# EDGAR Filing Document

**Accession Number:** 0000072176
**File Stem:** 0001193125-26-180347
**Filing Date:** 2026-4
**Character Count:** 1050135
**Document Hash:** 1c0150d210a24b6e88d53c431a0ec079
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-180347.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0001193125-26-180347

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NML VARIABLE ANNUITY ACCOUNT B
- **CENTRAL INDEX KEY:** 0000072176

**ORGANIZATION NAME:**
- **EIN:** 390509570
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01668
- **FILM NUMBER:** 26897980

**BUSINESS ADDRESS:**
- **STREET 1:** 720 E WISCONSIN AVE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 4142992508

**MAIL ADDRESS:**
- **STREET 1:** 720 EAST WISCONSIN AVENUE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NML VARIABLE ANNUITY ACCOUNT B
- **CENTRAL INDEX KEY:** 0000072176

**ORGANIZATION NAME:**
- **EIN:** 390509570
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-29240
- **FILM NUMBER:** 26897979

**BUSINESS ADDRESS:**
- **STREET 1:** 720 E WISCONSIN AVE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 4142992508

**MAIL ADDRESS:**
- **STREET 1:** 720 EAST WISCONSIN AVENUE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### NML VARIABLE ANNUITY ACCOUNT B (Series ID: S000000063)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000000098 | Flexible Payment Variable Annuity |  |

?xml version='1.0' encoding='ASCII'? NML VARIABLE ANNUITY ACCOUNT B

Filed with the Securities and Exchange Commission on April 27, 2026

Registration No. 002-29240

Registration No. 811-01668

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-4

---

| | |
|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES<br> ACT OF 1933<br>| / / |
| Pre-Effective Amendment No.  | / / |
| Post-Effective Amendment No. <u>104</u> | / X / |
| and/or |  |
| REGISTRATION STATEMENT UNDER THE INVESTMENT<br> COMPANY ACT OF 1940<br>| / / |
| Amendment No. <u>100</u> | / X / |
| (Check appropriate box or boxes.) |  |

---

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

---

| | |
|:---|:---|
| NML Variable Annuity Account B | NML Variable Annuity Account B |
| (Exact Name of Registered Separate Account) | (Exact Name of Registered Separate Account) |
| THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY | THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY |
| (Name of Insurance Company) | (Name of Insurance Company) |
| 720 East Wisconsin Avenue, Milwaukee, Wisconsin | 53202 |
| (Address of Insurance Company's Principal Executive Offices) | (Zip Code) |

---

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

Insurance Company's Telephone Number, including Area Code <u> 414-271-1444</u>

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

<u> Raymond J. Manista, Executive Vice President, Chief Legal & Public Affairs Officer The Northwestern Mutual Life Insurance Company 720 East Wisconsin Avenue, Milwaukee, Wisconsin 53202</u> <br> (Name and Address of Agent for Service)

Copy to:

**Wade C. DeArmond**

Assistant General Counsel and

Assistant Secretary

720 East Wisconsin Avenue

Milwaukee, WI 53202-4797

(414) 665-6725 office

(414) 625-6725 fax

wadedearmond@northwesternmutual.com

Approximate Date of Proposed Public Offering <u> Continuous</u>

It is proposed that this filing will become effective: (check appropriate space)

---

| | |
|:---|:---|
|  | immediately upon filing pursuant to paragraph (b) of Rule 485 |
| x | on May 1, 2026 pursuant to paragraph (b) of Rule 485 |
|  | 60 days after filing pursuant to paragraph (a)(1) of Rule 485 |
|  | on _________________pursuant to paragraph (a)(1) of Rule 485 under the Securities Act of 1933 ("Securities Act") |

---

If appropriate, check the following space:

  This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

------

Check each space that appropriately characterizes the Registrant:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp; New Registrant (as applicable, a Registered Separate Account or Insurance Company that has not filed a Securities Act registration <br> statement or amendment thereto within 3 years preceding this filing) |
|  | &nbsp;&nbsp;&nbsp; New Registrant (as applicable, a Registered Separate Account or Insurance Company that has not filed a Securities Act registration <br> statement or amendment thereto within 3 years preceding this filing) |
|  | Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act")) |
|  | &nbsp;&nbsp;&nbsp; If an Emerging Growth Company, indicate by check mark if the Registrant has elected not to use the extended transition period for <br> complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act |
|  | &nbsp;&nbsp;&nbsp; If an Emerging Growth Company, indicate by check mark if the Registrant has elected not to use the extended transition period for <br> complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act |
| X | Insurance Company relying on Rule 12h-7 under the Exchange Act |
|  | Smaller reporting company (as defined by Rule 12b-2 under the Exchange Act) |

---

<u>Title of Securities Being Registered</u>: Interests in Individual Flexible Payment Variable Annuity Contracts

------

Flexible Payment Variable Annuity

Issued by The Northwestern Mutual Life Insurance Company through NML Variable Annuity Account B

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

Prospectus May 1, 2026

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

This prospectus describes an individual flexible payment deferred variable annuity contract (the "Contract") for:

- Individual Retirement Annuities ("IRAs")

- Roth IRAs

- Simple IRAs

- Simplified Employee Pension Plan IRAs

- 457 Deferred Compensation Plan Annuities

- Tax Deferred Annuities

- Non-Transferable Annuities

- Non-Tax Qualified Annuities

This prospectus describes two classes of the Select Payment Variable Annuity Contract: a front-load version (in which a sales charge is assessed when Purchase Payments are made) and a back-load version (in which a sales charge is assessed if and when amounts are withdrawn). This prospectus also describes multiple Contract versions as listed below. Material features of each prior Contract version are described in Appendix B.

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

JJ/KK Series Contracts Issued Prior to December 17, 1981

LL/MM Series Contracts Issued On or After December 17, 1981 and Prior to March 31, 1995

QQ Series Contracts Issued On or After March 31, 1995 and Prior to March 31, 2000

RR Series Contracts Issued On or After March 31, 2000

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

The Contract provides for accumulation of Contract Value on a variable and/or a fixed basis and a payment of annuity benefits on a fixed or variable basis. Net Purchase Payments may be invested, pursuant to the Contract, in variable and fixed options. The variable options are Divisions of the Separate Account, each of which invests in one of the Portfolios listed in Appendix A. For more information about the investment options available under the Contract, see "Appendix A – Investment Options Available Under the Contract."

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

The Contract is a complex investment and involves risks, including potential loss of principal. The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawals may result in the assessment of withdrawal or surrender charges, negative Market Value Adjustments, taxes, and tax penalties. A negative Market Value Adjustment will result in the loss of some or all previously credited interest in excess of the minimum guaranteed annual effective interest rate for the Guaranteed Investment Fund 8 (GIF 8), if any.

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

**The Contract (including the fixed options) and the variable options are not guaranteed to achieve their goals, are not bank deposits, are not federally insured, and are not endorsed by any bank or government agency. You could lose the money you invest in this Contract. The Company's obligations under the Contract (including the fixed options) are subject to the financial strength and claims-paying ability of the Company. Some terms of the Contract may differ from the terms of the Contract delivered in another state because of state specific legal requirements. All material state variations are described in Appendix C.**

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

**Please read carefully this prospectus or any accompanying prospectuses for the variable options and keep them for future reference. These prospectuses provide information that you should know before investing in the Contract. No person is authorized to make any representation in connection with the offering of the Contract other than those contained in these prospectuses.**

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

------

**If you are a new investor in the Contract, you may cancel your Contract within 10 days of receiving it without paying fees or penalties.**

In some states, this cancellation period may be longer. Depending on your state of issue, upon cancellation you will receive either a full refund of your Purchase Payment(s) or your Contract Value. You should review this prospectus, or consult with your financial representative, for additional information about the specific cancellation terms that apply.

------

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

**The Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.** The Contract may not be available in all states and is only offered where it can be lawfully sold. Our Distributor may limit sales of the Contract to certain government entities and government entity plans. Additional information about certain investment products, including variable annuity contracts, has been prepared by the Securities and Exchange Commission's staff and is available at www.Investor.gov.

![](g40603nwmutual_logo.gif)

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | **Page** |
| [Glossary of Special Terms](#xx_b4f88380-8f3c-4cc0-81c3-7e8b6682f3fa_1) | 1  |
| [Overview of the Contract](#xx_f21ceef1-9395-4167-bbfc-4dc5a264700b_1) | 3  |
| [Important Information You Should](#xx_f21ceef1-9395-4167-bbfc-4dc5a264700b_3)<br> [Consider About the Contract](#xx_f21ceef1-9395-4167-bbfc-4dc5a264700b_3)<br>| 5  |
| [Fee and Expense Tables](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_1) | 9  |
| [Contract Fees and Expenses](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_1) | 9  |
| [Annual Portfolio Operating Expenses](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_3) | 11  |
| [Principal Risks](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_5) | 13  |
| [The Company](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_6) | 14  |
| [The Separate Account](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_6) | 14  |
| [The Investment Options](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_7) | 15  |
| [Variable Options](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_7) | 15  |
| [Payments We Receive](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_8) | 16  |
| [Transfers Between Divisions](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_8) | 16  |
| [Short Term and Excessive Trading](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_9) | 17  |
| [Fixed Options](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_10) | 18  |
| [Moving into a Guaranteed Account](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_10) | 18  |
| [Moving out of a Guaranteed Account](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_11) | 19  |
| [Withdrawal Charge](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_11) | 19  |
| [Market Value Adjustment (GIF 8 Only)](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_11) | 19  |
| [Additional Information](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_11) | 19  |
| [Preservation+ Strategy](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_12) | 20  |
| [The Contract](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_12) | 20  |
| [Generally](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_12) | 20  |
| [Free Look](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_12) | 20  |
| [Contract Values](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_13) | 21  |
| [Purchase Payments Under the Contract](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_13) | 21  |
| [Frequency and Amount](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_13) | 21  |
| [Guaranteed Account Investment Minimums](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_13)<br> [and Maximums](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_13)<br>| 21  |
| [Application of Purchase Payments](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_13) | 21  |
| [Reduction or Waiver of Certain Charges](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_14) | 22  |
| [Maturity Date](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_14) | 22  |
| [Gender-Based Annuity Payment Rates](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_15) | 23  |
| [Access to Your Money](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_15) | 23  |
| [Withdrawals](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_15) | 23  |
| [Benefits Provided Under the Contracts](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_16) | 24  |
| [Benefits Available Under the Contract](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_16) | 24  |
| [Death Benefit](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_18) | 26  |
| [How Much is the Death Benefit?](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_18) | 26  |
| [When is the Death Benefit Determined?](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_18) | 26  |
| [Guaranteed Minimum Death Benefit Examples](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_18) | 26  |
| [Enhanced Death Benefit Examples](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_19) | 27  |
| [How is the Death Benefit Distributed?](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_19) | 27  |
| [Income Plans](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_20) | 28  |
| [Generally](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_20) | 28  |
| [Description of Variable Income Plans](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_20) | 28  |
| [Amount of Annuity Payments](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_21) | 29  |
| [Assumed Investment Rate](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_21) | 29  |

---

---

| | |
|:---|:---|
|  | **Page** |
| [Additional Features and Services](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_22) | 30  |
| [Reinvestment of Redemptions](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_22) | 30  |
| [Terminal Illness Benefit](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_22) | 30  |
| [Nursing Home Benefit](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_22) | 30  |
| [Automatic Dollar-Cost Averaging](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_22) | 30  |
| [Systematic Withdrawal Privilege](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_23) | 31  |
| [Special Withdrawal Privilege](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_23) | 31  |
| [Portfolio Rebalancing](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_23) | 31  |
| [Interest Sweeps](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_23) | 31  |
| [Allocation Models](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_23) | 31  |
| [Charges and Adjustments](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_24) | 32  |
| [Sales Load](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_24) | 32  |
| [Contract Fee](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_24) | 32  |
| [Base Contract Charges](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_24) | 32  |
| [Nature and Amount of the Charges](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_24) | 32  |
| [Reduction of the Charges](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_25) | 33  |
| [Other Expense Risks](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_25) | 33  |
| [Withdrawal Charges (Back-Load Contracts Only)](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_25) | 33  |
| [Withdrawal Charge Rates](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_25) | 33  |
| [Gross and Net Partial Withdrawals](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_26) | 34  |
| [Waiver of Withdrawal Charges](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_26) | 34  |
| [Withdrawal Charges and Our Distribution](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_27)<br> [Expenses](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_27)<br>| 35  |
| [Special Withdrawal Charges and Rules](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_27) | 35  |
| [Other Charges](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_27) | 35  |
| [Enhanced Death Benefit Charge](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_27) | 35  |
| [Premium Taxes](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_27) | 35  |
| [Portfolio Expenses and Charges](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_27) | 35  |
| [Expedited Delivery Charge](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_27) | 35  |
| [Adjustments](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_28) | 36  |
| [Federal Income Taxes](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_28) | 36  |
| [Qualified and Non-Tax Qualified Plans](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_28) | 36  |
| [Diversification](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_29) | 37  |
| [Owner Control](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_29) | 37  |
| [Contribution Limitations and General](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_29)<br> [Requirements Applicable to Contracts](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_29)<br>| 37  |
| [Traditional IRA](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_29) | 37  |
| [Roth IRA](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_29) | 37  |
| [SEP](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_29) | 37  |
| [SIMPLE IRA](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_30) | 38  |
| [Tax Deferred Annuity](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_30) | 38  |
| [Section 457 Plan](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_30) | 38  |
| [Nontransferable Annuity](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_31) | 39  |
| [Non-Tax Qualified Contract](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_31) | 39  |
| [Taxation of Contract Benefits](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_31) | 39  |
| [Non-qualified Contracts](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_31) | 39  |
| [Premature Withdrawals](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_32) | 40  |
| [Required Minimum Distributions](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_32) | 40  |
| [Mandatory Withholding](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_32) | 40  |

---

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
| [Withholding](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_32) | 40  |
| [Definition of Spouse under Federal Law](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_32) | 40  |
| [Annuity Purchases by Residents of Puerto Rico](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_32) | 40  |
| [Annuity Purchases by Nonresident Aliens and](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_32)<br> [Foreign Corporations](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_32)<br>| 40  |
| [Taxation of Northwestern Mutual](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_33) | 41  |
| [Other Considerations](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_33) | 41  |
| [Contract Owner Services](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_33) | 41  |
| [Electronic Funds Transfer ("EFT")](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_33) | 41  |
| [Automatic Required Minimum Distributions](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_33)<br> [("RMD")](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_33)<br>| 41  |
| [Substitution of Portfolio Shares and Other](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_33)<br> [Changes](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_33)<br>| 41  |
| [Owner Inquiries and Instructions](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_33) | 41  |
| [Householding](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_34) | 42  |
| [Additional Information](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_34) | 42  |

---

---

| | |
|:---|:---|
|  | **Page** |
| [The Distributor](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_34) | 42  |
| [Voting Rights](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_35) | 43  |
| [Dividends](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_35) | 43  |
| [Dividends for Contracts Issued Prior to](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_35)<br> [March 31, 2000](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_35)<br>| 43  |
| [Internal Annuity Exchanges](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_36) | 44  |
| [Speculative Investing](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_36) | 44  |
| [Abandoned Property Requirements](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_36) | 44  |
| [Legal Proceedings](#xx_42e875ea-af13-4f32-9c57-3df08e8fb197_36) | 44  |
| [Appendix A - Investment Options Available](#xx_b89e2875-323e-44af-ac83-13e4eb538e68_1)<br> [Under the Contract](#xx_b89e2875-323e-44af-ac83-13e4eb538e68_1)<br>| 45  |
| [Appendix B—Prior Contracts](#xx_4d594ddb-4c01-429b-b2b1-8ccd0c9cc141_1) | 50  |
| [Appendix C](#xx_12fe6475-a307-4c7a-9d8d-7f943553d14c_1)[–](#xx_12fe6475-a307-4c7a-9d8d-7f943553d14c_1)[–State Variations](#xx_12fe6475-a307-4c7a-9d8d-7f943553d14c_1) | 54  |
| [Additional Information](#xx_445649bf-43cf-4102-ad5d-489383de0043_1) | 57 |

---

------

Glossary of Special Terms

Unless otherwise specified in this prospectus, the words "Northwestern Mutual," "we," "us," "our," and "Company" mean The Northwestern Mutual Life Insurance Company. The words "you" and "your," unless otherwise specified, mean the Contract Owner. We use a number of special terms in this prospectus, including the following:

**Accumulation Unit—**An accounting unit of measure representing the Contract Value, before the date on which Annuity Payments begin, in one or more Divisions of the Separate Account. The related term "Accumulation Unit Value" ("AUV") means the value of a particular Accumulation Unit at a particular time and is analogous to, but not the same as, the share price of a mutual fund.

**Annuitant—**The person upon whose life the Contract is issued and Contract benefits depend. The Primary Annuitant is the person upon whose life the Contract is initially issued. The Contingent Annuitant is the person who becomes the Annuitant upon the death of the Primary Annuitant. If the Contract is annuitized under a single life income plan, there will be one Annuitant. If the Contract is annuitized under a joint life income plan, there will be two Joint Annuitants.

**Annuity Payments—**Money we pay under a variable income plan or a fixed income plan during the annuitization phase of the Contract.

**Annuity Unit—**An accounting unit of measure representing the actuarial value of a variable income plan's interest in a Division of the Separate Account after Annuity Payments begin.

**Beneficiary—**A person who receives payments under the Contract pursuant to an Income Plan or upon the death of the Annuitant before the Maturity Date provided that the Annuitant was an Owner of the Contract at the time of death.

**Company**—The Northwestern Mutual Life Insurance Company.

**Contract—**The agreement between you and us described in this variable annuity prospectus. During the accumulation period of the Contract, you may invest money under your Contract and any earnings on your investment will accumulate on a tax-deferred basis. During the annuitization period, you receive periodic payments based largely on the amounts you accumulate, all or a portion of which will be taxable as ordinary income.

**Contract Value**—The value of your Contract on any Valuation Date is the sum of: (1) the value of your amounts held in the Divisions of the Separate Account on that Valuation Date; and (2) the sum of your amounts allocated to the Guaranteed Account(s), plus credited interest; less (3) any applicable fees and amounts withdrawn or transferred from the Guaranteed Account(s).

**Division—**A sub-account of the Separate Account, the assets of which are invested exclusively in the shares of one of the Portfolios of the underlying Funds.

**Fund—**A Fund is registered under the Investment Company Act of 1940 (the "1940 Act") as an open-end management investment company or as a unit investment trust, or is not required to be registered under the 1940 Act. A Fund is available as an investment option under the Contract. The assets of each of the Divisions of the Separate Account are used to purchase shares of the corresponding Portfolio of a Fund.

**General Account—**All assets of the Company, other than those held in the Separate Account or in other separate accounts that have been or may be established by the Company.

**Guaranteed Interest Fund**—A fixed investment option under the Contract, supported by the assets held in the Company's General Account, that has a term of a specified duration (called a "Guaranteed Period").

**Income Plan—**An optional method of receiving the death benefit, maturity benefit, surrender proceeds or withdrawal proceeds of an insurance policy or annuity contract generally through a series of periodic payments. An Income Plan may also be known as a "payment plan."

**Market Value Adjustment—**An amount that may be credited (or charged) to an amount withdrawn or transferred from a multi-year Guaranteed Account before the end of a Guaranteed Period.

**Maturity Date—**The date, stated on the specifications page of the Contract, on which Purchase Payments must cease and Annuity Payments become payable. The maximum Maturity Date is stated on the specifications page of the Contract and may not be changed.

**Northwestern Mutual**—The Northwestern Mutual Life Insurance Company.

**Owner—**The person with the sole right to exercise all rights and privileges under the Contract, except as the Contract otherwise provides.

**Account B Prospectus**

------

**Portfolio—**A series of a Fund available for investment under the Contract which corresponds to a particular Division of the Separate Account.

**Prospectus**— The full statutory prospectus for the Contract.

**Purchase Payments—**Money you give us to apply to your Contract. The related term "Net Purchase Payment" refers to Purchase Payments after all applicable deductions.

**Required Minimum Distribution ("RMD") —** A minimum amount that the federal tax law generally requires be withdrawn from certain tax-qualified annuities each year.

**Separate Account—**The account the Company has established pursuant to Wisconsin law for those assets that, although belonging to the Company, are reserved for you and other owners of variable annuity contracts supported by the Separate Account.

**Summary Prospectus**—The summary version of the Contract, which summarizes key information found in the Prospectus for the Contract.

**Valuation Date—**Any day on which the New York Stock Exchange ("NYSE") is open for trading and any other day we are required under the 1940 Act to value assets of a Division of the Separate Account.

**Withdrawal Charge—** A deduction that is made from maturity benefits and withdrawal amounts.

**Account B Prospectus**

------

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

Overview of the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)

The [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) is an individual flexible payment variable annuity contract, the purpose of which is primarily to provide for the accumulation of value through variable or fixed investment options, through allocations to a variety of Portfolios and/or fixed account options, and payment of annuity benefits on a fixed or variable basis. The [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) is sold for use under a variety of tax-qualified and nontax-qualified plans and may be appropriate if you have a long-term investment horizon. It is not intended for short-term investment and is therefore not appropriate for people who may need to make early or frequent withdrawals or who intend to engage in frequent trading.

During the years when funds may be paid into your [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183), known as the accumulation (savings) phase, the earnings accumulate on a tax-deferred basis. The annuitization (income) period begins when you start receiving a stream of periodic [annuity payments](#bookmark_annuitypayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) under your [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) that begin on the date you select, and all or a portion of such payments will be taxed as ordinary income. Once you annuitize your [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183), your withdrawal rights will depend on the income plan selected. The amount you accumulate under your [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183), including the results of investment performance of your [Divisions](#bookmark_division_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) and interest earned under the fixed options will determine the amount of your monthly [annuity payments](#bookmark_annuitypayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183). The Contract offers 59 [Portfolios](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)in which the [Divisions](#bookmark_division_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) invest and two fixed account investment options. **A list of the investment options available under the Contract is provided at the back of this Prospectus (see "Appendix A: Investment Options Available Under the** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)**).**

In addition to the [Divisions](#bookmark_division_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) which vary with the investment experience of the underlying [Portfolios](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183), the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) offers two fixed options ([Guaranteed Interest Fund](#bookmark_guaranteedinterestfund_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) 1, or GIF 1, and [Guaranteed Interest Fund](#bookmark_guaranteedinterestfund_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) 8, or GIF 8) that credit interest at declared rates. If amounts are transferred, withdrawn, surrendered, or annuitized from GIF 8 before the end of its term, we may apply a Market Value Adjustment. A negative Market Value Adjustment will result in the loss of some or all previously credited interest in excess of the minimum guaranteed annual effective interest rate for the GIF 8, if any.

Below are other features and options that the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) offers.

● [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) **classes**. The [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) currently offers two classes for new investors, a front-load version (in which a sales charge is assessed when [Purchase Payments](#bookmark_purchasepayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) are made) and a back-load version (in which a sales charge is assessed if and when amounts are withdrawn).

● **Accessing your money**. During the accumulation phase, you may make a withdrawal of your [Contract Value](#bookmark_contractvalue_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) or surrender the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) by submitting a request in writing or by telephone, subject to our administrative procedures. We will waive the surrender charge for up to 10% of [Contract Value](#bookmark_contractvalue_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) withdrawn each year subject to certain conditions. All withdrawals are subject to the limitations described in the prospectus. Withdrawal rights during the annuitization period will depend on the income plan selected. Any applicable withdrawal (or surrender) charge, market value adjustment, federal/state tax withholding, and/or Express Mail Delivery fee will be assessed against and deducted from the amount withdrawn.

● **Tax treatment**. You may transfer [Contract Value](#bookmark_contractvalue_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) among the [Divisions](#bookmark_division_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) and the fixed options without tax implications, and earnings (if any) on your investments are generally tax-deferred. You are taxed only when (1) you make a withdrawal or surrender; (2) you receive [annuity payments](#bookmark_annuitypayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) under the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183); or (3) upon payment of the death benefit.

● **Preservation+ Strategy**. You may allocate all or a portion of your initial [Purchase Payment](#bookmark_purchasepayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) to the **Preservation+ Strategy**. The **Preservation+ Strategy** is designed to preserve the principal of the amount you allocate to the strategy through the crediting of a fixed rate of interest to the portion invested in GIF 8 while permitting participation in the potential risk and returns of your selected [Divisions](#bookmark_division_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183). We limit your initial deposit to the **Preservation+ Strategy** to a maximum of $100,000.

● **Asset Allocation Models**. We make available five asset allocation models at no charge. Each model is comprised of a combination of [Divisions](#bookmark_division_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) representing various asset classes. The models represent various levels of risk ranging from conservative to very aggressive.

● **Standard Death Benefit**. Your [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) includes a death benefit that will pay your designated beneficiaries (1) the [Contract](#bookmark_contractvalue_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)Value if an [Annuitant](#bookmark_annuitant_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) dies before the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)[Maturity Date](#bookmark_maturitydate_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) and on or after his or her 75th birthday, or (2) the greater of the [Contract Value](#bookmark_contractvalue_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) or [Purchase Payments](#bookmark_purchasepayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) less any adjustment for each withdrawal if an [Annuitant](#bookmark_annuitant_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) dies before the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)[Maturity Date](#bookmark_maturitydate_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) and before his or her 75th birthday. If an [Annuitant](#bookmark_annuitant_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) dies after the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)[Maturity Date](#bookmark_maturitydate_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) or any time after [Annuitant](#bookmark_annuitant_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) Payments begin, no death benefit is payable. The [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) has an Enhanced Death Benefit option available for an additional charge.

● **Additional Features and Services**. We make certain additional services available under the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) at no additional charge:

The Automatic Dollar Cost Averaging Plan allows you to transfer a set amount from the Government Money Market [Division](#bookmark_division_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) to other [Divisions](#bookmark_division_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) on a regular schedule. The [Portfolios](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) Rebalancing feature automatically rebalances your [Contract Value](#bookmark_contractvalue_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) among your selected [Divisions](#bookmark_division_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) in order to restore your allocation to the original level. You may participate only in one of the Automatic

**Account B Prospectus**

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Dollar Cost Averaging Plan and [Portfolios](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) Rebalancing feature at a time. We also allow automatic transfers or sweeps of interest from the GIF 1 to any combination of the [Divisions](#bookmark_division_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) monthly, quarterly, semi-annually or annually. We do not charge for participation in these features.

The Systematic Withdrawal Plan allows you to set up automatic monthly withdrawals from your [Contract Value](#bookmark_contractvalue_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183). We will take any withdrawal under this plan proportionally from your [Contract Value](#bookmark_contractvalue_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) in your selected investment options or the investment options you designate subject to certain conditions. We do not charge for participation in this feature.

The Terminal Illness Benefit allows you to withdraw all or a portion of your [Contract Value](#bookmark_contractvalue_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) without incurring a [Withdrawal](#bookmark_withdrawalcharge_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)[Charge](#bookmark_withdrawalcharge_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) if the Primary [Annuitant](#bookmark_annuitant_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) is terminally ill (as defined in the Terminal Illness Benefit Rider) and has a life expectancy of 12 months or less. The Nursing Home Benefit allows you to withdraw all or a portion of your [Contract Value](#bookmark_contractvalue_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) without incurring a [Withdrawal Charge](#bookmark_withdrawalcharge_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) if the Primary [Annuitant](#bookmark_annuitant_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) has been confined for at least 90 consecutive days to a licensed nursing facility or hospital and certain other conditions are satisfied. See the prospectus for a full explanation of the required conditions. The Terminal Illness and Nursing Home Benefits are not available in New York.

**Account B Prospectus**

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Important Information You Should Consider About the Contract

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|:---|:---|
| **FEES, EXPENSES, AND ADJUSTMENTS** | &nbsp;&nbsp; **Cross-Reference(s)** <br> **to Location in** <br> **Prospectus**<br>|

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|:---|:---|:---|
| **Are There Charges** <br> **or Adjustments for** <br> **Early Withdrawals?**<br>| &nbsp;&nbsp; **Yes.** For back-load [Contracts](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) purchased in the state of New York on or after <br> October 9, 2023, if you withdraw amounts from or surrender your [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<br> within seven years following the applicable [Purchase Payment(s)](#bookmark_purchasepayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183), you will be <br> assessed a withdrawal charge of up to 7% of the [Purchase Payment(s)](#bookmark_purchasepayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183). Any <br> applicable withdrawal (or surrender) charge, federal/state tax withholding, <br> and/or Express Mail Delivery fee will be assessed against and deducted from <br> the amount withdrawn. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> For example, if you surrender your back-load [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) before your first <br> [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) anniversary and your total initial investment was $100,000, you will <br> pay a surrender charge of up to $7,000. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> For all other current back-load [Contracts](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183), if you withdraw amounts from or <br> surrender your [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) within eight years following the applicable [Purchase](#bookmark_purchasepayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<br> [Payment(s)](#bookmark_purchasepayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183), you will be assessed a withdrawal charge of up to 6% of the <br> [Purchase Payment(s)](#bookmark_purchasepayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183). Any applicable withdrawal (or surrender) charge, market <br> value adjustment, federal/state tax withholding, and/or Express Mail Delivery <br> fee will be assessed against and deducted from the amount withdrawn.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> For example, if you surrender your back-load [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) before your first <br> [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) anniversary and your total initial investment was $100,000, you will <br> pay a surrender charge of up to $6,000.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> For prior back-load [Contracts](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183), cumulative [Purchase Payment(s)](#bookmark_purchasepayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) are subject to a <br> withdrawal charge of up to 8% (see Appendix B – Prior Contracts). Any <br> applicable withdrawal (or surrender) charge, market value adjustment, federal/<br> state tax withholding, and/or Express Mail Delivery fee will be assessed against <br> and deducted from the amount withdrawn.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> For example, if you surrender your back-load [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) before your first <br> [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) anniversary and your total initial investment was $100,000, you will <br> pay a surrender charge of up to $8,000. This loss will be greater if there is a <br> negative Market Value Adjustment, taxes, or tax penalties.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> For a back-load contract, if amounts are transferred, withdrawn, surrendered, <br> or annuitized from GIF 8 prior to the end of a Guaranteed Period, a Market <br> Value Adjustment may apply, which may be negative. A negative Market Value <br> Adjustment will result in the loss of some or all previously credited interest in <br> excess of the minimum guaranteed annual effective interest rate, if any. Yours <br> will be greater if you also have to pay a surrender charge, taxes or tax penalties. | &nbsp;&nbsp; Fee and Expense <br> Tables – Contract <br> Fees and Expenses<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Charges and <br> Adjustments – <br> Adjustments<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Appendix B – Prior <br> Contracts<br>|

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|:---|:---|:---|
| **Are There** <br> **Transaction** <br> **Charges?**<br>| &nbsp;&nbsp; **Yes.** In addition to (or instead of) withdrawal charges and Market Value <br> Adjustments, you may also be charged for other transactions, such as certain <br> tax-related charges, a front-end sales load on front-load [Contracts](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183), as well as <br> charges for expedited delivery or wire transfers.  | &nbsp;&nbsp; Charges and <br> Adjustments <br>|

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**Account B Prospectus**

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| | |
|:---|:---|
| **FEES, EXPENSES, AND ADJUSTMENTS** | &nbsp;&nbsp; **Cross-Reference(s)** <br> **to Location in** <br> **Prospectus**<br>|

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|:---|:---|:---|:---|:---|
| **Are There Ongoing** <br> **Fees and Expenses?** | &nbsp;&nbsp; **Yes.** The table below describes the fees and expenses that you may pay *each* <br> *year*, depending on the Investment Options and optional benefits you choose. <br> Please refer to your [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) specifications page for information about the <br> specific fees you will pay *each year* based on the options you have elected. | &nbsp;&nbsp; **Yes.** The table below describes the fees and expenses that you may pay *each* <br> *year*, depending on the Investment Options and optional benefits you choose. <br> Please refer to your [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) specifications page for information about the <br> specific fees you will pay *each year* based on the options you have elected. | &nbsp;&nbsp; **Yes.** The table below describes the fees and expenses that you may pay *each* <br> *year*, depending on the Investment Options and optional benefits you choose. <br> Please refer to your [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) specifications page for information about the <br> specific fees you will pay *each year* based on the options you have elected. | &nbsp;&nbsp; Fee and Expense <br> Tables – Contract <br> Fees and Expenses, <br> Range of Annual <br> Portfolio Operating <br> Expenses, and <br> Examples  |
| **Are There Ongoing** <br> **Fees and Expenses?** | **Annual Fee** | **Minimum** | **Maximum** | &nbsp;&nbsp; Fee and Expense <br> Tables – Contract <br> Fees and Expenses, <br> Range of Annual <br> Portfolio Operating <br> Expenses, and <br> Examples  |
| **Are There Ongoing** <br> **Fees and Expenses?** | &nbsp;&nbsp; Base Contract<br> (varies depending on Contract version and <br> whether Contract class is front-load or back-<br> load)<br>| 0.40%<sup>1</sup> <br>| 1.26%<sup>1</sup> <br>| &nbsp;&nbsp; Fee and Expense <br> Tables – Contract <br> Fees and Expenses, <br> Range of Annual <br> Portfolio Operating <br> Expenses, and <br> Examples  |
| **Are There Ongoing** <br> **Fees and Expenses?** | &nbsp;&nbsp; Investment Options<br> (Portfolio company fees and expenses)<br>| 0.14%<sup>2</sup> <br>| 2.50%<sup>2</sup> <br>| &nbsp;&nbsp; Fee and Expense <br> Tables – Contract <br> Fees and Expenses, <br> Range of Annual <br> Portfolio Operating <br> Expenses, and <br> Examples  |
| **Are There Ongoing** <br> **Fees and Expenses?** | &nbsp;&nbsp; Optional Benefits Available<br> for an Additional Charge (for single optional <br> benefit if elected)<br>| 0.10%<sup>3</sup> <br>| 0.40%<sup>3</sup> <br>| &nbsp;&nbsp; Fee and Expense <br> Tables – Contract <br> Fees and Expenses, <br> Range of Annual <br> Portfolio Operating <br> Expenses, and <br> Examples  |
| **Are There Ongoing** <br> **Fees and Expenses?** | &nbsp;&nbsp; <sup>1</sup>As a percentage of average total net assets attributable to the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) for the <br> fiscal year ended December 31, 2025.<br> <sup>2</sup>As a percentage of [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) assets.<br> <sup>3</sup>As a percentage of entire benefit. | &nbsp;&nbsp; <sup>1</sup>As a percentage of average total net assets attributable to the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) for the <br> fiscal year ended December 31, 2025.<br> <sup>2</sup>As a percentage of [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) assets.<br> <sup>3</sup>As a percentage of entire benefit. | &nbsp;&nbsp; <sup>1</sup>As a percentage of average total net assets attributable to the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) for the <br> fiscal year ended December 31, 2025.<br> <sup>2</sup>As a percentage of [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) assets.<br> <sup>3</sup>As a percentage of entire benefit. | &nbsp;&nbsp; Fee and Expense <br> Tables – Contract <br> Fees and Expenses, <br> Range of Annual <br> Portfolio Operating <br> Expenses, and <br> Examples  |

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| | |
|:---|:---|
| &nbsp;&nbsp; Because your [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) is customizable, the choices you make affect how much <br> you will pay. To help you understand the cost of owning your [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183), the <br> following table shows the lowest and highest cost you could pay *each year*, <br> based on current charges. This estimate assumes that you do not take <br> withdrawals from the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183), **which could add surrender charges and** <br> **negative Market Value Adjustments that substantially increase costs**. <br> Although your actual costs may be higher or lower than those shown below, <br> based on these assumptions, your costs would be as follows: | &nbsp;&nbsp; Because your [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) is customizable, the choices you make affect how much <br> you will pay. To help you understand the cost of owning your [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183), the <br> following table shows the lowest and highest cost you could pay *each year*, <br> based on current charges. This estimate assumes that you do not take <br> withdrawals from the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183), **which could add surrender charges and** <br> **negative Market Value Adjustments that substantially increase costs**. <br> Although your actual costs may be higher or lower than those shown below, <br> based on these assumptions, your costs would be as follows: |
| &nbsp;&nbsp; **LOWEST ANNUAL COST**<br> $563<sup>1</sup> <br>| &nbsp;&nbsp; **HIGHEST ANNUAL COST**<br> $4,293<sup>1</sup>  |
| &nbsp;&nbsp; Assumes:<br> ●Investment of $100,000<br> ●5% annual appreciation<br> ●Least expensive combination of Contract <br> Classes and [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) fees and expenses<br> ●No optional benefits<br> ●No sales charges<br> ●No additional [Purchase Payments](#bookmark_purchasepayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183), <br> transfers or withdrawals<br>| &nbsp;&nbsp; Assumes:<br> ●Investment of $100,000<br> ●5% annual appreciation<br> ●Most expensive combination <br> of Contract Classes and <br> [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) fees and expenses<br> ●No sales charges<br> ●No additional [Purchase](#bookmark_purchasepayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<br> [Payments](#bookmark_purchasepayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183), transfers or <br> withdrawals |
| &nbsp;&nbsp; <sup>1</sup>The lowest and highest dollar amount of fees that would be assessed, based <br> on the assumptions described in the tabular presentation above, for each of <br> the first 10 [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) years. | &nbsp;&nbsp; <sup>1</sup>The lowest and highest dollar amount of fees that would be assessed, based <br> on the assumptions described in the tabular presentation above, for each of <br> the first 10 [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) years. |

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**RISKS**<br>

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| | | |
|:---|:---|:---|
| **Is There a Risk of** <br> **Loss from Poor** <br> **Performance?**<br>| **Yes.** You can lose money by investing in the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183). | &nbsp;&nbsp; The Investment <br> Options <br>|

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**Account B Prospectus**

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| | |
|:---|:---|
| **RISKS** | &nbsp;&nbsp; **Cross-Reference(s)** <br> **to Location in** <br> **Prospectus**<br>|

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| | | |
|:---|:---|:---|
| **Is This a Short-Term** <br> **Investment?**<br>| &nbsp;&nbsp; **No.** The [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) is not a short-term investment and is not appropriate for you <br> if you need ready access to cash. It is intended for retirement and long-term <br> savings. Surrender and withdrawal charges may apply to [Purchase Payments](#bookmark_purchasepayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<br> for up to eight years. Your [Contract Value](#bookmark_contractvalue_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) will be reduced if you withdraw <br> money and withdrawals may be subject to income taxes and tax penalties or <br> other unfavorable treatment. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> A transfer, withdrawal, surrender, or annuitization from GIF 8 prior to the end <br> of a Guaranteed Period may result in a negative Market Value Adjustment. A <br> negative Market Value Adjustment will result in the loss of some or all <br> previously credited interest in excess of the minimum guaranteed annual <br> effective interest rate, if any.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Upon expiration of a Guaranteed Period for GIF 8, any amounts remaining in <br> that Guaranteed Account will be transferred to the Government Money Market <br> Division of the Separate Account, unless you instruct us to allocate the amounts <br> to the other Division(s) of the Separate Account of a new Guaranteed Period <br> for GIF 8. | &nbsp;&nbsp; The Investment <br> Options – Fixed <br> Options<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> The Contract – <br> Generally<br>|
| **What Are the Risks** <br> **Associated with the** <br> **Investment** <br> **Options?**<br>| &nbsp;&nbsp; Investment in the Contract is subject to the risk of poor investment <br> performance and can vary depending on the performance of the investment <br> options ([Portfolios](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)) and fixed account options you choose. Each [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<br> (including any fixed account investment options) will have its own unique risks. <br> You should review these investment options before making an investment <br> decision.<br>The [Guaranteed Interest Fund](#bookmark_guaranteedinterestfund_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) 8 (GIF 8), a fixed investment option offered <br> under the Contract, is subject to the risk of negative [Market Value Adjustment](#bookmark_marketvalueadjustment_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<br> (MVA), which could decrease the amount transferred or withdrawn from the <br> GIF 8. You should carefully consider the effects of a negative MVA before <br> making a transfer or withdrawal from GIF 8. | &nbsp;&nbsp; The Investment <br> Options<br>|
| **What Are the Risks** <br> **Related to the** <br> **Insurance** <br> **Company?**<br>| &nbsp;&nbsp; Investment in the Contract is subject to the risks related to the Insurance <br> Company ([Northwestern Mutual](#bookmark_northwesternmutual_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)), and any obligations (including under any <br> fixed account investment options), guarantees, or benefits are subject to the <br> claims-paying ability of [Northwestern Mutual](#bookmark_northwesternmutual_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183). More information about <br> [Northwestern Mutual](#bookmark_northwesternmutual_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183), including its financial strength ratings, is available upon <br> request by calling (888) 455-2232. | The Company  |

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**Account B Prospectus**

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| | | |
|:---|:---|:---|
|  | **RESTRICTIONS** | &nbsp;&nbsp; **Cross-Reference(s)** <br> **to Location in** <br> **Prospectus**<br>|
| **Are There** <br> **Restrictions on the** <br> **Investment** <br> **Options?**<br>| &nbsp;&nbsp; **Yes.** Transfer requests involving the fixed account options are subject to special <br> restrictions, including individual state law restrictions as to availability or <br> amounts. These options are available only during the accumulation phase of <br> your [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) and after your initial investment may be subject to limits on <br> additional amounts, including minimum required investments or maximum <br> limits on total amounts. Transfers out of these fixed options are also subject to <br> specific limitations, including charges, and monies moved out of these options <br> may limit the availability of any positive [market value adjustment](#bookmark_marketvalueadjustment_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) that might <br> otherwise apply.<br>Transfers among [Divisions](#bookmark_division_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) are subject to the [Contract's](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) short-term and <br> excessive trading policies.<br>Under certain circumstances [Northwestern Mutual](#bookmark_northwesternmutual_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) reserves the right to <br> remove a [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) or substitute another [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) for such [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183). <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> The GIF 8 fixed account option may not be available under all Contracts. | &nbsp;&nbsp; The Investment <br> Options – Fixed <br> Options and The <br> Contract – Purchase <br> Payments Under the <br> Contract <br> (Guaranteed <br> Account Investment <br> Minimums and <br> Maximums) <br>The Investment <br> Options (Short Term <br> and Excessive <br> Trading) <br>Contract Owner <br> Services <br> (Substitution of <br> Portfolio Shares and <br> Other Changes)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Appendix B – Prior <br> Contracts<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Appendix C – State <br> Variations<br>|
| **Are There Any** <br> **Restrictions on** <br> **Contract Benefits?**<br>| &nbsp;&nbsp; **Yes.** Optional benefits may be subject to additional charges that may vary by <br> issue age, are not available for all issue ages, must be elected at issue and <br> cannot be added once it is removed or expires. | &nbsp;&nbsp; The Contract – <br> Death Benefit <br> (Enhanced Death <br> Benefit Examples) <br>|
|  | **TAXES** |  |
| **What Are the** <br> **Contract's Tax** <br> **Implications?**<br>| &nbsp;&nbsp; You should consult with a tax professional to determine the tax implications of <br> an investment in, and payments received under, the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183). There is no <br> additional tax benefit if the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) is purchased through a tax-qualified plan <br> or individual retirement account (IRA). Withdrawals (and some distributions) <br> will generally be subject to ordinary income tax rates, and may be subject to <br> penalties. | &nbsp;&nbsp; Federal Income <br> Taxes<br>|
|  | **CONFLICTS OF INTEREST** |  |
| **How Are** <br> **Investment** <br> **Professionals** <br> **Compensated?**<br>| &nbsp;&nbsp; The Contract is sold exclusively through financial representatives of <br> [Northwestern Mutual's](#bookmark_northwesternmutual_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) affiliated broker-dealer, who are compensated with a <br> commission based on a percentage of [Purchase Payments](#bookmark_purchasepayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183), and [Northwestern](#bookmark_northwesternmutual_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<br> [Mutual](#bookmark_northwesternmutual_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) may share revenue it earns on the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) with its affiliated broker-<br> dealer. These financial representatives may have a financial incentive to offer <br> or recommend the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) over other investments. | &nbsp;&nbsp; Additional <br> Information – The <br> Distributor<br>|
| **Should I Exchange** <br> **My Contract?**<br>| &nbsp;&nbsp; Some financial representatives may have a financial incentive to offer a new <br> contract in place of the one you already own. You should only exchange an <br> existing contract if you determine, after comparing the features, fees and risks <br> of both contracts, and any fees or penalties to terminate the existing contract, <br> that it is preferable to purchase the new [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) rather than continue to own <br> an existing [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183). | &nbsp;&nbsp; Additional <br> Information – The <br> Distributor<br>|

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**Account B Prospectus**

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Fee and Expense Tables

[Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) Fees and Expenses

**The following tables describe the fees, expenses, and adjustments that you will pay when buying, owning, and surrendering or making withdrawals from an Investment Option or the** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)**. There are two sets of tables: one for a front-load** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)**(in which a sales charge is assessed when** [**Purchase Payments**](#bookmark_purchasepayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) **are made) and one for a back-load** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) **(in which a sales charge is assessed if and when amounts are withdrawn). Please refer to your** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) **specifications page for information about the specific fees you will pay each year based on the options you have selected. (Note: there are two Transaction Expenses tables for back-load Contracts: one for back-load Contracts purchased in the State of New York on or after October 9, 2023, and one for all other states and dates.)** 

**The Transaction Expenses tables describe the fees and expenses that you will pay at the time that you buy the** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)**, surrender, or make withdrawals from an Investment Option or from the Contract, or transfer** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) V**alue between Investment Options. These tables do not include any charge for state premium tax deductions, which we do not charge for at present, but we reserve the right to do so.**

Each table shows the maximum and current fees and expenses for multiple [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) versions. The first column (the [RR] series) shows the maximum and current fees and expenses related to the current [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) version. The subsequent columns show the maximum and current fees and expenses for each prior [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) version shown in Appendix B of the Prospectus.

**Front-Load** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) **(in which a sales charge is assessed when** [**Purchase Payments**](#bookmark_purchasepayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) **are made)** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Transaction Expenses** | **Current** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Current** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Prior** [**Contracts**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Prior** [**Contracts**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Prior** [**Contracts**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Prior** [**Contracts**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Prior** [**Contracts**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Prior** [**Contracts**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> |
|  | ***[RR]*** | ***[RR]*** | ***[QQ]*** | ***[QQ]*** | ***[LL]*** | ***[LL]*** | ***[JJ/KK]*** | ***[JJ/KK]*** |
|  | ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>| ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>| ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>| ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>|
| Maximum Sales Load (as a percentage <br> of [Purchase Payments)](#bookmark_purchasepayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>2</sup> <br>| 4.5<br> %<br>| 4.5<br> *%*<br>| 4.0<br> %<br>| 4.0<br> %<br>| 3.0<br> %<br>| 3.0<br> %<br>| 8.0<br> %<br>| 8.0<br> %<br>|
| Withdrawal Charge | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Transfer Fee | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Expedited Delivery Charge<sup>3</sup> | &nbsp;&nbsp; $17 | &nbsp;&nbsp; $17 | &nbsp;&nbsp; $17 | &nbsp;&nbsp; $17 | &nbsp;&nbsp; $17 | &nbsp;&nbsp; $17 | &nbsp;&nbsp; $17 | &nbsp;&nbsp; $17 |
| Wire Transfer Fee<sup>4</sup> <br>| &nbsp;&nbsp; $15 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $15 |

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The next table describes the fees and expenses that you will pay each year during the time that you own the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) (not including [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) fees and expenses).

If you choose to purchase an optional benefit, you will pay additional charges as shown below.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Annual** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) **Expenses** | **Current** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Current** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Prior** [**Contracts**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Prior** [**Contracts**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Prior** [**Contracts**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Prior** [**Contracts**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Prior** [**Contracts**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Prior** [**Contracts**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> |
|  | ***[RR]*** | ***[RR]*** | ***[QQ]*** | ***[QQ]*** | ***[LL]*** | ***[LL]*** | ***[JJ/KK]*** | ***[JJ/KK]*** |
|  | ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>| ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>| ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>| ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>|
| Administrative Expenses<sup>5</sup> <br>| &nbsp;&nbsp; $30 | &nbsp;&nbsp; $30 | &nbsp;&nbsp; $30 | &nbsp;&nbsp; $30 | &nbsp;&nbsp; $30 | &nbsp;&nbsp; $30 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Base Contract Expenses (as a percentage <br> of [Separate Account](#bookmark_separateaccount_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) assets)<sup>6</sup> <br>| 0.75<br> %<br>| 0.45<br> %<br>| 0.75<br> %<br>| 0.40<br> %<br>| 1.0<br> %<br>| 0.75<br> %<br>| 1.0<br> %<br>| 0.75<br> %<br>|
| Optional Enhanced Death Benefit <br> Expenses (as a percentage of the entire <br> benefit)<sup>7</sup> <br>| 0.40<br> %<br>| 0.10<br> %<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

---

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

**Back-Load Contracts (in which a sales charge is assessed if and when amounts are withdrawn) purchased in NY on or after October 9, 2023** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Transaction Expenses**  | **Current** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Current** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Prior** [**Contracts**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Prior** [**Contracts**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Prior** [**Contracts**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Prior** [**Contracts**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> |
|  | **[RR]** | **[RR]** | **[QQ]** | **[QQ]** | **[MM]** | **[MM]** |
|  | ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>| ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>| ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>|
| Sales Load (as a percentage <br> of [Purchase Payments)](#bookmark_purchasepayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>2</sup> <br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Maximum Withdrawal Charge for Sales Expenses | 7.00<br> %<br>| 7.00<br> %<br>| 8.00<br> %<br>| 8.00<br> %<br>| 8.00<br> %<br>| 8.00<br> %<br>|
| Transfer Fee | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Expedited Delivery Charges<sup>3</sup> <br>| &nbsp;&nbsp; $17 | &nbsp;&nbsp; $17 | &nbsp;&nbsp; $17 | &nbsp;&nbsp; $17 | &nbsp;&nbsp; $17 | &nbsp;&nbsp; $17 |

---

**Account B Prospectus**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Transaction Expenses**  | **Current Contract**<sup>1</sup> | **Current Contract**<sup>1</sup> | **Prior Contracts**<sup>1</sup> | **Prior Contracts**<sup>1</sup> | **Prior Contracts**<sup>1</sup> | **Prior Contracts**<sup>1</sup> |
|  | **[RR]** | **[RR]** | **[QQ]** | **[QQ]** | **[MM]** | **[MM]** |
|  | ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>| ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>| ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>|
| Wire Transfer Fee<sup>4</sup> <br>| &nbsp;&nbsp; $15 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $15 |

---

**Back-Load Contracts (in which a sales charge is assessed if and when amounts are withdrawn) purchased in all Other States and Dates** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Transaction Expenses**  | **Current** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Current** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Prior** [**Contracts**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Prior** [**Contracts**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Prior** [**Contracts**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Prior** [**Contracts**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> |
|  | **[RR]** | **[RR]** | **[QQ]** | **[QQ]** | **[MM]** | **[MM]** |
|  | ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>| ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>| ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>|
| Sales Load (as a percentage <br> of [Purchase Payments)](#bookmark_purchasepayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>2</sup> <br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Maximum Withdrawal Charge for Sales Expenses | 6.00<br> %<br>| 6.00<br> %<br>| 8.00<br> %<br>| 8.00<br> %<br>| 8.00<br> %<br>| 8.00<br> %<br>|
| Transfer Fee | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Expedited Delivery Charges<sup>3</sup> <br>| &nbsp;&nbsp; $17 | &nbsp;&nbsp; $17 | &nbsp;&nbsp; $17 | &nbsp;&nbsp; $17 | &nbsp;&nbsp; $17 | &nbsp;&nbsp; $17 |
| Wire Transfer Fee<sup>4</sup> <br>| &nbsp;&nbsp; $15 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $15 |

---

We may apply a negative Market Value Adjustment to amounts transferred, withdrawn, surrendered, or annuitized from GIF 8 prior to the end of a Guaranteed Period. A negative Market Value Adjustment may result in the loss of some or all previously credited interest in excess of the minimum guaranteed annual effective interest rate, if any.

The next table describes the fees and expenses that you will pay each year during the time that you own the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) (not including [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) company fees and expenses).

If you choose to purchase an optional benefit, you will pay additional charges as shown below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Annual** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) **Expenses** | **Current** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Current** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Prior** [**Contracts**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Prior** [**Contracts**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Prior** [**Contracts**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> | **Prior** [**Contracts**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<sup>1</sup> |
|  | **[RR]** | **[RR]** | **[QQ]** | **[QQ]** | **[MM]** | **[MM]** |
|  | ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>| ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>| ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>|
| Administrative Expenses<sup>5</sup> <br>| &nbsp;&nbsp; $30 | &nbsp;&nbsp; $30 | &nbsp;&nbsp; $30 | &nbsp;&nbsp; $30 | &nbsp;&nbsp; $30 | &nbsp;&nbsp; $30 |
| Base [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) Expenses (as a percentage of [Separate Account](#bookmark_separateaccount_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<br> assets)<sup>6</sup> <br>| 1.50<br> %<br>| 1.10<br> %<br>| 1.50<br> %<br>| 1.25<br> %<br>| 1.50<br> %<br>| 1.25<br> %<br>|
| Optional Enhanced Death Benefit Expenses (as a percentage of the <br> entire benefit)<sup>7</sup> <br>| 0.40<br> %<br>| 0.10<br> %<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

---

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

Each table shows the maximum and current fees and expenses for multiple [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) versions. The first column [the "RR" series] shows the maximum and current fees and expenses related to the current [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) version. The subsequent columns show the maximum and current fees and expenses for each prior [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) version shown in Appendix B in the Prospectus.

The sales load for a front-load Contract depends on the amount of cumulative Purchase Payments. For the back-load Contracts, the base contract expense and the [Withdrawal Charge](#bookmark_withdrawalcharge_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) depend on the length of time amounts have been held under the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) and the size of the amounts held. (See "Base Contract Charges" and "Withdrawal Charges—Withdrawal Charge Rates.")

For express mail delivery with signature required; the express mail delivery charge without signature is $15.

We also charge $15 for wire transfers in connection with withdrawals.

We charge an Annual Contract Fee of $30. We are currently waiving the Annual Contract Fee if Purchase Payments less withdrawals equal or exceed $25,000. We reserve the right to change this practice in the future. We will give at least 30 days prior notice.

We reserve the right to increase the current base contract expenses to the maximum annual rate of 0.75% for the front-load Contract. For back-load [Contracts](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183), there are two types of [Accumulation Units](#bookmark_accumulationunit_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183): "Class A" and "Class B." We reserve the right to increase the current base contract expense to the maximum annual rate of 1.50% for the back-load [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) Class B [Accumulation Units](#bookmark_accumulationunit_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) and 0.75% for back-load Contract Class A [Accumulation Units](#bookmark_accumulationunit_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183). Under the back-load [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183), we convert Class B [Accumulation Units](#bookmark_accumulationunit_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) to Class A [Accumulation Units](#bookmark_accumulationunit_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) on the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) Anniversary if the [Contract Value](#bookmark_contractvalue_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) is at least $25,000 and the Class B [Accumulation Units](#bookmark_accumulationunit_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) have reached Withdrawal Charge Category Zero. For further information on Class B and Class A [Accumulation](#bookmark_accumulationunit_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)Units, see "Base Contract Charges—Reduction of Charges." The Contracts may provide for charges for transfers between the Divisions of the Separate Account and for premium taxes, but we are not presently assessing such charges.

The maximum charge is for issue age (i.e., the age nearest the Primary Annuitant's birthday at the time the application is approved) 56-65. The charge is 0.10% for issue age 45 or less and 0.20% for issue age 46-55. The "entire" enhanced death benefit on any [Valuation Date](#bookmark_valuationdate_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) equals the greatest of (i) the [Contract Value](#bookmark_contractvalue_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) on that [Valuation Date](#bookmark_valuationdate_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183), (ii) the amount of [Purchase Payments](#bookmark_purchasepayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) made under the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) (adjusted for any withdrawals), or (iii) the EDB on the most recent [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) anniversary date prior to the Primary [Annuitant's](#bookmark_annuitant_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) 80th birthday, increased by any [Purchase Payments](#bookmark_purchasepayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) we received since that [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)anniversary and decreased by the percentage of [Contract Value](#bookmark_contractvalue_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) withdrawn since that [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) anniversary. The EDB is available only at the time the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)is issued. At the time of issue, the value of the EDB would be equal to the greater of the Initial [Purchase Payment](#bookmark_purchasepayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) or the [Contract Value](#bookmark_contractvalue_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183).

**Account B Prospectus**

------

Annual [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) Operating Expenses

**The table below shows the minimum and maximum total operating expenses of the** [**Portfolios**](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) **that you may pay periodically during the time that you own the** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)**. Expenses shown may change over time and may be higher or lower in the future. A complete list of the** [**Portfolios**](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) **available under the** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)**, including their annual expenses, may be found at the back of this document (i.e., Appendix A: Investment Options Available Under the** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)**).** 

---

| | | |
|:---|:---|:---|
|  | **Minimum** | **Maximum** |
| **Annual** [**Portfolio**](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) **Operating Expenses** (expenses deducted from [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) assets, including management fees, <br> distribution (12b-1) fees, and other expenses as a percentage of average [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) assets)<br>| &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 2.50% |
| **Annual** [**Portfolio**](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) **Operating Expenses After Contractual Fee Waiver or Reimbursement\*** | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 2.45% |

---

\*

The "Annual [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) Operating Expenses After Contractual Fee Waiver or Reimbursement" line in the above table shows the minimum and maximum fees and expenses as of December 31, 2025 charged by all of the [Portfolios](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) after taking into account contractual fee waiver or reimbursement arrangements in place. Those contractual arrangements are designed to reduce total Annual [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) Operating Expenses and will continue for at least one year from the date of this prospectus.

For more information about voluntary fee waivers that may be in place, see the "Charges" section.

**Examples**<sup>1</sup>

**The following Examples are intended to help you compare the cost of investing in the Variable Options with the cost of investing in other annuity contracts that offer variable options. These costs include** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)[**Owner**](#bookmark_owner_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) **transaction expenses, annual** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) **expenses, and annual** [**Portfolio**](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) **expenses.** 

**The Examples assume all Contract value is allocated to the Variable Options. The Examples do not reflect the Market Value Adjustment. Your costs could differ from those shown below if you invest in Fixed Options.** 

**The Examples assume that you invest $100,000 in the Variable Options for the time periods indicated and that your investment has a 5% return each year. The Examples reflect the maximum expenses of the underlying** [**Portfolios**](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) **(as set forth above) as well as the Optional Enhanced Death Benefit Maximum Charge. Although your actual costs may be higher or lower than those shown below, based on these assumptions, your costs would be as follows:**

**Back-Load** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) **With the Enhanced Death Benefit – for Contracts Purchased in New York on or after October 9, 2023:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| If you surrender your <br> [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) at the end of the <br> applicable time period:<br>| &nbsp;&nbsp; $11415  | &nbsp;&nbsp; $20423  | &nbsp;&nbsp; $27531 | &nbsp;&nbsp; $45748 |
| If you annuitize at the end <br> of the applicable time <br> period:<br>| &nbsp;&nbsp; $4415 | &nbsp;&nbsp; $13423 | &nbsp;&nbsp; $22531 | &nbsp;&nbsp; $45748 |
| If you do not surrender <br> your [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183):<br>| &nbsp;&nbsp; $4415 | &nbsp;&nbsp; $13423 | &nbsp;&nbsp; $22531 | &nbsp;&nbsp; $45748 |

---

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

**Back-Load** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) **With the Enhanced Death Benefit – for current Contracts Purchased in all other States and Dates:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| If you surrender your <br> [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) at the end of the <br> applicable time period:<br>| &nbsp;&nbsp; $10405 | &nbsp;&nbsp; $19394 | &nbsp;&nbsp; $26485 | &nbsp;&nbsp; $45666 |
| If you annuitize at the end <br> of the applicable time <br> period:<br>| &nbsp;&nbsp; $4405 | &nbsp;&nbsp; $13394 | &nbsp;&nbsp; $22485 | &nbsp;&nbsp; $45666 |
| If you do not surrender <br> your [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183):<br>| &nbsp;&nbsp; $4405 | &nbsp;&nbsp; $13394 | &nbsp;&nbsp; $22485 | &nbsp;&nbsp; $45666 |

---

**Front-Load** [**Contract**](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) **With the Enhanced Death Benefit:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| If you surrender your <br> [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) at the end of the <br> applicable time period:<br>| &nbsp;&nbsp; $7982 | &nbsp;&nbsp; $15186 | &nbsp;&nbsp; $22583 | &nbsp;&nbsp; $41956 |
| If you annuitize at the end <br> of the applicable time <br> period:<br>| &nbsp;&nbsp; $7982 | &nbsp;&nbsp; $15186 | &nbsp;&nbsp; $22583 | &nbsp;&nbsp; $41956 |

---

**Account B Prospectus**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| If you do not surrender <br> your [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183):<br>| &nbsp;&nbsp; $7982 | &nbsp;&nbsp; $15186 | &nbsp;&nbsp; $22583 | &nbsp;&nbsp; $41956 |

---

The charge for the EDB above was determined by multiplying the maximum EDB percentage charge (0.40%) by the entire EDB. The EDB amounts assumed for purposes of this example are equal to the [Contract Value](#bookmark_contractvalue_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) at each anniversary. Such hypothetical amounts are for illustrative purposes only. The $30 annual [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) fee is reflected as 0.01% for the front-load [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) and 0.03% for the back-load [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) based on the annual [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) fees collected divided by the average assets attributable to the [Contracts](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) for the fiscal year ended December 31, 2025.

**Examples for Prior Contracts**

The following Examples apply to contracts previously issued by the Company and are calculated under the same assumptions as the Examples for the current Contract. (See "Examples".) Although your actual costs may be higher or lower than those shown below, based on these assumptions, your costs would be as follows:

**JJ/KK Series Contracts Issued Prior to December 17, 1981**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| If you surrender your <br> Contract at the end of the <br> applicable time period:<br>| &nbsp;&nbsp; $5890  | &nbsp;&nbsp; $12925  | &nbsp;&nbsp; $20173 | &nbsp;&nbsp; $39265 |
| If you annuitize at the end <br> of the applicable time <br> period:<br>| &nbsp;&nbsp; $5890 | &nbsp;&nbsp; $12925 | &nbsp;&nbsp; $20173 | &nbsp;&nbsp; $39265 |
| If you do not surrender <br> your Contract:<br>| &nbsp;&nbsp; $5890 | &nbsp;&nbsp; $12925 | &nbsp;&nbsp; $20173 | &nbsp;&nbsp; $39265 |

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

**LL/MM Series Contracts Issued On or After December 17, 1981 and Prior to March 31, 1995**

**LL Series Front-Load Contracts**

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| If you surrender your <br> Contract at the end of the <br> applicable time period:<br>| &nbsp;&nbsp; $5649  | &nbsp;&nbsp; $12702  | &nbsp;&nbsp; $19968  | &nbsp;&nbsp; $39109  |
| If you annuitize at the end <br> of the applicable time <br> period:<br>| &nbsp;&nbsp; $5649 | &nbsp;&nbsp; $12702 | &nbsp;&nbsp; $19968 | &nbsp;&nbsp; $39109 |
| If you do not surrender <br> your Contract:<br>| &nbsp;&nbsp; $5649 | &nbsp;&nbsp; $12702 | &nbsp;&nbsp; $19968 | &nbsp;&nbsp; $39109 |

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

**MM Series Back Load Contracts**

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| If you surrender your <br> Contract at the end of the <br> applicable time period:<br>| &nbsp;&nbsp; $8981  | &nbsp;&nbsp; $15165  | &nbsp;&nbsp; $21512  | &nbsp;&nbsp; $42114  |
| If you annuitize at the end <br> of the applicable time <br> period:<br>| &nbsp;&nbsp; $3981  | &nbsp;&nbsp; $12165  | &nbsp;&nbsp; $20512  | &nbsp;&nbsp; $42114 |
| If you do not surrender <br> your Contract:<br>| &nbsp;&nbsp; $3981 | &nbsp;&nbsp; $12165 | &nbsp;&nbsp; $20512 | &nbsp;&nbsp; $42114 |

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

**QQ Series Contracts Issued on or After March 31, 1995 and Prior to March 31, 2000**

**Front-Load Contract with the Enhanced Death Benefit** 

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| If you surrender your <br> Contract at the end of the <br> applicable time period:<br>| &nbsp;&nbsp; $7100  | &nbsp;&nbsp; $13564 | &nbsp;&nbsp; $20256  | &nbsp;&nbsp; $38038  |

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**Account B Prospectus**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| If you annuitize at the end <br> of the applicable time <br> period:<br>| &nbsp;&nbsp; $7100 | &nbsp;&nbsp; $13564 | &nbsp;&nbsp; $20256 | &nbsp;&nbsp; $38038 |
| If you do not surrender <br> your Contract:<br>| &nbsp;&nbsp; $7100 | &nbsp;&nbsp; $13564 | &nbsp;&nbsp; $20256 | &nbsp;&nbsp; $38038 |

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

**Back-Load Contract with the Enhanced Death Benefit** 

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| If you surrender your <br> Contract at the end of the <br> applicable time period:<br>| &nbsp;&nbsp; $11981  | &nbsp;&nbsp; $18165  | &nbsp;&nbsp; $24512  | &nbsp;&nbsp; $42114  |
| If you annuitize at the end <br> of the applicable time <br> period:<br>| &nbsp;&nbsp; $3981 | &nbsp;&nbsp; $12165 | &nbsp;&nbsp; $20512  | &nbsp;&nbsp; $42114 |
| If you do not surrender <br> your Contract:<br>| &nbsp;&nbsp; $3981 | &nbsp;&nbsp; $12165 | &nbsp;&nbsp; $20512 | &nbsp;&nbsp; $42114 |

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**Please remember that the examples are simply illustrations and do not represent past or future expenses.** Your actual expenses may be higher or lower than those shown in the examples. Similarly, your rate of return may be more or less than the 5% assumed in the examples.

Principal Risks

**Market Risk** You can lose money by investing in the Contract. The value of your investment and any returns will depend on the performance of the investment options (Portfolios) available under the Contract, and each Portfolio (including any fixed account investment options) will have its own unique risks. You bear the risk of any decline in your Contract Value resulting from poor performance. The investment risks are described in the prospectuses for each Portfolio.

**Early Withdrawal Risk** The Contract is not a short-term investment and is not appropriate for you if you need ready access to cash. It is intended for retirement and long-term savings. Surrender and withdrawal charges may apply to Purchase Payments for up to eight years. Your Contract Value will be reduced if you withdraw money and withdrawals may be subject to income taxes and tax penalties or other unfavorable treatment. Your Contract has also adopted measures to deter short-term trading that may trigger additional restrictions. The Guaranteed Interest Fund 8 (GIF 8), a fixed investment option offered under the Contract, is subject to the risk of negative Market Value Adjustment (MVA), which could decrease the amount transferred or withdrawn from the GIF 8 prior to the end of a Guaranteed Period. A negative Market Value Adjustment may result in the loss of some or all previously credited interest in excess of the minimum guaranteed annual effective interest rate, if any.

**Contract Benefits Risk** Optional benefits may be subject to additional charges that may vary by issue age, are not available for all issue ages, must be elected at issue and cannot be added once it is removed or expires. Early withdrawals of the accumulation value of your Contract may reduce the value of the benefit and may limit investment performance. Additionally, withdrawals of the entire value of the Contract may terminate the Contract. A partial surrender or withdrawal may result in a reduction of the Benefit that is greater than the amount of the withdrawal or partial surrender.

**Insurance Company Risks** Investment in the Contract is subject to the risks related to the depositor (Northwestern Mutual), and any obligations (including any fixed account investment options), guarantees, or benefits are subject to the claims-paying ability of Northwestern Mutual. More information about Northwestern Mutual, including its financial strength ratings, is available upon request by calling (888) 455-2232.

**Contract Changes Risk** We reserve the right to remove or substitute investment options, stop accepting additional purchase payments, and impose investment restrictions or limitations on transfers. Certain optional benefits limit or restrict the investment options that you may select under the Contract. We may change these restrictions in the future. We may discontinue or modify certain services at any time. We may stop offering an optional benefit at any time for new sales. In the future, we may increase current charges under the Contract up to the guaranteed maximum.

**Cybersecurity & Certain Business Continuity Risks** The Company has administrative, technical and physical safeguards in place with respect to information security, nevertheless, our variable product business is potentially susceptible to operational and information security risks resulting from a cyber-attack as it is highly dependent upon the effective operation of our computer systems and those of our business partners. These risks include, among other things, the theft, misuse, corruption and

**Account B Prospectus**

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destruction of data maintained online or digitally, denial of service on websites and other operational disruption and unauthorized release of confidential customer information. Cyber-attacks affecting us, the underlying funds, intermediaries and other affiliated or third-party service providers may adversely affect us and your Contract Value. For instance, cyber-attacks may interfere with our processing of contract transactions, including the processing of orders from our website or with the underlying funds, impact our ability to calculate AUVs, cause the release and possible destruction of confidential customer or business information, impede order processing, subject us and/or our service providers and intermediaries to regulatory fines and financial losses and/or cause reputational damage. Cybersecurity risks may also impact the issuers of securities in which the underlying funds invest, which may cause the funds underlying your Contract to lose value. The risk of cyber-attacks may be higher during periods of geopolitical turmoil (such as the Russian invasion of Ukraine and the responses by the United States and other governments). There can be no assurance that we or the underlying funds or our service providers will avoid losses affecting your Contract due to cyber-attacks or information security breaches in the future.

Other disruptive events, including (but not limited to) natural or man-made disasters and public health crises or pandemics (such as COVID-19), may also adversely affect our ability to conduct business, including if our employees or the employees of intermediaries or other affiliated or third-party service providers are unable to perform their responsibilities as a result of any such event. Such disruptions to our business operations can interfere with issuance or our processing of transactions (including the processing of orders through our website or with the Portfolios), may interfere with our ability to receive, pick up and process mail and messages, impact our ability to calculate values, or cause other operational or system issues. Furthermore, these disruptions may persist even if our employees or the employees of intermediaries or other affiliate or third-party service providers are able to work remotely. These events may also impact the issuers of securities in which the Portfolios invest, which may cause the Portfolios to lose value. There can be no assurance that the Company, the Portfolios or our service providers will avoid losses affecting your Contract due to a disaster or other catastrophe.

