,961,550
==================== ===================== =====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 65,244 $ 80,723 $ 74,420
Net realized gains (losses)......................... 221,151 187,343 1,876,991
Change in unrealized gains (losses) on investments.. 713,120 121,024 (1,850,670)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 999,515 389,090 100,741
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 272,089 317,110 306,639
Net transfers (including fixed account)............. (530,226) 301,240 (144,772)
Policy charges...................................... (259,078) (285,220) (242,235)
Transfers for Policy benefits and terminations...... (247,440) (233,430) (219,730)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (764,655) 99,700 (300,098)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 234,860 488,790 (199,357)
NET ASSETS:
Beginning of year................................... 5,750,637 5,261,847 5,461,204
-------------------- -------------------- --------------------
End of year......................................... $ 5,985,497 $ 5,750,637 $ 5,261,847
==================== ==================== ====================

BHFTII FRONTIER MID CAP GROWTH
DIVISION
------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (21,515) $ (20,381) $ (23,259)
Net realized gains (losses)......................... 234,407 465,063 593,758
Change in unrealized gains (losses) on investments.. 523,297 (286,708) (476,786)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 736,189 157,974 93,713
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 203,510 208,222 226,654
Net transfers (including fixed account)............. (83,302) (311,354) (24,124)
Policy charges...................................... (208,120) (216,715) (227,960)
Transfers for Policy benefits and terminations...... (436,017) (99,016) (216,623)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (523,929) (418,863) (242,053)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 212,260 (260,889) (148,340)
NET ASSETS:
Beginning of year................................... 3,145,053 3,405,942 3,554,282
-------------------- -------------------- --------------------
End of year......................................... $ 3,357,313 $ 3,145,053 $ 3,405,942
==================== ==================== ====================

BHFTII JENNISON GROWTH
DIVISION
------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (92,878) $ (86,023) $ (108,996)
Net realized gains (losses)......................... 2,259,880 3,314,806 4,731,846
Change in unrealized gains (losses) on investments.. 5,682,678 (3,419,832) (2,060,648)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 7,849,680 (191,049) 2,562,202
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 1,336,728 1,361,226 1,484,488
Net transfers (including fixed account)............. (330,337) (2,521,193) (1,130,021)
Policy charges...................................... (1,602,837) (1,563,870) (1,574,145)
Transfers for Policy benefits and terminations...... (1,196,802) (1,061,873) (1,491,131)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (1,793,248) (3,785,710) (2,710,809)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 6,056,432 (3,976,759) (148,607)
NET ASSETS:
Beginning of year................................... 21,931,124 25,907,883 26,056,490
-------------------- -------------------- --------------------
End of year......................................... $ 27,987,556 $ 21,931,124 $ 25,907,883
==================== ==================== ====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

BHFTII METLIFE AGGREGATE BOND INDEX
DIVISION
-----------------------------------------------------------------
2017 2016 2015
------------------- -------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 315,748 $ 300,612 $ 326,959
Net realized gains (losses)......................... (1,761) 18,120 21,767
Change in unrealized gains (losses) on investments.. 44,573 (77,577) (396,378)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 358,560 241,155 (47,652)
------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 515,090 526,120 536,187
Net transfers (including fixed account)............. 37,870 34,078 (10,629)
Policy charges...................................... (630,491) (670,645) (632,399)
Transfers for Policy benefits and terminations...... (348,486) (379,713) (314,883)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (426,017) (490,160) (421,724)
------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (67,457) (249,005) (469,376)
NET ASSETS:
Beginning of year................................... 13,766,735 14,015,740 14,485,116
------------------- -------------------- --------------------
End of year......................................... $ 13,699,278 $ 13,766,735 $ 14,015,740
=================== ==================== ====================

BHFTII METLIFE MID CAP STOCK INDEX
DIVISION
-----------------------------------------------------------------
2017 2016 2015
------------------- -------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 36,944 $ 17,445 $ 17,547
Net realized gains (losses)......................... 244,206 184,009 416,000
Change in unrealized gains (losses) on investments.. 191,763 180,914 (480,822)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 472,913 382,368 (47,275)
------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 84,596 76,347 77,604
Net transfers (including fixed account)............. 1,104,945 (105,809) (943,720)
Policy charges...................................... (86,335) (65,494) (66,245)
Transfers for Policy benefits and terminations...... (10,556) (32,709) (90,256)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... 1,092,650 (127,665) (1,022,617)
------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 1,565,563 254,703 (1,069,892)
NET ASSETS:
Beginning of year................................... 2,267,923 2,013,220 3,083,112
------------------- -------------------- --------------------
End of year......................................... $ 3,833,486 $ 2,267,923 $ 2,013,220
=================== ==================== ====================

BHFTII METLIFE MSCI EAFE INDEX
DIVISION
-----------------------------------------------------------------
2017 2016 2015
------------------- -------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 97,420 $ 81,136 $ 119,087
Net realized gains (losses)......................... 58,406 4,142 65,063
Change in unrealized gains (losses) on investments.. 818,791 (50,058) (237,706)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 974,617 35,220 (53,556)
------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 260,250 269,233 286,853
Net transfers (including fixed account)............. 104,934 (46,984) 79,362
Policy charges...................................... (232,101) (250,940) (265,228)
Transfers for Policy benefits and terminations...... (209,480) (67,532) (407,339)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (76,397) (96,223) (306,352)
------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 898,220 (61,003) (359,908)
NET ASSETS:
Beginning of year................................... 4,043,957 4,104,960 4,464,868
------------------- -------------------- --------------------
End of year......................................... $ 4,942,177 $ 4,043,957 $ 4,104,960
=================== ==================== ====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

BHFTII METLIFE RUSSELL 2000 INDEX
DIVISION
-------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 25,009 $ 28,174 $ 27,732
Net realized gains (losses)......................... 268,175 318,085 392,835
Change in unrealized gains (losses) on investments.. 148,566 236,931 (573,131)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 441,750 583,190 (152,564)
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 118,727 111,560 129,283
Net transfers (including fixed account)............. (15,395) (206,162) (284,372)
Policy charges...................................... (111,452) (109,315) (117,849)
Transfers for Policy benefits and terminations...... (232,395) (242,881) (156,265)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (240,515) (446,798) (429,203)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 201,235 136,392 (581,767)
NET ASSETS:
Beginning of year................................... 3,254,335 3,117,943 3,699,710
-------------------- -------------------- --------------------
End of year......................................... $ 3,455,570 $ 3,254,335 $ 3,117,943
==================== ==================== ====================

BHFTII METLIFE STOCK INDEX
DIVISION
-------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- ---------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 667,294 $ 725,739 $ 660,586
Net realized gains (losses)......................... 3,414,047 3,924,564 5,534,537
Change in unrealized gains (losses) on investments.. 6,588,528 724,662 (5,754,918)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 10,669,869 5,374,965 440,205
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 2,794,879 2,913,736 3,151,873
Net transfers (including fixed account)............. 4,417 (1,314,555) (2,024,189)
Policy charges...................................... (3,206,860) (3,434,129) (3,576,575)
Transfers for Policy benefits and terminations...... (2,947,853) (2,427,687) (5,025,841)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (3,355,417) (4,262,635) (7,474,732)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. 7,314,452 1,112,330 (7,034,527)
NET ASSETS:
Beginning of year................................... 52,646,385 51,534,055 58,568,582
-------------------- -------------------- ---------------------
End of year......................................... $ 59,960,837 $ 52,646,385 $ 51,534,055
==================== ==================== =====================

BHFTII MFS TOTAL RETURN
DIVISION
-------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 57,182 $ 66,350 $ 70,244
Net realized gains (losses)......................... 213,781 249,367 38,051
Change in unrealized gains (losses) on investments.. 50,500 (64,607) (128,963)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 321,463 251,110 (20,668)
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 133,421 145,664 145,455
Net transfers (including fixed account)............. 31,528 (487,689) (15,206)
Policy charges...................................... (161,244) (168,857) (164,300)
Transfers for Policy benefits and terminations...... (252,389) (110,198) (63,250)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (248,684) (621,080) (97,301)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 72,779 (369,970) (117,969)
NET ASSETS:
Beginning of year................................... 2,871,810 3,241,780 3,359,749
-------------------- -------------------- --------------------
End of year......................................... $ 2,944,589 $ 2,871,810 $ 3,241,780
==================== ==================== ====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

BHFTII MFS VALUE
DIVISION
-----------------------------------------------------------------
2017 2016 2015
------------------- -------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 130,551 $ 110,439 $ 145,941
Net realized gains (losses)......................... 574,859 546,923 1,837,805
Change in unrealized gains (losses) on investments.. 645,393 253,948 (2,085,181)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 1,350,803 911,310 (101,435)
------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 216,687 211,751 261,646
Net transfers (including fixed account)............. 1,272,109 (1,151,434) 1,295,988
Policy charges...................................... (278,150) (283,083) (289,889)
Transfers for Policy benefits and terminations...... (331,149) (657,430) (193,581)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... 879,497 (1,880,196) 1,074,164
------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 2,230,300 (968,886) 972,729
NET ASSETS:
Beginning of year................................... 7,107,991 8,076,877 7,104,148
------------------- -------------------- --------------------
End of year......................................... $ 9,338,291 $ 7,107,991 $ 8,076,877
=================== ==================== ====================

BHFTII MFS VALUE II
DIVISION
-----------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- -------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 94,859 $ 45,285 $ 57,932
Net realized gains (losses)......................... (26,868) 229,571 363,851
Change in unrealized gains (losses) on investments.. 257,084 479,870 (752,133)
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from operations................................ 325,075 754,726 (330,350)
-------------------- -------------------- -------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 339,002 386,121 383,914
Net transfers (including fixed account)............. 146 (62,853) (70,757)
Policy charges...................................... (317,135) (341,311) (353,506)
Transfers for Policy benefits and terminations...... (223,640) (489,112) (492,577)
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (201,627) (507,155) (532,926)
-------------------- -------------------- -------------------
Net increase (decrease) in net assets............. 123,448 247,571 (863,276)
NET ASSETS:
Beginning of year................................... 4,805,065 4,557,494 5,420,770
-------------------- -------------------- -------------------
End of year......................................... $ 4,928,513 $ 4,805,065 $ 4,557,494
==================== ==================== ===================

BHFTII NEUBERGER BERMAN GENESIS
DIVISION
-----------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- -------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (11,514) $ (6,221) $ (11,313)
Net realized gains (losses)......................... 1,049,858 453,637 366,420
Change in unrealized gains (losses) on investments.. 159,525 861,100 (356,362)
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from operations................................ 1,197,869 1,308,516 (1,255)
-------------------- -------------------- -------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 334,810 350,134 427,946
Net transfers (including fixed account)............. (340,036) (665,556) (278,138)
Policy charges...................................... (304,353) (322,724) (345,019)
Transfers for Policy benefits and terminations...... (325,200) (377,307) (447,432)
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (634,779) (1,015,453) (642,643)
-------------------- -------------------- -------------------
Net increase (decrease) in net assets............. 563,090 293,063 (643,898)
NET ASSETS:
Beginning of year................................... 8,106,048 7,812,985 8,456,883
-------------------- -------------------- -------------------
End of year......................................... $ 8,669,138 $ 8,106,048 $ 7,812,985
==================== ==================== ===================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

BHFTII T. ROWE PRICE LARGE CAP GROWTH
DIVISION
-------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (6,530) $ (19,608) $ (18,372)
Net realized gains (losses)......................... 441,283 669,908 1,011,920
Change in unrealized gains (losses) on investments.. 1,315,448 (657,494) (541,770)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 1,750,201 (7,194) 451,778
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 128,412 146,857 139,638
Net transfers (including fixed account)............. 710,670 (1,331,839) 2,071,915
Policy charges...................................... (250,019) (247,831) (246,584)
Transfers for Policy benefits and terminations...... (136,994) (335,748) (269,520)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... 452,069 (1,768,561) 1,695,449
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 2,202,270 (1,775,755) 2,147,227
NET ASSETS:
Beginning of year................................... 5,151,979 6,927,734 4,780,507
-------------------- -------------------- --------------------
End of year......................................... $ 7,354,249 $ 5,151,979 $ 6,927,734
==================== ==================== ====================

BHFTII T. ROWE PRICE SMALL CAP GROWTH
DIVISION
-------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (17,069) $ (17,045) $ (28,570)
Net realized gains (losses)......................... 694,397 970,506 984,304
Change in unrealized gains (losses) on investments.. 789,248 (297,835) (777,293)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 1,466,576 655,626 178,441
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 237,047 234,437 262,429
Net transfers (including fixed account)............. 281,335 (147,615) (675,813)
Policy charges...................................... (238,295) (224,255) (222,565)
Transfers for Policy benefits and terminations...... (345,307) (150,228) (140,371)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (65,220) (287,661) (776,320)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 1,401,356 367,965 (597,879)
NET ASSETS:
Beginning of year................................... 6,615,513 6,247,548 6,845,427
-------------------- -------------------- --------------------
End of year......................................... $ 8,016,869 $ 6,615,513 $ 6,247,548
==================== ==================== ====================

BHFTII VAN ECK GLOBAL NATURAL RESOURCES
DIVISION
-------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- ---------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (17,248) $ 11,176 $ 697
Net realized gains (losses)......................... (96,669) (266,985) (218,089)
Change in unrealized gains (losses) on investments.. 60,091 1,653,307 (1,446,457)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (53,826) 1,397,498 (1,663,849)
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 49,089 59,447 89,204
Net transfers (including fixed account)............. 16,073 (379,476) 135,003
Policy charges...................................... (119,021) (124,113) (136,170)
Transfers for Policy benefits and terminations...... (102,355) -- (164,149)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (156,214) (444,142) (76,112)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. (210,040) 953,356 (1,739,961)
NET ASSETS:
Beginning of year................................... 4,317,890 3,364,534 5,104,495
-------------------- -------------------- ---------------------
End of year......................................... $ 4,107,850 $ 4,317,890 $ 3,364,534
==================== ==================== =====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

BHFTII WESTERN ASSET MANAGEMENT
STRATEGIC BOND OPPORTUNITIES
DIVISION
--------------------------------------------
2017 2016 (a)
-------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 220,563 $ 75,254
Net realized gains (losses)......................... 33,679 12,923
Change in unrealized gains (losses) on investments.. 229,611 184,899
-------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 483,853 273,076
-------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 308,320 189,322
Net transfers (including fixed account)............. 363,536 6,269,062
Policy charges...................................... (311,865) (216,730)
Transfers for Policy benefits and terminations...... (151,444) (257,038)
-------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... 208,547 5,984,616
-------------------- --------------------
Net increase (decrease) in net assets............. 692,400 6,257,692
NET ASSETS:
Beginning of year................................... 6,257,692 --
-------------------- --------------------
End of year......................................... $ 6,950,092 $ 6,257,692
==================== ====================

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 15,948 $ 13,045 $ 22,317
Net realized gains (losses)......................... (752) (1,395) (1,768)
Change in unrealized gains (losses) on investments.. (7,363) 4,332 (16,976)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 7,833 15,982 3,573
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 26,406 32,681 31,387
Net transfers (including fixed account)............. 281,747 (424,015) 18,603
Policy charges...................................... (23,200) (23,895) (38,426)
Transfers for Policy benefits and terminations...... (16,365) (163,851) (89,282)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... 268,588 (579,080) (77,718)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 276,421 (563,098) (74,145)
NET ASSETS:
Beginning of year................................... 447,387 1,010,485 1,084,630
-------------------- -------------------- --------------------
End of year......................................... $ 723,808 $ 447,387 $ 1,010,485
==================== ==================== ====================

FIDELITY VIP EQUITY-INCOME
DIVISION
-------------------------------------------------------------------
2017 2016 2015
-------------------- --------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 157,893 $ 227,838 $ 394,730
Net realized gains (losses)......................... 397,986 852,684 1,530,427
Change in unrealized gains (losses) on investments.. 1,177,762 1,277,548 (2,639,815)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 1,733,641 2,358,070 (714,658)
-------------------- --------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 711,885 750,160 820,946
Net transfers (including fixed account)............. (182,470) (936,113) (313,064)
Policy charges...................................... (859,005) (900,466) (882,793)
Transfers for Policy benefits and terminations...... (851,560) (1,097,797) (842,313)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (1,181,150) (2,184,216) (1,217,224)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets............. 552,491 173,854 (1,931,882)
NET ASSETS:
Beginning of year................................... 14,906,317 14,732,463 16,664,345
-------------------- --------------------- --------------------
End of year......................................... $ 15,458,808 $ 14,906,317 $ 14,732,463
==================== ===================== ====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

FIDELITY VIP MID CAP
DIVISION
--------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- ---------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 5,528 $ (3,654) $ (4,749)
Net realized gains (losses)......................... 286,764 311,768 743,774
Change in unrealized gains (losses) on investments.. 527,778 155,735 (795,687)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 820,070 463,849 (56,662)
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 166,617 195,502 265,812
Net transfers (including fixed account)............. (168,577) (132,030) (462,030)
Policy charges...................................... (249,316) (261,535) (267,240)
Transfers for Policy benefits and terminations...... (177,004) (446,142) (211,095)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (428,280) (644,205) (674,553)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. 391,790 (180,356) (731,215)
NET ASSETS:
Beginning of year................................... 4,280,262 4,460,618 5,191,833
-------------------- -------------------- ---------------------
End of year......................................... $ 4,672,052 $ 4,280,262 $ 4,460,618
==================== ==================== =====================

JPMORGAN INSURANCE TRUST CORE BOND
DIVISION
--------------------------------------------------------------------
2017 2016 2015
--------------------- -------------------- ---------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 15,101 $ 15,451 $ 26,102
Net realized gains (losses)......................... (748) (1,000) (1,941)
Change in unrealized gains (losses) on investments.. 7,512 (657) (19,927)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 21,865 13,794 4,234
--------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 49,276 52,595 57,460
Net transfers (including fixed account)............. 36,335 (34,264) 75,813
Policy charges...................................... (37,722) (40,085) (47,058)
Transfers for Policy benefits and terminations...... (18,018) (141,200) (77,675)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... 29,871 (162,954) 8,540
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. 51,736 (149,160) 12,774
NET ASSETS:
Beginning of year................................... 698,826 847,986 835,212
--------------------- -------------------- ---------------------
End of year......................................... $ 750,562 $ 698,826 $ 847,986
===================== ==================== =====================

JPMORGAN INSURANCE TRUST SMALL CAP CORE
DIVISION
-------------------------------------------------------------------
2017 2016 2015
-------------------- -------------------- --------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (2,450) $ 1,111 $ (6,890)
Net realized gains (losses)......................... 91,604 339,837 447,188
Change in unrealized gains (losses) on investments.. 328,670 1,666 (621,720)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 417,824 342,614 (181,422)
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 94,376 98,392 104,803
Net transfers (including fixed account)............. 785,464 (900,618) 59,099
Policy charges...................................... (108,872) (95,987) (115,256)
Transfers for Policy benefits and terminations...... (124,977) (57,794) (130,155)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... 645,991 (956,007) (81,509)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 1,063,815 (613,393) (262,931)
NET ASSETS:
Beginning of year................................... 2,277,324 2,890,717 3,153,648
-------------------- -------------------- --------------------
End of year......................................... $ 3,341,139 $ 2,277,324 $ 2,890,717
==================== ==================== ====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 30,011 $ 35,993 $ 9,032
Net realized gains (losses)......................... 72,722 30,847 18,277
Change in unrealized gains (losses) on investments.. 209,463 (39,455) (51,390)
---------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 312,196 27,385 (24,081)
---------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 30,791 38,008 38,646
Net transfers (including fixed account)............. (71,504) (212,157) (22,403)
Policy charges...................................... (32,080) (37,882) (39,996)
Transfers for Policy benefits and terminations...... (3,031) (18,425) (9,974)
---------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (75,824) (230,456) (33,727)
---------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ 236,372 (203,071) (57,808)
NET ASSETS:
Beginning of year................................... 1,306,331 1,509,402 1,567,210
---------------------- --------------------- ---------------------
End of year......................................... $ 1,542,703 $ 1,306,331 $ 1,509,402
====================== ===================== =====================

RUSSELL STRATEGIC BOND
DIVISION
------------------------------------------------------------------------
2017 2016 2015
---------------------- ---------------------- ----------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 7,258 $ 10,591 $ 19,728
Net realized gains (losses)......................... (1,391) 29,212 13,717
Change in unrealized gains (losses) on investments.. 25,589 (10,512) (41,255)
---------------------- ---------------------- ----------------------
Net increase (decrease) in net assets resulting
from operations................................ 31,456 29,291 (7,810)
---------------------- ---------------------- ----------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 22,663 24,803 29,017
Net transfers (including fixed account)............. (47,918) (119,683) 6,146
Policy charges...................................... (58,671) (64,781) (63,084)
Transfers for Policy benefits and terminations...... (3,164) (10,131) --
---------------------- ---------------------- ----------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (87,090) (169,792) (27,921)
---------------------- ---------------------- ----------------------
Net increase (decrease) in net assets............ (55,634) (140,501) (35,731)
NET ASSETS:
Beginning of year................................... 949,307 1,089,808 1,125,539
---------------------- ---------------------- ----------------------
End of year......................................... $ 893,673 $ 949,307 $ 1,089,808
====================== ====================== ======================

RUSSELL U.S. SMALL CAP EQUITY
DIVISION
-----------------------------------------------------------------------
2017 2016 2015
---------------------- --------------------- ---------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (6,587) $ 3,846 $ 1,227
Net realized gains (losses)......................... 145,021 12,169 167,243
Change in unrealized gains (losses) on investments.. 100,755 248,974 (300,458)
---------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 239,189 264,989 (131,988)
---------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 48,091 49,566 56,208
Net transfers (including fixed account)............. (35,859) (191,033) 24,881
Policy charges...................................... (46,252) (49,655) (52,663)
Transfers for Policy benefits and terminations...... (58,777) (25,245) --
---------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (92,797) (216,367) 28,426
---------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ 146,392 48,622 (103,562)
NET ASSETS:
Beginning of year................................... 1,636,361 1,587,739 1,691,301
---------------------- --------------------- ---------------------
End of year......................................... $ 1,782,753 $ 1,636,361 $ 1,587,739
====================== ===================== =====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONCLUDED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

RUSSELL U.S. STRATEGIC EQUITY
DIVISION
----------------------------------------------------------------------
2017 2016 2015
--------------------- --------------------- ---------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 17,097 $ 16,672 $ 8,359
Net realized gains (losses)......................... 433,487 314,215 358,697
Change in unrealized gains (losses) on investments.. 253,931 15,350 (348,438)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 704,515 346,237 18,618
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 114,659 135,355 107,638
Net transfers (including fixed account)............. (148,122) (374,679) (72,144)
Policy charges...................................... (132,908) (139,589) (134,202)
Transfers for Policy benefits and terminations...... (12,362) (50,667) (23,948)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... (178,733) (429,580) (122,656)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ 525,782 (83,343) (104,038)
NET ASSETS:
Beginning of year................................... 3,565,102 3,648,445 3,752,483
--------------------- --------------------- ---------------------
End of year......................................... $ 4,090,884 $ 3,565,102 $ 3,648,445
===================== ===================== =====================

VANECK VIP EMERGING MARKETS
DIVISION
----------------------------------------------------------------------
2017 2016 2015
--------------------- --------------------- ---------------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (369) $ 6,022 $ 10,681
Net realized gains (losses)......................... 33,302 (267,507) 242,359
Change in unrealized gains (losses) on investments.. 1,574,155 288,392 (973,993)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 1,607,088 26,907 (720,953)
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from Policy owners........ 129,241 151,482 176,069
Net transfers (including fixed account)............. 751,790 (1,371,737) 358,695
Policy charges...................................... (160,466) (146,221) (169,964)
Transfers for Policy benefits and terminations...... (102,727) (27,728) (239,442)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from Policy transactions....................... 617,838 (1,394,204) 125,358
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ 2,224,926 (1,367,297) (595,595)
NET ASSETS:
Beginning of year................................... 2,868,911 4,236,208 4,831,803
--------------------- --------------------- ---------------------
End of year......................................... $ 5,093,837 $ 2,868,911 $ 4,236,208
===================== ===================== =====================

(a) For the period April 29, 2016 to December 31, 2016.

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

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS

1. ORGANIZATION

General American Separate Account Eleven (the "Separate Account"), a separate
account of General American Life Insurance Company (the "Company"), was
established by the Company's Board of Directors on January 30, 1985 to support
operations of the Company with respect to certain variable life insurance
policies (the "Policies"). 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
exists in accordance with the regulations of the Missouri Department of
Insurance.

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

American Funds Insurance Series ("American Funds") JPMorgan Insurance Trust ("JP Morgan")
Brighthouse Funds Trust I ("BHFTI") Russell Investment Funds ("Russell")
Brighthouse Funds Trust II ("BHFTII") VanEck VIP Trust ("VanEck VIP")
Fidelity Variable Insurance Products ("Fidelity VIP")

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

2. LIST OF DIVISIONS

Premium payments, less any applicable charges, applied to the Separate Account
are invested in one or more Divisions in accordance with the selection made by
the Policy owner. The following Divisions had net assets as of December 31,
2017:

American Funds Global Small Capitalization Division BHFTII Brighthouse/Wellington Balanced Division (a)
American Funds Growth Division BHFTII Brighthouse/Wellington Core Equity
American Funds Growth-Income Division Opportunities Division
BHFTI Brighthouse Asset Allocation 100 Division BHFTII Frontier Mid Cap Growth Division
BHFTI Clarion Global Real Estate Division BHFTII Jennison Growth Division
BHFTI ClearBridge Aggressive Growth Division BHFTII MetLife Aggregate Bond Index Division
BHFTI Harris Oakmark International Division BHFTII MetLife Mid Cap Stock Index Division
BHFTI Invesco Small Cap Growth Division BHFTII MetLife MSCI EAFE Index Division
BHFTI MFS Research International Division BHFTII MetLife Russell 2000 Index Division
BHFTI Morgan Stanley Mid Cap Growth Division BHFTII MetLife Stock Index Division
BHFTI PIMCO Total Return Division BHFTII MFS Total Return Division
BHFTI T. Rowe Price Large Cap Value Division BHFTII MFS Value Division
BHFTI T. Rowe Price Mid Cap Growth Division BHFTII MFS Value II Division
BHFTI Victory Sycamore Mid Cap Value Division BHFTII Neuberger Berman Genesis Division
BHFTII Baillie Gifford International Stock Division BHFTII T. Rowe Price Large Cap Growth Division
BHFTII BlackRock Bond Income Division BHFTII T. Rowe Price Small Cap Growth Division
BHFTII BlackRock Capital Appreciation Division BHFTII Van Eck Global Natural Resources Division
BHFTII BlackRock Ultra-Short Term Bond Division BHFTII Western Asset Management Strategic Bond
BHFTII Brighthouse Asset Allocation 20 Division Opportunities Division
BHFTII Brighthouse Asset Allocation 40 Division BHFTII Western Asset Management U.S. Government
BHFTII Brighthouse Asset Allocation 60 Division Division
BHFTII Brighthouse Asset Allocation 80 Division Fidelity VIP Equity-Income Division
BHFTII Brighthouse/Artisan Mid Cap Value Division Fidelity VIP Mid Cap Division

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)

2. LIST OF DIVISIONS -- (CONCLUDED)

JPMorgan Insurance Trust Core Bond Division Russell U.S. Small Cap Equity Division
JPMorgan Insurance Trust Small Cap Core Division Russell U.S. Strategic Equity Division
Russell International Developed Markets Division VanEck VIP Emerging Markets Division
Russell Strategic Bond Division

(a) This Division invests in two or more share classes within the underlying
fund or portfolio 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, 2017:

TRUST NAME CHANGES:

Former Trust New Trust

Met Investors Series Trust (MIST) Brighthouse Funds Trust I (BHFTI)
Metropolitan Series Fund (MSF) Brighthouse Funds Trust II (BHFTII)

NAME CHANGES:

Former Name New Name

(BHFTI) Invesco Mid Cap Value Portfolio (BHFTI) Victory Sycamore Mid Cap Value Portfolio
(BHFTII) BlackRock Large Cap Value Portfolio (BHFTII) MFS Value II Portfolio
(MIST) MetLife Asset Allocation 100 Portfolio (BHFTI) Brighthouse Asset Allocation 100 Portfolio
(MSF) Barclays Aggregate Bond Index Portfolio (BHFTII) MetLife Aggregate Bond Index Portfolio
(MSF) Met/Artisan Mid Cap Value Portfolio (BHFTII) Brighthouse/Artisan Mid Cap Value Portfolio
(MSF) Met/Wellington Balanced Portfolio (BHFTII) Brighthouse/Wellington Balanced Portfolio
(MSF) Met/Wellington Core Equity Opportunities (BHFTII) Brighthouse/Wellington Core Equity
Portfolio Opportunities Portfolio
(MSF) MetLife Asset Allocation 20 Portfolio (BHFTII) Brighthouse Asset Allocation 20 Portfolio
(MSF) MetLife Asset Allocation 40 Portfolio (BHFTII) Brighthouse Asset Allocation 40 Portfolio
(MSF) MetLife Asset Allocation 60 Portfolio (BHFTII) Brighthouse Asset Allocation 60 Portfolio
(MSF) MetLife Asset Allocation 80 Portfolio (BHFTII) Brighthouse Asset Allocation 80 Portfolio
(MSF) MSCI EAFE Index Portfolio (BHFTII) MetLife MSCI EAFE Index Portfolio
(MSF) Russell 2000 Index Portfolio (BHFTII) MetLife Russell 2000 Index Portfolio
(MSF) Van Eck Global Natural Resources Portfolio (BHFTII) VanEck Global Natural Resources Portfolio
Russell Aggressive Equity Fund Russell U.S. Small Cap Equity Fund
Russell Core Bond Fund Russell Strategic Bond Fund
Russell Multi-Style Equity Fund Russell U.S. Strategic Equity Fund
Russell Non-U.S. Fund Russell International Developed Markets 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 life separate accounts registered as unit investment
trusts, which follow the accounting and reporting guidance in Financial
Accounting Standards Board ACCOUNTING STANDARDS CODIFICATION TOPIC 946,
INVESTMENT COMPANIES.

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)

4. SIGNIFICANT ACCOUNTING POLICIES -- (CONCLUDED)

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

SECURITY VALUATION
A Division's investment in shares of a fund or portfolio of the Trusts is
valued at fair value based on the closing net asset value ("NAV") or price per
share as determined by the Trusts as of the end of the year. 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 quoted daily NAV as reported by the Trusts at the close of each business
day.

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

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

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

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

5. EXPENSES

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

Mortality and Expense Risk -- The mortality risk assumed by the Company is
the risk that those insured may die sooner than anticipated and therefore,
the Company will pay an aggregate amount of death benefits greater than
anticipated. The expense risk assumed is the risk that expenses incurred
in issuing and administering the Policies will exceed the amounts realized
from the administrative charges assessed against the Policies.

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)

5. EXPENSES -- (CONCLUDED)

The table below represents the range of effective annual rates for the
charge for the year ended December 31, 2017:

-------------------------------------------------------------------------------------------------------------------------
Mortality and Expense Risk 0.00% - 0.90%
-------------------------------------------------------------------------------------------------------------------------

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

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

Policy fees range from $4 to $25 and are assessed monthly depending on the
Policy and the Policy year. In addition, a surrender charge is imposed if the
Policy is partially or fully surrendered within the specified surrender charge
period that ranges from 0% to 45% of the Policy's target premium. Most Policies
offer optional benefits that can be added to the Policy by rider. The charge
for riders that provide life insurance benefits can range from $.01 to $83.33
per $1,000 of coverage and the charge for riders providing benefits in the
event of disability can range from $2.40 to $61.44 per $100 of the benefit
provided. These charges are paid to the Company and are recorded as Policy
charges in the accompanying statements of changes in net assets of the
applicable Divisions for the years ended December 31, 2017, 2016 and 2015.

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)

6. STATEMENTS OF INVESTMENTS

AS OF
DECEMBER 31 FOR THE YEAR ENDED DECEMBER 31
---------------------- -------------------------------------------------------------------
COST OF PROCEEDS
SHARES COST ($) PURCHASES ($) FROM SALES ($)
--------- ---------- --------------------------------- --------------------------------
2017 2017 2017 2016 2015 2017 2016 2015
--------- ---------- --------- --------- --------- --------- --------- ---------

American Funds Global Small
Capitalization Division...... 153,817 3,240,113 162,628 1,095,338 926,294 972,200 1,438,622 429,061
American Funds Growth
Division..................... 241,145 14,600,850 2,388,041 2,135,949 4,156,453 2,908,666 2,219,421 1,762,197
American Funds Growth-Income
Division..................... 235,573 9,321,659 1,406,849 1,572,505 2,183,604 1,301,382 1,733,010 1,001,172
BHFTI Brighthouse Asset
Allocation 100 Division...... 3,621 40,648 3,067 6,203 10,499 3,011 10,286 1,774
BHFTI Clarion Global Real
Estate Division.............. 241,296 2,695,743 252,073 404,355 462,527 279,989 940,487 437,146
BHFTI ClearBridge Aggressive
Growth Division.............. 79,283 905,784 96,908 138,536 396,346 201,428 252,428 1,896,423
BHFTI Harris Oakmark
International Division....... 469,469 6,616,529 772,686 993,106 1,691,059 759,132 1,791,921 1,226,042
BHFTI Invesco Small Cap
Growth Division.............. 78,698 1,152,667 177,070 208,552 348,607 86,376 88,600 141,931
BHFTI MFS Research
International Division....... 723,532 7,893,232 738,668 816,729 2,330,445 1,799,798 2,398,610 2,117,004
BHFTI Morgan Stanley Mid Cap
Growth Division.............. 104,377 1,263,056 77,659 134,284 111,681 186,287 186,016 168,550
BHFTI PIMCO Total Return
Division..................... 904,017 10,787,433 917,070 1,092,151 1,422,891 683,999 3,470,676 1,067,083
BHFTI T. Rowe Price Large Cap
Value Division............... 65,218 2,004,406 374,637 763,751 662,226 268,263 563,423 1,902,891
BHFTI T. Rowe Price Mid Cap
Growth Division.............. 265,690 2,799,810 399,192 695,958 1,564,525 807,350 1,042,930 449,120
BHFTI Victory Sycamore Mid
Cap Value Division........... 187,333 3,519,378 160,022 381,577 4,022,573 309,137 1,012,854 3,501,505
BHFTII Baillie Gifford
International Stock Division. 169,419 1,799,303 132,320 245,236 185,364 244,260 271,392 204,819
BHFTII BlackRock Bond
Income Division.............. 38,269 4,145,018 777,048 2,368,766 577,412 449,413 520,447 430,336
BHFTII BlackRock Capital
Appreciation Division........ 70,940 2,051,061 140,394 338,650 618,011 387,283 371,812 335,571
BHFTII BlackRock Ultra-Short
Term Bond Division........... 44,607 4,464,134 509,634 1,069,048 2,741,583 849,991 1,774,172 2,977,508
BHFTII Brighthouse Asset
Allocation 20 Division....... 9,847 108,271 5,622 8,556 8,201 10,770 2,975 3,188
BHFTII Brighthouse Asset
Allocation 40 Division....... 21,110 267,794 12,996 22,976 240,415 4,416 2,353 1,633
BHFTII Brighthouse Asset
Allocation 60 Division....... 32,506 381,977 52,420 129,523 61,516 5,673 6,117 235,969
BHFTII Brighthouse Asset
Allocation 80 Division....... 64,009 757,012 112,527 154,826 89,858 68,385 86,289 18,323
BHFTII Brighthouse/Artisan
Mid Cap Value Division....... 13,711 2,987,680 169,173 1,041,624 602,805 599,935 658,096 473,598
BHFTII Brighthouse/Wellington
Balanced Division............ 496,627 8,588,997 779,651 2,390,423 1,932,981 781,605 1,163,714 872,036
BHFTII Brighthouse/Wellington
Core Equity Opportunities
Division..................... 185,311 5,591,351 488,577 1,723,467 2,157,947 982,787 1,266,019 2,069,708
BHFTII Frontier Mid Cap
Growth Division.............. 87,363 2,394,055 171,310 472,024 604,941 635,008 520,258 406,843
BHFTII Jennison Growth
Division..................... 1,660,984 21,569,207 2,542,858 4,002,407 4,791,866 2,618,017 4,758,642 3,640,600

(a) For the period April 29, 2016 to December 31, 2016.

