The statistics of the light emitted by two-level lasers is evaluated on the basis of generalized rate equations. According to that approach, all fluctuations are interpreted as being caused by the jumps that occur in active and detecting atoms. The intra-cavity Fano factor and the photo-current spectral density are obtained analytically for Poissonian and quiet pumps. The algebra is simple and the formulas hold for small as well as large pumping rates. Lasers exhibit excess noise at low pumping levels.