The Company

The Northwestern Mutual Life Insurance Company, or through its subsidiaries and affiliates, offers insurance products, investment products, and advisory services which are designed to address clients' needs for financial security and protection, wealth accumulation and distribution, and estate preservation. Organized by a special act of the Wisconsin Legislature in 1857, the Company is licensed to conduct a conventional life insurance business in the District of Columbia and in all states of the United States. The Company's total assets were over $399 billion as of December 31, 2025. The Home Office of Northwestern Mutual is located at 720 East Wisconsin Avenue, Milwaukee, Wisconsin 53202.

In addition to your fixed account allocations, General Account assets are used to guarantee the payment of the benefits under the Contract, including death benefits. The Company is obligated to pay any amounts promised to investors under the Contract, subject to its financial strength and claims-paying ability. To the extent that we are required to pay you amounts in addition to your Contract Value under these benefits, such amounts will come from General Account assets. Thus, Contract Owners must look to the strength of the Company and its General Account with regard to insurance contract guarantees. You should also be aware that the General Account is exposed to the risks normally associated with the operation of a life insurance company, including insurance pricing, asset liability management and interest rate risk, operational risks, and the investment risks of a portfolio of securities that consists largely, though not exclusively, of fixed-income securities. Some of the risks associated with such a portfolio include interest rate, option, liquidity, and credit risk. The financial statements contained in the Statement of Additional Information include a further discussion of risks inherent within the General Account investments. The assets in the General Account are subject to the claims of the Company's general creditors.

We are relying on the exemption provided by Rule 12h-7 under the Securities Exchange Act of 1934 (the "1934 Act"). In reliance on that exemption, we do not file periodic and current reports that we would be otherwise required to file pursuant to Section 15(d) of the 1934 Act.

The Separate Account

We established the NML Variable Annuity Account B (the "Separate Account") on February 14, 1968 by action of our Board of Trustees in accordance with the provisions of the Wisconsin insurance law. The Separate Account is registered with the Securities and Exchange Commission ("SEC") as a unit investment trust under the 1940 Act.

You may allocate the money you invest under your Contract among the variable and fixed options (if available in your state) described elsewhere in this prospectus. Each variable option is a Division of the Separate Account, which corresponds to one of the Portfolios of the Funds also described elsewhere in this prospectus. Under Wisconsin law, the investment operations of the

**Account B Prospectus**

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Separate Account are kept separate from our other operations. The values for your Contract supported by the Separate Account will not be affected by income, gains, or losses from the rest of our business. The income, gains or losses, realized or unrealized, for the assets we place in the Separate Account for your Contract will determine the value of your Contract benefits supported by the Separate Account, and will not affect the rest of our business. The assets in the Separate Account are reserved for you and other owners of variable annuity contracts, although the assets belong to us and we do not hold the assets as a trustee. The Separate Account's assets may not be used to pay any liabilities of the Company other than those arising from the Contract (or other contracts issued by the Company that are funded by the Separate Account). While we and our creditors cannot reach the assets of the Separate Account to satisfy other obligations until our obligations under your Contract have been satisfied, all of our assets (except those we hold in certain other separate accounts) are available to satisfy our obligations under your Contract. The obligations under the variable annuity contracts are obligations of the Company as depositor.

When permitted by law and subject to any required regulatory approvals or votes by Contract Owners, we reserve the right to:

● Operate the Separate Account or a Division as either a unit investment trust or a management company under the 1940 Act, or in any other form allowed by law, if deemed by the Company to be in the best interest of Contract Owners.

● Invest current and future assets of a Division in securities of another Portfolio as a substitute for shares of a Portfolio (or another share class of an existing Portfolio) already purchased or to be purchased.

● Register or deregister the Separate Account under the 1940 Act or change its classification under that Act.

● Create new separate accounts.

● Combine the Separate Account with any other separate account.

● Transfer the assets and liabilities of the Separate Account to another separate account.

● Transfer cash from time to time between the Company's General Account and the Separate Account as deemed necessary or appropriate and consistent with the terms of the Contracts, including but not limited to transfers for the deduction of charges and in support of payment options.

● On behalf of the Company, transfer assets of the Separate Account in excess of reserve requirements (only for accrued fees and charges or any seed capital) applicable to Contracts supported by the Separate Account to the Company's General Account.

● Add, delete, or make changes to the securities and other assets that are held or purchased by the Separate Account.

● Terminate and/or liquidate the Separate Account.

● Restrict or eliminate any voting rights of Contract Owners or other persons who have voting rights as to the Separate Account.

● Make any changes to the Separate Account to conform with, or required by any change in, federal tax law, the 1940 Act and regulations promulgated thereunder, or any other applicable federal or state laws.

In the event that we take any of these actions, we may make an appropriate endorsement of your Contract and take other actions to carry out what we have done.

The Investment Options

The Contract makes available a variety of variable and fixed investment options. The Company does not endorse or recommend any particular option nor does it provide investment advice. You are responsible for choosing your investment options and the amounts you allocate to each based on your individual situation and your personal savings goals and risk tolerances. After your initial investment decision, you should monitor your investments and periodically review the options you select and the amount allocated to each option to ensure your decisions continue to be appropriate. The amounts invested in the variable options are not guaranteed, and because both your principal and any return on your investment are subject to market risk, you can lose money. The amounts invested in the fixed options earn interest for a specified period at a rate we declare from time to time; the principal and interest rate are guaranteed by the Company and are subject to the claims-paying ability of the Company.

Variable Options

The assets of each Division of the Separate Account are invested in a corresponding Portfolio that is a series of one of the following mutual fund families: Northwestern Mutual Series Fund, Inc.; American Funds Insurance Series<sup>®</sup>; BlackRock Variable Series Funds; Cantor Fitzgerald Variable Insurance Trust; Columbia Funds Variable Insurance Trust; Fidelity<sup>®</sup> Variable Insurance Products; John Hancock Variable Insurance Trust; Neuberger Berman Advisers Management Trust; and Russell Investment

**Account B Prospectus**

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Funds. The Separate Account buys shares of the Portfolios at their respective net asset values without sales charge. The Portfolios are available for investment only by separate accounts supporting variable insurance products and are not publicly traded. Their performance can differ substantially from publicly traded mutual funds with similar names. The specific Portfolios available under your Contract may change from time to time, and not all Portfolios in which assets of the Separate Account are invested may be available under your Contract. Your ability to invest in a Portfolio may be affected by the actions of such Portfolio, such as when a Portfolio closes.

You may choose to allocate the Accumulation Value of your Contract among the Divisions of the Separate Account and you may, subject to certain conditions, transfer values from one Division to another. Amounts you allocate among the Divisions may grow in value, decline in value, or grow less than you expect, depending on the investment performance of the corresponding Portfolio. There is a risk of loss of the entire amount invested.

**There can be no assurance that the Portfolios will realize their objectives**. You can find more detailed information about each Portfolio, including its (i) name, (ii) type or investment objective(s), (iii) investment adviser or any investment sub-adviser, (iv) current expenses, and (v) performance, in Appendix A to this prospectus. **Read the Portfolio prospectuses carefully before investing.** You can find these documents online at www.nmprospectus.com, by calling (866) 910-1232 or by sending an email request to vavldocrequest@northwesternmutual.com. Note: A summary prospectus for a Portfolio contains information on its first page about how to obtain a copy of the full Portfolio statutory prospectus. You can also visit www.nmprospectus.com to obtain these documents.

**Payments We Receive** The Contract makes available both proprietary and non-proprietary Portfolios. The Northwestern Mutual Series Fund, Inc. is a proprietary Fund that has been included in part because it is managed by a subsidiary of the Company. For non-proprietary Portfolios offered through this Contract, we consider during the selection process whether the Portfolio's investment adviser or an affiliate will make payments to us or our affiliates. Other factors we consider during the selection process include asset class coverage, management style, sector coverage, the strength of the investment adviser's or sub-advisers' reputation and tenure, brand recognition, performance, and the capability and qualification of each investment firm. We review the Portfolios periodically and may remove a Portfolio or limit its availability to new premiums and/or transfers of Contract Value if we determine that the Portfolio no longer meets one or more of the selection criteria, and/or if the Portfolio has not attracted significant allocations from Owners.

**We do not provide any investment advice and do not recommend or endorse any particular Portfolio. You bear the risk of any decline in the Contract Value of your Contract resulting from the performance of the Portfolio you have chosen.**

Owners, through their indirect investment in the Portfolios, bear the costs of the investment advisory or management fees that the Portfolios pay to their respective investment advisors (see the Portfolios' prospectuses for more information). As described above, an investment adviser of a Portfolio, or its affiliates, may make payments to the Company and/or certain of our affiliates. However, the amount of such payments is not determinative as to whether a Portfolio is offered through the Contract. These payments may be derived, in whole or in part, from the advisory fee deducted from Portfolio assets. The amount of the compensation is based on a percentage of assets of the Portfolios attributable to the Contracts and certain other variable insurance products that the Company issues. The percentages differ and some investment advisers (or other affiliates) may pay more than others. The percentages currently range up to 0.25%. These payments are made for various purposes, including payment of services incurred by the Company and/or its affiliates in promoting and marketing the Contracts and Portfolios. The Company and its affiliates may profit from these payments.

While not currently the case, certain Portfolios available under the Contract may adopt a Distribution (and/or Shareholder Servicing) Plan under Rule 12b-1 of the 1940 Act, which is described in more detail in the Portfolios' prospectuses. These payments, which may be up to 0.25%, would be deducted from assets of the Portfolios and are paid to our distributor, Northwestern Mutual Investment Services, LLC. These payments would decrease such Portfolio's investment return. We consider receipt of these payments when deciding whether to offer a Portfolio.

Additionally, an investment adviser of a Portfolio or its affiliates may provide the Company with wholesaling services that assist in the distribution of the Contracts and may pay the Company and/or certain of our affiliates amounts to participate in sales meetings. These amounts may be significant and may provide the investment adviser (or its affiliate) with increased access to persons involved in the distribution of the Contracts.

**Transfers Between Divisions** Subject to any limitations imposed by the short term and excessive trading limitations described below and any frequent trading policies adopted by the Funds that are described in their prospectuses, you may change the allocation of Purchase Payments among the Divisions and transfer values from one Division to another both before and after Annuity Payments begin. In order to take full advantage of these features you should carefully consider, on a continuing basis, which investment options are best suited to your long-term investment needs. See "Owner Inquiries and Instructions" for more information on how you may change the allocation of Accumulation or Annuity Units among the Divisions. Subject to our requirements and availability, your Financial Representative may provide us with instructions on your behalf involving the allocation and transfer of Accumulation Value of your Contract among the available investment options, subject to our rules, including the restrictions on short term and excessive trading discussed below.

**Account B Prospectus**

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We will make the transfer based upon the next valuation of Accumulation or Annuity Units in the affected Divisions after our receipt of your request for transfer at our Home Office, provided it is in good order. If we receive your request for transfer before the close of trading on the NYSE (typically, 4:00 p.m. Eastern Time), your request will receive same-day pricing. If we receive your request for transfer on or after the close of trading on the NYSE, we will process the order using the value of the units in the Divisions determined at the close of the next regular trading session of the NYSE. We will adjust the number of such units to be credited to reflect the respective value of the units in each of the Divisions. The minimum amount of Accumulation Units which may be transferred is the lesser of $100 or the entire value of the Accumulation Units in the Division from which the transfer is being made. There is no minimum transfer amount for Annuity Units.

Before the Maturity Date, you may transfer amounts which you have invested in a Guaranteed Account to any Division of the Separate Account, and you may transfer the value of Accumulation Units in any Division of the Separate Account to a Guaranteed Account for investment on a fixed basis, subject to the restrictions described in the Contract. (See "The Guaranteed Accounts.")

**Short Term and Excessive Trading** Short term and excessive trading (sometimes referred to as "market timing") may present risks to a Portfolio's long-term investors such as Owners and other persons who may have material rights under the Contract (*e.g.*, beneficiaries) because it can, among other things, disrupt Portfolio investment strategies, increase Portfolio transaction and administrative costs, require higher than normal levels of cash reserves to fund unusually large or unexpected redemptions, and adversely affect investment performance. These risks may be greater for Portfolios that invest in securities that may be more vulnerable to arbitrage trading including foreign securities and thinly traded securities, such as small cap stocks and non-investment grade bonds. These types of trading activities also may dilute the value of long-term investors' interests in a Portfolio if it calculates its net asset value using closing prices that are no longer accurate. Accordingly, we discourage market timing activities.

To deter short term and excessive trading, we have adopted and implemented policies and procedures which are designed to control abusive trading practices. We seek to apply these policies and procedures uniformly to all Contract Owners, except to the extent we are prevented from doing so under applicable or federal law or regulations. Any exceptions must be either expressly permitted by our policies and procedures or subject to an approval process described in them. We may also be prevented from uniformly applying these policies and procedures under applicable state or federal law or regulation. Because exceptions are permitted, it is possible that investors may be treated differently and, as a result, some may be allowed to engage in trading activity that might be viewed as market timing.

Among the steps we have taken to reduce the frequency and effect of these practices are monitoring trading activity and imposing trading restrictions including the prohibition of more than twelve transfers among Divisions under a single Contract during a Contract year. Multiple transfers with the same effective date made by the same Owner will be counted as a single transfer for purposes of applying the twelve transfer limitation. Further, an investor who is identified as having made a transfer in and out of the same Division, excluding the Government Money Market Division, ("round trip transfer") in an amount in excess of $10,000 within fourteen calendar days will be restricted from making additional transfers if a total of three round trips are made within that same Contract year or two round trip transfers are made within any subsequent year. The restriction will last until the next Contract anniversary date and the Contract Owner will be sent a letter informing him or her of the restriction. An investor who is identified as having made one round trip transfer within thirty calendar days aggregating more than one percent (1%) of the total assets of the Portfolio underlying a Division, excluding the Government Money Market Division and the Divisions corresponding to the Portfolios of the Russell Investment Funds LifePoints<sup>®</sup> Variable Target Portfolio Series, will be restricted from making additional transfers if a total of two round trips are made within that same Contract year or one round trip transfer is made within any subsequent year. The restriction will last until the next Contract anniversary date and the Contract Owner will be sent a letter informing him or her of the restriction. Unless we believe your trading behavior to be inconsistent with these short-term and excessive trading policies, these limitations will not apply to automatic asset transfers, scheduled or systematic transactions involving portfolio rebalancing, dollar cost averaging, interest sweeps, or to initial allocations or changes in future allocations, to the extent these features are available in your Contract. Once a Contract is restricted, we will allow one additional transfer into the Government Money Market Division until the next Contract anniversary. Additionally, in accordance with our procedures, we may modify some of these limitations to allow for transfers that would not count against the total transfer limit but only as necessary to alleviate any potential hardships to Owners (*e.g.*, in situations involving a substitution of an underlying fund).

We may change these policies and procedures from time to time in our sole discretion without notice; provided, however, Contract Owners will be given advance, written notice if the policies and procedures are revised to accommodate market timing. Additionally, the Funds may have their own policies and procedures described in their prospectuses that are designed to limit or restrict frequent trading. Such policies may be different from our policies and procedures, and may be more or less restrictive. As the Funds may accept purchase payments from other investors, including other insurance company separate accounts on behalf of their variable product customers and retirement plans, we cannot guarantee that Funds will not be harmed by any abusive market timing activity relating to the retirement plans and/or other insurance companies that may invest in the Funds. Such policies and procedures may provide for the imposition of a redemption fee and may require us to provide transaction information to the Fund (including an Owner's tax identification number) and to restrict or prohibit transfers and other

**Account B Prospectus**

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transactions that involve the purchase of shares of a Portfolio(s). In the event a Fund instructs us to restrict or prohibit transfers or other transactions involving shares of a Portfolio, you may not be able to make additional purchases in an investment option until the restriction or prohibition ends. If you submit a request that includes a purchase or transfer into such a restricted investment option, we will consider the request "not in good order" and it will not be processed. You may, however, submit a new transfer request.

If we believe your trading activity is in violation of, or inconsistent with, our policies and procedures or otherwise is potentially disruptive to the interests of other investors, you may be asked to stop such activities and future investments, and allocations or transfers by you may be rejected without prior notice. Because we retain discretion to determine what action is appropriate in a given situation, investors may be treated differently and some may be allowed to engage in activities that might be viewed as market timing.

We intend to monitor events and the effectiveness of our policies and procedures in order to identify whether instances of potentially abusive trading practices are occurring. However, we may not be able to identify all instances of abusive trading practices, nor completely eliminate the possibility of such activities, and there may be technological limitations on our ability to impose restrictions on the trading practices of Contract Owners. We may be unable to monitor trading activity by individual participants in omnibus accounts established under group annuity contracts.

Fixed Options

During the Accumulation phase of your Contract, you may invest on a fixed basis in the following guaranteed accounts of different durations ("Guaranteed Accounts"), provided they are available in your state and under your Contract: the Guaranteed Interest Fund 1 ("GIF 1") (formerly referred to as the "Guaranteed Interest Fund") and the Guaranteed Interest Fund 8 ("GIF 8"). Your ability to make investments in a Guaranteed Account may also be limited by state law. Currently, neither GIF 1 nor GIF 8 is available in Contracts subject to New York law. For Contracts subject to Vermont and Maryland law sold before May 1, 2013, no investments may be applied to GIF 8 after the first Contract anniversary. Information regarding the features of each currently offered Guaranteed Account, including (i) its name, (ii) its term, and (iii) its minimum guaranteed interest rate, is available in Appendix A to this prospectus. To find out if a Guaranteed Account is available in your state and under your Contract, or for the current interest rate, please contact your Northwestern Mutual Financial Representative or call 1-888-455-2232. All material state variations are described in Appendix C.

Except where noted above, GIF 1 is available for investment under both front-load and back-load Contracts. GIF 8 is only available under back-load Contracts. Guaranteed Accounts are not available after annuitization. We reserve the right to discontinue offering all Guaranteed Accounts or a Guaranteed Account of a particular duration. We also reserve the right to offer additional multi-year Guaranteed Accounts from time to time. The effective date of an investment in a Guaranteed Account is determined in the same manner that the effective date for an investment in the Divisions of the Separate Account is determined.

Interest is credited and compounded daily on amounts you invest in a Guaranteed Account at a rate that we declare ("Declared Rate"), in our discretion, for a guaranteed period that we specify ("Guaranteed Period"). The Declared Rate will not be less than a minimum guaranteed annual effective rate of 0.50% (or a higher rate if required by applicable state law). We also guarantee that the cash value of your investment in the Guaranteed Accounts will not be less than a minimum amount determined by a formula that complies with applicable state insurance nonforfeiture law. For GIF 1, the Declared Rate will be effective for a Guaranteed Period equal to the *shorter* of the following two periods: (i) the twelve month period measured from the end of the month of the investment's effective date, or (ii) the period remaining until the Maturity Date of the Contract. For GIF 8, the Declared Rate will be effective for a Guaranteed Period ending eight years from the effective date; provided, however, an investment in GIF 8 is not permitted if the Guaranteed Period would extend beyond the Maturity Date of the Contract.

Upon expiration of a Guaranteed Period for GIF 1, any amounts remaining in that Guaranteed Account will begin a new one-year Guaranteed Period subject to a new Declared Rate unless you otherwise instruct us to allocate the amounts to a Division(s) of the Separate Account. Upon expiration of a Guaranteed Period for GIF 8, any amounts remaining in that Guaranteed Account will be transferred to the Government Money Market Division of the Separate Account unless you otherwise instruct us to allocate the amounts to other Division(s) of the Separate Account or a new Guaranteed Period for either GIF 1 or GIF 8. The expiration date of a Guaranteed Period for any investment in a Guaranteed Account will be provided in your quarterly variable annuity summary statements and any transaction confirmations. We will provide the Owner a written notice regarding any changes in the availability of Guaranteed Periods at least 31 days prior to the effective date of the change. To obtain information regarding any changes to the currently offered Guaranteed Accounts, and the discontinuance or addition of Guaranteed Accounts, please contact your Northwestern Mutual Financial Representative or call 1-888-455-2232.

**Moving into a Guaranteed Account** You may make an initial investment in a Guaranteed Account by applying all or part of a Net Purchase Payment or an amount transferred from Divisions of the Separate Account or another Guaranteed Account. Subject to the limitations described below, you may make additional investments in GIF 1 at any time prior to the Maturity Date of the Contract. No additional transfers may be made into a GIF 1 for 90 days following a transfer out of a GIF 1. Additional

**Account B Prospectus**

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investments in GIF 8 are not permitted without our consent. Currently, we permit additional investments in GIF 8 that represent proceeds from exchanges under Section 1035 or rollovers under Section 408 of the Internal Revenue Code of 1986, as amended (the "Code"), provided (i) you inform us at the time of your initial investment in the Contract, and (ii) that such proceeds are received by us within 90 days (or whatever period that may be required under applicable state law) thereafter. Interest will accrue on those proceeds from the date of receipt, but they will be treated for all other purposes the same as your initial investment. Subject to this limited exception, if you direct us to make additional investments in GIF 8, they will be invested in the Government Money Market Division.

**Moving out of a Guaranteed Account** Transfers from Guaranteed Accounts are subject to certain limits. No transfers from GIF 8 are permitted during the first four years following the start of a Guaranteed Period. After a transfer is made from a Guaranteed Account, no additional transfers may be made from that Guaranteed Account for a period of 365 days. Additionally, the maximum amount of Accumulation Value that may be transferred from a Guaranteed Account in a single transfer may not be more than the greater of (i) 25% of the Accumulation Value of the Guaranteed Account on the preceding Contract anniversary date, or (ii) the amount of the most recent transfer from that Guaranteed Account. (For Contracts issued prior to March 31, 2000, the percentage limit by the terms of the Contract is 20%, but our current practice, which we may change without notice to you, is to permit up to 25%.) In no event may the amount of a single transfer from a Guaranteed Account be greater than $50,000. These limitations on individual transfers do not apply to transfers from GIF 8 at the end of a Guaranteed Period. These transfer limitations can be illustrated as follows:

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| | | |
|:---|:---|:---|
| **Amount of initial**<br> **deposit into a GIF**<br>| &nbsp;&nbsp; **Maximum amount you**<br> **can transfer annually**<br>| &nbsp;&nbsp; **Total number of years** <br> **until initial deposit can**<br> **be transferred**<br> **completely**<br>|
| $25000 | $6250 | 4 years |
| $75000 | $18750 | 4 years |
| $100000 | $25000 | 4 years |

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**Withdrawal Charge** Maturity benefits and withdrawals under a back-load Contract are subject to the withdrawal charge described under "Charges—Withdrawal Charges." Because the withdrawal charge will be deducted from the amount withdrawn and affect the amount available for withdrawal, you should carefully consider its effect before investing in, and making a withdrawal from, the Contract.

The withdrawal charge applicable to withdrawals from GIF 8 during the first four years of a Guaranteed Period differs from that which is applicable to other withdrawals in several respects. First, the charge applies to withdrawals from GIF 8 during the first four years of each and every Guaranteed Period. Second, during those four years it applies to the Accumulation Value, rather than to Net Purchase Payments. During the first three years of a Guaranteed Period, the withdrawal charge equals 6% of the amount of the Accumulation Value withdrawn. During the fourth year, the charge equals 5% of the amount of the Accumulation Value withdrawn. Net Purchase Payments that are subject to the withdrawal charge are reduced by an amount equal to that portion of the Accumulation Value withdrawn from GIF 8 during the first four years, beginning with the highest withdrawal charge category and rate. Currently, neither GIF 1 nor GIF 8 is available in Contracts subject to New York law.

**Market Value Adjustment (GIF 8 Only)** Transfers, withdrawals, surrenders, and annuitizations (but not payments of Contract fees or payments due to the death of the Primary Annuitant) made from GIF 8 prior to the end of a Guaranteed Period may be charged or credited with a market value adjustment ("MVA"). No MVA will apply if you do not transfer or withdraw amounts from GIF 8 before the end of a Guaranteed Period. A negative MVA will result in the loss of some or all previously credited interest in excess of the minimum guaranteed annual effective interest rate for GIF 8, if any.

**Additional Information** "Portfolio Rebalancing" may not be used with any Guaranteed Account, and "Automatic Dollar Cost Averaging" and "Interest Sweeps" may not be used with GIF 8. Withdrawals from GIF 8 during the first four years of a Guaranteed Period may be taken in the form of a variable income plan, except for payments for a specified period. (See Option 1 under "Income Plans—Description of Variable Income Plans.")

Amounts you invest in a Guaranteed Account become part of our General Account, which represents all of our assets other than those held by us in the Separate Account and other separate accounts. The General Account is used to support all of our annuity and insurance obligations and is available to our general creditors. As part of our General Account, however, the Guaranteed Accounts do not bear any mortality rate and expense charges applicable to the Separate Account under the Contract, nor do they bear expenses of the Portfolios in which the Divisions of the Separate Account invest. Other charges under the Contract apply to the Guaranteed Accounts. (See "Charges and Adjustments".) For purposes of allocating and deducting the annual Contract fee, we treat GIF 1 the same as Divisions of the Separate Account; no portion of the annual Contract fee will be deducted from GIF 8 unless insufficient value exists in the Divisions and GIF 1.

**Account B Prospectus**

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In reliance on certain exemptive and exclusionary provisions, we have not registered interests in the GIF under the Securities Act of 1933 and we have not registered the GIF as an investment company under the 1940 Act. Accordingly, neither the GIF nor any interests therein are generally subject to these Acts. This disclosure, however, is subject to certain generally applicable provisions of the federal securities laws relating to the accuracy and completeness of statements made in the prospectus.

**Preservation+ Strategy** (Back-load Contracts only) Subject to the investment minimums and maximums discussed above, Owners may elect to allocate all or a portion of their initial Purchase Payment to the *Preservation+ Strategy*. The *Preservation+ Strategy* is designed to preserve the principal of the amount that Owners allocate to the strategy through the crediting of a fixed rate of interest to the portion of that allocation invested in GIF 8 for the Guaranteed Period, while permitting participation in the potential returns – and attendant risks – of the Division(s) of the Separate Account Owners select among the Divisions available under the Strategy. A mathematical formula is used to determine the part of the total initial Purchase Payment allocated to the Strategy that must be invested in GIF 8 to guarantee a return of principal and interest from GIF 8 at the end of the Guaranteed Period (less any applicable Contract fees charged to GIF 8 during the period). This guarantee is subject to the condition that Owners make no withdrawals or transfers from GIF 8 during the eight-year Guaranteed Period. The remainder of the initial Purchase Payment allocated to the *Preservation+ Strategy* is invested in the Division of the Separate Account that invests in the Portfolio(s) selected by Owners. Under the *Preservation+ Strategy*, the Company guarantees the return of the amount allocated to GIF 8 plus a fixed rate of interest on that amount (less any applicable Contract fees charged to GIF 8). Owners assume the risk associated with the amount invested in the Separate Account. The Company guarantees the return of the principal amount invested under the Strategy. Owners also assume the risk that their investment in the *Preservation+ Strategy* may result in the return of only the principal amount invested under the Strategy, subject to the claims-paying ability of the Company.

The Company does not make recommendations as to whether an Owner should elect to allocate all or a portion of their initial Purchase Payment to the *Preservation+ Strategy*. Owners should consult their financial representative for more information about the *Preservation+ Strategy* and whether the *Preservation+ Strategy* is appropriate for them.

Example: John Doe is the Owner of a back-load Contract and has allocated his initial Purchase Payment to the *Preservation+ Strategy*. The Company invests a portion of his Purchase Payment to GIF 8. The remainder of the Purchase Payment is invested in equities of John's choosing. John, after remaining invested in the strategy for the eight-year Guaranteed Period and satisfying all conditions, will receive an amount equal to his Purchase Payment plus the funds invested in equities.

The Contract

**Generally** The Contract is intended for retirement and long-term savings. The Contract provides for a death benefit during the years when funds are being accumulated and for a variety of income options following retirement. During the years when funds are being paid into your Contract, known as the accumulation phase, the earnings accumulate on a tax-deferred basis. Generally, distributions are subject to tax as ordinary income if you make a withdrawal. The annuitization phase begins when you start receiving Annuity Payments under your Contract. Monthly Annuity Payments begin on the date you select. The amount you accumulate under your Contract, including the results of investment performance, will determine the amount of your monthly Annuity Payments. If, however, the Contract is owned by a non-natural person (*e.g*., a corporation or a trust), the tax deferral on earnings may be lost. While there are exceptions for certain employee benefit plans, any income on a Contract owned by a non-natural person will generally be treated as ordinary income subject to annual taxation.

If you are purchasing the Contract through a tax-favored arrangement, including IRAs and Roth IRAs, and SIMPLE IRAs, you should carefully consider the costs and benefits of the Contract before purchasing the Contract, since the tax-favored arrangement itself provides for tax-sheltered growth. Certain provisions of the Contract may be different than the general description in this prospectus, and certain riders, options, or funds may not be available because of legal restrictions in your state. You should consult your Contract, as any such state variations will be included in your Contract or in riders or endorsements attached to your Contract.

**Free Look** If you change your mind about owning this Contract, you can cancel it within ten days after you receive it (or whatever period is required under applicable state law). There is no charge for our expenses but the amount you receive may be more or less than what you paid, based on actual investment experience following the date we received your purchase payment. We will refund the sum of (a) the value of the Accumulation Units of the Separate Account on the effective day of the return plus (b) any amount deducted from the portion of the Purchase Payments applied to the Separate Account. In the event applicable state law requires us to return the greater of your Contract value or your purchase payment, we will do so. All material state variations are described in Appendix C.

**Account B Prospectus**

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**Contract Values** The value of your Contract on any Valuation Date is the sum of the following: (i) the value of all your amounts held in the Divisions of the Separate Account on that Valuation Date; and (ii) the sum of your amounts allocated to the Guaranteed Account(s), plus credited interest; less (iii) any applicable fees and amounts withdrawn or transferred from the Guaranteed Account(s). We use the "net investment factor" as a way to calculate the investment performance of a Division from valuation period to valuation period. For each Division, the net investment factor shows the investment performance of the underlying mutual fund Portfolio in which a particular Division invests, including the charges assessed against that Division for a given valuation period. The Portfolios will distribute investment income and realized capital gains to the Divisions, which we will reinvest in additional shares of those same Portfolios. Unrealized capital gains and realized and unrealized capital losses will be reflected by changes in the value of the shares held by the Division. We will notify you, if, before the Maturity Date no Purchase Payments have been received under the Contract for a period of two full years and both the Contract Value and the total Purchase Payments paid (less amounts withdrawn) are each less than $2,000. If you are unable to increase the Contract Value or the total Purchase Payments paid to $2,000 within 30 days after we notify you, we may surrender your Contract for its Contract Value (i.e., with no withdrawal charge) in accordance with applicable state law, provided such surrender does not affect or terminate any other benefits or riders provided or elected under the Contract.

Purchase Payments Under the Contract

**Frequency and Amount** A Purchase Payment is the money you give us to apply to your Contract. You may make Purchase Payments monthly, quarterly, semi-annually, annually, or on any other frequency acceptable to us. For back-load Contracts in non-tax qualified situations, the minimum initial Purchase Payment is $5,000. For all other back-load Contracts, the minimum amount for an initial Purchase Payment is $100, or $25 if payments are made through an Insurance Service Account (ISA) instead. For front-load Contracts, the minimum initial Purchase Payment is $10,000. The minimum amount for each subsequent Purchase Payment for all Contracts is $25, although we may accept lower amounts in certain circumstances. We will accept larger purchase payments than the minimums, but total purchase payments under any Contract may not exceed $5,000,000 without our consent. For all Contracts, Purchase Payments may not exceed the applicable federal income tax limits. (See "Federal Income Taxes.") For back-load Contracts issued in Oregon sold before May 1, 2013, you may not make Purchase Payments after the first Contract anniversary if the Maturity Date is earlier than the Contract anniversary nearest the Annuitant's 90th birthday.

In certain situations, we may, in our discretion, reduce or waive our minimum purchase payment requirements. For example, for back-load Contracts in non-tax qualified situations, we may reduce the minimum initial purchase amount from $5,000 to no less than $4,000 provided you elect on your application to make additional subsequent Purchase Payments such that the total Purchase Payments you make on or before the first anniversary date of your Contract equal or exceed $5,000. We may also reduce or waive our $5,000 minimum if your application is submitted as part of a group of applications, including those being paid for through a multiple-contract billing. For front-load Contracts, we may reduce the minimum initial purchase amount from $10,000 to no less than $5,000 provided you elect on your application to make additional subsequent Purchase Payments such that the total Purchase Payments you make on or before the first anniversary date of your Contract equal or exceed $10,000. Also, when initial Purchase Payments representing proceeds from rollovers or annuity exchanges are determined to satisfy the front-load Contract minimum based on values at the time you sign your application, but the amount subsequently received by us is less than the required minimum due to market value fluctuations and sales or administrative fees charged in connection with the rollover or exchange, we may reduce the required minimum by the sum of any such depreciation and fees.

**Guaranteed Account Investment Minimums and Maximums** Guaranteed Accounts are subject to certain investment minimums and maximums in addition to those described above. Amounts that are applied to GIF 8 are subject to an investment minimum of $10,000, unless we consent to a lesser amount. We also limit the maximum amount that may be invested in the Guaranteed Accounts. Without our prior consent, no investment may cause the Accumulation Value of all Guaranteed Accounts (the sum of all applied amounts and credited interest, less fees and any amounts transferred or withdrawn) to exceed a maximum amount we specify in the Contract. For Contracts currently being issued, the maximum amount specified in the Contract is $100,000. To the extent that an investment causes the maximum amount to be exceeded, the excess amount would be invested in the Government Money Market Division of the Separate Account until you instruct us otherwise. Changes in the investment minimums and maximums will be applied on a prospective basis only and will not affect contract owners invested in the Guaranteed Accounts as of the date of such change. Contract owners who are invested in a Guaranteed Account and whose investment did not meet the new minimum investment requirement or whose investment exceeded the new maximum investment limit may continue to remain invested in the Account and, with our consent, would be able to continue to allocate purchase payments and transfers to that Account up to the current maximum investment limit.

**Application of Purchase Payments** We credit Net Purchase Payments, after deduction of any sales load, to the variable and/or fixed investment options as you direct. If we do not have appropriate instructions in good order, we will continue to credit Net Purchase Payments to your Contract according to the allocation instructions then in effect. The application of Purchase Payments to the Guaranteed Account options are subject to special rules (see "The Investment Options—Fixed Options"). We invest those assets allocated to the variable options in shares of those Portfolios that correspond to the

**Account B Prospectus**

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applicable Division; the term "Accumulation Units" describes the value of this interest in the Separate Account. For the back-load Contracts, there are two types of Accumulation Units: "Class A" and "Class B." We credit Class B Accumulation Units to your back-load Contract each time you make a Purchase Payment. We convert Class B Accumulation Units to Class A Accumulation Units on a basis that reflects the cumulative amount of Purchase Payments and the length of time that the amounts have been held under a back-load Contract. (See "Base Contract Charges.") Class B Accumulation Units are subject to a Withdrawal Charge while Class A Accumulation Units are not subject to such a charge.

Initial Net Purchase Payments allocated to a Division will be priced at the Accumulation Unit Value determined no later than two Valuation Dates after we receive at our Home Office or a lockbox facility we have designated both your initial Purchase Payment and your application in good order. "Good order" means that the application is complete and accurate and all applicable requirements are satisfied. If your application is not in good order, we may take up to five Valuation Dates to resolve the problem. If we are unable to resolve the problem within that time, we will notify you in writing of the reasons for the delay. If you revoke the consent given with your application to hold your initial Purchase Payment pending resolution of the problem, we will return your payment. Otherwise, the number of Accumulation Units you receive for your initial Net Purchase Payment will be determined based upon the valuation of the assets of that Division we make not later than two Valuation Dates following the date on which the problem is resolved and your application is put into good order. Although we do not anticipate delays in our receipt and processing of applications or Purchase Payment requests, we may experience such delays to the extent applications and Purchase Payments are not forwarded to our Home Office in a timely manner. Such delays could result in delays in the issuance of Contracts and the allocation of Purchase Payments under existing Contracts.

Subsequent Net Purchase Payments will be priced based on the next determined Accumulation Unit Value after the payment is received in good order either at the Home Office or a lockbox facility we have designated. The number of Accumulation Units credited to a Contract is determined by dividing the Net Purchase Payments by the value of the Accumulation Unit on the effective date. This number of Accumulation Units will not be changed by any subsequent change in the dollar value of the Accumulation Units.

We deem receipt of a Purchase Payment to occur on a given Valuation Date if receipt occurs before the close of trading on the NYSE (typically, 4:00 p.m. Eastern Time). If receipt occurs on or after the close of trading on the NYSE, we deem receipt to occur on the following Valuation Date. You may send Purchase Payments to our Home Office or to a payment center designated by us. All payments must be made in U.S. Dollars payable through a U.S. financial institution. We accept Purchase Payments by check or electronic funds transfer ("EFT"). We do not accept third-party checks at the Home Office as part of the initial Purchase Payment. We generally will not accept cash, money orders, traveler's checks, or "starter" checks; however, in limited circumstances, we may accept some cash equivalents in accord with our anti-money laundering procedures. If you make a Purchase Payment with a check or bank draft and, for whatever reason, it is later returned unpaid or uncollected, or if a Purchase Payment by EFT is reversed, we reserve the right to reverse the transaction. We also reserve the right to recover any resulting losses incurred by us by withdrawing a sufficient amount of Contract Value. We may reject any application or Purchase Payment for any reason permitted by law. We may also be required to provide additional information about you and your account to government regulators.

The value of an Accumulation Unit in each Division varies with the investment experience of the Division (which in turn is determined by the investment experience of the corresponding Portfolio). We determine the value by multiplying the value on the immediately preceding valuation date by the net investment factor for the Division. The net investment factor takes into account the investment experience of the Portfolio, the deduction for mortality and expense risks we have assumed, and a deduction for any applicable taxes or for any expenses resulting from a substitution of securities. Since you bear the investment risk, there is no guarantee as to the aggregate value of your Accumulation Units. That value may be less than, equal to, or more than the cumulative net purchase payments you have made.

**Reduction or Waiver of Certain Charges** Sometimes sales of contracts to groups of similarly situated individuals or on behalf of such individuals in connection with certain arrangements, for example, trust arrangements, may lower our costs and expenses. We reserve the right to reduce or waive certain fees or charges when this type of sale occurs, where permitted by state law. We determine which groups and arrangements are eligible for this treatment based on criteria we establish, including but not limited to some or all of the following: the size or type of group or arrangement; the amount of expected Purchase Payments; any prior or existing relationship between us and the prospective purchaser(s); the length of time a group of contracts is expected to remain active; the purpose of the purchase and whether that purpose increases the likelihood that our expenses will be reduced; and any other factors that we believe indicate that costs and expenses may be reduced. We reserve the right to modify, suspend, or terminate any such determination or the treatment applied to a particular group at any time.

**Maturity Date** Under Contracts currently offered, Purchase Payments may be made until the Maturity Date stated on the Contract's specifications page, or until Annuity Payments begin, whichever is earlier. Distributions may be required before the Maturity Date. (See "Minimum Distribution Requirements.") Any death benefit you elect will automatically terminate upon annuitization, which will occur no later than the contract's maturity date (i.e., the date upon which you must either annuitize or take a lump sum).

**Account B Prospectus**

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**Gender-Based Annuity Payment Rates** Federal law, and the laws of certain states, may require that Annuity considerations and Annuity Payment rates be determined without regard to the sex of the Annuitant. Because we offer the Contracts for use with certain plans where these rules may have general application, the Annuity Payment rates in the Contracts do not distinguish between male and female Annuitants. However, Contracts with sex-distinct rates are available as applicable. Prospective purchasers of the Contracts should review any questions in this area with qualified counsel.

Access to Your Money

**Withdrawals** Contract Owners may withdraw some or all of the Accumulation Unit Value of their Contract at any time before the Maturity Date. We may require that a Contract Value of at least $2,000 remain after a partial withdrawal. You may instruct us how to allocate your partial withdrawal request among your investments in the Divisions and Guaranteed Interest Fund. If no direction is received, your withdrawal will be deducted proportionately from each of your investments. Any applicable withdrawal (or surrender) charge, market value adjustment, federal/state tax withholding, and/or Express Mail Delivery fee will be assessed against and deducted from the amount withdrawn.

Withdrawals from the GIF 8 may be subject to special withdrawal charges and an MVA. (See "Investment Options—The Fixed Options".) Complete or partial withdrawals under back-load Contracts may be subject to a withdrawal charge. (See "Withdrawal Charges".) Such withdrawals may be prohibited under the terms of your plan, and may also trigger certain tax penalties. (See "Federal Income Taxes".)

Withdrawals may also be made after the Maturity Date. If Annuity Payments are being made under variable income plan 1 (Period Certain), the payee may surrender the Contract and receive the value of the Annuity Units credited to his or her Contract, less the applicable withdrawal charge. (See "Withdrawal Charges".) For Contracts, issued in Oregon sold prior to May 1, 2013, no withdrawals may be made within the first five years after the date a variable income plan 1 takes effect. If Annuity Payments are being made under variable income plan 2 (Single Life Income with or without Period Certain) and the payee dies during the Period Certain (or if both payees die during the Period Certain of variable income plan 3 (Joint and Survivor Life Income with Period Certain)), the beneficiary may surrender the Contract and receive the withdrawal value of the unpaid payments for the Period Certain. The withdrawal value is based on the Annuity Unit value on the withdrawal date, with the unpaid payments discounted at the Assumed Investment Rate. (See "Description of Variable Income Plans".)

We may accept withdrawal or full surrender requests (including, but not limited to exchanges reported under IRC §1035 and direct trustee to trustee transfers) in writing or by telephone, subject to our administrative procedures, which may include the proper completion of certain forms, the provision of appropriate identifying information, and other administrative requirements. Full surrenders may require a signed form. Withdrawal requests may be submitted on properly completed Northwestern Mutual forms or an electronic order ticket. See "Owner Inquiries and Instructions" for more information. Improperly submitted and incomplete forms will not be considered to be in good order and will not be processed. We will process your request at the accumulation value next determined only after our receipt of your request in good order, which includes satisfaction of all our administrative requirements. Subject to our administrative procedures and our approval, you may request that a withdrawal be processed (or that an Income Plan start) on a future date you specify. Otherwise, we will pay the amount of any withdrawal from the Separate Account within seven days (or earlier, if required under applicable state law) after we receive the request in good order unless the suspension of payments or transfers provision is in effect. You may revoke a request for withdrawal on a specified future date any time prior to such future date. Subject to our rules, requirements, and availability, your Financial Representative may provide us with instructions on your behalf involving the frequency, amount, and destination of partial and complete withdrawals made under your Contract.

If mandated under applicable law, we may be required to block an Owner's account and thereby refuse to pay any requests for transfer, partial withdrawal, surrender or death benefits, until instructions are received from the appropriate regulator. We may also be required to provide additional information about an Owner and an Owner's account to government regulators.

In reliance on relief from the SEC staff ("SEC Relief"), we may temporarily delay the payment of proceeds from a surrender or withdrawal attributable to the Divisions if we reasonably believe that financial exploitation of an Owner, who is (i) age 65 or older, or (ii) age 18 or older who we reasonably believe has a mental or physical impairment that renders them unable to protect their own interests, has occurred, is occurring, has been attempted, or will be attempted. Subject to the conditions of the SEC Relief, payment of the proceeds may be delayed for up to 55 Valuation Dates. During the period of any such payment delay, the proceeds will be held in the Division of the Separate Account that invests in the Government Money Market Portfolio as we investigate and work with appropriate regulatory and other lawful authorities to resolve the matter. No later than two Valuation Dates after the temporary hold has been imposed, we will provide oral or written notice of the temporary hold and the reason for the temporary hold to the Owner, a trusted contact person the Owner previously identified to us and any other person(s) eligible to submit orders related to the Contract, unless we suspect that other person(s) of having engaged in, engaging in, having attempted or attempting financial exploitation of the Owner.

**Account B Prospectus**

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Benefits Provided Under the Contracts

Subject to the restrictions noted below, we will pay the death benefit of a Contract in a lump sum or under the Income Plans described below. We reserve the right to defer determination of the withdrawal value of the Contracts, or the payment of benefits under a variable income plan, until after the end of any period during which the right to redeem shares of a Portfolio is suspended, or payment of the redemption value is postponed pursuant to the provisions of the 1940 Act because of one or more of the following: (a) the NYSE is closed, except for routine closings on holidays or weekends; (b) the SEC has determined that trading on the NYSE is restricted; (c) the SEC permits suspension or postponement and so orders; (d) an emergency exists, as defined by the SEC, so that valuation of the assets of the Funds or disposal of securities they hold is not reasonably practical; or (e) such suspension or postponement is otherwise permitted by the 1940 Act. If, under SEC rules, the Government Money Market Portfolio suspends payments of redemption proceeds in connection with a liquidation of the Portfolio, we will delay payment of any transfer, partial surrender, surrender or death benefit from the Government Money Market Division until the Portfolio is liquidated.

Benefits Available Under the Contract

The following table summarizes information about a variety of standard and optional benefits available under the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183). If applicable, information about the fees associated with a benefit included in the table may be found in the Fees and Expense Tables.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | &nbsp;&nbsp; **Is Benefit** <br> **Standard or** <br> **Optional**<br>| **Maximum Fee** | &nbsp;&nbsp; **Brief Description of Limitations/**<br> **Restrictions**<br>|
| Standard Death <br> Benefit<br>| &nbsp;&nbsp; The [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) provides a death <br> benefit to be paid under a lump <br> sum, fixed or variable income <br> plans or continued in force as a <br> new contract for the payee(s)<br>| Standard | No Charge | &nbsp;&nbsp; ●Only payable if the [Annuitant](#bookmark_annuitant_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) dies <br> before the [Maturity Date](#bookmark_maturitydate_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<br> ●[Income Plans](#bookmark_incomeplan_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) have their own <br> payout benefit rules at death (see <br> below)<br> ●Is reduced for withdrawals <br> ●If payee elects to continue the <br> [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) in force, additional <br> restrictions may apply<br>|
| Enhanced Death <br> Benefit<br>| &nbsp;&nbsp; An optional enhanced death <br> benefit is available that allows <br> the [Owner](#bookmark_owner_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) to annually "lock in" <br> certain increases in [Contract](#bookmark_contractvalue_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<br> [Value](#bookmark_contractvalue_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<br>| Optional | 0.40%<sup>1</sup> <br>| &nbsp;&nbsp; ●Not available for all issue ages and <br> enhanced death benefit <br> adjustments are limited by the <br> primary [Annuitant's](#bookmark_annuitant_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) age<br> ●Must be elected at issue<br> ●Cannot be added once terminated<br> ●There is a charge for this benefit<br>|
| [Income Plans](#bookmark_incomeplan_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) | &nbsp;&nbsp; [Annuity Payments](#bookmark_annuitypayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) and death <br> benefit payments are payable <br> under various income plans on a <br> variable or fixed basis <br>| Standard | No charge<sup>2</sup> <br>| &nbsp;&nbsp; ●Plans for [Annuity Payments](#bookmark_annuitypayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) for a <br> specified period are not available <br> for [Contracts](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) issued after <br> May 1, 2013<br> ●Variable income plans are subject <br> to some [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) charges (as well <br> as expenses of the underlying <br> [Portfolios](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)) and are subject to <br> market risk<br> ●Fixed income plans are funded <br> through withdrawals from the <br> [Separate Account](#bookmark_separateaccount_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) and may be <br> subject to a withdrawal charge<br> ●Transfers between [Income Plans](#bookmark_incomeplan_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<br> are only allowed under limited <br> circumstances <br>|

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**Account B Prospectus**

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|:---|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | &nbsp;&nbsp; **Is Benefit** <br> **Standard or** <br> **Optional**<br>| **Maximum Fee** | &nbsp;&nbsp; **Brief Description of Limitations/**<br> **Restrictions**<br>|
| Preservation+ <br> Strategy<br>| &nbsp;&nbsp; Allows [Owners](#bookmark_owner_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) to allocate all or <br> a portion of their initial <br> [Purchase Payment](#bookmark_purchasepayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) to a strategy <br> designed to preserve the <br> principal of amounts allocated <br> to the strategy through the <br> crediting of a fixed rate of <br> interest to the portion invested <br> in GIF 8 while permitting <br> participation in the potential risk <br> and returns of their selected <br> [Divisions](#bookmark_division_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<br>| Optional | No Charge | &nbsp;&nbsp; ●Not available for front-load <br> [Contracts](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<br> ●Subject to investment minimum <br> and maximums and other <br> conditions <br> ●[Guaranteed Period](#bookmark_guaranteedaccount_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) is limited and <br> guaranteed amounts are subject to <br> the claims-paying ability of <br> [Northwestern Mutual](#bookmark_northwesternmutual_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<br>|
| Reinvestment of <br> Redemptions<br>| &nbsp;&nbsp; In certain limited circumstances, <br> allows [Purchase Payments](#bookmark_purchasepayments_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) to be <br> made without the deduction of <br> a sales load, or with a refund of <br> a withdrawal charge <br>| Standard | No Charge | &nbsp;&nbsp; ●Request to void redemption must <br> be made within 60 days without <br> passing the [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) anniversary<br> ●Requests will not be processed <br> where redemption proceeds were <br> paid by a check payable to the <br> [Owner](#bookmark_owner_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) and cashed or proceeds <br> directly deposited into a bank <br> account<br>|
| Terminal Illness <br> Benefit<br>| &nbsp;&nbsp; Waives withdrawal charges if <br> primary [Annuitant](#bookmark_annuitant_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) is terminally <br> ill<br>| Standard | No Charge | &nbsp;&nbsp; ●Must meet timing and definitional <br> requirements for "terminal illness" <br>|
| Nursing Home <br> Benefit<br>| &nbsp;&nbsp; Waives withdrawal charges if <br> primary [Annuitant](#bookmark_annuitant_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) is confined to <br> a nursing home<br>| Standard | No Charge | &nbsp;&nbsp; ●Applies after first [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<br> anniversary<br> ●Confinement must be medically <br> necessary for 90 consecutive days<br>|
| Automatic Dollar <br> Cost Averaging<br>| &nbsp;&nbsp; On a periodic basis, <br> automatically transfers a specific <br> amount from the Government <br> Money Market [Division](#bookmark_division_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) into <br> other [Divisions](#bookmark_division_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) you selected<br>| Standard | No charge | &nbsp;&nbsp; ●Cannot use with portfolio <br> rebalancing<br>|
| Systematic <br> Withdrawal Plan<br>| &nbsp;&nbsp; Allows for monthly payments <br> drawn from your investment <br> options during the accumulation <br> phase either proportionately <br> from your investment options or <br> from specific investment options <br>| Standard | No charge | &nbsp;&nbsp; ●Proportionate deductions may be <br> limited for amounts in the <br> Guaranteed Interest [Funds](#bookmark_fund_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<br> ●Withdrawal charges may apply to <br> amounts in excess of the free <br> withdrawal amount<br> ●Taxes or penalties may apply<br>|
| Special Withdrawal <br> Privilege<br>| &nbsp;&nbsp; Allows the withdrawal of 10% of <br> [Contract Value](#bookmark_contractvalue_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) without a <br> surrender charge<br>| Standard | No Charge | &nbsp;&nbsp; ●[Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) must be at least $10,000<br> ●Applies only after the first [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<br> anniversary<br>|
| [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<br> Rebalancing<br>| &nbsp;&nbsp; Automatically rebalances the <br> [Divisions](#bookmark_division_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) you select (either <br> monthly, quarterly, semi-<br> annually or annually) to <br> maintain your chosen mix of <br> [Divisions](#bookmark_division_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<br>| Standard | No charge | &nbsp;&nbsp; ●Ordinarily ends upon transfers from <br> applicable [Divisions](#bookmark_division_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<br> ●Cannot use with dollar cost <br> averaging<br>|
| Interest Sweeps | &nbsp;&nbsp; Automatically transfers interest <br> from the GIF to any combination <br> of [Divisions](#bookmark_division_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183)<br>| Standard | No charge | &nbsp;&nbsp; ●Minimum [Contract Value](#bookmark_contractvalue_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) required <br> for eligibility<br>|
| Asset Allocation <br> Models<br>| &nbsp;&nbsp; Allocation models are available <br> that comprise a combination of <br> [Divisions](#bookmark_division_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) representing various <br> asset classes with various levels <br> of risk tolerance <br>| Standard | No charge | &nbsp;&nbsp; ●Only one model is available at a <br> time<br> ●Models are "static" and therefore <br> the [Owner](#bookmark_owner_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) must make an <br> affirmative election to change <br> models<br> ●Available models may change in the <br> future<br>|

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**Account B Prospectus**

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The annual charge for the Optional Enhanced Death Benefit is expressed as a percentage of the entire benefit and varies by issue age.

Variable income plans continue to be assessed Base Contract Charges.

Death Benefit

**How Much is the Death Benefit?** The amount of the Death Benefit depends in part on when the Annuitant dies. (Remember that the Annuitant is the person upon whose life the Contract is issued.)

● If an Annuitant dies before the Contract's Maturity Date—and on or after his or her 75th birthday—the Death Benefit will equal the Contract Value (determined as described below).

● If an Annuitant dies after the Contract's Maturity Date (which is stated on the specifications page of the Contract), or any time after Annuity Payments begin, no Death Benefit is payable. Income Plans have their own payout benefit rules at death. (See "Income Plans.")

● If an Annuitant dies before the Contract's Maturity Date—and before his or her 75th birthday—the Death Benefit will equal the greater of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Contract Value (determined as described immediately below); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the amount of Purchase Payments we received, less an adjustment for every withdrawal. (For each withdrawal, we reduce the minimum death benefit by the percentage of the Contract Value withdrawn.)

**When is the Death Benefit Determined?** In determining the amount of the Death Benefit, the Contract Value is determined as of the date we receive proof of the Annuitant's death at our Home Office. If we receive proof of death before the close of trading for the NYSE (typically, 4:00 p.m. Eastern Time), we will determine the Contract Value based on the value of the units in the Divisions determined at the close of that day's trading session. If, however, we receive proof of death on or after the close of NYSE trading, we will determine the Contract Value based on the value of the units in the Divisions determined at the close of the *next* NYSE trading session. The values in any Guaranteed Account are determined in the same manner as are the values in the Separate Account Divisions; *i.e*., based on the time we receive the appropriate paperwork.

Guaranteed Minimum Death Benefit Examples

Set forth below are two numerical examples illustrating the effect of a withdrawal from the contract upon the minimum death benefit. The first example shows a hypothetical increase in Contract Value and a hypothetical withdrawal amount; the second shows a hypothetical decrease in Contract Value and a different hypothetical withdrawal amount (this method of calculating reductions has a greater effect on withdrawals when the death benefit exceeds the Contract Value):

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **When Contract Value Exceeds** <br> **Total Purchase Payments**<br>| &nbsp;&nbsp; **When Contract Value is Less**<br> **Than Total Purchase Payments**<br>|
| Total Purchase Payments | $50000 | $50000 |
| Guaranteed Minimum Death Benefit <br> immediately before withdrawal<br>| $50000 | $50000 |
| Contract Value at the time of withdrawal | $100000 | $40000 |
| Withdrawal Amount | $25000 | $10000 |
| Proportionate Adjustment for Withdrawal | ($25,000/$100,000) x $50,000 = $12,500 | ($10,000/$40,000) x $50,000 = $12,500 |
| Percentage Reduction in Death Benefit | 25% | 25% |
| Guaranteed Minimum Death Benefit <br> immediately after the withdrawal<br>| $50,000–$12,500 = $37,500 | $50,000–$12,500 = $37,500 |

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Example: John Doe was the Owner of a Contract. John dies before the Contract Maturity Date and after his 75th birthday. Upon his death, the Company pays the Contract Value to his wife Jane, his designated beneficiary.

John Doe was the Owner of a Contract. John dies before the Contract Maturity Date and before his 75th birthday. Upon his death, the Company pays the greater of the Contract Value or Purchase Payments less any adjustments for each withdrawal to his wife Jane, his designated beneficiary.

John Doe was the Owner of a Contract. John dies after the Contract Maturity Date. Since the Contract has matured, no death benefits are payable through the Contract. If John settled the funds from the Contract to an Income Plan, a death benefit may be payable based on the Income Plan chosen.

An enhanced death benefit ("EDB") is available at extra cost. The EDB allows an Owner to "lock in" increases in Contract Value as measured on each Contract anniversary date prior to the Primary Annuitant's 80<sup>th</sup> birthday, increased by the dollar amount of subsequent Purchase Payments and proportionally reduced for subsequent withdrawals, in determining the death benefit payable. The EDB also guarantees that the death benefit payable under the Contract will never be less than Purchase Payments

**Account B Prospectus**

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made under the Contract (adjusted for any withdrawals). The EDB on any Valuation Date equals the *greatest* of (i) the Contract value on that date, (ii) the amount of Purchase Payments made under the Contract (adjusted for any withdrawals), or (iii) the EDB on the most recent Contract anniversary date prior to the Primary Annuitant's 80<sup>th</sup> birthday, increased by any Purchase Payments we received since that Contract anniversary and decreased by the percentage of Contract value withdrawn since that Contract anniversary. We deduct the extra cost for the EDB from the Contract Value on each Contract anniversary while the EDB is in effect. (See "Enhanced Death Benefit Charge.") The EDB is available through issue age 65 (*i.e*., the application must be approved no later than six months following the Primary Annuitant's 65<sup>th</sup> birthday) and must be elected when the Contract is issued. The EDB will remain in effect until the Maturity Date or the death of the Primary Annuitant or if you ask us to remove it from your Contract. You cannot add it to your Contract again after it has been removed.

Example: John Doe was the Owner of a Contract and had elected to add the optional enhanced death benefit ("EDB") to his Contract for an additional charge. John dies before the Contract Maturity Date, after one year of owning the Contract and before his 80th birthday. Upon his death, the Company pays the greatest of the Contract Value, Purchase Payments less any adjustments for each withdrawal, or the EDB on the most recent anniversary plus payments and less any adjustments for withdrawals since the prior anniversary to his wife Jane, his designated beneficiary.

John Doe was the Owner of a Contract and had elected to add the optional enhanced death benefit ("EDB") to his Contract for an additional charge. John dies before the Contract Maturity Date and after his 80th birthday. Upon his death, the Company pays the greater of the Contract Value or the EDB on the anniversary immediately prior to his 80th birthday plus payments and less any adjustments for withdrawals since that anniversary to his wife Jane, his designated beneficiary.

Enhanced Death Benefit Examples

Set forth below is a numerical example demonstrating the calculation of the enhanced death benefit (assuming an initial purchase payment of $100,000 with no subsequent purchase payments and no withdrawals):

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| | | |
|:---|:---|:---|
| **Contract Anniversary** | **Contract Value** | **Enhanced Death Benefit** |
| First | $120000 | $120000 |
| Second | $130000 | $130000 |
| Third | $110000 | $130000 |

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Set forth below is an example showing the calculation of both the death benefit and the enhanced death benefit for a contract with a subsequent purchase payment and a withdrawal (for illustrative purposes, the contract values are hypothetical and no annual fees are taken into account):

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| | | | |
|:---|:---|:---|:---|
| **Date-Activity** | **Contract Value** | **Death Benefit** | **Enhanced Death Benefit** |
| 1/1/2024–$100,000 Initial <br> Purchase Payment<br>| &nbsp;&nbsp; $100,000 (immediately after <br> Purchase Payment)<br>| $100000 | $100000 |
| 1/1/2025–$50,000 Purchase <br> Payment<br>| &nbsp;&nbsp; $120,000 (immediately before <br> Purchase Payment)<br>| &nbsp;&nbsp; $150,000 (*i.e*., the sum of the <br> two Purchase Payments)<br>| &nbsp;&nbsp; $170,000 (*i.e*., the highest <br> anniversary account value plus <br> the $50,000 Purchase Payment)<br>|
| 6/1/2025–$20,000 withdrawal | &nbsp;&nbsp; $125,000 (immediately before <br> the withdrawal)<br>| &nbsp;&nbsp; (1–$20,000/$125,000) x <br> $150,000 = $126,000 <br> (immediately after the <br> withdrawal)<br>| &nbsp;&nbsp; (1–$20,000/$125,000) x <br> $170,000 = $142,800 <br> (immediately after the <br> withdrawal)<br>|

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**How is the Death Benefit Distributed?** If the Owner is the Annuitant and dies before the Contract's Maturity Date, the Beneficiary automatically becomes the new Owner and Annuitant and the ownership rights of any surviving joint owner are terminated unless the joint owner is also named as a Beneficiary. As a matter of current practice, the Contract continues in force, subject to limitations under federal and/or state law. (If there is more than one Beneficiary for a given Contract, each Beneficiary must make his or her own method of payment election.) If the Contract continues in force, we will set the Contract Value at an amount equal to the Death Benefit. If this results in an addition to the Contract Value, we will place the additional amount in the Government Money Market Division and the Beneficiary (now, the new Owner) may transfer it to the Divisions chosen by such Beneficiary/Owner or to a Guaranteed Account (if available)—transfers to a GIF 8 in this circumstance are allowed only if no funds were invested in the GIF 8 on the death of the Annuitant." [New]: "Beneficiary/Owner. Pursuant to the terms of the Contract, the Contract Value will remain invested in the same investment options as those at the time of the Annuitant's death until such time as the Beneficiary elects to transfer to different investment options or to make a withdrawal.

If the Owner is not the Annuitant and the Annuitant dies before the Maturity Date, the contingent Annuitant automatically becomes the new Annuitant and the Contract continues in force. If no contingent Annuitant is named within 60 days (or whatever period that may be required under applicable state law) after we receive proof of death of the Annuitant, the Death Benefit becomes payable to the Owner.

**Account B Prospectus**

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If an Owner is the Annuitant and, during his or her life, elected an Income Plan (see "Income Plans") for a Beneficiary, Annuity Payments begin to such Beneficiary upon the death of the Owner, as described above. If the Owner did not elect an Income Plan for a Beneficiary, the Beneficiary may elect to:

● continue the Contract (as described above),

● receive the Death Benefit under an Income Plan, subject to limitations under federal and/or state law, or

● receive the Death Benefit as a lump sum check.

In any event, the Beneficiary must take distributions from the Contract pursuant to the applicable minimum distribution requirements. (See "Minimum Distribution Requirements.") If no affirmative election is made, the Beneficiary will receive the Death Benefit as a lump sum check. Generally, amounts distributed as the Death Benefit are includible in the income of the recipient as follows: (i) if distributed in a lump sum, they are taxed in the same manner as a surrender of the Contract, or (ii) if distributed under a payout option, they are taxed in the same way as annuity payments.

Income Plans

**Generally** If you decide to begin receiving Annuity Payments from your Contract, you may choose either: (1) monthly payments for a specified period (guaranteed only for contracts issued before May 1, 2013), or (2) monthly payments for your life (assuming you are the Annuitant), and you may choose to have payments continue to your Beneficiary for the balance of 10 or 20 years if you die sooner, or (3) monthly payments for your life and for the life of another person (usually your spouse) selected by you. These Income Plans are available to you on a variable or fixed basis, or a combination thereof, depending on applicable state law. Your Contract may guarantee the right to other Income Plans, and we may offer other Income Plans from time to time from which you may choose when deciding to start receiving Annuity Payments. While no charges are assessed on fixed income plans, we will continue to assess Base Contract Charges on variable income plans. You will also continue to incur the fees and expenses of the underlying Portfolios in which you direct the assets supporting your Income Plan be invested. Fixed income plans describe in the Contract or otherwise offered by the Company include income plans with a guaranteed income amount or income amount that changes annually based on the company's declared rate. If you select a fixed income plan, we will cancel any Accumulation Units credited to your Contract, transfer the withdrawal value of the Contract to our General Account, and you will no longer have any interest in the Separate Account. We may make a Withdrawal Charge in determining the withdrawal value. (See "Withdrawal Charges.") Amounts transferred to our General Account would also include the value of any amounts allocated to any Guaranteed Account, plus credited interest, less any withdrawals you have made and any applicable MVA.

A variable income plan means that the amount representing the actuarial liability under the variable income plan will continue to be invested in one or more of the investment choices you select. Transfers made between investment options during pay-out cannot: (1) exceed 12 transfers per year, (2) transfer into and then out of the same fund within 14 days, if the transfer is $10,000 or more, and (3) transfer into and then out of the same fund within 30 days, if the transfer is in excess of 1% of the underlying fund's total assets. Your monthly Annuity Payments will vary up or down to reflect continuing investment performance. Under a variable income plan, you bear the entire investment risk, since we make no guarantees of investment return. Accordingly, there is no guarantee of the amount of the variable payments, and you must expect the amount of such payments to change from month to month. A fixed income plan, on the other hand, guarantees the amount you will receive each month. For a discussion of tax considerations and limitations regarding the election of Income Plans, see "Federal Income Taxes."

The annuitization period begins when you start receiving a stream of periodic annuity payments under your Contract on the date you select. For Income Plans, the earliest possible annuity commencement date is immediately after we issue your Contract. The latest possible annuity commencement date is the Maturity Date (i.e., the date you must annuitize or take the lump sum). Under Contracts currently offered, on the Maturity Date, if you have not elected a permissible Income Plan *(i.e*., one offered by the Company for your Contract), we will change the Maturity Date to the Contract anniversary nearest the Annuitant's 98<sup>th</sup> birthday (if the Maturity Date is not already such date) and, upon that Maturity Date, we will pay the Contract Value in monthly payments for life under a variable income plan with payments certain for ten years, using your investment choices then in effect. In addition, upon the Maturity Date, expiration of a Guaranteed Period, or when you elect a variable income plan, any amounts in a Guaranteed

Account will be transferred to the Government Money Market Portfolio unless you instruct us otherwise.

Example: John Doe was the Owner of a Contract and had elected a single life income plan for a ten-year certain period. John dies before the ten-year certain period is over and his wife Jane, his beneficiary, continues to receive income payments for the remainder of the certain period. After the ten-year certain period, no income payments are payable to Jane, his beneficiary.

**Description of Variable Income Plans** The following variable income plans are available:

**Account B Prospectus**

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1. *<u>Period Certain</u>* (sometimes referred to as Installment Income for a Specified Period). An annuity payable monthly for a specified period of 10 to 30 years during the first five Contract years and over a specified period of 5 to 30 years beginning with the sixth Contract year (guaranteed only for contracts issued before May 1, 2013).

2. *<u>Single Life Income with or without Period Certain</u>* (sometimes referred to as Single Life Income with or without Certain Period). An annuity payable monthly until the payee's death, or until the expiration of a selected period certain, whichever is later. You may select a period certain of either 10 or 20 years, or you may choose a plan with no period certain. After the payee's death, we will make any remaining guaranteed payments to the designated beneficiary. Where no period certain was selected and the Income Plan beneficiary dies before the first scheduled payment, then no payments will be paid.

3. *<u>Joint and Survivor Life Income with Period Certain</u>* (sometimes referred to as Joint and Survivor Life Income with Certain Period). An annuity payable monthly for a period certain of 10 years and thereafter during the joint lifetime of two Joint Annuitants. On the death of either Joint Annuitant, payments continue for the remainder of the 10 years period certain or the remaining lifetime of the survivor, whichever is longer.

We may, subject to applicable state law, limit the election of a variable income plan to one that results in an initial payment of at least $20. A variable income plan will continue even if payments fall to less than $20 after the plan begins. From time to time we may establish variable income plan rates with greater actuarial value than those stated in the Contract and make them available at the time of settlement. We may also make available other plans, with provisions and rates we publish for those plans. Amounts (or portions thereof) payable under a variable income plan with a period certain may be redeemed after we have a request for redemption in good order at the Home Office. Where no period certain was selected and the Income Plan beneficiary dies before the first scheduled payment, then no payments will be paid.

After the effective date of an Income Plan which does not involve a life contingency *(i.e.*, Plan 1), a payee may transfer to either form of life annuity (*i.e.*, Plans 2 or 3) at no charge. We will apply the value of the remaining payments to the new plan selected. We will determine the amount of the first Annuity Payment under the new plan on the basis of the particular plan selected, the Annuity Payment rate, and the Annuitant's adjusted age and sex. Subsequent payments will vary to reflect changes in the value of the Annuity Units credited. We may permit other transfers between Income Plans, subject to such limitations we may reasonably determine. If you are in an Income Plan involving a life contingency (i.e., Plans 2 or 3), you will not be able to withdraw any Contract Value after the annuity commencement date. We will not permit a transfer to an Income Plan that involves a different life contingency. Income Plans for Beneficiaries may differ from those offered to Owners. At the written request of the Owner, we may impose restrictions on payments to beneficiaries.

**Amount of Annuity Payments** We will determine the amount of the first Annuity Payment on the basis of the particular variable income plan you select, the Annuity Payment rate (i.e., the stream of projected annuity payments based on an actuarial projection of the length of time annuity payments will continue as well as other factors including the assumed investment rate) and, for plans involving life contingencies, the Annuitant's adjusted age and sex. We will calculate the amount of the first Annuity Payment on a basis that takes into account the length of time over which we expect Annuity Payments to continue. The first payment will be lower for an Annuitant who is younger when payments begin, and higher for an Annuitant who is older, if the variable income plan involves life contingencies. The first payment will be lower if the variable income plan includes a longer certain period. Variable Annuity Payments after the first will vary from month to month to reflect the fluctuating value of the Annuity Units credited to your Contract. Annuity Units represent the actuarial value of a variable income plan's interest in a Division of the Separate Account after Annuity Payments begin. Class A Accumulation Units become Class A Annuity Units and Class B Accumulation Units become Class B Annuity Units on the Maturity Date.

**Assumed Investment Rate** The variable annuity rate tables for the Contracts are based upon an Assumed Investment Rate of 3 ½%. Variable annuity rate tables based upon an Assumed Investment Rate of 5% are also available where permitted by state law. The Assumed Investment Rate affects both the amount of the first variable payment and the amount by which subsequent payments increase or decrease. The Assumed Investment Rate does not affect the actuarial value of the future payments as of the date when payments begin, though it does affect the actual amount which may be received by an individual Annuitant.

Over a period of time, if each Division achieved a net investment result exactly equal to the Assumed Investment Rate applicable to a particular variable income plan, the amount of Annuity Payments would be level. However, if the Division achieved a net investment result greater than the Assumed Investment Rate, the amount of Annuity Payments would increase. Similarly, if the Division achieved a net investment result smaller than the Assumed Investment Rate, the amount of Annuity Payments would decrease. A higher Assumed Investment Rate will result in a larger initial payment but more slowly rising and more rapidly falling subsequent payments than a lower Assumed Investment Rate.