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)

6. STATEMENTS OF INVESTMENTS -- (CONCLUDED)

AS OF
DECEMBER 31
----------------------

SHARES COST ($)
--------- ----------
2017 2017
--------- ----------

BHFTII MetLife Aggregate
Bond Index Division.......... 1,256,816 13,730,755
BHFTII MetLife Mid Cap Stock
Index Division............... 189,404 3,255,210
BHFTII MetLife MSCI EAFE
Index Division............... 339,671 4,047,543
BHFTII MetLife Russell 2000
Index Division............... 157,216 2,335,785
BHFTII MetLife Stock Index
Division..................... 1,122,862 36,785,402
BHFTII MFS Total Return
Division..................... 16,634 2,430,689
BHFTII MFS Value Division...... 561,535 8,720,866
BHFTII MFS Value II Division... 520,988 5,029,556
BHFTII Neuberger Berman
Genesis Division............. 382,745 5,902,332
BHFTII T. Rowe Price Large
Cap Growth Division.......... 290,223 6,134,695
BHFTII T. Rowe Price Small
Cap Growth Division.......... 324,702 6,187,461
BHFTII Van Eck Global Natural
Resources Division........... 381,067 4,967,288
BHFTII Western Asset
Management Strategic Bond
Opportunities Division....... 498,934 6,535,634
BHFTII Western Asset
Management U.S. Government
Division..................... 62,133 744,445
Fidelity VIP Equity-Income
Division..................... 647,083 13,908,484
Fidelity VIP Mid Cap Division.. 119,982 3,625,969
JPMorgan Insurance Trust Core
Bond Division................ 68,613 763,124
JPMorgan Insurance Trust Small
Cap Core Division............ 130,312 2,434,166
Russell International Developed
Markets Division............. 117,587 1,208,222
Russell Strategic Bond Division 86,184 902,166
Russell U.S. Small Cap Equity
Division..................... 108,708 1,436,914
Russell U.S. Strategic Equity
Division..................... 220,773 3,279,259
VanEck VIP Emerging Markets
Division..................... 325,904 3,947,242

FOR THE YEAR ENDED DECEMBER 31
------------------------------------------------------------------------
COST OF PROCEEDS
PURCHASES ($) FROM SALES ($)
----------------------------------- -----------------------------------
2017 2016 2015 2017 2016 2015
--------- ------------ --------- --------- ------------ ---------

BHFTII MetLife Aggregate
Bond Index Division.......... 943,551 864,213 936,481 1,053,801 1,053,792 1,031,214
BHFTII MetLife Mid Cap Stock
Index Division............... 1,531,202 284,956 418,822 185,735 236,528 1,279,601
BHFTII MetLife MSCI EAFE
Index Division............... 517,960 285,289 477,233 496,972 300,410 664,426
BHFTII MetLife Russell 2000
Index Division............... 366,981 375,291 439,886 453,433 619,139 633,963
BHFTII MetLife Stock Index
Division..................... 4,154,022 4,522,586 4,959,280 5,272,603 5,803,543 9,389,013
BHFTII MFS Total Return
Division..................... 348,931 286,772 172,928 391,506 724,327 199,950
BHFTII MFS Value Division...... 2,710,633 1,708,492 6,129,934 1,169,104 2,862,929 3,813,042
BHFTII MFS Value II Division... 285,967 603,944 663,667 392,733 724,507 730,521
BHFTII Neuberger Berman
Genesis Division............. 1,255,636 825,562 840,351 1,209,635 1,847,251 1,494,296
BHFTII T. Rowe Price Large
Cap Growth Division.......... 1,434,059 991,996 3,336,345 601,698 2,114,285 771,831
BHFTII T. Rowe Price Small
Cap Growth Division.......... 1,745,081 1,898,350 1,133,703 1,410,775 1,457,966 1,346,890
BHFTII Van Eck Global Natural
Resources Division........... 158,923 218,376 642,333 332,390 651,338 717,710
BHFTII Western Asset
Management Strategic Bond
Opportunities Division....... 1,057,411 6,578,692(a) -- 628,295 518,776(a) --
BHFTII Western Asset
Management U.S. Government
Division..................... 318,408 71,931 89,228 33,872 637,997 144,549
Fidelity VIP Equity-Income
Division..................... 817,059 1,675,094 2,259,996 1,530,341 2,667,058 1,586,389
Fidelity VIP Mid Cap Division.. 302,089 439,977 848,393 523,473 815,389 915,612
JPMorgan Insurance Trust Core
Bond Division................ 89,474 73,695 162,042 44,484 221,215 127,343
JPMorgan Insurance Trust Small
Cap Core Division............ 943,923 306,835 698,146 280,608 1,088,466 490,916
Russell International Developed
Markets Division............. 109,056 120,185 76,001 103,712 314,676 100,630
Russell Strategic Bond Division 66,751 103,965 87,256 146,577 236,026 82,591
Russell U.S. Small Cap Equity
Division..................... 156,693 63,316 264,965 140,395 274,966 81,093
Russell U.S. Strategic Equity
Division..................... 488,542 359,106 411,915 271,919 546,530 213,014
VanEck VIP Emerging Markets
Division..................... 961,152 701,805 908,608 343,716 2,068,955 505,915

(a) For the period April 29, 2016 to December 31, 2016.

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)

7. SCHEDULES OF UNITS
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015:

AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION AMERICAN FUNDS GROWTH
DIVISION DIVISION
------------------------------------------- -------------------------------------------
2017 2016 2015 2017 2016 2015
------------ ------------- ------------- ------------- ------------- -------------

Units beginning of year........ 125,474 163,034 159,261 569,479 628,692 673,739
Units issued and transferred
from other funding options.. 15,190 86,267 85,631 49,289 61,204 62,717
Units redeemed and transferred
to other funding options.... (39,133) (123,827) (81,858) (117,193) (120,417) (107,764)
------------ ------------- ------------- ------------- ------------- -------------
Units end of year.............. 101,531 125,474 163,034 501,575 569,479 628,692
============ ============= ============= ============= ============= =============

AMERICAN FUNDS GROWTH-INCOME BHFTI BRIGHTHOUSE ASSET ALLOCATION 100
DIVISION DIVISION
------------------------------------------- -------------------------------------------
2017 2016 2015 2017 2016 2015
------------- ------------- ------------- ------------- ------------- -------------

Units beginning of year........ 401,481 460,171 482,665 210 266 243
Units issued and transferred
from other funding options.. 38,691 42,359 48,067 2 2 34
Units redeemed and transferred
to other funding options.... (63,530) (101,049) (70,561) (16) (58) (11)
------------- ------------- ------------- ------------- ------------- -------------
Units end of year.............. 376,642 401,481 460,171 196 210 266
============= ============= ============= ============= ============= =============

BHFTI CLARION GLOBAL REAL ESTATE BHFTI CLEARBRIDGE AGGRESSIVE GROWTH
DIVISION DIVISION
------------------------------------------- ------------------------------------------
2017 2016 2015 2017 2016 2015
------------- ------------- ------------- ------------- ------------ -------------

Units beginning of year........ 13,092 15,700 16,220 73,866 80,654 156,189
Units issued and transferred
from other funding options.. 6,053 13,388 12,460 11,382 12,290 88,181
Units redeemed and transferred
to other funding options.... (6,615) (15,996) (12,980) (17,035) (19,078) (163,716)
------------- ------------- ------------- ------------- ------------ -------------
Units end of year.............. 12,530 13,092 15,700 68,213 73,866 80,654
============= ============= ============= ============= ============ =============

BHFTI HARRIS OAKMARK INTERNATIONAL BHFTI INVESCO SMALL CAP GROWTH
DIVISION DIVISION
------------------------------------------- -------------------------------------------
2017 2016 2015 2017 2016 2015
------------- ------------- ------------- ------------- ------------- -------------

Units beginning of year........ 211,967 260,788 276,598 31,851 33,362 34,237
Units issued and transferred
from other funding options.. 36,510 89,751 100,288 2,883 3,661 6,864
Units redeemed and transferred
to other funding options.... (40,048) (138,572) (116,098) (3,379) (5,172) (7,739)
------------- ------------- ------------- ------------- ------------- -------------
Units end of year.............. 208,429 211,967 260,788 31,355 31,851 33,362
============= ============= ============= ============= ============= =============

BHFTI MFS RESEARCH INTERNATIONAL BHFTI MORGAN STANLEY MID CAP GROWTH
DIVISION DIVISION
---------------------------------------- -----------------------------------------
2017 2016 2015 2017 2016 2015
------------ ------------ ------------ ------------ ------------ -------------

Units beginning of year........ 505,458 620,513 614,725 253,466 260,351 267,514
Units issued and transferred
from other funding options.. 423,100 576,302 945,195 25,945 39,308 31,792
Units redeemed and transferred
to other funding options.... (486,557) (691,357) (939,407) (39,334) (46,193) (38,955)
------------ ------------ ------------ ------------ ------------ -------------
Units end of year.............. 442,001 505,458 620,513 240,077 253,466 260,351
============ ============ ============ ============ ============ =============

BHFTI PIMCO TOTAL RETURN BHFTI T. ROWE PRICE LARGE CAP VALUE
DIVISION DIVISION
------------------------------------------- ------------------------------------------
2017 2016 2015 2017 2016 2015
------------- ------------- ------------- ------------- ------------- ------------

Units beginning of year........ 507,351 636,895 659,283 82,219 85,892 145,449
Units issued and transferred
from other funding options.. 69,954 74,722 74,450 15,441 27,825 86,360
Units redeemed and transferred
to other funding options.... (68,843) (204,266) (96,838) (19,732) (31,498) (145,917)
------------- ------------- ------------- ------------- ------------- ------------
Units end of year.............. 508,462 507,351 636,895 77,928 82,219 85,892
============= ============= ============= ============= ============= ============

BHFTI T. ROWE PRICE MID CAP GROWTH BHFTI VICTORY SYCAMORE MID CAP VALUE
DIVISION DIVISION
------------------------------------------- ------------------------------------------
2017 2016 2015 2017 2016 2015
------------- ------------- ------------- ------------- ------------ -------------

Units beginning of year........ 91,082 113,903 95,587 108,901 134,329 126,894
Units issued and transferred
from other funding options.. 10,663 38,046 55,692 8,649 13,386 148,944
Units redeemed and transferred
to other funding options.... (27,474) (60,867) (37,376) (13,175) (38,814) (141,509)
------------- ------------- ------------- ------------- ------------ -------------
Units end of year.............. 74,271 91,082 113,903 104,375 108,901 134,329
============= ============= ============= ============= ============ =============

BHFTII BAILLIE GIFFORD INTERNATIONAL STOCK BHFTII BLACKROCK BOND INCOME
DIVISION DIVISION
------------------------------------------- -------------------------------------------
2017 2016 2015 2017 2016 2015
------------- ------------- ------------ ------------- ------------- -------------

Units beginning of year........ 124,728 128,073 131,453 210,062 109,875 105,634
Units issued and transferred
from other funding options.. 11,627 22,510 17,859 46,923 142,784 39,716
Units redeemed and transferred
to other funding options.... (19,880) (25,855) (21,239) (34,731) (42,597) (35,475)
------------- ------------- ------------ ------------- ------------- -------------
Units end of year.............. 116,475 124,728 128,073 222,254 210,062 109,875
============= ============= ============ ============= ============= =============

(a) For the period April 29, 2016 to December 31, 2016.

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)

7. SCHEDULES OF UNITS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015:

BHFTII BLACKROCK CAPITAL APPRECIATION BHFTII BLACKROCK ULTRA-SHORT TERM BOND
DIVISION DIVISION
------------------------------------------- -------------------------------------------
2017 2016 2015 2017 2016 2015
------------- ------------- ------------- ------------- ------------- -------------

Units beginning of year........ 159,889 178,137 191,991 354,205 405,006 419,869
Units issued and transferred
from other funding options.. 14,008 19,170 25,400 67,365 156,872 258,836
Units redeemed and transferred
to other funding options.... (30,486) (37,418) (39,254) (88,606) (207,673) (273,699)
------------- ------------- ------------- ------------- ------------- -------------
Units end of year.............. 143,411 159,889 178,137 332,964 354,205 405,006
============= ============= ============= ============= ============= =============

BHFTII BRIGHTHOUSE ASSET ALLOCATION 20 BHFTII BRIGHTHOUSE ASSET ALLOCATION 40
DIVISION DIVISION
------------------------------------------- -------------------------------------------
2017 2016 2015 2017 2016 2015
------------- ------------- ------------- ------------- ------------- -------------

Units beginning of year........ 629 640 644 1,238 1,251 4
Units issued and transferred
from other funding options.. 7 7 15 2 -- 1,257
Units redeemed and transferred
to other funding options.... (58) (18) (19) (22) (13) (10)
------------- ------------- ------------- ------------- ------------- -------------
Units end of year.............. 578 629 640 1,218 1,238 1,251
============= ============= ============= ============= ============= =============

BHFTII BRIGHTHOUSE ASSET ALLOCATION 60 BHFTII BRIGHTHOUSE ASSET ALLOCATION 80
DIVISION DIVISION
-------------------------------------------- -------------------------------------------
2017 2016 2015 2017 2016 2015
------------- ------------- -------------- ------------- ------------- -------------

Units beginning of year........ 1,726 1,263 2,326 3,880 4,095 3,918
Units issued and transferred
from other funding options.. 160 512 217 282 338 382
Units redeemed and transferred
to other funding options.... (43) (49) (1,280) (355) (553) (205)
------------- ------------- -------------- ------------- ------------- -------------
Units end of year.............. 1,843 1,726 1,263 3,807 3,880 4,095
============= ============= ============== ============= ============= =============

BHFTII BRIGHTHOUSE/ARTISAN MID CAP VALUE BHFTII BRIGHTHOUSE/WELLINGTON BALANCED
DIVISION DIVISION
------------------------------------------- -------------------------------------------
2017 2016 2015 2017 2016 2015
------------- ------------- ------------- ------------- ------------- -------------

Units beginning of year........ 139,549 140,373 154,007 259,365 253,047 260,192
Units issued and transferred
from other funding options.. 12,929 53,382 18,380 24,653 59,394 28,125
Units redeemed and transferred
to other funding options.... (28,661) (54,206) (32,014) (31,704) (53,076) (35,270)
------------- ------------- ------------- ------------- ------------- -------------
Units end of year.............. 123,817 139,549 140,373 252,314 259,365 253,047
============= ============= ============= ============= ============= =============

BHFTII BRIGHTHOUSE/WELLINGTON
CORE EQUITY OPPORTUNITIES BHFTII FRONTIER MID CAP GROWTH
DIVISION DIVISION
---------------------------------------- ----------------------------------------
2017 2016 2015 2017 2016 2015
------------ ------------ ------------ ------------ ------------ ------------

Units beginning of year........ 230,817 227,185 240,504 116,003 129,380 137,561
Units issued and transferred
from other funding options.. 17,195 121,338 23,405 8,289 9,533 14,315
Units redeemed and transferred
to other funding options.... (44,353) (117,706) (36,724) (25,581) (22,910) (22,496)
------------ ------------ ------------ ------------ ------------ ------------
Units end of year.............. 203,659 230,817 227,185 98,711 116,003 129,380
============ ============ ============ ============ ============ ============

BHFTII JENNISON GROWTH BHFTII METLIFE AGGREGATE BOND INDEX
DIVISION DIVISION
------------------------------------------- ------------------------------------------
2017 2016 2015 2017 2016 2015
------------- ------------- ------------- ------------- ------------- ------------

Units beginning of year........ 137,262 161,430 178,819 554,637 571,075 583,090
Units issued and transferred
from other funding options.. 63,452 69,494 94,341 208,427 182,427 223,771
Units redeemed and transferred
to other funding options.... (72,256) (93,662) (111,730) (222,986) (198,865) (235,786)
------------- ------------- ------------- ------------- ------------- ------------
Units end of year.............. 128,458 137,262 161,430 540,078 554,637 571,075
============= ============= ============= ============= ============= ============

BHFTII METLIFE MID CAP STOCK INDEX BHFTII METLIFE MSCI EAFE INDEX
DIVISION DIVISION
------------------------------------------- -------------------------------------------
2017 2016 2015 2017 2016 2015
------------- ------------- ------------- ------------- ------------- -------------

Units beginning of year........ 56,764 60,247 87,019 191,182 193,536 206,415
Units issued and transferred
from other funding options.. 34,427 9,978 12,550 33,879 24,983 38,090
Units redeemed and transferred
to other funding options.... (10,840) (13,461) (39,322) (37,151) (27,337) (50,969)
------------- ------------- ------------- ------------- ------------- -------------
Units end of year.............. 80,351 56,764 60,247 187,910 191,182 193,536
============= ============= ============= ============= ============= =============

BHFTII METLIFE RUSSELL 2000 INDEX BHFTII METLIFE STOCK INDEX
DIVISION DIVISION
----------------------------------------- ----------------------------------------
2017 2016 2015 2017 2016 2015
------------- ------------ ------------ ------------ ------------ ------------

Units beginning of year........ 109,019 126,144 142,869 1,533,315 1,645,553 1,882,074
Units issued and transferred
from other funding options.. 15,313 26,276 22,683 349,832 352,268 459,235
Units redeemed and transferred
to other funding options.... (23,218) (43,401) (39,408) (447,085) (464,506) (695,756)
------------- ------------ ------------ ------------ ------------ ------------
Units end of year.............. 101,114 109,019 126,144 1,436,062 1,533,315 1,645,553
============= ============ ============ ============ ============ ============

(a) For the period April 29, 2016 to December 31, 2016.

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)

7. SCHEDULES OF UNITS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015:

BHFTII MFS TOTAL RETURN BHFTII MFS VALUE
DIVISION DIVISION
---------------------------------------- ------------------------------------------
2017 2016 2015 2017 2016 2015
------------ ------------ ------------ ------------- ------------- ------------

Units beginning of year........ 102,854 128,448 131,854 329,931 419,200 370,993
Units issued and transferred
from other funding options.. 8,578 7,833 7,642 766,348 715,209 774,171
Units redeemed and transferred
to other funding options.... (16,735) (33,427) (11,048) (732,451) (804,478) (725,964)
------------ ------------ ------------ ------------- ------------- ------------
Units end of year.............. 94,697 102,854 128,448 363,828 329,931 419,200
============ ============ ============ ============= ============= ============

BHFTII MFS VALUE II BHFTII NEUBERGER BERMAN GENESIS
DIVISION DIVISION
---------------------------------------- -------------------------------------------
2017 2016 2015 2017 2016 2015
------------ ------------ ------------ ------------- ------------- -------------

Units beginning of year........ 117,240 127,118 138,760 249,669 281,941 304,878
Units issued and transferred
from other funding options.. 11,822 15,402 16,451 307,024 336,047 465,634
Units redeemed and transferred
to other funding options.... (15,146) (25,280) (28,093) (324,393) (368,319) (488,571)
------------ ------------ ------------ ------------- ------------- -------------
Units end of year.............. 113,916 117,240 127,118 232,300 249,669 281,941
============ ============ ============ ============= ============= =============

BHFTII T. ROWE PRICE LARGE CAP GROWTH BHFTII T. ROWE PRICE SMALL CAP GROWTH
DIVISION DIVISION
------------------------------------------- ------------------------------------------
2017 2016 2015 2017 2016 2015
------------- ------------- ------------- ------------- ------------ -------------

Units beginning of year........ 222,063 298,914 230,571 239,530 252,940 283,047
Units issued and transferred
from other funding options.. 49,519 100,439 122,782 277,501 273,110 321,866
Units redeemed and transferred
to other funding options.... (35,961) (177,290) (54,439) (278,116) (286,520) (351,973)
------------- ------------- ------------- ------------- ------------ -------------
Units end of year.............. 235,621 222,063 298,914 238,915 239,530 252,940
============= ============= ============= ============= ============ =============

BHFTII WESTERN ASSET
MANAGEMENT STRATEGIC
BHFTII VAN ECK GLOBAL NATURAL RESOURCES BOND OPPORTUNITIES
DIVISION DIVISION
------------------------------------------ ---------------------------
2017 2016 2015 2017 2016 (a)
------------ ------------- ------------- ------------- ------------

Units beginning of year........ 122,401 135,926 138,590 16,545 --
Units issued and transferred
from other funding options.. 34,824 94,178 90,662 9,461 23,501
Units redeemed and transferred
to other funding options.... (39,675) (107,703) (93,326) (8,953) (6,956)
------------ ------------- ------------- ------------- ------------
Units end of year.............. 117,550 122,401 135,926 17,053 16,545
============ ============= ============= ============= ============

BHFTII WESTERN ASSET
MANAGEMENT U.S. GOVERNMENT FIDELITY VIP EQUITY-INCOME
DIVISION DIVISION
------------------------------------------ -------------------------------------------
2017 2016 2015 2017 2016 2015
------------- ------------ ------------- ------------- ------------- -------------

Units beginning of year........ 1,947 4,211 4,552 391,589 454,388 487,769
Units issued and transferred
from other funding options.. 2,365 323 385 25,026 35,763 33,377
Units redeemed and transferred
to other funding options.... (1,228) (2,587) (726) (56,437) (98,562) (66,758)
------------- ------------ ------------- ------------- ------------- -------------
Units end of year.............. 3,084 1,947 4,211 360,178 391,589 454,388
============= ============ ============= ============= ============= =============

FIDELITY VIP MID CAP JPMORGAN INSURANCE TRUST CORE BOND
DIVISION DIVISION
------------------------------------------ -------------------------------------------
2017 2016 2015 2017 2016 2015
------------- ------------ ------------- ------------- ------------- -------------

Units beginning of year........ 97,355 113,273 129,432 44,403 54,729 54,228
Units issued and transferred
from other funding options.. 5,279 9,384 12,716 6,167 4,938 10,328
Units redeemed and transferred
to other funding options.... (14,086) (25,302) (28,875) (4,329) (15,264) (9,827)
------------- ------------ ------------- ------------- ------------- -------------
Units end of year.............. 88,548 97,355 113,273 46,241 44,403 54,729
============= ============ ============= ============= ============= =============

JPMORGAN INSURANCE TRUST SMALL CAP CORE RUSSELL INTERNATIONAL DEVELOPED MARKETS
DIVISION DIVISION
-------------------------------------------- --------------------------------------------
2017 2016 2015 2017 2016 2015
------------- ------------- -------------- -------------- ------------- -------------

Units beginning of year........ 57,449 86,284 89,168 67,002 78,843 80,335
Units issued and transferred
from other funding options.. 24,723 6,379 49,591 1,585 5,148 3,846
Units redeemed and transferred
to other funding options.... (9,370) (35,214) (52,475) (4,851) (16,989) (5,338)
------------- ------------- -------------- -------------- ------------- -------------
Units end of year.............. 72,802 57,449 86,284 63,736 67,002 78,843
============= ============= ============== ============== ============= =============

RUSSELL STRATEGIC BOND RUSSELL U.S. SMALL CAP EQUITY
DIVISION DIVISION
------------------------------------------- -------------------------------------------
2017 2016 2015 2017 2016 2015
------------- ------------- ------------- ------------- ------------- -------------

Units beginning of year........ 39,229 45,991 47,149 50,721 58,685 57,287
Units issued and transferred
from other funding options.. 3,132 3,773 3,643 1,974 3,017 6,985
Units redeemed and transferred
to other funding options.... (6,715) (10,535) (4,801) (4,610) (10,981) (5,587)
------------- ------------- ------------- ------------- ------------- -------------
Units end of year.............. 35,646 39,229 45,991 48,085 50,721 58,685
============= ============= ============= ============= ============= =============

(a) For the period April 29, 2016 to December 31, 2016.

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)

7. SCHEDULES OF UNITS -- (CONCLUDED)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015:

RUSSELL U.S. STRATEGIC EQUITY VANECK VIP EMERGING MARKETS
DIVISION DIVISION
-------------------------------------------- --------------------------------------------
2017 2016 2015 2017 2016 2015
-------------- ------------- ------------- ------------- -------------- -------------

Units beginning of year................ 126,635 141,010 146,011 66,650 100,691 96,903
Units issued and transferred
from other funding options.......... 4,521 6,900 7,468 39,001 122,664 90,735
Units redeemed and transferred
to other funding options............ (10,917) (21,275) (12,469) (24,689) (156,705) (86,947)
-------------- ------------- ------------- ------------- -------------- -------------
Units end of year...................... 120,239 126,635 141,010 80,962 66,650 100,691
============== ============= ============= ============= ============== =============

(a) For the period April 29, 2016 to December 31, 2016.

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)

8. FINANCIAL HIGHLIGHTS

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

The following table is a summary of unit values and units outstanding for the
Policies, net assets, net investment income ratios, expense ratios, excluding
expenses for the underlying fund or portfolio, and total return ratios for the
respective stated periods in the five years ended December 31, 2017:

AS OF DECEMBER 31 FOR THE YEAR ENDED DECEMBER 31
----------------------------------------- -------------------------------------------------
UNIT VALUE INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3)
LOWEST TO NET INCOME LOWEST TO LOWEST TO
UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST (%)
---------- ---------------- ----------- ------------- ---------------- ----------------

American Funds Global Small 2017 101,531 34.77 - 40.55 3,802,296 0.41 0.00 - 0.90 24.77 - 25.89
Capitalization Division 2016 125,474 27.86 - 32.21 3,762,685 0.23 0.00 - 0.90 1.19 - 2.10
2015 163,034 27.54 - 31.55 4,832,737 -- 0.00 - 0.90 (0.63) - 0.27
2014 159,261 27.71 - 31.46 4,713,116 0.12 0.00 - 0.90 1.21 - 2.12
2013 167,877 27.38 - 30.81 4,877,240 0.87 0.00 - 0.90 27.13 - 28.28

American Funds Growth 2017 501,575 34.53 - 39.87 18,652,534 0.49 0.00 - 0.90 27.15 - 28.29
Division 2016 569,479 27.16 - 31.08 16,557,486 0.77 0.00 - 0.90 8.51 - 9.49
2015 628,692 25.03 - 28.38 16,757,447 0.60 0.00 - 0.90 5.90 - 6.86
2014 673,739 23.63 - 26.56 16,868,665 0.77 0.00 - 0.90 7.54 - 8.51
2013 817,414 21.98 - 24.48 18,843,562 0.93 0.00 - 0.90 28.94 - 30.10

American Funds 2017 376,642 28.80 - 32.75 11,710,332 1.39 0.00 - 0.90 21.29 - 22.38
Growth-Income Division 2016 401,481 23.75 - 27.08 10,234,907 1.44 0.00 - 0.90 10.53 - 11.52
2015 460,171 21.49 - 24.29 10,550,790 1.30 0.00 - 0.90 0.55 - 1.45
2014 482,665 21.37 - 23.94 10,946,317 1.23 0.00 - 0.90 9.65 - 10.63
2013 554,860 19.49 - 21.64 11,399,061 1.29 0.00 - 0.90 32.31 - 33.50

BHFTI Brighthouse Asset 2017 196 246.20 48,230 1.45 0.00 23.21
Allocation 100 Division 2016 210 199.82 41,919 2.38 0.00 9.19
2015 266 183.00 48,591 1.56 0.00 (1.67)
2014 243 186.11 45,268 0.92 0.00 5.24
2013 240 176.84 42,449 0.97 0.00 29.77

BHFTI Clarion Global Real 2017 12,530 220.12 - 248.81 3,004,085 3.62 0.00 - 0.90 9.99 - 10.97
Estate Division 2016 13,092 200.14 - 224.21 2,834,793 2.44 0.00 - 0.90 0.25 - 1.15
2015 15,700 199.63 - 221.65 3,369,987 4.18 0.00 - 0.90 (2.11) - (1.23)
2014 16,220 203.93 - 224.41 3,546,223 1.84 0.00 - 0.90 12.66 - 13.67
2013 20,668 181.02 - 197.41 3,945,811 6.89 0.00 - 0.90 2.84 - 3.76

BHFTI ClearBridge 2017 68,213 19.31 - 31.67 1,458,776 0.94 0.00 - 0.90 17.64 - 18.70
Aggressive Growth Division 2016 73,866 16.41 - 26.68 1,340,372 0.67 0.00 - 0.90 2.07 - 2.98
2015 80,654 16.08 - 25.91 1,426,112 0.52 0.00 - 0.90 (4.67) - (3.81)
2014 156,189 16.87 - 26.93 2,938,315 0.31 0.00 - 0.90 18.06 - 19.12
2013 152,062 14.29 - 22.61 2,407,917 0.38 0.00 - 0.90 44.60 - 45.90

BHFTI Harris Oakmark 2017 208,429 35.54 - 40.91 7,943,361 1.81 0.00 - 0.90 29.62 - 30.78
International Division 2016 211,967 27.42 - 31.28 6,180,576 2.35 0.00 - 0.90 7.46 - 8.43
2015 260,788 25.52 - 28.85 7,098,026 3.26 0.00 - 0.90 (5.16) - (4.31)
2014 276,598 26.91 - 30.15 7,926,646 2.64 0.00 - 0.90 (6.37) - (5.52)
2013 297,787 28.74 - 31.91 9,062,309 2.67 0.00 - 0.90 29.64 - 30.80

BHFTI Invesco Small Cap 2017 31,355 35.01 - 41.50 1,220,542 -- 0.00 - 0.90 24.49 - 25.61
Growth Division 2016 31,851 28.13 - 33.04 988,322 -- 0.00 - 0.90 10.73 - 11.72
2015 33,362 25.40 - 29.58 926,996 0.15 0.00 - 0.90 (2.30) - (1.42)
2014 34,237 26.00 - 30.00 967,330 -- 0.00 - 0.90 7.22 - 8.18
2013 35,415 24.25 - 27.73 926,737 0.49 0.00 - 0.90 39.28 - 40.54

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)

8. FINANCIAL HIGHLIGHTS -- (CONTINUED)

AS OF DECEMBER 31
------------------------------------------
UNIT VALUE
LOWEST TO NET
UNITS HIGHEST ($) ASSETS ($)
---------- --------------- -----------

BHFTI MFS Research 2017 442,001 18.90 - 24.72 9,253,963
International Division 2016 505,458 14.84 - 19.23 8,251,678
2015 620,513 15.08 - 19.36 10,164,836
2014 614,725 15.44 - 19.66 10,307,915
2013 664,072 16.71 - 21.08 12,004,740

BHFTI Morgan Stanley Mid 2017 240,077 7.96 - 22.86 2,105,214
Cap Growth Division 2016 253,466 5.72 - 16.29 1,587,726
2015 260,351 6.29 - 17.76 1,786,334
2014 267,514 6.67 - 18.65 1,936,464
2013 272,756 6.64 - 18.41 1,958,145

BHFTI PIMCO Total Return 2017 508,462 19.27 - 22.18 10,459,454
Division 2016 507,351 18.56 - 21.17 9,998,671
2015 636,895 18.21 - 20.58 12,321,030
2014 659,283 18.32 - 20.52 12,769,863
2013 691,410 17.69 - 19.64 12,853,474

BHFTI T. Rowe Price Large 2017 77,928 23.76 - 32.58 2,311,952
Cap Value Division 2016 82,219 20.44 - 27.91 2,087,464
2015 85,892 17.75 - 24.13 1,875,720
2014 145,449 18.53 - 25.07 3,255,523
2013 155,132 16.46 - 22.17 3,089,993

BHFTI T. Rowe Price Mid Cap 2017 74,271 39.47 - 47.68 3,166,984
Growth Division 2016 91,082 31.82 - 38.11 3,119,748
2015 113,903 30.14 - 35.77 3,704,246
2014 95,587 28.46 - 33.47 2,895,876
2013 98,132 25.40 - 29.61 2,647,566

BHFTI Victory Sycamore Mid 2017 104,375 31.77 - 42.34 3,913,352
Cap Value Division 2016 108,901 29.20 - 38.57 3,744,567
2015 134,329 25.45 - 33.31 4,043,605
2014 126,894 28.14 - 36.51 4,162,858
2013 140,555 25.71 - 33.20 4,231,405

BHFTII Baillie Gifford 2017 116,475 18.00 - 20.37 2,275,229
International Stock Division 2016 124,728 13.44 - 15.07 1,806,841
2015 128,073 12.87 - 14.54 1,765,014
2014 131,453 13.24 - 14.84 1,852,661
2013 144,655 13.79 - 15.31 2,114,987

BHFTII BlackRock Bond 2017 222,254 17.52 - 20.09 4,092,089
Income Division 2016 210,062 16.98 - 19.36 3,728,404
2015 109,875 16.61 - 18.78 1,931,053
2014 105,634 16.66 - 18.67 1,868,181
2013 95,087 15.70 - 17.43 1,583,484

BHFTII BlackRock Capital 2017 143,411 18.14 - 32.96 3,080,179
Appreciation Division 2016 159,889 13.66 - 24.61 2,562,333
2015 178,137 13.77 - 24.59 2,834,797
2014 191,991 13.08 - 23.14 2,876,874
2013 214,788 12.12 - 21.25 2,948,369

FOR THE YEAR ENDED DECEMBER 31
-------------------------------------------------
INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3)
INCOME LOWEST TO LOWEST TO
RATIO (%) HIGHEST (%) HIGHEST (%)
------------- ---------------- ----------------

BHFTI MFS Research 2017 2.01 0.00 - 0.90 27.37 - 28.51
International Division 2016 2.22 0.00 - 0.90 (1.56) - (0.67)
2015 3.00 0.00 - 0.90 (2.38) - (1.50)
2014 2.51 0.00 - 0.90 (7.57) - (6.74)
2013 2.71 0.00 - 0.90 18.51 - 19.58

BHFTI Morgan Stanley Mid 2017 0.35 0.00 - 0.90 39.11 - 40.36
Cap Growth Division 2016 -- 0.00 - 0.90 (9.09) - (8.27)
2015 -- 0.00 - 0.90 (5.63) - (4.78)
2014 0.06 0.00 - 0.90 0.38 - 1.29
2013 0.79 0.00 - 0.90 38.06 - 39.30

BHFTI PIMCO Total Return 2017 1.94 0.00 - 0.90 3.84 - 4.77
Division 2016 2.70 0.00 - 0.90 1.93 - 2.85
2015 5.46 0.00 - 0.90 (0.61) - 0.28
2014 2.56 0.00 - 0.90 3.56 - 4.49
2013 4.29 0.00 - 0.90 (2.60) - (1.72)

BHFTI T. Rowe Price Large 2017 2.22 0.00 - 0.90 16.23 - 17.27
Cap Value Division 2016 3.03 0.00 - 0.90 15.17 - 16.20
2015 2.09 0.00 - 0.90 (4.17) - (3.31)
2014 1.53 0.00 - 0.90 12.55 - 13.57
2013 1.49 0.00 - 0.90 32.89 - 34.09

BHFTI T. Rowe Price Mid Cap 2017 -- 0.00 - 0.90 24.02 - 25.13
Growth Division 2016 -- 0.00 - 0.90 5.57 - 6.52
2015 -- 0.00 - 0.90 5.92 - 6.88
2014 -- 0.00 - 0.90 12.03 - 13.04
2013 0.41 0.00 - 0.90 35.74 - 36.96

BHFTI Victory Sycamore Mid 2017 1.14 0.00 - 0.90 8.80 - 9.77
Cap Value Division 2016 0.88 0.00 - 0.90 14.75 - 15.78
2015 0.71 0.00 - 0.90 (9.57) - (8.76)
2014 0.70 0.00 - 0.90 8.98 - 9.96
2013 0.92 0.00 - 0.90 29.46 - 30.63

BHFTII Baillie Gifford 2017 1.20 0.00 - 0.90 33.95 - 35.15
International Stock Division 2016 1.64 0.00 - 0.90 4.44 - 5.38
2015 1.70 0.00 - 0.90 (2.84) - (1.97)
2014 1.46 0.00 - 0.90 (3.97) - (3.10)
2013 1.64 0.00 - 0.90 14.51 - 15.54

BHFTII BlackRock Bond 2017 2.98 0.00 - 0.90 3.18 - 4.10
Income Division 2016 2.22 0.00 - 0.90 2.20 - 3.12
2015 3.83 0.00 - 0.90 (0.30) - 0.59
2014 3.40 0.00 - 0.90 6.13 - 7.08
2013 4.09 0.00 - 0.90 (1.65) - (0.77)

BHFTII BlackRock Capital 2017 0.11 0.00 - 0.90 32.74 - 33.93
Appreciation Division 2016 -- 0.00 - 0.90 (0.81) - 0.09
2015 -- 0.00 - 0.90 5.33 - 6.28
2014 0.06 0.00 - 0.90 7.93 - 8.90
2013 0.81 0.00 - 0.90 33.02 - 34.22

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)

8. FINANCIAL HIGHLIGHTS -- (CONTINUED)

AS OF DECEMBER 31
-----------------------------------------
UNIT VALUE
LOWEST TO NET
UNITS HIGHEST ($) ASSETS ($)
--------- --------------- -----------

BHFTII BlackRock 2017 332,964 12.16 - 21.37 4,497,260
Ultra-Short Term Bond 2016 354,205 12.06 - 21.36 4,812,744
Division 2015 405,006 12.02 - 21.47 5,504,035
2014 419,869 12.01 - 21.65 5,739,930
2013 463,735 12.01 - 21.83 6,325,032

BHFTII Brighthouse Asset 2017 578 187.67 108,414
Allocation 20 Division 2016 629 175.14 110,210
2015 640 167.17 106,913
2014 644 167.56 107,957
2013 661 159.99 105,789

BHFTII Brighthouse Asset 2017 1,218 207.18 252,266
Allocation 40 Division 2016 1,238 186.63 231,122
2015 1,251 175.51 219,577
2014 4 176.90 623
2013 5 168.21 829

BHFTII Brighthouse Asset 2017 1,843 224.31 413,479
Allocation 60 Division 2016 1,726 195.16 336,803
2015 1,263 181.60 229,421
2014 2,326 183.41 426,653
2013 2,465 174.19 429,361

BHFTII Brighthouse Asset 2017 3,807 239.61 912,133
Allocation 80 Division 2016 3,880 200.61 778,418
2015 4,095 185.01 757,598
2014 3,918 187.82 735,856
2013 4,064 177.97 723,222

BHFTII Brighthouse/Artisan 2017 123,817 27.02 - 32.05 3,551,995
Mid Cap Value Division 2016 139,549 23.95 - 28.41 3,583,115
2015 140,373 19.48 - 23.10 2,928,947
2014 154,007 21.51 - 25.51 3,568,217
2013 163,386 21.10 - 25.03 3,734,658

BHFTII 2017 252,314 26.49 - 87.34 10,120,035
Brighthouse/Wellington 2016 259,365 23.05 - 76.49 9,172,261
Balanced Division 2015 253,047 21.57 - 72.10 7,961,550
2014 260,192 21.07 - 70.89 8,165,547
2013 242,115 19.08 - 64.67 7,318,486

BHFTII 2017 203,659 27.22 - 31.33 5,985,497
Brighthouse/Wellington Core 2016 230,817 23.07 - 26.31 5,750,637
Equity Opportunities Division 2015 227,185 21.68 - 24.51 5,261,847
2014 240,504 21.37 - 23.94 5,461,204
2013 330,731 19.49 - 21.64 6,737,547

BHFTII Frontier Mid Cap 2017 98,711 26.49 - 43.62 3,357,313
Growth Division 2016 116,003 21.17 - 35.07 3,145,053
2015 129,380 20.09 - 33.50 3,405,942
2014 137,561 19.45 - 32.79 3,554,282
2013 148,284 17.57 - 29.71 3,462,021

BHFTII BlackRock 2017 0.35 0.00 - 0.90 (0.01) - 0.89
Ultra-Short Term Bond 2016 0.07 0.00 - 0.90 (0.55) - 0.35
Division 2015 -- 0.00 - 0.90 (0.89) - 0.00
2014 -- 0.00 - 0.90 (0.89) - 0.00
2013 -- 0.00 - 0.90 (0.89) - 0.00

BHFTII Brighthouse Asset 2017 2.32 0.00 7.16
Allocation 20 Division 2016 3.44 0.00 4.76
2015 2.32 0.00 (0.23)
2014 4.04 0.00 4.73
2013 3.01 0.00 4.50

BHFTII Brighthouse Asset 2017 2.20 0.00 11.01
Allocation 40 Division 2016 3.77 0.00 6.33
2015 0.58 0.00 (0.78)
2014 3.27 0.00 5.16
2013 2.92 0.00 11.20

BHFTII Brighthouse Asset 2017 1.94 0.00 14.93
Allocation 60 Division 2016 3.64 0.00 7.47
2015 0.74 0.00 (0.99)
2014 2.37 0.00 5.29
2013 2.09 0.00 18.29

BHFTII Brighthouse Asset 2017 1.75 0.00 19.44
Allocation 80 Division 2016 3.07 0.00 8.43
2015 0.53 0.00 (1.50)
2014 1.80 0.00 5.53
2013 1.58 0.00 24.51

BHFTII Brighthouse/Artisan 2017 0.68 0.00 - 0.90 11.81 - 12.82
Mid Cap Value Division 2016 1.14 0.00 - 0.90 21.87 - 22.96
2015 1.19 0.00 - 0.90 (10.25) - (9.44)
2014 0.74 0.00 - 0.90 1.02 - 1.93
2013 0.97 0.00 - 0.90 35.63 - 36.85

BHFTII 2017 1.91 0.00 - 0.90 14.12 - 14.95
Brighthouse/Wellington 2016 2.60 0.00 - 0.90 6.04 - 6.99
Balanced Division 2015 1.94 0.00 - 0.90 1.66 - 2.58
2014 2.01 0.00 - 0.90 9.57 - 10.55
2013 2.40 0.00 - 0.90 19.52 - 20.39

BHFTII 2017 1.49 0.00 - 0.90 18.01 - 19.07
Brighthouse/Wellington Core 2016 1.75 0.00 - 0.90 6.39 - 7.34
Equity Opportunities Division 2015 1.78 0.00 - 0.90 1.48 - 2.40
2014 0.69 0.00 - 0.90 9.65 - 10.63
2013 1.42 0.00 - 0.90 32.51 - 33.70

BHFTII Frontier Mid Cap 2017 -- 0.00 - 0.90 24.15 - 25.26
Growth Division 2016 -- 0.00 - 0.90 4.46 - 5.40
2015 -- 0.00 - 0.90 1.96 - 2.88
2014 -- 0.00 - 0.90 10.15 - 11.14
2013 1.25 0.00 - 0.90 31.58 - 32.77

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)

8. FINANCIAL HIGHLIGHTS -- (CONTINUED)

BHFTII Jennison Growth 2017 128,458 210.05 - 244.37 27,987,556 0.31 0.00 - 0.90 36.10 - 37.32
Division 2016 137,262 154.33 - 177.95 21,931,124 0.30 0.00 - 0.90 (0.72) - 0.17
2015 161,430 155.46 - 177.65 25,907,883 0.27 0.00 - 0.90 9.80 - 10.78
2014 178,819 141.59 - 160.36 26,056,490 0.26 0.00 - 0.90 8.08 - 9.06
2013 188,489 131.00 - 147.04 25,358,338 0.42 0.00 - 0.90 35.78 - 37.00

BHFTII MetLife Aggregate 2017 540,078 19.14 - 45.02 13,699,278 2.90 0.00 - 0.90 2.34 - 3.26
Bond Index Division 2016 554,637 18.53 - 43.97 13,766,735 2.76 0.00 - 0.90 1.44 - 2.35
2015 571,075 18.11 - 43.33 14,015,740 2.92 0.00 - 0.90 (0.64) - 0.25
2014 583,090 18.06 - 43.58 14,485,116 3.00 0.00 - 0.90 4.86 - 5.81
2013 548,388 17.07 - 41.54 12,382,548 3.39 0.00 - 0.90 (3.20) - (2.33)

BHFTII MetLife Mid Cap 2017 80,351 42.73 - 51.60 3,833,486 1.52 0.00 - 0.90 14.92 - 15.95
Stock Index Division 2016 56,764 36.85 - 44.50 2,267,923 1.27 0.00 - 0.90 19.36 - 20.43
2015 60,247 30.60 - 36.95 2,013,220 1.17 0.00 - 0.90 (3.22) - (2.35)
2014 87,019 31.33 - 37.84 3,083,112 1.05 0.00 - 0.90 8.51 - 9.49
2013 86,252 28.62 - 34.56 2,797,763 1.18 0.00 - 0.90 31.96 - 33.15

BHFTII MetLife MSCI EAFE 2017 187,910 21.49 - 36.45 4,942,177 2.69 0.00 - 0.90 23.79 - 24.90
Index Division 2016 191,182 17.20 - 29.43 4,043,957 2.60 0.00 - 0.90 0.44 - 1.34
2015 193,536 16.98 - 29.29 4,104,960 3.24 0.00 - 0.90 (1.97) - (1.09)
2014 206,415 17.16 - 29.86 4,464,868 2.71 0.00 - 0.90 (6.84) - (6.00)
2013 262,613 18.26 - 32.04 5,974,855 3.07 0.00 - 0.90 20.78 - 21.86

BHFTII MetLife Russell 2000 2017 101,114 31.61 - 37.59 3,455,570 1.20 0.00 - 0.90 13.65 - 14.67
Index Division 2016 109,019 27.82 - 32.78 3,254,335 1.37 0.00 - 0.90 20.20 - 21.28
2015 126,144 23.14 - 27.03 3,117,943 1.22 0.00 - 0.90 (5.13) - (4.27)
2014 142,869 24.39 - 28.23 3,699,710 1.21 0.00 - 0.90 4.10 - 5.04
2013 183,170 23.43 - 26.88 4,556,433 1.58 0.00 - 0.90 37.32 - 38.55

BHFTII MetLife Stock Index 2017 1,436,062 32.13 - 116.39 59,960,837 1.77 0.00 - 0.90 20.46 - 21.54
Division 2016 1,533,315 26.58 - 96.58 52,646,385 2.01 0.00 - 0.90 10.68 - 11.67
2015 1,645,553 21.03 - 87.22 51,534,055 1.78 0.00 - 0.90 0.26 - 1.17
2014 1,882,074 20.79 - 86.95 58,568,582 1.69 0.00 - 0.90 12.35 - 13.36
2013 2,118,048 18.34 - 77.35 58,201,585 1.86 0.00 - 0.90 30.84 - 32.02

BHFTII MFS Total Return 2017 94,697 27.30 - 39.54 2,944,589 2.53 0.00 - 0.90 11.44 - 12.44
Division 2016 102,854 23.68 - 35.41 2,871,810 2.74 0.00 - 0.90 8.23 - 9.20
2015 128,448 21.68 - 32.65 3,241,780 2.61 0.00 - 0.90 (1.05) - (0.16)
2014 131,854 21.71 - 32.93 3,359,749 2.33 0.00 - 0.90 7.67 - 8.64
2013 122,035 20.50 - 30.53 2,940,354 2.57 0.00 - 0.90 17.93 - 18.99

BHFTII MFS Value Division 2017 363,828 24.36 - 28.04 9,338,291 2.13 0.00 - 0.90 16.95 - 18.00
2016 329,931 20.83 - 23.76 7,107,991 2.15 0.00 - 0.90 13.37 - 14.39
2015 419,200 18.38 - 20.77 8,076,877 2.53 0.00 - 0.90 (1.04) - (0.15)
2014 370,993 18.57 - 20.80 7,104,148 1.74 0.00 - 0.90 9.82 - 10.81
2013 387,875 16.91 - 18.77 6,760,489 1.84 0.00 - 0.90 34.52 - 35.73

BHFTII MFS Value II Division 2017 113,916 25.29 - 80.63 4,928,513 2.62 0.00 - 0.90 6.68 - 7.64
2016 117,240 23.50 - 75.54 4,805,065 1.65 0.00 - 0.90 17.46 - 18.51
2015 127,118 19.83 - 64.28 4,557,494 1.82 0.00 - 0.90 (6.83) - (5.99)
2014 138,760 21.09 - 68.96 5,420,770 1.28 0.00 - 0.90 8.94 - 9.92
2013 158,289 19.19 - 63.27 5,636,500 1.40 0.00 - 0.90 30.87 - 32.05

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)

8. FINANCIAL HIGHLIGHTS -- (CONTINUED)

AS OF DECEMBER 31 FOR THE YEAR ENDED DECEMBER 31
----------------------------------------- --------------------------------------------------
UNIT VALUE INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3)
LOWEST TO NET INCOME LOWEST TO LOWEST TO
UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST (%)
--------- --------------- ----------- ------------- ---------------- -----------------

BHFTII Neuberger Berman 2017 232,300 28.03 - 39.36 8,669,138 0.41 0.00 - 0.90 14.72 - 15.75
Genesis Division 2016 249,669 24.21 - 34.24 8,106,048 0.47 0.00 - 0.90 17.63 - 18.68
2015 281,941 20.40 - 29.05 7,812,985 0.44 0.00 - 0.90 (0.32) - 0.58
2014 304,878 20.28 - 29.09 8,456,883 0.38 0.00 - 0.90 (0.88) - 0.01
2013 341,566 20.28 - 29.29 9,567,958 0.78 0.00 - 0.90 37.29 - 38.52

BHFTII T. Rowe Price Large 2017 235,621 28.05 - 41.30 7,354,249 0.31 0.00 - 0.90 32.67 - 33.86
Cap Growth Division 2016 222,063 21.14 - 30.86 5,151,979 0.06 0.00 - 0.90 0.85 - 1.76
2015 298,914 20.96 - 30.32 6,927,734 0.12 0.00 - 0.90 9.79 - 10.78
2014 230,571 19.09 - 27.37 4,780,507 0.06 0.00 - 0.90 8.11 - 9.09
2013 205,282 17.66 - 25.09 3,998,233 0.25 0.00 - 0.90 37.92 - 39.16

BHFTII T. Rowe Price Small 2017 238,915 30.89 - 47.49 8,016,869 0.31 0.00 - 0.90 21.79 - 22.88
Cap Growth Division 2016 239,530 25.36 - 38.64 6,615,513 0.25 0.00 - 0.90 10.74 - 11.74
2015 252,940 22.90 - 34.58 6,247,548 0.14 0.00 - 0.90 1.79 - 2.71
2014 283,047 22.50 - 33.67 6,845,427 0.02 0.00 - 0.90 5.95 - 6.91
2013 296,588 21.24 - 31.50 6,759,154 0.33 0.00 - 0.90 43.27 - 44.55

BHFTII Van Eck Global 2017 117,550 31.18 - 44.83 4,107,850 0.11 0.00 - 0.90 (1.50) - (0.62)
Natural Resources Division 2016 122,401 31.66 - 45.31 4,317,890 0.83 0.00 - 0.90 42.98 - 44.26
2015 135,926 22.14 - 31.55 3,364,534 0.53 0.00 - 0.90 (33.24) - (32.64)
2014 138,590 33.17 - 47.04 5,104,495 0.51 0.00 - 0.90 (19.36) - (18.63)
2013 75,347 41.13 - 58.08 3,701,909 0.87 0.00 - 0.90 10.07 - 11.06

BHFTII Western Asset 2017 17,053 377.18 - 458.03 6,950,092 3.84 0.00 - 0.90 7.26 - 8.23
Management Strategic Bond 2016 16,545 351.64 - 423.22 6,257,692 1.54 0.00 - 0.90 4.26 - 4.89
Opportunities Division
(Commenced 4/29/2016)

BHFTII Western Asset 2017 3,084 212.75 - 261.85 723,808 3.05 0.00 - 0.90 1.03 - 1.93
Management U.S. Government 2016 1,947 210.59 - 256.88 447,387 2.15 0.00 - 0.90 0.38 - 1.28
Division 2015 4,211 209.79 - 253.62 1,010,485 2.36 0.00 - 0.90 (0.33) - 0.57
2014 4,552 210.47 - 252.18 1,084,630 1.89 0.00 - 0.90 1.89 - 2.81
2013 3,003 206.56 - 245.29 676,204 2.08 0.00 - 0.90 (1.62) - (0.74)

Fidelity VIP Equity-Income 2017 360,178 27.94 - 67.24 15,458,808 1.69 0.00 - 0.90 11.89 - 12.89
Division 2016 391,589 24.75 - 59.98 14,906,317 2.20 0.00 - 0.90 16.97 - 18.02
2015 454,388 20.97 - 51.18 14,732,463 3.11 0.00 - 0.90 (4.82) - (3.96)
2014 487,769 21.83 - 53.66 16,664,345 2.86 0.00 - 0.90 7.75 - 8.72
2013 497,125 20.08 - 49.70 16,000,845 2.33 0.00 - 0.90 27.00 - 28.15

Fidelity VIP Mid Cap 2017 88,548 49.84 - 58.39 4,672,052 0.69 0.00 - 0.90 19.73 - 20.81
Division 2016 97,355 41.63 - 48.34 4,280,262 0.48 0.00 - 0.90 11.23 - 12.23
2015 113,273 37.42 - 43.07 4,460,618 0.48 0.00 - 0.90 (2.27) - (1.39)
2014 129,432 38.29 - 43.67 5,191,833 0.24 0.00 - 0.90 5.34 - 6.29
2013 157,436 36.35 - 41.09 5,966,757 0.50 0.00 - 0.90 35.02 - 36.23

JPMorgan Insurance Trust 2017 46,241 14.95 - 16.49 750,562 2.57 0.45 - 0.90 2.65 - 3.11
Core Bond Division 2016 44,403 14.56 - 15.99 698,826 2.63 0.45 - 0.90 1.20 - 1.66
2015 54,729 14.39 - 15.73 847,986 3.60 0.45 - 0.90 0.22 - 0.67
2014 54,228 14.36 - 15.63 835,212 3.84 0.45 - 0.90 3.98 - 4.45
2013 55,103 13.81 - 14.96 810,630 4.60 0.45 - 0.90 (2.35) - (1.91)

GENERAL AMERICAN SEPARATE ACCOUNT ELEVEN
OF GENERAL AMERICAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONCLUDED)

8. FINANCIAL HIGHLIGHTS -- (CONCLUDED)

AS OF DECEMBER 31 FOR THE YEAR ENDED DECEMBER 31
----------------------------------------- --------------------------------------------------
UNIT VALUE INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3)
LOWEST TO NET INCOME LOWEST TO LOWEST TO
UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST (%)
---------- ---------------- ----------- ------------- ---------------- -----------------

JPMorgan Insurance Trust 2017 72,802 37.34 - 47.42 3,341,139 0.32 0.00 - 0.90 14.20 - 15.23
Small Cap Core Division 2016 57,449 32.70 - 41.34 2,277,324 0.50 0.00 - 0.90 19.14 - 20.21
2015 86,284 27.45 - 34.54 2,890,717 0.14 0.00 - 0.90 (6.13) - (5.28)
2014 89,168 29.24 - 36.63 3,153,648 0.15 0.00 - 0.90 8.62 - 9.59
2013 99,271 26.92 - 33.57 3,196,530 0.56 0.00 - 0.90 41.03 - 42.29

Russell International 2017 63,736 20.07 - 24.90 1,542,703 2.62 0.45 - 0.90 23.86 - 24.42
Developed Markets Division 2016 67,002 16.20 - 20.02 1,306,331 3.03 0.45 - 0.90 1.45 - 1.90
2015 78,843 15.97 - 19.64 1,509,402 1.15 0.45 - 0.90 (2.19) - (1.76)
2014 80,335 16.33 - 19.99 1,567,210 2.00 0.45 - 0.90 (5.30) - (4.88)
2013 84,037 17.25 - 21.02 1,727,325 1.95 0.45 - 0.90 20.82 - 21.36

Russell Strategic Bond 2017 35,646 22.04 - 26.49 893,673 1.35 0.45 - 0.90 2.94 - 3.40
Division 2016 39,229 21.41 - 25.63 949,307 1.59 0.45 - 0.90 2.18 - 2.64
2015 45,991 20.95 - 24.98 1,089,808 2.38 0.45 - 0.90 (1.03) - (0.59)
2014 47,149 21.17 - 25.14 1,125,539 1.59 0.45 - 0.90 4.51 - 4.98
2013 61,515 20.25 - 23.96 1,406,359 1.45 0.45 - 0.90 (2.33) - (1.89)

Russell U.S. Small Cap 2017 48,085 25.26 - 40.56 1,782,753 0.18 0.45 - 0.90 14.45 - 14.96
Equity Division 2016 50,721 22.07 - 35.30 1,636,361 0.82 0.45 - 0.90 17.60 - 18.13
2015 58,685 18.77 - 29.90 1,587,739 0.66 0.45 - 0.90 (8.01) - (7.60)
2014 57,287 20.40 - 32.37 1,691,301 0.25 0.45 - 0.90 0.65 - 1.10
2013 59,741 20.27 - 32.04 1,723,890 0.43 0.45 - 0.90 38.75 - 39.38

Russell U.S. Strategic 2017 120,239 24.58 - 39.61 4,090,884 1.02 0.45 - 0.90 19.72 - 20.26
Equity Division 2016 126,635 20.53 - 32.95 3,565,102 1.05 0.45 - 0.90 9.65 - 10.14
2015 141,010 18.73 - 29.94 3,648,445 0.82 0.45 - 0.90 0.20 - 0.65
2014 146,011 18.69 - 29.76 3,752,483 1.17 0.45 - 0.90 10.70 - 11.20
2013 154,054 16.88 - 26.77 3,539,995 1.22 0.45 - 0.90 31.73 - 32.32

VanEck VIP Emerging Markets 2017 80,962 49.12 - 81.81 5,093,837 0.36 0.00 - 0.90 49.69 - 51.03
Division 2016 66,650 32.81 - 54.41 2,868,911 0.53 0.00 - 0.90 (0.79) - 0.10
2015 100,691 33.08 - 54.60 4,236,208 0.55 0.00 - 0.90 (14.76) - (13.99)
2014 96,903 38.80 - 63.77 4,831,803 0.50 0.00 - 0.90 (1.30) - (0.41)
2013 111,107 39.32 - 64.32 5,639,281 1.48 0.00 - 0.90 11.02 - 12.02

1 These amounts represent the dividends, excluding distributions of capital
gains, received by the Division from the underlying fund or portfolio, net of
management fees assessed by the fund manager, divided by the average net
assets, regardless of share class, if any. These ratios exclude those
expenses, such as mortality and expense risk charges, that are assessed
against policy owner accounts either through reductions in the unit values or
the redemption of units. The investment income ratio is calculated for each
period indicated or from the effective date through the end of the reporting
period. The recognition of investment income by the Division is affected by
the timing of the declaration of dividends by the underlying fund or
portfolio in which the Division invests. The investment income ratio is
calculated as a weighted average ratio since the Division may invest in two
or more share classes, within the underlying fund or portfolio of the Trusts
which may have unique investment income ratios.

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

3 These amounts represent the total return for the period indicated, including
changes in the value of the underlying fund or portfolio, and expenses
assessed through the reduction of unit values. These ratios do not include
any expenses assessed through the redemption of units. The total return is
calculated for each period indicated or from the effective date through the
end of the reporting period. The total return is presented as a range of
minimum to maximum returns, based on the minimum and maximum returns within
each product grouping of the applicable Division.

Metropolitan Tower Life Insurance Company and Subsidiaries

Consolidated Financial Statements

As of December 31, 2017 and 2016 and for the Years Ended December 31, 2017,
2016 and 2015 and Independent Auditors' Report

[THIS PAGE INTENTIONALLY LEFT BLANK]

INDEPENDENT AUDITORS' REPORT

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

We have audited the accompanying consolidated financial statements of
Metropolitan Tower Life Insurance Company and its subsidiaries (a wholly-owned
subsidiary of MetLife, Inc.) (the "Company") which comprise the consolidated
balance sheet as of December 31, 2017 and 2016, and the related consolidated
statements of operations, comprehensive income (loss), stockholder's equity,
and cash flows for each of the three years in the period ended December 31,
2017, and the related notes to the consolidated financial statements.

Management's Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of these
consolidated financial statements in accordance with accounting principles
generally accepted in the United States of America; this includes the design,
implementation, and maintenance of internal control relevant to the preparation
and fair presentation of consolidated financial statements that are free from
material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these consolidated financial
statements based on our audit. We conducted our audit in accordance with
auditing standards generally accepted in the United States of America. Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the consolidated financial statements are free from
material misstatement.

An audit involves performing procedures to obtain audit evidence about the
amounts and disclosures in the consolidated financial statements. The
procedures selected depend on the auditor's judgment, including the assessment
of the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and fair
presentation of the consolidated financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the Company's internal
control. Accordingly, we express no such opinion. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of significant accounting estimates made by management, as well
as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the financial position of Metropolitan Tower
Life Insurance Company and its subsidiaries as of December 31, 2017 and 2016,
and the results of their operations and their cash flows for each of the three
years in the period ended December 31, 2017, in accordance with accounting
principles generally accepted in the United States of America.

Emphasis of Matter

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

/s/ DELOITTE & TOUCHE LLP

Certified Public Accountants
Tampa, Florida
April 13, 2018

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Consolidated Balance Sheets
December 31, 2017 and 2016

(In millions, except share and per share data)

2017 2016
------------ -----------

Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized
cost: $3,421 and $2,939, respectively).......................................... $ 3,712 $ 3,159
Equity securities available-for-sale, at estimated fair value (cost: $11 and $11,
respectively)................................................................... 11 11
Mortgage loans (net of valuation allowances of: $1 and $1, respectively).......... 306 231
Policy loans...................................................................... 250 257
Real estate and real estate joint ventures........................................ 377 296
Short-term investments, at estimated fair value................................... 53 132
Annuities funding structured settlement claims.................................... 4,330 4,372
Other invested assets............................................................. 179 261
------------ -----------
Total investments.............................................................. 9,218 8,719
Cash and cash equivalents, principally at estimated fair value.................... 86 71
Accrued investment income......................................................... 38 34
Premiums, reinsurance and other receivables....................................... 974 971
Current income tax recoverable.................................................... 20 --
Other assets...................................................................... 37 30
Separate account assets........................................................... 123 112
------------ -----------
Total assets................................................................... $ 10,496 $ 9,937
============ ===========
Liabilities and Stockholder's Equity
Liabilities
Future policy benefits............................................................ $ 895 $ 340
Policyholder account balances..................................................... 3,287 3,390
Other policy-related balances..................................................... 4,372 4,416
Payables for collateral under securities loaned and other transactions............ 499 443
Deferred income tax liability..................................................... 119 202
Other liabilities................................................................. 84 61
Separate account liabilities...................................................... 123 112
------------ -----------
Total liabilities.............................................................. 9,379 8,964
------------ -----------
Contingencies, Commitments and Guarantees (Note 11)
Stockholder's Equity
Common stock, par value $2,000 per share; 1,000 shares authorized, issued and
outstanding..................................................................... 3 3
Additional paid-in capital........................................................ 967 967
Retained earnings (deficit)....................................................... (6) (139)
Accumulated other comprehensive income (loss)..................................... 153 142
------------ -----------
Total stockholder's equity..................................................... 1,117 973
------------ -----------
Total liabilities and stockholder's equity..................................... $ 10,496 $ 9,937
============ ===========

See accompanying notes to the consolidated financial statements.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Consolidated Statements of Operations
For the Years Ended December 31, 2017, 2016 and 2015

(In millions)

2017 2016 2015
---------- -------- --------

Revenues
Premiums................................................ $ 517 $ -- $ --
Universal life and investment-type product policy fees.. 76 82 84
Net investment income................................... 447 454 487
Other revenues.......................................... 10 15 15
Net investment gains (losses)........................... -- (49) (33)
Net derivative gains (losses)........................... (1) 9 5
---------- -------- --------
Total revenues....................................... 1,049 511 558
---------- -------- --------
Expenses
Policyholder benefits and claims........................ 842 352 364
Interest credited to policyholder account balances...... 112 115 120
Other expenses.......................................... 65 31 51
---------- -------- --------
Total expenses....................................... 1,019 498 535
---------- -------- --------
Income (loss) before provision for income tax........ 30 13 23
Provision for income tax expense (benefit).............. (103) 5 8
---------- -------- --------
Net income (loss).................................... $ 133 $ 8 $ 15
========== ======== ========

See accompanying notes to the consolidated financial statements.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Consolidated Statements of Comprehensive Income (Loss)
For the Years Ended December 31, 2017, 2016 and 2015

(In millions)

2017 2016 2015
--------- -------- --------

Net income (loss).......................................... $ 133 $ 8 $ 15
Other comprehensive income (loss):
Unrealized investment gains (losses), net of related
offsets.................................................. 24 34 (129)
Unrealized gains (losses) on derivatives................... (8) 1 4
--------- -------- --------
Other comprehensive income (loss), before income tax.... 16 35 (125)
Income tax (expense) benefit related to items of other
comprehensive income (loss).............................. (5) (13) 43
--------- -------- --------
Other comprehensive income (loss), net of income tax.... 11 22 (82)
--------- -------- --------
Comprehensive income (loss)............................. $ 144 $ 30 $ (67)
========= ======== ========

See accompanying notes to the consolidated financial statements.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Consolidated Statements of Stockholder's Equity
For the Years Ended December 31, 2017, 2016 and 2015

(In millions)

Accumulated
Additional Retained Other Total
Common Paid-in Earnings Comprehensive Stockholder's
Stock Capital (Deficit) Income (Loss) Equity
------ ---------- --------- ------------- -------------

Balance at December 31, 2014.............. $ 3 $ 967 $ -- $ 202 $ 1,172
Dividends paid to MetLife, Inc............ (102) (102)
Net income (loss)......................... 15 15
Other comprehensive income (loss), net of
income tax.............................. (82) (82)
------ -------- -------- -------- ----------
Balance at December 31, 2015.............. 3 967 (87) 120 1,003
------ -------- -------- -------- ----------
Dividends paid to MetLife, Inc............ (60) (60)
Net income (loss)......................... 8 8
Other comprehensive income (loss), net of
income tax.............................. 22 22
------ -------- -------- -------- ----------
Balance at December 31, 2016.............. 3 967 (139) 142 973
------ -------- -------- -------- ----------
Net income (loss)......................... 133 133
Other comprehensive income (loss), net of
income tax.............................. 11 11
------ -------- -------- -------- ----------
Balance at December 31, 2017.............. $ 3 $ 967 $ (6) $ 153 $ 1,117
====== ======== ======== ======== ==========

See accompanying notes to the consolidated financial statements.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Consolidated Statements of Cash Flows
For the Years Ended December 31, 2017, 2016 and 2015

(In millions)

2017 2016 2015
---------- -------- ----------

Cash flows from operating activities
Net income (loss)................................................... $ 133 $ 8 $ 15
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
Depreciation and amortization expenses.............................. 12 9 11
Amortization of premiums and accretion of discounts associated with
investments, net.................................................. (20) (24) (27)
(Gains) losses on investments, net.................................. -- 49 33
(Gains) losses on derivatives, net.................................. 7 13 30
(Income) loss from equity method investments, net of dividends or
distributions..................................................... 3 3 (1)
Interest credited to policyholder account balances.................. 112 115 120
Universal life and investment-type product policy fees.............. (76) (82) (84)
Asset impairment.................................................... -- -- 21
Change in accrued investment income................................. (4) 11 1
Change in premiums, reinsurance and other receivables............... (4) 2 11
Change in income tax................................................ (108) (58) (47)
Change in other assets.............................................. 3 11 16
Change in future policy benefits and policy-related balances........ 504 15 9
Change in other liabilities......................................... 24 (12) (10)
Other, net.......................................................... 4 -- --
---------- -------- ----------
Net cash provided by (used in) operating activities.............. 590 60 98
---------- -------- ----------
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities........................................ 1,457 898 1,186
Mortgage loans................................................... 34 67 58
Real estate and real estate joint ventures....................... -- 1 181
Purchases of:
Fixed maturity securities........................................ (1,923) (731) (1,246)
Mortgage loans................................................... (109) (51) (18)
Real estate and real estate joint ventures....................... (19) (8) (16)
Cash received in connection with freestanding derivatives........... 8 5 2
Cash paid in connection with freestanding derivatives............... (10) (1) (2)
Net change in policy loans.......................................... 7 8 12
Net change in short-term investments................................ 79 -- 94
Net change in other invested assets................................. -- 1 --
Net change in property and equipment................................ (10) -- --
---------- -------- ----------
Net cash provided by (used in) investing activities.............. $ (486) $ 189 $ 251
---------- -------- ----------

See accompanying notes to the consolidated financial statements.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Consolidated Statements of Cash Flows -- (continued)
For the Years Ended December 31, 2017, 2016 and 2015

(In millions)

2017 2016 2015
-------- -------- --------

Cash flows from financing activities
Policyholder account balances:
Deposits.................................................................. $ 772 $ 348 $ 183
Withdrawals............................................................... (917) (489) (323)
Net change in payables for collateral under securities loaned and other
transactions............................................................... 56 (52) (112)
Dividends paid to MetLife, Inc............................................... -- (60) (102)
Other, net................................................................... -- -- 3
-------- -------- --------
Net cash provided by (used in) financing activities....................... (89) (253) (351)
-------- -------- --------
Change in cash and cash equivalents....................................... 15 (4) (2)
Cash and cash equivalents, beginning of year................................. 71 75 77
-------- -------- --------
Cash and cash equivalents, end of year.................................... $ 86 $ 71 $ 75
======== ======== ========
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Income tax................................................................... $ 5 $ 61 $ 57
======== ======== ========
Non-cash transactions:
Increase in real estate and real estate joint ventures due to the expiration
of a leveraged lease where the underlying asset was real estate............ $ 73 $ -- $ --
======== ======== ========

See accompanying notes to the consolidated financial statements.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies

Business

Metropolitan Tower Life Insurance Company ("MTL") and its subsidiaries
(collectively, the "Company") is a wholly-owned subsidiary of MetLife, Inc. The
Company is domiciled in the state of Delaware ("Delaware"), and is licensed to
transact insurance business in, and is subject to regulation by all 50 states
and the District of Columbia. The Company is actively selling structured
settlement annuities, as well as term life insurance sold through the Company's
direct to consumer channel. The Company is no longer actively selling
traditional fixed annuities, variable and universal life insurance, and whole
life insurance.