**Account B Prospectus**

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Additional Features and Services

**Reinvestment of Redemptions** In special limited circumstances, we will allow Purchase Payments to be made without the deduction of a sales load (or with a refund of a Withdrawal Charge) for those Contract Owners who make a Purchase Payment in connection with a request to void a redemption made within 60 days (or whatever period that may be required under applicable state law) of our receipt of the redemption request. Such Purchase Payments and the amount of any Withdrawal Charge deducted upon redemption will be reinvested at the accumulation unit value next determined for each investment option after our receipt of the signed request for reinvestment in good order at our Home Office. Purchase Payments will be applied to the same investment option(s) from which the initial redemption(s) were made. We will not process a request for reinvestment where redemption proceeds were paid by check made payable to the Contract Owner and such check was cashed, where the redemption proceeds are directly deposited to a checking or savings account, or if the time between the distribution and the request for reinvestment crosses a contract anniversary. Similarly, we may refuse to process requests for reinvestment where it is not administratively feasible. Decisions regarding requests for reinvestment will take into consideration differences in costs and services and will not be unfairly discriminatory. For further information, contact your Financial Representative.

Example: John Doe has a back-load Contract and decides to withdraw $2,000. The accumulation value of his contract at the time of the withdrawal request was $25,000. After the withdrawal, John's contract had a value of $23,000 and he received $1,880 in proceeds. John receives his requested withdrawal amount after deducting $120, which is the Withdrawal Charge (6% in years 1-3) applied to the amount withdrawn ($2,000 x 0.06 = $120). Forty-five days later, John requests to void his previous redemption request. At the time of this request, John's contract has decreased in value due to the investment experience of the Divisions and was worth $22,000. The Company refunds the amount withdrawn as well as the Withdrawal Charge ($2,000 total) increasing the Contract Value to $24,000.

**Terminal Illness Benefit** Withdrawal charges are waived if the Primary Annuitant is terminally ill (as defined in the Terminal Illness Benefit Rider) and has a life expectancy of 12 months or less (or whatever period that may be required under applicable state law). No withdrawal charge will be waived if the determination of terminal illness is made before the Contract was issued. No Purchase Payments may be made to the Contract once proof of terminal illness is provided to the Company. Whether by Contract or Company practice, we are extending this benefit to terminal injury as well, effective May 1, 2013.

Example: John Doe is the Owner of a back-load Contract and after one year of owning the Contract, he becomes terminally ill with a life expectancy of 12 months. John requests to take a withdrawal that would have normally been subject to a Withdrawal Charge of 6%. In that instance, if he satisfies the conditions of the rider, the Company would not impose that Withdrawal Charge that would have otherwise applied to that withdrawal.

**Nursing Home Benefit** Withdrawal charges are waived after the first Contract anniversary if the Primary Annuitant's confinement is medically necessary for at least 90 consecutive days (or whatever period that may be required under applicable state law) on a 24 hour per day basis in a licensed nursing facility or hospital (as defined in the Nursing Home Benefit Rider). No withdrawal charge will be waived if the confinement began before the Contract was issued. No Purchase Payments may be made to the Contract once proof of confinement is provided to the Company. A request for waiver of withdrawal charges must be made no later than 90 days (or whatever period that may be required under applicable state law) following the date confinement ended.

Example: John Doe is the Owner of a back-load Contract and after one year of owning the Contract, he becomes confined to a nursing home for 90 consecutive days. John requests to take a withdrawal that would have normally been subject to a Withdrawal Charge of 6%. In that instance, if he satisfies the conditions of the rider, the Company would not impose that Withdrawal Charge that would have otherwise applied to that withdrawal.

*The Terminal Illness and Nursing Home Benefits are not available in New York.*

**Automatic Dollar-Cost Averaging** The Dollar-Cost Averaging Plan is an investment strategy designed to reduce the investment risks associated with market fluctuations. The strategy spreads the allocation of money (expressed in whole percentages and in amounts of at least $100) into the Divisions over a period of time by systematically and automatically transferring, on a monthly, quarterly, semiannual, or annual basis, specified dollar amounts from the Government Money Market Division into the other Division(s). This allows you to potentially reduce the risk of investing most of your Purchase Payments into the Divisions at a time when prices are high. Transfers will end either when the amount in the Government Money Market Division is depleted or when you notify us to stop such transfers, whichever is earlier. There is no charge for the Dollar-Cost Averaging Plan. We reserve the right to modify or terminate the Dollar-Cost Averaging Plan at any time.

*Dollar cost averaging does not assure a profit or protect against loss in a declining market. Carefully consider your willingness to continue payments during periods of low prices. You should consult your financial representative before deciding whether to elect dollar cost averaging.*

**Account B Prospectus**

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**Systematic Withdrawal Privilege** You can arrange to have regular amounts of money sent to you while your Contract is still in the accumulation phase. Our Systematic Withdrawal Plan allows you to automatically redeem Accumulation Units to generate monthly payments. The withdrawals may be taken either proportionately from each investment option or from specific investment options you designate. Systematic withdrawals continue until at least one of the following occurs: (1) the amount in any of the selected Portfolios or Guaranteed Accounts is depleted; (2) less than 100 Accumulation Units remain in the Contract; (3) a systematic withdrawal plan terminates; (4) when the final amount is distributed and there is no value left in the Contract (in which case the Contract will terminate); or (5) you terminate systematic withdrawals. We may deduct a withdrawal charge from any amount you withdraw in excess of your free withdrawal amount, and you may have to pay income taxes and tax penalties on amounts you receive. There is no charge for the Systematic Withdrawal Plan service. We reserve the right to modify or terminate this Systematic Withdrawal Plan at any time.

**Special Withdrawal Privilege** You can withdraw 10% of the Contract's accumulation value without a surrender charge, if the Contract has at least a $10,000 balance, beginning on the first Contract anniversary.

**Portfolio Rebalancing** To help you maintain your asset allocation over time, we offer a rebalancing service. This will automatically readjust your current investment option allocations, on a periodic basis (i.e., monthly, quarterly, semi-annually, or annually), back to the allocation percentages you have selected. There is no charge for this Portfolio Rebalancing feature. We reserve the right to modify or terminate this Portfolio Rebalancing feature at any time. If you transfer between underlying investment options, automatic portfolio rebalancing ("APR") will ordinarily end and you will need to make a new APR election if you want APR to continue.

*Only contracts with accumulation values of $10,000 or more or those Contracts that have been annuitized are eligible. A program of regular investing cannot assure a profit or protect against loss in a declining market.*

**Interest Sweeps** If you select this service we will automatically sweep or transfer interest from the GIF 1 to any combination of Divisions. Interest earnings can be swept monthly, quarterly, semi-annually or annually. Transfers (which must be expressed in whole percentages) will end either on a date you specify or when the amount of interest being transferred is less than $25, whichever is earlier.

*Only Contracts with $10,000 or more in the GIF 1 are eligible. (Interest sweeps are not available for amounts in the GIF 8.) The amount and timing restrictions that ordinarily apply to transfers between the GIF 1 and the investment Divisions do not apply to interest sweeps.*

**Allocation Models** The Company currently makes available allocation models at no extra charge. An Owner can select only one model at a time. Each of the five models currently available is comprised of a combination of Portfolios representing various asset classes with various levels of risk tolerance ranging from conservative to very aggressive. Generally, the five models can be characterized as follows:

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| | |
|:---|:---|
| **Conservative** | &nbsp;&nbsp; This combination of Divisions has Portfolios that generally invest in a <br> mix of mostly fixed income securities and some equity securities in <br> order to preserve principal, provide liquidity and income to seek <br> modest growth.<br>|
| **Moderately Conservative** | &nbsp;&nbsp; This combination of Divisions has Portfolios that generally invest in <br> fixed income securities and a mix of equity securities with a majority <br> emphasis on fixed income investments in order to preserve <br> principal, provide liquidity and income and to seek modest growth.<br>|
| **Balanced** | &nbsp;&nbsp; This combination of Divisions has Portfolios that generally invest in a <br> mix of fixed income and equity securities in order to preserve <br> principal and pursue sustained long-term growth without the <br> volatility of high- risk investments.<br>|
| **Aggressive** | &nbsp;&nbsp; This combination of Divisions has Portfolios that generally invest in a <br> mix of equity securities and some fixed income securities in order to <br> primarily pursue long-term growth while willing to accept the <br> volatility associated with high-risk investments.<br>|
| **Very Aggressive** | &nbsp;&nbsp; This combination of Divisions has Portfolios that invest in almost <br> entirely in a variety of equity securities in order to achieve higher <br> potential growth while assuming the risks and higher volatility <br> associated with these securities.<br>|

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An Owner may only select a model which is currently available. Any investment allocations outside of an Owner's original model must be made by the Owner, and will not be made by the Company. The Company does not provide investment advice regarding whether a model should be revised or whether it remains appropriate to invest in accordance with any particular model due to performance, a change in Owner's investment needs or for other reasons. If an Owner wishes to remove Portfolios from an Owner's model and/or change allocations to a current model, the Owner may do so by contacting their financial representative or by calling 1-888-455-2232. There will be no automatic rebalancing to these models unless the Owner chooses

**Account B Prospectus**

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the automatic rebalancing option. **Please note that investment in a model does not eliminate the risk of loss and it does not protect against losses in a declining market. An Owner should consult their financial representative for more information about available allocation models and whether investment in a model is appropriate for them.**

Available models may change from time to time. The Company reserves the right to modify, suspend, or terminate any asset allocation model at any time but this will not affect an Owner's current allocation, except in limited circumstances involving a Substitution or the elimination of a Portfolio as an investment option under the Contract (see "Substitution of Portfolio Shares and Other Changes" above for more information regarding the substitution of a Portfolio). In that case, allocations in a Portfolio within a model (Original Portfolio) will be transferred to a different Portfolio if Original Portfolio becomes no longer available (e.g., a substitution, merger, liquidation), in which case the Company will send written notice in advance of such event. If an Owner is invested in a model that is no longer offered and initiates a change outside of the original model allocations, the Owner will not be able to select the original model (see "Transfers Between Divisions" above for more information about how to change portfolio allocations).

Please note that investment according to an allocation model may result in an increase in assets allocated to Portfolios managed by an investment adviser affiliated with the Company, and therefore a corresponding increase in Portfolio management fees collected by such adviser and may present a conflict of interest.

Charges and Adjustments

We will make the following current charge deductions:

**Sales Load** For the front-load Contract we deduct a sales load from all Purchase Payments we receive. The sales load compensates us for the costs we incur in selling the Contracts. If the sales load does not cover distribution expenses, any shortfall will be paid from our general account. Such payments from our general account may consist of, among other things, proceeds from the Base Contract Expenses described below. For front-load contracts sold between May 1, 2000 and April 30, 2003, the sales load on cumulative purchase payments in excess of $1,000,000 is 0.5%. We base the charge on cumulative Purchase Payments we have received and the rates in the table below:

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|:---|:---|:---|
| **Cumulative Purchase**<br> **Payments Paid**<br> **Under the Contract**<br>| **Charge**<br> **(as % of**<br> **Purchase Payment)**<br>| **Charge**<br> **(as % of**<br> **Amount Invested)**<br>|
| First $100,000 | &nbsp;&nbsp; 4.5% | &nbsp;&nbsp; 4.5% |
| Next $400,000 | &nbsp;&nbsp; 2.0% | &nbsp;&nbsp; 2.5% |
| Balance over $500,000 | &nbsp;&nbsp; 1.0% | &nbsp;&nbsp; 2.25%<sup>1</sup> <br>|

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<sup>1</sup> This percentage assumes cumulative Purchase Payments paid under the Contract were $600,000.

**Contract Fee** On each Contract anniversary prior to the Maturity Date, we charge $30 for administrative expenses relating to the Contracts during the prior year. We cannot increase this charge. We will apply the charge for the Contract Fee by reducing the number of Accumulation Units credited to your Contract. For purposes of allocating and deducting the annual Contract fee, we consider any investment in a Guaranteed Account as though it were an investment of the same amount in one of the Separate Account Divisions, except that no amount will be taken from a GIF 8 unless insufficient value exists in the GIF 1 and the Separate Account Divisions. We use this fee to reimburse our actual administrative expenses. We waive the Contract fee if the Contract Value on the Contract anniversary is $25,000 or more. Currently, we are also waiving the Contract fee if the Purchase Payments, less withdrawals, equal or exceed $25,000. We reserve the right to change this practice in the future. We will give prior notice.

Base Contract Charges

**Nature and Amount of the Charges** When we determine the value of Accumulation and Annuity Units, we deduct a charge for mortality rate and expense risks we have assumed. We assume, for example, the risk that Annuity Payments will continue for longer periods than anticipated because the Annuitants as a group live longer than expected. We also assume the risk that the charges we make may be insufficient to cover the actual costs we incur in connection with the Contracts, including other costs such as those related to marketing and distribution. We assume these risks for the duration of the Contract. In case these costs exceed the amount of the charges we collect, the costs will be paid out of our general assets. If the amount of the charge is more than sufficient to cover the mortality and expense risk, any excess may be used for any Company purpose.

For the front-load Contract, the deduction from Accumulation Units and Annuity Units is at a current annual rate of 0.45% of the assets of the Separate Account. For the back-load Contract, the deduction for Class B Accumulation Units and Class B Annuity Units is at a current annual rate of 1.10% of the assets of the Separate Account; the deduction for Class A Accumulation Units

**Account B Prospectus**

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and Class A Annuity Units is at a current annual rate of 0.45% of the assets of the Separate Account. While our Board of Trustees may increase or decrease such deductions, in no event may the deduction exceed an annual rate of 0.75% for the front-load Contract, 1.50% for the back-load Contract Class B Accumulation and Annuity Units, and 0.75% for the back-load Contract Class A Accumulation and Annuity Units.

**Reduction of the Charges** For the back-load Contracts, we convert Class B Accumulation Units to Class A Accumulation Units on the Contract anniversary if the Contract Value is at least $25,000 and the Purchase Payment which paid for the Class B Accumulation Units has reached "Category Zero". [See "Withdrawal Charges (Back-Load Contracts Only") – Withdrawal Charge Rates.] As a result of the conversion, the mortality rate and expense risks charge is reduced from 1.10% to 0.45% on these units based on current rates. The conversion amount includes the purchase payment in Category Zero and a proportionate share of investment earnings. We allocate the conversion amount proportionately to each Division, and we adjust the number of Accumulation Units in each Division to reflect the relative values for Class A and Class B Accumulation Units on the date of the conversion. The same conversion process and a similar result applies to amounts in a Guaranteed Account. We do not convert Class A Accumulation Units back to Class B Accumulation Units even if the value of your Contract falls below $25,000. We do not convert Annuity Units from Class B to Class A.

**Other Expense Risks** The value of your Contract may reflect a deduction of any reasonable expenses which may result if there were a substitution of other securities for shares of the Portfolios as described under "The Separate Account" and any applicable taxes, (*i.e*., any tax liability) we have paid or reserved for resulting from the maintenance or operation of a Division of the Separate Account, other than applicable premium taxes which we may deduct directly from considerations. We do not presently anticipate that we will make any deduction for federal income taxes (see "Taxation of Northwestern Mutual"), nor do we anticipate that maintenance or operation of the Separate Account will give rise to any deduction for state or local taxes. However, we reserve the right to charge the appropriate Contracts with their shares of any tax liability which may result under present or future tax laws from the maintenance or operation of the Separate Account or to deduct any such tax liability in the computation of the value of such Contracts. Our right to make deductions for expenses resulting from a substitution of securities may be restricted by the 1940 Act.

Withdrawal Charges (Back-Load Contracts Only)

**Withdrawal Charge Rates** When not waived (as described below), we assess and deduct from the withdrawn amount certain withdrawal charges if you elect to withdraw Class B Accumulation Units for cash. Such charges compensate us for expenses associated with the sales of the Contracts, including sales commissions. We base the withdrawal charge on purchase payments made according to the categories and rates in the following table:

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|:---|:---|:---|
| **Category** | **Withdrawal Charge**<br> **Rate – Purchased**<br> **in NY on or after October 9, 2023**<br>| **Withdrawal Charge**<br> **Rate – Purchased**<br> **in all other**<br> **States and Dates** <br>|
| 8, 7, 6 | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 6% |
| 5 | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 5% |
| 4 | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 4% |
| 3 | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 3% |
| 2 | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 2% |
| 1 | &nbsp;&nbsp; 0% | &nbsp;&nbsp; 1% |
| 0 | &nbsp;&nbsp; 0% | &nbsp;&nbsp; 0% |

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We base the amount in each Category on cumulative Purchase Payments you have made and on the number of Contract anniversaries that have occurred since you made each Purchase Payment. The first $100,000 of total Purchase Payments paid over the life of the Contract start in Category Eight, the next $400,000 start in Category Four, and all additional Purchase Payments paid start in Category Two. As of each Contract anniversary, we move any amount in a Category to the next lower Category until the Contract anniversary on which that amount reaches Category Zero. Where the anniversary value is at least $25,000, Class B Accumulation Units purchased with deposits reaching Category Zero, and a proportionate share of earnings will automatically convert to Class A Accumulation Units. The total withdrawal charge will be the sum of all the results calculated by multiplying the amount in each Category by the rate for that Category. The amounts we use will be taken first from the withdrawal charge free amount; next from the Class A Accumulation Units; next from the Class B Accumulation Units in the order that produces the lowest withdrawal charge; and last from any remaining value in the Contract.

For example, suppose a back-load contract has an initial Purchase Payment of $400,000 and is allocated among the Division(s) of the Separate Account. The first $100,000 begins in withdrawal charge Category Eight and the remaining $300,000 begins in withdrawal charge Category Four. The Withdrawal Charge in the first year would be not more than the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● For contracts purchased in NY on or after October 9, 2023: $22,000, i.e., 5% of $300,000 plus 7% of $100,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● For contracts purchased in all other states and dates: $18,000, i.e., 4% of $300,000 plus 6% of $100,000.

**Account B Prospectus**

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Suppose no further Purchase Payments and no withdrawals during the first four years. The $100,000 that was in Category Eight at issue would have moved down one Category each Contract anniversary such that it would move to Category Four on the fourth Contract anniversary. The $300,000 that was in Category Four at issue would move to Category Zero. Suppose the Contract value on the fourth anniversary was $600,000. Because 75% of the Purchase Payments ($300,000/$400,000) are moving to Category Zero, 75% of the Contract value ($450,000) would convert to Class A Accumulation Units and 25% ($150,000) would remain as Class B Accumulation Units. For a withdrawal occurring within the next year, the first $15,000 (10% of $150,000) would be withdrawn from Class B with no withdrawal charge. The next amount withdrawn would be the Contract value attributable to Class A Accumulation Units with no Withdrawal Charge. The next $100,000 withdrawn (from Class B) would be subject to a Withdrawal Charge as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● For contracts purchased in NY on or after October 9, 2023: A 5% Withdrawal Charge totaling not more than $5,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● For contracts purchased in all other states and dates: A 4% Withdrawal Charge totaling not more than $4,000.

A withdrawal charge is not assessed on any earnings.

To illustrate withdrawal charges on partial withdrawals, consider the following example. Suppose a back-load contract has an initial Purchase Payment of $100,000. On the second contract anniversary, the owner withdraws $20,000, but because of market appreciation, the Contract value at the time of the withdrawal equals $120,000 immediately before the withdrawal. Of the total $20,000 withdrawal, the free partial withdrawal amount is $12,000 (10% of $120,000). The Withdrawal Charge on the remaining $8,000 is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● For contracts purchased in NY on or after October 9, 2023: $560 (7% of $8,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● For contracts purchased in all other states and dates: $480 (6% of $8,000).

Now assume that on the third contract anniversary, the owner wishes to withdraw the entire account value. At that time, the contract value equals $110,000. The free partial withdrawal amount is $11,000 (10% of $110,000). On the next $92,000 [$100,000 (the amount of the purchase payments) less $8,000 (the amount on which a Withdrawal Charge has already been assessed)], the Withdrawal Charge is assessed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● For contracts purchased in NY on or after October 9, 2023: $5,520 (6% of $92,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● For contracts purchased in all other states and dates: $4,600 (5% of $92,000).

On the rest of the remaining account value (i.e., $7,000), the Withdrawal Charge is $0. Because we used the $8,000 of purchase payments to determine the charge on the second anniversary, we will not use that amount again for this withdrawal.

**Gross and Net Partial Withdrawals** There are two general methods of requesting and processing partial withdrawals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Gross Method: Under this method, the owner specifies the amount he or she wants withdrawn from the contract. Any applicable withdrawal charge, market value adjustment, federal/state tax withholding, and/or Express Mail Delivery fee is assessed against and deducted from the dollar amount of the withdrawal specified, resulting in a check equal to the difference being sent to the owner. (For example, if the owner specifies a Gross amount of $47,500, and a 5% Withdrawal Charge applies, then $47,500 will be withdrawn from the contract, a $2,375 Withdrawal Charge ($47,500 x .05 = $2,375) will be assessed against and deducted from the withdrawal amount, resulting in a $45,125 check being sent to the owner.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Net Method: Under this method, the owner specifies the amount of the check he or she wants to receive. The amount withdrawn from the contract will be an adjusted (typically larger) amount necessary to result in the dollar amount of the check specified, following the assessment and deduction of any applicable withdrawal charge, market value adjustment, federal/state tax withholding, and/or Express Mail Delivery fee against and from such adjusted amount. (For example, if the owner specifies a Net amount of $47,500, and a 5% Withdrawal Charge applies, then the amount withdrawn from the contract will be the adjusted amount of $50,000, which is necessary to result in a $47,500 check being sent to the owner, following the assessment and deduction of a $2,500 withdrawal charge ($50,000 x .05 = $2,500) against and from the adjusted amount.)

**Waiver of Withdrawal Charges** When we receive proof of death of the Primary Annuitant, we will waive withdrawal charges applicable at the date of death by moving Purchase Payments received prior to the date of death to Category Zero. We will also waive the Withdrawal Charge if the Primary Annuitant has a terminal illness, or is confined to a nursing home or hospital after the first Contract year, in accordance with the terms of the Contract and applicable state law. You may not make Purchase Payments after we are given proof of a terminal illness or confinement.

A "withdrawal charge free" amount is available under a Contract if the Contract Value is at least $10,000 on the Contract anniversary preceding the withdrawal. For each Contract year after the first one, the withdrawal charge free amount is 10% of the value of the Class B Accumulation Units on the last Contract anniversary. We will make no withdrawal charge when you select a variable income plan. However, we will make the withdrawal charge if you make a withdrawal, or partial withdrawal, within five years after the beginning of a variable income plan which is not contingent on the payee's life (i.e., Plan 1).

**Account B Prospectus**

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For fixed income plans, the Contract provides for deduction of the Withdrawal Charge when the Income Plan is selected. By current administrative practice, so long as the Contract has been in force for at least one full year, we will waive the Withdrawal Charge if you select a fixed income plan for a period certain of 12 years or more or certain fixed income plans which involve a life contingency.

As a matter of administrative practice, which we reserve the right to change at any time in our sole discretion, we are currently waiving withdrawal charges on the greater of (i) the Contract Year "withdrawal charge free" amount or (ii) the current year Required Minimum Distributions (except for withdrawals from GIF 8) when submitted on our Required Minimum Distribution Request form.

On July 26, 2007, the Treasury and the Internal Revenue Service issued final regulations governing tax-deferred annuities subject to the provisions of Section 403(b) of the Code that, among other things, require a written plan document, nondiscrimination testing and universal availability and impose restrictions on exchanges, transfers and distributions. These rules became effective on January 1, 2009. However, the restrictions on transfers took effect on September 24, 2007. Because of the requirements of these regulations, Northwestern Mutual will not accept new tax-deferred annuity plans and will allow new purchase payments, rollovers, or transfers into, and transfers out of, its existing tax deferred annuity contracts only if certain conditions are met.

**Withdrawal Charges and Our Distribution Expenses** The amount of withdrawal charges we collect from the back-load Contracts as a group will depend on the volume and timing of withdrawal transactions. We are unable to determine in advance whether this amount will be greater or less than the distribution expenses we incur in connection with those Contracts, but based on the information presently available we believe it is more likely than not that distribution expenses we incur will be greater than the withdrawal charges we receive. We bear this risk for the duration of the Contracts. We will pay any excess of distribution expenses over withdrawal charges from our general assets. These assets may include proceeds from the charge for mortality rate and expense risks described above.

**Special Withdrawal Charges and Rules** Applicable to Guaranteed Accounts See "The Investment Options—Fixed Options" for special withdrawal charges and rules applicable to investments in the GIF 8.

Other Charges

**Enhanced Death Benefit Charge** On each Contract anniversary on which the enhanced death benefit is in effect, we deduct from the Contract Value a charge based on the amount of the enhanced death benefit on the Contract Anniversary and the age of the Annuitant when the Contract was issued. The charge is 0.10% of the amount of the enhanced death benefit for issue age 45 or less, 0.20% for issue age 46-55, and 0.40% for issue age 56-65. This charge is for the risks we assume in guaranteeing the enhanced death benefit. Except for some Contracts subject to New York law, we deduct the charge from the Divisions of the Separate Account and the Guaranteed Accounts in proportion to the amounts you have invested. (For New York front and back load Contracts issued on or after 1/16/04, the charge is deducted only from the Separate Account Divisions and not from the Guaranteed Accounts.)

**Premium Taxes** The Contracts provide for the deduction of applicable premium taxes, if any, from Purchase Payments or from Contract benefits. Various jurisdictions levy premium taxes. Premium taxes generally range from 0% to 3.5% of total Purchase Payments. Many jurisdictions presently exempt from premium taxes annuities such as the Contracts. As a matter of current practice, we do not deduct premium taxes from Purchase Payments received under the Contracts or from Contract benefits. However, we reserve the right to deduct premium taxes in the future. The amount deducted, if any, may be more or less than the percentage charged by your state of residence.

**Portfolio Expenses and Charges** The expenses borne by the Portfolios in which the assets of the Separate Account are invested are described in the mutual fund prospectuses.

For certain Portfolios, certain expenses may have been reimbursed or fees may have been waived during 2025 in addition to any contractual fee waiver or reimbursements. It is anticipated that any such voluntary expense reimbursement and fee waiver arrangements would continue past the current year, although certain arrangements may be terminated at any time. After taking into account these arrangements, as well as any contractual fee waiver or expense reimbursement arrangements, Annual Portfolio Operating Expenses would have ranged from a minimum of 0.14% to a maximum of 2.45%.

**Expedited Delivery Charge** When, at your request, we incur the expense of providing expedited delivery of your redemption request (*e.g.*, a complete or partial withdrawal) we assess the following charges: $15 for express mail delivery (plus $2 for "signature required" service at your request) and $15 for a wire transfer.

**Account B Prospectus**

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Adjustments

**Market Value Adjustment (GIF 8 Only)** Transfers, withdrawals, surrenders, and annuitizations (but not payments of Contract fees or payments due to the death of the Primary Annuitant) made from GIF 8 prior to the end of a Guaranteed Period will be charged or credited with a market value adjustment ("MVA"). No MVA will apply if you do not transfer or withdraw amounts from GIF 8 before the end of a Guaranteed Period. The amount of the MVA will depend upon the difference, if any, between the seven-year Constant Maturity Treasury interest rate in effect on the second-to-last business day of the month preceding the start of the Guaranteed Period and an interest rate, in effect on the second-to-last business day of the month preceding the date of the transfer or withdrawal, equal to the Constant Maturity Treasury interest rate for the period closest to the time remaining in the Guaranteed Period (but not less than one year). If the rate in effect at that time exceeds the seven-year rate preceding the start of the Guaranteed Period, the MVA will be negative and decrease the amount available for transfer or withdrawal from GIF 8. If the opposite is true, the MVA will be positive and increase such amount. For Contracts issued in TX or AL sold prior to May 1, 2013, the MVA formula may differ. Material features of each prior Contract version are described in Appendix B of the Prospectus. All material state variations are described in Appendix C of the Prospectus.

GIF 8 is subject to the Standard Nonforfeiture Law for Individual Deferred Annuities. To ensure compliance with the Standard Nonforfeiture Law on Deferred Annuities, we must credit amounts allocated to GIF 8 with an interest rate at least equal to a minimum guaranteed annual effective interest rate (the "Nonforfeiture Rate"). We may, and typically do, credit interest greater than the Nonforfeiture Rate on amounts allocated to GIF 8. In no event will the MVA increase or decrease the amount transferred or withdrawn by more than a proportionate allocation of the excess, if any, of the interest credited to GIF 8 since the beginning of the Guaranteed Period to the date of transfer or withdrawal, over the interest that would have been credited if the Declared Rate had equaled the Nonforfeiture Rate during that same time period. The Nonforfeiture Rate is based on the five-year Constant Maturity Treasury interest rate on the second-to-last business day of the month preceding the start of the Guaranteed Period during which the transfer or withdrawal is made. In general, the longer the period remaining to the end of the Guaranteed Period at the time of a transfer or withdrawal, the larger the MVA. Because a negative MVA can reduce credited interest in excess of the minimum interest rate required to be credited under applicable state law, you should carefully consider its effect before making a transfer or withdrawal from GIF 8 prior to the end of a Guaranteed Period.

The MVA is intended to protect us from losses on the investments we make to support our fixed rate guarantees when we must pay out amounts that are removed from GIF 8 prior to the end of the Guaranteed Period.

The MVA does not impact the amount of the withdrawal to which a withdrawal (or surrender) charge may be applied as described in this Prospectus (see "Withdrawal Charges").

You may request a quote of the impact a transfer or withdrawal from GIF 8 prior to the end of the Guaranteed Period would have on your Contract Value by calling 1-888-455-2232. Values can fluctuate daily and the actual MVA applied at the time a transfer or withdrawal is processed may be more or less than the values quoted at the time of your call. Additional information about the calculation of the MVA, including the MVA formula and examples, can be found in the Statement of Additional Information.

Federal Income Taxes

Qualified and Non-Tax Qualified Plans

We offer the Contracts for use under the tax-qualified plans (*i.e.*, contributions are generally not taxable) identified below:

1. Individual retirement annuities pursuant to the provisions of Section 408 of the Code, including a traditional IRA established under Section 408(b), simplified employee pensions established under Section 408(j) and (k) and SIMPLE IRAs established under Section 408(p).

2. Roth IRAs pursuant to the provisions of Section 408A of the Code.

3. Tax-deferred annuities pursuant to the provisions of Section 403(b) of the Code for employees of public school systems and tax-exempt organizations described in Section 501(c)(3).

4. Deferred compensation plans established pursuant to Section 457 of the Code for employees of state and local governments and tax-exempt organizations.

5. Nontransferable annuity contracts issued in exchange for fixed dollar annuities previously issued by Northwestern Mutual or other insurance companies or as distributions of termination or death benefits from tax-qualified pension or profit-sharing plans or trusts or annuity purchase plans.

**Account B Prospectus**

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We also offer the Contracts for use in non tax-qualified situations (i.e., contributions are taxable).

**Diversification** The Code requires that the investments of each investment division of the separate account underlying the Contracts be "adequately diversified" in order for the Contracts to be treated as annuity contracts for federal income tax purposes. It is intended that each investment division, through the fund in which it invests, will satisfy these diversification requirements.

**Owner Control** In certain circumstances, owners of variable annuity contracts have been considered for federal income tax purposes to be the owners of the assets of the separate account supporting their contracts due to their ability to exercise investment control over those assets. When this is the case, the contract owners have been currently taxed on income and gains attributable to the variable account assets. There is limited guidance in this area, and some features of our Contracts, such as the flexibility of an owner to allocate premium payments and transfer amounts among the investment divisions of the separate account, have not been explicitly addressed in published rulings. While we believe that the Contracts do not give Owners investment control over separate account assets, we reserve the right to modify the Contracts as necessary to prevent an Owner from being treated as the Owner of the separate account assets supporting the Contract.

Contribution Limitations and General Requirements Applicable to Contracts

**Traditional IRA** If an individual has earned income, the individual and the individual's spouse are each permitted to make a maximum contribution of $7,500 for 2026. For 2026, the IRA catch-up contribution is $1,100 for age 50 and older. Annual contributions are generally deductible unless the Owner or the Owner's spouse is an "active participant" in another qualified plan during the taxable year. If the Owner is an "active participant" in a plan, the deduction phases out at an adjusted gross income ("AGI") of between $81,000—$91,000 for single filers and between $129,000—$149,000 (indexed) for married individuals filing jointly. If the Owner is not an "active participant" in a plan but the Owner's spouse is, the Owner's deduction phases out at an AGI of between $242,000—$252,000 (indexed for joint filers). Federal income tax refunds can be directly deposited into an IRA, subject to contribution limits.

The Owner may also make tax free rollover and direct transfer contributions to an IRA from the Owner's other IRAs or tax qualified plans. The surviving spouse can also roll over the deceased Owner's IRA, tax deferred Annuity or qualified plan to the spouse's own IRA or any other plan in which the spouse participates that accepts rollovers. An individual can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs that are owned. The limit will apply by aggregating all of an individual's IRAs, including SEP and SIMPLE IRAs as well as traditional and Roth IRAs, effectively treating them as one IRA for purposes of the limit. This limit does not apply to direct trustee-to-trustee transfers or conversion to Roth IRAs. A nonspouse beneficiary of the deceased owner's IRA, tax-deferred annuity or qualified plan may also roll over the proceeds to an inherited IRA in a trustee to trustee transfer, subject to annual minimum required distribution rules.

An IRA is nonforfeitable and generally cannot be transferred.

**Roth IRA** If an individual has earned income, the individual and the individual's spouse are each permitted to make a maximum contribution of $7,500 for 2026 and is indexed thereafter. The contribution limit is reduced by contributions to any traditional IRAs of the Owner. For 2026, the Roth IRA catch-up contribution is $1,100 for age 50 and older. For the tax year 2026, the maximum contribution is phased out at an adjusted gross income ("AGI") of between $153,000 and $168,000 for single filers, between $242,000 and $252,000 for 2026 for married individuals filing jointly and between $0 and $10,000 for married individuals filing separately. Regular contributions to a Roth IRA are not deductible. In addition, certain declared federal disaster relief or military service provisions may supplement this information.

An IRA, SEP or SIMPLE IRA (after two years of participation in a SIMPLE IRA plan) and employer plans may be rolled over or converted to a Roth IRA. Special valuation rules may apply to the conversion. A rollover to a Roth IRA is fully taxable but is not subject to a 10% premature withdrawal penalty. Beginning in 2024, individuals may make a tax-free rollover no more than $35,000 (lifetime limit) from a 529 plan into a Roth IRA. Rollovers must be made by a direct trustee-to-trustee transfer from a qualified tuition program into a Roth IRA that has been open at least 15 years prior to the rollover. Rollover amounts subject may not exceed annual Roth IRA contribution limits. Rollovers must follow annual Roth IRA contribution limits, $7,500 for 2026 or $8,600 if the beneficiary is 50 or older.

**SEP** An employer can make a maximum contribution to a SEP for an eligible employee of the lesser of 25% of the employee's compensation up to $360,000 or $72,000 (for 2026). In a SEP that permits employee contributions, the employee is allowed to contribute up to $24,500 in 2026, indexed thereafter. Employees who are age 50 or over may also make a catch-up contribution of $8,000 for 2026, indexed thereafter. The employer is allowed to match the catch-up contribution for any taxable year. SEP contributions are subject to certain minimum participation and nondiscrimination requirements. Contributions and earnings thereon are not includible in the employee's gross income until distributed. The Contracts are nonforfeitable and nontransferable.

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**SIMPLE IRA** A SIMPLE IRA can be established by an employer for any calendar year in which the employer has no more than 100 employees who each earned at least $5,300 during the preceding calendar year and the employer does not maintain another employer sponsored retirement plan. An eligible employee can elect to contribute up to $17,000 (for 2026). The employer must contribute either a matching contribution of up to 3% of the employee's compensation or non-elective contribution of 2% of the employee's compensation up to $360,000 (for 2026) for each employee. However, employers with 26-100 employees may offer at 4% match or 3% non-elective contribution. Employers may make an additional non-elective contribution to each employee of the plan in a uniform manner, provided that the contribution may not exceed the lesser of up to 10% of compensation or $5,300 for 2026. Employees may defer up to $17,000 for 2026 ($21,000 if age 50 or older), however, the annual deferral limit and the age 50 catch-up contribution amount for employees will increase by 10% for employers with no more than 25 employees. Employers with 26-100 employees may provide the higher deferral limits to employees only if they offer a 4% matching or 3% non-elective contribution. A catch-up contribution of $4,000 for 2026 and indexed thereafter is allowed for employees who are age 50 or older. Due to the SECURE Act 2.0, there is an increase in the catch-up contribution limits for participants aged 60-63, but not later years. This enhancement is optional for plans and a plan need not offer enhanced catch-up simply because it offers the normal age 50 catch-up contributions. The employer is allowed to match the catch-up contribution for any taxable year. Contributions and earnings thereon are not includible in the employee's gross income until distributed. SIMPLE IRAs are exempt from the nondiscrimination, top-heavy and reporting rules applicable to qualified plans. The Contracts are nonforfeitable and nontransferable.

**Tax Deferred Annuity** Section 403(b) tax deferred annuities can be established for employees of Section 501(c)(3) tax exempt organizations and public educational organizations. The maximum amount that can be contributed depends upon the type(s) of contributions made to the employee's account and the amount of your includible compensation for your most recent year of service:

<u>Elective Deferrals Only</u>: If there are elective employee deferrals only, the limit for 2026 is the lesser of two rules: (1) the lesser of 100% of the employee's compensation up to $360,000 or $72,000 or (2) a flat dollar limit of $24,500, indexed thereafter. Employees age 50 or over may make an additional catch-up contribution of $8,000 for 2026 and the limit is indexed thereafter. Beginning Jan. 1, 2026, the SECURE 2.0 Act requires catch-up contributions for higher-income earners be made on a Roth basis. This applies to employees aged 50 and older who earned more than $150,000 in wages during the prior year, as defined by Social Security reporting. The final rules do not apply until 2027.

<u>Nonelective Contributions Only</u>: If the only contributions are nonelective employer contributions, the maximum limit for 2026 is the lesser of 100% of compensation up to $360,000 or $72,000.

<u>Both Employee and Employer Contributions</u>: Employers are allowed to match employee elective deferrals, including the catch-up contribution, for any taxable year or to make contributions in a form other than a match. In such a case, the total of employee and employer contributions for 2026 cannot exceed the lesser of 100% of compensation up to $360,000 or $72,000. Contributions and earnings thereon are not included in the employee's gross income until distributed. Tax deferred annuities are nonforfeitable and nontransferable and distributions of salary reduction contributions and earnings thereon (except those held as of December 31, 1988) cannot be withdrawn prior to age 59½ except on account of severance of employment, death, disability or hardship (contributions only).

If employer contributions are made to a tax deferred annuity, it subjects the annuity to ERISA and tax rules that apply to qualified plans, including minimum coverage, nondiscrimination and spousal consent requirements. ERISA disclosure rules also apply.

The catch-up contribution limit that generally applies for employees aged 50 for 403(b) $8,000 for 2026. Therefore, participants in most 403(b) plans who are 50 and older generally can contribute up to $32,500 in 2026. Under a change made in SECURE 2.0, a higher catch-up contribution limit applies for employees aged 60-63 who participate in these plans. This enhancement is optional for plans and a plan need not offer enhanced catch-up simply because it offers the normal age 50 catch-up contributions. Certain 403(b) plans can allow employee with at least 15 years of service to make special catch-up contributions. On July 26, 2007, the Treasury and the Internal Revenue Service issued final regulations governing tax-deferred annuities subject to the provisions of Section 403(b) of the Code that, among other things, require a written plan document, nondiscrimination testing and universal availability and impose restrictions on exchanges, transfers and distributions. These rules became effective on January 1, 2009. However, the restrictions on transfers took effect on September 24, 2007. Because of the requirements of these regulations, Northwestern Mutual will not accept new tax-deferred annuity plans and will not allow new purchase payments, rollovers, or transfers into its existing tax-deferred annuity contracts. Transfers out of its existing tax-deferred annuity contracts can only take place if certain conditions are met.

**Section 457 Plan** A Section 457 deferred compensation plan can be established by a state or local government or tax-exempt organization. Contracts must be owned by a trust for the exclusive benefit of the employees and the employees' beneficiaries in a governmental plan and by the employer (subject to claims of the employer's general creditors) in a plan of a tax-exempt organization. An employee can defer under the plan the lesser of 100% of compensation up to $360,000 (indexed for 2026) or $32,500 starting in 2026 (indexed thereafter). The dollar limit is doubled if the employee is within 3 years of retirement. Unless the employee is within 3 years of retirement, a catch-up contribution of $8,000 for 2026 and indexed thereafter is

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allowed for employees who are age 50 or older. Under SECURE 2.0, a higher catch-up contribution limit applies for employees aged 60- 63 who participate in these plans. This enhancement is optional for plans and a plan need not offer the enhanced catch-up simply because it offers the normal age 50 catch-up contribution. Amounts deferred and earnings thereon are not includible in the employee's gross income until they are paid or made available to the employee or the employee's beneficiary or, in the case of a governmental plan, until they are paid. Beginning Jan. 1, 2026, the SECURE 2.0 Act requires catch-up contributions for higher-income earners be made on a Roth basis. This applies to employees aged 50 and older who earned more than $150,000 in wages during the prior year, as defined by Social Security reporting. The final rules do not apply until 2027.

**Nontransferable Annuity** Nontransferable Annuity Contracts are Contracts held in a tax-qualified plan or trust and transferred to the employee on the employee's separation from service or death or the termination of the plan. These Contracts cannot accept additional purchase payments and must comply with the spousal consent requirements.

**Non-Tax Qualified Contract** There are no limitations on who can purchase a non-tax qualified annuity or the amount that can be contributed to the Contract. Contributions to non-tax qualified Contracts are not deductible. For the Contract to qualify as a non-tax qualified annuity, the Contract death proceeds must be distributed to any non-spouse beneficiary either within five years of the Owner's death or over a period not to exceed the beneficiary's life or life expectancy commencing within one year of the Owner's death. The surviving spouse is not subject to any distribution requirements.

**Taxation of Contract Benefits** For Contracts held by individuals, no tax is payable as a result of any increase in the value of a Contract. Except for qualified distributions from Roth IRAs, Contract benefits will be taxable as ordinary income when received in accordance with Section 72 of the Code. IRAs, SEPs, SIMPLE IRAs, TDAs and Section 457 Plans and Nontransferable Annuities As a general rule, benefits received as Annuity Payments or upon death or withdrawal from these Contracts will be taxable as ordinary income when received. Where nondeductible contributions are made to individual retirement annuities and other tax-qualified plans, the Owner may exclude from income that portion of each Annuity Payment which represents the ratio of the Owner's.

**Non-qualified Contracts** If the Owner of a non-tax qualified Contract elects to receive the entire value of the Contract as Annuity Payments under a variable income plan or fixed income plan, or a portion of the Contract as Annuity Payments under either Income Plan for a period of at least the Owner's life expectancy or ten years, benefits received will be taxable as ordinary income to the extent they exceed that portion of each payment which represents the ratio of the Owner's "investment in the contract" to the Owner's "expected return" as defined in Section 72 (the "exclusion ratio"), until the entire "investment in the contract" is recovered. Benefits received in a lump sum or as partial annuity payments that do not qualify for exclusion ratio taxation will be taxable as ordinary income to the extent they exceed the "investment in the contract." A partial withdrawal or collateral assignment prior to the Maturity Date will result in the receipt of gross income by the Owner to the extent that the amounts withdrawn or assigned do not exceed the excess (if any) of the total value of Accumulation Units over total purchase payments paid under the Contract less any amounts previously withdrawn or assigned. Thus, any investment gains reflected in the Contract Values are considered to be withdrawn first and are taxable as ordinary income. For Contracts issued after October 21, 1988, investment gains will be determined by aggregating all non-tax qualified deferred Contracts we issue to the Owner during the same calendar year.

For taxable years beginning in 2013, part or all of the taxable benefits from and sales of non-tax qualified Contracts may be subject to an additional 3.8% Medicare tax. The tax will be assessed on the Owner's net investment income for the year to the extent that the Owner's adjusted gross income (with slight modifications) exceeds $250,000 (married filing jointly or surviving spouse), $125,000 (married filing separately) or $200,000 (other filers) (not indexed). The term "net investment income" is defined to include payments from non-tax qualified annuities and dispositions of property. You should consult a tax advisor about the impact of this new tax on distributions from your contract/policy.

One or more non-tax qualified Contracts can be wholly or partially exchanged for one or more other Annuity Contracts under Section 1035 of the Code without recognition of gain or loss. However, withdrawals taken within 6 months after a partial exchange may cause the partial exchange to be taxed as a withdrawal. Certain nonqualified Contracts not held by individuals, such as Contracts purchased by corporate employers in connection with deferred compensation plans, will not be taxed as Annuity Contracts and increases in the value of the Contracts will be taxable in the year earned.

A transfer or assignment of ownership of a Contract, the designation of an annuitant other than the owner, the selection of certain maturity dates, or the exchange of a Contract may result in certain tax consequences to you that are not discussed herein. An owner contemplating any such transfer, assignment or exchange, should consult a tax advisor as to the tax consequences. All non-qualified deferred annuity contracts that are issued by us (or our affiliates) to the same owner during any calendar year are treated as one annuity contract for purposes of determining the amount includible in such owner's income when a taxable distribution occurs.

We believe that the contracts will qualify as annuity contracts for federal income tax purposes and the above discussion is based on that assumption.

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**Premature Withdrawals** A penalty tax will apply to premature payments of Contract benefits. A penalty tax of 10% of the amount of the payment which is includible in income will be imposed on non-exempt withdrawals under individual retirement annuities, Roth IRAs, tax deferred annuities, nontransferable annuity contracts and nonqualified deferred annuities. The penalty tax increases to 25% for non-exempt withdrawals from SIMPLE IRAs within 2 years after the Owner first participates in the SIMPLE IRA plan. Payments which are exempt from the penalty tax include payments upon disability, after age 59½ and for certain substantially equal periodic payments for life. Additional exceptions for certain large medical expenses, reimbursement of health insurance premiums paid while the Owner was unemployed, qualified education expenses and first time home purchases apply to IRAs and Roth IRAs. Other exceptions may be applicable under certain circumstances and special rules may be applicable in connection with the exceptions listed herein. You should consult a tax adviser with regard to exceptions from the penalty tax.

**Required Minimum Distributions** Qualified Contracts are subject to required minimum distribution (RMD) rules that govern the timing and amount of distributions. There is a 25% excise tax on any shortfall to taking the full RMD for a year, which is reduced to 10% if the shortfall is corrected within two years.

For IRAs, RMDs must begin by an individual's "applicable age." For most other Qualified Contracts, distributions generally must begin by the later of the individual's applicable age or retirement. For individuals who reached age 70 ½ before January 1, 2020, the applicable age is 70 1/2. For individuals who reach age 72 before January 1, 2023, the applicable age is 72. For individuals who reach age 72 after January 31, 2022 and reach age 73 before 2033, the applicable age is 73. If an individual reaches age 74 after 2032, the applicable age is 75. For Roth IRAs or accounts, no RMDs are required during the individual's lifetime.

RMDs rules also apply after death. Under recent changes to the law, most beneficiaries must take distributions within ten years. Certain "eligible designated beneficiaries" are permitted to take distributions over life or life expectancy. Eligible designated beneficiaries include spouses, disabled and chronically ill individuals, individuals who are ten or less years younger than the deceased individual, and children who have not reached the age of majority. There are additional rules for situations where there is no designated beneficiaries or the beneficiary is a trust.

The details of the RMD rules are extremely complex. Consult a tax adviser for additional information.

**Mandatory Withholding** Generally, eligible rollover distributions from tax-deferred annuities, nontransferable annuity contracts, and governmental Section 457 plans will be subject to mandatory 20% federal income tax withholding unless the payments are rolled over directly to an IRA or to an "eligible retirement plan" that accepts rollovers. An "eligible retirement plan" includes a plan qualified under Section 401(a) of the Code, including a 401(k) plan, profit-sharing plan, defined benefit plan, stock bonus plan, and money purchase plan; a Section 403(a) annuity plan; a Section 403(b) tax-deferred annuity; and a governmental Section 457 plan. Exceptions apply if benefits are paid in substantially equal installments over the life or life expectancy of the employee (or of the employee and the employee's beneficiary) or over a period of 10 years or more, or are "required minimum distributions" because these payments are not eligible to be rolled over. Other exceptions may apply. Special rules apply to distributions that include contributions made on an after-tax basis, such as Roth and after-tax contributions.

**Withholding** Distributions are generally subject to withholding for the Owner's federal income tax liability. The withholding rate varies according to the type of distribution and the Owner's tax status. Generally, the Owner will be provided the opportunity to elect not to have tax withheld from distributions.

**Definition of Spouse under Federal Law** The Contract provides that upon your death, a surviving spouse may have certain continuation rights that he or she may elect to exercise for the Contract's death benefit and any joint-life coverage under an optional living benefit. All Contract provisions relating to spousal continuation are available only to a person who meets the definition of "spouse" under federal law. The U.S. Supreme Court has held that same-sex marriages must be permitted under state law and that marriages recognized under state law will be recognized for federal law purposes. Domestic partnerships and civil unions that are not recognized as legal marriages under state law, however, will not be treated as marriages under federal law. Consult a tax adviser for more information on this subject.

**Annuity Purchases by Residents of Puerto Rico** The Internal Revenue Service has announced that income received by residents of Puerto Rico under life insurance or annuity contracts issued by a Puerto Rico branch of a United States life insurance company is U.S.-source income that is generally subject to United States Federal income tax.

**Annuity Purchases by Nonresident Aliens and Foreign Corporations** The discussion above provides general information regarding U.S. federal income tax consequences to annuity purchasers that are U.S. citizens or residents. Purchasers that are not U.S. citizens or residents will generally be subject to U.S. federal withholding tax on taxable distributions from annuity contracts at a 30% rate, unless a lower treaty rate applies. In addition, such purchasers may be subject to state and/or municipal taxes and taxes that may be imposed by the purchaser's country of citizenship or residence. Additional withholding may occur with respect to entity purchasers (including foreign corporations, partnerships, and trusts) that are not U.S. residents. Prospective purchasers are advised to consult with a qualified tax adviser regarding U.S., state, and foreign taxation with respect to an annuity contract purchase.

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Taxation of Northwestern Mutual

We may charge the appropriate Contracts with their shares of any tax liability which may result from the maintenance or operation of the Divisions of the Separate Account. We are currently making no charge. (See "Charges and Adjustments.")

Other Considerations

You should understand that the tax rules for annuities and qualified plans, including but not limited to Plan provisions, payments and deductions and taxation of distributions from such Plans and Trusts, as set forth in the Code and the regulations relating thereto, are complex and cannot be readily summarized. Furthermore, special rules are applicable in many situations, and prospective purchasers desiring to adopt an HR-10 pension or profit-sharing plan or trust should consult qualified tax counsel. The foregoing discussion does not address special rules applicable in many situations, rules governing Contracts issued or purchase payments made in past years, current legislative proposals, or state or other law. We have the right to modify the Contract in response to legislative changes that could otherwise diminish the favorable tax treatment that annuity contract owners currently receive. We make no guarantee regarding the tax status of any contract and do not intend the above discussion as tax advice. This tax discussion is intended for the promotion of Northwestern Mutual Life products. It does not constitute legal or tax advice, and is not intended to be used and cannot be used to avoid any penalties that may be imposed on a taxpayer. Taxpayers should seek advice based on their particular circumstances from an independent tax advisor. Before you purchase a Contract, we advise you to consult qualified tax counsel.

Contract Owner Services

**Electronic Funds Transfer ("EFT")** Another convenient way to invest using the dollar-cost averaging approach is through our EFT Plan. These automatic withdrawals allow you to add Purchase Payments to the Division(s) within your traditional IRA, Roth IRA, SEP IRA, or non-tax qualified Contract on a regular monthly basis through payments drawn directly on your checking account. There is no charge for the EFT service.

*A program of regular investing cannot assure a profit or protect against loss in a declining market.*

**Automatic Required Minimum Distributions ("RMD")** For IRAs, SEP Plans, SIMPLE IRA Plans, 403(b) Plans, and Nontransferable Annuities, you can arrange for annual required minimum distributions to be sent to you automatically once you turn the "applicable age". If you attain (1) age 70½ before 2020, the applicable age is 70½; (2) age 72 during or after 2020 but before 2023, the applicable age is 72; (3) age 72 during or after 2023 and age 73 before 2033, the applicable age is 73; or (4) age 74 after 2032, the applicable age is 75.

**Substitution of Portfolio Shares and Other Changes** When permitted by law and subject to any required regulatory approvals, we reserve the right to eliminate a Portfolio and to substitute another Portfolio or mutual fund for such Portfolio (or substitute a class of shares of an existing Portfolio for a different class of the same Portfolio) if the shares of the Portfolio are no longer available for investment or, in our judgment, further investment in the shares of the Portfolio is no longer appropriate. In the event we take any action to substitute another Portfolio in the future, we may make an appropriate endorsement of your Contract and take other necessary actions.

**Owner Inquiries and Instructions** Get up-to-date information about your Contract at your convenience with your User ID and password. Visit our website (www.northwesternmutual.com) to enroll for access to Division performance information, forms for routine service, and daily unit values for Contracts you own. Eligible Contract Owners may also set up certain electronic payments, transfer invested assets among Divisions and change the allocation of future contributions online, subject to our administrative procedures. For questions about your Contract or Division values, assistance with payments or distributions, or other contract changes (such as transferring among investment options, changing allocations, or obtaining Division performance information), please contact us toll-free at 1-888-455-2232.

The submission of transfer or withdrawal instructions by telephone or through our website ("Electronic Instructions") must be made in accordance with our then current procedures for Electronic Instructions. However, we are not required to accept Electronic Instructions, and we will not be responsible for losses resulting from transactions based on unauthorized Electronic Instructions, provided we follow procedures reasonably designed to verify the authenticity of Electronic Instructions. Please note that the telephone and/or electronic devices may not always be available. Any telephone or electronic device, whether it is yours, your service provider's, or your agent's or ours, can experience outages or slowdowns for a variety of reasons, which may delay or prevent our processing of your request. Although we have taken precautions to limit these problems, we cannot

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promise complete reliability under all circumstances. If you are experiencing problems, you should make your transfer request by writing to our Home Office. We reserve the right to limit, modify, suspend, or terminate the ability to make transfers via Electronic Instructions.

**Householding** To reduce costs, we now send only a single copy of the same disclosure document(s) (such as prospectuses, prospectus supplements, reports, announcements, proxy statements, notices, and information statements) to each consenting household (rather than sending copies to each Owner residing in a household). If you are a member of such a household, you can revoke your consent to "householding" at any time, and can begin receiving your own copy of such disclosure documents by calling us at 1-888-455-2232.

Additional Information

**The Distributor** We sell the Contracts through our Financial Representatives who also are registered representatives of Northwestern Mutual Investment Services, LLC ("NMIS"). NMIS, our wholly-owned company, was organized under Wisconsin law in 1998 and is located at 720 East Wisconsin Avenue, Milwaukee, Wisconsin 53202. NMIS is a registered broker-dealer under the Securities Exchange Act of 1934, an investment adviser registered with the SEC, and is a member of the Financial Industry Regulatory Authority (FINRA) and SIPC. You may obtain information about SIPC, including the SIPC brochure, by contacting SIPC at 202-371-3800 or visiting its website at www.SIPC.org. NMIS is the principal underwriter of the Contracts, and has entered into a Distribution Agreement with us.

Under the Distribution Agreement, the Company receives all sales loads and withdrawal charges, and pays NMIS an annual fee based upon NMIS' actual expenses for the services NMIS performs under the Distribution Agreement, including all compensation payable to its registered representatives. Commissions paid to the agents on sales of the Contracts are calculated partly as a percentage of purchase payments and partly as a percentage of Contract values for each Contract year.

Northwestern Mutual variable insurance and annuity products are available exclusively through NMIS and its registered representatives and cannot be held with or transferred to an unaffiliated broker-dealer. Except in limited circumstances, NMIS registered representatives are required to offer Northwestern Mutual variable insurance and annuity products. The amount and timing of sales compensation paid by insurance companies varies. The commissions, benefits, and other sales compensation that NMIS and its registered representatives receive for the sale of a Northwestern Mutual variable insurance or annuity product might be more or less than that received for the sale of a comparable product from another company.

NMIS and the Northwestern Mutual Wealth Management Company ("NMWMC") use a system referred to as a "grid" for paying registered representatives commissions and fees for the sale or servicing of investments such as mutual funds in brokerage accounts or advisory accounts. The higher level of overall commissions or fees for investments that your registered representative is responsible for generating, the higher percentage of commissions or fees they receive, which in turn lowers the percentage of fees or commissions retained by NMIS or NMWMC; those breakpoints and percentages are what is referred to as the grid. The grid payout percentages range between 35% and 95% payable to the registered representative, depending on the level of sales or fees generated by that registered representative during the previous year. Therefore, a registered representative's current year grid level is set based on the registered representative's previous year's sales production. Sales of Contracts count towards sales production used to measure grid placement for the following year, even though commissions for Contracts are not paid out through the grid. The ability to improve grid placement in the following year provides an incentive for your registered representative to sell the Contract.

For purchases of and additional deposits into the Contract, your registered representative receives a commission of 2.5% on the first $100,000 and 1.25% on the next $400,000 and 0.5% on amounts over $500,000, and servicing compensation of 0.15% annually. There is also a bonus program that rewards your registered representative for total annuity sales that can pay your registered representative a bonus commission rate of up to 0.75% for the sale of a variable annuity contract.

NMIS and the Northwestern Mutual Wealth Management Company ("NMWMC") use a system referred to as a "grid" for paying registered representatives commissions and fees for the sale or servicing of investments such as mutual funds in brokerage accounts or advisory accounts. The higher level of overall commissions or fees for investments that your registered representative is responsible for generating, the higher percentage of commissions or fees they receive, which in turn lowers the percentage of fees or commissions retained by NMIS or NMWMC; those breakpoints and percentages are what is referred to as the grid. The grid payout percentages range between 35% and 95% payable to the registered representative, depending on the level of sales or fees generated by that registered representative during the previous year. Therefore, a registered representative's current year grid level is set based on the registered representative's previous year's sales production. Sales of Contracts count towards sales production used to measure grid placement for the following year, even though commissions for Contracts are not paid out through the grid. The ability to improve grid placement in the following year provides an incentive for your registered representative to sell the Contract.

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Because registered representatives of the Distributor are also our appointed agents, they may be eligible for various cash benefits, such as additional bonuses, insurance benefits, retirement benefits, and non-cash compensation programs that we offer, such as conferences, achievement recognition, prizes, and awards. In addition, Distributor's registered representatives who meet certain productivity, persistency and length of service standards and/or their managers may be eligible for additional compensation. For example, registered representatives who meet certain annual sales production requirements with respect to their sales of Northwestern Mutual insurance and annuity products can qualify to receive additional cash compensation for their other sales of investment products and services. Sales of the Contracts help registered representatives and/or their managers qualify for such compensation and benefits.

NMIS does not pay its registered representatives any portion of the 12b-1 fees related to mutual funds held in certain accounts with assets under $50,000. Because a registered representative may receive ongoing compensation on a sale of a Contract below $50,000, but will not receive ongoing compensation on mutual fund investments below that amount, a registered representative has an incentive to recommend the Contract for purchases below $50,000.

Certain of the Distributor's registered representatives may receive other payments from us for the recruitment, development, training, and supervision of Financial Representatives, production of promotional literature, and similar services. Commissions and other incentives and payments described above are not charged directly to Owners or to the Separate Account. We intend to recoup sales expenses through fees and charges deducted under the Contract.

**Voting Rights** As long as the Separate Account continues to be registered as a unit investment trust under the 1940 Act, and as long as Separate Account assets of a particular Division are invested in shares of a given Portfolio, we will vote the shares of that Portfolio held in the Separate Account in accordance with instructions we receive from (i) the Owners of Accumulation Units supported by assets of that Division; and (ii) the payees receiving payments under variable income plans supported by assets of that Division. Periodic reports relating to the Portfolios, proxy material, and a form (on which one can give instructions with respect to the proportion of shares of the Portfolio held in the Account corresponding to the Accumulation Units credited to the Contract, or the number of shares of the Portfolio held in the Account representing the actuarial liability under the variable income plans, as the case may be) will be made available to each Owner or payee. The number of shares will increase from year to year as additional purchase payments are made by the Contract Owner; after a variable income plan is in effect, the number of shares will decrease from year to year as the remaining actuarial liability declines. We will vote shares for which no instructions have been received, as well as shares of the fund that the insurer itself owns, in the same proportion as the shares for which instructions have been received from Contract Owners and payees. Because of this proportional voting requirement, it is possible that a small number of Contract Owners and payees could determine the outcome of a particular vote.

We may, if required by state insurance regulations, disregard voting instructions which would require shares to be voted for a change in the sub-classification or investment objectives of a Portfolio, or to approve or disapprove an investment advisory agreement for a Portfolio. We may also disregard voting instructions that would require changes in the investment policy or investment adviser for a Portfolio, provided that we reasonably determine to take this action in accordance with applicable federal law. If we disregard voting instructions we will include a summary of the action and reasons therefore in the next annual report to Contract Owners.

**Dividends** This Contract is eligible to share in the divisible surplus, if any, of the Company, except while payments are being made under a variable income plan. Each year we determine, in our sole discretion, the amount and appropriate allocation of divisible surplus. Divisible surplus credited to your Contract is referred to as a "dividend." There is no guaranteed method or formula for the determination or allocation of divisible surplus. The Company's approach is subject to change. There is no guarantee of a divisible surplus. Even if there is a divisible surplus, the payment of a dividend on this Contract is not guaranteed. It is not expected that any dividends will be payable on this Contract, except, possibly, on certain fixed installment plans.

We will credit dividends, if any, attributable to your Contract on the Contract anniversary. Dividends, if any, credited prior to the Maturity Date will be applied as a Net Purchase Payment on the Contract anniversary unless the Owner elects to have the dividend paid in cash. However, if the NYSE is closed on the Contract Anniversary, the amount of any dividend will be applied as of the next Valuation Date after the Contract anniversary. Dividends, if any, applied as a Net Purchase Payment will be allocated to the Divisions of the Separate Account according to the allocation of Net Premiums then in effect.

For the back-load Contracts we reduce expense charges by converting Class B Accumulation Units to Class A Accumulation Units on larger, older Contracts. (See "Base Contract Charges.") The Contracts issued prior to March 31, 2000, do not include this conversion feature, and we currently pay dividends on some of those Contracts. (See "Dividends for Contracts Issued Prior to March 31, 2000.")

**Dividends for Contracts Issued Prior to March 31, 2000** During the year 2025 we are paying dividends on approximately 59% of the in force variable annuity contracts we issued prior to March 31, 2000. Dividends are not guaranteed to be paid in future years. The dividend amount is volatile since it is based on the average variable Contract Value which is defined as the value of the Accumulation Units on the last Contract anniversary adjusted to reflect any transactions since that date which increased or decreased the Contract's interest in the Account. Dividends on these variable annuities arise principally as a result of more favorable expense experience than that which we assumed in determining deductions. Such favorable experience

**Account B Prospectus**

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is generated primarily by older and/or larger Contracts, which have a mortality and expense risk charge of at least 0.75%. In general, we are not paying dividends on Contracts with an average variable Contract Value of less than $25,000. Approximately 88% of those with a value above $25,000 will receive dividends. The expected dividend payout for the year 2025 represents about 0.68% of the average variable Contract Value for those Contracts that will receive dividends. The maximum dividend we are paying on a specific Contract is about 0.80%.

We credit any dividend for a Contract on the anniversary date of that Contract. We apply the dividend as a net purchase payment unless you elect to have the dividend paid in cash. In the case of a Contract purchased as an individual retirement annuity pursuant to Section 408(b) of the Code, dividends cannot be paid in cash but must be applied as Net Purchase Payments under the Contract.

**Internal Annuity Exchanges** As a matter of current practice, which we may limit or stop at any time in our discretion or as required by applicable law, we permit owners of certain fixed and variable annuity contracts that we have previously issued to exchange those contracts for front-load or back-load Contracts without paying a second charge for sales expenses. Such exchanges are not intended to be available for all owners, as they may not be in a particular owner's best interest. We are not presently charging an administrative fee on these transactions. We permit only one such transaction in any 12-month period. Cumulative premium and guaranteed minimum death benefits are affected by an Internal Annuity Exchange. These values are transferred from the source contract to the receiving contract proportionally, relative to the amount of the contract that was exchanged before the application of any withdrawal charges. For exchanges from a fixed contract to a variable annuity contract, the guaranteed minimum death benefit is determined by the cumulative premium amount transferred. Internal Annuity Exchanges, as described above, are not available in all states.

In general, amounts exchanged from a Contract with a withdrawal charge to a new back-load Contract are not assessed a withdrawal charge when the exchange is effected; rather, premium payments are placed in the same withdrawal charge category under the new back-load Contract as they were before the exchange (any appreciation attributable to the premium payments is not subject to withdrawal charges). A similar rule applies to amounts exchanged from a front-load Contract to a new back-load Contract (i.e., no withdrawal charge or sales load will be charged on premium payments and any appreciation attributable thereto that are exchanged into a new back-load Contract) and to amounts exchanged from a front-load Contract to a new front-load Contract (i.e., no second front-load will be charged on amounts exchanged from an existing front-load Contract to a new front-load Contract). We may also allow internal exchanges on back-load Contracts when (i) there are no applicable withdrawal charges on the Contract being exchanged, and (ii) the exchange involves a rollover from a qualified plan to an IRA or another qualified plan or a consolidation into an existing or new front-load Contract. Fixed annuity contracts, which are not described in this prospectus, are available in exchange for the Contracts on a comparable basis.

**Speculative Investing** Do not purchase this contract if you plan to use it, or any of its riders, for any type of speculative collective investment scheme (including, for example, arbitrage). Your Contract is not intended to be traded on any stock exchange or secondary market, and attempts to engage in such trading may violate state and/or federal law.

**Abandoned Property Requirements** Every state has unclaimed property laws which generally declare insurance contracts/policies to be abandoned after a period of inactivity of three to five years from the contract's/policy's maturity date, the date the death benefit is due and payable, or in some states, the date the insurer learns of the death of the insured. For example, if the payment of the death benefit has been triggered, but, if after a thorough search, we are still unable to locate the beneficiary, or if the beneficiary does not come forward to claim the death benefit proceeds in a timely manner, the death benefit proceeds will be paid to the abandoned property division or unclaimed property office of the state in which the beneficiary or you last resided, as shown on our books and records, or to our state of domicile. This "escheatment" is revocable, however, and the state is obligated to pay the death benefit proceeds (without interest) if your beneficiary steps forward to claim it with the proper documentation. To prevent such escheatment, it is important that you update your beneficiary designations, including addresses, if and as they change. Please call 888-455-2232 to make such changes.

**Legal Proceedings** Northwestern Mutual, like other life insurance companies, generally is involved in litigation at any given time. Although the outcome of any litigation cannot be predicted with certainty, we believe that, as of the date of this prospectus, there are no pending or threatened lawsuits that will have a materially adverse impact on the ability of Northwestern Mutual to meet its obligations under the Contract, on the Separate Account, or on NMIS and its ability to perform its duties as underwriter for the Separate Account.

**Account B Prospectus**

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Appendix A - Investment Options Available Under the Contract

**Portfolios Available Under the Contract**

The following is a list of Portfolios available under the Contract. More information about the Portfolios is available in the prospectuses for the [Portfolios](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183), which may be amended from time to time and can be found online at www.nmprospectus.com. You can also request this information at no cost by calling (866) 910-1232 or by sending an email request to vavldocrequest@northwesternmutual.com.