Basis of Presentation

The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America ("GAAP") requires
management to adopt accounting policies and make estimates and assumptions that
affect amounts reported on the consolidated financial statements. In applying
these policies and estimates, management makes subjective and complex judgments
that frequently require assumptions about matters that are inherently
uncertain. Many of these policies, estimates and related judgments are common
in the insurance and financial services industries; others are specific to the
Company's business and operations. Actual results could differ from these
estimates.

Consolidation

The accompanying consolidated financial statements include the accounts of
MTL and its subsidiaries, including partnerships in which the Company has
control. Intercompany accounts and transactions have been eliminated.

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

Separate Accounts

Separate accounts are established in conformity with insurance laws.
Generally, the assets of the separate accounts cannot be used to settle the
liabilities that arise from any other business of the Company. Separate
account assets are subject to general account claims only to the extent the
value of such assets exceeds the separate account liabilities. The Company
reports separately, as assets and liabilities, investments held in separate
accounts and liabilities of the separate accounts if:

. such separate accounts are legally recognized;

. assets supporting the contract liabilities are legally insulated from
the Company's general account liabilities;

. investments are directed by the contractholder; and

. all investment performance, net of contract fees and assessments, is
passed through to the contractholder.

The Company reports separate account assets at their fair value, which is
based on the estimated fair values of the underlying assets comprising the
individual separate account portfolios. Investment performance (including
investment income, net investment gains (losses) and changes in unrealized
gains (losses)) and the corresponding amounts credited to contractholders of
such separate accounts are offset within the same line on the statements of
operations.

The Company's revenues reflect fees charged to the separate accounts,
including mortality charges, risk charges, policy administration fees,
investment management fees and surrender charges. Such fees are included in
universal life and investment-type product policy fees on the statements of
operations.

Reclassifications

Certain amounts in the prior years' consolidated financial statements and
related footnotes thereto have been reclassified to conform with the current
year presentation as discussed throughout the Notes to the Consolidated
Financial Statements.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

Summary of Significant Accounting Policies

The following are the Company's significant accounting policies with
references to notes providing additional information on such policies and
critical accounting estimates relating to such policies.

Accounting Policy Note

-------------------------------------------------------------------------------
Insurance 2
-------------------------------------------------------------------------------
Deferred Policy Acquisition Costs 3
-------------------------------------------------------------------------------
Reinsurance 4
-------------------------------------------------------------------------------
Investments 5
-------------------------------------------------------------------------------
Derivatives 6
-------------------------------------------------------------------------------
Fair Value 7
-------------------------------------------------------------------------------
Income Tax 10
-------------------------------------------------------------------------------
Litigation Contingencies 11

Insurance

Future Policy Benefit Liabilities and Policyholder Account Balances

The Company establishes liabilities for amounts payable under insurance
policies. Generally, amounts are payable over an extended period of time and
related liabilities are calculated as the present value of future expected
benefits to be paid reduced by the present value of future expected
premiums. Such liabilities are established based on methods and underlying
assumptions in accordance with GAAP and applicable actuarial standards.
Principal assumptions used in the establishment of liabilities for future
policy benefits are mortality, morbidity, policy lapse, renewal, investment
returns, inflation, expenses and other contingent events as appropriate to
the respective product type. These assumptions are established at the time
the policy is issued and are intended to estimate the experience for the
period the policy benefits are payable. Utilizing these assumptions,
liabilities are established on a block of business basis. For long-duration
insurance contracts, assumptions such as mortality, morbidity and interest
rates are "locked in" upon the issuance of new business. However,
significant adverse changes in experience on such contracts may require the
establishment of premium deficiency reserves. Such reserves are determined
based on the then current assumptions and do not include a provision for
adverse deviation.

Liabilities for universal life paid-up guarantees are determined by
estimating the expected value of death benefits payable when the account
balance is projected to be zero and recognizing those benefits ratably over
the accumulation period based on total expected assessments. The assumptions
used in estimating the paid-up guarantee liabilities are consistent with
those used for amortizing deferred policy acquisition costs ("DAC"), and are
thus subject to the same variability and risk as further discussed herein.
The benefits used in calculating the liabilities are based on the average
benefits payable over a range of scenarios.

The Company regularly reviews its estimates of liabilities for future
policy benefits and compares them with its actual experience. Differences
result in changes to the liability balances with related charges or credits
to benefit expenses in the period in which the changes occur.

Policyholder account balances relate to contracts or contract features
where the Company has no significant insurance risk.

Other Policy-Related Balances

Other policy-related balances primarily include obligations assumed under
structured settlement assignments as described in Note 2.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

Recognition of Insurance Revenues and Deposits

Premiums related to traditional life and annuity contracts with life
contingencies are recognized as revenues when due from policyholders.
Policyholder benefits and expenses are provided to recognize profits over
the estimated lives of the insurance policies. When premiums are due over a
significantly shorter period than the period over which benefits are
provided, any excess profit is deferred and recognized into earnings in a
constant relationship to insurance in-force or, for annuities, the amount of
expected future policy benefit payments.

Deposits related to universal life-type and investment-type products are
credited to policyholder account balances. Revenues from such contracts
consist of fees for mortality, policy administration and surrender charges
and are recorded in universal life and investment-type product policy fees
in the period in which services are provided. Amounts that are charged to
earnings include interest credited and benefit claims incurred in excess of
related policyholder account balances.

All revenues and expenses are presented net of reinsurance, as applicable.

Deferred Policy Acquisition Costs

The Company incurs significant costs in connection with acquiring new and
renewal insurance business. Costs that are related directly to the successful
acquisition or renewal of insurance contracts are capitalized as DAC and
reported in other assets on the balance sheet. Such costs include:

. incremental direct costs of contract acquisition, such as commissions;

. the portion of an employee's total compensation and benefits related to
time spent selling, underwriting or processing the issuance of new and
renewal insurance business only with respect to actual policies acquired
or renewed; and

. other essential direct costs that would not have been incurred had a
policy not been acquired or renewed.

All other acquisition-related costs, including those related to general
advertising and solicitation, market research, agent training, product
development, unsuccessful sales and underwriting efforts, as well as all
indirect costs, are expensed as incurred.

DAC is amortized as follows:

Products: In proportion to the following over
estimated lives of the contracts:
-----------------------------------------------------------------------------
. Nonparticipating and Actual and expected future gross
non-dividend-paying traditional premiums.
contracts (primarily term
insurance)
-----------------------------------------------------------------------------
. Fixed and variable universal life Actual and expected future gross
contracts profits.
-----------------------------------------------------------------------------

See Note 3 for additional information on DAC amortization. Amortization of
DAC is included in other expenses.

The recovery of DAC is dependent upon the future profitability of the
related business.

Reinsurance

For each of its reinsurance agreements, the Company determines whether the
agreement provides indemnification against loss or liability relating to
insurance risk in accordance with applicable accounting standards. Cessions
under reinsurance agreements do not discharge the Company's obligations as
the primary insurer. The Company reviews all contractual features, including
those that may limit the amount of insurance risk to which the reinsurer is
subject or features that delay the timely reimbursement of claims.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

For reinsurance of existing in-force blocks of long-duration contracts
that transfer significant insurance risk, the difference, if any, between the
amounts paid (received), and the liabilities ceded (assumed) related to the
underlying contracts is considered the net cost of reinsurance at the
inception of the reinsurance agreement. The net cost of reinsurance is
recorded as an adjustment to DAC when there is a gain at inception on the
ceding entity and to other liabilities when there is a loss at inception. The
net cost of reinsurance is recognized as a component of other expenses when
there is a gain at inception and as policyholder benefits and claims when
there is a loss and is subsequently amortized on a basis consistent with the
methodology used for amortizing DAC related to the underlying reinsured
contracts. Subsequent amounts paid (received) on the reinsurance of in-force
blocks, as well as amounts paid (received) related to new business, are
recorded as ceded (assumed) premiums; and ceded (assumed) premiums,
reinsurance and other receivables (future policy benefits) are established.

Amounts currently recoverable under reinsurance agreements are included in
premiums, reinsurance and other receivables and amounts currently payable are
included in other liabilities. Assets and liabilities relating to reinsurance
agreements with the same reinsurer may be recorded net on the balance sheet,
if a right of offset exists within the reinsurance agreement. In the event
that reinsurers do not meet their obligations to the Company under the terms
of the reinsurance agreements, reinsurance recoverable balances could become
uncollectible. In such instances, reinsurance recoverable balances are stated
net of allowances for uncollectible reinsurance.

Premiums, fees and policyholder benefits and claims include amounts
assumed under reinsurance agreements and are net of reinsurance ceded.
Amounts received from reinsurers for policy administration are reported in
other revenues.

If the Company determines that a reinsurance agreement does not expose the
reinsurer to a reasonable possibility of a significant loss from insurance
risk, the Company records the agreement using the deposit method of
accounting. Deposits received are included in other liabilities and deposits
made are included within premiums, reinsurance and other receivables. As
amounts are paid or received, consistent with the underlying contracts, the
deposit assets or liabilities are adjusted. Interest on such deposits is
recorded as other revenues or other expenses, as appropriate. Periodically,
the Company evaluates the adequacy of the expected payments or recoveries and
adjusts the deposit asset or liability through other revenues or other
expenses, as appropriate.

Investments

Net Investment Income and Net Investment Gains (Losses)

Income from investments is reported within net investment income, unless
otherwise stated herein. Gains and losses on sales of investments,
impairment losses and changes in valuation allowances are reported within
net investment gains (losses), unless otherwise stated herein.

Fixed Maturity and Equity Securities

The Company's fixed maturity and equity securities are classified as
available-for-sale ("AFS") and are reported at their estimated fair value.
Unrealized investment gains and losses on these securities are recorded as a
separate component of other comprehensive income (loss) ("OCI"), net of
policy-related amounts and deferred income taxes. All security transactions
are recorded on a trade date basis. Investment gains and losses on sales are
determined on a specific identification basis.

Interest income and prepayment fees are recognized when earned. Interest
income is recognized using an effective yield method giving effect to
amortization of premiums and accretion of discounts, and is based on the
estimated economic life of the securities, which for mortgage-backed and
asset-backed securities considers the estimated timing and amount of
prepayments of the underlying loans. See Note 5 "-- Fixed Maturity and
Equity Securities AFS -- Methodology for Amortization of Premium and
Accretion of Discount on Structured Securities." The amortization of premium
and accretion of discount of fixed maturity securities also takes into
consideration call and maturity dates. Dividends on equity securities are
recognized when declared.

The Company periodically evaluates fixed maturity and equity securities
for impairment. The assessment of whether impairments have occurred is based
on management's case-by-case evaluation of the underlying reasons for the
decline in estimated fair value, as well as an analysis of the gross
unrealized losses by severity and/or age as described in Note 5 "-- Fixed
Maturity and Equity Securities AFS -- Evaluation of AFS Securities for OTTI
and Evaluating Temporarily Impaired AFS Securities."

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

For fixed maturity securities in an unrealized loss position, an
other-than-temporary impairment ("OTTI") is recognized in earnings when it
is anticipated that the amortized cost will not be recovered. When either:
(i) the Company has the intent to sell the security; or (ii) it is more
likely than not that the Company will be required to sell the security
before recovery, the OTTI recognized in earnings is the entire difference
between the security's amortized cost and estimated fair value. If neither
of these conditions exists, the difference between the amortized cost of the
security and the present value of projected future cash flows expected to be
collected is recognized as an OTTI in earnings ("credit loss"). If the
estimated fair value is less than the present value of projected future cash
flows expected to be collected, this portion of OTTI related to
other-than-credit factors ("noncredit loss") is recorded in OCI.

With respect to equity securities, the Company considers in its OTTI
analysis its intent and ability to hold a particular equity security for a
period of time sufficient to allow for the recovery of its estimated fair
value to an amount equal to or greater than cost. If a sale decision is made
for an equity security and recovery to an amount at least equal to cost
prior to the sale is not expected, the security will be deemed to be
other-than-temporarily impaired in the period that the sale decision was
made and an OTTI loss will be recorded in earnings. The OTTI loss recognized
is the entire difference between the security's cost and its estimated fair
value.

Mortgage Loans

The Company disaggregates its mortgage loan investments into two
portfolio segments: commercial and agricultural. The accounting policies
that are applicable to all portfolio segments are presented below and the
accounting policies related to each of the portfolio segments are included
in Note 5.

Mortgage loans are stated at unpaid principal balance, adjusted for any
unamortized premium or discount, deferred fees or expenses, and are net of
valuation allowances. Interest income and prepayment fees are recognized
when earned. Interest income is recognized using an effective yield method
giving effect to amortization of premiums and accretion of discounts.

Policy Loans

Policy loans are stated at unpaid principal balances. Interest income is
recorded as earned using the contractual interest rate. Generally, accrued
interest is capitalized on the policy's anniversary date. Valuation
allowances are not established for policy loans, as they are fully
collateralized by the cash surrender value of the underlying insurance
policies. Any unpaid principal and accrued interest is deducted from the
cash surrender value or the death benefit prior to settlement of the
insurance policy.

Real Estate

Real estate held-for-investment is stated at cost less accumulated
depreciation. Depreciation is recorded on a straight-line basis over the
estimated useful life of the asset (typically 20 to 55 years). Rental income
is recognized on a straight-line basis over the term of the respective
leases. The Company periodically reviews its real estate held-for-investment
for impairment and tests for recoverability whenever events or changes in
circumstances indicate the carrying value may not be recoverable and exceeds
its estimated fair value. Properties whose carrying values are greater than
their undiscounted cash flows are written down to their estimated fair
value, which is generally computed using the present value of expected
future cash flows discounted at a rate commensurate with the underlying
risks.

Real estate for which the Company commits to a plan to sell within one
year and actively markets in its current condition for a reasonable price in
comparison to its estimated fair value is classified as held-for-sale. Real
estate held-for-sale is stated at the lower of depreciated cost or estimated
fair value less expected disposition costs and is not depreciated.

Real Estate Joint Ventures

The Company uses the equity method of accounting for equity securities
when it has significant influence or at least 20% interest and for real
estate joint ventures ("investees") when it has more than a minor ownership
interest or more than a minor influence over the investee's operations. The
Company generally recognizes its share of the investee's earnings on a
three-month lag in instances where the investee's financial information is
not sufficiently timely or when the investee's reporting period differs from
the Company's reporting period.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

The Company uses the cost method of accounting for investments in which
it has virtually no influence over the investee's operations. The Company
recognizes distributions on cost method investments when such distributions
become payable or received. Because of the nature and structure of these
cost method investments, they do not meet the characteristics of an equity
security in accordance with applicable accounting standards.

The Company routinely evaluates its equity method and cost method
investments for impairment. For equity method investees, the Company
considers financial and other information provided by the investee, other
known information and inherent risks in the underlying investments, as well
as future capital commitments, in determining whether an impairment has
occurred. The Company considers its cost method investments for impairment
when the carrying value of such investments exceeds the net asset value
("NAV"). The Company takes into consideration the severity and duration of
this excess when determining whether the cost method investment is impaired.

Short-term Investments

Short-term investments include securities and other investments with
remaining maturities of one year or less, but greater than three months, at
the time of purchase and are stated at estimated fair value or amortized
cost, which approximates estimated fair value. Short-term investments also
include investments in affiliated money market pools.

Annuities Funding Structured Settlement Claims

Annuities funding structured settlement claims represent annuities
funding claims assumed by the Company in its capacity as a structured
settlements assignment company. The annuities are stated at their contract
value, which represents the present value of the future periodic claim
payments to be provided. The net investment income recognized reflects the
amortization of discount of the annuity at its implied effective interest
rate. See Note 2.

Other Invested Assets

Other invested assets consist principally of the following:

. Leveraged leases which are recorded net of non-recourse debt. Income is
recognized by applying the leveraged lease's estimated rate of return to
the net investment in the lease. Leveraged leases derive investment
returns in part from their income tax treatment. The Company regularly
reviews residual values for impairment.

. Freestanding derivatives with positive estimated fair values which are
described in "-- Derivatives" below.

Securities Lending Program

Securities lending transactions, whereby blocks of securities are loaned
to third parties, primarily brokerage firms and commercial banks, are
treated as financing arrangements and the associated liability is recorded
at the amount of cash received. The Company obtains collateral at the
inception of the loan, usually cash, in an amount generally equal to 102% of
the estimated fair value of the securities loaned, and maintains it at a
level greater than or equal to 100% for the duration of the loan. Securities
loaned under such transactions may be sold or re-pledged by the transferee.
The Company is liable to return to the counterparties the cash collateral
received. Security collateral on deposit from counterparties in connection
with securities lending transactions may not be sold or re-pledged, unless
the counterparty is in default, and is not reflected on the Company's
financial statements. The Company monitors the estimated fair value of the
securities loaned on a daily basis and additional collateral is obtained as
necessary throughout the duration of the loan. Income and expenses
associated with securities lending transactions are reported as investment
income and investment expense, respectively, within net investment income.

Derivatives

Freestanding Derivatives

Freestanding derivatives are carried on the Company's balance sheet
either as assets within other invested assets or as liabilities within other
liabilities at estimated fair value. The Company does not offset the
estimated fair value amounts recognized for derivatives executed with the
same counterparty under the same master netting agreement.

Accruals on derivatives are generally recorded in accrued investment
income or within other liabilities. However, accruals that are not scheduled
to settle within one year are included with the derivative's carrying value
in other invested assets or other liabilities.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

If a derivative is not designated as an accounting hedge or its use in
managing risk does not qualify for hedge accounting, changes in the
estimated fair value of the derivative are reported in net derivative gains
(losses).

Hedge Accounting

To qualify for hedge accounting, at the inception of the hedging
relationship, the Company formally documents its risk management objective
and strategy for undertaking the hedging transaction, as well as its
designation of the hedge. Hedge designation and financial statement
presentation of changes in estimated fair value of the hedging derivatives
are as follows:

. Fair value hedge (a hedge of the estimated fair value of a recognized
asset or liability) - in net derivative gains (losses), consistent with
the change in estimated fair value of the hedged item attributable to the
designated risk being hedged.

. Cash flow hedge (a hedge of a forecasted transaction or of the
variability of cash flows to be received or paid related to a recognized
asset or liability) - effectiveness in OCI (deferred gains or losses on
the derivative are reclassified into the statement of operations when the
Company's earnings are affected by the variability in cash flows of the
hedged item); ineffectiveness in net derivative gains (losses).

The changes in estimated fair values of the hedging derivatives are
exclusive of any accruals that are separately reported on the statement of
operations within interest income or interest expense to match the location
of the hedged item.

In its hedge documentation, the Company sets forth how the hedging
instrument is expected to hedge the designated risks related to the hedged
item and sets forth the method that will be used to retrospectively and
prospectively assess the hedging instrument's effectiveness and the method
that will be used to measure ineffectiveness. A derivative designated as a
hedging instrument must be assessed as being highly effective in offsetting
the designated risk of the hedged item. Hedge effectiveness is formally
assessed at inception and at least quarterly throughout the life of the
designated hedging relationship. Assessments of hedge effectiveness and
measurements of ineffectiveness are also subject to interpretation and
estimation and different interpretations or estimates may have a material
effect on the amount reported in net income.

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

When hedge accounting is discontinued because it is determined that the
derivative is not highly effective in offsetting changes in the estimated
fair value or cash flows of a hedged item, the derivative continues to be
carried on the balance sheet at its estimated fair value, with changes in
estimated fair value recognized in net derivative gains (losses). The
carrying value of the hedged recognized asset or liability under a fair
value hedge is no longer adjusted for changes in its estimated fair value
due to the hedged risk, and the cumulative adjustment to its carrying value
is amortized into income over the remaining life of the hedged item.
Provided the hedged forecasted transaction is still probable of occurrence,
the changes in estimated fair value of derivatives recorded in OCI related
to discontinued cash flow hedges are released into the statement of
operations when the Company's earnings are affected by the variability in
cash flows of the hedged item.

When hedge accounting is discontinued because it is no longer probable
that the forecasted transactions will occur on the anticipated date or
within two months of that date, the derivative continues to be carried on
the balance sheet at its estimated fair value, with changes in estimated
fair value recognized currently in net derivative gains (losses). Deferred
gains and losses of a derivative recorded in OCI pursuant to the
discontinued cash flow hedge of a forecasted transaction that is no longer
probable are recognized immediately in net derivative gains (losses).

In all other situations in which hedge accounting is discontinued, the
derivative is carried at its estimated fair value on the balance sheet, with
changes in its estimated fair value recognized in the current period as net
derivative gains (losses).

Fair Value

Fair value is defined as the price that would be received to sell an asset
or paid to transfer a liability (an exit price) in the principal or most
advantageous market for the asset or liability in an orderly transaction
between market participants on the measurement date. In most cases, the exit
price and the transaction (or entry) price will be the same at initial
recognition.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

Subsequent to initial recognition, fair values are based on unadjusted
quoted prices for identical assets or liabilities in active markets that are
readily and regularly obtainable. When such quoted prices are not available,
fair values are based on quoted prices in markets that are not active, quoted
prices for similar but not identical assets or liabilities, or other
observable inputs. If these inputs are not available, or observable inputs are
not determinable, unobservable inputs and/or adjustments to observable inputs
requiring management's judgment are used to determine the estimated fair value
of assets and liabilities.

Income Tax

Metropolitan Tower Life Insurance Company and its includable subsidiaries
join with MetLife, Inc. and its includable subsidiaries in filing a
consolidated U.S. life insurance and non-life insurance federal income tax
return in accordance with the provisions of the Internal Revenue Code of 1986,
as amended. Current taxes (and the benefits of tax attributes such as losses)
are allocated to Metropolitan Tower Life Insurance Company and its subsidiaries
under the consolidated tax return regulations and a tax sharing agreement.
Under the consolidated tax return regulations, MetLife, Inc. has elected the
"percentage method" (and 100% under such method) of reimbursing companies for
tax attributes, e.g., net operating losses. As a result, 100% of tax attributes
are reimbursed by MetLife, Inc. to the extent that consolidated federal income
tax of the consolidated federal tax return group is reduced in a year by tax
attributes. On an annual basis, each of the profitable subsidiaries pays to
MetLife, Inc. the federal income tax which it would have paid based upon that
year's taxable income. If Metropolitan Tower Life Insurance Company or its
includable subsidiaries has current or prior deductions and credits (including
but not limited to losses) which reduce the consolidated tax liability of the
consolidated federal tax return group, the deductions and credits are
characterized as realized (or realizable) by Metropolitan Tower Life Insurance
Company and its includable subsidiaries when those tax attributes are realized
(or realizable) by the consolidated federal tax return group, even if
Metropolitan Tower Life Insurance Company or its includable subsidiaries would
not have realized the attributes on a stand-alone basis under a "wait and see"
method.

The Company's accounting for income taxes represents management's best
estimate of various events and transactions.

Deferred tax assets and liabilities resulting from temporary differences
between the financial reporting and tax bases of assets and liabilities are
measured at the balance sheet date using enacted tax rates expected to apply
to taxable income in the years the temporary differences are expected to
reverse.

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

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

. the jurisdiction in which the deferred tax asset was generated;

. the length of time that carryforward can be utilized in the various
taxing jurisdictions;

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

. future reversals of existing taxable temporary differences;

. taxable income in prior carryback years; and

. tax planning strategies.

The Company may be required to change its provision for income taxes when
estimates used in determining valuation allowances on deferred tax assets
significantly change or when receipt of new information indicates the need for
adjustment in valuation allowances. Additionally, the effect of changes in tax
laws, tax regulations, or interpretations of such laws or regulations, is
recognized in net income tax expense (benefit) in the period of change.

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

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

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

On December 22, 2017, President Trump signed into law H.R.1, commonly
referred to as the Tax Cuts and Jobs Act of 2017 ("U.S. Tax Reform"). See Note
10 for additional information on U.S. Tax Reform and related Staff Accounting
Bulletin ("SAB") 118 provisional amounts.

Litigation Contingencies

The Company is a party to a number of legal actions and is involved in a
number of regulatory investigations. Given the inherent unpredictability of
these matters, it is difficult to estimate the impact on the Company's
financial position. Liabilities are established when it is probable that a
loss has been incurred and the amount of the loss can be reasonably estimated.
Legal costs are recognized as incurred. On an annual basis, the Company
reviews relevant information with respect to liabilities for litigation,
regulatory investigations and litigation-related contingencies to be reflected
on the Company's financial statements.

Other Accounting Policies

Cash and Cash Equivalents

The Company considers all highly liquid securities and other investments
purchased with an original or remaining maturity of three months or less at
the date of purchase to be cash equivalents. Cash equivalents are stated at
amortized cost, which approximates estimated fair value.

Property and Equipment

Property and equipment, which is included in other assets, is stated at
cost less accumulated depreciation. Depreciation is determined using the
straight-line method over the estimated useful lives of the assets, as
appropriate. The estimated life is generally 40 years for company occupied
real estate property and from three to seven years for property and
equipment. The cost basis was $37 million and $36 million at December 31,
2017 and 2016, respectively. Accumulated depreciation was $15 million and
$16 million at December 31, 2017 and 2016, respectively. Related
depreciation expense was $3 million, $3 million and $2 million for the years
ended December 31, 2017, 2016 and 2015, respectively. During the year ended
December 31, 2015, an impairment of $21 million was recognized on company
owned property. As of December 31, 2017, total minimum rental payments to be
received in the future under non-cancelable leases was $6 million,
$7 million, $7 million, $7 million, $1 million and $3 million for the years
ended December 31, 2018, 2019, 2020, 2021, 2022 and years thereafter,
respectively. See Note 12 for information on rental revenues related to a
lease agreement with an affiliate.

Other Revenues

Other revenues include fees on reinsurance financing agreements, as well
as, rental income with affiliates. Such fees are recognized in the period in
which services are performed.

Employee Benefit Plans

Pension, postretirement and postemployment benefits are provided to
associates under plans sponsored and administered by Metropolitan Life
Insurance Company ("MLIC"), an affiliate of the Company. The Company's
obligation and expense related to these benefits is limited to the amount of
associated expense allocated from MLIC.

Foreign Currency

Gains and losses from foreign currency transactions, including the effect
of re-measurement of monetary assets and liabilities to the appropriate
functional currency, are reported as part of net investment gains (losses)
in the period in which they occur.

Adoption of New Accounting Pronouncements

Effective January 1, 2017, the Company early adopted guidance relating to
business combinations. The new guidance clarifies the definition of a business
and requires that an entity apply certain criteria in order to determine when a
set of assets and activities qualifies as a business. The adoption of this
standard will result in fewer acquisitions qualifying as businesses and,
accordingly, acquisition costs for those acquisitions that do not qualify as
businesses will be capitalized rather than expensed. The adoption did not have
a material impact on the Company's consolidated financial statements.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

Effective January 1, 2017, the Company retrospectively adopted guidance
relating to consolidation. The new guidance does not change the characteristics
of a primary beneficiary under current GAAP. It changes how a reporting entity
evaluates whether it is the primary beneficiary of a variable interest entity
("VIE") by changing how a reporting entity that is a single decisionmaker of a
VIE handles indirect interests in the entity held through related parties that
are under common control with the reporting entity. The adoption did not have a
material impact on the Company's consolidated financial statements.

Effective January 1, 2016, the Company retrospectively adopted guidance
relating to short-duration contracts. The new guidance requires insurance
entities to provide users of financial statements with more transparent
information about initial claim estimates and subsequent adjustments to these
estimates, including information on: (i) reconciling from the claim development
table to the balance sheet liability, (ii) methodologies and judgments in
estimating claims, and (iii) the timing, and frequency of claims. The adoption
did not have an impact on the Company's consolidated financial statements other
than expanded disclosures in Note 2.

Effective January 1, 2016, the Company retrospectively adopted new guidance
relating to the consolidation of certain entities. The objective of the new
standard is to improve targeted areas of the consolidation guidance and to
reduce the number of consolidation models. The new consolidation standard
provides guidance on how a reporting entity (i) evaluates whether the entity
should consolidate limited partnerships and similar entities, (ii) assesses
whether the fees paid to a decisionmaker or service provider are variable
interests in a VIE, and (iii) assesses the variable interests in a VIE held by
related parties of the reporting entity. The new guidance also eliminates the
VIE consolidation model based on majority exposure to variability that applied
to certain investment companies and similar entities. The adoption of the new
guidance did not impact which entities are consolidated by the Company. The
consolidated VIE assets and liabilities and unconsolidated VIE carrying amounts
and maximum exposure to loss as of December 31, 2016, disclosed in Note 5,
reflect the application of the new guidance.

Future Adoption of New Accounting Pronouncements

In February 2018, the Financial Accounting Standards Board ("FASB") issued
new guidance on reporting comprehensive income (Accounting Standards Update
("ASU") 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220):
Reclassification of Certain Tax Effects from AOCI). The new guidance is
effective for fiscal years beginning after December 15, 2018 and interim
periods within those fiscal years and should be applied either in the period of
adoption or retrospectively to each period (or periods) in which the effect of
the change in the U.S. federal corporate income tax rate or law in U.S. Tax
Reform is recognized. Early adoption is permitted. Current GAAP guidance
requires that the effect of a change in tax laws or rates on deferred tax
liabilities or assets to be included in income from continuing operations in
the reporting period that includes the enactment date, even if the related
income tax effects were originally charged or credited directly to accumulated
OCI ("AOCI"). The new guidance allows a reclassification of AOCI to retained
earnings for stranded tax effects resulting from U.S. Tax Reform. Also, the new
guidance requires certain disclosures about stranded tax effects. The Company
will early adopt the new guidance in the first quarter of 2018. The Company
expects the impact of the new guidance at adoption will be a decrease to
retained earnings as of January 1, 2018 of $32 million with a corresponding
increase to AOCI.

In August 2017, the FASB issued new guidance on hedging activities
(ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to
Accounting for Hedging Activities). The new guidance is effective for fiscal
years beginning after December 15, 2018 and interim periods within those fiscal
years and should be applied on a modified retrospective basis through a
cumulative-effect adjustment to retained earnings. Early adoption is permitted.
The new guidance simplifies the application of hedge accounting in certain
situations and amends the hedge accounting model to enable entities to better
portray the economics of their risk management activities in the financial
statements. The Company is currently evaluating the impact of the new guidance
on its consolidated financial statements.

In March 2017, the FASB issued new guidance on purchased callable debt
securities (ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs
(Subtopic 310-20), Premium Amortization on Purchased Callable Debt
Securities). The new guidance is effective for fiscal years beginning after
December 15, 2018 and interim periods within those fiscal years and should be
applied on a modified retrospective basis through a cumulative-effect
adjustment to retained earnings. Early adoption is permitted. The ASU shortens
the amortization period for certain callable debt securities held at a premium
and requires the premium to be amortized to the earliest call date. However,
the new guidance does not require an accounting change for securities held at a
discount whose discount continues to be amortized to maturity. The Company is
currently evaluating the impact of the new guidance on its consolidated
financial statements.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

In February 2017, the FASB issued new guidance on derecognition of
nonfinancial assets (ASU 2017-05, Other Income-Gains and Losses from the
Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of
Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial
Assets). The new guidance is effective for fiscal years beginning after
December 15, 2017 and interim periods within those fiscal years. Early adoption
is permitted for interim or annual reporting periods beginning after
December 15, 2016. The guidance may be applied retrospectively for all periods
presented or retrospectively with a cumulative-effect adjustment to retained
earnings at the date of adoption. The new guidance clarifies the scope and
accounting of a financial asset that meets the definition of an "in-substance
nonfinancial asset" and defines the term, "in-substance nonfinancial asset."
The ASU also adds guidance for partial sales of nonfinancial assets. The
adoption of the new guidance will not have a material impact on the Company's
consolidated financial statements.

In November 2016, the FASB issued new guidance on restricted cash
(ASU 2016-18, Statement of Cash Flows (Topic 230): A consensus of the FASB
Emerging Issues Task Force). The new guidance is effective for fiscal years
beginning after December 15, 2017 and interim periods within those fiscal
years, and should be applied on a retrospective basis. Early adoption is
permitted. The new guidance requires that a statement of cash flows explain the
change during the period in the total of cash, cash equivalents, and amounts
generally described as restricted cash or restricted cash equivalents. As a
result, the new guidance requires that amounts generally described as
restricted cash and restricted cash equivalents should be included with cash
and cash equivalents when reconciling the beginning-of-period and end-of-period
total amounts shown on the statement of cash flows. The new guidance does not
provide a definition of restricted cash or restricted cash equivalents. The
adoption of the new guidance will not have a material impact on the Company's
consolidated financial statements.

In October 2016, the FASB issued new guidance on tax accounting for
intra-entity transfers of assets (ASU 2016-16, Income Taxes (Topic 740):
Intra-Entity Transfers of Assets Other Than Inventory). The new guidance is
effective for fiscal years beginning after December 15, 2017 and interim
periods within those fiscal years, and should be applied on a modified
retrospective basis. The Company will apply the guidance as of January 1, 2018.
Current guidance prohibits the recognition of current and deferred income taxes
for an intra-entity asset transfer until the asset has been sold to an outside
party. The new guidance requires an entity to recognize the income tax
consequences of an intra-entity transfer of an asset other than inventory when
the transfer occurs. Based on the Company's assessment of the intra-entity
asset transfers and related deferred income taxes that are in scope, the
Company expects the adoption of the new guidance will not have a material
impact on the Company's consolidated financial statements.

In August 2016, the FASB issued new guidance on cash flow statement
presentation (ASU 2016-15, Statement of Cash Flows (Topic 230): Classification
of Certain Cash Receipts and Cash Payments). The new guidance is effective for
fiscal years beginning after December 15, 2017 and interim periods within those
fiscal years, and should be applied retrospectively to all periods presented.
Early adoption is permitted in any interim or annual period. The new guidance
addresses diversity in how certain cash receipts and cash payments are
presented and classified in the statement of cash flows. The adoption of the
new guidance will not have a material impact on the Company's consolidated
financial statements.

In June 2016, the FASB issued new guidance on measurement of credit losses
on financial instruments (ASU 2016-13, Financial Instruments - Credit Losses
(Topic 326): Measurement of Credit Losses on Financial Instruments). The new
guidance is effective for fiscal years beginning after December 15, 2019,
including interim periods within those fiscal years. Early adoption is
permitted for fiscal years, and interim periods within those fiscal years,
beginning after December 15, 2018. This ASU replaces the incurred loss
impairment methodology with one that reflects expected credit losses. The
measurement of expected credit losses should be based on historical loss
information, current conditions, and reasonable and supportable forecasts. The
new guidance requires that an OTTI on a debt security will be recognized as an
allowance going forward, such that improvements in expected future cash flows
after an impairment will no longer be reflected as a prospective yield
adjustment through net investment income, but rather a reversal of the previous
impairment and recognized through realized investment gains and losses. The
guidance also requires enhanced disclosures. The Company has assessed the asset
classes impacted by the new guidance and is currently assessing the accounting
and reporting system changes that will be required to comply with the new
guidance. The Company believes that the most significant impact upon adoption
will be to its mortgage loan investments. The Company is continuing to evaluate
the overall impact of the new guidance on its consolidated financial statements.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

In February 2016, the FASB issued new guidance on leasing transactions
(ASU 2016-02, Leases - Topic 842). The new guidance is effective for the fiscal
years beginning after December 15, 2018, including interim periods within those
fiscal years, and requires a modified retrospective transition approach. Early
adoption is permitted. The new guidance requires a lessee to recognize assets
and liabilities for leases with lease terms of more than 12 months. Leases
would be classified as finance or operating leases and both types of leases
will be recognized on the balance sheet. Lessor accounting will remain largely
unchanged from current guidance except for certain targeted changes. The new
guidance will also require new qualitative and quantitative disclosures. The
Company's implementation efforts are primarily focused on the review of its
existing lease contracts, identification of other contracts that may fall under
the scope of the new guidance, and performing a gap analysis on the current
state of lease-related activities compared with the future state of
lease-related activities. The Company is currently evaluating the overall
impact of the new guidance on its consolidated financial statements.