The current expenses and performance information below reflects fees and expenses of the [Portfolios](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183), but do not reflect the other fees and expenses that your [Contract](#bookmark_contract_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) may charge. Expenses would be higher and performance would be lower if these other charges were included. Each [Portfolio's](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) past performance is not necessarily an indication of future performance.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Portfolio and Adviser/Sub-adviser (if applicable)** | **Current Expenses** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment Objective** | **Portfolio and Adviser/Sub-adviser (if applicable)** | **Current Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Long-term growth of <br> capital; current income is <br> a secondary objective<br>**Growth Stock Portfolio**<sup>2</sup> | &nbsp;&nbsp; Mason Street Advisors, LLC <br> &nbsp;&nbsp;&nbsp;&nbsp;(MSA)/T. Rowe Price <br> Associates, Inc<br>| 0.42%<sup>1</sup> <br>| 19.40% | 11.99% | 14.80% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **Focused Appreciation** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/Loomis, Sayles & <br> Company, L.P.<br>| 0.58%<sup>1</sup> <br>| 14.91% | 14.89% | 17.07% |
| Long-term growth of <br> capital and income<br>&nbsp;&nbsp; **Large Cap Core Stock** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/Wellington <br> Management Company LLP<br>| 0.43%<sup>1</sup> <br>| 16.59% | 12.70% | 13.96% |
| Long-term growth of <br> capital and income<br>&nbsp;&nbsp; **Large Cap Blend** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/J.P. Morgan Investment <br> Management, Inc.<br>| 0.70%<sup>1</sup> <br>| 14.34% | 11.77% | 11.98% |
| Investment results that <br> approximate the <br> performance of the <br> Standard & Poor's 500<sup>®</sup> <br> Composite Stock Price <br> Index<br>&nbsp;&nbsp; **Index 500 Stock** <br> **Portfolio**<sup>2</sup><br>| MSA/BlackRock Advisors, LLC | 0.19%<sup>1</sup> <br>| 17.64% | 14.19% | 14.58% |
| Long-term growth of <br> capital; income is a <br> secondary objective<br>&nbsp;&nbsp; **Large Company Value** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/American Century <br> Investment Management, <br> Inc.<br>| 0.74%<sup>1</sup> <br>| 14.58% | 9.85% | 9.48% |
| Long-term growth of <br> capital and income<br>&nbsp;&nbsp; **Domestic Equity** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/Putnam Investment <br> Management, LLC<br>| 0.50%<sup>1</sup> <br>| 14.43% | 8.63% | 8.87% |
| Long-term growth of <br> capital and income<br>**Equity Income Portfolio**<sup>2</sup> | &nbsp;&nbsp; MSA/T. Rowe Price <br> Associates, Inc<br>| 0.57%<sup>1</sup> <br>| 14.48% | 11.31% | 10.64% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **Mid Cap Growth Stock** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/J.P. Morgan Investment <br> Management, Inc.<br>| 0.54%<sup>1</sup> <br>| 8.32% | 2.51% | 7.81% |
| Investment results that <br> approximate the <br> performance of the <br> Standard & Poor's <br> MidCap 400<sup>®</sup> Stock Price <br> Index<br>&nbsp;&nbsp; **Index 400 Stock** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/Northern Trust <br> Investments, Inc.<br>| 0.24%<sup>1</sup> <br>| 7.24% | 8.85% | 10.44% |
| Long-term growth of <br> capital; current income is <br> a secondary objective<br>**Mid Cap Value Portfolio**<sup>2</sup> | &nbsp;&nbsp; MSA/American Century <br> Investment Management, <br> Inc.<br>| 0.71%<sup>1</sup> <br>| 9.16% | 8.96% | 9.25% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **Small Cap Growth Stock** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/Wellington <br> Management Company LLP<br>| 0.56% | 6.93% | 1.29% | 8.82% |
| Investment results that <br> approximate the <br> performance of the <br> Standard & Poor's <br> SmallCap 600<sup>®</sup> Index<br>&nbsp;&nbsp; **Index 600 Stock** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/Northern Trust <br> Investments, Inc.<br>| 0.26% | 5.78% | 6.98% | 9.48% |

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**Account B Prospectus**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Portfolio and Adviser/Sub-adviser (if applicable)** | **Current Expenses** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment Objective** | **Portfolio and Adviser/Sub-adviser (if applicable)** | **Current Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **Small Cap Value** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/T. Rowe Price <br> Investment Management, <br> Inc.<br>| 0.87%<sup>1</sup> <br>| 7.41% | 6.22% | 9.15% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **International Growth** <br> **Portfolio**<sup>2</sup><br>| MSA/FIAM LLC | 0.61%<sup>1</sup> <br>| 18.70% | 6.11% | 9.07% |
| Capital appreciation<br> &nbsp;&nbsp; **Research International** <br> **Core Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/Massachusetts <br> Financial Services Company <br>| 0.58%<sup>1</sup> <br>| 22.98% | 5.89% | 7.81% |
| Long-term growth of <br> capital and income<br>&nbsp;&nbsp; **International Equity** <br> **Portfolio**<sup>2</sup><br>| MSA/Dodge & Cox | 0.68%<sup>1</sup> <br>| 38.35% | 10.31% | 6.65% |
| Capital appreciation<br> &nbsp;&nbsp; **Emerging Markets Equity** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/abrdn Investments <br> Limited<br>| 0.78%<sup>1</sup> <br>| 34.19% | 1.26% | 6.95% |
| Maximum current income <br> to the extent consistent <br> with liquidity and stability <br> of capital<sup>3</sup> <br>&nbsp;&nbsp; **Government Money** <br> **Market Portfolio**<sup>2</sup><br>| MSA/BlackRock Advisors, LLC | 0.33% | 4.03% | 3.03% | 1.96% |
| Provide as high a level of <br> current income as is <br> consistent with prudent <br> investment risk<br>&nbsp;&nbsp; **Short-Term Bond** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/T. Rowe Price <br> Associates, Inc.<br>| 0.40% | 5.70% | 2.20% | 2.40% |
| Provide as high a level of <br> total return consistent <br> with prudent investment <br> risk; a secondary <br> objective is to seek <br> preservation of <br> shareholders' capital<br>**Select Bond Portfolio**<sup>2</sup> | &nbsp;&nbsp; MSA/Allspring Global <br> Investments, LLC<br>| 0.31%<sup>1</sup> <br>| 7.45% | -0.19% | 2.25% |
| Maximum total return, <br> consistent with <br> preservation of capital <br> and prudent investment <br> management<br>&nbsp;&nbsp; **Long-Term U.S.** <br> **Government Bond** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/Pacific Investment <br> Management Company LLC<br>| 2.45%<sup>1</sup> <br>| 6.15% | -7.18% | -0.19% |
| Pursue total return using <br> a strategy that seeks to <br> protect against U.S. <br> inflation<br>&nbsp;&nbsp; **Inflation Managed** <br> **Portfolio**<sup>2</sup> **(formerly** <br> **"Inflation Protection** <br> **Portfolio")**<br>| &nbsp;&nbsp; MSA/American Century <br> Investment Management, <br> Inc.<br>| 0.46%<sup>1</sup> <br>| 6.51% | 0.92% | 2.82% |
| High current income and <br> capital appreciation<br>&nbsp;&nbsp; **High Yield Bond** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/Federated Investment <br> Management Company<br>| 0.46% | 8.49% | 4.06% | 5.95% |
| Maximum total return, <br> consistent with prudent <br> investment management<br>&nbsp;&nbsp; **Multi-Sector Bond** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/Pacific Investment <br> Management Company LLC<br>| 0.75%<sup>1</sup> <br>| 10.00% | 1.66% | 4.56% |
| Realize as high a level of <br> total return as is <br> consistent with <br> conservative investment <br> risk, through income and <br> secondarily through <br> capital appreciation<br>&nbsp;&nbsp; **Active/Passive** <br> **Conservative Portfolio**<sup>2</sup><br>| MSA | 0.54%<sup>1</sup> <br>| N/A | N/A | N/A |
| Realize as high a level of <br> total return as is <br> consistent with <br> reasonable investment <br> risk through appreciation <br> and income<br>&nbsp;&nbsp; **Active/Passive Balanced** <br> **Portfolio**<sup>2</sup> **(formerly** <br> **"Balanced Portfolio")**<br>| MSA | 0.44%<sup>1</sup> <br>| 12.19% | 4.71% | 6.76% |
| Realize as high a level of <br> total return as is <br> consistent with moderate <br> investment risk through <br> appreciation and <br> secondarily through <br> income<br>&nbsp;&nbsp; **Active/Passive Moderate** <br> **Portfolio**<sup>2</sup>**(formerly** <br> **"Asset Allocation** <br> **Portfolio")**<br>| MSA | 0.49%<sup>1</sup> <br>| 14.46% | 6.36% | 8.21% |

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**Account B Prospectus**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Portfolio and Adviser/Sub-adviser (if applicable)** | **Current Expenses** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment Objective** | **Portfolio and Adviser/Sub-adviser (if applicable)** | **Current Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Realize as high a level of <br> total return as is <br> consistent with aggressive <br> investment risk, primarily <br> through appreciation and <br> some income <br>&nbsp;&nbsp; **Active/Passive** <br> **Aggressive Portfolio**<sup>2</sup><br>| MSA | 0.60%<sup>1</sup> <br>| N/A | N/A | N/A |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **Active/Passive Very** <br> **Aggressive Portfolio**<sup>2</sup><br> (formerly "Active/Passive <br> All Equity Portfolio")<br>| MSA | 0.63%<sup>1</sup> <br>| N/A | N/A | N/A |
| Growth of capital<br> &nbsp;&nbsp; **American Funds**<sup>®</sup> **IS** <br> **Growth Fund - Class 1A**<sup>4</sup><br>| &nbsp;&nbsp; Capital Research and <br> Management Company <br> &nbsp;&nbsp;&nbsp;&nbsp;(CRMC)<br>| 0.58% | 20.24% | 13.37% | N/A |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **American Funds**<sup>®</sup> **IS** <br> **Global Growth Fund -** <br> **Class 1A**<sup>4</sup><br>| CRMC | 0.65%<sup>1</sup> <br>| 21.63% | 8.24% | N/A |
| Long-term capital <br> appreciation<br>&nbsp;&nbsp; **American Funds**<sup>®</sup> **IS New** <br> **World Fund**<sup>®</sup> **- Class 1A**<sup>4</sup><br>| CRMC | 0.82%<sup>1</sup> <br>| 28.27% | 5.32% | N/A |
| Provide as high a level of <br> current income as is <br> consistent with the <br> preservation of capital<br>&nbsp;&nbsp; **American Funds**<sup>®</sup> **IS The** <br> **Bond Fund of America**<sup>®</sup> **-** <br> **Class 1A**<sup>4</sup><br>| CRMC | 0.47%<sup>1</sup> <br>| 7.24% | -0.14% | N/A |
| Provide, over the long <br> term, a high level of total <br> return consistent with <br> prudent investment <br> management <br>&nbsp;&nbsp; **American Funds**<sup>®</sup> **IS** <br> **Capital World Bond** <br> **Fund**<sup>®</sup> **- Class 1A**<sup>4</sup><br>| CRMC | 0.73% | 9.31% | -2.50% | N/A |
| Provide a high level of <br> current income; a <br> secondary objective is <br> capital appreciation<br>&nbsp;&nbsp; **American Funds**<sup>®</sup> **IS** <br> **American High-Income** <br> **Trust**<sup>®</sup> **- Class 1A**<sup>4</sup><br>| CRMC | 0.62%<sup>1</sup> <br>| 8.19% | 5.59% | N/A |
| Seek to match the <br> performance of the MSCI <br> EAFE Index in U.S. dollars <br> with net dividends as <br> closely as possible before <br> deduction of fund <br> expenses<br>&nbsp;&nbsp; **BlackRock International** <br> **Index V.I. Fund - Class I**<sup>5</sup><br>| BlackRock Advisors, LLC | 0.27%<sup>1</sup> <br>| 31.37% | 8.88% | 8.18% |
| Maximize total return, <br> consistent with income <br> generation and prudent <br> investment management<br>&nbsp;&nbsp; **BlackRock Total Return** <br> **V.I. Fund - Class I**<sup>5</sup><br>| &nbsp;&nbsp; BlackRock Advisors, LLC/<br> BlackRock International <br> Limited & BlackRock <br> &nbsp;&nbsp;&nbsp;&nbsp;(Singapore) Limited <br>| 0.43%<sup>1</sup> <br>| 8.00% | -0.37% | 2.18% |
| Total return<br> &nbsp;&nbsp; **Cantor Fitzgerald** <br> **Commodity Return** <br> **Strategy Portfolio – Class** <br> **2**<sup>6</sup><br>| &nbsp;&nbsp; O'Connor Alternative <br> Investments, LLC <sup>7</sup> <br>| 0.80%<sup>1</sup> <br>| 15.68% | 10.61% | N/A |
| Long-term capital <br> appreciation<br>&nbsp;&nbsp; **Columbia VP Small Cap** <br> **Value Discovery Fund -** <br> **Class 1**<sup>8</sup> **(formerly "VP** <br> **Small Cap Value Fund")**<br>| &nbsp;&nbsp; Columbia Management <br> Investment Advisers, LLC<br>| 0.91%<sup>1</sup> <br>| 14.99% | 12.48% | 11.48% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **Fidelity**<sup>®</sup> **VIP Mid Cap** <br> **Portfolio – Initial Class**<sup>9</sup><br>| &nbsp;&nbsp; Fidelity Management & <br> Research Company LLC <br> &nbsp;&nbsp;&nbsp;&nbsp;(FMR)<sup>10</sup> <br>| 0.55% | 11.75% | 10.10% | 10.59% |
| Long-term capital <br> appreciation <br>&nbsp;&nbsp; **Fidelity**<sup>®</sup> **VIP** <br> **Contrafund**<sup>SM</sup> **Portfolio –** <br> **Initial Class**<sup>9</sup><br>| FMR<sup>10</sup> <br>| 0.54% | 21.52% | 15.37% | 15.78% |
| Capital appreciation<br> &nbsp;&nbsp; **Fidelity**<sup>®</sup> **VIP Value** <br> **Strategies Portfolio -** <br> **Initial Class**<sup>9</sup><br>| FMR<sup>10</sup> <br>| 0.59% | 7.99% | 12.14% | 10.82% |

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**Account B Prospectus**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Portfolio and Adviser/Sub-adviser (if applicable)** | **Current Expenses** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment Objective** | **Portfolio and Adviser/Sub-adviser (if applicable)** | **Current Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Capital appreciation<br> &nbsp;&nbsp; **Fidelity**<sup>®</sup> **VIP Health Care** <br> **Portfolio - Initial Class**<sup>9</sup><br>| FMR<sup>10</sup> <br>| 0.59% | 14.39% | 4.18% | 8.75% |
| Capital appreciation<br> &nbsp;&nbsp; **Fidelity**<sup>®</sup> **VIP Technology** <br> **Portfolio - Initial Class**<sup>9</sup><br>| FMR<sup>10</sup> <br>| 0.56% | 23.36% | 16.83% | 23.76% |
| Seek to provide <br> investment results that <br> correspond to the <br> aggregate price and <br> interest performance of <br> debt securities in the <br> Bloomberg U.S. Aggregate <br> Bond Index<br>&nbsp;&nbsp; **Fidelity**<sup>®</sup> **VIP Bond Index** <br> **Portfolio - Initial Class**<sup>9</sup><br>| FMR <sup>10</sup> <br>| 0.14% | 6.98% | -0.57% | N/A |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **John Hancock Disciplined** <br> **Value International Trust** <br> **- Series NAV**<sup>11</sup><br>| &nbsp;&nbsp; John Hancock Variable Trust <br> Advisers LLC/Boston Partners <br> Global Investors, Inc.<br>| 0.79% | 41.02% | 12.70% | 8.97% |
| Long-term capital <br> appreciation and current <br> income<br>&nbsp;&nbsp; **John Hancock Real Estate** <br> **Securities Trust - Series** <br> **NAV**<sup>11</sup><br>| &nbsp;&nbsp; John Hancock Variable Trust <br> Advisers LLC/Wellington <br> Management Company LLP<br>| 0.76%<sup>1</sup> <br>| 0.63% | 5.77% | 5.91% |
| High level of current <br> income<br>&nbsp;&nbsp; **John Hancock Strategic** <br> **Income Opportunities** <br> **Trust - Series NAV**<sup>11</sup><br>| &nbsp;&nbsp; John Hancock Variable Trust <br> Advisers LLC/Manulife <br> Investment Management <br> &nbsp;&nbsp;&nbsp;&nbsp;(US) LLC<br>| 0.74%<sup>1</sup> <br>| 7.51% | 1.61% | 3.26% |
| Long-term growth of <br> capital by investing <br> primarily in securities of <br> companies that meet the <br> Portfolio's environmental, <br> social and governance <br> criteria<br>&nbsp;&nbsp; **Quality Equity Portfolio**<sup>12</sup><br> **(formerly "Sustainable** <br> **Equity Portfolio")**<br>| &nbsp;&nbsp; Neuberger Berman <br> Investment Advisers LLC<br>| 0.87%  | 13.71% | 12.83% | 12.94% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **U.S. Strategic Equity** <br> **Fund**<sup>13</sup><br>| &nbsp;&nbsp; Russell Investment <br> Management LLC (RIM)<sup>14</sup><br>| 0.87%<sup>1</sup> <br>| 14.43% | 10.66% | 12.45% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **U.S. Small Cap Equity** <br> **Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 1.06%<sup>1</sup> <br>| 8.34% | 7.15% | 8.98% |
| Current income and long-<br> term growth of capital<br>&nbsp;&nbsp; **Global Real Estate** <br> **Securities Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 0.90% | 8.59% | 2.55% | 3.57% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **International Developed** <br> **Markets Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 0.95%<sup>1</sup> <br>| 28.64% | 8.53% | 7.51% |
| Provide total return<br> **Strategic Bond Fund**<sup>13</sup> | RIM<sup>14</sup> | 0.65%<sup>1</sup> <br>| 7.35% | -1.07% | 1.77% |
| Current income and <br> moderate long-term <br> capital appreciation<br>&nbsp;&nbsp; **LifePoints**<sup>®</sup> **Variable** <br> **Target Portfolio Series** <br> **Moderate Strategy** <br> **Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 0.83%<sup>1</sup> <br>| 12.24% | 3.96% | 5.05% |
| Above-average long-term <br> capital appreciation and a <br> moderate level of current <br> income<br>&nbsp;&nbsp; **LifePoints**<sup>®</sup> **Variable** <br> **Target Portfolio Series** <br> **Balanced Strategy Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 0.89%<sup>1</sup> <br>| 14.96% | 6.39% | 6.88% |
| High long-term capital <br> appreciation; and as a <br> secondary objective, <br> current income<br>&nbsp;&nbsp; **LifePoints**<sup>®</sup> **Variable** <br> **Target Portfolio Series** <br> **Aggressive Strategy** <br> **Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 0.95%<sup>1</sup> <br>| 17.45% | 8.56% | 8.59% |
| High long-term capital <br> appreciation<br>&nbsp;&nbsp; **LifePoints**<sup>®</sup> **Variable** <br> **Target Portfolio Series** <br> **Equity Aggressive** <br> **Strategy Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 0.98%<sup>1</sup> <br>| 18.47% | 9.53% | 9.23% |

---

This reflects an expense reimbursement and/or fee waiver arrangement that is in place and reported in the Portfolio's registration statement. This agreement may be terminated in the future and, therefore, the expense figures shown reflect temporary fee reductions.

A series of Northwestern Mutual Series Fund, Inc., for which Mason Street Advisors, LLC (MSA), our wholly-owned company, serves as investment adviser.

**Account B Prospectus**

------

Although the Government Money Market [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) seeks to preserve its value at $1.00 per share, it is possible to lose money by investing in the Government Money Market [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183). An investment in a money market [portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) is neither [insured](#bookmark_insured_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) nor guaranteed by the Federal Deposit Insurance Corporation or any government agency. During extended periods of low interest rates, the yield of a money market [portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) may also become extremely low and possibly negative.

A series of American [Funds](#bookmark_fund_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) Insurance Series®.

The BlackRock International Index V.I. [Fund](#bookmark_fund_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) and BlackRock Total Return V.I. [Fund](#bookmark_fund_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) are series of BlackRock Variable Series [Funds](#bookmark_fund_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183), Inc. and BlackRock Variable Series [Funds](#bookmark_fund_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) II, Inc., respectively.

A series of Cantor Fitzgerald Variable Insurance Trust (formerly "Credit Suisse Trust").

Effective March 31, 2026, O'Connor Alternative Investments, LLC succeeded UBS Asset Management (Americas) LLC as the Portfolio's investment adviser.

A series of Columbia [Funds](#bookmark_fund_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) Variable Insurance Trust.

The Fidelity® VIP Contrafund® [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) is a series of Variable Insurance Products [Fund](#bookmark_fund_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) II. The Fidelity® VIP Mid Cap [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) and Fidelity® VIP Value Strategies [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) are each a series of Variable Insurance Products [Fund](#bookmark_fund_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) III. The Fidelity® VIP Health Care [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) and Fidelity® VIP Technology [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) are each a series of Variable Insurance Products [Fund](#bookmark_fund_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) IV. The Fidelity® VIP Bond Index [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) is a series of Variable Insurance Products [Fund](#bookmark_fund_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) V.

The following affiliates of Fidelity Management & Research Company also assist with foreign investments for each Portfolio: Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Inc.

A series of John Hancock Variable Insurance Trust.

A series of Neuberger Berman Advisers Management Trust.

A series of Russell Investment [Funds](#bookmark_fund_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183).

Assets of each [Portfolio](#bookmark_portfolio_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183) are invested by one or more investment management organizations researched and recommended by Russell Investment Management LLC, the investment adviser for the Russell Investment [Funds](#bookmark_fund_8b0c2f53-c3de-4c2b-8afa-6b6ab19a7183).

**Fixed Account Investment Options Available Under the Contract**

The following is a list of Fixed Options currently available under the Contract. We may change the features of the Fixed Options listed below, offer new Fixed Options, and terminate existing Fixed Options. We will provide you with notice before doing so. See "The Investment Options - Fixed Option(s)" above for more information.

**Note: If amounts are withdrawn from Guaranteed Interest Fund 8 before the end of its term, we will apply a Market Value Adjustment. A negative Market Value Adjustment will result in the loss of some or all previously credited interest in excess of the minimum guaranteed annual effective interest rate for GIF 8, if any. See "Charges and Adjustments – Adjustments" for more information.** 

---

| | | |
|:---|:---|:---|
| **Name** | **Term** | **Minimum Guaranteed Interest Rate** |
| Guaranteed Interest Fund 1 | 1 Year | 0.50% |
| Guaranteed Interest Fund 8 | 8 Years | 0.50% |

---

**Account B Prospectus**

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Appendix B—Prior Contracts

To the extent not otherwise described below, or specifically described elsewhere in this prospectus, the material features of prior series of these Contracts are consistent with the current series of Contracts as described in this prospectus.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEATURES OF PRIOR** <br> **CONTRACTS** | **JJ/KK** | **LL/MM** | **LL/MM** | **QQ** | **QQ** |
| **FEATURES OF PRIOR** <br> **CONTRACTS** | **JJ/KK** | &nbsp;&nbsp; **Front Load** <br> **Contract (LL)**<br>| &nbsp;&nbsp; **Back Load** <br> **Contract (MM)**<br>| &nbsp;&nbsp; **Front Load** <br> **Contract**<br>| &nbsp;&nbsp; **Back Load** <br> **Contract**<br>|
| **Dates Offered (Subject to** <br> **State Approval)**<br>| 11/1/1968 - 12/16/1981 | &nbsp;&nbsp; 12/17/1981 - <br> 3/30/1995<br>| &nbsp;&nbsp; 12/17/1981 - <br> 3/30/1995<br>| &nbsp;&nbsp; 3/31/1995 - <br> 3/30/2000<br>| &nbsp;&nbsp; 3/31/1995 - <br> 3/30/2000<br>|
| **Front Load** | &nbsp;&nbsp; Cumulative purchase <br> payments for the contract <br> year are subject to the <br> following front-end loads:<br> ●8% first $5,000<br> ●4% next $20,000<br> ●2% next $75,000<br> ●1% on amounts over <br> $100,000<br>| &nbsp;&nbsp; Cumulative <br> purchase <br> payments are <br> subject to the <br> following front-<br> end loads:<br> ●3.00% first <br> $25,000<br> ●2.00% next <br> $75,000<br> ●1.00% next <br> $100,000<br>| Not Applicable | &nbsp;&nbsp; Cumulative <br> purchase <br> payments are <br> subject to the <br> following front-<br> end loads:<br> ●4.00% first <br> $100,000<br> ●2.00% next <br> $400,000<br> ●1.00% next <br> $500,000<br> ●0.50% on <br> amounts over <br> $1,000,000<br>| Not Applicable |

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**Account B Prospectus**

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEATURES OF PRIOR** <br> **CONTRACTS** | **JJ/KK** | **LL/MM** | **LL/MM** | **QQ** | **QQ** |
| **FEATURES OF PRIOR** <br> **CONTRACTS** | **JJ/KK** | &nbsp;&nbsp; **Front Load** <br> **Contract (LL)**<br>| &nbsp;&nbsp; **Back Load** <br> **Contract (MM)**<br>| &nbsp;&nbsp; **Front Load** <br> **Contract**<br>| &nbsp;&nbsp; **Back Load** <br> **Contract**<br>|
| **Withdrawal Charge (Back** <br> **Load)**<br>| Not Applicable | Not Applicable | &nbsp;&nbsp; Cumulative <br> purchase <br> payments are <br> subject to the <br> following <br> withdrawal <br> charges:<br> ●8% of the first <br> $25,000<br> ●4% of the next <br> $75,000<br> ●2% on amounts <br> over $100,000<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> On each <br> anniversary, <br> the charge <br> reduces 1%. <br> Withdrawal <br> charges are <br> waived as <br> described in <br> the prospectus <br> (See "Waiver <br> of Withdrawal <br> Charges") <br> except that <br> such charges <br> will be waived <br> if proceeds are <br> settled under a <br> fixed life <br> income plan on <br> or after the <br> 10<sup>th</sup> contract <br> anniversary, or <br> if proceeds are <br> settled <br> anytime under <br> a variable life <br> income or <br> period certain <br> income plan <br> for a period of <br> 5 or more <br> years.<br>| Not Applicable | &nbsp;&nbsp; Cumulative <br> purchase <br> payments are <br> subject to the <br> following <br> withdrawal <br> charges:<br> ●8.00% of the <br> first $100,000<br> ●4.00% of the <br> next $400,000<br> ●2.00% on the <br> next $500,000<br> ●1.00% on <br> amounts over <br> $1,000,000<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> On each <br> anniversary, <br> the charge <br> reduces 1%. <br> Waiver of <br> withdrawal <br> charges is <br> consistent with <br> current series.<br>|
| **Annual Mortality Rate/** <br> **Annuity Rate & Expense** <br> **Guarantee Charge (Applied** <br> **daily against the unit value** <br> **of each variable** <br> **investment division.)**<br>| &nbsp;&nbsp; **Accumulation Units:**<br> Maximum: 1.00%<br> Current: 0.75%<br>| &nbsp;&nbsp; **Accumulation** <br> **Units:**<br> Maximum: <br> 1.00%<br> Current: 0.75%<br>| &nbsp;&nbsp; **Accumulation** <br> **Units:**<br> Maximum: <br> 1.50%<br> Current: 1.25%<br>| &nbsp;&nbsp; **Accumulation** <br> **Units:**<br> Maximum: <br> 0.75%<br> Current: 0.40%<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Annuity Units:**<br> Maximum: <br> 0.75%<br> Current: 0.00%<br>| &nbsp;&nbsp; **Accumulation** <br> **Units:**<br> Maximum: <br> 1.50%<br> Current: 1.25%<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Annuity Units:**<br> Maximum: <br> 1.50%<br> Current: 1.25%<br>|
| **Annual Contract Fee** |  | &nbsp;&nbsp; The contract fee is lesser of $30 or <br> 1% of accumulation value at the <br> anniversary, but it is waived in a <br> manner consistent with the current <br> series.  | &nbsp;&nbsp; The contract fee is lesser of $30 or <br> 1% of accumulation value at the <br> anniversary, but it is waived in a <br> manner consistent with the current <br> series.  | &nbsp;&nbsp; The contract fee is consistent with <br> the current series. | &nbsp;&nbsp; The contract fee is consistent with <br> the current series. |

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**Account B Prospectus**

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FEATURES OF PRIOR** <br> **CONTRACTS** | **JJ/KK** | **LL/MM** | **LL/MM** | **QQ** | **QQ** |
| **FEATURES OF PRIOR** <br> **CONTRACTS** | **JJ/KK** | &nbsp;&nbsp; **Front Load** <br> **Contract (LL)**<br>| &nbsp;&nbsp; **Back Load** <br> **Contract (MM)**<br>| &nbsp;&nbsp; **Front Load** <br> **Contract**<br>| &nbsp;&nbsp; **Back Load** <br> **Contract**<br>|
| **Amount of the Death** <br> **Benefit**<br>| &nbsp;&nbsp; **Annuitant Dies on or After 75**<sup>th</sup> **birthday:**<br> The payment at death will be the value of the Accumulation Units <br> determined as of the close of business on the valuation date on <br> which proof of death is received in the Home Office, or if later the <br> date on which a method of payment is elected.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Annuitant Dies Before 75**<sup>th</sup> **birthday:**<br> The payment at death will not be less than the total considerations, <br> excluding those for the Disability Waiver of Consideration Benefit, <br> paid under the contract; less any amounts returned in a surrender of <br> a portion of the Accumulation Value. | &nbsp;&nbsp; **Annuitant Dies on or After 75**<sup>th</sup> **birthday:**<br> The payment at death will be the value of the Accumulation Units <br> determined as of the close of business on the valuation date on <br> which proof of death is received in the Home Office, or if later the <br> date on which a method of payment is elected.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Annuitant Dies Before 75**<sup>th</sup> **birthday:**<br> The payment at death will not be less than the total considerations, <br> excluding those for the Disability Waiver of Consideration Benefit, <br> paid under the contract; less any amounts returned in a surrender of <br> a portion of the Accumulation Value. | &nbsp;&nbsp; **Annuitant Dies on or After 75**<sup>th</sup> **birthday:**<br> The payment at death will be the value of the Accumulation Units <br> determined as of the close of business on the valuation date on <br> which proof of death is received in the Home Office, or if later the <br> date on which a method of payment is elected.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Annuitant Dies Before 75**<sup>th</sup> **birthday:**<br> The payment at death will not be less than the total considerations, <br> excluding those for the Disability Waiver of Consideration Benefit, <br> paid under the contract; less any amounts returned in a surrender of <br> a portion of the Accumulation Value. | &nbsp;&nbsp; **Annuitant Dies on or After 75**<sup>th</sup> <br> **birthday:**<br> The payment at death will be the <br> Accumulation Value of the contract <br> determined on the Valuation Date on <br> which proof of death is received in <br> the Home Office, or if later the date <br> on which a method of payment is <br> elected.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Annuitant Dies Before 75**<sup>th</sup> **birthday:**<br> The death benefit will not be less <br> than the total Purchase Payments <br> paid under the contract, less any <br> amounts withdrawn under the <br> contract | &nbsp;&nbsp; **Annuitant Dies on or After 75**<sup>th</sup> <br> **birthday:**<br> The payment at death will be the <br> Accumulation Value of the contract <br> determined on the Valuation Date on <br> which proof of death is received in <br> the Home Office, or if later the date <br> on which a method of payment is <br> elected.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Annuitant Dies Before 75**<sup>th</sup> **birthday:**<br> The death benefit will not be less <br> than the total Purchase Payments <br> paid under the contract, less any <br> amounts withdrawn under the <br> contract |
| **Distribution of the Death** <br> **Benefit**<br>| &nbsp;&nbsp; Upon receipt in the Home Office of satisfactory proof of the death of the Annuitant before the maturity date <br> payment of the death benefit will be paid to the beneficiary. The Owner may name or change a beneficiary <br> while the Annuitant is living; or during the first 60 days after the death of the Annuitant, if the Annuitant was <br> not the Owner immediately prior to the Annuitant's death. A change made during this 60 days cannot be <br> revoked. If the Owner is the Annuitant and dies before the Contract's Maturity Date, each beneficiary may <br> elect to continue his or her respective portion of the death proceeds to a new (current series) Contract <br> through an internal exchange. If the Owner is not the Annuitant and the Annuitant dies before the maturity <br> Date, the Death Benefit becomes payable to the Owner; however, if the Owner and the Beneficiary are the <br> same, the Owner may elect to exchange the death proceeds to a new (current series) Contract through an <br> internal exchange, or elect any other settlement choice available. | &nbsp;&nbsp; Upon receipt in the Home Office of satisfactory proof of the death of the Annuitant before the maturity date <br> payment of the death benefit will be paid to the beneficiary. The Owner may name or change a beneficiary <br> while the Annuitant is living; or during the first 60 days after the death of the Annuitant, if the Annuitant was <br> not the Owner immediately prior to the Annuitant's death. A change made during this 60 days cannot be <br> revoked. If the Owner is the Annuitant and dies before the Contract's Maturity Date, each beneficiary may <br> elect to continue his or her respective portion of the death proceeds to a new (current series) Contract <br> through an internal exchange. If the Owner is not the Annuitant and the Annuitant dies before the maturity <br> Date, the Death Benefit becomes payable to the Owner; however, if the Owner and the Beneficiary are the <br> same, the Owner may elect to exchange the death proceeds to a new (current series) Contract through an <br> internal exchange, or elect any other settlement choice available. | &nbsp;&nbsp; Upon receipt in the Home Office of satisfactory proof of the death of the Annuitant before the maturity date <br> payment of the death benefit will be paid to the beneficiary. The Owner may name or change a beneficiary <br> while the Annuitant is living; or during the first 60 days after the death of the Annuitant, if the Annuitant was <br> not the Owner immediately prior to the Annuitant's death. A change made during this 60 days cannot be <br> revoked. If the Owner is the Annuitant and dies before the Contract's Maturity Date, each beneficiary may <br> elect to continue his or her respective portion of the death proceeds to a new (current series) Contract <br> through an internal exchange. If the Owner is not the Annuitant and the Annuitant dies before the maturity <br> Date, the Death Benefit becomes payable to the Owner; however, if the Owner and the Beneficiary are the <br> same, the Owner may elect to exchange the death proceeds to a new (current series) Contract through an <br> internal exchange, or elect any other settlement choice available. | &nbsp;&nbsp; Upon receipt in the Home Office of satisfactory proof of the death of the Annuitant before the maturity date <br> payment of the death benefit will be paid to the beneficiary. The Owner may name or change a beneficiary <br> while the Annuitant is living; or during the first 60 days after the death of the Annuitant, if the Annuitant was <br> not the Owner immediately prior to the Annuitant's death. A change made during this 60 days cannot be <br> revoked. If the Owner is the Annuitant and dies before the Contract's Maturity Date, each beneficiary may <br> elect to continue his or her respective portion of the death proceeds to a new (current series) Contract <br> through an internal exchange. If the Owner is not the Annuitant and the Annuitant dies before the maturity <br> Date, the Death Benefit becomes payable to the Owner; however, if the Owner and the Beneficiary are the <br> same, the Owner may elect to exchange the death proceeds to a new (current series) Contract through an <br> internal exchange, or elect any other settlement choice available. | &nbsp;&nbsp; Upon receipt in the Home Office of satisfactory proof of the death of the Annuitant before the maturity date <br> payment of the death benefit will be paid to the beneficiary. The Owner may name or change a beneficiary <br> while the Annuitant is living; or during the first 60 days after the death of the Annuitant, if the Annuitant was <br> not the Owner immediately prior to the Annuitant's death. A change made during this 60 days cannot be <br> revoked. If the Owner is the Annuitant and dies before the Contract's Maturity Date, each beneficiary may <br> elect to continue his or her respective portion of the death proceeds to a new (current series) Contract <br> through an internal exchange. If the Owner is not the Annuitant and the Annuitant dies before the maturity <br> Date, the Death Benefit becomes payable to the Owner; however, if the Owner and the Beneficiary are the <br> same, the Owner may elect to exchange the death proceeds to a new (current series) Contract through an <br> internal exchange, or elect any other settlement choice available. |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Withdrawal Charge Free** <br> **Amount**<br>| Not Applicable | &nbsp;&nbsp; **LL Series:**<br> There is no <br> "withdrawal <br> charge free" <br> amount.<br>| &nbsp;&nbsp; **MM Series** <br> **issued before** <br> **1991:**<br> By Company <br> practice, a <br> "withdrawal <br> charge free" <br> amount is <br> available under a <br> Contract if the <br> Contract Value is <br> at least $10,000 <br> on the Contract <br> anniversary <br> preceding the <br> withdrawal, up <br> to 10% of the <br> Accumulation <br> Value on the last <br> Contract <br> anniversary.<br>| Not Applicable | &nbsp;&nbsp; By Company <br> practice, a <br> "withdrawal <br> charge free" <br> amount is <br> available under a <br> Contract if the <br> Contract Value is <br> at least $10,000 <br> on the Contract <br> anniversary <br> preceding the <br> withdrawal, up <br> to 10% of the <br> Accumulation <br> Value on the last <br> Contract <br> anniversary.<br>|
| **Waiver of Withdrawal** <br> **Charge on Income Plans**<br>| Not Applicable | &nbsp;&nbsp; **LL Series**<br> Not Applicable<br>| &nbsp;&nbsp; **MM Series**<br> There is no <br> withdrawal <br> charge on <br> benefits paid <br> under a fixed life <br> income plan that <br> takes effect on <br> or after the <br> tenth <br> anniversary of <br> the contract.<br>| Not Applicable | &nbsp;&nbsp; The waiver of <br> withdrawal <br> charge on <br> Income Plans is <br> consistent with <br> the current <br> series.<br>|

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **FEATURES OF PRIOR** <br> **CONTRACTS** | **JJ/KK** | **LL/MM** | **QQ** | **QQ** |
| **FEATURES OF PRIOR** <br> **CONTRACTS** | **JJ/KK** | **LL/MM** | **Front Load Contract** | **Back Load Contract** |
| **Maximum Maturity Age** | By Company practice, and as state law allows, the maximum maturity age is stated in your contract. | By Company practice, and as state law allows, the maximum maturity age is stated in your contract. | By Company practice, and as state law allows, the maximum maturity age is stated in your contract. | By Company practice, and as state law allows, the maximum maturity age is stated in your contract. |

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**Account B Prospectus**

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| | | | | |
|:---|:---|:---|:---|:---|
| **FEATURES OF PRIOR** <br> **CONTRACTS** | **JJ/KK** | **LL/MM** | **QQ** | **QQ** |
| **FEATURES OF PRIOR** <br> **CONTRACTS** | **JJ/KK** | **LL/MM** | **Front Load Contract** | **Back Load Contract** |
| **Fixed Options** | &nbsp;&nbsp; The rates, Income Plans, transfer restrictions, and other features of the Fixed Options vary from series to <br> series and state to state. See your Contract and any Contract amendment for details. You may not invest in <br> any fixed option unless your Contract provides for a fixed investment option or if your Contract contains an <br> amendment dated before January 1, 2013 providing for such a fixed investment option. | &nbsp;&nbsp; The rates, Income Plans, transfer restrictions, and other features of the Fixed Options vary from series to <br> series and state to state. See your Contract and any Contract amendment for details. You may not invest in <br> any fixed option unless your Contract provides for a fixed investment option or if your Contract contains an <br> amendment dated before January 1, 2013 providing for such a fixed investment option. | &nbsp;&nbsp; The rates, Income Plans, transfer restrictions, and other features of the Fixed Options vary from series to <br> series and state to state. See your Contract and any Contract amendment for details. You may not invest in <br> any fixed option unless your Contract provides for a fixed investment option or if your Contract contains an <br> amendment dated before January 1, 2013 providing for such a fixed investment option. | &nbsp;&nbsp; The rates, Income Plans, transfer restrictions, and other features of the Fixed Options vary from series to <br> series and state to state. See your Contract and any Contract amendment for details. You may not invest in <br> any fixed option unless your Contract provides for a fixed investment option or if your Contract contains an <br> amendment dated before January 1, 2013 providing for such a fixed investment option. |

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**Account B Prospectus**

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Appendix C–State Variations

This Appendix contains important state-specific variations for Contracts issued in the states as noted below. The prospectus provides a general description of the Contract (and any endorsements) but your state of issue may provide different features from, and impose different costs than, those described in the body of the prospectus. Please see your Contract for specific details.

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| | | |
|:---|:---|:---|
| **State** | **Policy Feature/Benefit/Cost** | **Variation** |
| Alabama | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Alaska | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Arizona | Right to Return | If the Contract is replacing an existing annuity contract, or if the Owner is <br> sixty-five (65) years of age or older on the issue date, it may be returned <br> within thirty (30) days after it was received.<br>|
| California | Right to Return | If the Owner is sixty (60) years of age or older on the issue date, the <br> Contract may be returned within thirty (30) days after it was received.<br>|
| Colorado | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Connecticut | Right to Return | The amount of the refund will be the amount of the Purchase Payments <br> paid.<br>|
| Florida | Right to Return | The Contract may be returned within twenty-one (21) days after it was <br> received. The amount of the refund will be the cash surrender value <br> provided in the Contract plus any fees or charges deducted from the <br> premiums.<br>|
| Florida | Maturity Benefit | The Maturity Date may be changed upon request. The Contract may be <br> annuitized at any time after twelve (12) months following the issue date. <br> The latest Maturity Date is the Contract anniversary nearest the <br> Annuitant's 98<sup>th</sup> birthday.<br>|
| Florida | Deferment of Benefit Payments | If payment of contract values of the Separate Account Divisions is <br> deferred, interest will be paid at an annual effective interest rate in <br> accordance with Florida law.<br>|
| Georgia | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Hawaii | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Idaho | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Illinois | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Indiana | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Iowa | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Kentucky | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Louisiana | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Maine | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|

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**Account B Prospectus**

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| | | |
|:---|:---|:---|
| Maryland | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Massachusetts | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Michigan | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Minnesota | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Mississippi | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Missouri | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Montana | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Nebraska | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Nevada | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| New Hampshire | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| New Jersey | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| New Mexico | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| New York | Guaranteed Accounts | The Guaranteed Accounts are not available for investment. |
| New York | Income Plans | For back-load Contracts, the minimum monthly payment under an <br> income payment plan must be at least $20. <br>|
| New York | Maturity Benefit | The latest Maturity Date is the contract anniversary nearest the <br> Annuitant's 98<sup>th</sup> birthday.<br>|
| New York | Misstatements | For front-load Contracts, if the Company has underpaid any amounts due <br> to a misstatement of age or sex, the underpayment will be paid with <br> interest at an annual effective rate of 3.50%.<br>|
| New York | Termination of Contract | For back-load Contracts, the Company may terminate the Contract and <br> pay the Owner the Accumulation Value of the Contract with no further <br> obligations if, prior to the Maturity Date, no Purchase Payments have <br> been paid for three (3) full years and both the Accumulation Value of the <br> Contract and the total Purchase Payments paid (less withdrawals) are <br> each less than the minimum Accumulation Value required.<br>|
| New York | Withdrawal Charges  | For back-load Contracts issued in New York on or after October 9, 2023, <br> withdrawals that occur within seven years following an applicable <br> Purchase Payment are subject to a withdrawal charge of up to 7% of the <br> Purchase Payment. <br>|
| North Carolina | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| North Dakota | Right to Return | The Contract may be returned within twenty (20) days after it was <br> received.<br>|
| Ohio | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|

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**Account B Prospectus**

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| | | |
|:---|:---|:---|
| Oklahoma | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Oregon | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Pennsylvania | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Rhode Island | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| South Carolina | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| South Dakota | Incontestability | While the Contract is contestable, the Company may rescind the <br> Contract or deny a claim under the Disability Waiver of Purchase <br> Payment Benefit on the basis of a misstatement in the application.<br>|
| Tennessee | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Texas | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Utah | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Vermont | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Virginia | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Washington | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| West Virginia | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Wisconsin | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|
| Wyoming | Misstatements | If the Company has underpaid any amounts due to a misstatement of <br> age or sex, the underpayment will be paid with interest at an annual <br> effective rate of 3.50%.<br>|

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**Account B Prospectus**

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Additional Information

Financial statements of the Separate Account and the financial statements of Northwestern Mutual appear in the Statement of Additional Information ("SAI"). The financial statements of the Company should only be considered with respect to the Company's ability to meet its obligations under the Contract and not with respect to Contract Value held in the Separate Account, which is principally derived from the investment performance of the Portfolios. The SAI is available free of charge at www.nmprospectus.com. Semiannually, we will send you reports containing financial information and schedules of investments for the Portfolios underlying the Divisions in which you invest. We will notify you by mail that reports containing financial information and schedules of investments for the Portfolios underlying the Divisions in which you invest are available online. More information about the Contract and NML Variable Annuity Account B (the "Separate Account") is included in the SAI dated May 1, 2026. The SAI is incorporated by reference in this prospectus and is available free of charge at www.nmprospectus.com.

To receive a copy of the SAI, send a written request to Northwestern Mutual, Risk Products Department, Room T10, 720 East Wisconsin Avenue, Milwaukee, WI 53202. You can also request a copy of the SAI free of charge by calling us at (866) 910-1232.

Reports and other information about the Separate Account (including the SAI) are available on the SEC's website at https://www.sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

Edgar Contract Identifier: C000000098

**Account B Prospectus**

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**STATEMENT OF ADDITIONAL INFORMATION**

May 1, 2026

**FLEXIBLE PAYMENT VARIABLE ANNUITY**

An individual flexible payment Variable Annuity Contract (the "Contract") for:

Individual Retirement Annuities ("IRAs")

Roth IRAs

Simple IRAs

Simplified Employee Pension Plan IRAs

457 Deferred Compensation Plan Annuities

Tax Deferred Annuities

Non-Transferable Annuities

Non-Tax Qualified Annuities

The prospectus describes two classes of the Select Payment Variable Annuity Contract: a front-load version (in which a sales charge is assessed when Purchase Payments are made) and a back-load version (in which a sales charge is assessed if and when amounts are withdrawn). The prospectus also describes multiple Contract versions as listed below.

JJ/KK Series Contracts Issued Prior to December 17, 1981

LL/MM Series Contracts Issued On or After December 17, 1981 and Prior to March 31, 1995

QQ Series Contracts Issued On or After March 31, 1995 and Prior to March 31, 2000

RR Series Contracts Issued On or After March 31, 2000

**Issued by The Northwestern Mutual Life Insurance Company**

**through**

**NML Variable Annuity Account B**

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This Statement of Additional Information ("SAI") is not a prospectus, but supplements and should be read in conjunction with the prospectus for the Contract identified above and dated the same date as this SAI.

A copy of the prospectus may be obtained by writing The Northwestern Mutual Life Insurance Company, Risk Products Department, Room T10, 720 East Wisconsin Avenue, Milwaukee, Wisconsin 53202, calling telephone number 1-888-455-2232, or visiting the website www.northwesternmutual.com.

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**Table of Contents** 

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| | |
|:---|:---|
|  | **Page** |
| [MARKET VALUE ADJUSTMENT (GIF 8 ONLY)](#xx_7d58bf7c-9a71-4058-8d7a-11e838ea585a_1) | B-3  |
| [DISTRIBUTION OF THE CONTRACTS](#xx_7d58bf7c-9a71-4058-8d7a-11e838ea585a_3) | B-5  |
| [DETERMINATION OF ANNUITY PAYMENTS](#xx_7d58bf7c-9a71-4058-8d7a-11e838ea585a_3) | B-5  |
| [Amount of Annuity Payments](#xx_7d58bf7c-9a71-4058-8d7a-11e838ea585a_3) | B-5  |
| [Annuity Unit Value](#xx_7d58bf7c-9a71-4058-8d7a-11e838ea585a_4) | B-6  |
| [Illustrations of Variable Annuity Payments](#xx_7d58bf7c-9a71-4058-8d7a-11e838ea585a_4) | B-6  |
| [VALUATION OF ASSETS OF THE ACCOUNT](#xx_7d58bf7c-9a71-4058-8d7a-11e838ea585a_4) | B-6  |
| [TRANSFERABILITY RESTRICTIONS](#xx_7d58bf7c-9a71-4058-8d7a-11e838ea585a_5) | B-7  |
| [EXPERTS](#xx_7d58bf7c-9a71-4058-8d7a-11e838ea585a_5) | B-7  |
| FINANCIAL STATEMENTS OF THE ACCOUNT  | F-1  |
| FINANCIAL STATEMENTS OF NORTHWESTERN MUTUAL | NM-1 |

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**MARKET VALUE ADJUSTMENT (GIF 8 ONLY)**

Transfers and withdrawals (but not payments of Contract fees or payments due to the death of the Primary Annuitant) made from GIF 8 prior to the end of a Guaranteed Period will be charged or credited with a market value adjustment ("MVA"). No MVA will apply if you do not transfer or withdraw amounts from GIF 8 before the end of a Guaranteed Period. You could lose a significant amount of money due to the MVA if amounts are removed from GIF 8 prior to the end of a Guarantee Period. For more information about the MVA, see the "Charges and Adjustments" section of the Prospectus. The amount of the MVA will depend upon the difference, if any, between the seven-year Constant Maturity Treasury interest rate in effect on the second-to-last business day of the month preceding the start of the Guaranteed Period and an interest rate, in effect on the second-to-last business day of the month preceding the date of the transfer or withdrawal, equal to the Constant Maturity Treasury interest rate for the period closest to the time remaining in the Guaranteed Period (but not less than one year). If the rate in effect at that time exceeds the seven-year rate preceding the start of the Guaranteed Period, the MVA will be negative and decrease the amount available for transfer or withdrawal from GIF 8. If the opposite is true, the MVA will be positive and increase such amount. For Contracts issued in TX or AL sold prior to May 1, 2013, the MVA formula may differ. Material features of each prior Contract version are described in Appendix B of the Prospectus. All material state variations are described in Appendix C of the Prospectus.

GIF 8 is subject to the Standard Nonforfeiture Law for Individual Deferred Annuities. To ensure compliance with the Standard Nonforfeiture Law on Deferred Annuities, we must credit amounts allocated to GIF 8 with an interest rate at least equal to a minimum guaranteed annual effective interest rate (the "Nonforfeiture Rate"). We may, and typically do, credit interest greater than the Nonforfeiture Rate on amounts allocated to GIF 8. In no event will the MVA increase or decrease the amount transferred or withdrawn by more than a proportionate allocation of the excess, if any, of the interest credited to GIF 8 since the beginning of the Guaranteed Period in which such amount is transferred or withdrawn to the date of transfer or withdrawal, over the interest that would have been credited if the Declared Rate had equaled the Nonforfeiture Rate during that same time period. The Nonforfeiture Rate is a rate defined in the Contract and is based on the five-year Constant Maturity Treasury interest rate on the second-to-last business day of the month preceding the start of the Guaranteed Period during which the transfer or withdrawal is made. In general, the longer the period remaining to the end of the Guaranteed Period at the time of a transfer or withdrawal, the larger the MVA. Because a negative MVA can reduce credited interest in excess of the minimum interest rate required to be credited under applicable state law, you should carefully consider its effect before making a transfer or withdrawal from GIF 8 prior to the end of a Guaranteed Period.

To calculate the MVA for your contract, use the following formula:

A x [(1+B)<sup>n</sup> / (1+C)<sup>n</sup> -1] where;

A =

the Account Value being withdrawn or transferred from GIF 8;

B =

the 7-year Constant Maturity Treasury Rate reported by the Federal Reserve as of the second-to-last Valuation Date of the month preceding the month in which the declared interest rate first became effective;

C =

the Constant Maturity Treasury Rate reported by the Federal Reserve as of the second-to-last Valuation Date of the month preceding the month of the withdrawal or transfer for the duration nearest the time remaining in the Guaranteed Period but not less than one year; and

n =

the number of years, including fractional years, remaining in the Guaranteed Period.

In the determination of the Market Value Adjustment, a period whose length is exactly half-way between periods for which a Constant Maturity Treasury Rate is reported will be considered to be nearer to the shorter duration, but not less than one year.

Set forth below are two examples showing the application of the market value adjustment feature in the case of a withdrawal or transfer from GIF 8 before the end of the Guarantee Period. The first example assumes rising interest rates; the second assumes declining interest rates:

**GIF 8 Market Value Adjustment Example** 

GIF 8 Deposit = $50,000

Guaranteed Interest Rate = 4.5% for 8 years

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| |
|:---|
| **Market Value Adjustment Calculation assuming 100% withdrawal on** <br> **the third anniversary from deposit if interest rates increase**<br>|
| Current GIF 8 Account Value = $57,058.31 |

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| |
|:---|
| **Market Value Adjustment Calculation assuming 100% withdrawal on** <br> **the third anniversary from deposit if interest rates increase**<br>|
| 7-year Constant Maturity Treasury Rate = 4.75% (on the second to last business day preceding the month of deposit) |
| 5-year Constant Maturity Treasury Rate = 5.00% (on the second to last business day preceding the month of withdrawal for the <br> term nearest the period remaining in the guarantee period)<br>|
| Market Value Adjustment = $57,058.31 x [(1 + 4.75%)<sup>5</sup>/(1 + 5.00%)<sup>5</sup> -1] = -$676.04 |
| Market Value Adjustment as a Percentage of Contract Value: -$676.04/$57,058.31 = -1.18% |
| Withdrawal Charge: $57,058.31 x 6% = $3,423.50 |

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

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| |
|:---|
| **Market Value Adjustment Calculation assuming 100% withdrawal on** <br> **the third anniversary from deposit if interest rates decrease**<br>|
| Current GIF 8 Account Value = $57,058.31 |
| 7-year Constant Maturity Treasury Rate = 4.75% (on the second to last business day preceding the month of deposit |
| 5-year Constant Maturity Treasury Rate = 4.25% (on the second to last business day preceding the month of withdrawal for the <br> term nearest the period remaining in the guarantee period)<br>|
| Market Value Adjustment = $57,058.31 x [(1 + 4.75%)<sup>5</sup>/(1 + 4.25%)<sup>5</sup> -1] = +$1,381.49 |
| Market Value Adjustment as a Percentage of Contract Value: $1,381.49/$57,058.31 = 2.42% |
| Withdrawal Charge: $57,058.31 x 6% = $3,423.50 |

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Note: The market value adjustment will not increase or decrease values by more than the interest credited to GIF 8 since the beginning of the guarantee period in which an amount is withdrawn or transferred out to the date of the withdrawal or transfer over the interest that would have been credited if the interest rate declared by the Company had equaled the Nonforfeiture Rate during the same time period. For the example above, assuming a Nonforfeiture Rate of 3%, the maximum positive or negative market value adjustment would be $57,058.31-$50,000(1.03)<sup>3</sup> = $2,421.96.

***Contracts Issued in TX or AL Prior to May, 1, 2013***

To calculate the MVA for your contract, use the following formula:

A x [(1+B)<sup>n</sup> / (1+C)<sup>n</sup> -1] where;

A =

the Account Value being withdrawn or transferred from GIF 8;

B =

the 5-year Constant Maturity Treasury Rate reported by the Federal Reserve as of the second-to-last Valuation Date of the month preceding the month in which the declared interest rate first became effective;

C =

the Constant Maturity Treasury Rate reported by the Federal Reserve as of the second-to-last Valuation Date of the month preceding the month of the withdrawal or transfer for the duration nearest the time remaining in the Guaranteed Period but not less than one year (and not more than five years); and

n =

the number of years, including fractional years, remaining in the Guaranteed Period.

In the determination of the Market Value Adjustment, a period whose length is exactly half-way between periods for which a Constant Maturity Treasury Rate is reported will be considered to be nearer to the shorter duration, but not less than one year.

Set forth below are two examples showing the application of the market value adjustment feature in the case of a withdrawal or transfer from GIF 8 before the end of the Guarantee Period. The first example assumes rising interest rates; the second assumes declining interest rates:

**GIF 8 Market Value Adjustment Example** 

GIF 8 Deposit = $50,000

Guaranteed Interest Rate = 4.5% for 8 years

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| |
|:---|
| **Market Value Adjustment Calculation assuming 100% withdrawal on** <br> **the third anniversary from deposit if interest rates increase**<br>|
| Current GIF 8 Account Value = $57,058.31 |
| 5-year Constant Maturity Treasury Rate = 4.50% (on the second to last business day preceding the month of deposit) |
| 5-year Constant Maturity Treasury Rate = 5.00% (on the second to last business day preceding the month of withdrawal for the <br> term nearest the period remaining in the guarantee period)<br>|

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| |
|:---|
| **Market Value Adjustment Calculation assuming 100% withdrawal on** <br> **the third anniversary from deposit if interest rates increase**<br>|
| Market Value Adjustment = $57,058.31 x [(1 + 4.50%)<sup>5</sup>/(1 + 5.00%)<sup>5</sup> -1] = -$1,345.65 |
| Market Value Adjustment as a Percentage of Contract Value: -$1,345.65/$57,058.31 = -2.36% |
| Withdrawal Charge: $57,058.31 x 6% = $3,423.50 |

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

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| |
|:---|
| **Market Value Adjustment Calculation assuming 100% withdrawal on** <br> **the third anniversary from deposit if interest rates decrease**<br>|
| Current GIF 8 Account Value = $57,058.31 |
| 5-year Constant Maturity Treasury Rate = 4.50% (on the second to last business day preceding the month of deposit |
| 5-year Constant Maturity Treasury Rate = 4.25% (on the second to last business day preceding the month of withdrawal for the <br> term nearest the period remaining in the guarantee period)<br>|
| Market Value Adjustment = $57,058.31 x [(1 + 4.50%)<sup>5</sup>/(1 + 4.25%)<sup>5</sup> -1] = +$687.44 |
| Market Value Adjustment as a Percentage of Contract Value: $687.44/$57,058.31 = 1.20% |
| Withdrawal Charge: $57,058.31 x 6% = $3,423.50 |

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Note: The market value adjustment will not increase or decrease values by more than the interest credited to GIF 8 since the beginning of the guarantee period in which an amount is withdrawn or transferred out to the date of the withdrawal or transfer over the interest that would have been credited if the interest rate declared by the Company had equaled the Nonforfeiture Rate during the same time period. For the example above, assuming a Nonforfeiture Rate of 3%, the maximum positive or negative market value adjustment would be $57,058.31-$50,000(1.03)<sup>3</sup> = $2,421.96.

**DISTRIBUTION OF THE CONTRACTS**

The Contracts are offered on a continuous basis exclusively through individuals who, in addition to being life insurance agents of Northwestern Mutual, are registered representatives of Northwestern Mutual Investment Services, LLC ("NMIS"). NMIS is our wholly-owned company. The principal business address of NMIS is 720 East Wisconsin Avenue, Milwaukee, Wisconsin 53202.

NMIS is the principal underwriter of the Contracts for purposes of the federal securities laws. We paid the following amounts to NMIS with respect to sales of the Contracts, including commissions on sales of variable annuity contracts to corporate pension plans, during each of the last three years representing commission payments NMIS made to our agents and related benefits. None of these amounts was retained by NMIS and no amounts were paid to other underwriters or broker-dealers. We also paid additional amounts to NMIS in reimbursement for other expenses related to the distribution of variable annuity contracts.

---

| | |
|:---|:---|
| **Year** | **Amount** |
| 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $54946759 |
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $55372462 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $54121908 |

---

NMIS also provides certain services related to the administration of certain income plans under the Policies. In exchange for these services, NMIS receives compensation to cover the actual costs incurred by NMIS in performing these services under an administrative services contract with us.

**DETERMINATION OF ANNUITY PAYMENTS**

The following discussion of the method for determining the amount of monthly annuity payments under a variable income plan is intended to be read in conjunction with these sections of the prospectus for the Contracts: "Variable Income Plans," including "Description of Variable Income Plans," "Amount of Annuity Payments," and "Assumed Investment Rate"; "Dividends"; and "Deductions."

**Amount of Annuity Payments** The amount of the first annuity payment under a variable Income Plan will be determined on the basis of the particular Income Plan selected, the annuity payment rate and, for plans involving life contingencies, the Annuitant's adjusted age. The amount of the first payment is the sum of the payments from each Division of the Account determined by applying the appropriate annuity payment rate to the product of the number of Accumulation Units in the Division on the effective date of the Income Plan and the Accumulation Unit value for the Division on that date. Annuity rates currently in use are based on the 2012 Individual Annuity Mortality Period Table with 125% of Projection Scale G2, a 5.00% load, and an age adjustment. For currently-issued contracts ("RR series"), the Company may offer higher initial payment rates.

------

Variable annuity payments after the first will vary from month to month and will depend upon the number and value of Annuity Units credited to the Annuitant. After the effective date of an Income Plan a Contract will not share in the divisible surplus of Northwestern Mutual. The number of Annuity Units in each Division is determined by dividing the amount of the first annuity payment from the Division by the value of an Annuity Unit on the effective date of the Payment Plan. The number of Annuity Units thus credited to the Annuitant in each Division remains constant throughout the annuity period. However, the value of Annuity Units in each Division will fluctuate with the investment experience of the Division.

The amount of each variable annuity payment after the first is the sum of payments from each Division determined by multiplying this fixed number of Annuity Units each month by the value of an Annuity Unit for the Division on (a) the fifth valuation date prior to the payment due date if the payment due date is a valuation date, or (b) the sixth valuation date prior to the payment due date if the payment due date is not a valuation date. To illustrate, if a payment due date falls on a Friday, Saturday or Sunday, the amount of the payment will normally be based upon the Annuity Unit value calculated on the preceding Friday. The preceding Friday would be the fifth valuation date prior to the Friday due date, and the sixth valuation date prior to the Saturday or Sunday due dates.

**Annuity Unit Value** The value of an Annuity Unit for each Division was established at $1.00 as of the date operations began for that Division. The value of an Annuity Unit on any later date varies to reflect the investment experience of the Division, the Assumed Investment Rate on which the annuity rate tables are based, and the deduction for mortality rate and expense risks assumed by Northwestern Mutual.

The Annuity Unit value for each Division on any valuation date is determined by multiplying the Annuity Unit value on the immediately preceding valuation date by two factors: (a) the net investment factor for the current period for the Division; and (b) an adjustment factor to reflect the Assumed Investment Rate used in calculating the annuity rate tables.

**Illustrations of Variable Annuity Payments** To illustrate the manner in which variable annuity payments are determined consider this example. Item (4) in the example shows the applicable monthly payment rate for an annuitant, adjusted age 65, who has elected a life annuity Income Plan with a certain period of 10 years with an Assumed Investment Rate of 3-1/2% (Plan 2, as described in the prospectus). The example is for a Contract with sex-distinct rates.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Assumed number of Accumulation Units in Balanced Division on maturity date 25,000

&nbsp;&nbsp;&nbsp;&nbsp;(2) Assumed Value of an Accumulation Unit in Balanced Division at maturity $2.000000

&nbsp;&nbsp;&nbsp;&nbsp;(3) Cash Value of Contract at maturity, (1) X (2) $50,000

&nbsp;&nbsp;&nbsp;&nbsp;(4) Assumed applicable monthly payment rate per $1,000 from annuity rate table $4.90

&nbsp;&nbsp;&nbsp;&nbsp;(5) Amount of first payment from Balanced Division, (3) X (4) divided by $1,000 $245.00

&nbsp;&nbsp;&nbsp;&nbsp;(6) Assumed Value of Annuity Unit in Balanced Division at maturity $1.500000

&nbsp;&nbsp;&nbsp;&nbsp;(7) Number of Annuity Units credited in Balanced Division, (5) divided by (6) 163.33

The $50,000 value at maturity provides a first payment from the Balanced Division of $245.00, and payments thereafter of the varying dollar value of 163.33 Annuity Units. The amount of subsequent payments from the Balanced Division is determined by multiplying 163.33 units by the value of an Annuity Unit in the Balanced Division on the applicable valuation date. For example, if that unit value is $1.501000, the monthly payment from the Division will be 163.33 multiplied by $1.501000, or $245.16.

However, the value of the Annuity Unit depends entirely on the investment performance of the Division. Thus in the example above, if the net investment rate for the following month was less than the Assumed Investment Rate of 3-1/2%, the Annuity Unit would decline in value. If the Annuity Unit value declined to$1.499000 the succeeding monthly payment would then be 163.33 X $1.499000, or $244.83.

For the sake of simplicity the foregoing example assumes that all of the Annuity Units are in the Balanced Division. If there are Annuity Units in two or more Divisions, the annuity payment from each Division is calculated separately, in the manner illustrated, and the total monthly payment is the sum of the payments from the Divisions.

**VALUATION OF ASSETS OF THE ACCOUNT**

The value of Portfolio or Fund shares held in each Division of the Account at the time of each valuation is the redemption value of such shares at such time. If the right to redeem shares of a Portfolio or Fund has been suspended, or payment of redemption value has been postponed, for the sole purpose of computing annuity payments the shares held in the Account (and Annuity Units) may be valued at fair value as determined in good faith by the Board of Trustees of Northwestern Mutual.

------

**TRANSFERABILITY RESTRICTIONS**

Ownership of a Contract purchased as a tax deferred annuity pursuant to Section 403(b) of the Internal Revenue Code of 1986, as amended (the "Code") cannot be changed and the Contract cannot be sold, assigned or pledged as collateral for a loan, or for any other purpose, to any person other than Northwestern Mutual. Similar restrictions are applicable to Contracts purchased in exchange transactions by persons who have received fixed dollar policies as distributions of termination benefits from tax qualified corporate or HR 10 plans or trusts. Ownership of a Contract purchased as an individual retirement annuity pursuant to Section 408(b) of the Code cannot be transferred except in limited circumstances involving divorce.

EXPERTS

The statutory financial statements of The Northwestern Mutual Life Insurance Company as of December 31, 2025 and 2024 and for each of the three years in the period ended December 31, 2025, and the financial statements of NML Variable Annuity Account B as of December 31, 2025 and for the periods indicated, included in this Statement of Additional Information constituting part of this Registration Statement, have been so included in reliance on the reports of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The address of PricewaterhouseCoopers LLP is 833 East Michigan Street, Suite 1200, Milwaukee, Wisconsin 53202.

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

------

#### Annual Report December 31, 2025

#### Northwestern Mutual Variable Annuity Account B

#### Financial Statements

------

#### Northwestern Mutual Variable Annuity Account B

#### **Table of Contents**

---

| | |
|:---|:---|
|  [Statements of Assets and Liabilities](#finb40603_2) | F-1 |
|  [Statements of Operations](#finb40603_4) | F-13 |
|  [Statements of Changes in Net Assets](#finb40603_5) | F-18 |
|  [Notes to Financial Statements](#finb40603_6) | F-33 |
|  [Report of Independent Registered Public Accounting Firm](#finb40603_1) | F-45 |

---

------

### Statements of Assets and Liabilities
Northwestern Mutual Variable Annuity Account B

#### December 31, 2025 (in thousands, except accumulation unit values)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Growth<br>Stock**<br> **Division** | **Focused<br>Appreciation<br>Division** | **Large Cap Core<br>Stock Division** | **Large Cap<br>Blend Division** | **Index 500**<br> **Stock Division** |
|  Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Mutual Series Fund, Inc. | $427284 | $861397 | $236686 | $73873 | $2964574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Variable Series Funds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Funds Variable Insurance Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Variable Insurance Products |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock Variable Insurance Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman Advisers Management Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Northwestern Mutual Life Insurance Company |  |  | 6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 427284 | 861397 | 236692 | 73873 | 2964574 |
|  Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Northwestern Mutual Life Insurance Company | 2 | 35 |  |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Participants | 1627 | 1540 | 1317 | 367 | 5217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 1629 | 1575 | 1317 | 367 | 5243 |
|  **Total Net Assets** | $425655 | $859822 | $235375 | $73506 | $2959331 |
|  Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation Units | $421578 | $851479 | $232572 | $72691 | $2920620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity Reserves | 4077 | 8343 | 2803 | 815 | 38711 |
|  **Total Net Assets** | $425655 | $859822 | $235375 | $73506 | $2959331 |
|  Investments, at cost | $266247 | $648628 | $206326 | $73577 | $1529800 |
|  Mutual Fund Shares Held | 86565 | 182152 | 124310 | 65548 | 275800 |
|  Units Outstanding | 45165 | 54568 | 34068 | 20255 | 328510 |
|  Accumulation Unit Value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest | $5.895633 | $13.766703 | $4.527844 | $3.230912 | $6.245111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest | $18.543014 | $16.881734 | $11.781430 | $3.822434 | $30.780194 |

---

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Assets and Liabilities
Northwestern Mutual Variable Annuity Account B

#### December 31, 2025 (in thousands, except accumulation unit values)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large**<br> **Company Value**<br> **Division** | **Domestic**<br> **Equity Division** | **Equity Income**<br> **Division** | **Mid Cap**<br> **Growth Stock**<br> **Division** | **Index 400**<br> **Stock Division** |
|  Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Mutual Series Fund, Inc. | $107854 | $702287 | $509276 | $337010 | $709971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Variable Series Funds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Funds Variable Insurance Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Variable Insurance Products |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock Variable Insurance Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman Advisers Management Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Northwestern Mutual Life Insurance Company |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 107854 | 702287 | 509276 | 337010 | 709971 |
|  Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Northwestern Mutual Life Insurance Company |  | 15 | 6 | 34 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Participants | 422 | 1347 | 1255 | 1245 | 1267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 422 | 1362 | 1261 | 1279 | 1269 |
|  **Total Net Assets** | $107432 | $700925 | $508015 | $335731 | $708702 |
|  Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation Units | $105526 | $693346 | $500185 | $332101 | $700672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity Reserves | 1906 | 7579 | 7830 | 3630 | 8030 |
|  **Total Net Assets** | $107432 | $700925 | $508015 | $335731 | $708702 |
|  Investments, at cost | $107522 | $690534 | $471747 | $359930 | $617054 |
|  Mutual Fund Shares Held | 121458 | 447887 | 286593 | 110350 | 304317 |
|  Units Outstanding | 36438 | 153113 | 83194 | 46477 | 86746 |
|  Accumulation Unit Value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest | $2.611000 | $3.954564 | $5.272961 | $2.869672 | $7.939810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest | $3.089280 | $4.926490 | $6.466311 | $17.893480 | $10.319987 |

---

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Assets and Liabilities
Northwestern Mutual Variable Annuity Account B

#### December 31, 2025 (in thousands, except accumulation unit values)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Value**<br> **Division** | **Small Cap**<br> **Growth Stock**<br> **Division** | **Index 600**<br> **Stock Division** | **Small Cap**<br> **Value Division** | **International**<br> **Growth**<br> **Division** |
|  Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Mutual Series Fund, Inc. | $436794 | $299076 | $286254 | $293396 | $707478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Variable Series Funds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Funds Variable Insurance Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Variable Insurance Products Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock Variable Insurance Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman Advisers Management Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell Investment Funds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Northwestern Mutual Life Insurance Company |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 436794 | 299076 | 286254 | 293396 | 707478 |
|  Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Northwestern Mutual Life Insurance Company | 3 | 22 | 2 | 1 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Participants | 620 | 807 | 811 | 684 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 623 | 829 | 813 | 685 | 1016 |
|  **Total Net Assets** | $436171 | $298247 | $285441 | $292711 | $706462 |
|  Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation Units | $432299 | $295556 | $281335 | $289694 | $699709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity Reserves | 3872 | 2691 | 4106 | 3017 | 6753 |
|  **Total Net Assets** | $436171 | $298247 | $285441 | $292711 | $706462 |
|  Investments, at cost | $447659 | $292664 | $256815 | $301974 | $531025 |
|  Mutual Fund Shares Held | 286610 | 116735 | 180147 | 150460 | 321874 |
|  Units Outstanding | 65571 | 56693 | 75076 | 44311 | 180000 |
|  Accumulation Unit Value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest | $5.796731 | $4.463936 | $3.373252 | $5.707720 | $3.381574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest | $7.108580 | $9.977326 | $3.991167 | $7.110418 | $4.212640 |

---

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Assets and Liabilities
Northwestern Mutual Variable Annuity Account B

#### December 31, 2025 (in thousands, except accumulation unit values)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Research**<br> **International**<br> **Core Division** | **International**<br> **Equity Division** | **Emerging**<br> **Markets Equity**<br> **Division** | **Government**<br> **Money Market**<br> **Division** | **Short-Term**<br> **Bond Division** |
|  Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Mutual Series Fund, Inc. | $697765 | $1244818 | $825898 | $260979 | $259320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Variable Series Funds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Funds Variable Insurance Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Variable Insurance Products Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock Variable Insurance Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman Advisers Management Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell Investment Funds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Northwestern Mutual Life Insurance Company |  |  |  | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 697765 | 1244818 | 825898 | 260983 | 259320 |
|  Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Northwestern Mutual Life Insurance Company | 15 | 28 | 9 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Participants | 843 | 2810 | 1068 | 804 | 1290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 858 | 2838 | 1077 | 804 | 1291 |
|  **Total Net Assets** | $696907 | $1241980 | $824821 | $260179 | $258029 |
|  Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation Units | $691242 | $1230425 | $817547 | $258162 | $254838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity Reserves | 5665 | 11555 | 7274 | 2017 | 3191 |
|  **Total Net Assets** | $696907 | $1241980 | $824821 | $260179 | $258029 |
|  Investments, at cost | $548093 | $948490 | $644541 | $260979 | $257935 |
|  Mutual Fund Shares Held | 542586 | 584971 | 649802 | 260979 | 246737 |
|  Units Outstanding | 365412 | 322258 | 532564 | 146214 | 185530 |
|  Accumulation Unit Value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest | $1.695793 | $3.272156 | $1.375633 | $1.440082 | $1.231971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest | $2.006585 | $7.222242 | $1.627644 | $3.781358 | $1.457670 |

---

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Assets and Liabilities
Northwestern Mutual Variable Annuity Account B

#### December 31, 2025 (in thousands, except accumulation unit values)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Select Bond**<br> **Division** | **Long-Term U.S.**<br> **Government**<br> **Bond Division** | **Inflation**<br> **Managed**<br> **Division** | **High Yield**<br> **Bond Division** | **Multi-Sector**<br> **Bond Division** |
|  Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Mutual Series Fund, Inc. | $1746346 | $75953 | $343521 | $488645 | $927654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Variable Series Funds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Funds Variable Insurance Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Variable Insurance Products Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock Variable Insurance Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman Advisers Management Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell Investment Funds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Northwestern Mutual Life Insurance Company | 10 | 1 | 4 | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 1746356 | 75954 | 343525 | 488647 | 927654 |
|  Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Northwestern Mutual Life Insurance Company |  |  |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Participants | 4540 | 295 | 901 | 1145 | 2350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 4540 | 295 | 901 | 1145 | 2352 |
|  **Total Net Assets** | $1741816 | $75659 | $342624 | $487502 | $925302 |
|  Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation Units | $1715787 | $74743 | $338029 | $481736 | $913246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity Reserves | 26029 | 916 | 4595 | 5766 | 12056 |
|  **Total Net Assets** | $1741816 | $75659 | $342624 | $487502 | $925302 |
|  Investments, at cost | $1941922 | $96056 | $367697 | $506283 | $956843 |
|  Mutual Fund Shares Held | 1571868 | 123500 | 329043 | 716488 | 905029 |
|  Units Outstanding | 536237 | 45573 | 212886 | 107869 | 424143 |
|  Accumulation Unit Value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest | $2.579134 | $1.468769 | $1.421519 | $4.226808 | $1.928978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest | $18.810158 | $1.737825 | $1.681914 | $6.335120 | $2.282247 |

---

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Assets and Liabilities
Northwestern Mutual Variable Annuity Account B

#### December 31, 2025 (in thousands, except accumulation unit values)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Active/Passive<br>Conservative<br>Division** | **Active/Passive**<br> **Balanced<br>Division** | **Active/Passive<br>Moderate<br>Division** | **Active/Passive**<br> **Aggressive<br>Division** | **Active/Passive<br>Very**<br> **Aggressive**<br> **Division** |
|  Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Mutual Series Fund, Inc. | $1791 | $1442182 | $214818 | $18590 | $8552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Variable Series Funds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Funds Variable Insurance Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Variable Insurance Products Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock Variable Insurance Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman Advisers Management Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell Investment Funds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Northwestern Mutual Life Insurance Company |  |  | 4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 1791 | 1442182 | 214822 | 18590 | 8552 |
|  Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Northwestern Mutual Life Insurance Company |  | 43 |  | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Participants |  | 5718 | 627 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** |  | 5761 | 627 | 3 |  |
|  **Total Net Assets** | $1791 | $1436421 | $214195 | $18587 | $8552 |
|  Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation Units | $1791 | $1365807 | $200941 | $18587 | $8552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity Reserves |  | 70614 | 13254 |  |  |
|  **Total Net Assets** | $1791 | $1436421 | $214195 | $18587 | $8552 |
|  Investments, at cost | $1824 | $1424545 | $203296 | $18633 | $8599 |
|  Mutual Fund Shares Held | 1770 | 1022824 | 176369 | 17755 | 8045 |
|  Units Outstanding | 1717 | 213592 | 53983 | 17231 | 7820 |
|  Accumulation Unit Value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest | $1.041002 | $3.181221 | $3.311535 | $1.074905 | $1.090677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest | $1.046370 | $24.881793 | $4.125399 | $1.080444 | $1.096306 |

---

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Assets and Liabilities
Northwestern Mutual Variable Annuity Account B

#### December 31, 2025 (in thousands, except accumulation unit values)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Growth<br>Division** | **Global Growth<br>Division** | **New World<br>Division** | **The Bond<br>Division of<br>America** | **Capital World<br>Bond Division** |
|  Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Mutual Series Fund, Inc. | $- | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series | 10446 | 18013 | 5700 | 5903 | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Variable Series Funds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Funds Variable Insurance Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Variable Insurance Products Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock Variable Insurance Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman Advisers Management Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell Investment Funds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Northwestern Mutual Life Insurance Company | 9 | 42 | 3 | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 10455 | 18055 | 5703 | 5919 | 1216 |
|  Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Northwestern Mutual Life Insurance Company |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Participants |  | 4 | 24 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** |  | 4 | 24 |  |  |
|  **Total Net Assets** | $10455 | $18051 | $5679 | $5919 | $1216 |
|  Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation Units | $10143 | $17928 | $5565 | $5818 | $1214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity Reserves | 312 | 123 | 114 | 101 | 2 |
|  **Total Net Assets** | $10455 | $18051 | $5679 | $5919 | $1216 |
|  Investments, at cost | $10053 | $17423 | $5437 | $6008 | $1238 |
|  Mutual Fund Shares Held | 75 | 468 | 177 | 625 | 120 |
|  Units Outstanding | 8982 | 15937 | 4911 | 5589 | 1188 |
|  Accumulation Unit Value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest | $1.125479 | $1.120916 | $1.129114 | $1.037646 | $1.018351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest | $1.131275 | $1.126701 | $1.134925 | $1.042996 | $1.023618 |

---

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Assets and Liabilities
Northwestern Mutual Variable Annuity Account B

#### December 31, 2025 (in thousands, except accumulation unit values)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **American<br>High-Income<br>Trust Division** | **International**<br> **Index V.I.**<br> **Division** | **Total Return<br>V.I. Division** | **CVP Small Cap**<br> **Value Division** | **Credit Suisse<br>Trust Commodity<br>Return Strategy**<br> **Division** |
|  Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Mutual Series Fund, Inc. | $- | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series | 2701 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Variable Series Funds |  | 15509 | 11604 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Funds Variable Insurance Trust |  |  |  | 1256 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Trust |  |  |  |  | 487480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Variable Insurance Products Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock Variable Insurance Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman Advisers Management Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell Investment Funds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Northwestern Mutual Life Insurance Company |  | 29 | 37 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 2701 | 15538 | 11641 | 1256 | 487481 |
|  Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Northwestern Mutual Life Insurance Company | $- | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Participants |  | 24 | 24 | 2 | 649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** |  | 24 | 24 | 2 | 649 |
|  **Total Net Assets** | $2701 | $15514 | $11617 | $1254 | $486832 |
|  Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation Units | 2689 | 15463 | 11614 | 1180 | 482719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity Reserves | 12 | 51 | 3 | 74 | 4113 |
|  **Total Net Assets** | $2701 | $15514 | $11617 | $1254 | $486832 |
|  Investments, at cost | $2795 | $15254 | $11593 | $1219 | $499813 |
|  Mutual Fund Shares Held | 291 | 1188 | 1133 | 99 | 24350 |
|  Units Outstanding | 2554 | 13984 | 11086 | 998 | 68893 |
|  Accumulation Unit Value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest | $1.048925 | $1.101832 | $1.043989 | $1.179032 | $6.423659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest | $1.054336 | $1.107515 | $1.049368 | $1.185123 | $7.331814 |

---

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Assets and Liabilities
Northwestern Mutual Variable Annuity Account B

#### December 31, 2025 (in thousands, except accumulation unit values)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fidelity VIP<br>Mid Cap<br>Division** | **Fidelity VIP<br>Contrafund<br>Division** | **Fidelity VIP Value<br>Strategies<br>Division** | **Fidelity VIP**<br> **Healthcare<br>Division** | **Fidelity VIP**<br> **Technology<br>Division** |
|  Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Mutual Series Fund, Inc. | $- | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Variable Series Funds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Funds Variable Insurance Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Variable Insurance Products Fund | 423754 | 982269 | 9915 | 1192 | 6657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock Variable Insurance Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman Advisers Management Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell Investment Funds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Northwestern Mutual Life Insurance Company |  |  | 33 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 423754 | 982269 | 9948 | 1192 | 6660 |
|  Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Northwestern Mutual Life Insurance Company | $21 | $24 | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Participants | 1142 | 1908 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 1163 | 1932 |  |  |  |
|  **Total Net Assets** | $422591 | $980337 | $9948 | $1192 | $6660 |
|  Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation Units | 419022 | 970409 | 9924 | 1190 | 6594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity Reserves | 3569 | 9928 | 24 | 2 | 66 |
|  **Total Net Assets** | $422591 | $980337 | $9948 | $1192 | $6660 |
|  Investments, at cost | $402514 | $746590 | $9768 | $1154 | $6355 |
|  Mutual Fund Shares Held | 11297 | 16401 | 622 | 31 | 140 |
|  Units Outstanding | 42920 | 153094 | 8793 | 982 | 5566 |
|  Accumulation Unit Value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest | $8.588802 | $5.700750 | $1.124746 | $1.206219 | $1.181165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest | $10.532610 | $6.744759 | $1.130551 | $1.212438 | $1.187255 |

---

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Assets and Liabilities
Northwestern Mutual Variable Annuity Account B

#### December 31, 2025 (in thousands, except accumulation unit values)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fidelity VIP<br>Bond Index<br>Division** | **Disciplined<br>Value**<br> **International<br>Trust Division** | **Real Estate**<br> **Securities**<br> **Trust Division** | **Strategic<br>Income**<br> **Opportunities<br>Trust Division** | **AMT Quality<br>Equity Division** |
|  Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Mutual Series Fund, Inc. | $- | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Variable Series Funds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Funds Variable Insurance Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Variable Insurance Products Fund | 4644 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock Variable Insurance Trust |  | 14333 | 13308 | 1118 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman Advisers Management Trust |  |  |  |  | 455866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell Investment Funds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Northwestern Mutual Life Insurance Company |  | 49 | 25 | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 4644 | 14382 | 13333 | 1134 | 455866 |
|  Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Northwestern Mutual Life Insurance Company |  |  |  |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Participants |  | 6 | 6 |  | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** |  | 6 | 6 |  | 551 |
|  **Total Net Assets** | $4644 | $14376 | $13327 | $1134 | $455315 |
|  Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation Units | $4644 | $14157 | $13274 | $1112 | $452080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity Reserves |  | 219 | 53 | 22 | 3235 |
|  **Total Net Assets** | $4644 | $14376 | $13327 | $1134 | $455315 |
|  Investments, at cost | $4692 | $14202 | $13357 | $1175 | $296756 |
|  Mutual Fund Shares Held | 472 | 806 | 664 | 89 | 10661 |
|  Units Outstanding | 4492 | 12522 | 13018 | 1068 | 93811 |
|  Accumulation Unit Value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest | $1.030692 | $1.126560 | $1.016014 | $1.037393 | $4.331267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest | $1.036020 | $1.132366 | $1.021265 | $1.042744 | $5.124395 |

---

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Assets and Liabilities
Northwestern Mutual Variable Annuity Account B

#### December 31, 2025 (in thousands, except accumulation unit values)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Strategic<br>Equity Division** | **U.S. Small Cap<br>Equity Division** | **Global Real<br>Estate<br>Securities<br>Division** | **International<br>Developed<br>Markets<br>Division** | **Strategic Bond<br>Division** |
|  Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Mutual Series Fund, Inc. | $- | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Variable Series Funds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Funds Variable Insurance Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Variable Insurance Products Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock Variable Insurance Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman Advisers Management Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell Investment Funds | 136134 | 53777 | 647721 | 145811 | 582706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Northwestern Mutual Life Insurance Company | 4 |  | 1 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 136138 | 53777 | 647722 | 145811 | 582709 |
|  Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Northwestern Mutual Life Insurance Company |  | 1 |  | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Participants | 258 | 52 | 1057 | 421 | 1723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 258 | 53 | 1057 | 426 | 1723 |
|  **Total Net Assets** | $135880 | $53724 | $646665 | $145385 | $580986 |
|  Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation Units | $133572 | $53060 | $640908 | $143948 | $573212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity Reserves | 2308 | 664 | 5757 | 1437 | 7774 |
|  **Total Net Assets** | $135880 | $53724 | $646665 | $145385 | $580986 |
|  Investments, at cost | $107823 | $54146 | $662680 | $123401 | $670642 |
|  Mutual Fund Shares Held | 6177 | 3719 | 46902 | 10437 | 66978 |
|  Units Outstanding | 28468 | 11976 | 115688 | 55873 | 247742 |
|  Accumulation Unit Value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest | $4.232708 | $4.265138 | $4.557057 | $2.536427 | $1.985527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest | $5.306039 | $5.346921 | $5.902603 | $3.254442 | $2.489070 |

---

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Assets and Liabilities
Northwestern Mutual Variable Annuity Account B

#### December 31, 2025 (in thousands, except accumulation unit values)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LifePoints<br>Moderate<br>Strategy<br>Division** | **LifePoints<br>Balanced<br>Strategy<br>Division** | **LifePoints<br>Aggressive<br>Strategy<br>Division** | **LifePoints<br>Equity<br>Aggressive<br>Strategy<br>Division** |
|  Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Mutual Series Fund, Inc. | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Variable Series Funds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Funds Variable Insurance Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Variable Insurance Products Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock Variable Insurance Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman Advisers Management Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell Investment Funds | 56137 | 183541 | 151803 | 36083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Northwestern Mutual Life Insurance Company | 1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 56138 | 183541 | 151803 | 36083 |
|  Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Northwestern Mutual Life Insurance Company |  | 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Participants | 450 | 459 | 11 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 450 | 461 | 11 | 16 |
|  **Total Net Assets** | $55688 | $183080 | $151792 | $36067 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation Units | $54133 | $177679 | $150546 | $35555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity Reserves | 1555 | 5401 | 1246 | 512 |
|  **Total Net Assets** | $55688 | $183080 | $151792 | $36067 |
|  Investments, at cost | $53575 | $169261 | $131546 | $29927 |
|  Mutual Fund Shares Held | 5477 | 17631 | 13518 | 3219 |
|  Units Outstanding | 27116 | 77238 | 60174 | 14533 |
|  Accumulation Unit Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest | $1.812998 | $2.086379 | $2.280586 | $2.236630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest | $2.145060 | $2.468568 | $2.698372 | $2.646391 |

---

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Operations
Northwestern Mutual Variable Annuity Account B

#### For the Year Ended December 31, 2025 (in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Growth**<br> **Stock Division** | **Focused**<br> **Appreciation**<br> **Division** | **Large Cap Core**<br> **Stock Division** | **Large Cap**<br> **Blend Division** | **Index 500<br>Stock Division** |
|  Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $354 | $- | $1347 | $360 | $29394 |
|  Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 3460 | 5389 | 2014 | 459 | 20436 |
|  **Net investment income (loss)** | (3106) | (5389) | (667) | (99) | 8958 |
|  Realized gain (loss) on investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on sale of fund shares | 21368 | 56835 | 6041 | (558) | 195089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain distribution | 7157 | 111172 | 32692 | 8577 | 94826 |
|  **Realized gains (losses)** | 28525 | 168007 | 38733 | 8019 | 289915 |
|  Change in unrealized appreciation/(depreciation) of investments during the period | 42923 | (51958) | (4981) | 1324 | 140358 |
|  **Net increase (decrease) in net assets resulting from operations** | $68342 | $110660 | $33085 | $9244 | $439231 |
|  | **Large<br>Company Value**<br> **Division** | **Domestic**<br> **Equity Division** | **Equity Income**<br> **Division** | **Mid Cap**<br> **Growth Stock<br>Division** | **Index 400<br>Stock Division** |
|  Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $2391 | $12337 | $9339 | $- | $8203 |
|  Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 689 | 4200 | 3097 | 3400 | 4567 |
|  **Net investment income (loss)** | 1702 | 8137 | 6242 | (3400) | 3636 |
|  Realized gain (loss) on investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on sale of fund shares | (3100) | 6968 | 2746 | 2039 | 9976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain distribution | 5597 | 58220 | 46216 | 57721 | 43929 |
|  **Realized gains (losses)** | 2497 | 65188 | 48962 | 59760 | 53905 |
|  Change in unrealized appreciation/(depreciation) of investments during the period | 9147 | 12712 | 8650 | (32218) | (12765) |
|  **Net increase (decrease) in net assets resulting from operations** | $13346 | $86037 | $63854 | $24142 | $44776 |
|  | **Mid Cap Value**<br> **Division** | **Small Cap**<br> **Growth Stock**<br> **Division** | **Index 600**<br> **Stock Division** | **Small Cap**<br> **Value Division** | **International<br>Growth<br>Division** |
|  Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $10632 | $- | $3244 | $2201 | $6114 |
|  Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 2743 | 1935 | 1744 | 1869 | 4366 |
|  **Net investment income (loss)** | 7889 | (1935) | 1500 | 332 | 1748 |
|  Realized gain (loss) on investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on sale of fund shares | (3159) | (401) | 2744 | (3115) | 28476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain distribution | 28054 | 15204 | 13863 | 27806 | 25557 |
|  **Realized gains (losses)** | 24895 | 14803 | 16607 | 24691 | 54033 |
|  Change in unrealized appreciation/(depreciation) of investments during the period | 2514 | 5768 | (3043) | (5945) | 57798 |
|  **Net increase (decrease) in net assets resulting from operations** | $35298 | $18636 | $15064 | $19078 | $113579 |

---

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Operations
Northwestern Mutual Variable Annuity Account B

#### For the Year Ended December 31, 2025 (in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Research<br>International<br>Core Division** | **International**<br> **Equity Division** | **Emerging Markets**<br> **Equity Division** | **Government**<br> **Money Market**<br> **Division** | **Short-Term**<br> **Bond Division** |
|  Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $11865 | $30087 | $8973 | $10502 | $10672 |
|  Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 4136 | 7840 | 4634 | 1900 | 1621 |
|  **Net investment income (loss)** | 7729 | 22247 | 4339 | 8602 | 9051 |
|  Realized gain (loss) on investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on sale of fund shares | 18519 | 13657 | 18572 |  | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain distribution | 9802 | 12468 |  | 11 |  |
|  **Realized gains (losses)** | 28321 | 26125 | 18572 | 11 | 200 |
|  Change in unrealized appreciation/(depreciation) of investments during the period | 97474 | 317873 | 198282 |  | 3447 |
|  **Net increase (decrease) in net assets resulting from operations** | $133524 | $366245 | $221193 | $8613 | $12698 |
|  | **Select Bond<br>Division** | **Long-Term U.S.**<br> **Government**<br> **Bond Division** | **Inflation**<br> **Managed**<br> **Division** | **High Yield**<br> **Bond Division** | **Multi-Sector<br>Bond Division** |
|  Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $76321 | $2585 | $14910 | $28703 | $49537 |
|  Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 10935 | 476 | 2110 | 3122 | 5590 |
|  **Net investment income (loss)** | 65386 | 2109 | 12800 | 25581 | 43947 |
|  Realized gain (loss) on investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on sale of fund shares | (20685) | (14934) | (2675) | (3064) | (5306) |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain distribution |  |  |  |  |  |
|  **Realized gains (losses)** | (20685) | (14934) | (2675) | (3064) | (5306) |
|  Change in unrealized appreciation/(depreciation) of investments during the period | 68342 | 16595 | 9345 | 13518 | 41924 |
|  **Net increase (decrease) in net assets resulting from operations** | $113043 | $3770 | $19470 | $36035 | $80565 |
|  | **Active/Passive<br>Conservative<br>Division\*** | **Active/Passive**<br> **Balanced**<br> **Division** | **Active/Passive**<br> **Moderate Division** | **Active/Passive**<br> **Aggressive<br>Division\*** | **Active/<br>Passive Very**<br> **Aggressive**<br> **Division\*** |
|  Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $49 | $40726 | $4878 | $281 | $108 |
|  Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 4 | 12906 | 1479 | 26 | 14 |
|  **Net investment income (loss)** | 45 | 27820 | 3399 | 255 | 94 |
|  Realized gain (loss) on investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on sale of fund shares | 1 | (7865) | 138 | 9 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain distribution | 13 | 35059 | 5785 | 284 | 164 |
|  **Realized gains (losses)** | 14 | 27194 | 5923 | 293 | 179 |
|  Change in unrealized appreciation/(depreciation) of investments during the period | (33) | 96425 | 17039 | (44) | (46) |
|  **Net increase (decrease) in net assets resulting from operations** | $26 | $151439 | $26361 | $504 | $227 |
|  \* For the period July 1, 2025 (commencement of operations) to December 31, 2025. | \* For the period July 1, 2025 (commencement of operations) to December 31, 2025. | \* For the period July 1, 2025 (commencement of operations) to December 31, 2025. | \* For the period July 1, 2025 (commencement of operations) to December 31, 2025. | \* For the period July 1, 2025 (commencement of operations) to December 31, 2025. |  |

---

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Operations
Northwestern Mutual Variable Annuity Account B

#### For the Year Ended December 31, 2025 (in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth<br>Division\*** | **Global<br>Growth**<br> **Division\*** | **New World<br>Division\*** | **The Bond<br>Division of<br>America\*** |
|  Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $- | $177 | $56 | $189 |
|  Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 19 | 27 | 9 | 10 |
|  **Net investment income (loss)** | (19) | 150 | 47 | 179 |
|  Realized gain (loss) on investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on sale of fund shares | 33 | 5 | 12 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain distribution |  |  |  |  |
|  **Realized gains (losses)** | 33 | 5 | 12 | 1 |
|  Change in unrealized appreciation/(depreciation) of investments during the period | 394 | 589 | 263 | (104) |
|  **Net increase (decrease) in net assets resulting from operations** | $408 | $744 | $322 | $76 |
|  | **Capital World<br>Bond<br>Division\*** | **American<br>High-Income<br>Trust<br>Division\*** | **International<br>Index V.I.<br>Division\*** | **Total Return<br>V.I.<br>Division\*** |
|  Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $32 | $139 | $436 | $90 |
|  Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 2 | 4 | 21 | 18 |
|  **Net investment income (loss)** | 30 | 135 | 415 | 72 |
|  Realized gain (loss) on investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on sale of fund shares |  | 1 | 14 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain distribution |  |  |  | 11 |
|  **Realized gains (losses)** |  | 1 | 14 | 13 |
|  Change in unrealized appreciation/(depreciation) of investments during the period | (22) | (94) | 255 | 11 |
|  **Net increase (decrease) in net assets resulting from operations** | $8 | $42 | $684 | $96 |
|  | **CVP Small<br>Cap Value<br>Division\*** | **Credit Suisse<br>Trust<br>Commodity<br>Return<br>Strategy<br>Division** | **Fidelity VIP<br>Mid Cap<br>Division** | **Fidelity VIP<br>Contrafund<br>Division** |
|  Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $2 | $20183 | $1747 | $1290 |
|  Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 2 | 2873 | 2611 | 5989 |
|  **Net investment income (loss)** |  | 17310 | (864) | (4699) |
|  Realized gain (loss) on investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on sale of fund shares | (1) | (11726) | 5477 | 63112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain distribution | 29 |  | 45559 | 148831 |
|  **Realized gains (losses)** | 28 | (11726) | 51036 | 211943 |
|  Change in unrealized appreciation/(depreciation) of investments during the period | 38 | 60299 | (6383) | (27185) |
|  **Net increase (decrease) in net assets resulting from operations** | $66 | $65883 | $43789 | $180059 |

---

\* For the period July 1, 2025 (commencement of operations) to December 31, 2025.

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Operations
Northwestern Mutual Variable Annuity Account B

#### For the Year Ended December 31, 2025 (in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fidelity VIP<br>Value<br>Strategies<br>Division\*** | **Fidelity VIP**<br> **Healthcare**<br> **Division\*** | **Fidelity VIP**<br> **Technology**<br> **Division\*** | **Fidelity VIP**<br> **Bond Index**<br> **Division\*** |
|  Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $91 | $2 | $- | $111 |
|  Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 15 | 1 | 15 | 8 |
|  **Net investment income (loss)** | 76 | 1 | (15) | 103 |
|  Realized gain (loss) on investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on sale of fund shares | 1 | 12 | 51 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain distribution | 180 |  | 78 |  |
|  **Realized gains (losses)** | 181 | 12 | 129 | 4 |
|  Change in unrealized appreciation/(depreciation) of investments during the period | 147 | 38 | 303 | (48) |
|  **Net increase (decrease) in net assets resulting from operations** | $404 | $51 | $417 | $59 |
|  | **Disciplined<br>Value<br>International<br>Trust<br>Division\*** | **Real Estate**<br> **Securities<br>Trust**<br> **Division\*** | **Strategic**<br> **Income<br>Opportunities**<br> **Trust**<br> **Division\*** | **AMT Quality<br>Equity<br>Division** |
|  Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $133 | $152 | $78 | $- |
|  Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 19 | 20 | 2 | 2788 |
|  **Net investment income (loss)** | 114 | 132 | 76 | (2788) |
|  Realized gain (loss) on investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on sale of fund shares | 1 | 1 | (2) | 22920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain distribution | 566 |  |  | 26229 |
|  **Realized gains (losses)** | 567 | 1 | (2) | 49149 |
|  Change in unrealized appreciation/(depreciation) of investments during the period | 131 | (50) | (57) | 8555 |
|  **Net increase (decrease) in net assets resulting from operations** | $812 | $83 | $17 | $54916 |
|  | **U.S. Strategic<br>Equity<br>Division** | **U.S. Small<br>Cap Equity<br>Division** | **Global Real<br>Estate**<br> **Securities<br>Division** | **International<br>Developed**<br> **Markets<br>Division** |
|  Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $929 | $361 | $27425 | $2621 |
|  Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 924 | 356 | 4050 | 916 |
|  **Net investment income (loss)** | 5 | 5 | 23375 | 1705 |
|  Realized gain (loss) on investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on sale of fund shares | 6168 | (930) | (4671) | 4699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain distribution | 12002 | 1838 |  | 8637 |
|  **Realized gains (losses)** | 18170 | 908 | (4671) | 13336 |
|  Change in unrealized appreciation/(depreciation) of investments during the period | (662) | 2915 | 30209 | 19456 |
|  **Net increase (decrease) in net assets resulting from operations** | $17513 | $3828 | $48913 | $34497 |

---

\* For the period July 1, 2025 (commencement of operations) to December 31, 2025.

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Operations
Northwestern Mutual Variable Annuity Account B

#### For the Year Ended December 31, 2025 (in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strategic<br>Bond<br>Division** | **LifePoints<br>Moderate<br>Strategy<br>Division** | **LifePoints<br>Balanced<br>Strategy<br>Division** | **LifePoints<br>Aggressive<br>Strategy<br>Division** |
|  Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $26368 | $2407 | $6735 | $5232 |
|  Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 3578 | 391 | 1210 | 1046 |
|  **Net investment income (loss)** | 22790 | 2016 | 5525 | 4186 |
|  Realized gain (loss) on investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on sale of fund shares | (13258) | (149) | 1104 | 3033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain distribution |  |  | 7253 | 6558 |
|  **Realized gains (losses)** | (13258) | (149) | 8357 | 9591 |
|  Change in unrealized appreciation/(depreciation) of investments during the period | 28468 | 4332 | 10006 | 9323 |
|  **Net increase (decrease) in net assets resulting from operations** | $38000 | $6199 | $23888 | $23100 |
|  | **LifePoints<br>Equity<br>Aggressive<br>Strategy<br>Division** |  |  |  |
|  Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $1197 |  |  |  |
|  Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 256 |  |  |  |
|  **Net investment income (loss)** | 941 |  |  |  |
|  Realized gain (loss) on investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on sale of fund shares | 1048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain distribution | 841 |  |  |  |
|  **Realized gains (losses)** | 1889 |  |  |  |
|  Change in unrealized appreciation/(depreciation) of investments during the period | 2932 |  |  |  |
|  **Net increase (decrease) in net assets resulting from operations** | $5762 |  |  |  |

---

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Changes in Net Assets
Northwestern Mutual Variable Annuity Account B

#### (in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth Stock Division** | **Growth Stock Division** | **Focused Appreciation<br>Division** | **Focused Appreciation<br>Division** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(3106) | $(3038) | $(5389) | $(5553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 28525 | 13156 | 168007 | 134149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 42923 | 108311 | (51958) | 98897 |
| **Net increase (decrease) in net assets resulting from operations** | 68342 | 118429 | 110660 | 227493 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 6243 | 8047 | 24520 | 20713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (436) | (376) | (742) | (693) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (38930) | (37408) | (84030) | (75706) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 210245 | 208664 | 965918 | 939912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (235506) | (220198) | (999699) | (992190) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (58384) | (41271) | (94033) | (107964) |
|  **Net increase (decrease) in net assets** | 9958 | 77158 | 16627 | 119529 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 415697 | 338539 | 843195 | 723666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $425655 | $415697 | $859822 | $843195 |
|  Units issued during the period | 35028 | 41113 | 67992 | 80015 |
|  Units redeemed during the period | (42456) | (46813) | (74716) | (89038) |
|  **Net units issued (redeemed) during period** | (7428) | (5700) | (6724) | (9023) |
|  | **Large Cap Core Stock<br>Division** | **Large Cap Core Stock<br>Division** | **Large Cap Blend Division** | **Large Cap Blend Division** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(667) | $(547) | $(99) | $89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 38733 | 14299 | 8019 | 17008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | (4981) | 29019 | 1324 | (2887) |
| **Net increase (decrease) in net assets resulting from operations** | 33085 | 42771 | 9244 | 14210 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 3955 | 3628 | 2201 | 1779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (361) | (323) | (66) | (53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (23373) | (26107) | (7899) | (6811) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 103476 | 101905 | 82536 | 85448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (106931) | (108422) | (83848) | (87711) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (23234) | (29319) | (7076) | (7348) |
|  **Net increase (decrease) in net assets** | 9851 | 13452 | 2168 | 6862 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 225524 | 212072 | 71338 | 64476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $235375 | $225524 | $73506 | $71338 |
|  Units issued during the period | 22012 | 24274 | 25550 | 29408 |
|  Units redeemed during the period | (25242) | (29217) | (27649) | (32002) |
|  **Net units issued (redeemed) during period** | (3230) | (4943) | (2099) | (2594) |

---

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Changes in Net Assets
Northwestern Mutual Variable Annuity Account B

#### (in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Index 500 Stock Division** | **Index 500 Stock Division** | **Large Company Value<br>Division** | **Large Company Value<br>Division** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $8958 | $10295 | $1702 | $1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 289915 | 251906 | 2497 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 140358 | 293496 | 9147 | 7760 |
|  **Net increase (decrease) in net assets resulting from operations** | 439231 | 555697 | 13346 | 9777 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 112215 | 101579 | 2240 | 2635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (3785) | (3146) | (253) | (195) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (269759) | (253980) | (10585) | (10674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 2957668 | 2784256 | 140577 | 131752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (3005431) | (2879187) | (140276) | (133696) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (209092) | (250478) | (8297) | (10178) |
|  **Net increase (decrease) in net assets** | 230139 | 305219 | 5049 | (401) |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2729192 | 2423973 | 102383 | 102784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $2959331 | $2729192 | $107432 | $102383 |
|  Units issued during the period | 470443 | 499491 | 52814 | 54062 |
|  Units redeemed during the period | (488045) | (526653) | (55935) | (58443) |
|  **Net units issued (redeemed) during period** | (17602) | (27162) | (3121) | (4381) |
|  | **Domestic Equity Division** | **Domestic Equity Division** | **Equity Income Division** | **Equity Income Division** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $8137 | $7852 | $6242 | $7085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 65188 | 64783 | 48962 | 20529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 12712 | (32880) | 8650 | 25712 |
|  **Net increase (decrease) in net assets resulting from operations** | 86037 | 39755 | 63854 | 53326 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 30941 | 32213 | 7507 | 8959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (573) | (567) | (670) | (670) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (65045) | (63358) | (49379) | (49742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 1119150 | 1082663 | 722851 | 731960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (1101495) | (1081870) | (723900) | (749972) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (17022) | (30919) | (43591) | (59465) |
|  **Net increase (decrease) in net assets** | 69015 | 8836 | 20263 | (6139) |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 631910 | 623074 | 487752 | 493891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $700925 | $631910 | $508015 | $487752 |
|  Units issued during the period | 277179 | 277262 | 128124 | 140884 |
|  Units redeemed during the period | (281720) | (285414) | (136031) | (152542) |
|  **Net units issued (redeemed) during period** | (4541) | (8152) | (7907) | (11658) |

---

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Changes in Net Assets
Northwestern Mutual Variable Annuity Account B

#### (in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mid Cap Growth Stock Division** | **Mid Cap Growth Stock Division** | **Index 400 Stock Division** | **Index 400 Stock Division** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(3400) | $(3317) | $3636 | $3338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 59760 | 1111 | 53905 | 37724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | (32218) | 26807 | (12765) | 41363 |
|  **Net increase (decrease) in net assets resulting from operations** | 24142 | 24601 | 44776 | 82425 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 5024 | 5129 | 29497 | 27418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (482) | (413) | (773) | (718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (33966) | (36455) | (68002) | (66067) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 120754 | 116327 | 929833 | 887619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (126986) | (124568) | (910648) | (904797) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (35656) | (39980) | (20093) | (56545) |
|  **Net increase (decrease) in net assets** | (11514) | (15379) | 24683 | 25880 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 347245 | 362624 | 684019 | 658139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $335731 | $347245 | $708702 | $684019 |
|  Units issued during the period | 32590 | 33618 | 126306 | 126499 |
|  Units redeemed during the period | (36572) | (38644) | (128611) | (134044) |
|  **Net units issued (redeemed) during period** | (3982) | (5026) | (2305) | (7545) |
|  | **Mid Cap Value Division** | **Mid Cap Value Division** | **Small Cap Growth Stock<br>Division** | **Small Cap Growth Stock<br>Division** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $7889 | $5642 | $(1935) | $(1127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 24895 | 11889 | 14803 | 1338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 2514 | 15035 | 5768 | 33426 |
|  **Net increase (decrease) in net assets resulting from operations** | 35298 | 32566 | 18636 | 33637 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 15696 | 19238 | 11037 | 10754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (325) | (313) | (248) | (258) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (43800) | (42906) | (26629) | (27921) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 758437 | 744545 | 369667 | 352508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (753555) | (743587) | (362671) | (359288) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (23547) | (23023) | (8844) | (24205) |
|  **Net increase (decrease) in net assets** | 11751 | 9543 | 9792 | 9432 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 424420 | 414877 | 288455 | 279023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $436171 | $424420 | $298247 | $288455 |
|  Units issued during the period | 120884 | 127756 | 85911 | 81885 |
|  Units redeemed during the period | (124798) | (131764) | (86587) | (86201) |
|  **Net units issued (redeemed) during period** | (3914) | (4008) | (676) | (4316) |

---

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Changes in Net Assets
Northwestern Mutual Variable Annuity Account B

#### (in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Index 600 Stock Division** | **Index 600 Stock Division** | **Small Cap Value Division** | **Small Cap Value Division** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1500 | $1240 | $332 | $151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 16607 | 10131 | 24691 | 5110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | (3043) | 8792 | (5945) | 22231 |
|  **Net increase (decrease) in net assets resulting from operations** | 15064 | 20163 | 19078 | 27492 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 13372 | 12482 | 4823 | 5712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (363) | (345) | (278) | (294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (28689) | (26435) | (28900) | (29497) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 431074 | 415599 | 399188 | 408960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (418660) | (415095) | (397391) | (417000) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (3266) | (13794) | (22558) | (32119) |
|  **Net increase (decrease) in net assets** | 11798 | 6369 | (3480) | (4627) |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 273643 | 267274 | 296191 | 300818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $285441 | $273643 | $292711 | $296191 |
|  Units issued during the period | 125103 | 123703 | 64966 | 70272 |
|  Units redeemed during the period | (125904) | (127858) | (68653) | (75800) |
|  **Net units issued (redeemed) during period** | (801) | (4155) | (3687) | (5528) |
|  | **International Growth Division** | **International Growth Division** | **Research International Core<br>Division** | **Research International Core<br>Division** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1748 | $1107 | $7729 | $7070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 54033 | 37065 | 28321 | 13468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 57798 | (7994) | 97474 | (4120) |
|  **Net increase (decrease) in net assets resulting from operations** | 113579 | 30178 | 133524 | 16418 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 25035 | 30478 | 29234 | 32933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (522) | (466) | (446) | (430) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (69424) | (66310) | (70625) | (64275) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 1216056 | 1194080 | 1284308 | 1260021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (1227462) | (1192137) | (1299284) | (1243835) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (56317) | (34355) | (56813) | (15586) |
|  **Net increase (decrease) in net assets** | 57262 | (4177) | 76711 | 832 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 649200 | 653377 | 620196 | 619364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $706462 | $649200 | $696907 | $620196 |
|  Units issued during the period | 335086 | 360782 | 748175 | 806309 |
|  Units redeemed during the period | (351081) | (371717) | (780917) | (816984) |
|  **Net units issued (redeemed) during period** | (15995) | (10935) | (32742) | (10675) |

---

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Changes in Net Assets
Northwestern Mutual Variable Annuity Account B

#### (in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Equity Division** | **International Equity Division** | **Emerging Markets Equity<br>Division** | **Emerging Markets Equity<br>Division** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $22247 | $22632 | $4339 | $5654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 26125 | (4826) | 18572 | (153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 317873 | 17402 | 198282 | 18013 |
|  **Net increase (decrease) in net assets resulting from operations** | 366245 | 35208 | 221193 | 23514 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 33047 | 38265 | 34942 | 35793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (1095) | (899) | (573) | (488) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (116657) | (106827) | (75513) | (69823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 1877274 | 1813787 | 1505233 | 1460378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (1944585) | (1802416) | (1546881) | (1437653) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (152016) | (58090) | (82792) | (11793) |
|  **Net increase (decrease) in net assets** | 214229 | (22882) | 138401 | 11721 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1027751 | 1050633 | 686420 | 674699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $1241980 | $1027751 | $824821 | $686420 |
|  Units issued during the period | 622115 | 704029 | 1168383 | 1285707 |
|  Units redeemed during the period | (664985) | (719985) | (1227819) | (1296453) |
|  **Net units issued (redeemed) during period** | (42870) | (15956) | (59436) | (10746) |
|  | **Government Money Market<br>Division** | **Government Money Market<br>Division** | **Short-Term Bond Division** | **Short-Term Bond Division** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $8602 | $11601 | $9051 | $7030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 11 | 13 | 200 | (76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) |  |  | 3447 | 4161 |
|  **Net increase (decrease) in net assets resulting from operations** | 8613 | 11614 | 12698 | 11115 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 25359 | 24895 | 7961 | 9293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (395) | (362) | (279) | (257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (81602) | (110273) | (29574) | (31139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 154388 | 174262 | 443580 | 446810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (116329) | (115118) | (435873) | (437734) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (18579) | (26596) | (14185) | (13027) |
|  **Net increase (decrease) in net assets** | (9966) | (14982) | (1487) | (1912) |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 270145 | 285127 | 259516 | 261428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $260179 | $270145 | $258029 | $259516 |
|  Units issued during the period | 109987 | 133526 | 330751 | 351956 |
|  Units redeemed during the period | (120445) | (146828) | (341935) | (362348) |
|  **Net units issued (redeemed) during period** | (10458) | (13302) | (11184) | (10392) |

---

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Changes in Net Assets
Northwestern Mutual Variable Annuity Account B

#### (in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Select Bond Division** | **Select Bond Division** | **Long-Term U.S. Government<br>Bond Division** | **Long-Term U.S. Government<br>Bond Division** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $65386 | $55610 | $2109 | $1899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (20685) | (16297) | (14934) | (10153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 68342 | (20355) | 16595 | 3370 |
|  **Net increase (decrease) in net assets resulting from operations** | 113043 | 18958 | 3770 | (4884) |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 60374 | 66554 | 2259 | 1845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (2549) | (2311) | (89) | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (184737) | (185661) | (7864) | (7293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 3241926 | 3252423 | 144779 | 135846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (3194608) | (3157523) | (139967) | (132328) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (79594) | (26518) | (882) | (2030) |
|  **Net increase (decrease) in net assets** | 33449 | (7560) | 2888 | (6914) |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1708367 | 1715927 | 72771 | 79685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $1741816 | $1708367 | $75659 | $72771 |
|  Units issued during the period | 1132215 | 1167702 | 90531 | 85042 |
|  Units redeemed during the period | (1150160) | (1165125) | (91305) | (86268) |
|  **Net units issued (redeemed) during period** | (17945) | 2577 | (774) | (1226) |
|  | **Inflation Managed Division** | **Inflation Managed Division** | **High Yield Bond Division** | **High Yield Bond Division** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $12800 | $8439 | $25581 | $27002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (2675) | (2736) | (3064) | (3406) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 9345 | (1245) | 13518 | 2556 |
|  **Net increase (decrease) in net assets resulting from operations** | 19470 | 4458 | 36035 | 26152 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 12555 | 14525 | 16158 | 17402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (396) | (403) | (631) | (566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (38185) | (36641) | (51376) | (50705) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 676475 | 677890 | 823176 | 819794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (666079) | (667581) | (815565) | (805177) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (15630) | (12210) | (28238) | (19252) |
|  **Net increase (decrease) in net assets** | 3840 | (7752) | 7797 | 6900 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 338784 | 346536 | 479705 | 472805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $342624 | $338784 | $487502 | $479705 |
|  Units issued during the period | 435910 | 457184 | 197513 | 210384 |
|  Units redeemed during the period | (446404) | (465749) | (203622) | (214576) |
|  **Net units issued (redeemed) during period** | (10494) | (8565) | (6109) | (4192) |

---

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Changes in Net Assets
Northwestern Mutual Variable Annuity Account B

#### (in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Multi-Sector Bond Division** | **Multi-Sector Bond Division** | **Active/Passive Conservative<br>Division** | **Active/Passive Conservative<br>Division** |
|  | **Year Ended** | **Year Ended** | **Period Ended** | |
|  | **December 31,** | **December 31,** | **December 31,** | |
|  | **2025** | **2024** | **2025 \*** | |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $43947 | $38816 | $45 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (5306) | (4619) | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 41924 | 14538 | (33) |  |
|  **Net increase (decrease) in net assets resulting from operations** | 80565 | 48735 | 26 |  |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 33664 | 38208 | 132 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (990) | (912) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (100601) | (95199) | (7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 1709412 | 1691576 | 1688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (1690410) | (1646367) | (48) |  |
| **Net increase (decrease) in net assets resulting from contract transactions** | (48925) | (12694) | 1765 |  |
|  **Net increase (decrease) in net assets** | 31640 | 36041 | 1791 |  |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 893662 | 857621 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $925302 | $893662 | $1791 |  |
|  Units issued during the period | 837940 | 895860 | 1785 |  |
|  Units redeemed during the period | (862777) | (903615) | (68) |  |
|  **Net units issued (redeemed) during period** | (24837) | (7755) | 1717 |  |
|  | **Active/Passive Balanced<br>Division** | **Active/Passive Balanced<br>Division** | **Active/Passive Moderate<br>Division** | **Active/Passive Moderate<br>Division** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $27820 | $17528 | $3399 | $2380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 27194 | 9351 | 5923 | 5845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 96425 | 65242 | 17039 | 9470 |
|  **Net increase (decrease) in net assets resulting from operations** | 151439 | 92121 | 26361 | 17695 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 38454 | 34989 | 6579 | 6361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (7582) | (7017) | (1937) | (1749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (163235) | (162989) | (22093) | (28541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 401303 | 397130 | 97342 | 97377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (404144) | (408427) | (93384) | (96924) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (135204) | (146314) | (13493) | (23476) |
|  **Net increase (decrease) in net assets** | 16235 | (54193) | 12868 | (5781) |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1420186 | 1474379 | 201327 | 207108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $1436421 | $1420186 | $214195 | $201327 |
|  Units issued during the period | 108974 | 111881 | 28192 | 30169 |
|  Units redeemed during the period | (124185) | (128298) | (31886) | (38311) |
|  **Net units issued (redeemed) during period** | (15211) | (16417) | (3694) | (8142) |

---

\* For the period July 1, 2025 (commencement of operations) to December 31, 2025.

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Changes in Net Assets
Northwestern Mutual Variable Annuity Account B

#### (in thousands)

---

| | | |
|:---|:---|:---|
|  | **Active/Passive Aggressive<br>Division** | **Active/Passive Very<br>Aggressive Division** |
|  | **Period Ended** | **Period Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025 \*** | **2025 \*** |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $255 | $94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 293 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | (44) | (46) |
|  **Net increase (decrease) in net assets resulting from operations** | 504 | 227 |
|  Contract Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 5031 | 1825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (57) | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 14016 | 7374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (907) | (783) |
| **Net increase (decrease) in net assets resulting from contract transactions** | 18083 | 8325 |
|  **Net increase (decrease) in net assets** | 18587 | 8552 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $18587 | $8552 |
|  Units issued during the period | 18335 | 8920 |
|  Units redeemed during the period | (1104) | (1100) |
|  **Net units issued (redeemed) during period** | 17231 | 7820 |
|  | **Growth Division** | **Global Growth Division** |
|  | **Period Ended** | **Period Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025 \*** | **2025 \*** |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(19) | $150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 33 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 394 | 589 |
|  **Net increase (decrease) in net assets resulting from operations** | 408 | 744 |
|  Contract Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 1500 | 5435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (7) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (240) | (362) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 11397 | 16506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (2603) | (4270) |
| **Net increase (decrease) in net assets resulting from contract transactions** | 10047 | 17307 |
|  **Net increase (decrease) in net assets** | 10455 | 18051 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $10455 | $18051 |
|  Units issued during the period | 11739 | 20554 |
|  Units redeemed during the period | (2757) | (4617) |
|  **Net units issued (redeemed) during period** | 8982 | 15937 |

---

\* For the period July 1, 2025 (commencement of operations) to December 31, 2025.

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Changes in Net Assets
Northwestern Mutual Variable Annuity Account B

#### (in thousands)

---

| | | |
|:---|:---|:---|
|  | **New World Division** | **The Bond Division of America** |
|  | **Period Ended** | **Period Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025 \*** | **2025 \*** |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $47 | $179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 12 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 263 | (104) |
|  **Net increase (decrease) in net assets resulting from operations** | 322 | 76 |
|  Contract Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 561 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (1) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (150) | (171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 6462 | 6228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (1515) | (997) |
| **Net increase (decrease) in net assets resulting from contract transactions** | 5357 | 5843 |
|  **Net increase (decrease) in net assets** | 5679 | 5919 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $5679 | $5919 |
|  Units issued during the period | 6583 | 6873 |
|  Units redeemed during the period | (1672) | (1284) |
|  **Net units issued (redeemed) during period** | 4911 | 5589 |
|  | **Capital World Bond Division** | **American High-Income Trust<br>Division** |
|  | **Period Ended** | **Period Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025 \*** | **2025 \*** |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $30 | $135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | (22) | (94) |
|  **Net increase (decrease) in net assets resulting from operations** | 8 | 42 |
|  Contract Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 152 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (31) | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 1523 | 2616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (436) | (326) |
| **Net increase (decrease) in net assets resulting from contract transactions** | 1208 | 2659 |
|  **Net increase (decrease) in net assets** | 1216 | 2701 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $1216 | $2701 |
|  Units issued during the period | 1736 | 2915 |
|  Units redeemed during the period | (548) | (361) |
|  **Net units issued (redeemed) during period** | 1188 | 2554 |

---

\* For the period July 1, 2025 (commencement of operations) to December 31, 2025.

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Changes in Net Assets
Northwestern Mutual Variable Annuity Account B

#### (in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | **International Index V.I. Division** | **Total Return V.I. Division** | **Total Return V.I. Division** |
|  | **Period Ended** | **Period Ended** | |
|  | **December 31,** | **December 31,** | |
|  | **2025 \*** | **2025 \*** | |
|  Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $415 | $72 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 14 | 13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 255 | 11 |  |
|  **Net increase (decrease) in net assets resulting from operations** | 684 | 96 |  |
|  Contract Transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 4305 | 2795 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (173) | (162) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 14885 | 11745 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (4186) | (2857) |  |
| **Net increase (decrease) in net assets resulting from contract transactions** | 14830 | 11521 |  |
|  **Net increase (decrease) in net assets** | 15514 | 11617 |  |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $15514 | $11617 |  |
|  Units issued during the period | 18391 | 14313 |  |
|  Units redeemed during the period | (4407) | (3227) |  |
|  **Net units issued (redeemed) during period** | 13984 | 11086 |  |
|  | **CVP Small Cap Value Division** | **Credit Suisse Trust Commodity<br>Return Strategy Division** | **Credit Suisse Trust Commodity<br>Return Strategy Division** |
|  | **Period Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2025 \*** | **2025** | **2024** |
|  Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $- | $17310 | $10906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 28 | (11726) | (7784) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 38 | 60299 | 16514 |
|  **Net increase (decrease) in net assets resulting from operations** | 66 | 65883 | 19636 |
|  Contract Transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 50 | 21812 | 22855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments |  | (303) | (276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (5) | (46967) | (43517) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 1378 | 938518 | 918085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (235) | (943354) | (880979) |
| **Net increase (decrease) in net assets resulting from contract transactions** | 1188 | (30294) | 16168 |
|  **Net increase (decrease) in net assets** | 1254 | 35589 | 35804 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  | 451243 | 415439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $1254 | $486832 | $451243 |
|  Units issued during the period | 1289 | 144615 | 155311 |
|  Units redeemed during the period | (291) | (149297) | (152637) |
|  **Net units issued (redeemed) during period** | 998 | (4682) | 2674 |

---

\* For the period July 1, 2025 (commencement of operations) to December 31, 2025.

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Changes in Net Assets
Northwestern Mutual Variable Annuity Account B

#### (in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fidelity VIP Mid Cap Division** | **Fidelity VIP Mid Cap Division** | **Fidelity VIP Contrafund Division** | **Fidelity VIP Contrafund Division** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(864) | $(689) | $(4699) | $(4582) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 51036 | 60085 | 211943 | 164967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | (6383) | 4728 | (27185) | 87501 |
|  **Net increase (decrease) in net assets resulting from operations** | 43789 | 64124 | 180059 | 247886 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 7899 | 8501 | 29551 | 34835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (378) | (377) | (953) | (783) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (41892) | (39670) | (97686) | (88280) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 541735 | 542455 | 1339057 | 1313966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (541948) | (559009) | (1390151) | (1378107) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (34584) | (48100) | (120182) | (118369) |
|  **Net increase (decrease) in net assets** | 9205 | 16024 | 59877 | 129517 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 413386 | 397362 | 920460 | 790943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $422591 | $413386 | $980337 $| 920460 |
|  Units issued during the period | 60760 | 64797 | 239206 | 279362 |
|  Units redeemed during the period | (64606) | (70588) | (260237) | (304322) |
|  **Net units issued (redeemed) during period** | (3846) | (5791) | (21031) | (24960) |
|  | **Fidelity VIP Value Strategies<br>Division** | **Fidelity VIP Value Strategies<br>Division** | **Fidelity VIP Healthcare Division** | **Fidelity VIP Healthcare Division** |
|  | **Period Ended** |  | **Period Ended** |  |
|  | **December 31,** |  | **December 31,** |  |
|  | **2025 \*** |  | **2025 \*** |  |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $76 |  | $1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 181 |  | 12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 147 |  | 38 |  |
|  **Net increase (decrease) in net assets resulting from operations** | 404 |  | 51 |  |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 3642 |  | 171 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (158) |  | (7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 8559 |  | 1556 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (2498) |  | (579) |  |
| **Net increase (decrease) in net assets resulting from contract transactions** | 9544 |  | 1141 |  |
|  **Net increase (decrease) in net assets** | 9948 |  | 1192 |  |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $9948 |  | $1192 |  |
|  Units issued during the period | 11539 |  | 1641 |  |
|  Units redeemed during the period | (2746) |  | (659) |  |
|  **Net units issued (redeemed) during period** | 8793 |  | 982 |  |

---

\* For the period July 1, 2025 (commencement of operations) to December 31, 2025.

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Changes in Net Assets
Northwestern Mutual Variable Annuity Account B

#### (in thousands)

---

| | | |
|:---|:---|:---|
|  | **Fidelity VIP Technology<br>Division** | **Fidelity VIP Bond Index Division** |
|  | **Period Ended** | **Period Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025 \*** | **2025 \*** |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(15) | $103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 129 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 303 | (48) |
|  **Net increase (decrease) in net assets resulting from operations** | 417 | 59 |
|  Contract Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 720 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (94) | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 8011 | 5481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (2393) | (1525) |
| **Net increase (decrease) in net assets resulting from contract transactions** | 6243 | 4585 |
|  **Net increase (decrease) in net assets** | 6660 | 4644 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $6660 | $4644 |
|  Units issued during the period | 7879 | 6204 |
|  Units redeemed during the period | (2313) | (1712) |
|  **Net units issued (redeemed) during period** | 5566 | 4492 |
|  | **Disciplined Value<br>International Trust Division** | **Real Estate Securities Trust Division** |
|  | **Period Ended** | **Period Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025 \*** | **2025 \*** |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $114 | $132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 567 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 131 | (50) |
|  **Net increase (decrease) in net assets resulting from operations** | 812 | 83 |
|  Contract Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 4986 | 4219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (3) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (332) | (261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 12487 | 12849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (3574) | (3562) |
| **Net increase (decrease) in net assets resulting from contract transactions** | 13564 | 13244 |
|  **Net increase (decrease) in net assets** | 14376 | 13327 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $14376 | $13327 |
|  Units issued during the period | 16523 | 17126 |
|  Units redeemed during the period | (4001) | (4108) |
|  **Net units issued (redeemed) during period** | 12522 | 13018 |

---

\* For the period July 1, 2025 (commencement of operations) to December 31, 2025.

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Changes in Net Assets
Northwestern Mutual Variable Annuity Account B

#### (in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strategic Income Opportunities<br>Trust Division** | **Strategic Income Opportunities<br>Trust Division** | **AMT Quality Equity Division** | **AMT Quality Equity Division** |
|  | **Period Ended** | | **Year Ended** | **Year Ended** |
|  | **December 31,** | | **December 31,** | **December 31,** |
|  | **2025 \*** | | **2025** | **2024** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $76 |  | $(2788) | $(2039) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (2) |  | 49149 | 48404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | (57) |  | 8555 | 48646 |
|  **Net increase (decrease) in net assets resulting from operations** | 17 |  | 54916 | 95011 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 70 |  | 14383 | 18265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments |  |  | (257) | (237) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (13) |  | (44306) | (42473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 1425 |  | 750579 | 737999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (365) |  | (759904) | (769029) |
| **Net increase (decrease) in net assets resulting from contract transactions** | 1117 |  | (39505) | (55475) |
|  **Net increase (decrease) in net assets** | 1134 |  | 15411 | 39536 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |  | 439904 | 400368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $1134 |  | $455315 | $439904 |
|  Units issued during the period | 1592 |  | 169048 | 190886 |
|  Units redeemed during the period | (524) |  | (177969) | (205184) |
|  **Net units issued (redeemed) during period** | 1068 |  | (8921) | (14298) |
|  | **U.S. Strategic Equity Division** | **U.S. Strategic Equity Division** | **U.S. Small Cap Equity Division** | **U.S. Small Cap Equity Division** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $5 | $253 | $5 | $460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 18170 | 15411 | 908 | 4610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | (662) | 9371 | 2915 | (813) |
|  Net increase (decrease) in net assets resulting from operations | 17513 | 25035 | 3828 | 4257 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 1129 | 1911 | 790 | 1194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (256) | (250) | (72) | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (16256) | (15082) | (4760) | (6479) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 141935 | 148128 | 57801 | 58833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (147899) | (155311) | (58233) | (60940) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (21347) | (20604) | (4474) | (7467) |
|  **Net increase (decrease) in net assets** | (3834) | 4431 | (646) | (3210) |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 139714 | 135283 | 54370 | 57580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $135880 | $139714 | $53724 | $54370 |
|  Units issued during the period | 33166 | 38589 | 14525 | 15165 |
|  Units redeemed during the period | (38091) | (43955) | (15623) | (17046) |
|  **Net units issued (redeemed) during period** | (4925) | (5366) | (1098) | (1881) |

---

\* For the period July 1, 2025 (commencement of operations) to December 31, 2025.

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Changes in Net Assets
Northwestern Mutual Variable Annuity Account B

#### (in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Real Estate Securities<br>Division** | **Global Real Estate Securities<br>Division** | **International Developed<br>Markets Division** | **International Developed<br>Markets Division** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $23375 | $10364 | $1705 | $2948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (4671) | (3263) | 13336 | 3557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 30209 | (42) | 19456 | (3592) |
|  **Net increase (decrease) in net assets resulting from operations** | 48913 | 7059 | 34497 | 2913 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 21839 | 27198 | 2833 | 3173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (550) | (519) | (164) | (134) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (65881) | (65617) | (17286) | (13229) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 1239531 | 1235703 | 227798 | 220613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (1222242) | (1233646) | (229277) | (220531) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (27303) | (36881) | (16096) | (10108) |
|  **Net increase (decrease) in net assets** | 21610 | (29822) | 18401 | (7195) |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 625055 | 654877 | 126984 | 134179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $646665 | $625055 | $145385 | $126984 |
|  Units issued during the period | 229857 | 240809 | 100868 | 109424 |
|  Units redeemed during the period | (235489) | (248071) | (107396) | (114240) |
|  **Net units issued (redeemed) during period** | (5632) | (7262) | (6528) | (4816) |
|  | **Strategic Bond Division** | **Strategic Bond Division** | **LifePoints Moderate Strategy<br>Division** | **LifePoints Moderate Strategy<br>Division** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $22790 | $24539 | $2016 | $1613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (13258) | (8603) | (149) | (221) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 28468 | (14660) | 4332 | 1898 |
|  Net increase (decrease) in net assets resulting from operations | 38000 | 1276 | 6199 | 3290 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 16942 | 22376 | 1396 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (675) | (635) | (147) | (263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (67915) | (65889) | (6009) | (6089) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 1206218 | 1230419 | 23660 | 24256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (1196009) | (1195574) | (25905) | (24870) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (41439) | (9303) | (7005) | (5950) |
|  **Net increase (decrease) in net assets** | (3439) | (8027) | (806) | (2660) |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 584425 | 592452 | 56494 | 59154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $580986 | $584425 | $55688 | $56494 |
|  Units issued during the period | 536379 | 569638 | 12460 | 13521 |
|  Units redeemed during the period | (555563) | (574861) | (15992) | (16786) |
|  **Net units issued (redeemed) during period** | (19184) | (5223) | (3532) | (3265) |

---

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### Statements of Changes in Net Assets
Northwestern Mutual Variable Annuity Account B

#### (in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LifePoints Balanced Strategy<br>Division** | **LifePoints Balanced Strategy<br>Division** | **LifePoints Aggressive Strategy<br>Division** | **LifePoints Aggressive Strategy<br>Division** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $5525 | $3999 | $4186 | $2616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 8357 | (785) | 9591 | 1418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 10006 | 12172 | 9323 | 12049 |
|  **Net increase (decrease) in net assets resulting from operations** | 23888 | 15386 | 23100 | 16083 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 5666 | 4717 | 3711 | 3736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (420) | (375) | (91) | (86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (20941) | (21212) | (19316) | (16207) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 90682 | 80935 | 63596 | 67431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (93242) | (84964) | (69409) | (70306) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (18255) | (20899) | (21509) | (15432) |
|  **Net increase (decrease) in net assets** | 5633 | (5513) | 1591 | 651 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 177447 | 182960 | 150201 | 149550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $183080 | $177447 | $151792 | $150201 |
|  Units issued during the period | 43381 | 41270 | 28549 | 33108 |
|  Units redeemed during the period | (52047) | (52187) | (37913) | (40708) |
|  **Net units issued (redeemed) during period** | (8666) | (10917) | (9364) | (7600) |
|  | **LifePoints Equity Aggressive<br>Strategy Division** | **LifePoints Equity Aggressive<br>Strategy Division** |  |  |
|  | **Year Ended** | **Year Ended** |  |  |
|  | **December 31,** | **December 31,** |  |  |
|  | **2025** | **2024** |  |  |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $941 | $517 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 1889 | 296 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 2932 | 3049 |  |  |
|  **Net increase (decrease) in net assets resulting from operations** | 5762 | 3862 |  |  |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 2019 | 1294 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (28) | (27) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (2892) | (3684) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 22761 | 21966 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (25145) | (22363) |  |  |
| **Net increase (decrease) in net assets resulting from contract transactions** | (3285) | (2814) |  |  |
|  **Net increase (decrease) in net assets** | 2477 | 1048 |  |  |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 33590 | 32542 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $36067 | $33590 |  |  |
|  Units issued during the period | 10970 | 11052 |  |  |
|  Units redeemed during the period | (12383) | (12467) |  |  |
|  **Net units issued (redeemed) during period** | (1413) | (1415) |  |  |

---

The Accompanying Notes are an Integral Part of the Financial Statements.

------

### NOTES TO FINANCIAL STATEMENTS
**1.** **Organization** 

Northwestern Mutual Variable Annuity Account B ("the Account") is registered as a unit investment trust under the Investment Company Act of 1940 and is a segregated asset account of The Northwestern Mutual Life Insurance Company ("Northwestern Mutual" or "sponsor") used to fund individual flexible payment variable annuity contracts ("contracts") for tax-deferred annuities, individual retirement annuities and non-tax qualified plans. Three versions of the contract are currently offered: Front Load contracts with a sales charge up to 4.50% of purchase payments; Back Load contracts with a withdrawal charge up to 7.00% for contracts purchased in New York on or after October 9, 2023 and up to 6.00% in all other states and dates; and Fee Based contracts with no sales or withdrawal charges.

All assets of each Division of the Account are invested in shares of the corresponding Portfolio of Northwestern Mutual Series Fund, Inc., American Funds Insurance Series, BlackRock Variable Series Funds, Columbia Funds Variable Insurance Trust, Credit Suisse Trust, Fidelity Variable Insurance Products Fund, John Hancock Variable Insurance Trust, Neuberger Berman Advisers Management Trust, and Russell Investment Funds (collectively known as "the Funds"). The Funds are open-end investment companies registered under the Investment Company Act of 1940. The financial statements for the Funds should be read in conjunction with the financial statements of the Divisions. Each Division of the Account indirectly bears exposure to the market, credit and liquidity risks of the Fund in which it invests.

The following Division names changed in 2025:

---

| | | |
|:---|:---|:---|
| <u>Former Name</u> | <u>New Name</u> | <u>Effective Date</u> |
| Inflation Protection Division | Inflation Managed Division | September 15, 2025 |
| Balanced Division | Active/Passive Balanced Division | July 1, 2025 |
| Asset Allocation Division | Active/Passive Moderate Division | July 1, 2025 |
| AMT Sustainable Equity Division | AMT Quality Equity Division | July 28, 2025 |
| LifePoints Growth Strategy Division | LifePoints Aggressive Strategy Division | May 1, 2025 |
| LifePoints Equity Growth Strategy Division | LifePoints Equity Aggressive Strategy Division | May 1, 2025 |

---

**2.** **Significant Accounting Policies** 

A. *Use of Estimates* – The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets during the reporting period. Actual results could differ from those estimates.

B. *Investment Valuation* – Shares of the Funds are valued at each Fund's offering and redemption prices per share. As of December 31, 2025, all of the Account's investments are identified as Level 1 securities for valuation purposes under the Fair Value Measurements and Disclosure Topic of the FASB Accounting Standards Codification. Level 1 fair value is determined by unadjusted quoted prices in active markets for identical securities. Level 2 fair value is determined by other significant observable inputs (including quoted prices for similar securities). Level 3 fair value is determined by significant unobservable inputs (including the Account's own assumptions in determining fair value). All changes in fair value are recorded as change in unrealized appreciation/(depreciation) of investments during the period in the statements of operations of the applicable Division.

------

C. *Investment Income, Securities Transactions and Contract Dividends* – Transactions in the Funds' shares are accounted for on the trade date. The basis for determining cost on sale of the Funds' shares is identified cost. Dividend income and distributions of net realized gains from the Funds are reinvested in additional shares of the respective portfolios of the Funds and are recorded on the ex-date of the dividends. Certain contracts are eligible to receive contract dividends from Northwestern Mutual. Any contract dividends reinvested in the Account are reflected in Contract owners' net payments in the accompanying financial statements.

D. *Due to Participants* – Upon notification of death of the contract owner or maturity of a contract, a liability is recorded and is included in Due to Participants in the accompanying financial statements.

E. *Annuity Reserves* – Annuity reserves represent the present value of all future payments on current variable income plans and are represented as annuity reserves in the statements of assets and liabilities. Annuity reserves are based on published annuity tables with age adjustment and interest based on actual investment experience and assumed investment rates of 3.50% or 5.00%. For those contract holders that elect a fixed income plan option, the values accumulated are transferred out of the Account to the sponsor and all related payouts are funded by Northwestern Mutual.

F. *Taxes* – Northwestern Mutual is taxed as a "life insurance company" under the Internal Revenue Code. The operations of the Account are included in Northwestern Mutual's consolidated income tax return. Under current law, no federal income taxes are payable with respect to the Account. Accordingly, no provision for any such liability has been made.

G. *Segment Reporting* – Collectively, the Variable Insurance Product Underlying Funds Committee and Vice President of Insurance Solutions of Northwestern Mutual, act as the Account's chief operating decision maker ("CODM") assessing performance and making decisions about resource allocation. The CODM periodically reviews information regarding each Division's net assets, net cash flows, and total return. The CODM has determined that each Division is a single operating segment based on the fact that the CODM monitors the operating results of each Division as a whole. The financial information provided to and reviewed by the CODM is consistent with that presented within each Division's Statement of Operations, Statements of Changes in Net Assets, and Financial Highlights.

**3.** **Purchases and Sales of Investments** 

Purchases and sales of the Funds' shares for the year ended December 31, 2025 were as follows (amounts in thousands):

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| | | |
|:---|:---|:---|
| **Fund Name** | **Purchases** | **Sales** |
|  Growth Stock Division | $26722 | $81006 |
|  Focused Appreciation Division | 164472 | 152672 |
|  Large Cap Core Stock Division | 44242 | 36759 |
|  Large Cap Blend Division | 14864 | 13142 |
|  Index 500 Stock Division | 331010 | 438046 |
|  Large Company Value Division | 24922 | 25928 |
|  Domestic Equity Division | 145159 | 95639 |
|  Equity Income Division | 86292 | 77338 |
|  Mid Cap Growth Stock Division | 71729 | 53252 |
|  Index 400 Stock Division | 124932 | 98260 |
|  Mid Cap Value Division | 77461 | 65422 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Purchases** | **Sales** |
|  Small Cap Growth Stock Division | $45835 | $41404 |
|  Index 600 Stock Division | 55034 | 42620 |
|  Small Cap Value Division | 47715 | 42285 |
|  International Growth Division | 83342 | 112087 |
|  Research International Core Division | 79734 | 118915 |
|  International Equity Division | 118310 | 235217 |
|  Emerging Markets Equity Division | 77733 | 156044 |
|  Government Money Market Division | 124327 | 135018 |
|  Short-Term Bond Division | 40580 | 45061 |
|  Select Bond Division | 244617 | 259412 |
|  Long-Term U.S. Government Bond Division | 26241 | 24902 |
|  Inflation Managed Division | 52382 | 54969 |
|  High Yield Bond Division | 71886 | 74749 |
|  Multi-Sector Bond Division | 138683 | 143132 |
|  Active/Passive Conservative Division | 1895 | 72 |
|  Active/Passive Balanced Division | 157326 | 230854 |
|  Active/Passive Moderate Division | 30582 | 35343 |
|  Active/Passive Aggressive Division | 18908 | 284 |
|  Active/Passive Very Aggressive Division | 8950 | 367 |
|  Growth Division | 10776 | 756 |
|  Global Growth Division | 18014 | 596 |
|  New World Division | 5615 | 190 |
|  The Bond Division of America | 6210 | 204 |
|  Capital World Bond Division | 1278 | 40 |
|  American High-Income Trust Division | 2889 | 95 |
|  International Index V.I. Division | 15853 | 612 |
|  Total Return V.I. Division | 11931 | 339 |
|  CVP Small Cap Value Division | 1238 | 19 |
|  Credit Suisse Trust Commodity Return Strategy Division | 69311 | 82153 |
|  Fidelity VIP Mid Cap Division | 74700 | 64407 |
|  Fidelity VIP Contrafund Division | 214538 | 190272 |
|  Fidelity VIP Value Strategies Division | 10097 | 331 |
|  Fidelity VIP Healthcare Division | 1340 | 198 |
|  Fidelity VIP Technology Division | 6932 | 628 |
|  Fidelity VIP Bond Index Division | 4885 | 196 |
|  Disciplined Value International Trust Division | 14772 | 572 |
|  Real Estate Securities Trust Division | 13787 | 431 |
|  Strategic Income Opportunities Trust Division | 1206 | 30 |
|  AMT Quality Equity Division | 57219 | 73451 |
|  U.S. Strategic Equity Division | 18514 | 27997 |
|  U.S. Small Cap Equity Division | 5836 | 8635 |
|  Global Real Estate Securities Division | 91109 | 95063 |
|  International Developed Markets Division | 30774 | 36390 |
|  Strategic Bond Division | 76851 | 95093 |
|  LifePoints Moderate Strategy Division | 5323 | 10160 |
|  LifePoints Balanced Strategy Division | 28023 | 33357 |
|  LifePoints Aggressive Strategy Division | 20664 | 31423 |
|  LifePoints Equity Aggressive Strategy Division | 6315 | 7426 |

---

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

**4.** **Expenses and Related Party Transactions** 

A deduction for mortality and expense risks is determined daily and paid to Northwestern Mutual as compensation for assuming the risk that annuity payments will continue for longer periods than anticipated because the annuitants as a group live longer than expected, and the risk that the charges made by Northwestern Mutual may be insufficient to cover the actual costs incurred in connection with the contracts.