In January 2016, the FASB issued new guidance (ASU 2016-01, Financial
Instruments-Overall: Recognition and Measurement of Financial Assets and
Financial Liabilities, as amended by ASU 2018-03, Financial
Instruments-Overall: Technical Corrections and Improvements, issued in February
2018) on the recognition and measurement of financial instruments. The new
guidance is effective for fiscal years beginning after December 15, 2017,
including interim periods within those fiscal years. Early adoption is
permitted for the instrument-specific credit risk provision. The new guidance
changes the current accounting guidance related to (i) the classification and
measurement of certain equity investments, (ii) the presentation of changes in
the fair value of financial liabilities measured under the fair value option
("FVO") that are due to instrument-specific credit risk, and (iii) certain
disclosures associated with the fair value of financial instruments.
Additionally, there will no longer be a requirement to assess equity securities
for impairment since such securities will be measured at fair value through net
income. The adoption of the new guidance will not have a material impact on the
Company's consolidated financial statements.

In May 2014, the FASB issued a comprehensive new revenue recognition
standard (ASU 2014-09, Revenue from Contracts with Customers - Topic 606),
effective for fiscal years beginning after December 15, 2017 and interim
periods within those fiscal years. The Company will apply the guidance
retrospectively with a cumulative-effect adjustment as of January 1, 2018. The
new guidance supersedes nearly all existing revenue recognition guidance under
U.S. GAAP. However, it does not impact the accounting for insurance and
investment contracts within the scope of Accounting Standards Codification
(ASC) Topic 944, Financial Services - Insurance, leases, financial instruments
and certain guarantees. For those contracts that are impacted, the new guidance
requires an entity to recognize revenue upon the transfer of promised goods or
services to customers in an amount that reflects the consideration to which the
entity expects to be entitled, in exchange for those goods or services. The
Company did not identify any material revenue streams within the scope of the
guidance. The modified retrospective adoption as of January 1, 2018, did not
have a material impact on the Company's consolidated financial position and the
Company has not identified any material prospective changes in the recognition
and measurement of other revenue.

2. Insurance

Insurance Liabilities

Future policy benefits are measured as follows:

-----------------------------------------------------------------------------
Product Type: Measurement Assumptions:
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Nonparticipating life Aggregate of the present value of
future expected benefit payments and
related expenses less the present
value of future expected net
premiums. Assumptions as to mortality
and persistency are based upon the
Company's experience when the basis
of the liability is established.
Interest rate assumptions for the
aggregate future policy benefit
liabilities range from 3% to 8%.
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Traditional fixed annuities after Present value of future expected
annuitization payments. Interest rate assumptions
used in establishing such liabilities
range from 3% to 8%.
-----------------------------------------------------------------------------

Policyholder account balances are equal to: (i) policy account values, which
consist of an accumulation of gross premium payments; and (ii) credited
interest, ranging from 1% to 7%, less expenses, mortality charges and
withdrawals.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

2. Insurance (continued)

Guarantees

The Company previously issued universal life contracts where the Company
contractually guarantees to the contractholder a guaranteed paid-up benefit.

Information regarding the liabilities for guarantees (excluding base policy
liabilities) relating to universal life contracts was as follows:

Universal Life
Contracts
------------------
Paid-Up Guarantees
------------------
(In millions)

Direct:
Balance at January 1, 2015.................................. $ 206
Incurred guaranteed benefits................................ 9
Paid guaranteed benefits.................................... --
--------
Balance at December 31, 2015................................ 215
Incurred guaranteed benefits................................ 14
Paid guaranteed benefits.................................... --
--------
Balance at December 31, 2016................................ 229
Incurred guaranteed benefits................................ 10
Paid guaranteed benefits.................................... --
--------
Balance at December 31, 2017................................ $ 239
========
Ceded:
Balance at January 1, 2015.................................. $ 146
Incurred guaranteed benefits................................ 6
Paid guaranteed benefits.................................... --
--------
Balance at December 31, 2015................................ 152
Incurred guaranteed benefits................................ 9
Paid guaranteed benefits.................................... --
--------
Balance at December 31, 2016................................ 161
Incurred guaranteed benefits................................ 6
Paid guaranteed benefits.................................... --
--------
Balance at December 31, 2017................................ $ 167
========
Net:
Balance at January 1, 2015.................................. $ 60
Incurred guaranteed benefits................................ 3
Paid guaranteed benefits.................................... --
--------
Balance at December 31, 2015................................ 63
Incurred guaranteed benefits................................ 5
Paid guaranteed benefits.................................... --
--------
Balance at December 31, 2016................................ 68
Incurred guaranteed benefits................................ 4
Paid guaranteed benefits.................................... --
--------
Balance at December 31, 2017................................ $ 72
========

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

2. Insurance (continued)

Information regarding the Company's guarantee exposure, which includes
direct business, but excludes offsets from hedging or reinsurance, if any, was
as follows at:

December 31,
----------------------
2017 2016
---------- -----------
Paid-Up Guarantees
----------------------
(In millions)

Total account value (1)........................... $ 2,230 $ 2,323
Net amount at risk (2)............................ $ 9,902 $ 10,622
Average attained age of policyholders............. 64 years 63 years

--------
(1)Includes the contractholder's investments in the general account.

(2)Defined as the guarantee amount less the account value, as of the balance
sheet date. It represents the amount of the claim that the Company would
incur if death claims were filed on all contracts on the balance sheet date.

Obligations Assumed Under Structured Settlement Assignments

The Company assumed structured settlement claim obligations when operating
solely as an assignment company. These liabilities are measured at the present
value of the periodic claims to be provided and reported as other
policy-related balances. The Company received a fee for assuming these claim
obligations and, as the assignee of the claim, is legally obligated to ensure
periodic payments are made to the claimant. The Company purchased annuities
from an affiliate to fund these periodic payment claim obligations and
designated payments to be made directly to the claimant by the affiliated
annuity writer. These annuities funding the assigned structured settlement
claims are recorded as an investment. See Note 1.

See Note 5 for additional information on obligations assumed under
structured settlement assignments.

Obligations Under Funding Agreements

MTL is a member of the Federal Home Loan Bank ("FHLB") of Pittsburgh.
Holdings of common stock of the FHLB of Pittsburgh, included in equity
securities, were $11 million at both December 31, 2017 and 2016.

The Company has also entered into funding agreements with the FHLB of
Pittsburgh. The liability for such funding agreements is included in
policyholder account balances. Information related to such funding agreements
was as follows at:

Liability Collateral (2)
------------------- -------------------
December 31,
---------------------------------------
2017 2016 2017 2016
--------- --------- --------- ---------
(In millions)

FHLB of Pittsburgh (1)........ $ 250 $ 250 $ 311 $ 383

--------
(1)Represents funding agreements issued to the FHLB of Pittsburgh in exchange
for cash and for which the FHLB of Pittsburgh has been granted a lien on
certain assets, some of which are in the custody of the FHLB of Pittsburgh,
including residential mortgage-backed securities ("RMBS"), to collateralize
obligations under advances evidenced by funding agreements. The Company is
permitted to withdraw any portion of the collateral in the custody of the
FHLB of Pittsburgh as long as there is no event of default and the remaining
qualified collateral is sufficient to satisfy the collateral maintenance
level. Upon any event of default by the Company, the FHLB of Pittsburgh's
recovery on the collateral is limited to the amount of the Company's
liability to the FHLB of Pittsburgh.

(2)Advances are collateralized by mortgage-backed securities. The amount of
collateral presented is at estimated fair value.

Separate Accounts

Separate account assets and liabilities consist of pass-through separate
accounts totaling $123 million and $112 million at December 31, 2017 and 2016,
respectively, for which the policyholder assumes all investment risk.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

2. Insurance (continued)

For the years ended December 31, 2017, 2016, and 2015, there were no
investment gains (losses) on transfers of assets from the general account to
the separate accounts.

Liabilities for Unpaid Claims and Claim Expenses

Information regarding the liabilities for unpaid claims and claim
adjustment expenses was as follows:

Years Ended December 31,
----------------------------
2017 2016 2015
-------- -------- --------
(In millions)

Balance at January 1,........................ $ 38 $ 31 $ 31
Less: Reinsurance recoverables............ 13 15 14
-------- -------- --------
Net balance at January 1,.................... 25 16 17
-------- -------- --------
Incurred related to:
Current year.............................. 59 67 46
Prior years (1)........................... 5 6 5
-------- -------- --------
Total incurred........................ 64 73 51
-------- -------- --------
Paid related to:
Current year.............................. (59) (59) (47)
Prior years............................... (5) (5) (5)
-------- -------- --------
Total paid............................ (64) (64) (52)
-------- -------- --------
Net balance at December 31,.................. 25 25 16
Add: Reinsurance recoverables............. 15 13 15
-------- -------- --------
Balance at December 31(included in other
policy-related balances),.................. $ 40 $ 38 $ 31
======== ======== ========

--------
(1)During 2017, 2016 and 2015, as a result of changes in estimates of insured
events in the respective prior year, claims and claim adjustment expenses
associated with prior years increased due to events that occurred in prior
years, but reported during the current year.

3. Deferred Policy Acquisition Costs

See Note 1 for a description of capitalized acquisition costs.

Nonparticipating and Non-Dividend-Paying Traditional Contracts

The Company amortizes DAC related to these contracts (primarily term
insurance) over the appropriate premium paying period in proportion to the
actual and expected future gross premiums that were set at contract issue. The
expected premiums are based upon the premium requirement of each policy and
assumptions for mortality, morbidity, persistency and investment returns at
policy issuance, include provisions for adverse deviation, and are consistent
with the assumptions used to calculate future policyholder benefit liabilities.
These assumptions are not revised after policy issuance unless the DAC balance
is deemed to be unrecoverable from future expected profits. Absent a premium
deficiency, variability in amortization after policy issuance is caused only by
variability in premium volumes.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

3. Deferred Policy Acquisition Costs (continued)

Fixed and Variable Universal Life Contracts

The Company amortizes DAC related to these contracts over the estimated
lives of the contracts in proportion to actual and expected future gross
profits. The amortization includes interest based on rates in effect at
inception of the contracts. The amount of future gross profits is dependent
principally upon returns in excess of the amounts credited to policyholders,
mortality, persistency, interest crediting rates, expenses to administer the
business, creditworthiness of reinsurance counterparties, and the effect of
certain economic variables, such as inflation. Of these factors, the Company
anticipates that investment returns, expenses and persistency are reasonably
likely to significantly impact the rate of DAC amortization. Each reporting
period, the Company updates the estimated gross profits with the actual gross
profits for that period. When the actual gross profits change from previously
estimated gross profits, the cumulative DAC amortization is re-estimated and
adjusted by a cumulative charge or credit to current operations. When actual
gross profits exceed those previously estimated, the DAC amortization will
increase, resulting in a current period charge to earnings. The opposite result
occurs when the actual gross profits are below the previously estimated gross
profits. Each reporting period, the Company also updates the actual amount of
business remaining in-force, which impacts expected future gross profits. When
expected future gross profits are below those previously estimated, the DAC
amortization will increase, resulting in a current period charge to earnings.
The opposite result occurs when the expected future gross profits are above the
previously estimated expected future gross profits. Each period, the Company
also reviews the estimated gross profits for each block of business to
determine the recoverability of DAC balances.

Factors Impacting Amortization

Separate account rates of return on variable universal life contracts affect
in-force account balances on such contracts each reporting period, which can
result in significant fluctuations in amortization of DAC. Returns that are
higher than the Company's long-term expectation produce higher account
balances, which increases the Company's future fee expectations and decreases
future benefit payment expectations on minimum death and living benefit
guarantees, resulting in higher expected future gross profits. The opposite
result occurs when returns are lower than the Company's long-term expectation.
The Company's practice to determine the impact of gross profits resulting from
returns on separate accounts assumes that long-term appreciation in equity
markets is not changed by short-term market fluctuations, but is only changed
when sustained interim deviations are expected. The Company monitors these
events and only changes the assumption when its long-term expectation changes.

The Company also periodically reviews other long-term assumptions underlying
the projections of estimated gross profits. These assumptions primarily relate
to investment returns, interest crediting rates, mortality, persistency,
policyholder behavior and expenses to administer business. Management annually
updates assumptions used in the calculation of estimated gross profits which
may have significantly changed. If the update of assumptions causes expected
future gross profits to increase, DAC amortization will decrease, resulting in
a current period increase to earnings. The opposite result occurs when the
assumption update causes expected future gross profits to decrease.

Periodically, the Company modifies product benefits, features, rights or
coverages that occur by the exchange of a contract for a new contract, or by
amendment, endorsement, or rider to a contract, or by election or coverage
within a contract. If such modification, referred to as an internal
replacement, substantially changes the contract, the associated DAC is written
off immediately through income and any new deferrable costs associated with the
replacement contract are deferred. If the modification does not substantially
change the contract, the DAC amortization on the original contract will
continue and any acquisition costs associated with the related modification are
expensed.

Amortization of DAC is attributed to net investment gains (losses) and net
derivative gains (losses), and to other expenses for the amount of gross
profits originating from transactions other than investment gains and losses.
Unrealized investment gains and losses represent the amount of DAC that would
have been amortized if such gains and losses had been recognized.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

3. Deferred Policy Acquisition Costs (continued)

Information regarding DAC was as follows:

Years Ended December 31,
---------------------------
2017 2016 2015
------- -------- --------
(In millions)

DAC:
Balance at January 1,................ $ -- $ -- $ 1
Capitalizations...................... -- -- --
Amortization related to:
Other expenses....................... (7) (7) (13)
------- -------- --------
Total amortization................ (7) (7) (13)
------- -------- --------
Unrealized investment gains (losses). 9 7 12
------- -------- --------
Balance at December 31,.............. $ 2 $ -- $ --
======= ======== ========

4. Reinsurance

The Company enters into reinsurance agreements primarily as a purchaser of
reinsurance for its various insurance products and also as a provider of
reinsurance for some insurance products issued by affiliated and unaffiliated
companies. The Company participates in reinsurance activities in order to limit
losses and minimize exposure to significant risks.

Accounting for reinsurance requires extensive use of assumptions and
estimates, particularly related to the future performance of the underlying
business and the potential impact of counterparty credit risks. The Company
periodically reviews actual and anticipated experience compared to the
aforementioned assumptions used to establish assets and liabilities relating to
ceded and assumed reinsurance and evaluates the financial strength of
counterparties to its reinsurance agreements using criteria similar to that
evaluated in the security impairment process discussed in Note 5.

For its individual life insurance products, the Company has historically
reinsured the mortality risk on new individual life insurance policies
primarily on an excess of retention basis. In addition, the Company has
reinsured a significant portion of the mortality risk on its individual
universal life insurance policies. Placement of reinsurance is done primarily
on an automatic basis and also on a facultative basis for risks with specified
characteristics. The Company evaluates its reinsurance programs routinely and
may increase or decrease its retention at any time.

The Company has reinsured certain of its annuity and supplementary contract
business to an affiliate.

The Company has exposure to catastrophes which could contribute to
significant fluctuations in the Company's results of operations. The Company
uses excess of retention and quota share reinsurance agreements to provide
greater diversification of risk and minimize exposure to larger risks.

The Company reinsures its remaining business through a diversified group of
well-capitalized reinsurers. The Company analyzes recent trends in arbitration
and litigation outcomes in disputes, if any, with its reinsurers. The Company
monitors ratings and evaluates the financial strength of its reinsurers by
analyzing their financial statements. In addition, the reinsurance recoverable
balance due from each reinsurer is evaluated as part of the overall monitoring
process. Recoverability of reinsurance recoverable balances is evaluated based
on these analyses. These reinsurance recoverable balances are stated net of
allowances for uncollectible reinsurance, which at both December 31, 2017 and
2016, were not significant.

The Company had $234 million and $228 million of net unsecured unaffiliated
ceded reinsurance recoverable balances at December 31, 2017 and 2016,
respectively. Of these totals, 100% were with the Company's five largest
unaffiliated ceded reinsurers at both December 31, 2017 and 2016.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

4. Reinsurance (continued)

The amounts on the consolidated statements of operations include the impact
of reinsurance. Information regarding the significant effects of reinsurance
was as follows:

Years Ended December 31,
-------------------------------
2017 2016 2015
--------- --------- ---------
(In millions)

Premiums
Direct premiums............................................... $ 522 $ 11 $ 6
Reinsurance assumed........................................... 1 -- --
Reinsurance ceded............................................. (6) (11) (6)
--------- --------- ---------
Net premiums............................................... $ 517 $ -- $ --
========= ========= =========
Universal life and investment-type product policy fees
Direct universal life and investment-type product policy fees. $ 177 $ 182 $ 188
Reinsurance assumed........................................... -- -- --
Reinsurance ceded............................................. (101) (100) (104)
--------- --------- ---------
Net universal life and investment-type product policy fees. $ 76 $ 82 $ 84
========= ========= =========
Other revenues
Direct other revenues......................................... $ 8 $ 5 $ 5
Reinsurance assumed........................................... 2 5 4
Reinsurance ceded............................................. -- 5 6
--------- --------- ---------
Net other revenues......................................... $ 10 $ 15 $ 15
========= ========= =========
Policyholder benefits and claims
Direct policyholder benefits and claims....................... $ 974 $ 492 $ 492
Reinsurance assumed........................................... -- -- --
Reinsurance ceded............................................. (132) (140) (128)
--------- --------- ---------
Net policyholder benefits and claims....................... $ 842 $ 352 $ 364
========= ========= =========
Interest credited to policyholder account balances
Direct interest credited to policyholder account balances..... $ 133 $ 136 $ 142
Reinsurance assumed........................................... -- -- --
Reinsurance ceded............................................. (21) (21) (22)
--------- --------- ---------
Net interest credited to policyholder account balances..... $ 112 $ 115 $ 120
========= ========= =========

The amounts on the consolidated balance sheets include the impact of
reinsurance. Information regarding the significant effects of reinsurance was
as follows at:

December 31,
-----------------------------------------------------------
2017 2016
----------------------------- -----------------------------
Total Total
Balance Balance
Direct Assumed Ceded Sheet Direct Assumed Ceded Sheet
------ ------- ------ ------- ------ ------- ------ -------
(In millions)

Assets
Premiums, reinsurance and other
receivables................... $ 4 $ 1 $ 969 $ 974 $ -- $ 1 $ 970 $ 971
===== ==== ====== ====== ====== ==== ====== ======
Liabilities
Other liabilities............... $ 56 $ 2 $ 26 $ 84 $ 36 $ 1 $ 24 $ 61
===== ==== ====== ====== ====== ==== ====== ======

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

4. Reinsurance (continued)

Reinsurance agreements that do not expose the Company to a reasonable
possibility of a significant loss from insurance risk are recorded using the
deposit method of accounting. The deposit assets on reinsurance are the result
of affiliated reinsurance transactions. See "-- Related Party Reinsurance
Transactions." The deposit liabilities on reinsurance were $2 million and
$1 million at December 31, 2017 and 2016, respectively.

Related Party Reinsurance Transactions

The Company has reinsurance agreements with certain of MetLife, Inc.'s
subsidiaries, including MLIC and MetLife Insurance K.K., each of which is a
related party.

Information regarding the significant effects of affiliated reinsurance
included on the consolidated statements of operations was as follows:

Years Ended December 31,
-------------------------
2017 2016 2015
------- ------- -------
(In millions)

Premiums
Reinsurance assumed.......................................... $ -- $ -- $ --
Reinsurance ceded............................................ (6) (11) (6)
------- ------- -------
Net premiums............................................. $ (6) $ (11) $ (6)
======= ======= =======
Other revenues
Reinsurance assumed.......................................... $ 3 $ 5 $ 4
Reinsurance ceded............................................ -- 5 6
------- ------- -------
Net other revenues....................................... $ 3 $ 10 $ 10
======= ======= =======
Policyholder benefits and claims
Reinsurance assumed.......................................... $ -- $ -- $ --
Reinsurance ceded............................................ (5) (11) (8)
------- ------- -------
Net policyholder benefits and claims..................... $ (5) $ (11) $ (8)
======= ======= =======
Interest credited to policyholder account balances
Reinsurance assumed.......................................... $ -- $ -- $ --
Reinsurance ceded............................................ (21) (21) (22)
------- ------- -------
Net interest credited to policyholder account balances... $ (21) $ (21) $ (22)
======= ======= =======

Information regarding the significant effects of affiliated reinsurance
included on the consolidated balance sheets was as follows at:

December 31,
---------------------------------
2017 2016
---------------- ----------------
Assumed Ceded Assumed Ceded
------- -------- ------- --------
(In millions)

Assets
Premiums, reinsurance and other receivables........... $ 1 $ 709 $ 2 $ 718
====== ======== ====== ========

The Company may secure certain reinsurance recoverable balances with various
forms of collateral, including secured trusts, funds withheld accounts and
irrevocable letters of credit. The Company had $709 million and $718 million of
unsecured affiliated reinsurance recoverable balances at December 31, 2017 and
2016, respectively.

Affiliated reinsurance agreements that do not expose the Company to a
reasonable possibility of a significant loss from insurance risk are recorded
using the deposit method of accounting. The deposit assets on affiliated
reinsurance were $660 million and $667 million at December 31, 2017 and 2016,
respectively. There were no deposit liabilities on affiliated reinsurance at
both December 31, 2017 and 2016.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

5. Investments

See Note 7 for information about the fair value hierarchy for investments
and the related valuation methodologies.

Investment Risks and Uncertainties

Investments are exposed to the following primary sources of risk: credit,
interest rate, liquidity, market valuation, currency and real estate risk. The
financial statement risks, stemming from such investment risks, are those
associated with the determination of estimated fair values, the diminished
ability to sell certain investments in times of strained market conditions, the
recognition of impairments, the recognition of income on certain investments
and the potential consolidation of VIEs. The use of different methodologies,
assumptions and inputs relating to these financial statement risks may have a
material effect on the amounts presented within the consolidated financial
statements.

The determination of valuation allowances and impairments is highly
subjective and is based upon periodic evaluations and assessments of known and
inherent risks associated with the respective asset class. Such evaluations and
assessments are revised as conditions change and new information becomes
available.

The recognition of income on certain investments (e.g. structured
securities, including mortgage-backed securities, asset-backed securities
("ABS") and certain structured investment transactions) is dependent upon
certain factors such as prepayments and defaults, and changes in such factors
could result in changes in amounts to be earned.

Fixed Maturity and Equity Securities AFS

Fixed Maturity and Equity Securities AFS by Sector

The following table presents the fixed maturity and equity securities AFS
by sector. Redeemable preferred stock is reported within U.S. corporate fixed
maturity securities. Included within fixed maturity securities are structured
securities including RMBS, commercial mortgage-backed securities ("CMBS") and
ABS (collectively, "Structured Securities").

December 31, 2017 December 31, 2016
------------------------------------------- -------------------------------------------
Gross Unrealized Gross Unrealized
----------------------- -----------------------
Cost or Estimated Cost or Estimated
Amortized Temporary OTTI Fair Amortized Temporary OTTI Fair
Cost Gains Losses Losses Value Cost Gains Losses Losses Value
--------- ------ --------- ------ --------- --------- ------ --------- ------ ---------
(In millions)

Fixed maturity
securities:
U.S. corporate...... $ 1,076 $ 105 $ 3 $ -- $ 1,178 $ 1,001 $ 87 $ 5 $ -- $ 1,083
U.S. government and
agency............ 565 127 2 -- 690 426 102 1 -- 527
RMBS................ 621 13 2 -- 632 390 14 4 -- 400
Foreign corporate... 400 23 7 -- 416 309 12 12 -- 309
CMBS................ 303 3 -- -- 306 159 3 -- -- 162
ABS................. 287 2 2 -- 287 515 3 5 -- 513
State and political
subdivision....... 131 31 -- -- 162 110 24 -- -- 134
Foreign government.. 38 3 -- -- 41 29 2 -- -- 31
-------- ------ ----- ----- -------- -------- ------ ----- ----- --------
Total fixed
maturity
securities..... $ 3,421 $ 307 $ 16 $ -- $ 3,712 $ 2,939 $ 247 $ 27 $ -- $ 3,159
======== ====== ===== ===== ======== ======== ====== ===== ===== ========
Equity securities:
Common stock........ $ 11 $ -- $ -- $ -- $ 11 $ 11 $ -- $ -- $ -- $ 11

The Company held non-income producing fixed maturity securities with an
estimated fair value of less than $1 million with unrealized gains (losses) of
less than ($1) million at both December 31, 2017 and 2016.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

5. Investments (continued)

Methodology for Amortization of Premium and Accretion of Discount on
Structured Securities

Amortization of premium and accretion of discount on Structured Securities
considers the estimated timing and amount of prepayments of the underlying
loans. Actual prepayment experience is periodically reviewed and effective
yields are recalculated when differences arise between the originally
anticipated and the actual prepayments received and currently anticipated.
Prepayment assumptions for Structured Securities are estimated using inputs
obtained from third-party specialists and based on management's knowledge of
the current market. For credit-sensitive Structured Securities and certain
prepayment-sensitive securities, the effective yield is recalculated on a
prospective basis. For all other Structured Securities, the effective yield is
recalculated on a retrospective basis.

Maturities of Fixed Maturity Securities

The amortized cost and estimated fair value of fixed maturity securities,
by contractual maturity date, were as follows at December 31, 2017:

Due After Five
Due After One Years Total Fixed
Due in One Year Through Through Ten Due After Ten Structured Maturity
Year or Less Five Years Years Years Securities Securities
------------ ------------- -------------- ------------- ---------- -----------
(In millions)

Amortized cost.......................... $ 84 $ 555 $ 671 $ 900 $ 1,211 $ 3,421
Estimated fair value.................... $ 85 $ 571 $ 683 $ 1,148 $ 1,225 $ 3,712

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

Continuous Gross Unrealized Losses for Fixed Maturity AFS by Sector

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

December 31, 2017 December 31, 2016
---------------------------------------------- ----------------------------------------------
Equal to or Greater than Equal to or Greater than
Less than 12 Months 12 Months Less than 12 Months 12 Months
--------------------- ------------------------ --------------------- ------------------------
Gross Gross Gross Gross
Estimated Unrealized Estimated Unrealized Estimated Unrealized Estimated Unrealized
Fair Value Losses Fair Value Losses Fair Value Losses Fair Value Losses
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
(Dollars in millions)

Fixed maturity securities:
U.S. corporate................... $ 124 $ 1 $ 18 $ 2 $ 89 $ 1 $ 49 $ 4
U.S. government and agency....... 262 2 1 -- 53 1 -- --
RMBS............................. 163 -- 45 2 108 2 49 2
Foreign corporate................ 70 3 28 4 83 2 42 10
CMBS............................. 20 -- -- -- 29 -- 12 --
ABS.............................. 10 -- 44 2 67 1 113 4
State and political
subdivision..................... 5 -- -- -- -- -- -- --
Foreign government............... -- -- -- -- 2 -- -- --
------ ----- ------ ----- ------ ----- ------ -----
Total fixed maturity
securities.................. $ 654 $ 6 $ 136 $ 10 $ 431 $ 7 $ 265 $ 20
====== ===== ====== ===== ====== ===== ====== =====
Total number of securities in an
unrealized loss position........ 131 35 120 80
====== ====== ====== ======

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

5. Investments (continued)

Evaluation of AFS Securities for OTTI and Evaluating Temporarily Impaired AFS
Securities

Evaluation and Measurement Methodologies

Management considers a wide range of factors about the security issuer
and uses its best judgment in evaluating the cause of the decline in the
estimated fair value of the security and in assessing the prospects for
near-term recovery. Inherent in management's evaluation of the security are
assumptions and estimates about the operations of the issuer and its future
earnings potential. Considerations used in the impairment evaluation process
include, but are not limited to: (i) the length of time and the extent to
which the estimated fair value has been below cost or amortized cost;
(ii) the potential for impairments when the issuer is experiencing
significant financial difficulties; (iii) the potential for impairments in
an entire industry sector or sub-sector; (iv) the potential for impairments
in certain economically depressed geographic locations; (v) the potential
for impairments where the issuer, series of issuers or industry has suffered
a catastrophic loss or has exhausted natural resources; (vi) with respect to
fixed maturity securities, whether the Company has the intent to sell or
will more likely than not be required to sell a particular security before
the decline in estimated fair value below amortized cost recovers;
(vii) with respect to Structured Securities, changes in forecasted cash
flows after considering the quality of underlying collateral, expected
prepayment speeds, current and forecasted loss severity, consideration of
the payment terms of the underlying assets backing a particular security,
and the payment priority within the tranche structure of the security;
(viii) the potential for impairments due to weakening of foreign currencies
on non-functional currency denominated fixed maturity securities that are
near maturity; and (ix) other subjective factors, including concentrations
and information obtained from regulators and rating agencies.

The methodology and significant inputs used to determine the amount of
credit loss on fixed maturity securities are as follows:

. The Company calculates the recovery value by performing a discounted
cash flow analysis based on the present value of future cash flows. The
discount rate is generally the effective interest rate of the security
prior to impairment.

. When determining collectability and the period over which value is
expected to recover, the Company applies considerations utilized in its
overall impairment evaluation process which incorporates information
regarding the specific security, fundamentals of the industry and
geographic area in which the security issuer operates, and overall
macroeconomic conditions. Projected future cash flows are estimated
using assumptions derived from management's best estimates of likely
scenario-based outcomes after giving consideration to a variety of
variables that include, but are not limited to: payment terms of the
security; the likelihood that the issuer can service the interest and
principal payments; the quality and amount of any credit enhancements;
the security's position within the capital structure of the issuer;
possible corporate restructurings or asset sales by the issuer; and
changes to the rating of the security or the issuer by rating agencies.

. Additional considerations are made when assessing the unique features
that apply to certain Structured Securities including, but not limited
to: the quality of underlying collateral, expected prepayment speeds,
current and forecasted loss severity, consideration of the payment terms
of the underlying loans or assets backing a particular security, and the
payment priority within the tranche structure of the security.

. When determining the amount of the credit loss for U.S. and foreign
corporate securities, state and political subdivision securities and
foreign government securities, the estimated fair value is considered
the recovery value when available information does not indicate that
another value is more appropriate. When information is identified that
indicates a recovery value other than estimated fair value, management
considers in the determination of recovery value the same considerations
utilized in its overall impairment evaluation process as described
above, as well as any private and public sector programs to restructure
such securities.

With respect to securities that have attributes of debt and equity
("perpetual hybrid securities"), consideration is given in the OTTI analysis
as to whether there has been any deterioration in the credit of the issuer
and the likelihood of recovery in value of the securities that are in a
severe and extended unrealized loss position. Consideration is also given as
to whether any perpetual hybrid securities, with an unrealized loss,
regardless of credit rating, have deferred any dividend payments. When an
OTTI loss has occurred, the OTTI loss is the entire difference between the
perpetual hybrid security's cost and its estimated fair value with a
corresponding charge to earnings.

The cost or amortized cost of fixed maturity and equity securities is
adjusted for OTTI in the period in which the determination is made. The
Company does not change the revised cost basis for subsequent recoveries in
value.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

5. Investments (continued)

In periods subsequent to the recognition of OTTI on a fixed maturity
security, the Company accounts for the impaired security as if it had been
purchased on the measurement date of the impairment. Accordingly, the
discount (or reduced premium) based on the new cost basis is accreted over
the remaining term of the fixed maturity security in a prospective manner
based on the amount and timing of estimated future cash flows.

Current Period Evaluation

Based on the Company's current evaluation of its AFS securities in an
unrealized loss position in accordance with its impairment policy, and the
Company's current intentions and assessments (as applicable to the type of
security) about holding, selling and any requirements to sell these
securities, the Company concluded that these securities were not
other-than-temporarily impaired at December 31, 2017. Future OTTI will
depend primarily on economic fundamentals, issuer performance (including
changes in the present value of future cash flows expected to be collected),
changes in credit ratings, collateral valuation, interest rates and credit
spreads. If economic fundamentals deteriorate or if there are adverse
changes in the above factors, OTTI may be incurred in upcoming periods.

Gross unrealized losses on fixed maturity securities decreased
$11 million during the year ended December 31, 2017 to $16 million. The
decrease in gross unrealized losses for the year ended December 31, 2017,
was primarily attributable to narrowing credit spreads and strengthening
foreign currencies on non-functional currency denominated fixed maturity
securities.

At December 31, 2017, $1 million of the total $16 million of gross
unrealized losses were from three below investment grade fixed maturity
securities with an unrealized loss position of 20% or more of amortized cost
for six months or greater. Unrealized losses on below investment grade fixed
maturity securities are principally related to foreign corporate securities
(primarily industrial securities) and non-agency RMBS (primarily alternative
residential mortgage loans) and are the result of significantly wider credit
spreads resulting from higher risk premiums since purchase, in part due to
economic and market uncertainties. Management evaluates foreign corporate
securities based on factors such as expected cash flows and the financial
condition and near-term and long-term prospects of the issuers and evaluates
non-agency RMBS based on actual and projected cash flows after considering
the quality of underlying collateral, expected prepayment speeds, current
and forecasted loss severity, consideration of the payment terms of the
underlying assets backing a particular security and the payment priority
within the tranche structure of the security.

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:

December 31,
----------------------------------------
2017 2016
------------------- -------------------
Carrying % of Carrying % of
Value Total Value Total
-------- --------- -------- ---------
(Dollars in millions)

Mortgage loans:
Commercial.................... $ 248 81.0% $ 191 82.7%
Agricultural.................. 59 19.3 41 17.7
-------- --------- -------- ---------
Subtotal(1)................ 307 100.3 232 100.4
Valuation allowances.......... (1) (0.3) (1) (0.4)
-------- --------- -------- ---------
Total mortgage loans, net.. $ 306 100.0% $ 231 100.0%
======== ========= ======== =========

--------

(1)Purchases of commercial mortgage loans were $7 million and $0 for the years
ended December 31, 2017 and 2016, respectively.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

5. Investments (continued)

The Company purchases unaffiliated mortgage loans under a master
participation agreement, from an affiliate, simultaneously with the
affiliate's origination or acquisition of mortgage loans. The aggregate
amount of unaffiliated mortgage loan participation interests purchased by the
Company from an affiliate during the years ended December 31, 2017, 2016 and
2015 were $118 million, $59 million and $15 million, respectively. In
connection with the mortgage loan participations, the affiliate collected
mortgage loan principal and interest payments on the Company's behalf and the
affiliate remitted such payments to the Company in the amount of $43 million,
$81 million and $71 million during the years ended December 31, 2017, 2016
and 2015, respectively.

Mortgage Loans, Valuation Allowance and Impaired Loans by Portfolio Segment

At December 31, 2017 and 2016, the Company had no impaired mortgage loans,
all mortgage loans were evaluated collectively for credit losses and the
related valuation allowances were maintained primarily for the commercial
mortgage loans. For both the years ended December 31, 2017 and 2016, the
change in valuation allowance relating to provision (release) was less than
$1 million.