For contracts issued prior to December 17, 1981, the deduction is at an annual rate of 0.75% of the net assets of each Division attributable to these contracts and is paid to Northwestern Mutual. For these contracts, the rate may be increased or decreased by the Board of Trustees of Northwestern Mutual not to exceed a 1.00% annual rate.

For contracts issued after December 16, 1981 and prior to March 31, 1995, the deduction is at an annual rate of 1.25% of the net assets of each Division attributable to these contracts and is paid to Northwestern Mutual. For these contracts, the rate may be increased or decreased by the Board of Trustees of Northwestern Mutual not to exceed a maximum annual rate of 1.50%.

For contracts issued on or after March 31, 1995 and prior to March 31, 2000, for the Front Load version and the Back Load version, the deduction for mortality and expense risks on accumulation units is determined daily at annual rates of 0.40% and 1.25%, respectively, of the net assets of each Division attributable to these contracts and is paid to Northwestern Mutual. For these contracts, the rates may be increased or decreased by the Board of Trustees of Northwestern Mutual not to exceed a maximum annual rate of 0.75% and 1.50%, respectively.

For contracts issued on or after March 31, 2000, effective May 1, 2025 for the Front Load version and the Back Load version, the deduction for mortality and expense risks is determined daily at annual rates of 0.45% and 1.10%, respectively, of the net assets of each Division attributable to these contracts and is paid to Northwestern Mutual. Prior to May 1, 2025, for the Front Load version and the Back Load version, the deduction for mortality and expense risks was determined daily at annual rates of 0.50% and 1.25% respectively. Under the terms of the Back Load version of the contract, the net assets may be subject to the deduction for the Front Load version of the contract after the withdrawal charge period. Rates may be increased or decreased by the Board of Trustees of Northwestern Mutual not to exceed a maximum annual rate of 0.75% and 1.50% for the Front Load version and the Back Load version, respectively.

For Fee Based contracts issued on or after June 30, 2000, effective May 1, 2025 the deduction for mortality and expense risks is determined daily at an annual rate of 0.30% of the net assets of each Division attributable to these contracts and is paid to Northwestern Mutual. Prior to May 1, 2025, the deduction for mortality and expense risks was determined daily at an annual rate of 0.35%. For these contracts, the rate may be increased by the Board of Trustees of Northwestern Mutual not to exceed a maximum annual rate of 0.75%.

**5.** **Subsequent Events** 

Effective April 1, 2026, the name of the Credit Suisse Trust Commodity Return Strategy Division was changed to the Cantor Fitzgerald Commodity Return Strategy Division.

**6.** **Financial Highlights** 

The following is a summary of units outstanding, unit values, net assets, expense ratios, investment income ratios, and total return ratios for each of the periods presented for each contract that had outstanding units as of and for the period ended December 31, 2025. A specific unit value or ratio may be outside of the range presented in this table due to the initial assigned unit values, combined with varying performance and/or length of time since inception of the presented expense ratios.

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

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of the respective period end date:** | **As of the respective period end date:** | **As of the respective period end date:** | **As of the respective period end date:** | **As of the respective period end date:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** |
| | **Units**<br> **Outstanding**<br> **(000's)** | **Unit Value, Corresponding to**<br> **Lowest to Highest Expense**<br> **Ratio** | **Unit Value, Corresponding to**<br> **Lowest to Highest Expense**<br> **Ratio** | **Unit Value, Corresponding to**<br> **Lowest to Highest Expense**<br> **Ratio** | **Net Assets<br>(000's)** | **Dividend**<br> **Income as**<br> **a % of**<br> **Average**<br> **Net Assets** | **Expense Ratio,**<br> **Lowest to Highest <sup>(1)</sup>** | **Total Return**<br> **Corresponding to**<br> **Lowest to Highest**<br> **Expense Ratio<sup>(1)</sup>**  | **Total Return**<br> **Corresponding to**<br> **Lowest to Highest**<br> **Expense Ratio<sup>(1)</sup>**  | **Total Return**<br> **Corresponding to**<br> **Lowest to Highest**<br> **Expense Ratio<sup>(1)</sup>**  |
|  **Growth Stock Division** | **Growth Stock Division** | **Growth Stock Division** | **Growth Stock Division** | **Growth Stock Division** | **Growth Stock Division** | **Growth Stock Division** | **Growth Stock Division** | **Growth Stock Division** | **Growth Stock Division** | **Growth Stock Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 45165 | $6.243228 | to | $15.465561 | $425655 | 0.09% | 0.32% to 1.25 | 17.92% | to | 19.03% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 52593 | 5.245235 | to | 13.114924 | 415697 | 0.10 | 0.35 to 1.25 | 36.10 | to | 37.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 58293 | 3.819180 | to | 9.636073 | 338539 | 0.00 | 0.35 to 1.25 | 47.84 | to | 49.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 61623 | 2.560293 | to | 6.517806 | 244302 | 0.00 | 0.35 to 1.25 | (39.46) | to | (38.91) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 62289 | 4.191147 | to | 10.765725 | 417615 | 0.00<sup>(2)</sup> | 0.35 to 1.25 | 15.22 | to | 16.26 |
|  **Focused Appreciation Division** | **Focused Appreciation Division** | **Focused Appreciation Division** | **Focused Appreciation Division** | **Focused Appreciation Division** | **Focused Appreciation Division** | **Focused Appreciation Division** | **Focused Appreciation Division** | **Focused Appreciation Division** | **Focused Appreciation Division** | **Focused Appreciation Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 54568 | $13.766703 | to | $16.881734 | $859822 | 0.00% | 0.32% to 1.25 | 13.48% | to | 14.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 61292 | 12.131021 | to | 14.738066 | 843195 | 0.00 | 0.35 to 1.25 | 32.75 | to | 33.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 70315 | 9.138455 | to | 11.002409 | 723666 | 0.01 | 0.35 to 1.25 | 49.13 | to | 50.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 80089 | 6.127912 | to | 7.312168 | 548674 | 0.01 | 0.35 to 1.25 | (28.72) | to | (28.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 82367 | 8.597069 | to | 10.166871 | 783159 | 0.16 | 0.35 to 1.25 | 17.43 | to | 18.49 |
|  **Large Cap Core Stock Division** | **Large Cap Core Stock Division** | **Large Cap Core Stock Division** | **Large Cap Core Stock Division** | **Large Cap Core Stock Division** | **Large Cap Core Stock Division** | **Large Cap Core Stock Division** | **Large Cap Core Stock Division** | **Large Cap Core Stock Division** | **Large Cap Core Stock Division** | **Large Cap Core Stock Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 34068 | $4.990953 | to | $9.829210 | $235375 | 0.59% | 0.32% to 1.25 | 15.14% | to | 16.22% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 37298 | 4.294491 | to | 8.536744 | 225524 | 0.69 | 0.35 to 1.25 | 20.63 | to | 21.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 42241 | 3.528028 | to | 7.076895 | 212072 | 0.91 | 0.35 to 1.25 | 24.23 | to | 25.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 46642 | 2.814643 | to | 5.696639 | 188852 | 0.88 | 0.35 to 1.25 | (19.89) | to | (19.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 50355 | 3.481907 | to | 7.110610 | 255395 | 0.79 | 0.35 to 1.25 | 23.55 | to | 24.66 |
|  **Large Cap Blend Division** | **Large Cap Blend Division** | **Large Cap Blend Division** | **Large Cap Blend Division** | **Large Cap Blend Division** | **Large Cap Blend Division** | **Large Cap Blend Division** | **Large Cap Blend Division** | **Large Cap Blend Division** | **Large Cap Blend Division** | **Large Cap Blend Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 20255 | $3.230912 | to | $3.822434 | $73506 | 0.50% | 0.32% to 1.25 | 12.92% | to | 13.98% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 22354 | 2.861147 | to | 3.353594 | 71338 | 0.82 | 0.35 to 1.25 | 22.32 | to | 23.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 24948 | 2.339162 | to | 2.717065 | 64476 | 0.63 | 0.35 to 1.25 | 19.12 | to | 20.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 26987 | 1.963739 | to | 2.260679 | 58170 | 0.62 | 0.35 to 1.25 | (14.84) | to | (14.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 29137 | 2.306054 | to | 2.631043 | 73154 | 0.64 | 0.35 to 1.25 | 16.99 | to | 18.04 |
|  **Index 500 Stock Division** | **Index 500 Stock Division** | **Index 500 Stock Division** | **Index 500 Stock Division** | **Index 500 Stock Division** | **Index 500 Stock Division** | **Index 500 Stock Division** | **Index 500 Stock Division** | **Index 500 Stock Division** | **Index 500 Stock Division** | **Index 500 Stock Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 328510 | $6.671507 | to | $25.826711 | $2959331 | 1.05% | 0.32% to 1.25 | 16.18% | to | 17.27% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 346112 | 5.689024 | to | 22.229423 | 2729192 | 1.18 | 0.35 to 1.25 | 23.19 | to | 24.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 373274 | 4.576447 | to | 18.044646 | 2423973 | 1.22 | 0.35 to 1.25 | 24.49 | to | 25.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 389331 | 3.643517 | to | 14.495240 | 2058818 | 1.25 | 0.35 to 1.25 | (19.30) | to | (18.57) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 390766 | 4.474335 | to | 17.960899 | 2619706 | 1.23 | 0.35 to 1.25 | 26.86 | to | 28.00 |
|  **Large Company Value Division** | **Large Company Value Division** | **Large Company Value Division** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 36438 | $2.611000 | to | $3.089280 | $107432 | 2.27% | 0.32% to 1.25 | 13.15% | to | 14.21% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 39559 | 2.307457 | to | 2.704825 | 102383 | 1.82 | 0.35 to 1.25 | 9.31 | to | 10.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 43940 | 2.110942 | to | 2.452177 | 102784 | 3.18 | 0.35 to 1.25 | 2.51 | to | 3.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 45961 | 2.059162 | to | 2.370702 | 103840 | 3.17 | 0.35 to 1.25 | (1.57) | to | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 46426 | 2.092019 | to | 2.387048 | 105768 | 1.15 | 0.35 to 1.25 | 20.41 | to | 21.49 |
|  **Domestic Equity Division** | **Domestic Equity Division** | **Domestic Equity Division** | **Domestic Equity Division** | **Domestic Equity Division** | **Domestic Equity Division** | **Domestic Equity Division** | **Domestic Equity Division** | **Domestic Equity Division** | **Domestic Equity Division** | **Domestic Equity Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 153113 | $3.954564 | to | $4.926490 | $700925 | 1.89% | 0.32% to 1.25 | 13.01% | to | 14.07% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 157654 | 3.499173 | to | 4.318761 | 631910 | 1.92 | 0.35 to 1.25 | 5.73 | to | 6.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 165806 | 3.309530 | to | 4.047886 | 623074 | 1.74 | 0.35 to 1.25 | 2.43 | to | 3.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 166514 | 3.230972 | to | 3.916578 | 606514 | 1.68 | 0.35 to 1.25 | (4.19) | to | (3.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 181234 | 3.372163 | to | 4.051266 | 684741 | 1.81 | 0.35 to 1.25 | 21.19 | to | 22.28 |
|  **Equity Income Division** | **Equity Income Division** | **Equity Income Division** | **Equity Income Division** | **Equity Income Division** | **Equity Income Division** | **Equity Income Division** | **Equity Income Division** | **Equity Income Division** | **Equity Income Division** | **Equity Income Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 83194 | $5.272961 | to | $6.466311 | $508015 | 1.88% | 0.32% to 1.25 | 13.06% | to | 14.12% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 91101 | 4.663975 | to | 5.666472 | 487752 | 2.08 | 0.35 to 1.25 | 10.48 | to | 11.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 102759 | 4.221684 | to | 5.082904 | 493891 | 2.15 | 0.35 to 1.25 | 8.33 | to | 9.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 111037 | 3.897129 | to | 4.650331 | 487723 | 2.00 | 0.35 to 1.25 | (4.42) | to | (3.56) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 124663 | 4.077248 | to | 4.821858 | 567007 | 2.02 | 0.35 to 1.25 | 24.14 | to | 25.26 |

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<sup>(1)</sup> Total return includes deductions for management and other expenses; it excludes deductions for sales loads and other charges, which are a reduction in units. The expense ratios further reflect only those expenses which impact total return. For additional information regarding all expenses assessed, refer to the accompanying notes.

<sup>(2)</sup> Ratio is less than 0.005%.

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of the respective period end date:** | **As of the respective period end date:** | **As of the respective period end date:** | **As of the respective period end date:** | **As of the respective period end date:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** |
| | **Units**<br> **Outstanding**<br> **(000's)** | **Unit Value, Corresponding to**<br> **Lowest to Highest Expense**<br> **Ratio** | **Unit Value, Corresponding to**<br> **Lowest to Highest Expense**<br> **Ratio** | **Unit Value, Corresponding to**<br> **Lowest to Highest Expense**<br> **Ratio** | **Net Assets**<br> **(000's)** | **Dividend**<br> **Income as**<br> **a % of**<br> **Average**<br> **Net Assets** | **Expense Ratio,**<br> **Lowest to Highest <sup>(1)</sup>** | **Total Return**<br> **Corresponding to**<br> **Lowest to Highest**<br> **Expense Ratio<sup>(1)</sup>**  | **Total Return**<br> **Corresponding to**<br> **Lowest to Highest**<br> **Expense Ratio<sup>(1)</sup>**  | **Total Return**<br> **Corresponding to**<br> **Lowest to Highest**<br> **Expense Ratio<sup>(1)</sup>**  |
|  **Mid Cap Growth Stock Division** | **Mid Cap Growth Stock Division** | **Mid Cap Growth Stock Division** | **Mid Cap Growth Stock Division** | **Mid Cap Growth Stock Division** | **Mid Cap Growth Stock Division** | **Mid Cap Growth Stock Division** | **Mid Cap Growth Stock Division** | **Mid Cap Growth Stock Division** | **Mid Cap Growth Stock Division** | **Mid Cap Growth Stock Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 46477 | $3.034139 | to | $15.012472 | $335731 | 0.00% | 0.32% to 1.25 | 6.98% | to | 7.98% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 50459 | 2.809906 | to | 14.033119 | 347245 | 0.09 | 0.35 to 1.25 | 6.85 | to | 7.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 55485 | 2.606006 | to | 13.133162 | 362624 | 0.16 | 0.35 to 1.25 | 13.53 | to | 14.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 59961 | 2.274906 | to | 11.567624 | 347591 | 0.15 | 0.35 to 1.25 | (24.71) | to | (24.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 63398 | 2.994607 | to | 15.364526 | 496758 | 0.15 | 0.35 to 1.25 | 8.81 | to | 9.79 |
|  **Index 400 Stock Division** | **Index 400 Stock Division** | **Index 400 Stock Division** | **Index 400 Stock Division** | **Index 400 Stock Division** | **Index 400 Stock Division** | **Index 400 Stock Division** | **Index 400 Stock Division** | **Index 400 Stock Division** | **Index 400 Stock Division** | **Index 400 Stock Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 86746 | $8.232305 | to | $8.484264 | $708702 | 1.20% | 0.32% to 1.25 | 5.91% | to | 6.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 89051 | 7.773247 | to | 7.936852 | 684019 | 1.21 | 0.35 to 1.25 | 12.21 | to | 13.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 96596 | 6.927170 | to | 7.009238 | 658139 | 1.10 | 0.35 to 1.25 | 14.78 | to | 15.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 100952 | 6.035376 | to | 6.052460 | 596901 | 1.09 | 0.35 to 1.25 | (14.38) | to | (13.61) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 104466 | 7.006063 | to | 7.049211 | 719364 | 0.92 | 0.35 to 1.25 | 22.92 | to | 24.03 |
|  **Mid Cap Value Division** | **Mid Cap Value Division** | **Mid Cap Value Division** | **Mid Cap Value Division** | **Mid Cap Value Division** | **Mid Cap Value Division** | **Mid Cap Value Division** | **Mid Cap Value Division** | **Mid Cap Value Division** | **Mid Cap Value Division** | **Mid Cap Value Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 65571 | $5.796731 | to | $7.108580 | $436171 | 2.46% | 0.32% to 1.25 | 7.81% | to | 8.82% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 69485 | 5.376967 | to | 6.532658 | 424420 | 2.02 | 0.35 to 1.25 | 7.29 | to | 8.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 73493 | 5.011387 | to | 6.033638 | 414877 | 1.94 | 0.35 to 1.25 | 4.95 | to | 5.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 75308 | 4.775155 | to | 5.697952 | 401511 | 1.88 | 0.35 to 1.25 | (2.37) | to | (1.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 81924 | 4.891257 | to | 5.784413 | 443926 | 1.15 | 0.35 to 1.25 | 21.74 | to | 22.84 |
|  **Small Cap Growth Stock Division** | **Small Cap Growth Stock Division** | **Small Cap Growth Stock Division** | **Small Cap Growth Stock Division** | **Small Cap Growth Stock Division** | **Small Cap Growth Stock Division** | **Small Cap Growth Stock Division** | **Small Cap Growth Stock Division** | **Small Cap Growth Stock Division** | **Small Cap Growth Stock Division** | **Small Cap Growth Stock Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 56693 | $4.512394 | to | $7.958630 | $298247 | 0.00% | 0.32% to 1.25 | 5.60% | to | 6.59% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 57369 | 4.233352 | to | 7.536373 | 288455 | 0.36 | 0.35 to 1.25 | 11.76 | to | 12.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 61685 | 3.753666 | to | 6.743158 | 279023 | 0.00 | 0.35 to 1.25 | 16.89 | to | 17.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 62572 | 3.182585 | to | 5.768661 | 243620 | 0.00 | 0.35 to 1.25 | (29.38) | to | (28.74) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 60259 | 4.466101 | to | 8.168117 | 336025 | 0.02 | 0.35 to 1.25 | 2.81 | to | 3.74 |
|  **Index 600 Stock Division** | **Index 600 Stock Division** | **Index 600 Stock Division** | **Index 600 Stock Division** | **Index 600 Stock Division** | **Index 600 Stock Division** | **Index 600 Stock Division** | **Index 600 Stock Division** | **Index 600 Stock Division** | **Index 600 Stock Division** | **Index 600 Stock Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 75076 | $3.373252 | to | $3.991167 | $285441 | 1.20% | 0.32% to 1.25 | 4.47% | to | 5.45% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 75877 | 3.228993 | to | 3.785048 | 273643 | 1.16 | 0.35 to 1.25 | 7.07 | to | 8.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 80032 | 3.015727 | to | 3.503202 | 267274 | 1.03 | 0.35 to 1.25 | 14.33 | to | 15.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 82361 | 2.637754 | to | 3.036819 | 238692 | 1.00 | 0.35 to 1.25 | (17.40) | to | (16.66) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 83667 | 3.193533 | to | 3.643851 | 291244 | 0.76 | 0.35 to 1.25 | 24.65 | to | 25.78 |
|  **Small Cap Value Division** | **Small Cap Value Division** | **Small Cap Value Division** | **Small Cap Value Division** | **Small Cap Value Division** | **Small Cap Value Division** | **Small Cap Value Division** | **Small Cap Value Division** | **Small Cap Value Division** | **Small Cap Value Division** | **Small Cap Value Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 44311 | $5.707720 | to | $7.110418 | $292711 | 0.77% | 0.32% to 1.25 | 6.08% | to | 7.07% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 47998 | 5.380595 | to | 6.640722 | 296191 | 0.75 | 0.35 to 1.25 | 8.98 | to | 9.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 53526 | 4.937325 | to | 6.038713 | 300818 | 0.28 | 0.35 to 1.25 | 12.44 | to | 13.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 56538 | 4.390979 | to | 5.322620 | 280032 | 0.26 | 0.35 to 1.25 | (19.54) | to | (18.82) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 60264 | 5.457584 | to | 6.556463 | 367326 | 0.39 | 0.35 to 1.25 | 21.48 | to | 22.57 |
|  **International Growth Division** | **International Growth Division** | **International Growth Division** | **International Growth Division** | **International Growth Division** | **International Growth Division** | **International Growth Division** | **International Growth Division** | **International Growth Division** | **International Growth Division** | **International Growth Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 180000 | $3.381574 | to | $4.212640 | $706462 | 0.88% | 0.32% to 1.25 | 17.23% | to | 18.33% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 195995 | 2.884514 | to | 3.560110 | 649200 | 0.86 | 0.35 to 1.25 | 3.98 | to | 4.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 206930 | 2.774095 | to | 3.392961 | 653377 | 0.55 | 0.35 to 1.25 | 19.27 | to | 20.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 220127 | 2.325847 | to | 2.819373 | 577950 | 0.58 | 0.35 to 1.25 | (24.09) | to | (23.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 210378 | 3.063761 | to | 3.680692 | 720626 | 0.53 | 0.35 to 1.25 | 14.48 | to | 15.51 |
|  **Research International Core Division** | **Research International Core Division** | **Research International Core Division** | **Research International Core Division** | **Research International Core Division** | **Research International Core Division** | **Research International Core Division** | **Research International Core Division** | **Research International Core Division** | **Research International Core Division** | **Research International Core Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 365412 | $1.695793 | to | $2.006585 | $696907 | 1.77% | 0.32% to 1.25 | 21.45% | to | 22.59% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 398154 | 1.396245 | to | 1.636815 | 620196 | 1.79 | 0.35 to 1.25 | 1.96 | to | 2.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 408829 | 1.369408 | to | 1.590888 | 619364 | 2.12 | 0.35 to 1.25 | 11.55 | to | 12.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 428011 | 1.227614 | to | 1.413453 | 576819 | 2.20 | 0.35 to 1.25 | (18.19) | to | (17.45) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 407627 | 1.500516 | to | 1.712231 | 665717 | 1.13 | 0.35 to 1.25 | 10.68 | to | 11.68 |

---

<sup>(1)</sup> Total return includes deductions for management and other expenses; it excludes deductions for sales loads and other charges, which are a reduction in units. The expense ratios further reflect only those expenses which impact total return. For additional information regarding all expenses assessed, refer to the accompanying notes.

------

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of the respective period end date:** | **As of the respective period end date:** | **As of the respective period end date:** | **As of the respective period end date:** | **As of the respective period end date:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** |
| | **Units**<br> **Outstanding**<br> **(000's)** | **Unit Value, Corresponding to**<br> **Lowest to Highest Expense**<br> **Ratio** | **Unit Value, Corresponding to**<br> **Lowest to Highest Expense**<br> **Ratio** | **Unit Value, Corresponding to**<br> **Lowest to Highest Expense**<br> **Ratio** | **Net Assets**<br> **(000's)** | **Dividend**<br> **Income as**<br> **a % of**<br> **Average**<br> **Net Assets** | **Expense Ratio,**<br> **Lowest to Highest <sup>(1)</sup>** | **Total Return**<br> **Corresponding to**<br> **Lowest to Highest**<br> **Expense Ratio<sup>(1)</sup>**  | **Total Return**<br> **Corresponding to**<br> **Lowest to Highest**<br> **Expense Ratio<sup>(1)</sup>**  | **Total Return**<br> **Corresponding to**<br> **Lowest to Highest**<br> **Expense Ratio<sup>(1)</sup>**  |
|  **International Equity Division** | **International Equity Division** | **International Equity Division** | **International Equity Division** | **International Equity Division** | **International Equity Division** | **International Equity Division** | **International Equity Division** | **International Equity Division** | **International Equity Division** | **International Equity Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 322258 | $3.332395 | to | $6.133110 | $1241980 | 2.57% | 0.32% to 1.25 | 36.64% | to | 37.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 365128 | 2.416279 | to | 4.488649 | 1027751 | 2.85 | 0.35 to 1.25 | 2.64 | to | 3.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 381084 | 2.332928 | to | 4.373224 | 1050633 | 2.38 | 0.35 to 1.25 | 14.65 | to | 15.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 410608 | 2.016624 | to | 3.814274 | 989827 | 2.39 | 0.35 to 1.25 | (7.99) | to | (7.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 423503 | 2.172077 | to | 4.145278 | 1117249 | 2.31 | 0.35 to 1.25 | 3.70 | to | 4.64 |
|  **Emerging Markets Equity Division** | **Emerging Markets Equity Division** | **Emerging Markets Equity Division** | **Emerging Markets Equity Division** | **Emerging Markets Equity Division** | **Emerging Markets Equity Division** | **Emerging Markets Equity Division** | **Emerging Markets Equity Division** | **Emerging Markets Equity Division** | **Emerging Markets Equity Division** | **Emerging Markets Equity Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 532564 | $1.375633 | to | $1.627644 | $824821 | 1.18% | 0.32% to 1.25 | 32.53% | to | 33.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 592000 | 1.037988 | to | 1.216765 | 686420 | 1.49 | 0.35 to 1.25 | 2.72 | to | 3.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 602746 | 1.010464 | to | 1.173819 | 674699 | 1.24 | 0.35 to 1.25 | 5.59 | to | 6.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 606505 | 0.957001 | to | 1.101801 | 637903 | 1.25 | 0.35 to 1.25 | (26.20) | to | (25.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 532248 | 1.296801 | to | 1.479685 | 751813 | 0.51 | 0.35 to 1.25 | (5.74) | to | (4.89) |
|  **Government Money Market Division** | **Government Money Market Division** | **Government Money Market Division** | **Government Money Market Division** | **Government Money Market Division** | **Government Money Market Division** | **Government Money Market Division** | **Government Money Market Division** | **Government Money Market Division** | **Government Money Market Division** | **Government Money Market Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 146214 | $1.475893 | to | $3.034113 | $260179 | 3.97% | 0.32% to 1.25 | 2.74% | to | 3.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 156672 | 1.423211 | to | 2.953211 | 270145 | 4.90 | 0.35 to 1.25 | 3.68 | to | 4.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 169974 | 1.360326 | to | 2.848379 | 285127 | 1.39 | 0.35 to 1.25 | 3.54 | to | 4.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 181936 | 1.302115 | to | 2.751015 | 294081 | 1.41 | 0.35 to 1.25 | 0.11 | to | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 162532 | 1.289068 | to | 2.747974 | 264452 | 0.00<sup>(2)</sup> | 0.35 to 1.25 | (1.23) | to | (0.34) |
|  **Short-Term Bond Division** | **Short-Term Bond Division** | **Short-Term Bond Division** | **Short-Term Bond Division** | **Short-Term Bond Division** | **Short-Term Bond Division** | **Short-Term Bond Division** | **Short-Term Bond Division** | **Short-Term Bond Division** | **Short-Term Bond Division** | **Short-Term Bond Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 185530 | $1.231971 | to | $1.457670 | $258029 | 4.14% | 0.32% to 1.25 | 4.39% | to | 5.36% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 196714 | 1.180203 | to | 1.383462 | 259516 | 3.37 | 0.35 to 1.25 | 3.72 | to | 4.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 207106 | 1.137835 | to | 1.321789 | 261428 | 1.48 | 0.35 to 1.25 | 3.96 | to | 4.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 219826 | 1.094508 | to | 1.260105 | 264994 | 1.41 | 0.35 to 1.25 | (5.70) | to | (4.85) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 231725 | 1.160639 | to | 1.324314 | 293947 | 1.79 | 0.35 to 1.25 | (1.33) | to | (0.45) |
|  **Select Bond Division** | **Select Bond Division** | **Select Bond Division** | **Select Bond Division** | **Select Bond Division** | **Select Bond Division** | **Select Bond Division** | **Select Bond Division** | **Select Bond Division** | **Select Bond Division** | **Select Bond Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 536237 | $2.651528 | to | $15.090598 | $1741816 | 4.42% | 0.32% to 1.25 | 6.11% | to | 7.11% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 554182 | 2.475586 | to | 14.221164 | 1708367 | 3.93 | 0.35 to 1.25 | 0.49 | to | 1.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 551605 | 2.441293 | to | 14.151716 | 1715927 | 1.80 | 0.35 to 1.25 | 4.87 | to | 5.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 549785 | 2.307053 | to | 13.493913 | 1655397 | 1.71 | 0.35 to 1.25 | (14.40) | to | (13.63) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 558552 | 2.671253 | to | 15.764793 | 2001724 | 2.12 | 0.35 to 1.25 | (2.81) | to | (1.93) |
|  **Long-Term U.S. Government Bond Division** | **Long-Term U.S. Government Bond Division** | **Long-Term U.S. Government Bond Division** | **Long-Term U.S. Government Bond Division** | **Long-Term U.S. Government Bond Division** | **Long-Term U.S. Government Bond Division** | **Long-Term U.S. Government Bond Division** | **Long-Term U.S. Government Bond Division** | **Long-Term U.S. Government Bond Division** | **Long-Term U.S. Government Bond Division** | **Long-Term U.S. Government Bond Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 45573 | $1.468769 | to | $1.737825 | $75659 | 3.39% | 0.32% to 1.25 | 4.84% | to | 5.82% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 46347 | 1.401010 | to | 1.642259 | 72771 | 3.15 | 0.35 to 1.25 | (6.96) | to | (6.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 47573 | 1.505808 | to | 1.749188 | 79685 | 1.84 | 0.35 to 1.25 | 2.05 | to | 2.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 44853 | 1.475610 | to | 1.698809 | 72946 | 1.68 | 0.35 to 1.25 | (30.40) | to | (29.78) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 44988 | 2.120232 | to | 2.419118 | 104543 | 0.92 | 0.35 to 1.25 | (6.55) | to | (5.70) |
|  **Inflation Managed Division** | **Inflation Managed Division** | **Inflation Managed Division** | **Inflation Managed Division** | **Inflation Managed Division** | **Inflation Managed Division** | **Inflation Managed Division** | **Inflation Managed Division** | **Inflation Managed Division** | **Inflation Managed Division** | **Inflation Managed Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 212886 | $1.421519 | to | $1.681914 | $342624 | 4.35% | 0.32% to 1.25 | 5.19% | to | 6.17% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 223380 | 1.351406 | to | 1.584132 | 338784 | 3.13 | 0.35 to 1.25 | 0.69 | to | 1.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 231945 | 1.342162 | to | 1.559115 | 346536 | 3.67 | 0.35 to 1.25 | 2.61 | to | 3.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 243165 | 1.308004 | to | 1.505890 | 351109 | 3.32 | 0.35 to 1.25 | (14.04) | to | (13.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 257586 | 1.521651 | to | 1.736226 | 429505 | 0.96 | 0.35 to 1.25 | 5.28 | to | 6.23 |
|  **High Yield Bond Division** | **High Yield Bond Division** | **High Yield Bond Division** | **High Yield Bond Division** | **High Yield Bond Division** | **High Yield Bond Division** | **High Yield Bond Division** | **High Yield Bond Division** | **High Yield Bond Division** | **High Yield Bond Division** | **High Yield Bond Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 107869 | $4.388463 | to | $5.208049 | $487502 | 5.97% | 0.32% to 1.25 | 7.15% | to | 8.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 113978 | 4.057769 | to | 4.860681 | 479705 | 6.38 | 0.35 to 1.25 | 5.05 | to | 6.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 118170 | 3.827743 | to | 4.626815 | 472805 | 5.78 | 0.35 to 1.25 | 11.84 | to | 12.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 124943 | 3.392006 | to | 4.136969 | 447260 | 5.56 | 0.35 to 1.25 | (12.43) | to | (11.64) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 131527 | 3.838927 | to | 4.724197 | 538205 | 5.28 | 0.35 to 1.25 | 4.00 | to | 4.94 |

---

<sup>(1)</sup> Total return includes deductions for management and other expenses; it excludes deductions for sales loads and other charges, which are a reduction in units. The expense ratios further reflect only those expenses which impact total return. For additional information regarding all expenses assessed, refer to the accompanying notes.

<sup>(2)</sup> Ratio is less than 0.005%.

------

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of the respective period end date:** | **As of the respective period end date:** | **As of the respective period end date:** | **As of the respective period end date:** | **As of the respective period end date:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** |
| | **Units**<br> **Outstanding**<br> **(000's)** | **Unit Value, Corresponding to**<br> **Lowest to Highest Expense**<br> **Ratio** | **Unit Value, Corresponding to**<br> **Lowest to Highest Expense**<br> **Ratio** | **Unit Value, Corresponding to**<br> **Lowest to Highest Expense**<br> **Ratio** | **Net Assets**<br> **(000's)** | **Dividend**<br> **Income as**<br> **a % of**<br> **Average**<br> **Net Assets** | | **Expense Ratio,**<br> **Lowest to Highest <sup>(1)</sup>** | **Total Return**<br> **Corresponding to**<br> **Lowest to Highest**<br> **Expense Ratio<sup>(1)</sup>**  | **Total Return**<br> **Corresponding to**<br> **Lowest to Highest**<br> **Expense Ratio<sup>(1)</sup>**  | **Total Return**<br> **Corresponding to**<br> **Lowest to Highest**<br> **Expense Ratio<sup>(1)</sup>**  |
|  **Multi-Sector Bond Division** | **Multi-Sector Bond Division** | **Multi-Sector Bond Division** | **Multi-Sector Bond Division** | **Multi-Sector Bond Division** | **Multi-Sector Bond Division** | **Multi-Sector Bond Division** | **Multi-Sector Bond Division** | **Multi-Sector Bond Division** | **Multi-Sector Bond Division** | **Multi-Sector Bond Division** | **Multi-Sector Bond Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 424143 | $1.928978 | to | $2.282247 | $925302 | 5.48 | % | 0.32% to 1.25 | 8.64% | to | 9.66% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 448980 | 1.775572 | to | 2.081256 | 893662 | 5.11 |  | 0.35 to 1.25 | 5.09 | to | 6.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 456735 | 1.689587 | to | 1.962612 | 857621 | 4.20 |  | 0.35 to 1.25 | 8.35 | to | 9.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 471137 | 1.559372 | to | 1.795218 | 809958 | 4.12 |  | 0.35 to 1.25 | (16.44) | to | (15.69) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 473601 | 1.866147 | to | 2.129210 | 967023 | 2.15 |  | 0.35 to 1.25 | (1.32) | to | (0.43) |
|  **Active/Passive Conservative Division** | **Active/Passive Conservative Division** | **Active/Passive Conservative Division** | **Active/Passive Conservative Division** | **Active/Passive Conservative Division** | **Active/Passive Conservative Division** | **Active/Passive Conservative Division** | **Active/Passive Conservative Division** | **Active/Passive Conservative Division** | **Active/Passive Conservative Division** | **Active/Passive Conservative Division** | **Active/Passive Conservative Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025\* | 1717 | $1.041002 | to | $1.045792 | $1791 | 8.87 | %\*\* | 0.40% to 1.25 | 4.05% | to | 4.49% |
|  **Active/Passive Balanced Division** | **Active/Passive Balanced Division** | **Active/Passive Balanced Division** | **Active/Passive Balanced Division** | **Active/Passive Balanced Division** | **Active/Passive Balanced Division** | **Active/Passive Balanced Division** | **Active/Passive Balanced Division** | **Active/Passive Balanced Division** | **Active/Passive Balanced Division** | **Active/Passive Balanced Division** | **Active/Passive Balanced Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 213592 | $3.327260 | to | $19.967379 | $1436421 | 2.86 | % | 0.32% to 1.25 | 10.80% | to | 11.84% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 228803 | 2.975002 | to | 18.020572 | 1420186 | 2.15 |  | 0.35 to 1.25 | 6.08 | to | 7.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 245220 | 2.779162 | to | 16.987412 | 1474379 | 3.98 |  | 0.35 to 1.25 | 11.67 | to | 12.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 259508 | 2.466510 | to | 15.211922 | 1428244 | 3.74 |  | 0.35 to 1.25 | (15.20) | to | (14.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 275367 | 2.882625 | to | 17.938388 | 1821786 | 2.46 |  | 0.35 to 1.25 | 6.23 | to | 7.18 |
|  **Active/Passive Moderate Division** | **Active/Passive Moderate Division** | **Active/Passive Moderate Division** | **Active/Passive Moderate Division** | **Active/Passive Moderate Division** | **Active/Passive Moderate Division** | **Active/Passive Moderate Division** | **Active/Passive Moderate Division** | **Active/Passive Moderate Division** | **Active/Passive Moderate Division** | **Active/Passive Moderate Division** | **Active/Passive Moderate Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 53983 | $3.311535 | to | $4.125399 | $214195 | 2.37 | % | 0.32% to 1.25 | 13.04% | to | 14.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 57677 | 2.929411 | to | 3.615525 | 201327 | 1.93 |  | 0.35 to 1.25 | 8.34 | to | 9.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 65819 | 2.703818 | to | 3.307023 | 207108 | 2.96 |  | 0.35 to 1.25 | 13.81 | to | 14.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 71304 | 2.375731 | to | 2.879844 | 196110 | 2.85 |  | 0.35 to 1.25 | (15.89) | to | (15.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 76158 | 2.824479 | to | 3.393259 | 246470 | 2.19 |  | 0.35 to 1.25 | 9.08 | to | 10.06 |
|  **Active/Passive Aggressive Division** | **Active/Passive Aggressive Division** | **Active/Passive Aggressive Division** | **Active/Passive Aggressive Division** | **Active/Passive Aggressive Division** | **Active/Passive Aggressive Division** | **Active/Passive Aggressive Division** | **Active/Passive Aggressive Division** | **Active/Passive Aggressive Division** | **Active/Passive Aggressive Division** | **Active/Passive Aggressive Division** | **Active/Passive Aggressive Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025\* | 17231 | $1.074905 | to | $1.079852 | $18587 | 5.63 | %\*\* | 0.40% to 1.25 | 7.22% | to | 7.68% |
|  **Active/Passive Very Aggressive Division** | **Active/Passive Very Aggressive Division** | **Active/Passive Very Aggressive Division** | **Active/Passive Very Aggressive Division** | **Active/Passive Very Aggressive Division** | **Active/Passive Very Aggressive Division** | **Active/Passive Very Aggressive Division** | **Active/Passive Very Aggressive Division** | **Active/Passive Very Aggressive Division** | **Active/Passive Very Aggressive Division** | **Active/Passive Very Aggressive Division** | **Active/Passive Very Aggressive Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025\* | 7820 | $1.090677 | to | $1.095416 | $8552 | 4.79 | %\*\* | 0.45% to 1.25 | 8.80% | to | 9.23% |
|  **Growth Division** | **Growth Division** | **Growth Division** | **Growth Division** | **Growth Division** | **Growth Division** | **Growth Division** | **Growth Division** | **Growth Division** | **Growth Division** | **Growth Division** | **Growth Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025\* | 8982 | $1.125479 | to | $1.131275 | $10455 | 0.00 | %\*\* | 0.30% to 1.25 | 9.76% | to | 10.29% |
|  **Global Growth Division** | **Global Growth Division** | **Global Growth Division** | **Global Growth Division** | **Global Growth Division** | **Global Growth Division** | **Global Growth Division** | **Global Growth Division** | **Global Growth Division** | **Global Growth Division** | **Global Growth Division** | **Global Growth Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025\* | 15937 | $1.120916 | to | $1.126701 | $18051 | 3.26 | %\*\* | 0.30% to 1.25 | 9.14% | to | 9.66% |

---

\* For the period July 1, 2025 (commencement of operations) to December 31, 2025.

\*\* Computed on an annualized basis.

<sup>(1)</sup> Total return includes deductions for management and other expenses; it excludes deductions for sales loads and other charges, which are a reduction in units. The expense ratios further reflect only those expenses which impact total return. For additional information regarding all expenses assessed, refer to the accompanying notes.

------

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of the respective period end date:** | **As of the respective period end date:** | **As of the respective period end date:** | **As of the respective period end date:** | **As of the respective period end date:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** |
| | **Units<br>Outstanding<br>(000's)** | **Unit Value, Corresponding to**<br> **Lowest to Highest Expense**<br> **Ratio** | **Unit Value, Corresponding to**<br> **Lowest to Highest Expense**<br> **Ratio** | **Unit Value, Corresponding to**<br> **Lowest to Highest Expense**<br> **Ratio** | **Net Assets**<br> **(000's)** | **Dividend**<br> **Income as**<br> **a % of**<br> **Average**<br> **Net Assets** | | **Expense Ratio,**<br> **Lowest to Highest <sup>(1)</sup>** | **Total Return**<br> **Corresponding to**<br> **Lowest to Highest**<br> **Expense Ratio<sup>(1)</sup>**  | **Total Return**<br> **Corresponding to**<br> **Lowest to Highest**<br> **Expense Ratio<sup>(1)</sup>**  | **Total Return**<br> **Corresponding to**<br> **Lowest to Highest**<br> **Expense Ratio<sup>(1)</sup>**  |
|  **New World Division** | **New World Division** | **New World Division** | **New World Division** | **New World Division** | **New World Division** | **New World Division** | **New World Division** | **New World Division** | **New World Division** | **New World Division** | **New World Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025\* | 4911 | $1.129114 | to | $1.134925 | $5679 | 3.05 | %\*\* | 0.30% to 1.25 | 10.50% | to | 11.03% |
|  **The Bond Division of America** | **The Bond Division of America** | **The Bond Division of America** | **The Bond Division of America** | **The Bond Division of America** | **The Bond Division of America** | **The Bond Division of America** | **The Bond Division of America** | **The Bond Division of America** | **The Bond Division of America** | **The Bond Division of America** | **The Bond Division of America** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025\* | 5589 | $1.037646 | to | $1.042996 | $5919 | 10.30 | %\*\* | 0.30% to 1.25 | 2.40% | to | 2.88% |
|  **Capital World Bond Division** | **Capital World Bond Division** | **Capital World Bond Division** | **Capital World Bond Division** | **Capital World Bond Division** | **Capital World Bond Division** | **Capital World Bond Division** | **Capital World Bond Division** | **Capital World Bond Division** | **Capital World Bond Division** | **Capital World Bond Division** | **Capital World Bond Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025\* | 1188 | $1.018351 | to | $1.023618 | $1216 | 8.97 | %\*\* | 0.30% to 1.25 | 0.01% | to | 0.49% |
|  **American High-Income Trust Division** | **American High-Income Trust Division** | **American High-Income Trust Division** | **American High-Income Trust Division** | **American High-Income Trust Division** | **American High-Income Trust Division** | **American High-Income Trust Division** | **American High-Income Trust Division** | **American High-Income Trust Division** | **American High-Income Trust Division** | **American High-Income Trust Division** | **American High-Income Trust Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025\* | 2554 | $1.048925 | to | $1.054336 | $2701 | 17.53 | %\*\* | 0.30% to 1.25 | 3.28% | to | 3.77% |
|  **International Index V.I. Division** | **International Index V.I. Division** | **International Index V.I. Division** | **International Index V.I. Division** | **International Index V.I. Division** | **International Index V.I. Division** | **International Index V.I. Division** | **International Index V.I. Division** | **International Index V.I. Division** | **International Index V.I. Division** | **International Index V.I. Division** | **International Index V.I. Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025\* | 13984 | $1.101832 | to | $1.107515 | $15514 | 10.22 | %\*\* | 0.30% to 1.25 | 8.72% | to | 9.24% |
|  **Total Return V.I. Division** | **Total Return V.I. Division** | **Total Return V.I. Division** | **Total Return V.I. Division** | **Total Return V.I. Division** | **Total Return V.I. Division** | **Total Return V.I. Division** | **Total Return V.I. Division** | **Total Return V.I. Division** | **Total Return V.I. Division** | **Total Return V.I. Division** | **Total Return V.I. Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025\* | 11086 | $1.043989 | to | $1.048795 | $11617 | 2.70 | %\*\* | 0.40% to 1.25 | 2.94% | to | 3.38% |
|  **CVP Small Cap Value Division** | **CVP Small Cap Value Division** | **CVP Small Cap Value Division** | **CVP Small Cap Value Division** | **CVP Small Cap Value Division** | **CVP Small Cap Value Division** | **CVP Small Cap Value Division** | **CVP Small Cap Value Division** | **CVP Small Cap Value Division** | **CVP Small Cap Value Division** | **CVP Small Cap Value Division** | **CVP Small Cap Value Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025\* | 998 | $1.179032 | to | $1.184462 | $1254 | 0.65 | %\*\* | 0.40% to 1.25 | 14.02% | to | 14.51% |
|  **Credit Suisse Trust Commodity Return Strategy Division** | **Credit Suisse Trust Commodity Return Strategy Division** | **Credit Suisse Trust Commodity Return Strategy Division** | **Credit Suisse Trust Commodity Return Strategy Division** | **Credit Suisse Trust Commodity Return Strategy Division** | **Credit Suisse Trust Commodity Return Strategy Division** | **Credit Suisse Trust Commodity Return Strategy Division** | **Credit Suisse Trust Commodity Return Strategy Division** | **Credit Suisse Trust Commodity Return Strategy Division** | **Credit Suisse Trust Commodity Return Strategy Division** | **Credit Suisse Trust Commodity Return Strategy Division** | **Credit Suisse Trust Commodity Return Strategy Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 68893 | $6.423659 | to | $7.331814 | $486832 | 4.35 | % | 0.32% to 1.25 | 14.25% | to | 15.32% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 73575 | 5.622554 | to | 6.357958 | 451243 | 3.16 |  | 0.35 to 1.25 | 3.81 | to | 4.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 70901 | 5.416250 | to | 6.069481 | 415439 | 19.21 |  | 0.35 to 1.25 | (10.02) | to | (9.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 68049 | 6.019683 | to | 6.685526 | 439586 | 16.78 |  | 0.35 to 1.25 | 14.90 | to | 15.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 83449 | 5.238853 | to | 5.766476 | 466448 | 4.99 |  | 0.35 to 1.25 | 26.90 | to | 28.04 |

---

\* For the period July 1, 2025 (commencement of operations) to December 31, 2025.

\*\* Computed on an annualized basis.

<sup>(1)</sup> Total return includes deductions for management and other expenses; it excludes deductions for sales loads and other charges, which are a reduction in units. The expense ratios further reflect only those expenses which impact total return. For additional information regarding all expenses assessed, refer to the accompanying notes.

------

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of the respective period end date:** | **As of the respective period end date:** | **As of the respective period end date:** | **As of the respective period end date:** | **As of the respective period end date:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** |
| | **Units**<br> **Outstanding**<br> **(000's)** | **Unit Value, Corresponding to**<br> **Lowest to Highest Expense**<br> **Ratio** | **Unit Value, Corresponding to**<br> **Lowest to Highest Expense**<br> **Ratio** | **Unit Value, Corresponding to**<br> **Lowest to Highest Expense**<br> **Ratio** | **Net Assets**<br> **(000's)** | **Dividend**<br> **Income as**<br> **a % of**<br> **Average**<br> **Net Assets** | | **Expense Ratio,**<br> **Lowest to Highest <sup>(1)</sup>** | **Total Return**<br> **Corresponding to**<br> **Lowest to Highest**<br> **Expense Ratio<sup>(1)</sup>**  | **Total Return**<br> **Corresponding to**<br> **Lowest to Highest**<br> **Expense Ratio<sup>(1)</sup>**  | **Total Return**<br> **Corresponding to**<br> **Lowest to Highest**<br> **Expense Ratio<sup>(1)</sup>**  |
|  **Fidelity VIP Mid Cap Division** | **Fidelity VIP Mid Cap Division** | **Fidelity VIP Mid Cap Division** | **Fidelity VIP Mid Cap Division** | **Fidelity VIP Mid Cap Division** | **Fidelity VIP Mid Cap Division** | **Fidelity VIP Mid Cap Division** | **Fidelity VIP Mid Cap Division** | **Fidelity VIP Mid Cap Division** | **Fidelity VIP Mid Cap Division** | **Fidelity VIP Mid Cap Division** | **Fidelity VIP Mid Cap Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 42920 | $8.588802 | to | $10.532610 | $422591 | 0.43 | % | 0.32% to 1.25 | 10.37% | to | 11.40% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 46766 | 7.782032 | to | 9.454749 | 413386 | 0.53 |  | 0.35 to 1.25 | 16.02 | to | 17.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 52557 | 6.707303 | to | 8.075593 | 397362 | 0.52 |  | 0.35 to 1.25 | 13.65 | to | 14.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 57661 | 5.901591 | to | 7.042196 | 380261 | 0.49 |  | 0.35 to 1.25 | (15.80) | to | (15.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 62534 | 7.008987 | to | 8.288944 | 485436 | 0.59 |  | 0.35 to 1.25 | 24.04 | to | 25.16 |
|  **Fidelity VIP Contrafund Division** | **Fidelity VIP Contrafund Division** | **Fidelity VIP Contrafund Division** | **Fidelity VIP Contrafund Division** | **Fidelity VIP Contrafund Division** | **Fidelity VIP Contrafund Division** | **Fidelity VIP Contrafund Division** | **Fidelity VIP Contrafund Division** | **Fidelity VIP Contrafund Division** | **Fidelity VIP Contrafund Division** | **Fidelity VIP Contrafund Division** | **Fidelity VIP Contrafund Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 153094 | $5.700750 | to | $6.744759 | $980337 | 0.14 | % | 0.32% to 1.25 | 19.98% | to | 21.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 174125 | 4.751604 | to | 5.569692 | 920460 | 0.19 |  | 0.35 to 1.25 | 32.12 | to | 33.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 199085 | 3.596457 | to | 4.177703 | 790943 | 0.50 |  | 0.35 to 1.25 | 31.80 | to | 32.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 219957 | 2.728684 | to | 3.141458 | 658377 | 0.52 |  | 0.35 to 1.25 | (27.23) | to | (26.57) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 216563 | 3.749539 | to | 4.278173 | 883396 | 0.06 |  | 0.35 to 1.25 | 26.25 | to | 27.39 |
|  **Fidelity VIP Value Strategies Division** | **Fidelity VIP Value Strategies Division** | **Fidelity VIP Value Strategies Division** | **Fidelity VIP Value Strategies Division** | **Fidelity VIP Value Strategies Division** | **Fidelity VIP Value Strategies Division** | **Fidelity VIP Value Strategies Division** | **Fidelity VIP Value Strategies Division** | **Fidelity VIP Value Strategies Division** | **Fidelity VIP Value Strategies Division** | **Fidelity VIP Value Strategies Division** | **Fidelity VIP Value Strategies Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025\* | 8793 | $1.124746 | to | $1.129911 | $9948 | 3.31 | %\*\* | 0.40% to 1.25 | 8.35% | to | 8.81% |
|  **Fidelity VIP Healthcare Division** | **Fidelity VIP Healthcare Division** | **Fidelity VIP Healthcare Division** | **Fidelity VIP Healthcare Division** | **Fidelity VIP Healthcare Division** | **Fidelity VIP Healthcare Division** | **Fidelity VIP Healthcare Division** | **Fidelity VIP Healthcare Division** | **Fidelity VIP Healthcare Division** | **Fidelity VIP Healthcare Division** | **Fidelity VIP Healthcare Division** | **Fidelity VIP Healthcare Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025\* | 982 | $1.206219 | to | $1.211771 | $1192 | 0.83 | %\*\* | 0.40% to 1.25 | 17.93% | to | 18.43% |
|  **Fidelity VIP Technology Division** | **Fidelity VIP Technology Division** | **Fidelity VIP Technology Division** | **Fidelity VIP Technology Division** | **Fidelity VIP Technology Division** | **Fidelity VIP Technology Division** | **Fidelity VIP Technology Division** | **Fidelity VIP Technology Division** | **Fidelity VIP Technology Division** | **Fidelity VIP Technology Division** | **Fidelity VIP Technology Division** | **Fidelity VIP Technology Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025\* | 5566 | $1.181165 | to | $1.187255 | $6660 | 0.00 | %\*\* | 0.30% to 1.25 | 15.41% | to | 15.96% |
|  **Fidelity VIP Bond Index Division** | **Fidelity VIP Bond Index Division** | **Fidelity VIP Bond Index Division** | **Fidelity VIP Bond Index Division** | **Fidelity VIP Bond Index Division** | **Fidelity VIP Bond Index Division** | **Fidelity VIP Bond Index Division** | **Fidelity VIP Bond Index Division** | **Fidelity VIP Bond Index Division** | **Fidelity VIP Bond Index Division** | **Fidelity VIP Bond Index Division** | **Fidelity VIP Bond Index Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025\* | 4492 | $1.030692 | to | $1.036020 | $4644 | 7.37 | %\*\* | 0.30% to 1.25 | 2.39% | to | 2.88% |
|  **Disciplined Value International Trust Division** | **Disciplined Value International Trust Division** | **Disciplined Value International Trust Division** | **Disciplined Value International Trust Division** | **Disciplined Value International Trust Division** | **Disciplined Value International Trust Division** | **Disciplined Value International Trust Division** | **Disciplined Value International Trust Division** | **Disciplined Value International Trust Division** | **Disciplined Value International Trust Division** | **Disciplined Value International Trust Division** | **Disciplined Value International Trust Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025\* | 12522 | $1.126560 | to | $1.131739 | $14376 | 3.46 | %\*\* | 0.40% to 1.25 | 10.91% | to | 11.38% |
|  **Real Estate Securities Trust Division** | **Real Estate Securities Trust Division** | **Real Estate Securities Trust Division** | **Real Estate Securities Trust Division** | **Real Estate Securities Trust Division** | **Real Estate Securities Trust Division** | **Real Estate Securities Trust Division** | **Real Estate Securities Trust Division** | **Real Estate Securities Trust Division** | **Real Estate Securities Trust Division** | **Real Estate Securities Trust Division** | **Real Estate Securities Trust Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025\* | 13018 | $1.016014 | to | $1.021265 | $13327 | 3.95 | %\*\* | 0.30% to 1.25 | 1.86% | to | 2.34% |

---

\* For the period July 1, 2025 (commencement of operations) to December 31, 2025.

\*\* Computed on an annualized basis.

<sup>(1)</sup> Total return includes deductions for management and other expenses; it excludes deductions for sales loads and other charges, which are a reduction in units. The expense ratios further reflect only those expenses which impact total return. For additional information regarding all expenses assessed, refer to the accompanying notes.

------

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of the respective period end date:** | **As of the respective period end date:** | **As of the respective period end date:** | **As of the respective period end date:** | **As of the respective period end date:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** |
| | **Units**<br> **Outstanding**<br> **(000's)** | **Unit Value, Corresponding to**<br> **Lowest to Highest Expense**<br> **Ratio** | **Unit Value, Corresponding to**<br> **Lowest to Highest Expense**<br> **Ratio** | **Unit Value, Corresponding to**<br> **Lowest to Highest Expense**<br> **Ratio** | **Net Assets**<br> **(000's)** | **Dividend**<br> **Income as**<br> **a % of**<br> **Average**<br> **Net Assets** | | **Expense Ratio,**<br> **Lowest to<br>Highest <sup>(1)</sup>** | **Total Return**<br> **Corresponding to**<br> **Lowest to Highest**<br> **Expense Ratio<sup>(1)</sup>**  | **Total Return**<br> **Corresponding to**<br> **Lowest to Highest**<br> **Expense Ratio<sup>(1)</sup>**  | **Total Return**<br> **Corresponding to**<br> **Lowest to Highest**<br> **Expense Ratio<sup>(1)</sup>**  |
|  **Strategic Income Opportunities Trust Division** | **Strategic Income Opportunities Trust Division** | **Strategic Income Opportunities Trust Division** | **Strategic Income Opportunities Trust Division** | **Strategic Income Opportunities Trust Division** | **Strategic Income Opportunities Trust Division** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025\* | 1068 | $1.037393 | to | $1.042744 | $1134 | 18.69 | %\*\* | 0.30% to 1.25 | 2.61% | to | 3.10% |
|  **AMT Quality Equity Division** | **AMT Quality Equity Division** | **AMT Quality Equity Division** | **AMT Quality Equity Division** | **AMT Quality Equity Division** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 93811 | $4.331267 | to | $5.124395 | $455315 | 0.00 | % | 0.32% to 1.25 | 12.33% | to | 13.38% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 102732 | 3.855796 | to | 4.519558 | 439904 | 0.22 |  | 0.35 to 1.25 | 24.27 | to | 25.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 117030 | 3.102751 | to | 3.604127 | 400368 | 0.43 |  | 0.35 to 1.25 | 25.33 | to | 26.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 127401 | 2.475672 | to | 2.850099 | 345130 | 0.44 |  | 0.35 to 1.25 | (19.48) | to | (18.75) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 130341 | 3.074461 | to | 3.507848 | 434664 | 0.38 |  | 0.35 to 1.25 | 21.95 | to | 23.04 |
|  **U.S. Strategic Equity Division** | **U.S. Strategic Equity Division** | **U.S. Strategic Equity Division** | **U.S. Strategic Equity Division** | **U.S. Strategic Equity Division** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 28468 | $4.232708 | to | $5.251064 | $135880 | 0.68 | % | 0.32% to 1.25 | 13.02% | to | 14.07% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 33393 | 3.745253 | to | 4.603258 | 139714 | 0.91 |  | 0.35 to 1.25 | 19.00 | to | 20.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 38759 | 3.147366 | to | 3.833544 | 135283 | 0.62 |  | 0.35 to 1.25 | 24.73 | to | 25.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 43742 | 2.523328 | to | 3.046092 | 121741 | 0.60 |  | 0.35 to 1.25 | (21.84) | to | (21.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 47643 | 3.228324 | to | 3.862348 | 168628 | 0.57 |  | 0.35 to 1.25 | 18.91 | to | 19.98 |
|  **U.S. Small Cap Equity Division** | **U.S. Small Cap Equity Division** | **U.S. Small Cap Equity Division** | **U.S. Small Cap Equity Division** | **U.S. Small Cap Equity Division** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 11976 | $4.265138 | to | $4.747182 | $53724 | 0.70 | % | 0.32% to 1.25 | 7.00% | to | 8.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 13074 | 3.986158 | to | 4.395514 | 54370 | 1.56 |  | 0.35 to 1.25 | 7.17 | to | 8.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 14955 | 3.719374 | to | 4.064373 | 57580 | 0.22 |  | 0.35 to 1.25 | 12.20 | to | 13.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 17465 | 3.314895 | to | 3.590090 | 59576 | 0.19 |  | 0.35 to 1.25 | (17.00) | to | (16.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 19189 | 3.993712 | to | 4.286640 | 78457 | 0.24 |  | 0.35 to 1.25 | 24.23 | to | 25.35 |
|  **Global Real Estate Securities Division** | **Global Real Estate Securities Division** | **Global Real Estate Securities Division** | **Global Real Estate Securities Division** | **Global Real Estate Securities Division** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 115688 | $4.557057 | to | $5.607001 | $646665 | 4.24 | % | 0.32% to 1.25 | 7.25% | to | 8.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 121320 | 4.249128 | to | 5.179618 | 625055 | 2.28 |  | 0.35 to 1.25 | 0.15 | to | 1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 128582 | 4.242859 | to | 5.125359 | 654877 | 1.35 |  | 0.35 to 1.25 | 9.18 | to | 10.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 128770 | 3.886061 | to | 4.652506 | 594219 | 1.27 |  | 0.35 to 1.25 | (27.68) | to | (27.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 126369 | 5.373126 | to | 6.375369 | 797132 | 4.86 |  | 0.35 to 1.25 | 25.62 | to | 26.75 |
|  **International Developed Markets Division** | **International Developed Markets Division** | **International Developed Markets Division** | **International Developed Markets Division** | **International Developed Markets Division** | **International Developed Markets Division** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 55873 | $2.596016 | to | $2.773190 | $145385 | 1.84 | % | 0.32% to 1.25 | 27.04% | to | 28.23% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 62401 | 2.043426 | to | 2.162645 | 126984 | 2.91 |  | 0.35 to 1.25 | 1.49 | to | 2.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 67217 | 2.013421 | to | 2.111693 | 134179 | 0.00 |  | 0.35 to 1.25 | 14.82 | to | 15.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 75023 | 1.753479 | to | 1.822675 | 129706 | 0.00 |  | 0.35 to 1.25 | (14.12) | to | (13.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 78400 | 2.041810 | to | 2.103441 | 157176 | 2.55 |  | 0.35 to 1.25 | 11.26 | to | 12.26 |
|  **Strategic Bond Division** | **Strategic Bond Division** | **Strategic Bond Division** | **Strategic Bond Division** | **Strategic Bond Division** | **Strategic Bond Division** | **Strategic Bond Division** | **Strategic Bond Division** | **Strategic Bond Division** | **Strategic Bond Division** | **Strategic Bond Division** | **Strategic Bond Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 247742 | $1.985527 | to | $2.465514 | $580986 | 4.51 | % | 0.32% to 1.25 | 6.02% | to | 7.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 266926 | 1.872752 | to | 2.303896 | 584425 | 4.83 |  | 0.35 to 1.25 | (0.43) | to | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 272149 | 1.880914 | to | 2.293080 | 592452 | 2.58 |  | 0.35 to 1.25 | 2.73 | to | 3.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 277702 | 1.830967 | to | 2.212282 | 583042 | 2.41 |  | 0.35 to 1.25 | (15.34) | to | (14.58) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 288661 | 2.162708 | to | 2.589798 | 709229 | 0.91 |  | 0.35 to 1.25 | (3.04) | to | (2.16) |
|  **LifePoints Moderate Strategy Division** | **LifePoints Moderate Strategy Division** | **LifePoints Moderate Strategy Division** | **LifePoints Moderate Strategy Division** | **LifePoints Moderate Strategy Division** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 27116 | $1.812998 | to | $2.145060 | $55688 | 4.25 | % | 0.32% to 1.25 | 10.85% | to | 11.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 30648 | 1.635588 | to | 1.917206 | 56494 | 3.50 |  | 0.35 to 1.25 | 5.15 | to | 6.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 33913 | 1.555433 | to | 1.806818 | 59154 | 1.98 |  | 0.35 to 1.25 | 9.94 | to | 10.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 38677 | 1.414783 | to | 1.628787 | 60838 | 1.80 |  | 0.35 to 1.25 | (16.70) | to | (15.95) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 43260 | 1.698371 | to | 1.937804 | 81184 | 4.22 |  | 0.35 to 1.25 | 6.89 | to | 7.85 |

---

\* For the period July 1, 2025 (commencement of operations) to December 31, 2025.

\*\* Computed on an annualized basis.

<sup>(1)</sup> Total return includes deductions for management and other expenses; it excludes deductions for sales loads and other charges, which are a reduction in units. The expense ratios further reflect only those expenses which impact total return. For additional information regarding all expenses assessed, refer to the accompanying notes.

------

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of the respective period end date:** | **As of the respective period end date:** | **As of the respective period end date:** | **As of the respective period end date:** | **As of the respective period end date:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** | **For the respective period ended:** |
| | **Units**<br> **Outstanding**<br> **(000's)** | **Unit Value, Corresponding to**<br> **Lowest to Highest Expense**<br> **Ratio** | **Unit Value, Corresponding to**<br> **Lowest to Highest Expense**<br> **Ratio** | **Unit Value, Corresponding to**<br> **Lowest to Highest Expense**<br> **Ratio** | **Net Assets**<br> **(000's)** | **Dividend**<br> **Income as**<br> **a % of**<br> **Average**<br> **Net Assets** | **Expense Ratio,**<br> **Lowest to<br>Highest <sup>(1)</sup>** | **Total Return**<br> **Corresponding to**<br> **Lowest to Highest**<br> **Expense Ratio<sup>(1)</sup>**  | **Total Return**<br> **Corresponding to**<br> **Lowest to Highest**<br> **Expense Ratio<sup>(1)</sup>**  | **Total Return**<br> **Corresponding to**<br> **Lowest to Highest**<br> **Expense Ratio<sup>(1)</sup>**  |
|  **LifePoints Balanced Strategy Division** | **LifePoints Balanced Strategy Division** | **LifePoints Balanced Strategy Division** | **LifePoints Balanced Strategy Division** | **LifePoints Balanced Strategy Division** | **LifePoints Balanced Strategy Division** | **LifePoints Balanced Strategy Division** | **LifePoints Balanced Strategy Division** | **LifePoints Balanced Strategy Division** | **LifePoints Balanced Strategy Division** | **LifePoints Balanced Strategy Division** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 77238 | $2.086379 | to | $2.444243 | $183080 | 3.75% | 0.40% to 1.25 | 13.53% | to | 14.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 85904 | 1.837679 | to | 2.134732 | 177447 | 2.92 | 0.40 to 1.25 | 8.11 | to | 9.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 96821 | 1.699794 | to | 1.957769 | 182960 | 1.86 | 0.40 to 1.25 | 13.11 | to | 14.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 105459 | 1.502842 | to | 1.716383 | 175063 | 1.76 | 0.40 to 1.25 | (17.39) | to | (16.69) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 112533 | 1.819166 | to | 2.060157 | 224395 | 4.69 | 0.40 to 1.25 | 11.64 | to | 12.59 |
|  **LifePoints Aggressive Strategy Division** | **LifePoints Aggressive Strategy Division** | **LifePoints Aggressive Strategy Division** | **LifePoints Aggressive Strategy Division** | **LifePoints Aggressive Strategy Division** | **LifePoints Aggressive Strategy Division** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 60174 | $2.280586 | to | $2.671856 | $151792 | 3.48% | 0.40% to 1.25 | 15.99% | to | 16.98% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 69538 | 1.966185 | to | 2.284098 | 150201 | 2.47 | 0.40 to 1.25 | 10.54 | to | 11.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 77138 | 1.778682 | to | 2.048715 | 149550 | 1.34 | 0.40 to 1.25 | 16.50 | to | 17.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 82279 | 1.526760 | to | 1.743754 | 136018 | 1.31 | 0.40 to 1.25 | (18.23) | to | (17.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 87969 | 1.867142 | to | 2.114546 | 176401 | 4.55 | 0.40 to 1.25 | 15.99 | to | 16.97 |
|  **LifePoints Equity Aggressive Strategy Division** | **LifePoints Equity Aggressive Strategy Division** | **LifePoints Equity Aggressive Strategy Division** | **LifePoints Equity Aggressive Strategy Division** | **LifePoints Equity Aggressive Strategy Division** | **LifePoints Equity Aggressive Strategy Division** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 14533 | $2.236630 | to | $2.620370 | $36067 | 3.35% | 0.40% to 1.25 | 17.00% | to | 17.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 15946 | 1.911681 | to | 2.220791 | 33590 | 2.29 | 0.40 to 1.25 | 11.68 | to | 12.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 17361 | 1.711777 | to | 1.971664 | 32542 | 1.24 | 0.40 to 1.25 | 18.04 | to | 19.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 19123 | 1.450150 | to | 1.656272 | 30193 | 1.22 | 0.40 to 1.25 | (18.70) | to | (18.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 19581 | 1.783706 | to | 2.020079 | 37815 | 5.04 | 0.40 to 1.25 | 18.13 | to | 19.13 |

---

<sup>(1)</sup> Total return includes deductions for management and other expenses; it excludes deductions for sales loads and other charges, which are a reduction in units. The expense ratios further reflect only those expenses which impact total return. For additional information regarding all expenses assessed, refer to the accompanying notes.

------

#### Report of Independent Registered Public Accounting Firm
To the Board of Trustees of The Northwestern Mutual Life Insurance Company and the Contract Owners of NML Variable Annuity Account B

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities of each of the divisions of NML Variable Annuity Account B indicated in the table below as of December 31, 2025, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the divisions of NML Variable Annuity Account B as of December 31, 2025, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Growth Stock Division (1) | Small Cap Growth Stock Division (1) | Inflation Managed Division (1) | The Bond Division of America (2) |
| &nbsp;&nbsp;&nbsp;Focused Appreciation Division (1) | Index 600 Stock Division (1) | High Yield Bond Division (1) | Capital World Bond Division (2) |
| &nbsp;&nbsp;&nbsp;Large Cap Core Stock Division (1) | Small Cap Value Division (1) | Multi-Sector Bond Division (1) | American High-Income Trust Division (2) |
| &nbsp;&nbsp;&nbsp;Large Cap Blend Division (1) | International Growth Division (1) | Active/Passive Conservative Division (2) | International Index V.I. Division (2) |
| &nbsp;&nbsp;&nbsp;Index 500 Stock Division (1) | Research International Core Division (1) | Active/Passive Balanced Division (1) | Total Return V.I. Division (2) |
| &nbsp;&nbsp;&nbsp;Large Company Value Division (1) | International Equity Division (1) | Active/Passive Moderate Division (1) | CVP Small Cap Value Division (2) |
| &nbsp;&nbsp;&nbsp;Domestic Equity Division (1) | Emerging Markets Equity Division (1) | Active/Passive Aggressive Division (2) | Credit Suisse Trust Commodity Return Strategy Division (1) |
| &nbsp;&nbsp;&nbsp;Equity Income Division (1) | Government Money Market Division (1) | Active/Passive Very Aggressive Division (2) | Fidelity VIP Mid Cap Division (1) |
| &nbsp;&nbsp;&nbsp;Mid Cap Growth Stock Division (1) | Short-Term Bond Division (1) | Growth Division (2) | Fidelity VIP Contrafund Division (1) |
| &nbsp;&nbsp;&nbsp;Index 400 Stock Division (1) | Select Bond Division (1) | Global Growth Division (2) | Fidelity VIP Value Strategies Division (2) |
| &nbsp;&nbsp;&nbsp;Mid Cap Value Division (1) | Long-Term U.S. Government Bond Division (1) | New World Division (2) | Fidelity VIP Health Care Division (2) |
| &nbsp;&nbsp;&nbsp;LifePoints Moderate Strategy Division (1) | LifePoints Balanced Strategy Division (1) | LifePoints Aggressive Strategy Division (1) | LifePoints Equity Aggressive Strategy Division (1) |

---

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Fidelity VIP Technology Division (2) | Real Estate Securities Trust Division (2) | U.S. Strategic Equity Division (1) | International Developed Markets Division (1) |
| &nbsp;&nbsp;&nbsp;Fidelity VIP Bond Index Division (2) | Strategic Income Opportunities Trust Division (2) | U.S. Small Cap Equity Division (1) | Strategic Bond Division (1) |
| &nbsp;&nbsp;&nbsp;Disciplined Value International Trust Division (2) | AMT Quality Equity Division (1) | Global Real Estate Securities Division (1) |  |
| &nbsp;&nbsp;&nbsp; (1) Statement of operations for the year ended December 31, 2025, and statement of changes in net assets for the years ended December 31, 2025, and 2024 | &nbsp;&nbsp;&nbsp; (1) Statement of operations for the year ended December 31, 2025, and statement of changes in net assets for the years ended December 31, 2025, and 2024 | &nbsp;&nbsp;&nbsp; (1) Statement of operations for the year ended December 31, 2025, and statement of changes in net assets for the years ended December 31, 2025, and 2024 | &nbsp;&nbsp;&nbsp; (1) Statement of operations for the year ended December 31, 2025, and statement of changes in net assets for the years ended December 31, 2025, and 2024 |
| &nbsp;&nbsp;&nbsp; (2) Statement of operations for the year ended December 31, 2025, and statement of changes in net assets for the year ended December 31, 2025 | &nbsp;&nbsp;&nbsp; (2) Statement of operations for the year ended December 31, 2025, and statement of changes in net assets for the year ended December 31, 2025 | &nbsp;&nbsp;&nbsp; (2) Statement of operations for the year ended December 31, 2025, and statement of changes in net assets for the year ended December 31, 2025 | &nbsp;&nbsp;&nbsp; (2) Statement of operations for the year ended December 31, 2025, and statement of changes in net assets for the year ended December 31, 2025 |

---

#### Basis for Opinions
These financial statements are the responsibility of The Northwestern Mutual Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the divisions of NML Variable Annuity Account B 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 each of the divisions of NML Variable Annuity Account B 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 of these financial statements 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 are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, 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. 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. Our procedures included confirmation of investments owned as of December 31, 2025, by correspondence with the custodians and the transfer agents of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Milwaukee, Wisconsin

April 24, 2026

We have served as the auditor of one or more of the divisions of NML Variable Annuity Account B since 1968.

------

## The Northwestern Mutual

## Life Insurance Company

### Statutory Financial Statements and

### Supplementary Information

### December 31, 2025, 2024 and 2023

------

#### Report of Independent Auditors
To the **Board of Trustees of**

The Northwestern Mutual Life Insurance Company

#### Opinions
We have audited the accompanying statutory financial statements of The Northwestern Mutual Life Insurance Company (the "Company"), which comprise the statutory statements of financial position as of December 31, 2025 and 2024, and the related statutory statements of operations, changes in surplus, and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the "financial statements").

*Unmodified Opinion on Statutory Basis of Accounting* 

In our opinion, the accompanying financial statements present fairly, in all material respects, the statements of financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in accordance with the accounting practices prescribed or permitted by the Office of the Commissioner of Insurance of the State of Wisconsin described in Note 1.

*Adverse Opinion on U.S. Generally Accepted Accounting Principles* 

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

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

*Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles* 

As described in Note 1 to the financial statements, the financial statements are prepared by the Company on the basis of the accounting practices prescribed or permitted by the Office of the Commissioner of Insurance of the State of Wisconsin, which is a basis of accounting other than accounting principles generally accepted in the United States of America.

------

The effects on the financial statements of the variances between the statutory basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.

#### Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting practices prescribed or permitted by the Office of the Commissioner of Insurance of the State of Wisconsin. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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

In performing an audit in accordance with US GAAS, we:

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

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

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

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

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

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

/s/ PricewaterhouseCoopers LLP

Milwaukee, Wisconsin

February 17, 2026

------

### The Northwestern Mutual Life Insurance Company

#### Statutory Statements of Financial Position

#### (in millions)

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | $210008 | $201544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | 60066 | 57078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Policy loans | 21044 | 20039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common and preferred stocks | 3768 | 3340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate | 2963 | 2791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other investments | 35715 | 30865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and short-term investments | 5089 | 8052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 338653 | 323709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due and accrued investment income | 3126 | 2898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net deferred tax assets | 3334 | 2876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred premium and other assets | 6054 | 5047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Admitted disallowed interest maintenance reserve | 3452 | 3122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Separate account assets | 44395 | 40672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $399014 | $378324 |
|  **Liabilities and surplus:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Policy benefit reserves | $277135 | $264219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit funds | 17453 | 15798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Policyowner dividends payable | 9260 | 8255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset valuation reserve | 9184 | 8350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 8188 | 9256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Separate account liabilities | 44395 | 40672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 365615 | 346550 |
|  **Surplus:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Surplus notes | 5496 | 4491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special surplus fund | 3452 | 3122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unassigned surplus | 24451 | 24161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total surplus | 33399 | 31774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and surplus | $399014 | $378324 |

---

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

------

### The Northwestern Mutual Life Insurance Company

#### Statutory Statements of Operations

#### (in millions)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended** | **For the years ended** | **For the years ended** |
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** |
|  **Revenue:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums | $24691 | $23318 | $22003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 15485 | 13815 | 13224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income | 1043 | 976 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | 41219 | 38109 | 36123 |
|  **Benefits and expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit payments to policyowners and beneficiaries | 14715 | 15956 | 12818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net additions to policy benefit reserves | 13469 | 10592 | 11973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers from separate accounts | (1474) | (1499) | (1007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total benefits | 26710 | 25049 | 23784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions and operating expenses | 4379 | 4245 | 4216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total benefits and expenses | 31089 | 29294 | 28000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain from operations before dividends and taxes | 10130 | 8815 | 8123 |
|  Policyowner dividends | 9275 | 8256 | 7371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain from operations before taxes | 855 | 559 | 752 |
|  Income tax expense (benefit) | 24 | (98) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain from operations | 831 | 657 | 747 |
|  Net realized capital losses | (334) | (96) | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | $497 | $561 | $711 |

---

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

------

### The Northwestern Mutual Life Insurance Company

#### Statutory Statements of Changes in Surplus

#### (in millions)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended** | **For the years ended** | **For the years ended** |
|  | December 31, | December 31, | December 31, |
|  | **2025** | **2024** | **2023** |
|  Beginning of year balance | $31774 | $30310 | $29885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income | 497 | 561 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized capital gains and losses | 564 | 807 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net deferred tax assets | 490 | 195 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in nonadmitted assets | (123) | 96 | (305) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in asset valuation reserve | (835) | (464) | (709) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in surplus notes | 1005 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other surplus changes | 27 | 264 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in surplus | 1625 | 1464 | 425 |
|  End of year balance | $33399 | $31774 | $30310 |

---

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

------

### The Northwestern Mutual Life Insurance Company

#### Statutory Statements of Cash Flows

#### (in millions)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended**<br>**December 31,** | **For the years ended**<br>**December 31,** | **For the years ended**<br>**December 31,** |
|  | **2025** | **2024** | **2023** |
|  **Cash flows from operating activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums and other income received | $17491 | $16934 | $15560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment income received | 13668 | 12600 | 11466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit and dividend payments to policyowners and beneficiaries | (14351) | (15315) | (12301) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers from separate accounts | 1433 | 1462 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions, expenses and taxes paid | (3700) | (3198) | (3558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by operating activities | 14541 | 12483 | 12135 |
|  **Cash flows applied to investing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from investments sold or matured: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 51024 | 44983 | 36091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | 4039 | 3607 | 4025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common and preferred stocks | 604 | 229 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 161 | 391 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments | 4085 | 3333 | 1995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal proceeds from investments | 59913 | 52543 | 42626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments acquired: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | (59383) | (56318) | (40581) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | (7002) | (7454) | (5603) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common and preferred stocks | (1866) | (420) | (356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | (317) | (174) | (77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments | (9885) | (3211) | (4213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal cost of investments acquired | (78453) | (67577) | (50830) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net outflows of policy loans | (708) | (808) | (1107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash applied to investing activities | (19248) | (15842) | (9311) |
|  **Cash flows from financing and miscellaneous sources:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Surplus notes issuance | 1000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net inflows on deposit-type contracts | 1257 | 2355 | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other cash provided (applied) | (513) | 230 | (187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing and miscellaneous sources | 1744 | 2585 | 1526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net (decrease) increase in cash and short-term investments | (2963) | (774) | 4350 |
|  Cash and short-term investments, beginning of year | 8052 | 8826 | 4476 |
|  Cash and short-term investments, end of year | $5089 | $8052 | $8826 |

---

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

------

### The Northwestern Mutual Life Insurance Company

#### Statutory Statements of Cash Flows (supplemental)

#### (in millions)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended** | **For the years ended** | **For the years ended** |
|  | December 31, | December 31, | December 31, |
|  | **2025** | **2024** | **2023** |
|  <u>Supplemental disclosures of cash flow information</u> |  |  |  |
| Non-cash operating, investing and financing and miscellaneous sources not included in the statutory statements of cash flows: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Operating:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends used to pay premiums and loans | $7911 | $7072 | $6543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitalized interest and payment in-kind investment income | 1071 | 994 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other policyowner contract activity | 432 | 409 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Employee benefit and compensation plan expenses | 219 | 210 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investing:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset transfers with affiliated entities | 3233 | 393 | 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond refinancings and exchanges | 2124 | 1199 | 1787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage loan refinancings and transfers | 1657 | 1577 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revised statutory accounting investment definitions | 778 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net policy loan activity | 373 | 381 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net premium loan activity | 118 | 136 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other investment exchanges | 15 | 355 | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Financing and Miscellaneous:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit-type contract deposits and interest credited | 289 | 326 | 349 |

---

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

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
**1.** **Basis of Presentation** 

The accompanying statutory financial statements include the accounts of The Northwestern Mutual Life Insurance Company (the Company). The Company offers life, annuity and disability insurance products to the personal, business and estate markets throughout the United States of America.

As part of an affiliated reinsurance agreement, the Company assumes the risks associated with the long-term care policies issued by its wholly-owned subsidiary, Northwestern Long Term Care Insurance Company (NLTC). See Note 9 for more information regarding reinsurance and its impacts on the Company's statutory financial statements.

These statutory financial statements were prepared in accordance with accounting practices prescribed or permitted by the Office of the Commissioner of Insurance of the State of Wisconsin (OCI) (statutory basis of accounting or SAP), which are based on the *Accounting Practices and Procedures Manual* of the National Association of Insurance Commissioners (NAIC). Financial statements prepared on the statutory basis of accounting differ from financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), primarily because on a GAAP basis: (1) certain policy acquisition costs are deferred and amortized, (2) most bond and preferred stock investments are reported at fair value, (3) policy benefit reserves are established using different actuarial methods and assumptions, (4) deposit-type contracts, for which premiums, benefits and reserve changes are not included in revenue or benefits as reported in the statutory statements of operations, are defined differently, (5) majority-owned subsidiaries are consolidated, (6) changes in deferred taxes are reported as a component of net income, (7) no deferral of realized investment gains and losses is permitted, (8) current expected credit losses (CECL) are based on expected credit losses rather than incurred losses, and (9) "nonadmitted" assets, required for the statutory basis of accounting, are included in total assets. The effects on the Company's statutory financial statements attributable to the differences between the statutory basis of accounting and GAAP are expected to be material.

#### Permitted Accounting Practice
The Company has been granted a permitted accounting practice from the Office of the Commissioner of Insurance of the State of Wisconsin, originally effective December 31, 2022, that allows for the full admissibility of the Company's net negative interest maintenance reserve (IMR) balance. During 2023, the NAIC adopted Interpretation 23-01 Net Negative (Disallowed) Interest Maintenance Reserve (INT 23-01), which allows the admission of a net negative IMR balance up to 10% of adjusted general account capital and surplus (10% Surplus Threshold), subject to certain conditions. Subsequent to this adoption, the Company's permitted practice was amended (effective December 31, 2023, until further notice) to reflect the Company being subject to the terms of the INT 23-01 provisions and to permit the continued full admission of the Company's total net negative IMR above the 10% Surplus Threshold.

As of December 31, 2025 and 2024, the Company's adjusted capital and surplus as determined under INT 23-01 was $26.8 billion and $25.6 billion, respectively. As of December 31, 2025, the Company's net negative IMR balance exceeded the 10% Surplus Threshold by $774 million and its net negative IMR balance of $3,452 million was fully admitted. The Company's net negative IMR balance represents 13% of its adjusted capital and surplus as of December 31, 2025. The Company allocated an amount equal to its admitted net negative IMR balance of $3,452 million to a special surplus fund as of December 31, 2025 as required by INT 23-10. The Company does not maintain separate account IMR.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
The permitted practice is subject to certain conditions, which were and have been met by the Company. As of December 31, 2025 and 2024, if the Company had not used the above permitted practice, a risk-based capital regulatory event would not have been triggered. A reconciliation of the Company's net income and surplus between NAIC SAP and practices prescribed and permitted by the state of Wisconsin is shown below:

---

| | | | |
|:---|:---|:---|:---|
|  | For the year ended December 31, | For the year ended December 31, | For the year ended December 31, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  | (in millions) | (in millions) | (in millions) |
| Net Income, Wisconsin State Basis | $497 | $561 | $711 |
|  State Permitted Practices: |  |  |  |
| Allowance of net negative IMR in excess of 10% Surplus Threshold |  |  |  |
|  Net Income, NAIC SAP | $497 | $561 | $711 |
|  | December 31, | December 31, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |  |
|  | (in millions) | (in millions) |  |
| Statutory Surplus, Wisconsin State Basis | $33399 | $31774 |  |
|  State Permitted Practices: |  |  |  |
| Allowance of net negative IMR in excess of 10% Surplus Threshold | (774) | (567) |  |
|  Statutory Surplus, NAIC SAP | $32625 | $31207 |  |

---

**2.** **Summary of Significant Accounting Policies** 

The preparation of financial statements in accordance with the statutory basis of accounting requires the Company to make estimates or assumptions about the future that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the annual periods presented. Actual future results could differ from these estimates and assumptions.

#### Investments
See Notes 3, 4 and 14 regarding the statement value and fair value of the Company's investments in bonds, mortgage loans, common and preferred stocks, real estate and other investments, including derivative instruments.

#### Policy Loans
Policy loans represent amounts borrowed from the Company by life insurance and annuity policyowners, secured by the cash value of the related policies. Policy loans earn interest at either a fixed or variable rate, based on either an election that is made by the policyowner or, for certain policies, as specified by the contract. If a variable rate is elected or specified by the contract, the rate will be reset annually. Policy loans are reported at the unpaid principal balance, which approximates fair value.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023

#### Cash and Short-term Investments
Cash and short-term investments include cash deposits, securities that have maturities of one year or less at purchase, money market funds and short-term commercial paper. These investments are reported at amortized cost, which approximates fair value.

#### Separate Accounts
Separate account assets and related reserve liabilities represent the segregation of balances attributable to variable life insurance and variable annuity products, as well as a group annuity separate account used to fund certain of the Company's employee and financial representative benefit plan obligations. All separate account assets are legally insulated from claims by the Company's general account policyowners and creditors. Variable product policyowners bear the investment performance risk associated with these products. Separate account assets related to variable products are invested at the direction of the policyowner in a variety of mutual fund options. Most variable annuity and certain variable universal life policyowners also have the option to invest in fixed-rate investment options, which are supported by the assets held in the Company's general account. Separate account assets are generally reported at fair value primarily based on quoted market prices for the underlying investment securities. See Note 7 and Note 14 for more information regarding the Company's separate accounts and Note 8 for more information regarding the Company's employee and financial representative benefit plans.

#### Policy Benefit Reserves
Policy benefit reserves generally represent the net present value of future policy benefits less future policy premiums, calculated using actuarial methods, mortality and morbidity experience tables and valuation interest rates prescribed or permitted by the OCI. These actuarial tables and methods include assumptions regarding future mortality and morbidity experience. Actual future experience could differ from the assumptions used to make these reserve estimates. See Note 5 and Note 14 for more information regarding the Company's policy benefit reserves.

#### Deposit Funds
Deposit funds include liabilities for funding agreements, supplementary contracts and income annuities without life contingencies, and amounts left on deposit with the Company by beneficiaries or policyowners. See Note 5 for more information regarding the Company's deposit funds.

#### Policyowner Dividends
All life and disability insurance policies and certain annuity policies issued by the Company are participating. All long-term care insurance policies issued by NLTC are also participating. Annually, the Company's Board of Trustees (at its discretion) approves the amount and allocation, if any, of dividends among groups of policies issued by the Company, based on management's recommendation. The payment of dividends on any particular policy is not guaranteed. Dividends are accrued and charged to operations when approved. The liability for policyowner dividends includes the estimated amount of annual and termination dividends. Termination dividends are additional dividends payable on whole life insurance policies upon surrender, maturity or, for policies issued in one state, death. Depending on the type of policy they own, participating policyowners generally have the option to receive their dividends in cash, or use them as follows: reduce future premiums due, purchase additional insurance benefits, repay policy loans, or leave them on deposit with the Company to accumulate interest. Dividends used by policyowners to purchase additional insurance benefits or pay premiums are reported as premiums in the statutory statements of operations but are not included in premiums received or benefit and dividend payments to policyowners and beneficiaries in the statutory statements of cash flows. The Company's annual approval and declaration of policyowner dividends includes a guarantee of a minimum aggregate amount of annual dividends to be paid to policyowners as a group in the subsequent calendar year. If this guaranteed amount is greater than the aggregate of annual dividends paid to policyowners in the subsequent year, the difference is paid in the immediately succeeding calendar year. The fact that the Company guarantees a minimum aggregate payment of annual dividends in one year does not obligate the Company to declare a dividend in future years or to guarantee any portion of dividends that may be declared in future years.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023

#### Interest Maintenance Reserve
The Company is required to maintain an IMR. The IMR is used to defer realized capital gains and losses, net of any income tax, on fixed income investments and derivatives that are attributable to changes in market interest rates, including both changes in risk-free market interest rates and market credit spreads. Net realized capital gains and losses deferred to the IMR are amortized into net investment income over the estimated remaining term to maturity of the investment sold or the hedged item. See Note 1 for disclosure of the impact of the Company's application of a permitted accounting practice with regard to its net negative IMR balance.

INT 23-01 requires the following disclosures related to the admittance of net negative IMR. The following statements apply for the periods ending December 31, 2025 and 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Fixed income investments generating IMR losses comply with the Company's documented investment or liability management policies.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Any deviation to the above statements was either because of a temporary and transitory timing issue or related to a specific event, such as a reinsurance transaction, that mechanically made the cause of IMR losses not reflective of reinvestment activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Asset sales were not compelled by liquidity pressures (e.g., to fund significant cash outflows including, but not limited to excess withdrawals and collateral calls).

At December 31, 2025, the unamortized IMR balance included the following capital gains and losses related to derivatives carried at fair value upon termination:

---

| | | |
|:---|:---|:---|
|  | (in millions) | (in millions) |
|  | Gains | Losses |
|  Unamortized Fair Value Derivative Gains & Losses Realized to IMR - December 31, 2024 | $1609 | $(2220) |
|  Fair Value Derivative Gains & Losses Realized to IMR - Added in 2025 | 341 | (426) |
|  Fair Value Derivative Gains & Losses Amortized in 2025 | 76 | (100) |
|  Unamortized Fair Value Derivative Gains & Losses Realized to IMR - December 31, 2025 | $1875 | $(2545) |

---

#### Asset Valuation Reserve
The Company is required to maintain an asset valuation reserve (AVR). The AVR represents a reserve for invested asset valuation using a formula prescribed by the NAIC. The AVR is intended to protect surplus by absorbing declines in the value of the Company's investments that are not related to changes in interest rates. Increases or decreases in the AVR are reported as direct adjustments to surplus in the statutory statements of changes in surplus.

#### Premium Revenue
Most life insurance premiums are recognized as revenue at the beginning of each respective policy year. Universal life insurance and annuity premiums are recognized as revenue when received. Considerations received on supplementary contracts and income annuities without life contingencies are deposit-type transactions and are excluded from revenue in the statutory statements of operations. Disability and long- term care insurance premiums are recognized as revenue when due. Premium revenue is reported net of ceded reinsurance. See Note 9 for more information regarding the Company's use of reinsurance.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023

#### Net Investment Income
Net investment income primarily represents interest, dividends and prepayment fees received or accrued on bonds, mortgage loans, common and preferred stocks, policy loans and other investments. Net investment income also includes dividends and distributions paid to the Company from the accumulated earnings of joint ventures, partnerships and unconsolidated non-insurance subsidiaries. Net investment income is reduced by investment management expenses, real estate depreciation, interest costs associated with repurchase agreements and interest expense related to the Company's surplus notes. Accrued investment income more than ninety days past due is a nonadmitted asset. Accrued investment income that is ultimately deemed uncollectible is included as a reduction of net investment income in the period that such determination is made. See Note 3 for more information regarding net investment income and repurchase agreements and Note 13 for more information regarding the Company's surplus notes.

#### Other Income
Other income primarily represents ceded reinsurance expense allowances and various insurance policy charges. Ceded reinsurance expense allowances are recognized as revenue when due. See Note 9 for more information regarding the Company's use of reinsurance.

#### Benefit Payments to Policyowners and Beneficiaries
Benefit payments to policyowners and beneficiaries include death, surrender, maturity, disability and long-term care benefits, as well as payments on supplementary contracts and income annuities that include life contingencies. Benefit payments on supplementary contracts and income annuities without life contingencies are deposit-type transactions and are excluded from benefits in the statutory statements of operations. Benefit payments are reported net of ceded reinsurance recoveries. See Note 9 for more information regarding the Company's use of reinsurance.

#### Commissions and Operating Expenses
Commissions and other operating expenses, including costs of acquiring new insurance policies, are generally charged to expense as incurred.

#### Federal Income Taxes
Current federal income taxes are charged or credited to operations based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year and any adjustments to such estimates from prior years. Deferred tax assets and liabilities represent the respective future tax recoveries or obligations associated with the accumulation of temporary differences between the tax and financial statement bases of the Company's assets and liabilities. Changes in deferred tax assets and liabilities related to unrealized capital gains and losses on investments are included in changes in net unrealized capital gains and losses in the statutory statements of changes in surplus. Other net changes in deferred tax assets and liabilities are reported as direct adjustments to surplus in the statutory statements of changes in surplus.

The statutory basis of accounting limits the amount of gross deferred tax assets that can be admitted to surplus to those for which ultimate recoverability can be demonstrated. This limit is based on a calculation that considers available tax loss carryback and carryforward capacity, the expected timing of reversal for accumulated temporary differences, gross deferred tax liabilities and the level of Company surplus.

A "more likely than not" standard is applied for financial statement recognition of contingent tax liabilities, whereby a liability is recorded only if the Company believes that there is a greater than 50% likelihood that the related tax position will not be sustained upon examination. In cases where liability recognition is appropriate, a best estimate of the ultimate tax liability is made. If this estimate represents 50% or less of

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
the total amount of the tax contingency, the best estimate is established as a liability. If this best estimate represents more than 50% of the total tax contingency, the total amount is established as a liability. Changes in contingent tax liabilities are charged or credited to operations in the year that such determination is made by the Company. The Company reports interest accrued or released related to contingent tax liabilities in current income taxes or tax benefit.

See Note 10 for more information on the Company's income taxes.

#### Information Technology Equipment and Software
The cost of information technology (IT) equipment and operating system software is generally capitalized and depreciated over three years using the straight-line method. Non-operating system software is generally capitalized and depreciated over a maximum of five years using the straight-line method. IT equipment and operating software assets of $46 million and $44 million at December 31, 2025 and 2024, respectively, are included in other assets in the statutory statements of financial position and are net of accumulated depreciation of $140 million and $115 million, respectively. Non-operating system software costs, net of accumulated depreciation, are nonadmitted assets and thereby excluded from assets and surplus in the statutory statements of financial position. These amounts were $609 million and $585 million at December 31, 2025 and 2024, respectively. Depreciation expense for IT equipment and software totaled $241 million, $220 million and $198 million for the years ended December 31, 2025, 2024 and 2023, respectively.

#### Furniture, Fixtures and Equipment
The cost of furniture, fixtures and equipment, including leasehold improvements, is generally capitalized and depreciated over the useful life of the assets using the straight-line method. Furniture, fixtures and equipment, net of accumulated depreciation, are nonadmitted assets and thereby excluded from assets and surplus in the statutory statements of financial position. These amounts were $80 million and $86 million at December 31, 2025 and 2024, respectively. Depreciation expense for furniture, fixtures and equipment totaled $12 million, $14 million and $16 million for the years ended December 31, 2025, 2024 and 2023, respectively.

#### Corporate Owned Life Insurance
The Company holds corporate-owned life insurance (COLI) both directly and indirectly through a wholly-owned subsidiary to provide protection against key-person risk for certain qualified employees and to help fund certain future employee benefit expenses.

See Note 3 for more information regarding COLI held indirectly through a wholly-owned subsidiary which had cash surrender value invested in common stock at both December 31, 2025 and 2024.

During 2025, the Company directly acquired a $1.0 billion policy. This policy is included in deferred premium and other assets in the Statement of Financial Position and carried at cash surrender value with changes in cash surrender value reported in other income in the Statutory Statement of Operations. The policy was purchased in late 2025 and the cash surrender value is expected to be invested in a diversified portfolio that may consist of bonds, stocks and other investments.

#### Nonadmitted Assets
Certain assets are designated as nonadmitted on the statutory basis of accounting. Such assets, principally related to defined benefit pension funding, amounts advanced to or due from the Company's financial representatives, furniture, fixtures, equipment and non-operating software (net of accumulated depreciation), derivatives, prepaid expense, and certain equity-method investments in entities for which audits are not performed, are excluded from assets and surplus in the statutory statements of financial position. Changes in nonadmitted assets are reported as a direct adjustment to surplus in the statutory statements of changes in surplus.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023

#### Foreign Currency Translation
The majority of the Company's insurance operations are conducted in the United States of America on a U.S. dollar-denominated basis. The Company invests in bonds, mortgage loans, stocks, and other investments denominated in foreign currencies. The Company also has outstanding funding agreements denominated in a foreign currency under the Funding Agreement Backed Note (FABN) program described in Note 5. Investments or funding agreements denominated in a foreign currency are remeasured to U.S. dollars at each reporting date using then-current foreign currency exchange rates. Translation gains or losses relating to fluctuations in exchange rates are reported as a change in net unrealized capital gains and losses until the related investment or funding agreement is sold or matures, or if the related investment is determined to be other-than-temporarily impaired, at which time a realized capital gain or loss is reported. Transactions denominated in a foreign currency, such as receipt or payment of foreign-denominated interest or dividends, are remeasured to U.S. dollars based on the actual exchange rate at the time of the transaction. See Note 4 for more information regarding the Company's use of derivatives to mitigate exposure to fluctuations in foreign currency exchange rates.

#### Accounting Pronouncements Adopted
In August 2023, the NAIC adopted revisions to SSAP No. 26 and SSAP No. 43 for the principles-based bond definition, which included consideration of factors to determine whether investments qualify for reporting on an insurer's statutory financial statements as a bond. Effective January 1, 2025, the Company adopted the new guidance on a prospective basis, along with corresponding changes within these Notes of the Statutory Financial Statements. Upon adoption, the Company reclassified investments with a book adjusted carrying value of $534 million from bonds to different investment types, which resulted in an impact to surplus of ($11) million.

---

| | | |
|:---|:---|:---|
| New Asset Type | Statement Value of<br>Securities Reclassified | Surplus Impact |
|  | (in millions) | (in millions) |
|  Mortgage loan | $18 | $- |
|  Preferred stock | 232 | (1) |
|  Other investments | 284 | (10) |
|  Total | $534 | $(11) |

---

Further revisions to SSAP No. 43 - Asset-Backed Securities included changes regarding when a reporting entity may utilize the prospective or retrospective method for assessing cash flows and prepayment assumptions. Under the new guidance, the prospective method can be applied to all asset-backed securities, or reporting entities can elect to utilize the retrospective adjustment method for specific asset-backed securities that are designated as high credit quality. See Note 3 for more information on the methods used to assess cash flows and prepayment assumptions for asset-backed securities.

In March 2024, the NAIC adopted revisions to expand and amend guidance within SSAP No. 93 to include all tax credit investments regardless of structure and type of state or federal tax credit program. On January 1, 2025, the Company adopted the new guidance on a prospective basis and reclassified investments with a book adjusted carrying value of $244 million from bonds to other investments, with no surplus impact. Additionally, per the amended guidance, the Company reported proportional amortization of tax credit investments as an expense component of net investment income in 2025, instead of reducing gross investment income as previously prescribed.

#### Subsequent Events
The Company has evaluated events subsequent to December 31, 2025 through February 17, 2026, the date these statutory financial statements were available to be issued. Based on this evaluation, it is the Company's opinion that no events subsequent to December 31, 2025 have occurred that are material to the Company's financial position at that date or the results of its operations for the year then ended.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
**3.** **Investments** 

#### Bonds
Bonds include debt instruments classified as either issuer credit obligations (ICO) or asset-backed securities (ABS). The Securities Valuation Office (SVO) of the NAIC Investment Analysis Office evaluates the credit quality of the Company's bond investments and issues related designations. Bonds designated as "1" (highest quality), "2" (high quality), "3" (medium quality), "4" (low quality) or "5" (lower quality) are reported in the statutory financial statements at amortized cost less any other-than-temporary impairment. Bonds designated "6" (lowest quality) are reported at the lower of amortized cost or fair value. SVO-identified funds include certain SVO approved bond exchange-traded fund investments and are reported at fair value. The interest method is used to amortize any purchase premium or discount to net investment income, including estimates of future prepayments that are obtained from independent sources. Prepayment assumptions are updated at least annually and are used to adjust net investment income for changes in the estimated yield to maturity. For years ended December 2024 and 2023, prepayment assumptions were updated using the retrospective method. Effective January 1, 2025, following a revision to SSAP No. 43, the Company elected to use the retrospective adjustment method for all agency mortgage-backed securities (MBS) and the prospective adjustment method for all other asset-backed securities. There was no impact to surplus resulting from the election in 2025.

The disclosure of fair value for bonds is primarily based on independent pricing services or internally-developed pricing models utilizing observable market data. See Note 14 for more information regarding the fair value of the Company's investments in bonds.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
The statement value and fair value of bonds at December 31, 2025 and 2024, summarized by asset categories required in the NAIC Annual Statement, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| December 31, 2025 | Reconciliation to Fair Value | Reconciliation to Fair Value | Reconciliation to Fair Value | Reconciliation to Fair Value |
|  |  | Gross | Gross |  |
|  | Statement | Unrealized | Unrealized | Fair |
|  | Value | Gains | Losses | Value |
|  | (in millions) | (in millions) | (in millions) | (in millions) |
|  Issuer credit obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government obligations | $3975 | $23 | $(84) | $3914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. sovereign jurisdiction | 4898 | 89 | (111) | 4876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal bonds - general obligations | 1286 | 15 | (64) | 1237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal bonds - special revenue | 3178 | 20 | (318) | 2880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project finance bonds | 4476 | 24 | (468) | 4032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds | 125678 | 1410 | (6982) | 120106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds issued by funds representing operating entities | 8121 | 61 | (470) | 7712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Single entity backed obligations | 4580 | 40 | (229) | 4391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SVO identified funds | 1389 |  |  | 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank loans | 3709 | 39 | (82) | 3666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total issuer credit obligations | 161290 | 1721 | (8808) | 154203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency residential MBS (exempt) | 1258 | 28 | (14) | 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency commercial MBS (non-exempt) | 120 | 2 | (1) | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency residential MBS (non-exempt) | 14956 | 158 | (1152) | 13962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-agency commercial MBS | 5801 | 49 | (89) | 5761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-agency residential MBS | 2930 | 25 | (67) | 2888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-agency - CLOs/CBOs/CDOs (1) | 9118 | 13 | (3) | 9128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial ABS (2) | 7045 | 56 | (57) | 7044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity backed - non-self liquidating | 1535 | 14 | (10) | 1539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease-backed - practical expedient | 1257 | 21 | (6) | 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease-backed - full analysis | 2251 | 31 | (38) | 2244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-financial ABS - practical expedient (3) | 936 | 7 | (1) | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-financial ABS - full analysis (3) | 1511 | 19 | (49) | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total asset-backed securities | 48718 | 423 | (1487) | 47654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total bonds | $210008 | $2144 | $(10295) | $201857 |

---

(1) Collateralized Loan Obligation ("CLO")/Collateralized Bond Obligation ("CBO")/ Collateralized Debt Obligation ("CDO").

(2) Includes securities backed by pools of assets such as auto loans, student loans, and credit card loans.

(3) Includes securities backed by cash generating non-financial assets such as franchising fees, royalties and intellectual property.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| December 31, 2024 | Reconciliation to Fair Value | Reconciliation to Fair Value | Reconciliation to Fair Value | Reconciliation to Fair Value |
|  |  | Gross | Gross |  |
|  | Statement | Unrealized | Unrealized | Fair |
|  | Value | Gains | Losses | Value |
|  | (in millions) | (in millions) | (in millions) | (in millions) |
|  U.S. Government | $4228 | $2 | $(138) | $4092 |
|  States, territories, and possessions | 938 | 3 | (64) | 877 |
|  Political subdivisions | 293 | 2 | (17) | 278 |
|  Special revenue and assessments | 20142 | 41 | (2241) | 17942 |
|  All foreign governments | 3606 | 3 | (255) | 3354 |
|  Hybrid securities | 681 | 9 | (6) | 684 |
|  SVO-identified funds | 280 |  |  | 280 |
|  Industrial and miscellaneous | 171376 | 815 | (12239) | 159952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total bonds | $201544 | $875 | $(14960) | $187459 |

---

Bonds classified by the NAIC as special revenue and assessments primarily consist of U.S. Government agency-issued residential mortgage-backed securities and municipal bonds issued by political subdivisions to finance specific public projects. Bonds classified as industrial and miscellaneous consist primarily of notes issued by public and private corporate entities and structured securities not issued by U.S. Government agencies.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
Statement value of bonds by NAIC designation category at December 31, 2025 and 2024 was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| December 31, 2025 | NAIC Designation | NAIC Designation | NAIC Designation | NAIC Designation | NAIC Designation | NAIC Designation | NAIC Designation |
|  | 1 | 2 | 3 | 4 | 5 | 6 | Total |
|  | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
|  Issuer credit obligations |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government obligations | $3975 | $- | $- | $- | $- | $- | $3975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. sovereign jurisdiction | 1906 | 2911 | 81 |  |  |  | 4898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal bonds - general obligations | 1286 |  |  |  |  |  | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal bonds - special revenue | 3089 | 89 |  |  |  |  | 3178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project finance bonds | 1084 | 3186 | 117 | 76 |  | 13 | 4476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds | 63301 | 53094 | 6015 | 2400 | 810 | 58 | 125678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds issued by funds representing operating entities | 3861 | 4148 | 60 | 27 | 25 |  | 8121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Single entity backed obligations | 3279 | 1137 | 59 | 105 |  |  | 4580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SVO identified funds | 10 | 453 |  | 926 |  |  | 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank loans | 1 | 20 | 517 | 1380 | 1337 | 454 | 3709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total issuer credit obligations | 81792 | 65038 | 6849 | 4914 | 2172 | 525 | 161290 |
|  Asset-backed securities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency residential MBS (exempt) | 1258 |  |  |  |  |  | 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency commercial MBS (non-exempt) | 83 | 37 |  |  |  |  | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency residential MBS (non-exempt) | 14956 |  |  |  |  |  | 14956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-agency commercial MBS | 5741 | 38 |  | 6 | 10 | 6 | 5801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-agency residential MBS | 2182 | 698 |  | 49 |  | 1 | 2930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-agency - CLOs/CBOs/ CDOs | 9098 | 20 |  |  |  |  | 9118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial ABS | 5350 | 1431 | 132 | 125 | 2 | 5 | 7045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity backed - non-self liquidating | 1453 | 82 |  |  |  |  | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease-backed - practical expedient | 1029 | 228 |  |  |  |  | 1257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease-backed - full analysis | 1888 | 357 | 6 |  |  |  | 2251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-financial ABS - practical expedient | 836 | 100 |  |  |  |  | 936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-financial ABS - full analysis | 322 | 1160 | 29 |  |  |  | 1511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total asset-backed securities | 44196 | 4151 | 167 | 180 | 12 | 12 | $48718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total bonds | $125988 | $69189 | $7016 | $5094 | $2184 | $537 | $210008 |

---

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| December 31, 2024 | NAIC Designation | NAIC Designation | NAIC Designation | NAIC Designation | NAIC Designation | NAIC Designation | NAIC Designation |
|  | 1 | 2 | 3 | 4 | 5 | 6 | Total |
|  | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
|  U.S. Government | $4228 | $- | $- | $- | $- | $- | $4228 |
|  States, territories, and possessions | 938 |  |  |  |  |  | 938 |
|  Political subdivisions | 293 |  |  |  |  |  | 293 |
|  Special revenue and assessments | 20016 | 106 | 20 |  |  |  | 20142 |
|  All foreign governments | 1407 | 2166 | 33 |  |  |  | 3606 |
|  Hybrid securities |  | 495 | 171 | 15 |  |  | 681 |
|  SVO-identified funds |  | 280 |  |  |  |  | 280 |
|  Industrial and miscellaneous | 92489 | 66362 | 5680 | 3848 | 2602 | 395 | 171376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total bonds | $119371 | $69409 | $5904 | $3863 | $2602 | $395 | $201544 |

---

Based on statement value, 93% and 94% of the Company's bond portfolio was designated investment grade (i.e., designated 1 or 2 by the NAIC) as of December 31, 2025 and 2024, respectively.

Statement value and fair value of asset-backed securities at December 31, 2025 and structured securities at December 31, 2024, aggregated by investment grade or below investment grade (i.e., designated 3, 4, 5 or 6 by the NAIC), were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Grade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Grade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Below Investment Grade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Below Investment Grade | Total | Total |
|  | Statement<br>Value | Fair Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement <br>Value | Fair Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement <br>Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value |
|  | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
|  Residential mortgage-backed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency | $16214 | $15234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | $16214 | $15234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other prime | 238 | 227 |  |  | 238 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-prime | 2642 | 2611 | 50 | 50 | 2692 | 2661 |
|  Commercial mortgage-backed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency | 120 | 121 |  |  | 120 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-agency | 5779 | 5742 | 22 | 19 | 5801 | 5761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-agency - CLOs/CBOs/CDOs | 9118 | 9128 |  |  | 9118 | 9128 |
|  Financial asset-backed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity backed | 1535 | 1539 |  |  | 1535 | 1539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial ABS | 6782 | 6782 | 264 | 263 | 7046 | 7045 |
|  Non-financial asset-backed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease-backed | 3502 | 3511 | 6 | 5 | 3508 | 3516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-financial ABS | 2417 | 2393 | 29 | 30 | 2446 | 2423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total asset-backed securities | $48347 | $47288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48718 | $47655 |

---

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Grade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Grade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Below Investment Grade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Below Investment Grade | Total | Total |
|  | Statement<br>Value | Fair Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement <br>Value | Fair Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement <br>Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value |
|  | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
|  Residential mortgage-backed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government agencies | $16159 | $14450 | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | $16159 | $14450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other prime | 193 | 189 | 1 | 1 | 194 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other below-prime | 2160 | 2094 | 26 | 25 | 2186 | 2119 |
|  Commercial mortgage-backed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government agencies | 20 | 18 |  |  | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conduit | 5272 | 5048 | 26 | 20 | 5298 | 5068 |
|  Other asset-backed | 20520 | 20226 | 340 | 325 | 20860 | 20551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total structured securities | $44324 | $42025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44717 | $42396 |

---

Statement value and fair value of bonds and short-term investments by contractual maturity at December 31, 2025 are summarized below. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment fees. Securities without a maturity date, which are payable on demand and in good standing, are included within the one year or less category.

---

| | | |
|:---|:---|:---|
|  | Statement<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Fair<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  | (in millions) | (in millions) |
|  Due in one year or less | $13274 | $13256 |
|  Due after one year through five years | 52653 | 52390 |
|  Due after five years through ten years | 52196 | 51717 |
|  Due after ten years through twenty years | 36023 | 34026 |
|  Due after twenty years | 59794 | 54401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $213940 | $205790 |

---

#### Mortgage Loans
Mortgage loans consist primarily of commercial mortgage loans underwritten and originated by the Company and are reported at the unpaid principal balance, less any valuation adjustments or unamortized commitment or origination fees. Such fees are generally deferred upon receipt and amortized into net investment income over the life of the loan using the interest method. Affiliated mortgage loan investments were $182 million and $128 million at December 31, 2025 and 2024, respectively.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
The statement value of mortgage loans by collateral property type and geographic location at December 31, 2025 and 2024 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| December 31, 2025 | United States of America | United States of America | United States of America | United States of America |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midwest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
|  | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
|  Apartment | $10816 | $3020 | $7202 | $11468 | $- | $32506 |
|  Office | 2140 | 326 | 1177 | 2930 |  | 6573 |
|  Retail | 886 | 304 | 1030 | 1140 |  | 3360 |
|  Warehouse/Industrial | 4546 | 1494 | 1190 | 4951 | 248 | 12429 |
|  Manufactured housing | 280 | 322 | 1789 | 1860 | 200 | 4451 |
|  Other | 196 | 249 | 159 | 143 |  | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $18864 | $5715 | $12547 | $22492 | $448 | $60066 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| December 31, 2024 | United States of America | United States of America | United States of America | United States of America |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midwest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
|  | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
|  Apartment | $10522 | $3203 | $6512 | $10899 | $- | $31136 |
|  Office | 2439 | 345 | 1171 | 3024 |  | 6979 |
|  Retail | 1086 | 299 | 1011 | 1171 |  | 3567 |
|  Warehouse/Industrial | 3679 | 1271 | 787 | 4222 | 111 | 10070 |
|  Manufactured housing | 297 | 325 | 2082 | 1735 | 186 | 4625 |
|  Other | 155 | 263 | 162 | 121 |  | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $18178 | $5706 | $11725 | $21172 | $297 | $57078 |

---

The Company has mortgage loans where co-lending or participation arrangements are in place with unaffiliated third parties. Mortgage loans with co-lending or participation arrangements totaled $1.3 billion and $2.0 billion at December 31, 2025 and 2024, respectively.

Interest rates and loan-to-value (LTV) ratio information for the Company's mortgage loans originated or refinanced during 2025 and 2024 is summarized below.

---

| | | |
|:---|:---|:---|
| For mortgage loans originated or refinanced during: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  Minimum interest rate | 4.40% | 4.80% |
|  Maximum interest rate | 7.69% | 8.13% |
|  Weighted-average LTV | 55% | 55% |
|  Maximum LTV | 74% | 66% |

---

LTV ratios are commonly used to assess the credit quality of commercial mortgage loans. A lower LTV ratio generally indicates a higher quality loan. At December 31, 2025 and 2024, the aggregate weighted-average LTV ratio for the mortgage loan portfolio was 55% and 56%, respectively.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
The statement value of mortgage loans by collateral property type and LTV ratio at December 31, 2025 and 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;< 51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51%-70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71%-90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;> 90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
|  | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| &nbsp;&nbsp; Apartment | $9251 | $20203 | $2723 | $329 | $32506 |
| &nbsp;&nbsp; Office | 2726 | 1915 | 709 | 1223 | 6573 |
| &nbsp;&nbsp; Retail | 1433 | 1643 | 232 | 52 | 3360 |
| &nbsp;&nbsp; Warehouse/Industrial | 4769 | 7456 | 204 |  | 12429 |
| &nbsp;&nbsp; Manufactured housing | 2831 | 1620 |  |  | 4451 |
| &nbsp;&nbsp; Other | 359 | 377 |  | 11 | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $21369 | $33214 | $3868 | $1615 | $60066 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;< 51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51%-70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71%-90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;> 90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
|  | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| &nbsp;&nbsp; Apartment | $8322 | $19341 | $3209 | $264 | $31136 |
| &nbsp;&nbsp; Office | 1879 | 2858 | 1026 | 1216 | 6979 |
| &nbsp;&nbsp; Retail | 1147 | 2008 | 271 | 141 | 3567 |
| &nbsp;&nbsp; Warehouse/Industrial | 3823 | 6084 | 163 |  | 10070 |
| &nbsp;&nbsp; Manufactured housing | 2446 | 2159 | 20 |  | 4625 |
| &nbsp;&nbsp; Other | 420 | 227 |  | 54 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $18037 | $32677 | $4689 | $1675 | $57078 |

---

The aggregate statement value of mortgage loans with LTV in excess of 100% was $842 million and $1,028 million at December 31, 2025 and December 31, 2024, respectively.

The fair value of the collateral securing each commercial mortgage loan is updated at least annually by the Company. More frequent updates are performed if deemed necessary due to changes in market capitalization rates, borrower financial strength and/or property operating performance. Fair value of the collateral is estimated using the income capitalization approach based on stabilized property income and market capitalization rates. Stabilized property income is derived from actual property financial statements adjusted for non-recurring items, normalized market vacancy and lease rollover, among other factors. Other collateral, such as excess land and additional capital required to maintain property income, is also factored into fair value estimates. Both private market transactions and public market alternatives are considered in determining appropriate market capitalization rates. See Note 14 for more information regarding the fair value of the Company's investments in mortgage loans.

In the normal course of business, the Company may refinance or otherwise modify the terms of an existing mortgage loan, typically in reaction to a request by the borrower. These modifications can include a partial repayment of outstanding loan principal, changes to interest rates, extensions of loan maturity and/or changes to loan covenants. When such modifications are made, the statutory basis of accounting requires that the new terms of the loan be evaluated to determine whether the modification qualifies as a "troubled debt restructuring." If new terms are extended to a borrower that are less favorable to the Company than those currently being offered to new borrowers under similar circumstances in an arms-length transaction, a realized capital loss is reported for the estimated amount of the economic concessions made and the reported value of the mortgage loan is reduced. The Company reported no realized capital losses related to troubled debt restructuring of mortgage loans for the year ended December 31, 2025, and reported $12 million in 2024. The Company had one restructured mortgage loan at the end of December 31, 2025 and none at the end of December 31, 2024.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
In circumstances where the Company has deemed it probable that it will be unable to collect all contractual principal and interest on a mortgage loan, a valuation allowance is established to reduce the statement value of the mortgage loan to its net realizable value. Changes to mortgage loan valuation allowances are reported as a change in net unrealized capital gains and losses in the statutory statements of changes in surplus. If the Company later determines that the decline in value is other-than-temporary, a realized capital loss is reported, and any temporary valuation allowance is reversed. The Company had no mortgage loan valuation allowance at December 31, 2025 or 2024. The Company had no foreclosed mortgage loans at December 31, 2025 and had three foreclosed mortgage loans at December 31, 2024. All remaining mortgage loans were current on principal payments and contractual interest as of December 31, 2025 and December 31, 2024 The Company recognized other-than-temporary impairment losses on mortgage loans of $91 million and $43 million for the years ended December 31, 2025 and 2024, respectively.

#### Common and Preferred Stocks
Common stocks are generally reported at fair value, with $2,906 million and $2,727 million included in the statutory statements of financial position at December 31, 2025 and 2024, respectively. The fair value for publicly-traded common stocks is primarily based on quoted market prices. For private common stocks without quoted market prices, fair value is primarily determined using a sponsor valuation or market comparables approach. The equity method is generally used to report investments in common stock of unconsolidated subsidiaries.

Redeemable preferred stocks designated 1, 2 or 3 by the NAIC are reported at amortized cost. Redeemable preferred stocks designated 4, 5 or 6 by the NAIC are reported at the lower of amortized cost or fair value. Perpetual preferred stocks are reported at the lower of fair value or the currently effective call price for the stock. At December 31, 2025 and 2024, the statutory statements of financial position included $862 million and $613 million, respectively, of preferred stocks. The fair value for preferred stocks is primarily determined using a sponsor valuation or market comparables approach.

See Note 14 for more information regarding the fair value of the Company's investments in common and preferred stock.

#### Real Estate
Real estate investments are reported at cost, less any encumbrances and accumulated depreciation of buildings and other improvements. Depreciation of real estate investments is recorded using a straight-line method over the estimated useful lives of the improvements. Fair value of real estate is estimated primarily based on the capitalization of stabilized net operating income or the present value of future cash flows generated by the property.

The statement value of real estate investments by property type and U.S. geographic location at December 31, 2025 and 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midwest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
|  | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| &nbsp;&nbsp; Apartment | $297 | $132 | $235 | $482 | $1146 |
| &nbsp;&nbsp; Office | 217 | 960 | 45 |  | 1222 |
| &nbsp;&nbsp; Warehouse/Industrial | 269 |  |  | 197 | 466 |
| &nbsp;&nbsp; Other | 16 | 21 | 92 |  | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $799 | $1113 | $372 | $679 | $2963 |

---

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midwest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
|  | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| &nbsp;&nbsp; Apartment | $297 | $136 | $241 | $560 | $1234 |
| &nbsp;&nbsp; Office | 207 | 696 | 47 |  | 950 |
| &nbsp;&nbsp; Warehouse/Industrial | 278 |  |  | 198 | 476 |
| &nbsp;&nbsp; Other | 16 | 20 | 95 |  | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $798 | $852 | $383 | $758 | $2791 |

---

The Company's home office properties are included above (Office/Midwest) and had an aggregate statement value of $958 million and $696 million at December 31, 2025 and 2024, respectively. The Company's other investments in real estate are held for the production of income.

#### Other Investments
Other investments primarily represent investments that are made through ownership interests in partnerships, joint ventures (JVs) and limited liability companies (LLCs). In some cases, these ownership interests are held directly by the Company, while in other cases these investments are held indirectly through wholly-owned non-insurance investment holding companies organized as LLCs. Whether held directly by the Company or indirectly through its investment holding companies, partnerships, JVs, and LLCs are reported in the statutory statements of financial position using the equity method of accounting based on the Company's share of the underlying entities' audited GAAP-basis equity.

The statement value of other investments held directly or indirectly by the Company at December 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  | (in millions) | (in millions) |
|  Securities partnerships and LLCs | $13989 | $12488 |
|  Common and preferred stocks | 6811 | 4127 |
|  Bonds | 3842 | 4135 |
|  Real estate JVs, partnerships and LLCs | 3670 | 3757 |
|  COLI | 1627 | 1345 |
|  Wholly owned real estate | 1200 | 1146 |
|  Residential mortgage LLCs | 1181 |  |
|  Derivative instruments | 1157 | 1849 |
|  Tax credit investments | 978 | 763 |
|  Cash and short-term investments | 727 | 679 |
|  Structured settlements | 597 | 604 |
|  Other net assets (liabilities) | (64) | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $35715 | $30865 |

---

For securities partnerships and LLCs, residential mortgage LLCs, bonds, common and preferred stocks, COLI, cash and short-term investments and derivative instruments, the underlying entity generally reports these investments at fair value. See Note 4 for more information regarding the Company's use of derivatives. For real estate related investments (including JVs, partnerships and LLCs), structured settlements, and tax credit investments, the underlying entity generally reports these investments at cost, reduced where appropriate by depreciation or amortization. Tax credit investments support affordable

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
housing, economic development, and revitalization in underserved areas. The amount of tax credits and other tax benefits recognized for 2025 and 2024 was $221 million and $167 million, respectively. The amount of unused tax credits for 2025 was $200 million. Full utilization of the unused tax credits is expected based on forecasts of future taxable income which account for future reversals of taxable temporary differences, as well as future taxable income exclusive of reversing temporary differences and carryforwards. The projected generation of non-transferable tax credits for each of the next 5 years and thereafter is as follows:

---

| | |
|:---|:---|
|  | Projected generation of non-<br> transferable tax credits |
|  | (in millions) |
|  Year 1 | $225 |
|  Year 2 | $186 |
|  Year 3 | $169 |
|  Year 4 | $149 |
|  Year 5 | $132 |
|  Thereafter | $413 |

---

See Note 10 for more information regarding the Company's use of tax credits.

#### Investments in Subsidiaries, Controlled and Affiliated Entities
The Company's investments in subsidiaries, controlled and affiliated entities (SCAs) are reported in the statutory statements of financial position using the equity method of accounting based on the Company's share of the underlying entities' audited GAAP-basis equity. At December 31, 2025 and 2024, the value of wholly-owned SCA investments were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in <br>SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonadmitted <br>Asset | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement <br>Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in <br>SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonadmitted <br>Asset | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement <br>Value |
|  | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| &nbsp;&nbsp; NM Wealth Management Company | $277 | $- | $277 | $268 | $- | $268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total common stock SCAs <sup>1</sup> | 277 |  | 277 | 268 |  | 268 |
| &nbsp;&nbsp; NML Securities Holdings, LLC | 17021 |  | 17021 | 15938 |  | 15938 |
| &nbsp;&nbsp; NM TES, LLC | 2327 |  | 2327 |  |  |  |
| &nbsp;&nbsp; NML Real Estate Holdings, LLC | 1150 |  | 1150 | 1243 |  | 1243 |
| &nbsp;&nbsp; QOZ Holding Company, LLC ³ | 454 | 3 | 451 | 478 | 18 | 460 |
| &nbsp;&nbsp; NM Investment Services, LLC | 448 | 42 | 406 | 223 |  | 223 |
| &nbsp;&nbsp; NM GP Holdings, LLC ³ | 188 | 127 | 61 | 190 | 131 | 59 |
| &nbsp;&nbsp; NM Pebble Valley, LLC | 170 |  | 170 | 137 |  | 137 |
| &nbsp;&nbsp; Lake Emily Holdings, LLC ³ | 46 |  | 46 | 32 |  | 32 |
| &nbsp;&nbsp; NM Strategic Asset Holdings, LLC | 31 |  | 31 |  |  |  |
| &nbsp;&nbsp; Wysh Holdings, LLC ³ | 20 | 3 | 17 | 33 | 5 | 28 |
| &nbsp;&nbsp; NM Investment Management Company, LLC | 19 | 19 |  | 18 | 18 |  |
| &nbsp;&nbsp; Mason Street Advisors, LLC | 8 | 8 |  | 8 | 8 |  |
| &nbsp;&nbsp; GRO-SUB, LLC | 3 | 3 |  | 3 | 3 |  |
| &nbsp;&nbsp; NM Career Distribution Holdings, LLC | 2 | 2 |  | 1 | 1 |  |
| &nbsp;&nbsp; NM-SAS, LLC ³ | 1 |  | 1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other investment SCAs <sup>2</sup> | 21888 | 207 | 21681 | 18304 | 184 | 18120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments in SCAs | $22165 | $207 | $21958 | $18572 | $184 | $18388 |

---

<sup>1</sup> Reported in common and preferred stocks in the statutory statements of financial position.

<sup>2</sup> Reported in other investments in the statutory statements of financial position.

<sup>3</sup> The Company utilizes the look-through approach in valuing its investments in these non-audited entities.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
Investment filings for all common stock SCAs were submitted to the NAIC during 2025. In all cases, the NAIC accepted the statement value. For all subsidiaries that are not audited and use the look-through approach permitted in SSAP No.97, the Company has admitted the value of underlying joint ventures, partnerships or LLC that have audited financial statements and any adjustments required by SSAP No. 97 or SSAP No. 48 have been made.

#### Net Investment Income
The sources of net investment income for the years ended December 31, 2025, 2024 and 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  | | (in millions) | |
| &nbsp;&nbsp; Bonds | $9534 | $9024 | $8044 |
| &nbsp;&nbsp; Mortgage loans | 2662 | 2327 | 2123 |
| &nbsp;&nbsp; Common and preferred stocks | 293 | 225 | 196 |
| &nbsp;&nbsp; Real estate | 291 | 314 | 322 |
| &nbsp;&nbsp; Other investments | 2998 | 2040 | 2532 |
| &nbsp;&nbsp; Policy loans | 1398 | 1327 | 1224 |
| &nbsp;&nbsp; Amortization of IMR | (355) | (278) | (61) |
| &nbsp;&nbsp; Gross investment income | 16821 | 14979 | 14380 |
| &nbsp;&nbsp; Less: investment expenses | 1336 | 1164 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $15485 | $13815 | $13224 |

---

For the years ended December 31, 2025, 2024 and 2023 bond investment income included $50 million, $35 million and $12 million of prepayment fees, respectively, generated as a result of 129, 98 and 43 securities, respectively, tendered or otherwise redeemed as a result of a callable feature. At December 31, 2025 and 2024, the Company had $578 million and $539 million, respectively, of aggregate cumulative paid-in-kind interest included in the current principal value of bonds and mortgage loans in the statement of financial position. The amount of tax credit investment amortization recognized as a component of investment expenses during 2025 was $178 million.

#### Realized Capital Gains and Losses
Realized capital gains and losses are recognized based upon specific identification of investments sold. Realized capital losses also include valuation adjustments for impairment of bonds, mortgage loans, common and preferred stocks, real estate and other investments that have experienced a decline in fair value that the Company considers to be other-than-temporary. Realized capital gains and losses, as reported in the statutory statements of operations, are net of any capital gains tax (or benefit) and exclude any deferrals to the IMR of interest rate-related capital gains or losses.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
Realized capital gains and losses for the years ended December 31, 2025, 2024 and 2023 were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended | For the year ended | For the year ended | For the year ended | For the year ended | For the year ended | For the year ended | For the year ended | For the year ended |
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized<br>Gains |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized<br>Losses | Net<br>Realized<br>Gains<br>(Losses) |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized<br>Gains |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized<br>Losses | Net<br>Realized<br>Gains<br>(Losses) |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized<br>Gains |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized<br>Losses | Net<br>Realized<br>Gains<br>(Losses) |
|  | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| &nbsp;&nbsp;&nbsp; Bonds | $444 | $(1533) | $(1089) | $383 | $(1698) | $(1315) | $202 | $(2868) | $(2666) |
| &nbsp;&nbsp;&nbsp; Mortgage loans | 71 | (176) | (105) |  | (58) | (58) | 3 | (41) | (38) |
| &nbsp;&nbsp;&nbsp; Common and preferred stocks | 74 | (40) | 34 | 52 | (37) | 15 | 104 | (21) | 83 |
| &nbsp;&nbsp;&nbsp; Real estate | 96 |  | 96 | 150 | (2) | 148 | 58 |  | 58 |
| &nbsp;&nbsp;&nbsp; Other investments | 932 | (1072) | (140) | 1254 | (1273) | (19) | 821 | (1073) | (252) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | $1617 | $(2821) | (1204) | $1839 | $(3068) | (1229) | $1188 | $(4003) | (2815) |
| &nbsp;&nbsp;&nbsp; Less: IMR net gains (losses) before taxes | &nbsp;&nbsp;&nbsp; Less: IMR net gains (losses) before taxes | &nbsp;&nbsp;&nbsp; Less: IMR net gains (losses) before taxes | (866) |  |  | (1192) |  |  | (2921) |
| &nbsp;&nbsp;&nbsp; Less: Capital gains tax expense (benefit) | &nbsp;&nbsp;&nbsp; Less: Capital gains tax expense (benefit) | &nbsp;&nbsp;&nbsp; Less: Capital gains tax expense (benefit) | (4) |  |  | 59 |  |  | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized capital gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized capital gains (losses) |  | $(334) |  |  | $(96) |  |  | $(36) |

---

Realized capital gains and losses are generally the result of normal investment trading activity. Proceeds from the sale of bonds totaled $30 billion, $26 billion, and $26 billion for the years ended December 31, 2025, 2024 and 2023, respectively.

On a quarterly basis, the Company performs a review of bonds, mortgage loans, common and preferred stocks, real estate and other investments to identify investments that have experienced a decline in fair value that is considered to be other-than-temporary. Factors considered include the duration and extent to which fair value was less than cost, the financial condition and near-term financial prospects of the issuer and the Company's ability and intent to hold the investment for a period of time sufficient to allow for an anticipated recovery in value. If the decline in an investment's fair value is considered to be other-than-temporary, the statement value of the investment is generally written down to fair value and a realized capital loss is reported.

For fixed income investments, the review focuses on the issuer's ability to remit all contractual interest and principal payments and the Company's ability and intent to hold the investment until the earlier of a recovery in value or maturity. The Company's intent and ability to hold an investment takes into consideration broad portfolio management parameters such as expected net cash flows and liquidity targets, asset/liability duration management and issuer and industry sector credit exposures. Mortgage loans considered to have experienced an other-than-temporary decline in value are written down to net realizable value based on the appraised value of the collateral property.

For equity securities, greater weight and consideration is given to the duration and extent of the decline in fair value and the likelihood that the fair value of the security will recover in the foreseeable future. A real estate equity investment is evaluated for an other-than-temporary impairment when the fair value of the property is lower than its depreciated cost.

For real estate and other investments that represent ownership interests in partnerships, JVs and LLCs, the review focuses on the likelihood that the Company will ultimately recover its initial investment, adjusted for its share of subsequent net earnings and/or distributions. The Company's review of securities

------

partnerships will generally defer to GAAP-basis impairment reviews performed by the general partner absent compelling evidence of a permanent impairment of the Company's partnership interest.

Realized capital losses related to declines in fair value of investments that were considered to be other-than-temporary for the years ended December 31, 2025, 2024 and 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  | | (in millions) | |
| &nbsp;&nbsp; Bonds | $(161) | $(16) | $(80) |
| &nbsp;&nbsp; Common and preferred stocks | (25) | (33) | (10) |
| &nbsp;&nbsp; Mortgage loans | (91) | (43) | (37) |
| &nbsp;&nbsp; Real estate JVs | (165) | (83) | (32) |
| &nbsp;&nbsp; Other investments | (121) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $(563) | $(175) | $(159) |

---

In addition to the realized capital losses above, $161 million, $108 million and $99 million of other-than-temporary impairments were recorded by the Company's unconsolidated non-insurance subsidiaries for the years ended December 31, 2025, 2024 and 2023, respectively. The decline in the Company's equity in these subsidiaries resulting from these impairments is reported in changes in net unrealized capital gains and losses in the statutory statements of changes in surplus.

#### Unrealized Capital Gains and Losses
Unrealized capital gains and losses include changes in the fair value of common stock, some bonds and some preferred stocks, other investments and currency translation adjustments on foreign-denominated bonds and mortgage loans and are reported net of any related changes in deferred taxes in the statutory statements of changes in surplus. Changes in the Company's equity-method share of the undistributed earnings of partnerships, JVs, LLCs and unconsolidated subsidiaries are also reported as changes in unrealized capital gains and losses. If net earnings are distributed to the Company in the form of dividends, net investment income is recognized in the amount of the distribution and the previously unrealized net capital gains are reversed.

Changes in net unrealized capital gains and losses for the years ended December 31, 2025, 2024 and 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  | | (in millions) | |
| &nbsp;&nbsp; Bonds | $1333 | $(568) | $462 |
| &nbsp;&nbsp; Mortgage loans | 23 | (22) | 6 |
| &nbsp;&nbsp; Common and preferred stocks | 161 | 282 | 221 |
| &nbsp;&nbsp; Deposit funds | (109) | 45 | (24) |
| &nbsp;&nbsp; Other investments | (812) | 1095 | (487) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 596 | 832 | 178 |
| &nbsp;&nbsp; Change in deferred taxes | (32) | (25) | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized capital gains and (losses) | $564 | $807 | $117 |

---

Changes in net unrealized capital gains and losses for the years ended December 31, 2025, 2024 and 2023 included the reversal of previously unrealized capital gains of $2,088 million, $1,177 million and $1,920 million, respectively, related to distributions of accumulated net earnings made to the Company from unconsolidated subsidiaries.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
The amortized cost and fair value of bonds, common and preferred stocks, and other investments for which fair value declined and remained below cost at December 31, 2025 and 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Decline For Less Than 12 Months | Decline For Less Than 12 Months | Decline For Less Than 12 Months | Decline For Greater Than 12 Months | Decline For Greater Than 12 Months | Decline For Greater Than 12 Months |
|  | Amortized <br>Cost | Fair <br>Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Difference | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortized <br>Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Difference |
|  | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| &nbsp;&nbsp; Issuer credit obligations | $13579 | $13169 | $(410) | $78309 | $69556 | $(8753) |
| &nbsp;&nbsp; Asset-backed securities | 3787 | 3771 | (16) | 14960 | 13475 | (1485) |
| &nbsp;&nbsp; Common and preferred stocks | 90 | 77 | (13) | 342 | 312 | (30) |
| &nbsp;&nbsp; Other investments |  |  |  | 29 | 27 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $17456 | $17017 | $(439) | $93640 | $83370 | $(10270) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Decline For Less Than 12 Months | Decline For Less Than 12 Months | Decline For Less Than 12 Months | Decline For Greater Than 12 Months | Decline For Greater Than 12 Months | Decline For Greater Than 12 Months |
|  | Amortized <br>Cost | Fair <br>Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Difference | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortized <br>Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Difference |
|  | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| &nbsp;&nbsp; Bonds | $39899 | $38666 | $(1233) | $89817 | $77300 | $(12517) |
| &nbsp;&nbsp; Structured securities | 7962 | 7868 | (94) | 18567 | 16180 | (2387) |
| &nbsp;&nbsp; Common and preferred stocks | 164 | 151 | (13) | 253 | 219 | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $48025 | $46685 | $(1340) | $108637 | $93699 | $(14938) |

---

Based on the results of the impairment review process described above, the Company considers these declines in fair value to be temporary based on current facts and circumstances. These declines in fair value were primarily attributable to the impact of higher market interest rates with no specific credit concerns. As of December 31, 2025, the Company does not intend to sell these securities and believes it has the ability to hold these securities until the anticipated recovery of the remaining amortized cost basis.

For securities without a full SVO credit analysis performed that are current on principal and interest the statutory basis of accounting allows the Company to assign a NAIC designation of "5GI" to such securities for reporting purposes. At December 31, 2025 and 2024, the statement and fair values of NAIC 5GI securities were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Number of<br>Securities | Statement<br>Value | Fair<br>Value |
|  | ($ in millions) | ($ in millions) | ($ in millions) |
| &nbsp;&nbsp; Issuer credit obligations | 68 | $1516 | $1469 |
| &nbsp;&nbsp; Preferred stock | 3 | 13 | 13 |
| &nbsp;&nbsp; Asset-backed securities | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 72 | $1529 | $1482 |

---

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Number of<br>Securities | Statement<br>Value | Fair<br>Value |
|  | ($ in millions) | ($ in millions) | ($ in millions) |
| &nbsp;&nbsp; Bonds | 84 | $1864 | $1802 |
| &nbsp;&nbsp; Preferred stock | 5 | 51 | 51 |
| &nbsp;&nbsp; Structured securities | 3 | 49 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 92 | $1964 | $1899 |

---

#### Repurchase Agreements
The Company participates in bilateral and tri-party repurchase programs with U.S. domiciled unaffiliated third parties. The agreements under these programs require the Company to sell securities and simultaneously agree to repurchase the same (or substantially the same) securities prior to the securities reaching their maturity. These repurchase agreements are intended to enhance the yield of the Company's investment portfolio. The agreements are accounted for as collateralized borrowings with the transferred security proceeds recorded as other liabilities in the statutory statements of financial position while the underlying securities continue to be recorded as investments by the Company. Investment earnings are recorded as net investment income and the difference between the transferred security proceeds and the amount at which the securities will be subsequently reacquired is amortized into net investment income as interest expense in the statutory statements of operations.

The Company manages counterparty and other risks associated with its repurchase program by adhering to guidelines that require counterparties to provide the Company with cash or other high-quality collateral of no less than 97% of the fair value of the securities on loan plus accrued interest and by setting conservative standards for the Company's reinvestment of cash collateral received.

Cash collateral received, and the liability to return that collateral which is included within other liabilities in the statutory statements of financial position, had the following characteristics during 2025 and 2024:

---

| | | |
|:---|:---|:---|
| For the quarter ended: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum <br>Balance | Ending Balance |
|  | (in millions) | (in millions) |
|  March 31, 2025 | $3225 | $3220 |
|  June 30, 2025 | $3237 | $3185 |
|  September 30, 2025 | $3190 | $2589 |
|  December 31, 2025 | $2603 | $2591 |
|  March 31, 2024 | $2518 | $2483 |
|  June 30, 2024 | $3059 | $2946 |
|  September 30, 2024 | $3306 | $3254 |
|  December 31, 2024 | $3256 | $3208 |

---

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
During 2025 and 2024, securities sold under repurchase agreements included the following characteristics:

---

| | | | |
|:---|:---|:---|:---|
| For the quarter ended: | Maximum Balance<br>(Fair Value) | Ending Balance<br>(Fair Value) | Ending Balance<br>(Statement Value) |
| **For the quarter ended:** | **(Fair Value)** | **(Fair Value)** | **(Statement Value)** |
|  | (in millions) | (in millions) | (in millions) |
|  March 31, 2025 | $3299 | $3287 | $3220 |
|  June 30, 2025 | $3305 | $3252 | $3185 |
|  September 30, 2025 | $3266 | $2643 | $2589 |
|  December 31, 2025 | $2661 | $2636 | $2591 |
|  March 31, 2024 | $2568 | $2537 | $2483 |
|  June 30, 2024 | $3130 | $3130 | $2946 |
|  September 30, 2024 | $3379 | $3321 | $3254 |
|  December 31, 2024 | $3331 | $3271 | $3208 |

---

The repurchase agreements have overnight contractual maturities. Securities sold under the repurchase agreements consisted of U.S. Treasury securities and U.S. Government agency-issued residential mortgage-backed securities. All securities sold had NAIC designations of 1.

The amortized cost, fair value and remaining term to maturity of reinvested repurchase agreement collateral held by the Company at December 31, 2025 and 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  | Amortized<br>Cost | Fair Value | Amortized<br>Cost | Fair Value |
|  | (in millions) | (in millions) | (in millions) | (in millions) |
|  30 days or less | $597 | $527 | $721 | $721 |
|  31-60 days | 225 | 225 | 352 | 352 |
|  61-90 days | 195 | 195 | 352 | 352 |
|  91-120 days | 109 | 108 | 146 | 146 |
|  121-180 days | 131 | 131 | 397 | 397 |
|  181-365 days | 150 | 150 | 202 | 202 |
|  1-2 years | 475 | 476 | 450 | 451 |
|  2-3 years | 225 | 226 | 581 | 578 |
|  Over 3 years | 488 | 489 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $2595 | $2527 | $3206 | $3204 |

---

If the securities sold under the repurchase agreements or the reinvested collateral become less liquid, the Company has the liquidity resources within its general account available to meet potential cash demands when securities are required to be repurchased.

#### Restricted Assets
Certain of the Company's investments are either pledged as collateral or are otherwise held beyond the exclusive control of the Company ("restricted assets"). These restrictions are generally the result of collateral support agreements with the Federal Home Loan Bank of Chicago and other counterparties in connection with repurchase agreements and derivative transactions.