Valuation Allowance Methodology

Mortgage loans are considered to be impaired when it is probable that,
based upon current information and events, the Company will be unable to
collect all amounts due under the loan agreement. Specific valuation
allowances are established using the same methodology for both portfolio
segments as the excess carrying value of a loan over either (i) the present
value of expected future cash flows discounted at the loan's original
effective interest rate, (ii) the estimated fair value of the loan's
underlying collateral if the loan is in the process of foreclosure or
otherwise collateral dependent, or (iii) the loan's observable market price.
A common evaluation framework is used for establishing non-specific
valuation allowances for both loan portfolio segments; however, a separate
non-specific valuation allowance is calculated and maintained for each loan
portfolio segment that is based on inputs unique to each loan portfolio
segment. Non-specific valuation allowances are established for pools of
loans with similar risk characteristics where a property-specific or
market-specific risk has not been identified, but for which the Company
expects to incur a credit loss. These evaluations are based upon several
loan portfolio segment-specific factors, including the Company's experience
for loan losses, defaults and loss severity, and loss expectations for loans
with similar risk characteristics. These evaluations are revised as
conditions change and new information becomes available.

Commercial and Agricultural Mortgage Loan Portfolio Segments

The Company typically uses several years of historical experience in
establishing non-specific valuation allowances which capture multiple
economic cycles. For evaluations of commercial mortgage loans, in addition
to historical experience, management considers factors that include the
impact of a rapid change to the economy, which may not be reflected in the
loan portfolio, and recent loss and recovery trend experience as compared to
historical loss and recovery experience. For evaluations of agricultural
mortgage loans, in addition to historical experience, management considers
factors that include increased stress in certain sectors, which may be
evidenced by higher delinquency rates, or a change in the number of higher
risk loans. On a quarterly basis, management incorporates the impact of
these current market events and conditions on historical experience in
determining the non-specific valuation allowance established for commercial
and agricultural mortgage loans.

All commercial mortgage loans are reviewed on an ongoing basis which may
include an analysis of the property financial statements and rent roll,
lease rollover analysis, property inspections, market analysis, estimated
valuations of the underlying collateral, loan-to-value ratios, debt service
coverage ratios, and tenant creditworthiness. The monitoring process focuses
on higher risk loans, which include those that are classified as
restructured, delinquent or in foreclosure, as well as loans with higher
loan-to-value ratios and lower debt service coverage ratios. All
agricultural mortgage loans are monitored on an ongoing basis. The
monitoring process for agricultural mortgage loans is generally similar to
the commercial mortgage loan monitoring process, with a focus on higher risk
loans, including reviews on a geographic and property-type basis. Higher
risk loans are reviewed individually on an ongoing basis for potential
credit loss and specific valuation allowances are established using the
methodology described above. Quarterly, the remaining loans are reviewed on
a pool basis by aggregating groups of loans that have similar risk
characteristics for potential credit loss, and non-specific valuation
allowances are established as described above using inputs that are unique
to each segment of the loan portfolio.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

5. Investments (continued)

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

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

Credit Quality of Commercial Mortgage Loans

The credit quality of commercial mortgage loans was as follows at:

Recorded Investment
----------------------------------------------
Debt Service Coverage Ratios
----------------------------
1.00x -
> 1.20x 1.20x < 1.00x Total % of Total
-------- ------- ------- ------- ----------
(Dollars in millions)

December 31, 2017
Loan-to-value ratios:
Less than 65%...................... $ 212 $ -- $ -- $ 212 85.5%
65% to 75%......................... 27 -- -- 27 10.9
76% to 80%......................... -- -- -- -- --
Greater than 80%................... -- 9 -- 9 3.6
-------- ------- ------- ------- ------
Total.............................. $ 239 $ 9 $ -- $ 248 100.0%
======== ======= ======= ======= ======
December 31, 2016
Loan-to-value ratios:
Less than 65%...................... $ 173 $ 1 $ 2 $ 176 92.1%
65% to 75%......................... 15 -- -- 15 7.9
76% to 80%......................... -- -- -- -- --
Greater than 80%................... -- -- -- -- --
-------- ------- ------- ------- ------
Total.............................. $ 188 $ 1 $ 2 $ 191 100.0%
======== ======= ======= ======= ======

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

5. Investments (continued)

Credit Quality of Agricultural Mortgage Loans

The credit quality of agricultural mortgage loans was as follows at:

December 31,
-----------------------------------------
2017 2016
------------------- --------------------
Recorded % of Recorded % of
Investment Total Investment Total
---------- -------- ---------- ---------
(Dollars in millions)

Loan-to-value ratios:
Less than 65%....................... $ 48 81.4% $ 41 100.0%
65% to 75%.......................... 11 18.6 -- --
------- -------- ------- ---------
Total............................ $ 59 100.0% $ 41 100.0%
======= ======== ======= =========

Past Due and Nonaccrual Mortgage Loans

The Company has a high quality, well performing mortgage loan portfolio,
with all mortgage loans classified as performing at both December 31, 2017
and 2016. The Company defines delinquency consistent with industry practice,
when mortgage loans are past due as follows: commercial mortgage loans -- 60
days and agricultural mortgage loans -- 90 days. The Company had no mortgage
loans past due and no nonaccrual mortgage loans at December 31, 2017 and 2016.

Mortgage Loans Modified in a Troubled Debt Restructuring

The Company may grant concessions related to borrowers experiencing
financial difficulties, which are classified as troubled debt restructurings.
Generally, the types of concessions include: reduction of the contractual
interest rate, extension of the maturity date at an interest rate lower than
current market interest rates, and/or a reduction of accrued interest. The
amount, timing and extent of the concessions granted are considered in
determining any impairment or changes in the specific valuation allowance
recorded with the restructuring. Through the continuous monitoring process, a
specific valuation allowance may have been recorded prior to the quarter when
the mortgage loan is modified in a troubled debt restructuring. There were no
mortgage loans modified in a troubled debt restructuring for both the years
ended December 31, 2017 and 2016.

Real Estate

Real estate investments consisted of traditional real estate at December 31,
2017 and 2016.

The Company classifies within traditional real estate its investment in
income-producing real estate, which is comprised primarily of wholly-owned real
estate and joint ventures with interest in single property income-producing
real estate.

The wholly-owned real estate within traditional real estate is net of
accumulated depreciation of $47 million and $39 million at December 31, 2017
and 2016, respectively. Related depreciation expense on wholly-owned real
estate was $9 million, $6 million and $10 million for the year ended
December 31, 2017, 2016 and 2015, respectively.

There were no real estate impairments recognized for both the year ended
December 31, 2017 and 2016.

As of December 31, 2017, total minimum rental payments to be received in the
future under non-cancelable leases was $17 million, $22 million, $23 million,
$23 million, $23 million and $89 million for the years ended December 31, 2018,
2019, 2020, 2021, 2022 and years thereafter, respectively.

Other Invested Assets

Other invested assets is comprised primarily of leveraged leases and
freestanding derivatives with positive estimated fair values (see Note 6).

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

5. Investments (continued)

Leveraged Leases

Investment in leveraged leases consisted of the following at:

December 31,
--------------------
2017 2016
--------- ---------
(In millions)

Rental receivables, net................................ $ -- $ --
Estimated residual values.............................. 189 262
--------- ---------
Subtotal............................................ 189 262
Unearned income........................................ (23) (31)
--------- ---------
Investment in leveraged leases, net of non-recourse
debt.............................................. $ 166 $ 231
========= =========

Rental receivables are generally due in periodic installments. The payment
periods range from one to four years. For rental receivables, the primary
credit quality indicator is whether the rental receivable is performing or
nonperforming, which is assessed monthly. The Company generally defines
nonperforming rental receivables as those that are 90 days or more past due.
Rental receivables, which were less than $1 million at both December 31, 2017
and 2016, were performing.

The deferred income tax liability related to leveraged leases was
$58 million and $102 million at December 31, 2017 and 2016, respectively.

The components of income from investments in leveraged leases, excluding
net investment gains (losses), were as follows:

December 31,
-----------------------
2017 2016 2015
------- ------- -------
(In millions)

Income from investment in leveraged leases............. $ 8 $ 11 $ 12
Less: Income tax expense on leveraged leases........... 3 4 4
------- ------- -------
Investment income after income tax in leveraged
leases............................................ $ 5 $ 7 $ 8
======= ======= =======

Cash Equivalents

The carrying value of cash equivalents, which includes securities and other
investments with an original or remaining maturity of three months or less at
the time of purchase, was $47 million and $48 million at December 31, 2017 and
2016, respectively.

Net Unrealized Investment Gains (Losses)

Unrealized investment gains (losses) on fixed maturity securities AFS and
the effect on DAC and future policy benefits, that would result from the
realization of the unrealized gains (losses), are included in net unrealized
investment gains (losses) in AOCI.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

5. Investments (continued)

The components of net unrealized investment gains (losses), included in
AOCI, were as follows:

Years Ended December 31,
----------------------------
2017 2016 2015
-------- -------- --------
(In millions)

Fixed maturity securities........................... $ 294 $ 225 $ 198
Derivatives......................................... (1) 7 6
-------- -------- --------
Subtotal..................................... 293 232 204
-------- -------- --------
Amounts allocated from:
Future policy benefits........................... (54) -- --
DAC.............................................. (4) (13) (20)
-------- -------- --------
Subtotal..................................... (58) (13) (20)
Deferred income tax benefit (expense)............... (82) (77) (64)
-------- -------- --------
Net unrealized investment gains (losses)..... $ 153 $ 142 $ 120
======== ======== ========

The changes in net unrealized investment gains (losses) were as follows:

Years Ended December 31,
----------------------------
2017 2016 2015
-------- -------- --------
(In millions)

Balance at January 1,.................................................. $ 142 $ 120 $ 202
Unrealized investment gains (losses) during the year................... 61 28 (138)
Unrealized investment gains (losses) relating to:
Future policy benefits................................................. (54) -- 1
DAC related to noncredit OTTI losses recognized in AOCI................ -- -- 1
DAC.................................................................... 9 7 11
Deferred income tax benefit (expense) related to noncredit OTTI losses
recognized in AOCI................................................... -- -- (1)
Deferred income tax benefit (expense).................................. (5) (13) 44
-------- -------- --------
Balance at December 31,................................................ $ 153 $ 142 $ 120
======== ======== ========
Change in net unrealized investment gains (losses).................. $ 11 $ 22 $ (82)
======== ======== ========

Concentrations of Credit Risk

There were no investments in any counterparty that were greater than 10% of
the Company's stockholder's equity, other than the U.S. government and its
agencies, at both December 31, 2017 and 2016.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

5. Investments (continued)

Securities Lending

Elements of the securities lending program are presented below at:

December 31,
-----------------
2017 2016
-------- --------
(In millions)

Securities on loan: (1)
Amortized cost...................................... $ 367 $ 316
Estimated fair value................................ $ 482 $ 415
Cash collateral received from counterparties (2)....... $ 485 $ 417
Security collateral received from counterparties (3)... $ 7 $ 5
Reinvestment portfolio -- estimated fair value......... $ 488 $ 417

--------
(1)Included within fixed maturity securities.

(2)Included within payables for collateral under securities loaned and other
transactions.

(3)Security collateral received from counterparties may not be sold or
re-pledged, unless the counterparty is in default, and is not reflected on
the consolidated financial statements.

The cash collateral liability by loaned security type and remaining tenor of
the agreements was as follows at:

December 31, 2017 December 31, 2016
------------------------------------ ------------------------------------
Remaining Tenor of Securities Remaining Tenor of Securities
Lending Agreements Lending Agreements
----------------------------- -----------------------------
Over 1 Over 1
1 Month to 6 1 Month to 6
Open (1) or Less Months Total Open (1) or Less Months Total
-------- ------- ------ ------ -------- ------- ------ ------
(In millions)

Cash collateral liability by loaned
security type:
U.S. government and agency.......... $ 74 $ 181 $ 230 $ 485 $ 34 $ 87 $ 296 $ 417
----- ------ ------ ------ ----- ----- ------ ------
Total............................ $ 74 $ 181 $ 230 $ 485 $ 34 $ 87 $ 296 $ 417
===== ====== ====== ====== ===== ===== ====== ======

--------
(1)The related loaned security could be returned to the Company on the next
business day, which would require the Company to immediately return the cash
collateral.

If the Company is required to return significant amounts of cash collateral
on short notice and is forced to sell securities to meet the return obligation,
it may have difficulty selling such collateral that is invested in securities
in a timely manner, be forced to sell securities in a volatile or illiquid
market for less than what otherwise would have been realized under normal
market conditions, or both. The estimated fair value of the securities on loan
related to the cash collateral on open at December 31, 2017 was $72 million,
all of which were U.S. government and agency securities which, if put back to
the Company, could be immediately sold to satisfy the cash requirement.

The reinvestment portfolio acquired with the cash collateral consisted
principally of fixed maturity securities (including agency RMBS, ABS, CMBS,
foreign corporate securities) and cash equivalents with 44% invested in agency
RMBS, cash equivalents, U.S. government and agency securities or held in cash.
If the securities on loan or the reinvestment portfolio become less liquid, the
Company has the liquidity resources of most of its general account available to
meet any potential cash demands when securities on loan are put back to the
Company.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

5. Investments (continued)

Invested Assets on Deposit, Held in Trust and Pledged as Collateral

Invested assets on deposit, held in trust and pledged as collateral are
presented below at estimated fair value for all asset classes at:

December 31,
-----------------
2017 2016
-------- --------
(In millions)

Invested assets on deposit (regulatory deposits)............................. $ 8 $ 8
Invested assets held in trust (reinsurance agreements)....................... 10 10
Invested assets pledged as collateral (1).................................... 317 283
-------- --------
Total invested assets on deposit, held in trust and pledged as collateral. $ 335 $ 301
======== ========

--------
(1)The Company has pledged invested assets in connection with various
agreements and transactions, including funding agreements (see Note 2) and
derivative transactions (see Note 6).

See "-- Securities Lending" for information regarding securities on loan.

Variable Interest Entities

The Company has invested in legal entities that are VIEs. In certain
instances, the Company may hold both the power to direct the most significant
activities of the entity, as well as an economic interest in the entity and, as
such, would be deemed the primary beneficiary or consolidator of the entity.
The determination of the VIE's primary beneficiary requires an evaluation of
the contractual and implied rights and obligations associated with each party's
relationship with or involvement in the entity, an estimate of the entity's
expected losses and expected residual returns and the allocation of such
estimates to each party involved in the entity.

Consolidated VIEs

There were no VIEs for which the Company has concluded that it is the
primary beneficiary and which are consolidated at December 31, 2017 and 2016.

Unconsolidated VIEs

The carrying amount and maximum exposure to loss relating to VIEs in which
the Company holds a significant variable interest but is not the primary
beneficiary and which have not been consolidated were as follows at:

December 31,
---------------------------------------------
2017 2016
---------------------- ----------------------
Maximum Maximum
Carrying Exposure Carrying Exposure
Amount to Loss (1) Amount to Loss (1)
---------- ----------- ---------- -----------
(In millions)

Fixed maturity securities AFS:
Structured Securities (2)................. $ 1,225 $ 1,225 $ 1,075 $ 1,075
U.S. corporate............................ 25 25 24 24
Real estate joint ventures................... 57 57 44 44
Other limited partnership interests.......... -- 95 -- --
---------- ---------- ---------- ----------
Total................................. $ 1,307 $ 1,402 $ 1,143 $ 1,143
========== ========== ========== ==========

--------

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

5. Investments (continued)

(1)The maximum exposure to loss relating to fixed maturity securities AFS is
equal to their carrying amounts or the carrying amounts of retained
interests. The maximum exposure to loss relating to other limited
partnership interests and real estate joint ventures is equal to the
carrying amounts plus any unfunded commitments. Such a maximum loss would be
expected to occur only upon bankruptcy of the issuer or investee.

(2)For these variable interests, the Company's involvement is limited to that
of a passive investor in mortgage-backed or asset-backed securities issued
by trusts that do not have substantial equity.

Net Investment Income

The components of net investment income were as follows:

Years Ended December 31,
--------------------------
2017 2016 2015
-------- -------- --------
(In millions)

Investment income:
Fixed maturity securities.............................. $ 127 $ 129 $ 137
Equity securities...................................... 1 1 1
Mortgage loans......................................... 12 16 14
Policy loans........................................... 19 20 20
Real estate............................................ 22 14 33
Annuities funding structured settlement claims......... 277 276 288
Other.................................................. 10 13 14
-------- -------- --------
Subtotal............................................ 468 469 507
Less: Investment expenses.............................. 21 15 20
-------- -------- --------
Net investment income............................... $ 447 $ 454 $ 487
======== ======== ========

See "-- Related Party Investment Transactions" for discussion of affiliated
net investment income and investment expenses.

Net Investment Gains (Losses)

Components of Net Investment Gains (Losses)

The components of net investment gains (losses) were as follows:

Years Ended December 31,
-------------------------
2017 2016 2015
-------- ------- -------
(In millions)

Total gains (losses) on fixed maturity securities:
Total OTTI losses recognized-- by sector and industry:
U.S. and foreign corporate securities -- Industrial.... $ -- $ (1) $ --
-------- ------- -------
OTTI losses on fixed maturity securities recognized
in earnings....................................... $ -- $ (1) $ --
Fixed maturity securities -- net gains (losses) on
sales and disposals.................................. $ -- $ (8) $ --
-------- ------- -------
Total gains (losses) on fixed maturity securities... $ -- $ (9) $ --
Real estate............................................ $ -- $ 1 $ (34)
Leveraged lease impairments............................ $ -- $ (41) $ 1
-------- ------- -------
Total net investment gains (losses)................. $ -- $ (49) $ (33)
======== ======= =======

Gains (losses) from foreign currency transactions included within net
investment gains (losses) were less than ($1) million, less than ($1) million
and less than $1 million for the years ended December 31, 2017, 2016 and
2015, respectively.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

5. Investments (continued)

Sales or Disposals and Impairments of Fixed Maturity Securities

Investment gains and losses on sales of securities are determined on a
specific identification basis. Proceeds from sales or disposals of fixed
maturity securities and the components of fixed maturity securities net
investment gains (losses) were as shown in the table below.

Years Ended December 31,
-------------------------
2017 2016 2015
------- ------- -------
(In millions)

Proceeds.......................................... $ 1,161 $ 577 $ 789
======= ======= =======
Gross investment gains............................ $ 4 $ 3 $ 7
Gross investment losses........................... (4) (11) (7)
OTTI losses....................................... -- (1) --
------- ------- -------
Net investment gains (losses).................. $ -- $ (9) $ --
======= ======= =======

Related Party Investment Transactions

The Company transfers invested assets, primarily consisting of fixed
maturity securities, to and from affiliates. The estimated fair value of
invested assets transferred from affiliates was $113 million for the year ended
December 31, 2017.

As a structured settlements assignment company, the Company purchased
annuities from an affiliate to fund the periodic structured settlement claim
payment obligations it assumed. Each annuity purchased is contractually
designated to the assumed claim obligation it funds. The aggregate contract
values of annuities funding structured settlement claims are recorded as an
asset for which the Company has also recorded an unpaid claim obligation of
equal amount. Such aggregated contract values were $4.3 billion and
$4.4 billion at December 31, 2017 and 2016, respectively. The related net
investment income and corresponding policyholder benefits and claims recognized
were $277 million, $276 million and $288 million for the years ended
December 31, 2017, 2016 and 2015 respectively.

The Company receives investment administrative services from an affiliate.
The related investment administrative service charges were $6 million,
$6 million and $5 million for the years ended December 31, 2017, 2016 and 2015,
respectively.

See "-- Mortgage Loans -- Mortgage Loans by Portfolio Segment" for
discussion of mortgage loan participation agreements with an affiliate.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

6. Derivatives

Accounting for Derivatives

See Note 1 for a description of the Company's accounting policies for
derivatives and Note 7 for information about the fair value hierarchy for
derivatives.

Derivative Strategies

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

Derivatives are financial instruments with values derived from interest
rates, foreign currency exchange rates, credit spreads and/or other financial
indices. Derivatives may be exchange-traded or contracted in the
over-the-counter ("OTC") market. Certain of the Company's OTC derivatives are
cleared and settled through central clearing counterparties ("OTC-cleared"),
while others are bilateral contracts between two
counterparties ("OTC-bilateral"). The types of derivatives the Company uses
include swaps and option contracts. To a lesser extent, the Company uses credit
default swaps and structured interest rate swaps to synthetically replicate
investment risks and returns which are not readily available in the cash
markets.

Interest Rate Derivatives

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

Interest rate swaps are used by the Company primarily to reduce market
risks from changes in interest rates and to alter interest rate exposure
arising from mismatches between assets and liabilities (duration mismatches).
In an interest rate swap, the Company agrees with another party to exchange,
at specified intervals, the difference between fixed rate and floating rate
interest amounts as calculated by reference to an agreed notional amount. The
Company utilizes interest rate swaps in fair value hedging relationships.

The Company purchases interest rate floors primarily to protect its
floating rate liabilities against rises in interest rates above a specified
level, and against interest rate exposure arising from mismatches between
assets and liabilities, as well as to protect its minimum rate guarantee
liabilities against declines in interest rates below a specified level,
respectively. In certain instances, the Company locks in the economic impact
of existing purchased floors by entering into offsetting written floors. The
Company utilizes interest rate floors in nonqualifying hedging relationships.

A synthetic guaranteed interest contract ("GIC") is a contract that
simulates the performance of a traditional GIC through the use of financial
instruments. Under a synthetic GIC, the policyholder owns the underlying
assets. The Company guarantees a rate return on those assets for a premium.
Synthetic GICs are not designated as hedging instruments.

Foreign Currency Exchange Rate Derivatives

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

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

In a foreign currency forward transaction, the Company agrees with another
party to deliver a specified amount of an identified currency at a specified
future date. The price is agreed upon at the time of the contract and payment
for such a contract is made at the specified future date. The Company
utilizes foreign currency forwards in nonqualifying hedging relationships.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

6. Derivatives (continued)

Credit Derivatives

The Company enters into purchased credit default swaps to hedge against
credit-related changes in the value of its investments. In a credit default
swap transaction, the Company agrees with another party to pay, at specified
intervals, a premium to hedge credit risk. If a credit event occurs, as defined
by the contract, the contract may be cash settled or it may be settled gross by
the delivery of par quantities of the referenced investment equal to the
specified swap notional amount in exchange for the payment of cash amounts by
the counterparty equal to the par value of the investment surrendered. Credit
events vary by type of issuer but typically include bankruptcy, failure to pay
debt obligations and involuntary restructuring for corporate obligors, as well
as repudiation, moratorium or governmental intervention for sovereign obligors.
In each case, payout on a credit default swap is triggered only after the
Credit Derivatives Determinations Committee of the International Swaps and
Derivatives Association, Inc. ("ISDA") deems that a credit event has occurred.
The Company utilizes credit default swaps in nonqualifying hedging
relationships.

The Company enters into written credit default swaps to synthetically create
credit investments that are either more expensive to acquire or otherwise
unavailable in the cash markets. These transactions are a combination of a
derivative and one or more cash instruments, such as U.S. government and agency
securities, or other fixed maturity securities. These credit default swaps are
not designated as hedging instruments.

Primary Risks Managed by Derivatives

The following table presents the primary underlying risk exposure, gross
notional amount and estimated fair value of the Company's derivatives,
excluding embedded derivatives, held at:

December 31,
-----------------------------------------------------------
2017 2016
----------------------------- -----------------------------
Primary Underlying Risk Exposure Estimated Fair Value Estimated Fair Value
-------------------------------- -------------------- --------------------
Gross Gross
Notional Notional
Amount Assets Liabilities Amount Assets Liabilities
-------- ------ ----------- -------- ------ -----------
(In millions)

Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swaps Interest rate................. $ 10 $ -- $ -- $ 16 $ -- $ --
Foreign currency swaps Foreign currency exchange
rate.......................... 25 3 -- 21 5 --
-------- ------ ------ -------- ------ ------
Subtotal........................................... 35 3 -- 37 5 --
-------- ------ ------ -------- ------ ------
Cash flow hedges:
Foreign currency swaps Foreign currency exchange
rate.......................... 125 3 4 51 7 --
-------- ------ ------ -------- ------ ------
Total qualifying hedges............................ 160 6 4 88 12 --
-------- ------ ------ -------- ------ ------
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate floors Interest rate................. -- -- -- 3,100 9 4
Synthetic GICs Interest rate................. 1,504 -- -- -- -- --
Foreign currency swaps Foreign currency exchange
rate.......................... 54 4 1 53 8 --
Foreign currency Foreign currency exchange
forwards rate.......................... 8 -- -- 7 -- --
Credit default swaps -
written Credit........................ 87 2 -- 87 1 --
-------- ------ ------ -------- ------ ------
Total non-designated or nonqualifying
derivatives...................................... 1,653 6 1 3,247 18 4
-------- ------ ------ -------- ------ ------
Total.............................................. $ 1,813 $ 12 $ 5 $ 3,335 $ 30 $ 4
======== ====== ====== ======== ====== ======

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

6. Derivatives (continued)

Based on gross notional amounts, a substantial portion of the Company's
derivatives was not designated or did not qualify as part of a hedging
relationship at both December 31, 2017 and 2016. The Company's use of
derivatives includes (i) derivatives that serve as macro hedges of the
Company's exposure to various risks and that generally do not qualify for hedge
accounting due to the criteria required under the portfolio hedging rules;
(ii) derivatives that economically hedge insurance liabilities that contain
mortality or morbidity risk and that generally do not qualify for hedge
accounting because the lack of these risks in the derivatives cannot support an
expectation of a highly effective hedging relationship; and (iii) written
credit default swaps that are used to synthetically create credit investments
and that do not qualify for hedge accounting because they do not involve a
hedging relationship. For these nonqualified derivatives, changes in market
factors can lead to the recognition of fair value changes on the statement of
operations without an offsetting gain or loss recognized in earnings for the
item being hedged.

Net Derivative Gains (Losses)

The components of net derivative gains (losses) were as follows:

Years Ended December 31,
----------------------------
2017 2016 2015
---------- -------- --------
(In millions)

Freestanding derivatives and hedging gains (losses) (1). $ (1) $ 9 $ 5

--------
(1)Includes foreign currency transaction gains (losses) on hedged items in cash
flow and nonqualifying hedging relationships, which are not presented
elsewhere in this note.

The Company recognized net investment income from settlement payments
related to qualifying hedges of $1 million for both the years ended
December 31, 2017 and 2016. The amount the Company recognized in net investment
income from settlement payments related to qualifying hedges for the year ended
December 31, 2015 was not significant.

The Company recognized net derivative gains (losses) from settlement
payments related to nonqualifying hedges of $9 million, $23 million, and
$45 million for the years ended December 31, 2017, 2016, and 2015 respectively.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

6. Derivatives (continued)

Nonqualifying Derivatives and Derivatives for Purposes Other Than Hedging

The following table presents the amount and location of gains (losses)
recognized in income for derivatives that were not designated or not qualifying
as hedging instruments:

Net
Derivative
Gains (Losses)
--------------
(In millions)

Year Ended December 31, 2017
Interest rate derivatives...................................... $ (8)
Foreign currency exchange rate derivatives..................... (5)
Credit derivatives -- written.................................. 1
-----------
Total....................................................... $ (12)
===========
Year Ended December 31, 2016
Interest rate derivatives...................................... $ (20)
Foreign currency exchange rate derivatives..................... 7
Credit derivatives -- written.................................. 1
-----------
Total....................................................... $ (12)
===========
Year Ended December 31, 2015
Interest rate derivatives...................................... $ (40)
Foreign currency exchange rate derivatives..................... 2
Credit derivatives -- written.................................. (1)
-----------
Total....................................................... $ (39)
===========

Fair Value Hedges

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

The amounts the Company recognized in net derivative gains (losses)
representing the ineffective portion of all fair value hedges were less than
$1 million and ($1) million for the years ended December 31, 2017 and 2016,
respectively. The amounts recognized in net derivative gains (losses)
representing the ineffective portion of all fair value hedges was not
significant for the year ended December 31, 2015. Changes in the estimated fair
value of the derivatives recognized in net derivative gains (losses) were ($2)
million, $3 million and $1 million for each of the years ended December 31,
2017, 2016 and 2015, respectively. Changes in the estimated fair value of the
hedged items recognized in net derivative gains (losses) were $2 million, ($4)
million, and ($1) million for each of the years ended December 31, 2017, 2016
and 2015, respectively.

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

Cash Flow Hedges

The Company designates and accounts for foreign currency swaps to hedge the
foreign currency cash flow exposure of foreign currency denominated assets, as
cash flow hedges, when they have met the requirements of cash flow hedging.

In certain instances, the Company discontinued cash flow hedge accounting
because the forecasted transactions were no longer probable of occurring.
Because certain of the forecasted transactions also were not probable of
occurring within two months of the anticipated date, the Company reclassified
certain amounts from AOCI into net derivative gains (losses). For both the
years ended December 31, 2017 and 2016, there were no amounts reclassified into
net derivative gains (losses) related to such discontinued cash flow hedges.
For the year ended December 31, 2015, the amount reclassified into net
derivative gains (losses) related to such discontinued cash flow hedges was not
significant.

There were no hedged forecasted transactions, other than the receipt or
payment of variable interest payments, for each of the years ended December 31,
2017, 2016 and 2015.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

6. Derivatives (continued)

At December 31, 2017, 2016, and 2015, the balance in AOCI associated with
foreign currency swaps designated and qualifying as cash flow hedges were
($1) million, $7 million, and $6 million, respectively .

For the year ended December 31, 2017, there were ($10) million of gains
(losses) deferred in AOCI related to foreign currency swaps. For both the years
ended December 31, 2016 and 2015, there were $4 million of gains (losses)
deferred in AOCI related to foreign currency swaps. For the years ended
December 31, 2017 and 2016, the amounts reclassified to net derivative gains
(losses) related to foreign currency swaps were ($2) million and $3 million,
respectively. For the year ended December 31, 2015, the amounts reclassified to
net derivative gains (losses) related to foreign currency swaps were not
significant. For the year ended December 31, 2017, there were no amounts
reclassified to net investment income related to foreign currency swaps. For
both the years ended December 31, 2016, and 2015 the amounts reclassified to
net investment income related to foreign currency swaps were not significant.
For the year ended December 31, 2017 the amount recognized in net derivative
gains (losses) which represented the ineffective portion of all cash flow
hedges was less than $1 million. For the years ended December 31, 2016 and 2015
the amounts recognized in net derivative gains (losses) which represented the
ineffective portion of all cash flow hedges were not significant.

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

At December 31, 2017, the amounts of deferred net gains (losses) on
derivatives in AOCI that were expected to be reclassified to earnings within
the next 12 months were less than $1 million.

Credit Derivatives

In connection with synthetically created credit investment transactions, the
Company writes credit default swaps for which it receives a premium to insure
credit risk. Such credit derivatives are included within the nonqualifying
derivatives and derivatives for purposes other than hedging table. If a credit
event occurs, as defined by the contract, the contract may be cash settled or
it may be settled gross by the Company paying the counterparty the specified
swap notional amount in exchange for the delivery of par quantities of the
referenced credit obligation. The Company's maximum amount at risk, assuming
the value of all referenced credit obligations is zero, was $87 million at both
December 31, 2017 and 2016. The Company can terminate these contracts at any
time through cash settlement with the counterparty at an amount equal to the
then current estimated fair value of the credit default swaps. At December 31,
2017 and 2016, the Company would have received $2 million and $1 million,
respectively, to terminate all of these contracts.

The following table presents the estimated fair value, maximum amount of
future payments and weighted average years to maturity of written credit
default swaps at:

December 31,
-----------------------------------------------------------------------------
2017 2016
-------------------------------------- --------------------------------------
Maximum Maximum
Estimated Amount Estimated Amount
Fair Value of Future Weighted Fair Value of Future Weighted
of Credit Payments under Average of Credit Payments under Average
Rating Agency Designation of Referenced Default Credit Default Years to Default Credit Default Years to
Credit Obligations (1) Swaps Swaps Maturity (2) Swaps Swaps Maturity (2)
----------------------------------------- ---------- -------------- ------------ ---------- -------------- ------------
(Dollars in millions)

Baa
Credit default swaps referencing indices. $ 2 $ 87 5.0 $ 1 $ 87 4.0
------ ------- ------ -------
Total................................ $ 2 $ 87 5.0 $ 1 $ 87 4.0
====== ======= ====== =======

--------
(1)The rating agency designations are based on availability and the midpoint of
the applicable ratings among Moody's Investors Service ("Moody's"),
Standard & Poor's Global Ratings ("S&P") and Fitch Ratings. If no rating is
available from a rating agency, then an internally developed rating is used.

(2)The weighted average years to maturity of the credit default swaps is
calculated based on weighted average gross notional amounts.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

6. Derivatives (continued)

Credit Risk on Freestanding Derivatives

The Company may be exposed to credit-related losses in the event of
nonperformance by its counterparties to derivatives. Generally, the current
credit exposure of the Company's derivatives is limited to the net positive
estimated fair value of derivatives at the reporting date after taking into
consideration the existence of master netting or similar agreements and any
collateral received pursuant to such agreements.

The Company manages its credit risk related to derivatives by entering into
transactions with creditworthy counterparties and establishing and monitoring
exposure limits. The Company's OTC-bilateral derivative transactions are
governed by ISDA Master Agreements which provide for legally enforceable
set-off and close-out netting of exposures to specific counterparties in the
event of early termination of a transaction, which includes, but is not limited
to, events of default and bankruptcy. In the event of an early termination, the
Company is permitted to set off receivables from the counterparty against
payables to the same counterparty arising out of all included transactions.
Substantially all of the Company's ISDA Master Agreements also include Credit
Support Annex provisions which require both the pledging and accepting of
collateral in connection with its OTC-bilateral derivatives.

The Company's OTC-cleared derivatives are effected through central clearing
counterparties. Such positions are marked to market and margined on a daily
basis (both initial margin and variation margin), and the Company has minimal
exposure to credit-related losses in the event of nonperformance by
counterparties to such derivatives.

See Note 7 for a description of the impact of credit risk on the valuation
of derivatives.

The estimated fair values of the Company's net derivative assets and net
derivative liabilities after the application of master netting agreements and
collateral were as follows at:

December 31,
----------------------------------------
2017 2016
---------------------------------------------------------------------- ------------------- -------------------
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement Assets Liabilities Assets Liabilities
---------------------------------------------------------------------------- ------- ----------- ------- -----------
(In millions)

Gross estimated fair value of derivatives:
OTC-bilateral (1)................................................................ $ 10 $ 5 $ 29 $ 5
OTC-cleared (1).................................................................. 2 -- 1 --
------- ------- ------- -------
Total gross estimated fair value of derivatives (1).......................... 12 5 30 5
Amounts offset on the consolidated balance sheets................................ -- -- -- --
------- ------- ------- -------
Estimated fair value of derivatives presented on the consolidated balance
sheets (1).................................................................. 12 5 30 5
Gross amounts not offset on the consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral.................................................................... (4) (4) (5) (5)
OTC-cleared...................................................................... -- -- -- --
Cash collateral: (3)
OTC-bilateral.................................................................... (6) -- (23) --
OTC-cleared...................................................................... (2) -- (1) --
Securities collateral: (4)
OTC-bilateral.................................................................... -- -- -- --
OTC-cleared...................................................................... -- -- -- --
------- ------- ------- -------
Net amount after application of master netting agreements and
collateral.................................................................. $ -- $ 1 $ 1 $ --
======= ======= ======= =======

--------

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

6. Derivatives (continued)

(1)Derivative liabilities included (income) or expense accruals reported in
accrued investment income or in other liabilities were less than $1 million
and $1 million at December 31, 2017 and 2016, respectively. At December 31,
2017, the derivative assets included in income or (expense) accruals
reported in accrued investment income or other liabilities were less than
$1 million. At December 31, 2016, there were no derivative assets included
in income or (expense) accruals reported in accrued investment income or
other liabilities.

(2)Estimated fair value of derivatives is limited to the amount that is subject
to set-off and includes income or expense accruals.

(3)Cash collateral received by the Company for OTC-bilateral and OTC-cleared
derivatives is included in cash and cash equivalents, short-term investments
or in fixed maturity securities, and the obligation to return it is included
in payables for collateral under securities loaned and other transactions on
the balance sheet. The receivable for the return of cash collateral provided
by the Company is inclusive of initial margin on OTC-cleared derivatives and
is included in premiums, reinsurance and other receivables on the balance
sheet. The amount of cash collateral offset in the table above is limited to
the net estimated fair value of derivatives after application of netting
agreements. At December 31, 2017 and 2016, the Company received excess cash
collateral of $5 million and $1 million, respectively. At December 31, 2017
and 2016, the Company did not provide excess cash collateral.

(4)Securities collateral received by the Company is held in separate custodial
accounts and is not recorded on the balance sheet. Subject to certain
constraints, the Company is permitted by contract to sell or re-pledge this
collateral, but at December 31, 2017 and 2016, none of the collateral had
been sold or re-pledged. Securities collateral pledged by the Company is
reported in fixed maturity securities on the balance sheet. Subject to
certain constraints, the counterparties are permitted by contract to sell or
re-pledge this collateral. The amount of securities collateral offset in the
table above is limited to the net estimated fair value of derivatives after
application of netting agreements and cash collateral. At December 31, 2017,
the Company did not receive excess securities collateral, and provided
excess securities collateral with an estimated fair value of $4 million for
its OTC-bilateral derivatives. At December 31, 2016, the Company did not
receive or provide excess securities collateral for its OTC-bilateral
derivatives. At both December 31, 2017 and 2016, the Company did not receive
excess securities collateral, and provided excess securities collateral with
an estimated fair value of $2 million, for its OTC-cleared derivatives,
which are not included in the table above due to the foregoing limitation.

The Company's collateral arrangements for its OTC-bilateral derivatives
generally require the counterparty in a net liability position, after
considering the effect of netting agreements, to pledge collateral when the
collateral amount owed by that counterparty reaches a minimum transfer amount.
In addition, certain of the Company's netting agreements for derivatives
contain provisions that require both MTL and the counterparty to maintain a
specific investment grade credit rating from each of Moody's and S&P. If a
party's credit or financial strength rating, as applicable, were to fall below
that specific investment grade credit rating, that party would be in violation
of these provisions, and the other party to the derivatives could terminate the
transactions and demand immediate settlement and payment based on such party's
reasonable valuation of the derivatives.

At December 31, 2017 , the estimated fair value of the Company's
OTC-bilateral derivatives that are in a net liability position after
considering the effect of netting arrangements were $1 million and was not
significant at December 31, 2016. At December 31, 2017, the estimated fair
value of the collateral pledged was less than $1 million and was not
significant at December 31, 2016. At December 31, 2017 and 2016, there was no
incremental collateral that MTL would be required to provide if there was a
one-notch downgrade in its financial strength rating at the reporting date or
if its financial strength rating sustained a downgrade to a level that
triggered a full overnight collateralization or termination of the derivative
position at reporting date.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

7. Fair Value

When developing estimated fair values, the Company considers three broad
valuation approaches: (i) the market approach, (ii) the income approach, and
(iii) the cost approach. The Company determines the most appropriate valuation
approach to use, given what is being measured and the availability of
sufficient inputs, giving priority to observable inputs. The Company
categorizes its assets and liabilities measured at estimated fair value into a
three-level hierarchy, based on the significant input with the lowest level in
its valuation. The input levels are as follows:

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

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

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

Financial markets are susceptible to severe events evidenced by rapid
depreciation in asset values accompanied by a reduction in asset liquidity. The
Company's ability to sell securities, or the price ultimately realized for
these securities, depends upon the demand and liquidity in the market and
increases the use of judgment in determining the estimated fair value of
certain securities.

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

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

7. Fair Value (continued)

Recurring Fair Value Measurements

The assets and liabilities measured at estimated fair value on a recurring
basis and their corresponding placement in the fair value hierarchy are
presented below at:

December 31, 2017
------------------------------------------
Fair Value Hierarchy
--------------------------
Total Estimated
Level 1 Level 2 Level 3 Fair Value
-------- -------- -------- ---------------
(In millions)

Assets
Fixed maturity securities:
U.S. corporate.......................... $ -- $ 1,159 $ 19 $ 1,178
U.S. government and agency.............. 313 377 -- 690
RMBS.................................... -- 552 80 632
Foreign corporate....................... -- 351 65 416
CMBS.................................... -- 306 -- 306
ABS..................................... -- 269 18 287
State and political subdivision......... -- 162 -- 162
Foreign government...................... -- 41 -- 41
-------- -------- -------- --------
Total fixed maturity securities...... 313 3,217 182 3,712
-------- -------- -------- --------
Equity securities....................... -- 11 -- 11
Short-term investments.................. 9 44 -- 53
Derivative assets: (1)
Interest rate........................... -- -- -- --
Foreign currency exchange rate.......... -- 10 -- 10
Credit.................................. -- 2 -- 2
-------- -------- -------- --------
Total derivative assets.............. -- 12 -- 12
-------- -------- -------- --------
Separate account assets (2)............. -- 123 -- 123
-------- -------- -------- --------
Total assets......................... $ 322 $ 3,407 $ 182 $ 3,911
======== ======== ======== ========
Liabilities
Derivative liabilities: (1)
Interest rate........................... $ -- $ -- $ -- $ --
Foreign currency exchange rate.......... -- 5 -- $ 5
-------- -------- -------- --------
Total derivative liabilities......... $ -- $ 5 $ -- $ 5
======== ======== ======== ========

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

7. Fair Value (continued)

December 31, 2016
--------------------------------------------
Fair Value Hierarchy
----------------------------
Total Estimated
Level 1 Level 2 Level 3 Fair Value
-------- ---------- -------- ---------------
(In millions)

Assets
Fixed maturity securities:
U.S. corporate................................ $ -- $ 1,044 $ 39 $ 1,083
U.S. government and agency.................... 185 342 -- 527
RMBS.......................................... -- 344 56 400
Foreign corporate............................. -- 265 44 309
CMBS.......................................... -- 162 -- 162
ABS........................................... -- 499 14 513
State and political subdivision............... -- 134 -- 134
Foreign government............................ -- 31 -- 31
-------- ---------- -------- ----------
Total fixed maturity securities............ 185 2,821 153 3,159
-------- ---------- -------- ----------
Equity securities............................. -- 11 -- 11
Short-term investments........................ 23 109 -- 132
Derivative assets: (1)
Interest rate................................. -- 9 -- 9
Foreign currency exchange rate................ -- 20 -- 20
Credit........................................ -- 1 -- 1
-------- ---------- -------- ----------
Total derivative assets.................... -- 30 -- 30
-------- ---------- -------- ----------
Separate account assets (2)................... -- 112 -- 112
-------- ---------- -------- ----------
Total assets............................... $ 208 $ 3,083 $ 153 $ 3,444
======== ========== ======== ==========
Liabilities
Derivative liabilities: (1)
Interest rate................................. $ -- $ 4 $ -- $ 4
Foreign currency exchange rate................ -- -- -- --
-------- ---------- -------- ----------
Total derivative liabilities............... $ -- $ 4 $ -- $ 4
======== ========== ======== ==========

--------

(1)Derivative assets are presented within other invested assets on the
consolidated balance sheet and derivative liabilities are presented within
other liabilities on the consolidated balance sheet.

(2)Investment performance related to separate account assets is fully offset by
corresponding amounts credited to contractholders whose liability is
reflected within separate account liabilities. Separate account liabilities
are set equal to the estimated fair value of separate account assets.

The following describes the valuation methodologies used to measure assets
and liabilities at fair value. The description includes the valuation
techniques and key inputs for each category of assets or liabilities that are
classified within Level 2 and Level 3 of the fair value hierarchy.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

7. Fair Value (continued)

Investments

Valuation Controls and Procedures

On behalf of the Company and MetLife, Inc.'s Chief Investment Officer and
Chief Financial Officer, a pricing and valuation committee that is
independent of the trading and investing functions and comprised of senior
management, provides oversight of control systems and valuation policies for
securities, mortgage loans and derivatives. On a quarterly basis, this
committee reviews and approves new transaction types and markets, ensures
that observable market prices and market-based parameters are used for
valuation, wherever possible, and determines that judgmental valuation
adjustments, when applied, are based upon established policies and are
applied consistently over time. This committee also provides oversight of
the selection of independent third party pricing providers and the controls
and procedures to evaluate third party pricing. Periodically, the Chief
Accounting Officer reports to the Audit Committee of MetLife, Inc.'s Board
of Directors regarding compliance with fair value accounting standards.

The Company reviews its valuation methodologies on an ongoing basis and
revises those methodologies when necessary based on changing market
conditions. Assurance is gained on the overall reasonableness and consistent
application of input assumptions, valuation methodologies and compliance
with fair value accounting standards through controls designed to ensure
valuations represent an exit price. Several controls are utilized, including
certain monthly controls, which include, but are not limited to, analysis of
portfolio returns to corresponding benchmark returns, comparing a sample of
executed prices of securities sold to the fair value estimates, comparing
fair value estimates to management's knowledge of the current market,
reviewing the bid/ask spreads to assess activity, comparing prices from
multiple independent pricing services and ongoing due diligence to confirm
that independent pricing services use market-based parameters. The process
includes a determination of the observability of inputs used in estimated
fair values received from independent pricing services or brokers by
assessing whether these inputs can be corroborated by observable market
data. The Company ensures that prices received from independent brokers,
also referred to herein as "consensus pricing," represent a reasonable
estimate of fair value by considering such pricing relative to the Company's
knowledge of the current market dynamics and current pricing for similar
financial instruments. While independent non-binding broker quotations are
utilized, they are not used for a significant portion of the portfolio. For
example, fixed maturity securities priced using independent non-binding
broker quotations represent less than 1% of the total estimated fair value
of fixed maturity securities at December 31, 2016. Independent non-binding
broker quotations were not utilized at December 31, 2017.

The Company also applies a formal process to challenge any prices
received from independent pricing services that are not considered
representative of estimated fair value. If prices received from independent
pricing services are not considered reflective of market activity or
representative of estimated fair value, independent non-binding broker
quotations are obtained, or an internally developed valuation is prepared.
Internally developed valuations of current estimated fair value, which
reflect internal estimates of liquidity and nonperformance risks, compared
with pricing received from the independent pricing services, did not produce
material differences in the estimated fair values for the majority of the
portfolio; accordingly, overrides were not material. This is, in part,
because internal estimates of liquidity and nonperformance risks are
generally based on available market evidence and estimates used by other
market participants. In the absence of such market-based evidence,
management's best estimate is used.

Securities and Short-term Investments

When available, the estimated fair value of these financial instruments
is based on quoted prices in active markets that are readily and regularly
obtainable. Generally, these are the most liquid of the Company's securities
holdings and valuation of these securities does not involve management's
judgment.

When quoted prices in active markets are not available, the determination
of estimated fair value is based on market standard valuation methodologies,
giving priority to observable inputs. The significant inputs to the market
standard valuation methodologies for certain types of securities with
reasonable levels of price transparency are inputs that are observable in
the market or can be derived principally from, or corroborated by,
observable market data. When observable inputs are not available, the market
standard valuation methodologies rely on inputs that are significant to the
estimated fair value that are not observable in the market or cannot be
derived principally from, or corroborated by, observable market data. These
unobservable inputs can be based in large part on management's judgment or
estimation and cannot be supported by reference to market activity. Even
though these inputs are unobservable, management believes they are
consistent with what other market participants would use when pricing such
securities and are considered appropriate given the circumstances.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

7. Fair Value (continued)

The valuation of most instruments listed below is determined using
independent pricing sources, matrix pricing, discounted cash flow
methodologies or other similar techniques that use either observable market
inputs or unobservable inputs.

-----------------------------------------------------------------------------------------------------------------
Instrument Level 2 Level 3
Observable Inputs Unobservable Inputs

-----------------------------------------------------------------------------------------------------------------
Fixed maturity securities
-----------------------------------------------------------------------------------------------------------------
U.S. corporate and Foreign corporate securities
-----------------------------------------------------------------------------------------------------------------
Valuation Approaches: Principally the market and Valuation Approaches: Principally the market
income approaches. approach.
Key Inputs: Key Inputs:
. quoted prices in markets that are not active . illiquidity premium
. benchmark yields; spreads off benchmark yields; . delta spread adjustments to reflect specific
new issuances; issuer rating credit-related issues
. trades of identical or comparable securities; . credit spreads
duration . quoted prices in markets that are not active
. Privately-placed securities are valued using for identical or similar securities that are
the additional key inputs: less liquid and based on lower levels of
. market yield curve; call provisions trading activity than securities classified in
. observable prices and spreads for similar Level 2
public or private securities that . independent non-binding broker quotations
incorporate the credit quality and industry
sector of the issuer
. delta spread adjustments to reflect specific
credit-related issues
-----------------------------------------------------------------------------------------------------------------
U.S. government and agency, State and political subdivision and Foreign government securities
-----------------------------------------------------------------------------------------------------------------
Valuation Approaches: Principally the market Valuation Approaches: Principally the market
approach. approach.
Key Inputs: Key Inputs:

. quoted prices in markets that are not active . independent non-binding broker quotations
. benchmark U.S. Treasury yield or other yields . quoted prices in markets that are not active
. the spread off the U.S. Treasury yield curve for identical or similar securities that are
for the identical security less liquid and based on lower levels of
. issuer ratings and issuer spreads; trading activity than securities classified in
broker-dealer quotes Level 2
. comparable securities that are actively traded . credit spreads
-----------------------------------------------------------------------------------------------------------------
Structured Securities
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Valuation Approaches: Principally the market and Valuation Approaches: Principally the market and
income approaches. income approaches.
Key Inputs: Key Inputs:
. quoted prices in markets that are not active . credit spreads
. spreads for actively traded securities; . quoted prices in markets that are not active
spreads off benchmark yields for identical or similar securities that are
. expected prepayment speeds and volumes less liquid and based on lower levels of
. current and forecasted loss severity; ratings; trading activity than securities classified in
geographic region Level 2
. weighted average coupon and weighted average . independent non-binding broker quotations
maturity
. average delinquency rates; debt-service
coverage ratios
. issuance-specific information, including, but
not limited to:
. collateral type; structure of the security;
vintage of the loans
. payment terms of the underlying assets
. payment priority within the tranche; deal
performance
-----------------------------------------------------------------------------------------------------------------

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

7. Fair Value (continued)

Instrument Level 2 Level 3
Observable Inputs Unobservable Inputs

-----------------------------------------------------------------------------------------------------------------
Equity securities
-----------------------------------------------------------------------------------------------------------------
Valuation Approaches: Principally the market approach. N/A
Key Input:

.quoted prices in markets that are not considered active
-----------------------------------------------------------------------------------------------------------------
Short-term investments
-----------------------------------------------------------------------------------------------------------------
.Short-term investments are of a similar nature and class to the fixed maturity N/A
and equity securities described above; accordingly, the valuation approaches
and observable inputs used in their valuation are also similar to those
described above.
-----------------------------------------------------------------------------------------------------------------
Separate account assets (1)
-----------------------------------------------------------------------------------------------------------------
Mutual funds without readily determinable fair values as prices are not published publicly
-----------------------------------------------------------------------------------------------------------------
Key Input: N/A
.quoted prices or reported NAV provided by the fund managers
-----------------------------------------------------------------------------------------------------------------

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

Derivatives

The estimated fair value of derivatives is determined through the use of
quoted market prices for exchange-traded derivatives, or through the use of
pricing models for OTC-bilateral and OTC-cleared derivatives. The
determination of estimated fair value, when quoted market values are not
available, is based on market standard valuation methodologies and inputs that
management believes are consistent with what other market participants would
use when pricing such instruments. Derivative valuations can be affected by
changes in interest rates, foreign currency exchange rates, financial indices,
credit spreads, default risk, nonperformance risk, volatility, liquidity and
changes in estimates and assumptions used in the pricing models. The valuation
controls and procedures for derivatives are described in "-- Investments."

The significant inputs to the pricing models for most OTC-bilateral and
OTC-cleared derivatives are inputs that are observable in the market or can be
derived principally from, or corroborated by, observable market data. Certain
OTC-bilateral and OTC-cleared derivatives may rely on inputs that are
significant to the estimated fair value that are not observable in the market
or cannot be derived principally from, or corroborated by, observable market
data. These unobservable inputs may involve significant management judgment or
estimation. Even though unobservable, these inputs are based on assumptions
deemed appropriate given the circumstances and management believes they are
consistent with what other market participants would use when pricing such
instruments.

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

The credit risk of both the counterparty and the Company are considered in
determining the estimated fair value for all OTC-bilateral and OTC-cleared
derivatives, and any potential credit adjustment is based on the net exposure
by counterparty after taking into account the effects of netting agreements
and collateral arrangements. The Company values its OTC-bilateral and
OTC-cleared derivatives using standard swap curves which may include a spread
to the risk-free rate, depending upon specific collateral arrangements. This
credit spread is appropriate for those parties that execute trades at pricing
levels consistent with similar collateral arrangements. As the Company and its
significant derivative counterparties generally execute trades at such pricing
levels and hold sufficient collateral, additional credit risk adjustments are
not currently required in the valuation process. The Company's ability to
consistently execute at such pricing levels is in part due to the netting
agreements and collateral arrangements that are in place with all of its
significant derivative counterparties. An evaluation of the requirement to
make additional credit risk adjustments is performed by the Company each
reporting period.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

7. Fair Value (continued)

Freestanding Derivatives Valuation Approaches and Key Inputs

Level 2

This level includes all types of derivatives utilized by the Company.
These derivatives are principally valued using the income approach.

Freestanding derivatives are principally valued using the income
approach. Valuations of non-option-based derivatives utilize present value
techniques, whereas valuations of option-based derivatives utilize option
pricing models. Key inputs are as follows:

Instrument Interest Rate Foreign Currency Credit
Exchange Rate

-----------------------------------------------------------------------------------------------------------------------
Inputs common to Level 2 by .swap yield curves .swap yield curves .swap yield curves
instrument type .basis curves .basis curves .credit curves
.interest rate volatility (1) .currency spot rates .recovery rates
.cross currency basis curves
-----------------------------------------------------------------------------------------------------------------------

--------
(1)Option-based only.

Transfers between Levels

Overall, transfers between levels occur when there are changes in the
observability of inputs and market activity. Transfers into or out of any
level are assumed to occur at the beginning of the period.

Transfers between Levels 1 and 2:

There were no transfers between Levels 1 and 2 for assets and liabilities
measured at estimated fair value and still held at both December 31, 2017
and 2016.

Transfers into or out of Level 3:

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

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

7. Fair Value (continued)

Assets and Liabilities Measured at Fair Value Using Significant Unobservable
Inputs (Level 3)

The following table presents certain quantitative information about the
significant unobservable inputs used in the fair value measurement, and the
sensitivity of the estimated fair value to changes in those inputs, for the
more significant asset and liability classes measured at fair value on a
recurring basis using significant unobservable inputs (Level 3) at:

December 31, 2017 December 31, 2016 Impact of
-------------------- -------------------- Increase in Input
Significant Weighted Weighted on Estimated
Valuation Techniques Unobservable Inputs Range Average (1) Range Average (1) Fair Value (2)
-------------------- --------------------- -------- ----------- -------- ----------- -----------------

Fixed maturity
securities (3)
U.S. corporate and Matrix pricing Offered quotes (4) 100 -141 110 99 - 138 111 Increase
foreign corporate.......
Market pricing Quoted prices (4) 99 - 103 101 25 - 100 84 Increase
-------------------------------------------------------------------------------------------------------
RMBS..................... Market pricing Quoted prices (4) 84 - 104 99 83 - 105 97 Increase (5)
-------------------------------------------------------------------------------------------------------
ABS...................... Market pricing Quoted prices (4) 90 - 103 99 99 - 101 100 Increase (5)
Consensus pricing Offered quotes (4) 99 - 99 99 Increase (5)
-------------------------------------------------------------------------------------------------------

--------
(1)The weighted average for fixed maturity securities is determined based on
the estimated fair value of the securities.

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

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

(4)Range and weighted average are presented in accordance with the market
convention for fixed maturity securities of dollars per hundred dollars of
par.

(5)Changes in the assumptions used for the probability of default are
accompanied by a directionally similar change in the assumption used for the
loss severity and a directionally opposite change in the assumptions used
for prepayment rates.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

7. Fair Value (continued)

The following tables summarize the change of all assets and (liabilities)
measured at estimated fair value on a recurring basis using significant
unobservable inputs (Level 3):

Fair Value Measurements Using
Significant Unobservable Inputs (Level 3)
----------------------------------------
Fixed Maturity Securities
----------------------------------------
Foreign
Corporate (1) Structured Government
------------- ---------- ----------
(In millions)

Balance, January 1, 2016................................................... $ 94 $ 81 $ 19
Total realized/unrealized gains (losses) included in net income
(loss) (2) (3)........................................................... -- 1 --
Total realized/unrealized gains (losses) included in AOCI.................. (2) -- --
Purchases (4).............................................................. 8 19 --
Sales (4).................................................................. (13) (5) --
Transfers into Level 3 (5)................................................. 8 -- --
Transfers out of Level 3 (5)............................................... (12) (26) (19)
------ ------ ------
Balance, December 31, 2016................................................. $ 83 $ 70 $ --
====== ====== ======
Total realized/unrealized gains (losses) included in net income
(loss) (2) (3)........................................................... -- 1 --
Total realized/unrealized gains (losses) included in AOCI.................. 5 -- --
Purchases (4).............................................................. 40 72 --
Sales (4).................................................................. (4) (31) --
Transfers into Level 3 (5)................................................. 6 -- --
Transfers out of Level 3 (5)............................................... (46) (14) --
------ ------ ------
Balance, December 31, 2017................................................. $ 84 $ 98 $ --
====== ====== ======
Changes in unrealized gains (losses) included in net income (loss) for the
instruments still held at December 31, 2015: (6)......................... $ -- $ 1 $ --
====== ====== ======
Changes in unrealized gains (losses) included in net income (loss) for the
instruments still held at December 31, 2016: (6)......................... $ -- $ 1 $ --
====== ====== ======
Changes in unrealized gains (losses) included in net income (loss) for the
instruments still held at December 31, 2017: (6)......................... $ -- $ -- $ --
====== ====== ======
Gains (Losses) Data for the year ended December 31, 2015:
Total realized/unrealized gains (losses) included in net income
(loss) (2) (3)........................................................... $ 1 $ 1 $ --
Total realized/unrealized gains (losses) included in AOCI.................. $ (9) $ (1) $ (1)

--------
(1)Comprised of U.S. and foreign corporate securities.

(2)Amortization of premium/accretion of discount is included within net
investment income. Impairments charged to net income (loss) on securities
are included in net investment gains (losses).

(3)Interest accruals, as well as cash interest coupons received, are excluded
from the rollforward.

(4)Items purchased and then sold in the same period are excluded from the
rollforward.

(5)Gains and losses, in net income (loss) and OCI, are calculated assuming
transfers into and/or out of Level 3 occurred at the beginning of the
period. Items transferred into and then out of Level 3 in the same period
are excluded from the rollforward.

(6)Changes in unrealized gains (losses) included in net income (loss) relate to
assets and liabilities still held at the end of the period.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

7. Fair Value (continued)

Fair Value of Financial Instruments Carried at Other Than Fair Value

The following tables provide fair value information for financial
instruments that are carried on the balance sheet at amounts other than fair
value. These tables exclude the following financial instruments: cash and cash
equivalents, accrued investment income and payables for collateral under
securities loaned and other transactions. The estimated fair value of the
excluded financial instruments, which are primarily classified in Level 2,
approximates carrying value as they are short-term in nature such that the
Company believes there is minimal risk of material changes in interest rates or
credit quality. All remaining balance sheet amounts excluded from the tables
below are not considered financial instruments subject to this disclosure.

The carrying values and estimated fair values for such financial
instruments, and their corresponding placement in the fair value hierarchy, are
summarized as follows at:

December 31, 2017
-----------------------------------------------
Fair Value Hierarchy
---------------------------
Total
Carrying Estimated
Value Level 1 Level 2 Level 3 Fair Value
-------- -------- -------- --------- ----------
(In millions)

Assets
Mortgage loans.......................... $ 306 $ -- $ -- $ 325 $ 325
Policy loans............................ $ 250 $ -- $ 32 $ 371 $ 403
Premiums, reinsurance and other
receivables........................... $ 661 $ -- $ 1 $ 689 $ 690
Liabilities
Policyholder account balances........... $ 911 $ -- $ -- $ 938 $ 938
Other liabilities....................... $ 8 $ -- $ 8 $ -- $ 8

December 31, 2016
-----------------------------------------------
Fair Value Hierarchy
---------------------------
Total
Carrying Estimated
Value Level 1 Level 2 Level 3 Fair Value
-------- -------- -------- --------- ----------
(In millions)
Assets
Mortgage loans.......................... $ 231 $ -- $ -- $ 237 $ 237
Policy loans............................ $ 257 $ -- $ 32 $ 387 $ 419
Premiums, reinsurance and other
receivables........................... $ 667 $ -- $ -- $ 722 $ 722
Liabilities
Policyholder account balances........... $ 917 $ -- $ -- $ 931 $ 931
Other liabilities....................... $ 8 $ -- $ 8 $ -- $ 8

The methods, assumptions and significant valuation techniques and inputs
used to estimate the fair value of financial instruments are summarized as
follows:

Mortgage Loans

The estimated fair value of mortgage loans is primarily determined by
estimating expected future cash flows and discounting them using current
interest rates for similar mortgage loans with similar credit risk, or is
determined from pricing for similar loans.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

7. Fair Value (continued)

Policy Loans

Policy loans with fixed interest rates are classified within Level 3. The
estimated fair values for these loans are determined using a discounted cash
flow model applied to groups of similar policy loans determined by the nature
of the underlying insurance liabilities. Cash flow estimates are developed by
applying a weighted-average interest rate to the outstanding principal balance
of the respective group of policy loans and an estimated average maturity
determined through experience studies of the past performance of policyholder
repayment behavior for similar loans. These cash flows are discounted using
current risk-free interest rates with no adjustment for borrower credit risk,
as these loans are fully collateralized by the cash surrender value of the
underlying insurance policy. Policy loans with variable interest rates are
classified within Level 2 and the estimated fair value approximates carrying
value due to the absence of borrower credit risk and the short time period
between interest rate resets, which presents minimal risk of a material change
in estimated fair value due to changes in market interest rates.

Premiums, Reinsurance and Other Receivables

Premiums, reinsurance and other receivables are comprised of certain
amounts recoverable under reinsurance agreements.

Amounts recoverable under ceded reinsurance agreements, which the Company
has determined do not transfer significant risk such that they are accounted
for using the deposit method of accounting, have been classified as Level 3.
The valuation is based on discounted cash flow methodologies using significant
unobservable inputs. The estimated fair value is determined using interest
rates determined to reflect the appropriate credit standing of the assuming
counterparty.

Policyholder Account Balances

These policyholder account balances include investment contracts which
primarily include fixed deferred annuities, fixed term payout annuities and
total control accounts. The valuation of these investment contracts is based
on discounted cash flow methodologies using significant unobservable inputs.
The estimated fair value is determined using current market risk-free interest
rates adding a spread to reflect the nonperformance risk in the liability.

Other Liabilities

Other liabilities consist primarily of amounts due for securities purchased
but not yet settled. The Company evaluates the specific terms, facts and
circumstances of each instrument to determine the appropriate estimated fair
values, which are not materially different from the carrying values.

8. Equity

Statutory Equity and Income

The state of domicile of MTL imposes risk-based capital ("RBC") requirements
that were developed by the National Association of Insurance Commissioners
("NAIC"). Regulatory compliance is determined by a ratio of a company's total
adjusted capital, calculated in the manner prescribed by the NAIC ("TAC") to
its authorized control level RBC, calculated in the manner prescribed by the
NAIC ("ACL RBC"), based on the statutory-based filed financial statements.
Companies below specific trigger levels or ratios are classified by their
respective levels, each of which requires specified corrective action. The
minimum level of TAC before corrective action commences is twice ACL RBC ("CAL
RBC"). The CAL RBC ratios for MTL were in excess of 400% at both December 31,
2017 and 2016.

MTL prepares statutory-basis financial statements in accordance with
statutory accounting practices prescribed or permitted by the Delaware
Department of Insurance. The NAIC has adopted the Codification of Statutory
Accounting Principles ("Statutory Codification"). Statutory Codification is
intended to standardize regulatory accounting and reporting to state insurance
departments. However, statutory accounting principles continue to be
established by individual state laws and permitted practices. Modifications by
the state insurance department may impact the effect of Statutory Codification
on the statutory capital and surplus of MTL.

Statutory accounting principles differ from GAAP primarily by charging
policy acquisition costs to expense as incurred, establishing future policy
benefit liabilities using different actuarial assumptions, reporting surplus
notes as surplus instead of debt, reporting of reinsurance agreements and
valuing securities on a different basis.

In addition, certain assets are not admitted under statutory accounting
principles and are charged directly to surplus. The most significant assets not
admitted by MTL are net deferred income tax assets resulting from temporary
differences between statutory accounting principles basis and tax basis not
expected to reverse and become recoverable within three years.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

8. Equity (continued)

The tables below present amounts from MTL, which are derived from the
statutory-basis financial statements as filed with the Delaware Department of
Insurance.

Statutory net income (loss) was as follows:

Years Ended December 31,
------------------------------
Company State of Domicile 2017 2016 2015
------------------------ ----------------- --------- -------- -----------
(In millions)

Metropolitan Tower Life
Insurance Company...... Delaware $ 74 $ 8 $ (42)

Statutory capital and surplus was as follows at:

December 31,
---------------------
Company 2017 2016
--------------------------------------------------- ---------- ----------
(In millions)

Metropolitan Tower Life Insurance Company........... $ 733 $ 669

Dividend Restrictions

The table below sets forth the dividends permitted to be paid by MTL to
MetLife, Inc. without insurance regulatory approval and dividends paid:

2018 2017 2016
----------------- ---------- ---------
Permitted Without
Company Approval (1) Paid Paid
------------------------------------------------- ----------------- ---------- ---------
(In millions)

Metropolitan Tower Life Insurance Company......... $ 73 $ -- $ 60

--------
(1)Reflects dividend amounts that may be paid during 2018 without prior
regulatory approval. However, because dividend tests may be based on
dividends previously paid over a rolling 12-month period, if paid before a
specified date during 2018, some or all of such dividends may require
regulatory approval.

Under Delaware Insurance Code, MTL is permitted, without prior insurance
regulatory clearance, to pay a stockholder dividend to MetLife, Inc. as long as
the amount of the dividend when aggregated with all other dividends in the
preceding 12 months does not exceed the greater of: (i) 10% of its surplus to
policyholders as of the end of the immediately preceding calendar year; or
(ii) its net statutory gain from operations for the immediately preceding
calendar year (excluding realized capital gains), not including pro rata
distributions of each insurer's own securities. MTL will be permitted to pay a
dividend to MetLife, Inc. in excess of the greater of such two amounts only if
it files notice of the declaration of such a dividend and the amount thereof
with the Delaware Commissioner of Insurance (the "Delaware Commissioner") and
the Delaware Commissioner either approves the distribution of the dividend or
does not disapprove the distribution within 30 days of its filing. In addition,
any dividend that exceeds earned surplus (defined as "unassigned funds
(surplus)") as of the immediately preceding calendar year requires insurance
regulatory approval. Under Delaware Insurance Code, the Delaware Commissioner
has broad discretion in determining whether the financial condition of a stock
life insurance company would support the payment of such dividends to its
stockholders.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

8. Equity (continued)

Accumulated Other Comprehensive Income (Loss)

Information regarding changes in the balances of each component of AOCI was
as follows:

Unrealized
Investment Gains Unrealized
(Losses), Net of Gains (Losses)
Related Offsets (1) on Derivatives Total
------------------- -------------- -------
(In millions)

Balance at December 31, 2014.................. $ 202 $ -- $ 202
OCI before reclassifications.................. (129) 4 (125)
Deferred income tax benefit (expense)......... 45 (2) 43
------- ------- -------
AOCI before reclassifications, net of
income tax............................... 118 2 120
Amounts reclassified from AOCI................ -- -- --
Deferred income tax benefit (expense)......... -- -- --
------- ------- -------
Amounts reclassified from AOCI, net of
income tax............................... -- -- --
------- ------- -------
Balance at December 31, 2015.................. 118 2 120
OCI before reclassifications.................. 22 4 26
Deferred income tax benefit (expense)......... (9) (1) (10)
------- ------- -------
AOCI before reclassifications, net of
income tax............................... 131 5 136
Amounts reclassified from AOCI................ 12 (3) 9
Deferred income tax benefit (expense)......... (4) 1 (3)
------- ------- -------
Amounts reclassified from AOCI, net of
income tax............................... 8 (2) 6
------- ------- -------
Balance at December 31, 2016.................. 139 3 142
OCI before reclassifications.................. 27 (10) 17
Deferred income tax benefit (expense)......... (8) 3 (5)
------- ------- -------
AOCI before reclassifications, net of
income tax............................... 158 (4) 154
Amounts reclassified from AOCI................ (3) 2 (1)
Deferred income tax benefit (expense)......... 1 (1) --
------- ------- -------
Amounts reclassified from AOCI, net of
income tax............................... (2) 1 (1)
------- ------- -------
Balance at December 31, 2017.................. $ 156 $ (3) $ 153
======= ======= =======

--------
(1)See Note 5 for information on offsets to investments related to DAC.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

8. Equity (continued)

Information regarding amounts reclassified out of each component of AOCI was
as follows:

Consolidated Statement of
AOCI Components Amounts Reclassified from AOCI Operations Locations
------------------------------------------------- ----------------------------- ------------------------------
Years Ended December 31,
-------------------------------
2017 2016 2015
--------- --------- ---------
(In millions)

Net unrealized investment gains (losses):
Net unrealized investment gains (losses).......... $ 1 $ (9) $ -- Net investment gains (losses)
Net unrealized investment gains (losses).......... 2 (3) -- Net derivative gains (losses)
--------- --------- ---------
Net unrealized investment gains (losses),
before income tax............................ 3 (12) --
Income tax (expense) benefit...................... (1) 4 --
--------- --------- ---------
Net unrealized investment gains (losses), net
of income tax................................ 2 (8) --
--------- --------- ---------
Unrealized gains (losses) on derivatives - cash
flow hedges:
Foreign currency swaps............................ (2) 3 -- Net derivative gains (losses)
--------- --------- ---------
Gains (losses) on cash flow hedges, before
income tax................................... (2) 3 --
Income tax (expense) benefit...................... 1 (1) --
--------- --------- ---------
Gains (losses) on cash flow hedges, net of
income tax................................... (1) 2 --
--------- --------- ---------
Total reclassifications, net of income tax..... $ 1 $ (6) $ --
========= ========= =========

9. Other Expenses

Information on other expenses was as follows:

Years Ended December 31,
-----------------------------
2017 2016 2015
--------- --------- ---------
(In millions)

General and administrative expenses............... $ 34 $ 20 $ 34
Premium taxes, other taxes, and licenses & fees... 2 3 3
Commissions and other variable expenses........... 22 1 1
Amortization of DAC............................... 7 7 13
--------- --------- ---------
Total other expenses........................... $ 65 $ 31 $ 51
========= ========= =========

Certain prior year amounts have been reclassified to conform to the current
year presentation, which has been revised to align the expense categories with
the Company's businesses. The reclassifications did not result in a change to
total other expenses.

Amortization of DAC

See Note 3 for additional information on DAC including impacts of
amortization.

Affiliated Expenses

See Note 12 for a discussion of affiliated expenses included in the table
above.

10. Income Tax

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

10. Income Tax (continued)

taxable years beginning on or after January 1, 2018, and a territorial
international tax system which generally eliminates U.S. federal income tax on
dividends received from foreign subsidiaries.

The incremental financial statement impact related to U.S. Tax Reform was as
follows:

U.S. Tax Reform
---------------
(In millions)

Income (loss) before provision for income tax............... $ (1)
Provision for income tax expense (benefit):
Deferred tax revaluation.................................... (65)
----------
Total provision for income tax expense (benefit)......... (65)
----------
Income (loss), net of income tax............................ 64
Income tax (expense) benefit related to items of other
comprehensive income (loss)............................... 1
----------
Increase to net equity from U.S. Tax Reform................. $ 65
==========

In accordance with SAB 118 issued by the U.S. Securities and Exchange
Commission ("SEC") in December 2017, the Company has recorded provisional
amounts for certain items for which the income tax accounting is not complete.
For these items, the Company has recorded a reasonable estimate of the tax
effects of U.S. Tax Reform. The estimates will be reported as provisional
amounts during a measurement period, which will not exceed one year from the
date of enactment of U.S. Tax Reform. The Company may reflect adjustments to
its provisional amounts upon obtaining, preparing, or analyzing additional
information about facts and circumstances that existed as of the enactment date
that, if known, would have affected the income tax effects initially reported
as provisional amounts.

The following item is considered a provisional estimate due to complexities
and ambiguities in U.S. Tax Reform which resulted in incomplete accounting for
the tax effects of these provisions. Further guidance, either legislative or
interpretive, and analysis will be required to complete the accounting for this
item:

. Alternative Minimum Tax Credits - U.S. Tax Reform eliminates the
corporate alternative minimum tax and allows for minimum tax credit
carryforwards to be used to offset future regular tax or to be refunded
over the next few years. However, pursuant to the requirements of the
Balanced Budget and Emergency Deficit Control Act of 1985, as amended,
refund payments issued for corporations claiming refundable prior year
alternative minimum tax credits are subject to a sequestration rate of
6.9%. The application of this fee to refunds in future years is subject
to further guidance. Additionally, the sequestration reduction rate in
effect at the time is subject to uncertainty. The Company has recorded a
less than $1 million tax charge included within the deferred tax
revaluation.

The provision for income tax was as follows:

Years Ended December 31,
-----------------------------------
2017 2016 2015
---------- ---------- ----------
(In millions)

Current:
Federal........................................... $ (15) $ 10 $ 88
Deferred:
Federal........................................... (88) (5) (80)
---------- ---------- ----------
Provision for income tax expense (benefit)..... $ (103) $ 5 $ 8
========== ========== ==========

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

10. Income Tax (continued)

The reconciliation of the income tax provision at the U.S. statutory rate to
the provision for income tax as reported was as follows:

Years Ended December 31,
---------------------------------
2017 2016 2015
---------- ---------- ----------
(In millions)

Tax provision at U.S. statutory rate.......... $ 11 $ 5 $ 8
Tax effect of:
U.S. Tax Reform impact........................ (65) -- --
Distribution of former subsidiary (1)......... (48) -- --
Other, net.................................... (1) -- --
---------- ---------- ----------
Provision for income tax expense (benefit). $ (103) $ 5 $ 8
========== ========== ==========

--------
(1)In 2013, the Company distributed all of the issued and outstanding shares of
common stock of MetLife Reinsurance Company of Delaware ("MRD"), a
wholly-owned subsidiary, to MetLife, Inc. in the form of a dividend and
deferred the related tax benefit. In August 2017, MetLife, Inc. distributed
MRD to third parties and the Company recognized the deferred tax benefit
related to the dividend of MRD.

Deferred income tax represents the tax effect of the differences between the
book and tax bases of assets and liabilities. Net deferred income tax assets
and liabilities consisted of the following at:

December 31,
------------------------
2017 2016
----------- -----------
(In millions)

Deferred income tax assets:
Tax credit carryforwards.......................... $ 6 $ 7
DAC............................................... 6 6
----------- -----------
Total deferred income tax assets............... 12 13
----------- -----------
Deferred income tax liabilities:
Investments, including derivatives................ 47 76
Net unrealized investment gains................... 49 77
Policyholder liabilities and receivables.......... 25 50
Other liabilities................................. 10 12
----------- -----------
Total deferred income tax liabilities.......... 131 215
----------- -----------
Net deferred income tax asset (liability)...... $ (119) $ (202)
=========== ===========

Tax credit carryforwards of $7 million at December 31, 2017 will expire
beginning in 2022.

The Company participates in a tax sharing agreement with MetLife, Inc., as
described in Note 1. Pursuant to this tax sharing agreement, the amounts due
from affiliates included $21 million and $1 million for the years ended
December 31, 2017 and 2016, respectively.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

10. Income Tax (continued)

The Company's liability for unrecognized tax benefits may increase or
decrease in the next 12 months. For example, federal tax legislation could
impact unrecognized tax benefits. A reasonable estimate of the increase or
decrease cannot be made at this time. However, the Company continues to believe
that the ultimate resolution of the pending issues will not result in a
material change to its consolidated financial statements, although the
resolution of income tax matters could impact the Company's effective tax rate
for a particular future period. The Company had no unrecognized tax benefits
for the years ended December 31, 2017, 2016 and 2015.

The Company classifies interest accrued related to unrecognized tax benefits
in interest expense, included within other expenses, while penalties are
included in income tax expense. The Company had no interest or penalties for
the years ended December 31, 2017, 2016 and 2015.

11. Contingencies, Commitments and Guarantees

Contingencies

Litigation

Sales Practices Claims

Over the past several years, the Company has faced claims and regulatory
inquiries and investigations, alleging improper marketing or sales of
individual life insurance policies, annuities, mutual funds or other
products. The Company believes adequate provision has been made in its
consolidated financial statements for all probable and reasonably estimable
losses for sales practices matters.

Summary

Various litigation, claims and assessments against the Company, in
addition to those discussed previously and those otherwise provided for in
the Company's consolidated financial statements, have arisen in the course
of the Company's business, including, but not limited to, in connection with
its activities as an insurer, investor and taxpayer. Further, state
insurance regulatory authorities and other federal and state authorities
regularly make inquiries and conduct investigations concerning the Company's
compliance with applicable insurance and other laws and regulations.

It is not possible to predict the ultimate outcome of all pending
investigations and legal proceedings. In some of the matters, very large
and/or indeterminate amounts, including punitive and treble damages, are
sought. Although in light of these considerations it is possible that an
adverse outcome in certain cases could have a material effect upon the
Company's financial position, based on information currently known by the
Company's management, in its opinion, the outcomes of such pending
investigations and legal proceedings are not likely to have such an effect.
However, given the large and/or indeterminate amounts sought in certain of
these matters and the inherent unpredictability of litigation, it is
possible that an adverse outcome in certain matters could, from time to
time, have a material effect on the Company's consolidated net income or
cash flows in particular annual periods.

Commitments

Mortgage Loan Commitments

The Company commits to lend funds under mortgage loan commitments. The
amounts of these mortgage loan commitments were $6 million at both
December 31, 2017 and 2016.

Commitments to Fund Private Corporate Bond Investments

The Company commits to lend funds under private corporate bond
investments. The amounts of these unfunded commitments were $129 million and
$3 million at December 31, 2017 and 2016, respectively.

Metropolitan Tower Life Insurance Company and Subsidiaries
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

11. Contingencies, Commitments and Guarantees (continued)

Guarantees

In the normal course of its business, the Company has provided certain
indemnities, guarantees and commitments to third parties such that it may be
required to make payments now or in the future. In the context of acquisition,
disposition, investment and other transactions, the Company has provided
indemnities and guarantees, including those related to tax, environmental and
other specific liabilities and other indemnities and guarantees that are
triggered by, among other things, breaches of representations, warranties or
covenants provided by the Company. In addition, in the normal course of
business, the Company provides indemnifications to counterparties in contracts
with triggers similar to the foregoing, as well as for certain other
liabilities, such as third-party lawsuits. These obligations are often subject
to time limitations that vary in duration, including contractual limitations
and those that arise by operation of law, such as applicable statutes of
limitation. In some cases, the maximum potential obligation under the
indemnities and guarantees is subject to a contractual limitation ranging from
less than $1 million to $1 million, with a cumulative maximum of $2 million,
while in other cases such limitations are not specified or applicable. Since
certain of these obligations are not subject to limitations, the Company does
not believe that it is possible to determine the maximum potential amount that
could become due under these guarantees in the future. Management believes that
it is unlikely the Company will have to make any material payments under these
indemnities, guarantees, or commitments.

In addition, the Company indemnifies its directors and officers as provided
in its charters and by-laws. Also, the Company indemnifies its agents for
liabilities incurred as a result of their representation of the Company's
interests. Since these indemnities are generally not subject to limitation with
respect to duration or amount, the Company does not believe that it is possible
to determine the maximum potential amount that could become due under these
indemnities in the future.

The Company's recorded liabilities were less than $1 million at both
December 31, 2017 and 2016 for indemnities, guarantees and commitments.

12. Related Party Transactions

Service Agreements

The Company has entered into various agreements with affiliates for services
necessary to conduct its activities. Typical services provided under these
agreements include personnel and policy administrative functions. The bases for
such charges are modified and adjusted by management when necessary or
appropriate to reflect fairly and equitably the actual cost incurred by the
Company and/or affiliate. Expenses and fees incurred with affiliates related to
these agreements, recorded in other expenses, were $25 million, $13 million and
$13 million for the years ended December 31, 2017, 2016 and 2015, respectively.
Revenues related to a lease agreement with an affiliate, recorded in other
revenues, were $5 million for each of the years ended December 31, 2017, 2016
and 2015.

The Company had net receivables (payables) to affiliates, related to the
items discussed above, of $3 million and ($1) million at December 31, 2017 and
2016 respectively.

See Notes 4 and 5 for additional information on related party transactions.

13. Subsequent Events

The Company has evaluated events subsequent to December 31, 2017, through
April 13, 2018, which is the date these consolidated financial statements were
available to be issued.

Merger

In February 2018, the Company's Board of Directors approved the merger of
MTL and General American Life Insurance Company ("GALIC"), a wholly-owned
subsidiary of MetLife, Inc. MTL will be the surviving entity and expects to
redomicile to Nebraska. The Company expects the completion of the merger in the
first half of 2018, subject to certain regulatory approvals. At December 31,
2017, GALIC's total stockholder's equity was $2.0 billion.

[THIS PAGE INTENTIONALLY LEFT BLANK]

General American Life Insurance Company and Subsidiary

Consolidated Financial Statements

As of December 31, 2017 and 2016 and for the Years Ended December 31, 2017, 2016
and 2015 and Independent Auditors' Report

INDEPENDENT AUDITORS' REPORT

To the Board of Directors and Stockholder of
General American Life Insurance Company:

We have audited the accompanying consolidated financial statements of General
American Life Insurance Company and its subsidiary (a wholly-owned subsidiary
of MetLife, Inc.) (the "Company"), which comprise the consolidated balance
sheets as of December 31, 2017 and 2016, and the related consolidated
statements of operations, comprehensive income (loss), stockholder's equity,
and cash flows for each of the three years in the period ended December 31,
2017, and the related notes to the consolidated financial statements.

Management's Responsibility for the Consolidated Financial Statements

Auditors' Responsibility

Our responsibility is to express an opinion on these consolidated financial
statements based on our audits. We conducted our audits in accordance with
auditing standards generally accepted in the United States of America. Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the consolidated financial statements are free from
material misstatement.

We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the financial position of General American
Life Insurance Company and its subsidiary as of December 31, 2017 and 2016, and
the results of their operations and their cash flows for each of the three
years in the period ended December 31, 2017, in accordance with accounting
principles generally accepted in the United States of America.

Emphasis of Matter

/s/ DELOITTE & TOUCHE LLP

Certified Public Accountants
Tampa, Florida
April 12, 2018

General American Life Insurance Company and Subsidiary
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Consolidated Balance Sheets
December 31, 2017 and 2016

(In millions, except share and per share data)

2017 2016
----------- ----------

Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $7,617 and $7,378,
respectively)............................................................................................ $ 8,356 $ 7,808
Equity securities available-for-sale, at estimated fair value (cost: $49 and $49, respectively)........... 51 53
Mortgage loans (net of valuation allowances of $5 and $4, respectively)................................... 980 857
Policy loans.............................................................................................. 1,664 1,680
Real estate and real estate joint ventures................................................................ 78 52
Other limited partnership interests....................................................................... 208 185
Short-term investments, at estimated fair value........................................................... 71 169
Other invested assets..................................................................................... 172 209
----------- ----------
Total investments...................................................................................... 11,580 11,013
Cash and cash equivalents, principally at estimated fair value............................................ 271 130
Accrued investment income................................................................................. 99 97
Premiums, reinsurance and other receivables............................................................... 3,021 2,927
Deferred policy acquisition costs and value of business acquired.......................................... 582 523
Current income tax recoverable............................................................................ 39 9
Other assets.............................................................................................. 146 138
Separate account assets................................................................................... 1,828 824
----------- ----------
Total assets........................................................................................... $ 17,566 $ 15,661
=========== ==========
Liabilities and Stockholder's Equity
Liabilities
Future policy benefits.................................................................................... $ 6,593 $ 6,175
Policyholder account balances............................................................................. 5,272 5,308
Other policy-related balances............................................................................. 238 259
Policyholder dividends payable............................................................................ 100 96
Payables for collateral under securities loaned and other transactions.................................... 420 381
Long-term debt............................................................................................ 104 104
Deferred income tax liability............................................................................. 137 117
Other liabilities......................................................................................... 894 756
Separate account liabilities.............................................................................. 1,828 824
----------- ----------
Total liabilities...................................................................................... 15,586 14,020
----------- ----------
Contingencies, Commitments and Guarantees (Note 12)
Stockholder's Equity
Common stock, par value $1.00 per share; 5,000,000 shares authorized; 3,000,000 shares issued and
outstanding.............................................................................................. 3 3
Additional paid-in capital................................................................................ 852 852
Retained earnings......................................................................................... 741 545
Accumulated other comprehensive income (loss)............................................................. 384 241
----------- ----------
Total stockholder's equity............................................................................. 1,980 1,641
----------- ----------
Total liabilities and stockholder's equity............................................................. $ 17,566 $ 15,661
=========== ==========

See accompanying notes to the consolidated financial statements.

General American Life Insurance Company and Subsidiary
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Consolidated Statements of Operations
For the Years Ended December 31, 2017, 2016 and 2015

(In millions)

2017 2016 2015
---------- ---------- ----------

Revenues
Premiums..................................................................... $ 710 $ 750 $ 687
Universal life and investment-type product policy fees....................... 66 64 76
Net investment income........................................................ 516 489 507
Other revenues............................................................... 4 7 6
Net investment gains (losses):
Other-than-temporary impairments on fixed maturity securities................ (1) (3) (1)
Other-than-temporary impairments on fixed maturity securities transferred to
other comprehensive income (loss).......................................... -- -- (1)
Other net investment gains (losses).......................................... (9) (7) (6)
---------- ---------- ----------
Total net investment gains (losses)......................................... (10) (10) (8)
Net derivative gains (losses)................................................ (109) (30) 219
---------- ---------- ----------
Total revenues.............................................................. 1,177 1,270 1,487
---------- ---------- ----------
Expenses
Policyholder benefits and claims............................................. 725 865 763
Interest credited to policyholder account balances........................... 128 131 133
Policyholder dividends....................................................... 146 148 140
Other expenses............................................................... 53 143 153
---------- ---------- ----------
Total expenses.............................................................. 1,052 1,287 1,189
---------- ---------- ----------
Income (loss) before provision for income tax................................ 125 (17) 298
Provision for income tax expense (benefit)................................... (71) (20) 103
---------- ---------- ----------
Net income (loss)........................................................... $ 196 $ 3 $ 195
========== ========== ==========

See accompanying notes to the consolidated financial statements.

General American Life Insurance Company and Subsidiary
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Consolidated Statements of Comprehensive Income (Loss)
For the Years Ended December 31, 2017, 2016 and 2015

(In millions)

2017 2016 2015
-------- ------- --------

Net income (loss)........................................................... $ 196 $ 3 $ 195
Other comprehensive income (loss):
Unrealized investment gains (losses), net of related offsets................ 251 87 (473)
Unrealized gains (losses) on derivatives.................................... (40) 7 18
Foreign currency translation adjustments.................................... 2 (2) (3)
Defined benefit plans adjustment............................................ -- -- 1
-------- ------- --------
Other comprehensive income (loss), before income tax...................... 213 92 (457)
Income tax (expense) benefit related to items of other comprehensive income
(loss).................................................................... (70) (32) 161
-------- ------- --------
Other comprehensive income (loss), net of income tax...................... 143 60 (296)
-------- ------- --------
Comprehensive income (loss)............................................... $ 339 $ 63 $ (101)
======== ======= ========

See accompanying notes to the consolidated financial statements.

General American Life Insurance Company and Subsidiary
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Consolidated Statements of Stockholder's Equity
For the Years Ended December 31, 2017, 2016 and 2015

(In millions)

Accumulated
Additional Other Total
Common Paid-in Retained Comprehensive Stockholder's
Stock Capital Earnings Income (Loss) Equity
--------- ---------- -------- ------------- -------------

Balance at December 31, 2014..................... $ 3 $ 853 $ 347 $ 477 $ 1,680
Net income (loss)................................ 195 195
Other comprehensive income (loss), net of income
tax............................................ (296) (296)
--------- ---------- -------- ------------- -------------
Balance at December 31, 2015..................... 3 853 542 181 1,579
Return of capital................................ (1) (1)
Net income (loss)................................ 3 3
Other comprehensive income (loss), net of income
tax............................................ 60 60
--------- ---------- -------- ------------- -------------
Balance at December 31, 2016..................... 3 852 545 241 1,641
Net income (loss)................................ 196 196
Other comprehensive income (loss), net of income
tax............................................ 143 143
--------- ---------- -------- ------------- -------------
Balance at December 31, 2017..................... $ 3 $ 852 $ 741 $ 384 $ 1,980
========= ========== ======== ============= =============

See accompanying notes to the consolidated financial statements.

General American Life Insurance Company and Subsidiary
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Consolidated Statements of Cash Flows
For the Years Ended December 31, 2017, 2016 and 2015

(In millions)

2017 2016 2015
--------- --------- ---------

Cash flows from operating activities
Net income (loss)........................................... $ 196 $ 3 $ 195
Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities:
Depreciation and amortization expenses...................... 1 1 2
Amortization of premiums and accretion of discounts
associated with investments, net........................... (36) (38) (37)
(Gains) losses on investments, net.......................... 10 10 8
(Gains) losses on derivatives, net.......................... 122 43 (207)
(Income) loss from equity method investments, net of
dividends or distributions................................. (2) (1) 25
Interest credited to policyholder account balances.......... 128 131 133
Interest (income) expense on equity-linked notes............ (16) (7) 1
Universal life and investment-type product policy fees...... (66) (64) (76)
Change in premiums, reinsurance and other receivables....... (116) 16 (39)
Change in deferred policy acquisition costs and value of
business acquired, net..................................... (81) (48) (67)
Change in income tax........................................ (80) (30) 51
Change in other assets...................................... 1 1 12
Change in insurance-related liabilities and policy-related
balances................................................... 359 284 304
Change in other liabilities................................. 5 (8) (39)
Other, net.................................................. 1 2 4
--------- --------- ---------
Net cash provided by (used in) operating activities........ 426 295 270
--------- --------- ---------
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities.................................. 2,254 2,231 2,417
Equity securities.......................................... 3 10 16
Mortgage loans............................................. 112 229 196
Real estate and real estate joint ventures................. -- 3 49
Other limited partnership interests........................ 21 42 68
Purchases of:
Fixed maturity securities.................................. (2,407) (2,400) (2,467)
Equity securities.......................................... (2) (1) (5)
Mortgage loans............................................. (207) (194) (308)
Real estate and real estate joint ventures................. (29) (3) (2)
Other limited partnership interests........................ (39) (39) (37)
Cash received in connection with freestanding derivatives... 46 91 131
Cash paid in connection with freestanding derivatives....... (85) (83) (23)
Net change in policy loans.................................. 16 52 17
Net change in short-term investments........................ 102 57 13
Net change in other invested assets......................... (1) (8) (22)
--------- --------- ---------
Net cash provided by (used in) investing activities....... $ (216) $ (13) $ 43
--------- --------- ---------

See accompanying notes to the consolidated financial statements.

General American Life Insurance Company and Subsidiary
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Consolidated Statements of Cash Flows -- (continued)
For the Years Ended December 31, 2017, 2016 and 2015

(In millions)

2017 2016 2015
---------- ---------- ----------

Cash flows from financing activities
Policyholder account balances:
Deposits........................................................................... $ 1,340 $ 427 $ 453
Withdrawals........................................................................ (1,445) (598) (739)
Net change in payables for collateral under securities loaned and other transactions. 39 (117) 12
Return of capital.................................................................... -- (1) --
Other, net........................................................................... (3) (2) (1)
---------- ---------- ----------
Net cash provided by (used in) financing activities................................ (69) (291) (275)
---------- ---------- ----------
Change in cash and cash equivalents................................................ 141 (9) 38
Cash and cash equivalents, beginning of year......................................... 130 139 101
---------- ---------- ----------
Cash and cash equivalents, end of year............................................. $ 271 $ 130 $ 139
========== ========== ==========
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest............................................................................. $ 8 $ 8 $ 8
========== ========== ==========
Income tax........................................................................... $ 15 $ 6 $ 53
========== ========== ==========

See accompanying notes to the consolidated financial statements.

General American Life Insurance Company and Subsidiary
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies

Business

General American Life Insurance Company ("General American") and its
subsidiary (collectively, the "Company") is a wholly-owned subsidiary of
MetLife, Inc. General American is a Missouri corporation incorporated in 1933.
In December 2016, the Company was distributed as a non-cash extraordinary
dividend from Metropolitan Life Insurance Company ("MLIC") to MetLife, Inc.

The Company is licensed to conduct business in 49 states, the District of
Columbia and Puerto Rico. The Company provides annuities and universal,
variable and traditional life insurance, although not marketing these products.
The Company actively sells separate account contracts for the investment
management of defined benefit and contribution plan assets. This business
includes certain products to fund corporate-owned life insurance used to
finance nonqualified benefit programs for executives.

Basis of Presentation

Consolidation

The accompanying consolidated financial statements include the accounts of
General American and its subsidiary. Intercompany accounts and transactions
have been eliminated.

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

Separate Accounts

. such separate accounts are legally recognized;

. assets supporting the contract liabilities are legally insulated from the
Company's general account liabilities;

. investments are directed by the contractholder; and

. all investment performance, net of contract fees and assessments, is
passed through to the contractholder.

Reclassifications

General American Life Insurance Company and Subsidiary
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

Summary of Significant Accounting Policies

The following are the Company's significant accounting policies with
references to notes providing additional information on such policies and
critical accounting estimates relating to such policies.

----------------------------------------------------------------------
Accounting Policy Note
----------------------------------------------------------------------
Insurance 2
----------------------------------------------------------------------
Deferred Policy Acquisition Costs and Value of Business Acquired 3
----------------------------------------------------------------------
Reinsurance 4
----------------------------------------------------------------------
Investments 5
----------------------------------------------------------------------
Derivatives 6
----------------------------------------------------------------------
Fair Value 7
----------------------------------------------------------------------
Income Tax 11
----------------------------------------------------------------------
Litigation Contingencies 12
----------------------------------------------------------------------

Insurance

Future Policy Benefit Liabilities and Policyholder Account Balances

The Company establishes liabilities for amounts payable under insurance
policies. Generally, amounts are payable over an extended period of time and
related liabilities are calculated as the present value of future expected
benefits to be paid, reduced by the present value of future expected
premiums. Such liabilities are established based on methods and underlying
assumptions in accordance with GAAP and applicable actuarial standards.
Principal assumptions used in the establishment of liabilities for future
policy benefits are mortality, morbidity, policy lapse, renewal, retirement,
disability incidence, disability terminations, investment returns,
inflation, expenses and other contingent events as appropriate to the
respective product type. These assumptions are established at the time the
policy is issued and are intended to estimate the experience for the period
the policy benefits are payable. Utilizing these assumptions, liabilities
are established on a block of business basis. For long-duration insurance
contracts, assumptions such as mortality, morbidity and interest rates are
"locked in" upon the issuance of new business. However, significant adverse
changes in experience on such contracts may require the establishment of
premium deficiency reserves. Such reserves are determined based on the then
current assumptions and do not include a provision for adverse deviation.

Premium deficiency reserves may also be established for short-duration
contracts to provide for expected future losses. These reserves are based on
actuarial estimates of the amount of loss inherent in that period, including
losses incurred for which claims have not been reported. The provisions for
unreported claims are calculated using studies that measure the historical
length of time between the incurred date of a claim and its eventual
reporting to the Company. Anticipated investment income is considered in the
calculation of premium deficiency losses for short-duration contracts.

Liabilities for universal life secondary guarantees are determined by
estimating the expected value of death benefits payable when the account
balance is projected to be zero and recognizing those benefits ratably over
the accumulation period based on total expected assessments. The assumptions
used in estimating the secondary guarantee liabilities are consistent with
those used for amortizing deferred policy acquisition costs ("DAC"), and are
thus subject to the same variability and risk as further discussed herein.
The benefits used in calculating the liabilities are based on the average
benefits payable over a range of scenarios.

Policyholder account balances relate to contracts or contract features
where the Company has no significant insurance risk.

General American Life Insurance Company and Subsidiary
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

Other Policy-Related Balances

Other policy-related balances include policy and contract claims,
policyholder dividends left on deposit, unearned revenue liabilities,
policyholder dividends due and unpaid and premiums received in advance.

The liability for policy and contract claims generally relates to
incurred but not reported ("IBNR") death and disability claims, as well as
claims which have been reported but not yet settled. The liability for these
claims is based on the Company's estimated ultimate cost of settling all
claims. The Company derives estimates for the development of IBNR claims
principally from analyses of historical patterns of claims by business line.
The methods used to determine these estimates are continually reviewed.
Adjustments resulting from this continuous review process and differences
between estimates and payments for claims are recognized in policyholder
benefits and claims expense in the period in which the estimates are changed
or payments are made.

The unearned revenue liability relates to universal life-type and
investment-type products and represents policy charges for services to be
provided in future periods. The charges are deferred as unearned revenue and
amortized using the product's estimated gross profits, similar to DAC as
discussed further herein. Such amortization is recorded in universal life
and investment-type product policy fees.

The Company accounts for the prepayment of premiums on its individual
life and health contracts as premiums received in advance and applies the
cash received to premiums when due.

Recognition of Insurance Revenues and Deposits

Premiums related to non-medical health and disability contracts are
recognized on a pro rata basis over the applicable contract term.

All revenues and expenses are presented net of reinsurance, as applicable.

Deferred Policy Acquisition Costs and Value of Business Acquired

. incremental direct costs of contract acquisition, such as commissions;

. other essential direct costs that would not have been incurred had a
policy not been acquired or renewed.

Value of business acquired ("VOBA") is an intangible asset resulting from
a business combination that represents the excess of book value over the
estimated fair value of acquired insurance, annuity, and investment-type
contracts in-force at the acquisition date. The estimated fair value of the
acquired liabilities is based on projections, by

General American Life Insurance Company and Subsidiary
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

each block of business, of future policy and contract charges, premiums,
mortality and morbidity, separate account performance, surrenders, operating
expenses, investment returns, nonperformance risk adjustment and other
factors. Actual experience on the purchased business may vary from these
projections.

DAC and VOBA are amortized as follows:

------------------------------------------------------------------------------
In proportion to the following over
Products: estimated lives of the contracts:
------------------------------------------------------------------------------
. Nonparticipating and Actual and expected future gross
non-dividend-paying traditional premiums.
contracts:
. Term insurance
. Nonparticipating whole life
insurance
------------------------------------------------------------------------------
. Participating, dividend-paying Actual and expected future gross
traditional contracts margins.
------------------------------------------------------------------------------
. Fixed and variable universal life Actual and expected future gross
contracts profits.
. Fixed and variable deferred
annuity contracts
------------------------------------------------------------------------------

See Note 3 for additional information on DAC and VOBA amortization.
Amortization of DAC and VOBA is included in other expenses.

The recovery of DAC and VOBA is dependent upon the future profitability of
the related business. DAC and VOBA are aggregated on the financial statements
for reporting purposes.

Reinsurance

For prospective reinsurance of short-duration contracts that meet the
criteria for reinsurance accounting, amounts paid (received) are recorded as
ceded (assumed) premiums and ceded (assumed) unearned premiums. Unearned
premiums are reflected as a component of premiums, reinsurance and other
receivables (future policy benefits). Such amounts are amortized through
earned premiums over the remaining contract period in proportion to the
amount of insurance protection provided. For retroactive reinsurance of
short-duration contracts that meet the criteria of reinsurance accounting,
amounts paid (received) in excess of the related insurance liabilities
ceded (assumed) are recognized immediately as a loss and are reported in the
appropriate line item within the statement of operations. Any gain on such
retroactive agreement is deferred and is amortized as part of DAC, primarily
using the recovery method.

General American Life Insurance Company and Subsidiary
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

The funds withheld liability represents amounts withheld by the Company in
accordance with the terms of the reinsurance agreements. The Company
withholds the funds rather than transferring the underlying investments and,
as a result, records funds withheld liability within other liabilities. The
Company recognizes interest on funds withheld, included in other expenses, at
rates defined by the terms of the agreement which may be contractually
specified or directly related to the investment portfolio.

Investments

Net Investment Income and Net Investment Gains (Losses)

Fixed Maturity and Equity Securities

General American Life Insurance Company and Subsidiary
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

Mortgage Loans

The Company disaggregates its mortgage loan investments into two
portfolio segments: commercial and agricultural. The accounting policies
that are applicable to both portfolio segments are presented below and the
accounting policies related to each of the portfolio segments are included
in Note 5. Mortgage loans are stated at unpaid principal balance, adjusted
for any unamortized premium or discount, deferred fees or expenses, and are
net of valuation allowances. Interest income and prepayment fees are
recognized when earned. Interest income is recognized using an effective
yield method giving effect to amortization of premiums and accretion of
discounts.

Policy Loans

Real Estate

Real Estate Joint Ventures and Other Limited Partnership Interests

The Company uses the equity method of accounting for equity securities
when it has significant influence or at least 20% interest and for real
estate joint ventures and other limited partnership interests ("investees")
when it has more than a minor ownership interest or more than a minor
influence over the investee's operations. The Company generally recognizes
its share of the investee's earnings on a three-month lag in instances where
the investee's financial information is not sufficiently timely or when the
investee's reporting period differs from the Company's reporting period.

The Company routinely evaluates its equity method investments for
impairment. For equity method investees, the Company considers financial and
other information provided by the investee, other known information and
inherent risks in the underlying investments, as well as future capital
commitments, in determining whether an impairment has occurred.

Short-term Investments

General American Life Insurance Company and Subsidiary
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

Other Invested Assets

Other invested assets consist principally of the following:

. Loans to affiliates, which are stated at unpaid principal balance and
adjusted for any unamortized premium or discount.

. Freestanding derivatives with positive estimated fair values which are
described in "-- Derivatives" below.

. Tax credit partnerships which derive a significant source of investment
return in the form of income tax credits or other tax incentives. Where
tax credits are guaranteed by a creditworthy third party, the investment
is accounted for under the effective yield method. Otherwise, the
investment is accounted for under the equity method. See Note 11.

Securities Lending Program

Derivatives

Freestanding Derivatives

Hedge Accounting

. Cash flow hedge (a hedge of a forecasted transaction or of the
variability of cash flows to be received or paid related to a recognized
asset or liability) - effectiveness in OCI (deferred gains or losses on
the derivative are reclassified into the statement of operations when
the Company's earnings are affected by the variability in cash flows of
the hedged item); ineffectiveness in net derivative gains (losses).

General American Life Insurance Company and Subsidiary
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

When hedge accounting is discontinued because it is no longer probable
that the forecasted transaction will occur on the anticipated date or within
two months of that date, the derivative continues to be carried on the
balance sheet at its estimated fair value, with changes in estimated fair
value recognized currently in net derivative gains (losses). Deferred gains
and losses of a derivative recorded in OCI pursuant to the discontinued cash
flow hedge of a forecasted transaction that is no longer probable are
recognized immediately in net derivative gains (losses).

Embedded Derivatives

The Company is a party to certain reinsurance agreements that have
embedded derivatives. The Company assesses each identified embedded
derivative to determine whether it is required to be bifurcated. The
embedded derivative is bifurcated from the host contract and accounted for
as a freestanding derivative if:

. the combined instrument is not accounted for in its entirety at
estimated fair value with changes in estimated fair value recorded in
earnings;

. the terms of the embedded derivative are not clearly and closely related
to the economic characteristics of the host contract; and

. a separate instrument with the same terms as the embedded derivative
would qualify as a derivative instrument.

Such embedded derivatives are carried on the balance sheet at estimated
fair value with the host contract and changes in their estimated fair value
are generally reported in net derivative gains (losses). If the Company is
unable to properly identify and measure an embedded derivative for
separation from its host contract, the entire contract is carried on the
balance sheet at estimated fair value, with changes in estimated fair value
recognized in

General American Life Insurance Company and Subsidiary
(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

the current period in net investment gains (losses) or net investment
income. Additionally, the Company may elect to carry an entire contract on
the balance sheet at estimated fair value, with changes in estimated fair
value recognized in the current period in net investment gains (losses) or
net investment income if that contract contains an embedded derivative that
requires bifurcation.

Fair Value

Subsequent to initial recognition, fair values are based on unadjusted
quoted prices for identical assets or liabilities in active markets that are
readily and regularly obtainable. When such quoted prices are not available,
fair values are based on quoted prices in markets that are not active, quoted
prices for similar but not identical assets or liabilities, or other
observable inputs. If these inputs are not available, or observable inputs
are not determinable, unobservable inputs and/or adjustments to observable
inputs requiring management's judgment are used to determine the estimated
fair value of assets and liabilities.

Income Tax

General American joins with MetLife, Inc. and its includable subsidiaries
in filing a consolidated U.S. life insurance and non-life insurance federal
income tax return in accordance with the provisions of the Internal Revenue
Code of 1986, as amended. Current taxes (and the benefits of tax attributes
such as losses) are allocated to General American under the consolidated tax
return regulations and a tax sharing agreement. Under the consolidated tax
return regulations, MetLife, Inc. has elected the "percentage method" (and
100% under such method) of reimbursing companies for tax attributes, e.g.,
net operating losses. As a result, 100% of tax attributes are reimbursed by
MetLife, Inc. to the extent that consolidated federal income tax of the
consolidated federal tax return group is reduced in a year by tax attributes.
On an annual basis, each of the profitable subsidiaries pays to MetLife, Inc.
the federal income tax which it would have paid based upon that year's
taxable income. If General American has current or prior deductions and
credits (including but not limited to losses) which reduce the consolidated
tax liability of the consolidated federal tax return group, the deductions
and credits are characterized as realized (or realizable) by General American
when those tax attributes are realized (or realizable) by the consolidated
federal tax return group, even if General American would not have realized
the attributes on a stand-alone basis under a "wait and see" method.

The Company's accounting for income taxes represents management's best
estimate of various events and transactions.

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