At December 31, 2025 and 2024, collateral held by counterparties was primarily in the form of cash, short-term investments and bonds, including U.S. Government securities. All restricted assets in the below table are admitted assets in 2025 and 2024. See Note 4 for more information regarding the Company's derivative portfolio.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
The statement value of restricted assets at December 31, 2025 and 2024, summarized by type of restriction, was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, |
|  | 2025 | 2024 |
|  | (in millions) | (in millions) |
|  Loaned securities - repurchase agreements | $2591 | $3208 |
|  Federal Home Loan Bank of Chicago pledged collateral | 11190 | 10391 |
|  Derivative transactions | 451 | 422 |
|  Federal Home Loan Bank of Chicago stock | 149 | 158 |
|  Securities on deposit with states | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total restricted assets | $14384 | $14182 |

---

#### Collateral Assets Received
The statement and fair values of collateral received at December 31, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, <br>2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, <br>2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, <br>2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, <br>2024 |
|  | Statement<br>Value | Fair<br>Value | Statement<br>Value | Fair<br>Value |
|  | (in millions) | (in millions) | (in millions) | (in millions) |
|  Repurchase agreement collateral | $2591 | $2636 | $3208 | $3271 |
|  Derivative collateral | 616 | 616 | 1414 | 1414 |
|  Mortgage loan escrow | 126 | 126 | 135 | 135 |
|  Real estate escrow and security deposits | 6 | 6 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total collateral assets | $3339 | $3384 | $4761 | $4824 |

---

At both December 31, 2025 and 2024, derivative collateral received was less than $1 million related to the separate accounts. The obligation to return all other collateral received is reported as other liabilities in the statutory statements of financial position.

**4.** **Derivative Financial Instruments** 

The Company enters into derivative transactions, generally to mitigate the risk to its assets, liabilities and surplus from fluctuations in interest rates, foreign currency exchange rates, credit conditions and other market risks. Derivatives may be exchange traded, cleared or executed in the over-the-counter market. A majority of the Company's over-the-counter derivatives are bilateral contracts between two counterparties. The Company's remaining over-the-counter derivatives are cleared and settled through central clearing exchanges.

Derivatives that are designated as hedges for accounting purposes and meet the qualifications for statutory hedge accounting are reported on a basis consistent with the asset or liability being hedged (i.e., at amortized cost or fair value). Derivatives that are used to mitigate risk but are not designated as hedges for accounting purposes, or otherwise do not meet the qualifications for statutory hedge accounting, are reported at fair value.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
To qualify for hedge accounting, the hedge relationship must be designated and formally documented at inception. This documentation details the risk management objective and strategy for the hedge, the derivative used in the hedge and the methodology for assessing hedge effectiveness. The hedge must also be "highly effective," with an assessment of its effectiveness performed both at inception and on an ongoing basis over the life of the hedge.

The fair value of derivative instruments is based on quoted market prices when available. In the absence of quoted market prices, fair value is estimated using industry-standard models utilizing market observable inputs.

Derivative transactions expose the Company to the risk that a counterparty may not be able to fulfill its obligations under the contract. The Company manages this risk by dealing only with counterparties that maintain a minimum credit rating, by performing ongoing review of counterparties' credit standing and by adhering to established limits for credit exposure to any single counterparty. The Company also utilizes collateral support arrangements that require the daily exchange of collateral assets if counterparty credit exposure exceeds certain limits. The Company does not offset the statement values for derivatives executed with the same counterparty, even if a master netting arrangement is in place. The Company also does not offset the right to claim collateral against the obligation to return such collateral.

The fair value of collateral held by the Company under derivative support agreements at December 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  | (in millions) | (in millions) |
|  <u>Bonds:</u> |  |  |
|  General Account | $546 | $320 |
|  Separate Accounts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total bond collateral | $546 | $320 |
|  <u>Cash:</u> |  |  |
|  General Account | $616 | $1414 |
|  Separate Accounts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total cash collateral | $616 | $1414 |

---

Bond collateral held in the general account is not reported in the statutory statements of financial position. Cash collateral held in the general account is reported as cash and short-term investments in the statutory statements of financial position, while the Company's obligation to return the collateral is reported as other liabilities. Separate account cash collateral assets and related liabilities is reported in the separate account assets and liabilities, respectively, in the statutory statements of financial position.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
The fair value of collateral posted by the Company at December 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, |
|  | 2025 | 2024 |
|  | (in millions) | (in millions) |
|  <u>Bonds posted for derivative support agreements:</u> |  |  |
|  General Account | $160 | $116 |
|  Separate Accounts | 1 | 2 |
|  <u>Bonds posted for futures agreements:</u> |  |  |
|  General Account | 123 | 89 |
|  Separate Accounts | 15 | 14 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total bond collateral | $299 | $221 |
|  <u>Cash posted for derivative support agreements:</u> |  |  |
|  General Account | $137 | $187 |
|  Separate Accounts | 6 | 5 |
|  <u>Cash posted for futures agreements:</u> |  |  |
|  General Account |  |  |
|  Separate Accounts | 9 | 9 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash collateral | $152 | $201 |

---

Bonds posted as collateral are reported as bonds and cash posted as collateral is reported as a receivable included in other investments in the statutory statements of financial position.

The Company has no embedded credit derivatives that expose it to the possibility of being required to make future payments.

#### Hedging - Designated as Hedging Instruments
The Company designates and accounts for the following derivative types as cash flow or fair value hedges, with the related derivative instrument reported at amortized cost in the statutory statements of financial position. No component of these derivatives' economic gain or loss was excluded from the assessment of hedge effectiveness.

*Interest rate swaps* are used to mitigate interest rate risk for investments in fixed and variable interest rate bonds and fixed rate liabilities over a period of up to 12 years. Interest rate swaps obligate the Company and a counterparty to exchange amounts based on the difference between a variable interest rate index and a specified fixed rate of interest applied to the notional amount of the contract. Amounts received or paid on these contracts are reported as net investment income.

*Foreign currency swaps* are used to mitigate the foreign exchange risk for investments in bonds and mortgage loans and liabilities denominated in foreign currencies over a period of up to 30 years. Foreign currency swaps obligate the Company and a counterparty to exchange the foreign currency-denominated interest and principal payments receivable on foreign bonds and mortgage loans or those owed on liabilities for U.S. dollar-denominated payments based on currency exchange rates specified at trade inception. Foreign exchange gains or losses on these contracts are reported as a change in unrealized capital gains or losses until the maturity or termination of the contract, at which time a realized capital gain or loss is recognized. Amounts received or paid on these contracts are reported as net investment income.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023

#### Hedging - Not Designated as Hedging Instruments
The Company enters into other derivative transactions that mitigate economic risks but are not designated as a hedge for accounting purposes or otherwise do not qualify for statutory hedge accounting. These instruments are reported in the statutory statements of financial position at fair value. Changes in the fair value of these instruments are reported as a change in unrealized capital gains or losses until the maturity or termination of the contract, at which time a realized capital gain or loss is recognized.

The average fair value of outstanding derivative assets not designated as hedging instruments was $501 million and $506 million for the years ended December 31, 2025 and 2024, respectively. The average fair value of outstanding derivative liabilities not designated as hedging instruments was $104 million and $148 million for the years ended December 31, 2025 and 2024, respectively.

*Interest rate caps and floors* are used to mitigate the risk of a significant and sustained increase or decrease in interest rates for certain of the Company's debt instruments and insurance and annuity products. Interest rate caps and floors entitle the Company to pay or receive payments from a counterparty if market interest rates rise above or decline below a specified level. Amounts paid or received on these contracts are reported as net investment income.

*Interest rate swaps* are used to mitigate interest rate risk for investments in variable interest rate and fixed interest rate bonds over a period of up to 10 years. Interest rate swaps obligate the Company and a counterparty to exchange amounts based on the difference between a variable interest rate index and a specified fixed rate of interest applied to the notional amount of the contract. Amounts received or paid on these contracts are reported as net investment income.

*Swaptions* are used to mitigate the asset/liability management risk of a significant and sustained increase in interest rates for certain of the Company's insurance products. Swaptions provide the Company an option to enter into an interest rate swap with a counterparty on specified terms.

*Fixed income futures* are used to mitigate interest rate risk for investments in portfolios of fixed income securities. Fixed income futures obligate the Company to sell to or buy from a counterparty a specified number of contracts at a specified price at a future date.

*Fixed income forwards* are used to gain exposure to the investment risk and return of mortgage-backed securities by utilizing "to-be-announced" (TBA) forward contracts. The Company also uses TBA forward contracts to hedge interest rate risk and participate in the mortgage-backed securities market in an efficient and cost-effective way. Additionally, pursuant to the Company's mortgage dollar roll program, TBAs or mortgage-backed securities are transferred to counterparties with a corresponding agreement to purchase a substantially similar security for later settlement. These transactions do not qualify as secured borrowings and are accounted for as derivatives.

*Foreign currency swaps* are used to mitigate the foreign exchange risk for investments in bonds denominated in foreign currencies over a period of up to 10 years. Foreign currency swaps obligate the Company and a counterparty to exchange the foreign currency-denominated interest and principal payments receivable on foreign bonds and mortgage loans for U.S. dollar-denominated payments based on currency exchange rates specified at trade inception. Amounts received or paid on these contracts are reported as net investment income.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023

#### Investment Replications
*Interest rate swap* replications are used to replicate a bond investment through the use of cash market instruments combined with an interest rate swap. Interest rate swaps obligate the Company and a counterparty to exchange amounts based on the difference between a variable interest rate and a specified fixed interest rate applied to the notional amount of the contract. Interest rate swap replications, including the derivative components, are reported at amortized cost.

*Bond forward* replications are used to replicate a long-term bond investment through the use of cash market instruments combined with a U.S. Treasury bond forward. U.S. Treasury bond forwards obligate the Company to buy or sell from a counterparty a specified security at a specified price at a future date. Bond forward replications, including the derivative components, are reported at amortized cost.

The effects of the Company's use of derivative instruments on the statutory statements of financial position at December 31, 2025 and 2024 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br>Amount | Assets | Liabilities | Assets | Liabilities |
|  | | | (in millions) | | |
| &nbsp;&nbsp; <u>Derivatives designated as hedging instruments:</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | $2179 | $- | $- | $10 | $(31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency swaps | 17893 | 668 | (654) | 1218 | (465) |
| &nbsp;&nbsp; <u>Derivatives not designated as hedging instruments</u>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate caps | 1375 | 6 |  | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate floors | 1666 | 8 |  | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | 14253 | 88 | (85) | 88 | (85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions | 5024 | 385 |  | 385 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed income futures | 9434 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed income forwards | 719 | 2 |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency swaps | 32 |  | (4) |  | (4) |
| &nbsp;&nbsp; <u>Investment replications</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | 200 |  |  |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forwards: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forwards | 3231 |  |  | 20 | (174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total derivatives |  | $1157 | $(743) | $1737 | $(765) |

---

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br>Amount | Assets | Liabilities | Assets | Liabilities |
|  | | | (in millions) | | |
| &nbsp;&nbsp; <u>Derivatives designated as hedging instruments:</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | $2151 | $- | $- | $1 | $(87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency swaps | 16717 | 1310 | (81) | 1628 | (121) |
| &nbsp;&nbsp; <u>Derivatives not designated as hedging instruments:</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate caps | 1705 | 19 |  | 19 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate floors | 2319 | 15 |  | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | 11245 | 118 | (127) | 118 | (127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions | 4778 | 379 |  | 379 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed income futures | 11966 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed income forwards | 442 |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency swaps | 76 | 8 | (1) | 8 | (1) |
| &nbsp;&nbsp; <u>Investment replications</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | 673 |  |  | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forwards: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forwards | 1971 |  |  |  | (212) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total derivatives |  | $1849 | $(210) | $2172 | $(549) |

---

The notional amounts shown above are used to denominate the derivative contracts and do not represent amounts exchanged between the Company and the derivative counterparties. Derivative instruments are reported as other investments or other liabilities in the statutory statements of financial position.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
The effects of the Company's use of derivative instruments on the statutory statements of operations and changes in surplus for the years ended December 31, 2025, 2024 and 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Net <br>Unrealized Capital<br>Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Capital <br>Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment <br>Income |
|  | | (in millions) | |
| &nbsp;&nbsp; <u>Derivatives designated as hedging instruments:</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | $- | $- | $(49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency swaps | (1215) | 20 | 169 |
| &nbsp;&nbsp; <u>Derivatives not designated as hedging instruments:</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate caps | (12) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate floors | (2) |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | 12 |  | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions | 1 |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed income futures | (49) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed income forwards | 3 | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency swaps | (11) | 5 |  |
| &nbsp;&nbsp; <u>Investment replications</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  | 6 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forwards: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forwards |  | (28) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total derivatives | $(1273) | $13 | $98 |

---

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023

---

| | | | |
|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Net <br>Unrealized Capital<br>Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Capital <br>Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment <br>Income |
|  | | (in millions) | |
| &nbsp;&nbsp; <u>Derivatives designated as hedging instruments:</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | $- | $- | $(68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency swaps | 537 | 105 | 159 |
| &nbsp;&nbsp; <u>Derivatives not designated as hedging instruments:</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate caps | (3) |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate floors | (12) |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | 2 |  | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions | 101 |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed income futures | (165) | (26) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed income forwards | (1) | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency swaps | (2) | 4 | 1 |
| &nbsp;&nbsp; <u>Investment replications</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forwards: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forwards |  | (13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total derivatives | $457 | $67 | $72 |

---

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023

---

| | | | |
|:---|:---|:---|:---|
|  | For the year ended December 31, 2023 | For the year ended December 31, 2023 | For the year ended December 31, 2023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Net <br>Unrealized Capital<br>Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Capital <br>Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment <br>Income |
|  | | (in millions) | |
| &nbsp;&nbsp; <u>Derivatives designated as hedging instruments:</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | $3 | $- | $(72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency swaps | (462) | 48 | 155 |
| &nbsp;&nbsp; <u>Derivatives not designated as hedging instruments:</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate caps | (24) |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate floors | 3 |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | (3) |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions | 34 |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed income futures | 268 | (396) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed income forwards | 7 | (15) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency swaps | (4) |  | 2 |
| &nbsp;&nbsp; <u>Investment replications</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forwards: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forwards |  | (10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total derivatives | $(178) | $(373) | $70 |

---

There were no changes in net unrealized gains or losses resulting from derivatives that no longer qualify for hedge accounting for the years ended December 31, 2025, 2024 and 2023. Realized gains and losses derived from derivative transactions are reported in Other Investments in the investing activities section of the statutory statements of cash flows.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
**5.** **Policy Benefit Reserves and Deposit Funds** 

General account policy benefit reserves at December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  | (in millions) | (in millions) |
|  Life insurance reserves | $243021 | $232689 |
|  Disability and long-term care active life reserves | 9692 | 8972 |
|  Disability and long-term care unpaid claims and | 6411 | 6169 |
|  claim reserves |  |  |
|  Annuity reserves | 18011 | 16389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total policy benefit reserves | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264219 |

---

See Note 9 for more information regarding the Company's use of reinsurance and the related impact on policy benefit reserves.

#### Life Insurance Reserves
Historically, policy and contract reserves were determined in accordance with standard valuation methods approved by the OCI and were computed in accordance with standard actuarial methodology based on the Commissioners' Reserve Valuation Method (CRVM) or the net level premium method. The reserves were based on assumptions for interest, mortality and other risks insured. Effective January 1, 2017, the OCI required a principles-based approach (PBR) for the calculation of its policy benefit reserves with a three-year phase-in period from the effective date. PBR requires reserves to be calculated using company experience assumptions with margin subject to a floor based on similar prescribed methods and assumptions used with existing in-force business. The Company adopted PBR for certain new life insurance products issued on or after July 1, 2019 and for all remaining life insurance policies issued on or after January 1, 2020.

Life insurance reserve calculations, using basic data, determine tabular interest, tabular cost, and tabular cost less actual reserves released. Tabular interest on funds not involving life contingencies is calculated as the product of the valuation interest rate times the mean of the amount of funds subject to such rate held at the beginning and end of the year of valuation.

As of December 31, 2025, the Company had $2.5 trillion of total life insurance in force, including $8 billion of life insurance in force for which gross premiums were less than net premiums according to the standard valuation methods and assumptions prescribed by the OCI. Gross premiums are calculated using mortality tables that reflect both the Company's actual experience and the potential transfer of risk to reinsurers. Net premiums are determined in the calculation of statutory reserves, which must be based on industry-standard mortality tables.

Additional premiums or charges are assessed for substandard lives on policies issued after January 1, 1956. Net level premium or CRVM mean reserves for these policies are based on multiples of mortality tables or one-half the net flat or other extra mortality charge. The Company waives deduction of fractional premiums upon death of an insured and returns any portion of the final premium beyond the date of death. Cash values are not promised in excess of the legally computed reserves.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
At December 31, 2025 and 2024, the account and cash values related to the Company's general account life reserves were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Account Value | Account Value | Cash Value | Cash Value | Reserves | Reserves |
|  | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  | | | (in millions) | (in millions) | | |
|  <u>Subject to discretionary withdrawal, surrender values, or policy loans:</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal life | $16052 | $14697 | $15916 | $14544 | $15934 | $14562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal life with secondary guarantees | 13 | 13 | 11 | 11 | 43 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other permanent cash value life insurance |  |  | 207028 | 198911 | 214004 | 205364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable life |  |  |  |  | 1291 | 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable universal life | 18 | 13 | 18 | 13 | 145 | 101 |
|  <u>Not subject to discretionary withdrawal or no cash value:</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term policies without cash value |  |  |  |  | 5096 | 5139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accidental death benefits |  |  |  |  | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disability - active lives |  |  |  |  | 1435 | 1305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disability - disabled lives |  |  |  |  | 1769 | 1709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous reserves |  |  |  |  | 3123 | 3121 |
|  Total gross life reserves <sup>1</sup> | 16083 | 14723 | 222973 | 213479 | 242848 | 232525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance ceded |  |  |  |  | 1137 | 1112 |
|  Total net life insurance | $16083 | $14723 | $222973 | $213479 | $241711 | $231413 |

---

1 This line includes only the Company's general life reserves, whereas, the life insurance reserves presented in the general account policy benefit reserves table above include life and annuity unpaid claims.

At December 31, 2025 and 2024, the withdrawal characteristics of the Company's separate account life reserves were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Account Value | Account Value | Cash Value | Cash Value | Reserves | Reserves |
|  | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  | | | (in millions) | (in millions) | | |
|  <u>Subject to discretionary withdrawal, surrender values or policy loans:</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable life | $- | $- | $12008 | $10834 | $10758 | $9701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable universal life | 4340 | 3306 | 4077 | 3083 | 3950 | 2995 |
|  Total gross life reserves | 4340 | 3306 | 16085 | 13917 | 14708 | 12696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance ceded |  |  |  |  |  |  |
|  Total net life insurance | $4340 | $3306 | $16085 | $13917 | $14708 | $12696 |

---

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
The following are amounts reported as net life insurance reserves in the Company's Annual Statement, which agree with the amounts reported as net life insurance reserves in the tables above at December 31, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  | (in millions) | (in millions) |
|  <u>From Life, Accident & Health Annual Statement:</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life insurance | $238434 | $228298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accidental death benefits | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disability - active lives | 1435 | 1305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disability - disabled lives | 1766 | 1706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous reserves | 68 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal net life insurance | 241711 | 231413 |
|  <u>From Separate Accounts Annual Statement:</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life insurance | 14708 | 12696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined Total | $256419 | $244109 |

---

#### Annuity Reserves
For annuities and supplementary contracts, policy and contract reserves are calculated using Commissioners' Annuity Reserve Valuation Method (CARVM), Valuation Manual Section 21 (VM-21) for variable annuity products and Actuarial Guideline 33 for all other products. Other deferred annuity reserves are based on policy value, with additional reserves held to reflect guarantees under these contracts. Immediate annuity reserves are based on the present value of expected benefit payments. Changes in future policy benefit reserves on supplementary contracts and income annuities without life contingencies are deposit-type transactions and are excluded from net additions to policy benefit reserves in the statutory statements of operations.

#### Deposit Funds
Deposit fund liabilities at December 31, 2025 and 2024 were $17.5 billion and $15.8 billion, respectively. Deposit funds primarily represent reserves for funding agreements, supplementary contracts and income annuities without life contingencies, and amounts left on deposit with the Company by beneficiaries or policyowners. Beneficiaries of the Company's life insurance policies can choose to receive their death benefit in a single lump sum payment or through a supplementary contract consisting of a series of scheduled payments. If the beneficiary does not affirmatively choose a supplementary contract (or if a supplementary contract was not previously elected for the beneficiary by the policy owner), the proceeds are automatically paid to the beneficiary in a single lump sum.

Prior to November 1, 2013, beneficiaries of the Company's life insurance policies also could choose to receive their death benefit by deposit of the proceeds (if $20,000 or more) into an interest-bearing retained asset account ("Northwestern Access Fund"). Funds held on behalf of Northwestern Access Fund account holders are segmented in the Company's general account and are invested primarily in short-term, liquid investments and high quality corporate bonds. Northwestern Access Fund accounts are credited with interest at short-term market rates, with certain accounts subject to guaranteed minimum crediting rates.

The total deposit fund liability for Northwestern Access Fund account balances held by the Company was $240 million and $255 million at December 31, 2025 and 2024, respectively. Accounts were credited with interest at annual rates ranging from 3.28% to 4.24% and 4.00% to 5.18% during 2025 and 2024, respectively. The crediting interest rates changed 46 times and 41 times during 2025 and 2024, respectively.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
The Company is a member of the Federal Home Loan Bank of Chicago (FHLBC) and issues funding agreements to FHLBC in exchange for cash. Funding agreements are issued through the general account and the sales proceeds are invested in assets which generally have higher yields than the interest charges on the corresponding funding agreements. The Company is required to pledge collateral to the FHLBC in the form of eligible investments when funding agreements are issued. Upon an event of default by the Company, the FHLBC's recovery on the collateral is limited to the outstanding amount of the Company's liability to the FHLBC.

At December 31, 2025 and 2024, the Company held $149 million and $158 million of FHLBC activity stock, respectively. The amount of collateral pledged to the FHLBC was as follows:

---

| | | |
|:---|:---|:---|
|  | Statement<br>Value <sup>(1)</sup> | Fair<br>Value <sup>(1)</sup> |
|  | (in millions) | (in millions) |
|  December 31, 2025 | $11190 | $10493 |
|  December 31, 2024 | 10391 | 9287 |

---

<sup>(1)</sup> Includes amounts in excess of minimum requirements 

The maximum amount of collateral pledged to the FHLBC was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Statement<br>Value | Fair Value | Amount Borrowed at<br>Time of Max Collateral |
|  | | (in millions) | |
|  December 31, 2025 | $11954 | $10872 | $3479 |
|  December 31, 2024 | 10409 | 9362 | 3311 |

---

The amount borrowed from FHLBC, in the form of funding agreements, was as follows:

---

| | | |
|:---|:---|:---|
|  | December 31,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | December 31,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  | (in millions) | (in millions) |
|  Borrowed | $3320 | $3556 |
|  Deposit fund reserves | 3320 | 3563 |
|  Max borrowed during the year | 3581 | 3574 |
|  Borrowing capacity as determined by insurer | 16000 | 16000 |

---

The Company does not have prepayment obligations for these funding agreements.

The Company has established a $20 billion global FABN program. As part of this program, a special purpose entity issues notes (Notes) with a term of three to ten years to investors. Note proceeds are used to purchase funding agreements from the Company. The issued funding agreements have payment terms substantially identical to the Notes. As of December 31, 2025 and 2024, the Company had issued and outstanding funding agreements of $10.2 billion and $8.3 billion, respectively.

The Company has established a funding agreement-backed commercial paper program (the "FACP Program"). Under the FACP Program, a special purpose entity, Northwestern Mutual Short Term Funding, LLC ("NMSTF"), may issue commercial paper and deposit the proceeds with the Company pursuant to a funding agreement issued by the Company to NMSTF. The current maximum aggregate principal amount permitted to be outstanding at any one time under the FACP Program is $8.0 billion. The Company had outstanding FACP Program funding agreements of $235 million as of December 31, 2025 and $251 million outstanding as of December 31, 2024.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
For all deposit type contracts, reserves reflect the accumulated value. For funding agreements with fixed rate interest payments, the Company utilizes valuation interest rates to calculate the present value (floored at the accumulated value) of any future cash flow amounts. Amounts in excess of accumulated values are recorded as an additional reserve and are reported in the deposit fund reserve balance above.

#### Withdrawal Characteristics of Annuity Reserves and Deposit Funds
At December 31, 2025 and 2024, the withdrawal characteristics of the Company's general account and separate account annuity reserves and deposit funds were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | General Account | General Account | Separate Account | Separate Account | Total | Total |
|  | <br> December 31, | <br> December 31, | <br> December 31, | <br> December 31, | <br> December 31, | <br> December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  | <br> (in millions) | <br> (in millions) | <br> (in millions) | <br> (in millions) | <br> (in millions) | <br> (in millions) |
|  **Individual Annuities** |  |  |  |  |  |  |
|  <u>Subject to discretionary withdrawal</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; - with market value adjustment | $232 | $216 | $- | $- | $232 | $216 |
| &nbsp;&nbsp;&nbsp;&nbsp; - at book value less surrender charge of 5% or more | 86 | 79 |  |  | 86 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp; - at fair value |  |  | 23375 | 21935 | 23375 | 21935 |
|  Total with market value adjustment or at fair value | 318 | 295 | 23375 | 21935 | 23693 | 22230 |
| &nbsp;&nbsp;&nbsp;&nbsp; - at book value without adjustment | 1149 | 1295 |  |  | 1149 | 1295 |
|  <u>Not subject to discretionary withdrawal</u> | 14289 | 12600 | 305 | 281 | 14594 | 12881 |
|  Total gross individual annuities | 15756 | 14190 | 23680 | 22216 | 39436 | 36406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance ceded |  |  |  |  |  |  |
|  Total net individual annuities | $15756 | $14190 | $23680 | $22216 | $39436 | $36406 |
|  **Group Annuities** |  |  |  |  |  |  |
|  <u>Subject to discretionary withdrawal</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; - at fair value | $- | $- | $13 | $11 | $13 | $11 |
|  Total with market value adjustment or at fair value |  |  | 13 | 11 | 13 | 11 |
|  <u>Not subject to discretionary withdrawal</u> | 2255 | 2199 | 5628 | 5385 | 7883 | 7584 |
|  Total gross group annuities | 2255 | 2199 | 5641 | 5396 | 7896 | 7595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance ceded |  |  |  |  |  |  |
|  Total net group annuities | $2255 | $2199 | $5641 | $5396 | $7896 | $7595 |
|  **Deposit-Type Contracts** |  |  |  |  |  |  |
|  <u>Subject to discretionary withdrawal</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; - with market value adjustment | $390 | $419 | $- | $- | $390 | $419 |
| &nbsp;&nbsp;&nbsp;&nbsp; - at fair value |  |  | 35 | 32 | 35 | 32 |
|  Total with market value adjustment or at fair value | 390 | 419 | 35 | 32 | 425 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp; - at book value without adjustment | 2708 | 2829 |  |  | 2708 | 2829 |
|  <u>Not subject to discretionary withdrawal</u> | 14355 | 12550 |  |  | 14355 | 12550 |
|  Total gross deposit-type contracts | 17453 | 15798 | 35 | 32 | 17488 | 15830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance ceded |  |  |  |  |  |  |
|  Total net deposit-type contracts | $17453 | $15798 | $35 | $32 | $17488 | $15830 |
|  Total annuity reserves and deposit funds | $35464 | $32187 | $29356 | $27644 | $64820 | $59831 |

---

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
Of the individual annuity reserves at book value less surrender charge of 5% or more noted above, the Company expects that $2 million of those reserves will have less than a 5% surrender charge and be reported with the amounts at book value without adjustment in 2026.

The following are amounts reported as net annuity reserves in the Company's Annual Statement, which agree with the amounts reported as net annuity reserves in the table above at December 31, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2025 | 2024 |
|  | (in millions) | (in millions) |
|  <u>From Life, Accident & Health Annual Statement:</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Annuities | $15924 | $14412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supplementary contracts with life contingencies | 2087 | 1977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit-type contracts | 17453 | 15798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal net annuity reserves | 35464 | 32187 |
|  <u>From Separate Accounts Annual Statement:</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Annuities | 29016 | 27331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supplementary contracts | 305 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other contract deposit funds | 35 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal net annuity reserves | 29356 | 27644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined Total | $64820 | $59831 |

---

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023

#### Disability and Long-Term Care Reserves
Unpaid claims and claim reserves for disability and long-term care policies are based on the present value of expected benefit payments. The changes in reserves for unpaid claims, losses and loss adjustment expenses on disability and long-term care policies for the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | For the years ended | For the years ended |
|  | December 31, | December 31, |
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  | (in millions) | (in millions) |
|  Balance at January 1 | $6169 | $5944 |
|  Incurred related to: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current year | 1275 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior years | (112) | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total incurred | 1163 | 1106 |
|  Paid related to: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current year | (59) | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior years | (862) | (827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total paid | (921) | (881) |
|  Balance at December 31 | $6411 | $6169 |

---

Changes in reserves for incurred claims related to prior years are generally the result of differences between claim experience assumed in reserve calculations and subsequent actual claim experience.

Active life reserves are based on the net level premium method for disability policies issued prior to 1987 and the two-year preliminary term method for those issued after 1987. Active life reserves are mean reserves for disability policies issued through 2000 and mid-terminal plus unearned premium reserves for policies issued after 2000. Active life reserves for long-term care policies consist of mid-terminal reserves and unearned premiums. Mid-terminal reserves are based on the one-year preliminary term method.

#### Additional Actuarial Reserves
Each year, the Company must perform asset adequacy testing (AAT) to demonstrate that reserves make adequate provision for the anticipated cash flows required by contractual obligations and related expenses, in light of assets held for the reserves. Asset adequacy testing is performed in accordance with presently accepted actuarial standards and must include assumptions necessary to determine the adequacy of reserves under moderately adverse conditions. At December 31, 2025 and 2024, reserves required as a result of AAT were as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  | (in millions) | (in millions) |
|  Annuities and deposit funds | $25 | $50 |
|  Life insurance |  |  |
|  Total reserves | $25 | $50 |

---

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023

#### Statutory Minimum Reserves
The Company has the option to establish policy benefit and deposit fund reserves using a standard of valuation that produces higher reserves than those calculated according to the minimum standard provided in the statutory regulations. For contracts issued January 1, 2001 and later, excess reserves over the statutory minimums were $2,137 million and $1,819 million at December 31, 2025 and 2024, respectively.

**6.** **Premium and Annuity Considerations Deferred and Uncollected** 

Gross deferred and uncollected insurance premiums represent life insurance premiums due to be received from policyowners through the next respective policy anniversary dates. Net deferred and uncollected premiums represent only the portion of gross premiums related to mortality charges and interest and are reported in deferred premium and other assets in the statutory statements of financial position.

Deferred and uncollected premiums at December 31, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  | Gross | Net | Gross | Net |
|  | (in millions) | (in millions) | (in millions) | (in millions) |
|  Ordinary new business | $339 | $207 | $346 | $214 |
|  Ordinary renewal | 3607 | 2916 | 3536 | 2856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred and uncollected premiums | $3946 | $3123 | $3882 | $3070 |

---

**7.** **Separate Accounts** 

Separate account liabilities at December 31, 2025 and 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Variable Life | Variable Life | Variable Annuities | Variable Annuities | Total | Total |
|  | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  | | | (in millions) | (in millions) | | |
|  Separate account reserves | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14708 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12696 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29356 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27644 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44064 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40340 |
|  Non-policy liabilities |  |  |  |  | 331 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total separate account liabilities |  |  |  |  | $44395 | $40672 |

---

While separate account liability values are not guaranteed by the Company, variable annuity and variable life insurance products do include guaranteed minimum death benefits (GMDB) underwritten by the Company. General account policy benefit reserves included $8 million attributable to GMDB at both December 31, 2025 and 2024.

Premiums and other considerations received from variable annuity and variable life insurance policyowners were $1.8 billion and $1.6 billion for the years ended December 31, 2025 and 2024, respectively. These amounts are reported as premiums in the statutory statements of operations. The subsequent transfer of these premiums to the separate accounts, net of amounts received from the separate accounts to provide for policy benefit payments to variable product policyowners, is reported as net transfers to separate accounts in the statutory statements of operations. The following are amounts reported as transfers to and from separate accounts within the Company's Separate Account Annual Statement,

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
which agree with the amounts reported as net transfers to (from) separate accounts within these statutory financial statements:

---

| | | | |
|:---|:---|:---|:---|
|  | At and for the years ended December 31, | At and for the years ended December 31, | At and for the years ended December 31, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  | (in millions) | (in millions) | (in millions) |
|  <u>From Separate Account Annual Statement:</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers to separate accounts | $1781 | $1657 | $1557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers from separate accounts | (3255) | (3156) | (2564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers from separate accounts | $(1474) | $(1499) | $(1007) |

---

**8.** **Employee and Financial Representative Benefit Plans** 

The Company provides defined pension benefits for all eligible employees and financial representatives. This includes sponsorship of noncontributory defined benefit pension plans that are "qualified" under the terms of the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code ("Code"), as well as "nonqualified" plans that provide benefits to certain participants in excess of limits set by ERISA and the Code for the qualified plans. The Company's funding policy for the qualified plans is to make annual contributions that are no less than the minimum amount needed to comply with the requirements of ERISA and no greater than the maximum amount deductible for federal income tax purposes. The Company made no contributions to the qualified retirement plans during either of the years ended December 31, 2025 and 2024 and does not expect to make a contribution to the plans during 2026.

The Company's defined benefit pension plans for employees contains two different benefit formulas – a formula based on the final average pay of the participant that was frozen as of December 31, 2013 and one that awards cash balance credits based on each participant's age and years of service that became effective on January 1, 2014. Benefits accrued under the final average pay formula are available to participants upon retirement. Accumulated cash balance credits earn interest based on market rates and are subject to a minimum crediting rate. The Company's defined benefit pension plans for financial representatives utilize a formula that is based on the participant's estimated annual income earned over their career.

In addition to defined pension benefits, the Company provides certain health care and life insurance benefits ("postretirement benefits") to retired employees, retired financial representatives and their eligible dependents. Participants are eligible for retirement health care coverage if they meet eligibility requirements for age and length of service and were either active or retired as of July 31, 2013 for employees and as of December 31, 2013 for financial representatives. Employees or financial representatives hired or contracted after the above dates are not eligible for coverage under the postretirement health plans. Additionally, the Company does not provide a subsidy for retiree health care coverage for employees retiring on or after January 1, 2022.

Medicare-eligible retirees and their dependents are offered health care options provided under an independent third-party health care marketplace ("marketplace"). Retirees and dependents that are not yet Medicare-eligible retain the historical health care benefits offered by the Company. Medicare-eligible retirees and dependents are provided with a pre-funded retiree health reimbursement account and access to third-party advisors to purchase health benefits through the marketplace. Non-Medicare-eligible retirees and dependents are provided premium assistance based on the retirees' years of service with the Company. The Company pays the entire cost of retiree life insurance coverage.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023

#### Benefit Plan Assets
Aggregate plan assets of the defined benefit pension plans and postretirement benefit plans at December 31, 2025 and 2024, and changes in these assets for the years then ended, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Defined Benefit Plans | Defined Benefit Plans | Postretirement Benefit Plans | Postretirement Benefit Plans |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  | (in millions) | (in millions) | (in millions) | (in millions) |
|  Fair value of plan assets at December 31 - prior year | $5287 | $5364 | $59 | $70 |
|  Changes in plan assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual return on plan assets | 469 | 128 | 5 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual plan benefits paid | (222) | (205) | (12) | (13) |
|  Fair value of plan assets at December 31 | $5534 | $5287 | $52 | $59 |

---

Plan assets consist of group annuity contracts issued by the Company that are funded by a Group Annuity Separate Account, which primarily invests in a diversified portfolio of public and private common stocks and corporate, government and mortgage-backed debt securities. The overall investment objective of the plans is to maximize long-term total rate of return, consistent with prudent standards for investment and asset/liability risk management and in accordance with ERISA requirements. Plan investments are managed with a long-term perspective and for the sole benefit of the plans' participants.

Plan asset allocations are rebalanced regularly to maintain holdings within desired asset allocation ranges and to reposition the portfolio based upon perceived market opportunities and risks. Diversification, both by and within asset classes, is a primary risk management consideration. Assets are invested across various asset classes, sectors, industries and geographies. The measurement date for plan assets was December 31 of the respective period with the fair value of plan assets primarily based on quoted market prices. The target asset allocations and the actual allocation of the plans' investments based on fair value at December 31, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Target<br>Allocation | Target<br>Allocation | Actual<br>Allocation | Actual<br>Allocation |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
| &nbsp;&nbsp; Bonds | 73% | 73% | 71% | 72% |
| &nbsp;&nbsp; Equity investments | 26% | 26% | 28% | 27% |
| &nbsp;&nbsp; Other investments | 1% | 1% | 1% | 1% |
| &nbsp;&nbsp; Total assets | 100% | 100% | 100% | 100% |

---

At each of December 31, 2025 and 2024, other investments were comprised of cash and short-term investments.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023

#### Benefit Plan Obligations
Aggregate projected benefit obligations (PBOs) of the defined benefit pension plans and postretirement benefit plans at December 31, 2025 and 2024 and changes in these obligations for the years then ended were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Defined Benefit Plans | Defined Benefit Plans | Postretirement Benefit Plans | Postretirement Benefit Plans |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  | (in millions) | (in millions) | (in millions) | (in millions) |
|  Projected benefit obligation at December 31 - prior year | $5431 | $5673 | $418 | $457 |
|  Changes in benefit obligation: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service cost of benefits earned | 196 | 205 | 4 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest cost on projected obligations | 284 | 267 | 21 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Projected gross plan benefits paid | (255) | (223) | (26) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Experience (gains)/losses | 48 | (491) | $- | (39) |
|  Projected benefit obligation at December 31 | $5704 | $5431 | $417 | $418 |

---

The PBO represents the estimated net present value of estimated future benefit obligations. For defined benefit plans, the PBO includes assumptions for future compensation increases for active participants. The accumulated benefit obligation (ABO) is similar to the PBO but is based only on current compensation with no assumption of future compensation increases. The aggregate ABO for the defined benefit plans was $5.5 billion and $5.2 billion for the years ended December 31, 2025 and 2024, respectively. Experience (gains)/losses reflect the impact of changes in the PBO discount rate and census data for the year ended December 31, 2025 and primarily reflect the impact of changes in the PBO discount rate for the year ended December 31, 2024.

#### Benefit Plan Assumptions
The assumptions used in estimating the projected benefit obligations at December 31, 2025 and 2024 and the net periodic benefit cost for the years ended December 31, 2025, 2024 and 2023 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Defined Benefit Plans | Defined Benefit Plans | Postretirement Benefit Plans | Postretirement Benefit Plans |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  Projected benefit obligation: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Weighted average discount rate | 5.45% | 5.49% | 5.40% | 5.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Annual increase in compensation | 3.75% | 3.75% | 3.75% | 3.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash balance plan interest crediting rate | 5.36% | 5.46% | n/a | n/a |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Defined Benefit Plans | Defined Benefit Plans | Defined Benefit Plans | Postretirement Benefit Plans | Postretirement Benefit Plans | Postretirement Benefit Plans |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  Net periodic benefit cost: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Weighted average discount rate | 5.49% | 4.80% | 5.00% | 5.47% | 4.79% | 4.98% |
| &nbsp;&nbsp;&nbsp;&nbsp; Annual increase in compensation | 3.75% | 3.75% | 3.75% | 3.75% | 3.75% | 3.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term rate of return on plan assets | 6.25% | 6.25% | 6.00% | 6.25% | 6.25% | 6.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash balance plan interest crediting rate | 5.46% | 4.78% | 4.99% | n/a | n/a | n/a |

---

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
The expected long-term rate of return on plan assets is estimated in consideration of historical financial market performance, internal and third-party capital market expectations and the long-term target asset allocation.

The assumed annual increase in future retiree medical costs used in measuring the obligation for postretirement benefits were as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  Assumed annual increase | 5.00% | 5.00% |
|  Ultimate rate of annual increase | 5.00% | 5.00% |
|  Year in which ultimate rate is reached | 2026 | 2025 |

---

The Company's exposure to medical inflation is limited to a maximum annual increase of 3%. In the event annual premiums increase greater than 3% plan participants are responsible for the balance of premiums which exceeded the 3% limit.

#### Benefit Plan Funded Status
The following is an aggregate reconciliation of the funded status of the plans to the related financial statement liabilities reported by the Company at December 31, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Defined<br>Benefit Plans | Defined<br>Benefit Plans | Postretirement<br>Benefit Plans | Postretirement<br>Benefit Plans |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  | (in millions) | (in millions) | (in millions) | (in millions) |
|  Fair value of plan assets | $5534 | $5287 | $52 | $59 |
|  Projected benefit obligation | 5704 | 5431 | 417 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Funded status | (170) | (144) | (365) | (359) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nonadmitted asset | (986) | (953) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial statement liability | $(1156) | $(1097) | $(365) | $(359) |

---

The PBO for defined benefit plans above included $1,156 million and $1,097 million related to unfunded non-qualified plans at December 31, 2025 and 2024, respectively. In the aggregate, the fair value of qualified defined benefit plan assets represented 122% of the projected benefit obligations of these plans at both December 31, 2025 and 2024.

Statutory accounting guidance requires that changes in plan funded status be recognized immediately as a direct adjustment to surplus, subject to limitations such as admissibility of net pension assets. These adjustments are included in changes in nonadmitted assets and other changes in surplus in the statutory statements of changes in surplus.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
Aggregate defined benefit pension and postretirement plan surplus impacts were as follows for the years ended December 31, 2025 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | Defined Benefit Plans | Defined Benefit Plans | Defined Benefit Plans | Postretirement Benefit Plans | Postretirement Benefit Plans |
|  | Net experience <br> gains (losses)  | Prior service <br> (costs) credits | Net<br>initial<br> asset | Net experience <br> gains (losses) | Prior service <br> (costs) credits |
|  | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
|  Balance at December 31 - prior year | $(489) | $40 | $205 | $40 | $136 |
| Amortization from surplus into net periodic benefit cost | 17 | (25) | (2) | (3) | (12) |
| Changes in plan assets and benefit obligations recognized in surplus | 79 |  |  | (6) |  |
|  Balance at December 31 | $(393) | $15 | $203 | $31 | $124 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | Defined Benefit Plans | Defined Benefit Plans | Defined Benefit Plans | Postretirement Benefit Plans | Postretirement Benefit Plans |
|  | Net experience <br>gains (losses) | Prior service <br>(costs) credits | Net<br>initial<br> asset | Net<br> experience <br>gains<br>(losses) | Prior service <br> (costs) credits |
|  | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
|  Balance at December 31 - prior year | $(777) | $65 | $211 | $12 | $148 |
| Amortization from surplus into net periodic benefit cost | 29 | (25) | (6) | (1) | (12) |
| Changes in plan assets and benefit obligations recognized in surplus | 259 |  |  | 29 |  |
|  Balance at December 31 | $(489) | $40 | $205 | $40 | $136 |

---

#### Benefit Plan Costs
The components of net periodic benefit cost for the years ended December 31, 2025, 2024 and 2023 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Defined Benefit Plans | Defined Benefit Plans | Defined Benefit Plans | Postretirement Benefit<br>Plans | Postretirement Benefit<br>Plans | Postretirement Benefit<br>Plans |
|  | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 |
|  | <br> (in millions) | <br> (in millions) | <br> (in millions) | <br> (in millions) | <br> (in millions) | <br> (in millions) |
|  Components of net periodic benefit cost: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service cost of benefits earned | $196 | $205 | $192 | $4 | $5 | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest cost on projected obligations | 284 | 267 | 255 | 21 | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of experience losses | 17 | 29 | 36 | (3) | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of prior service (credits) costs | (25) | (25) | (25) | (12) | (12) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of initial net asset | (2) | (6) | (31) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expected return on plan assets | (323) | (329) | (294) | (3) | (4) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net periodic benefit cost (credit) | $147 | $141 | $133 | $7 | $8 | $8 |

---

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
The expected benefit payments by the defined benefit plans and the postretirement benefit plans for the years 2026 through 2035 are as follows:

---

| | | |
|:---|:---|:---|
|  | Defined<br>Benefit Plans | Postretirement<br>Benefit Plans |
|  | <br> (in millions) | <br> (in millions) |
| 2026 | $241 | $26 |
| 2027 | 303 | 26 |
| 2028 | 312 | 26 |
| 2029 | 324 | 26 |
| 2030 | 333 | 26 |
| 2031-2035 | 1807 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $3320 | $262 |

---

The Company sponsors a contributory 401(k) plan for eligible employees, for which the Company may provide a matching contribution, and a noncontributory defined contribution plan for financial representatives. In addition, the Company sponsors nonqualified plans that provide related benefits to certain participants in excess of limits set by ERISA for qualified defined contribution plans. For the years ended December 31, 2025, 2024 and 2023, the Company expensed total contributions to these plans of $41 million, $40 million and $39 million, respectively. In lieu of making matching contributions to the employee 401(k) plan in 2025, 2024 and 2023, the Company awarded additional cash balance credits.

**9.** **Reinsurance** 

The Company limits its exposure to life insurance death benefits by ceding coverage to various reinsurers. In 1999, the Company ceased reinsuring new individual disability policies, but has maintained a portion of the reinsurance ceded on policies issued prior to 1999. The Company cedes between 60 - 80% of the morbidity risk on group disability and 60% of the mortality risk on group life policies.

As part of an affiliated reinsurance agreement, the Company assumes 100% of the net risk associated with NLTC's long-term care business. At December 31, 2025 and 2024, the net amount due from NLTC under this agreement was $54 million and $53 million, respectively.

Amounts in the statutory financial statements are reported net of the impact of reinsurance. Policy benefit reserves were reported net of ceded reserves of $1.6 billion at both December 31, 2025 and 2024. The Company does not have any reinsurance contracts that are subject to Actuarial Guideline 48.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
The effects of reinsurance on premium revenue and total benefits for the years ended December 31, 2025, 2024 and 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  | (in millions) | (in millions) | (in millions) |
| &nbsp;&nbsp; Direct premium revenue | $24897 | $23532 | $22213 |
| &nbsp;&nbsp; Premiums assumed | 941 | 905 | 866 |
| &nbsp;&nbsp; Premiums ceded | (1147) | (1119) | (1076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premium revenue | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24691 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23318 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22003 |
| &nbsp;&nbsp; Direct benefit expense | $26450 | $24738 | $23564 |
| &nbsp;&nbsp; Benefits assumed | 1138 | 1116 | 1017 |
| &nbsp;&nbsp; Benefits ceded | (878) | (805) | (797) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total benefits  | $26710 | $25049 | $23784 |

---

In addition, the Company received $107 million, $111 million and $115 million in allowances from reinsurers for reimbursement of commissions and other expenses on ceded business for the years ended December 31, 2025, 2024 and 2023, respectively. These amounts are reported in other income in the statutory statements of operations. For the years ended December 31, 2025, 2024 and 2023, the Company incurred $118 million, $121 million and $113 million, respectively, in expense allowances on reinsurance assumed from NLTC.

Reinsurance contracts do not relieve the Company from its obligations to policyowners. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company mitigates this counterparty risk by dealing only with reinsurers that meet its financial strength standards while adhering to concentration limits for counterparty exposure to any single reinsurer. Most significant reinsurance treaties contain financial protection provisions that take effect if a reinsurer's credit rating falls below a prescribed level. There were no reinsurance recoverables at December 31, 2025 and 2024 that were considered by the Company to be uncollectible. No reinsurance contracts were identified which require disclosure under paragraph 79-84 of SSAP No. 61R—Life, Deposit-Type and Accident and Health Reinsurance.

**10.** **Federal Income Taxes** 

The results of the Company's operations are consolidated with the following entities for purposes of filing the Company's consolidated federal income tax return:

---

| | |
|:---|:---|
| Northwestern Mutual Investment Services, LLC | Mason Street Advisors, LLC |
| NML Real Estate Holdings, LLC & subsidiaries | NM GP Holdings, LLC & subsidiaries |
| NML Securities Holdings, LLC & subsidiaries | NM Pebble Valley, LLC |
| Northwestern Mutual MU TLD Registry, LLC | Northwestern Mutual Registry, LLC |
| Northwestern Mutual Wealth Management Company | QOZ Holding Co, LLC & subsidiaries |
| NM Strategic Asset Holdings, LLC & subsidiaries | NM Career Distrib. Holdings, LLC & subsidiaries |
| GRO-SUB, LLC | NM SAS, LLC & subsidiaries |
| NM Investment Management Co., LLC & subsidiaries | NM VI Holdings, LLC & subsidiaries |
| Northwestern Long Term Care Ins. Co | Wysh Holdings, LLC & subsidiaries |
| Wysh Life & Health Insurance Co. & subsidiaries | Lake Emily Holdings, LLC & subsidiaries |
| NM TES, LLC |  |

---

The Company collects from or refunds to these entities their share of consolidated federal income taxes determined pursuant to written tax-sharing agreements, which generally require that these entities determine their share of consolidated tax payments or refunds as if each entity filed a separate federal income tax return on a stand-alone basis.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
The components of current income tax expense (benefit) in the statutory statements of operations for the years ended December 31, 2025, 2024 and 2023 related to ordinary taxable income (loss) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023  |
|  | (in millions) | (in millions) | (in millions) |
| &nbsp;&nbsp; Tax payable on ordinary income | $224 | $290 | $220 |
| &nbsp;&nbsp; Low income housing tax credits | (178) | (167) | (167) |
| &nbsp;&nbsp; Other tax credits | (22) | (221) | (48) |
| &nbsp;&nbsp; Change in contingent tax liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total current tax expense (benefit) | $24 | $(98) | $5 |

---

In addition to current income tax expense (benefit) related to ordinary taxable income or loss as summarized above, the Company is subject to federal income tax on capital gains and losses that generally result from investment transactions. Investment capital gains and losses resulting from changes in market interest rates, including both changes in risk-free market interest rates and market credit spreads, are deferred to the IMR net of any related tax expense or benefit. Current tax (benefit) expense of $(182) million, $(250) million and $(613) million was included in net IMR deferrals for the years ended December 31, 2025, 2024 and 2023, respectively. In addition, net realized capital gains and losses as reported in the statutory statements of operations included current tax (benefit) expense of $(4) million, $59 million and $142 million for the years ended December 31, 2025, 2024 and 2023, respectively.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
The table below shows how the Company's income tax expense or benefit for the years ended December 31, 2025, 2024 and 2023 differs from the amount obtained by applying the statutory rate of 21% to gain (loss) from operations before taxes, including net realized capital gains (losses) before IMR and capital gain tax (benefit):

---

| | | | |
|:---|:---|:---|:---|
|  | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  | (in millions) | (in millions) | (in millions) |
| &nbsp;&nbsp; Provision computed at statutory rate | $(73) | $(141) | $(433) |
| &nbsp;&nbsp; <u>Adjustments to the statutory rate:</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subsidiary distributions | (402) | (216) | (376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax credits | (107) | (241) | (247) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of IMR | 75 | 58 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends received deduction | (52) | (50) | (41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee benefits | 5 | 9 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred adjustments | (137) | 85 | (94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 39 | 12 | 98 |
| &nbsp;&nbsp; Total statutory income tax (benefit) | $(652) | $(484) | $(1075) |
| &nbsp;&nbsp; Federal income tax (benefit) expense reported on the statutory statements of operations | $24 | $(98) | $5 |
| &nbsp;&nbsp; Capital gains tax (benefit), net of IMR transfers | (186) | (191) | (472) |
| &nbsp;&nbsp; Change in net deferred tax assets | (490) | (195) | (608) |
|  | $(652) | $(484) | $(1075) |

---

During the year, the Company may make payments to or receive refunds from the Internal Revenue Service (IRS) for federal income taxes that are applicable to current or previous tax years. The Company made (received) net income tax payments (refunds), including subsidiaries, of $111 million, $(391) million and $0 million to (from) the IRS during the years ended December 31, 2025, 2024 and 2023, respectively.

Federal income taxes available for recoupment in the case of future tax losses are limited to amounts reported on previous tax returns. Total capital gain taxes paid for tax years 2025, 2024 and 2023 that are available for recoupment are $18 million, $9 million and $0 million, respectively.

Federal income tax returns for 2018 and prior years are closed as to further assessment of tax. Income taxes payable in the statutory statements of financial position represents an estimate of taxes payable, including additional taxes that may become due with respect to tax years that remained open to examination by the IRS ("contingent tax liabilities") at the respective reporting date. The Company had no deposits admitted under Section 6603 of the Internal Revenue Code.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
Changes in contingent tax liabilities are charged or credited to operations in the year that such determination is made by the company. For the years ended December 31, 2025 and 2024 contingent liabilities were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the years ended <br>December 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the years ended <br>December 31, |
|  | | 2024 |
|  | 2025<br>**(in millions)** |  |
|  | (in millions) | (in millions) |
|  Balance at January 1 | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Reductions) additions for tax positions of prior years |  |  |
|  Balance at December 31 | $- | $- |

---

There were no uncertain tax positions or interest-related expense included in contingent tax liabilities at December 31, 2025 and 2024.

The company is an applicable reporting entity under the corporate alternative minimum tax (CAMT) and the accompanying statutory financial statements include an estimated impact of the CAMT of zero for years ended December 31, 2025 and 2024.

On July 4, 2025, the tax and spending bill commonly known as the "One Big Beautiful Bill Act" (OBBBA) was enacted. The provisions of the OBBBA will not have a material impact on surplus.

The components of net deferred tax assets reported in the statutory statements of financial position at December 31, 2025 and 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, | December 31, | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change |
|  | (in millions) | (in millions) | |
| &nbsp;&nbsp; Deferred tax assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs | $1583 | $1468 | $115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 817 | 785 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy benefit liabilities | 2254 | 2107 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit plan obligations | 549 | 531 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized R&D | 141 | 180 | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed assets | 16 | 20 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax credit carryforward | 200 | 34 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other<br>| 129  | 98  | 31  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross deferred tax assets | 5689 | 5223 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonadmitted deferred tax assets<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross admitted deferred tax assets<br>| 5689 | 5223 | 466 |
| &nbsp;&nbsp; Deferred tax liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 1675 | 1618 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 680 | 729 | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross deferred tax liabilities<br>| 2355 | 2347 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net deferred tax assets | $3334 | $2876 | $458 |

---

The Company exceeded the minimum risk-based capital (RBC) level of 300%, which is necessary to apply the maximum admissibility thresholds, based on authorized control level RBC computed without net deferred tax assets at December 31, 2025 and 2024.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
Significant components of the calculation of net admitted deferred tax assets at December 31, 2025 and 2024 were as follows (in millions):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | | | |
|  | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** | **Change**<br> **Ordinary** |<br> **Capital** |<br> **Total** |
| Gross deferred tax assets | $4872 | $817 | $5689 | $4438 | $785 | $5223 | $434 | $32 | $466 |
| Statutory valuation allowance adjustment |  |  |  |  |  |  |  |  |  |
| Adjusted gross deferred tax assets | 4872 | 817 | 5689 | 4438 | 785 | 5223 | 434 | 32 | 466 |
| Deferred tax assets nonadmitted |  |  |  |  |  |  |  |  |  |
| Subtotal net admitted deferred tax asset | 4872 | 817 | 5689 | 4438 | 785 | 5223 | 434 | 32 | 466 |
| Deferred tax liabilities | 680 | 1675 | 2355 | 729 | 1618 | 2347 | (49) | 57 | 8 |
| Net admitted deferred tax asset/ (liability) | $4192 | $(858) | $3334 | $3709 | $(833) | $2876 | $483 | $(25) | $458 |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **Change** | **Change** | **Change** |
|  | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** |
| Federal income taxes paid in prior years recoverable through loss carrybacks | $- | $9 | $9 | $- | $- | $- | $- | $9 | $9 |
| Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets above) after application of the threshold limitation (lesser of a. or b. below) | 2981 | 368 | 3349 | 2582 | 312 | 2894 | 399 | 56 | 455 |
| Adjusted gross deferred tax assets (excluding the amount of deferred tax assets offset by gross deferred tax liabilities) | 1891 | 440 | 2331 | 1856 | 473 | 2329 | 35 | (33) | 2 |
| Total deferred tax assets admitted as the result of application of SSAP No. 101 | $4872 | $817 | $5689 | $4438 | $785 | $5223 | $434 | $32 | $466 |
| a. Adjusted gross deferred tax assets expected to be realized following the balance sheet date |  |  | $3349 |  |  | $2894 |  |  | $455 |
| b. Adjusted gross deferred tax assets allowed per limitation threshold |  |  | $4503 |  |  | $4328 |  |  | $175 |
| Ratio percentage used to determine recovery period and threshold limitation amount |  |  | 1017% |  |  | 1058% |  |  |  |
| Amount of adjusted capital and surplus used to determine recovery period and threshold limitation |  |  | $30018 |  |  | $28855 |  |  |  |

---

All gross deferred tax liabilities have been recognized at December 31, 2025 and 2024. The Company did not employ tax planning strategies in its valuation allowance assessment at December 31, 2025 and 2024. The Company employed tax planning strategies that rely on the use of reinsurance in its determination of the net admitted ordinary DTAs at December 31, 2025 and 2024. At December 31, 2025 and 2024, the percentage of ordinary character net DTAs admitted as a result of tax planning strategies was 5% and 4%, respectively.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
**11.** **Commitments and Contingencies** 

#### Commitments
In the normal course of its investment activities, the Company makes commitments to fund private equity investments, real estate acquisitions, mortgage loans and other investments. These forward commitments aggregated to $10.7 billion and $8.7 billion at December 31, 2025 and 2024, respectively, and were extended at market interest rates and terms.

#### Contingencies
The Company is engaged in various legal actions in the normal course of its insurance and investment operations. The status of these legal actions is actively monitored by the Company. If the Company believes, based on available information, that an adverse outcome upon resolution of a given legal action is probable and the amount of that adverse outcome is reasonably estimable, a loss is recognized and a related liability reported. Legal actions are subject to inherent uncertainties, and future events could change the Company's assessment of the probability or estimated amount of potential losses from pending or threatened legal actions. Based on available information, it is the opinion of the Company that the ultimate resolution of pending or threatened legal actions, both individually and in the aggregate, will not result in losses that would have a material effect on the Company's financial position at December 31, 2025.

#### Guarantees
In the normal course of business, the Company makes guarantees to third parties on behalf of wholly-owned subsidiaries (e.g., debt guarantees) and financial representatives (e.g., the guarantee of office lease payments), or directly to financial representatives and financial representative programs (e.g., future minimum compensation payments). If the financial representatives are not able to meet their obligations or these minimum compensation thresholds are not otherwise met, the Company would be required to make payments to fulfill its guarantees. For certain of these guarantees, the Company has the right to pursue recovery of payments made under the agreements. The terms of these guarantees range from less than 1 year to 13 years at December 31, 2025.

The following is a summary of the guarantees provided by the Company that were outstanding at December 31, 2025 and 2024, including both the maximum potential exposure under the guarantees and the financial statement liability reported based on fair value of the guarantees.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nature of guarantee  | Maximum<br> potential amount <br>of future payments |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial <br>statement liability | Maximum<br> potential amount <br>of future<br>payments |  | Financial<br> statement liability |
|  |  | (in millions) |  |  | (in millions) |  |
| &nbsp;&nbsp; Guarantees of future minimum compensation | $112 |  | $14 | $93 |  | $9 |
| &nbsp;&nbsp; Guarantees of real estate obligations | 686 |  | 7 | 552 |  | 6 |
| &nbsp;&nbsp; Guarantees issued on behalf of wholly-owned subsidiaries | 381 |  |  | 47 |  |  |
| &nbsp;&nbsp; Guarantees on behalf of field loan support program | 133 |  |  | 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total guarantees | $1312 |  | $21 | $792 |  | $15 |

---

No material payments have been required under these guarantees to date, and the Company believes the probability that it will be required to perform under these guarantees in the future is remote. Performance under these guarantees would require the Company to recognize additional operating expense or increase the amount of its equity investment in the affiliate or subsidiary on behalf of which the guarantee was made.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
**12.** **Related Party Transactions** 

The Company has a capital support and guarantee of benefits agreement that requires it to maintain the capital and surplus (as defined) of NLTC at a minimum level based upon a formula applied to NLTC's earned premium and policy benefit reserves, or 150% of its company action level of RBC as prescribed by the NAIC, whichever is lower. In addition, the Company guarantees NLTC's policyowners its ability to pay all policy benefits due and owed pursuant to contracts of insurance sold by NLTC during the term of the agreement. This agreement was amended during 2025 to extend the length of the agreement through December 31, 2030 and increase the aggregate capital contribution limit from $300 million to $450 million. The Company contributed $15 million of capital to NLTC in each of the years ended December 31, 2025 and 2024. The Company has contributed a total of $275 million to NLTC through December 31, 2025. The Company reported a payable to NLTC of $76 million and $73 million at December 31, 2025 and 2024, respectively, which is reported in other liabilities in the statutory statements of financial position at each of those dates. Intercompany balances are settled in cash, generally within thirty days of the respective reporting date.

**13.** **Surplus Notes** 

The following table summarizes the surplus notes issued by the Company and outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issue date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement <br>value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid <br>current year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative <br>interest paid | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest<br>rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>date |
|  |  |  | (in millions) |  |  |  |  |
|  2010 Notes | 3/26/2010 | $1224 | $1224 | $74 | $1454 | 6.063% | 3/30/2040 |
|  2017 Notes | 9/26/2017 | 1200 | 1198 | 46 | 370 | 3.850% | 9/30/2047 |
|  2019 Notes | 9/20/2019 | 1347 | 1177 | 49 | 294 | 3.625% | 9/30/2059 |
|  2021 Notes | 3/22/2021 | 900 | 897 | 31 | 148 | 3.450% | 3/30/2051 |
|  2025 Notes | 5/21/2025 | 1000 | 1000 | 36 | 36 | 6.170% | 5/29/2055 |
|  | Total | $5671 | $5496 | $236 | $2302 |  |  |

---

On May 21, 2025, the Company issued surplus notes ("2025 notes") with a principal balance of $1.0 billion bearing an interest rate of 6.170% and having a maturity date of May 29, 2055.

Each series of notes was distributed pursuant to Rule 144A or Regulation S under the Securities Act of 1933, as amended. Interest on the 2010, 2017, and 2019 notes is payable semi-annually on March 30 and September 30 while interest on the 2021 and 2025 notes is payable semi-annually on June 30 and December 30. All interest payments are subject to approval by the OCI. SAP requires recognition of interest expense on the notes upon OCI approval of semi-annual interest payments.

The notes are unsecured and subordinated to all present and future indebtedness, policy claims and other creditor claims of the Company and do not repay principal prior to maturity, with principal payment at maturity subject to the prior approval of the OCI. The notes are not redeemable at the option of any note holder but are redeemable, in whole or in part, at the option of the Company at any time, subject to the prior approval of the OCI, at a "make whole" redemption price equal to the greater of the principal amount of the notes to be redeemed or the sum of the present value of the remaining scheduled payments of principal and interest on the notes to be redeemed, excluding accrued interest as of the date on which the notes are to be redeemed, discounted on a semi-annual basis at a defined U.S. Treasury rate plus 0.20% (2017, 2021 and 2025 notes) and 0.25% (2010 and 2019 notes). The entire amount of the 2017, 2019, 2021 and 2025 notes are redeemable, at par, in the event of certain defined tax events.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
No affiliates of the Company hold any portion of the notes, which are generally held of record at the Depository Trust Company by bank custodians on behalf of investors.

**14.** **Fair Value of Financial Instruments** 

Certain of the Company's assets and liabilities are considered "financial instruments" as defined by Statement of Statutory Accounting Principles No. 100—Revised, Fair Value Measurements (SSAP 100R). The Company's estimation of fair value for financial instruments uses a hierarchy that, where possible, makes use of quoted market prices from active and transparent markets for assets that are identical to those being valued, typically obtained from independent pricing services ("Level 1"). In the absence of quoted market prices for identical assets, fair value is estimated by these pricing services using relevant and observable market-based inputs for substantially similar securities ("Level 2"). Financial instruments for which no quoted market prices or observable inputs are available are generally valued using internally-developed pricing models or indicative (i.e., non-binding) quotes from independent securities brokers ("Level 3").

The Company actively monitors fair value estimates received from independent pricing services at each financial reporting date, including analysis of valuation changes for individual securities compared to overall market trends and validation on an exception basis with internally-developed pricing models. The Company also performs periodic reviews of the information sources, inputs and methods used by its independent pricing services, including an evaluation of their control processes. Where necessary, the Company will challenge third-party valuations or methods and require more observable inputs or different methodologies.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
For financial instruments included in the scope of SSAP 100R, the statement value and fair value at December 31, 2025 and 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | | | Quoted prices in | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant | Significant | Net |
|  | | | active markets | observable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unobservable | Asset |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement | Fair | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for identical assets | inputs | inputs | Value |
|  | Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Level 1) | (Level 2) | (Level 3) | (NAV) |
|  | | | (in millions) | | | |
|  General account investment assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issuer credit obligations | $161290 | $154203 | $5303 | $129276 | $19624 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-backed securities | 48718 | 47654 |  | 42438 | 5216 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total bonds | 210008 | 201857 | 5303 | 171714 | 24840 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | 60066 | 58035 |  |  | 58035 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common and preferred stocks | 3183 | 3212 | 1907 | 783 | 522 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Policy loans | 21044 | 21044 |  |  | 21044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other investments | 2106 | 2687 |  | 2278 | 409 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and short-term investments | 5089 | 5089 | 1157 | 3932 |  |  |
|  Separate account assets | 44395 | 44395 | 40324 | 2674 | 762 | 635 |
|  General account liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment-type insurance reserves | 18820 | 18345 |  |  | 18345 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities for repurchase agreements | 2591 | 2591 |  | 2591 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | 743 | 765 |  | 765 |  |  |
|  Separate account liabilities | 44395 | 44395 | 40324 | 2674 | 762 | 635 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | | | Quoted prices in | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant | Significant | Net |
|  | | | active markets | observable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unobservable | Asset |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement | Fair | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for identical assets | inputs | inputs | Value |
|  | Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | (Level 1) | (Level 2) | (Level 3) | (NAV) |
|  | | | (in millions) | | | |
|  General account investment assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | $201544 | $187459 | $4021 | $161712 | $21726 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | 57078 | 52939 |  |  | 52939 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common and preferred stocks | 2789 | 2797 | 1761 | 531 | 505 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Policy loans | 20039 | 20039 |  |  | 20039 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other investments | 2303 | 2591 |  | 2373 | 218 |  |
|  Cash and short-term investments | 8052 | 8052 | 1211 | 6841 |  |  |
|  Separate account assets | 40672 | 40672 | 36774 | 2584 | 776 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp; General account liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment-type insurance reserves | 17218 | 16840 |  |  | 16840 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities for repurchase agreements | 3208 | 3208 |  | 3208 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | 210 | 549 |  | 549 |  |  |
|  Separate account liabilities | 40672 | 40672 | 36774 | 2584 | 776 | 538 |

---

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023

#### Bonds
Bonds classified as Level 1 financial instruments are generally limited to U.S. Treasury securities. Most bonds, including U.S. and foreign public and private issuer credit obligations such as, corporate bonds and municipal bonds, and asset-backed securities, are classified as Level 2 financial instruments and are valued based on prices obtained from independent pricing services or internally-developed pricing models using observable inputs. Typical market-observable inputs include benchmark yields, reported trades, issuer spreads, bids, offers, benchmark securities, estimated cash flows and prepayment speeds. Level 3 bonds are typically privately-placed and relatively illiquid, with fair value based on non-binding broker quotes or internally-developed pricing models utilizing unobservable inputs. See Note 3 for more information regarding the Company's investments in bonds.

#### Mortgage Loans
Mortgage loans consist primarily of commercial mortgage loans underwritten and originated by the Company. Fair value of these loans is estimated using a discounted cash flow approach based on market interest rates for commercial mortgage debt with comparable credit risk and maturity. See Note 3 for more information regarding the Company's investments in mortgage loans.

#### Common and Preferred Stock
Common and preferred stocks classified as Level 1 financial instruments are limited to those actively traded on a U.S. or foreign stock exchange. Level 2 securities include stocks that are valued based on prices obtained from independent pricing services or internally-developed pricing models utilizing observable inputs and stocks for which market quotes are available but are not considered to be actively traded. Common and preferred stocks classified as Level 3 are generally privately-placed with fair value primarily based on a sponsor valuation or market comparables approach utilizing unobservable inputs. See Note 3 for more information regarding the Company's investments in common and preferred stocks.

#### Policy Loans
See Note 2 for information regarding policy loans, for which the Company considers the unpaid principal balance to approximate fair value.

#### Derivative Instruments
The Company's derivative investments are generally traded in over-the-counter markets with fair value estimated using industry-standard models with market-observable inputs such as swap yield curves, basis curves, foreign currency spot rates, foreign currency basis curves, option volatilities and credit spreads. See Note 4 for more information regarding the Company's derivative investments.

#### Other Investments
Other investments primarily consist of derivative assets (as described above), the Company's investment in surplus note issuances of other mutual insurance companies, capital notes, debt securities that do not qualify as bonds and residual tranches. The surplus note instruments, capital notes and debt securities that do not qualify as bonds are classified as Level 2 financial instruments and are valued based on prices obtained from independent pricing services or internally-developed pricing models using observable inputs. Typical market-observable inputs include benchmark yields, reported trades, issuer spreads, bids, offers, benchmark securities, estimated cash flows and prepayment speeds. The fair value of residual tranches is derived using non-binding broker quotes or internally-developed pricing models utilizing unobservable inputs and therefore is classified as Level 3.

#### Cash and Short-term Investments
Cash and short-term investments include cash deposit balances, money market mutual funds, short-term commercial paper and other highly-liquid debt instruments, for which the Company considers net asset value or amortized cost to approximate fair value.

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023

#### Separate Account Assets and Liabilities
See Note 2 and Note 7 for information regarding the Company's separate accounts, for which fair value is primarily based on quoted market prices for the related common stocks, preferred stocks, bonds, derivative instruments and other investments. Separate account assets classified as Level 3 financial instruments are primarily securities partnership investments that are valued based on the Company's underlying equity in the partnerships, which the Company considers to approximate fair value. Separate account assets for which fair value is determined by a Net Asset Value (NAV) are mutual funds for which the NAV is used as a practical expedient as allowed under SSAP 100R.

#### General Account Insurance Reserves
The Company's general account insurance liabilities defined as financial instruments under SSAP 100R are limited to "investment-type" products such as fixed-rate annuity policies, supplementary contracts without life contingencies, funding agreements and amounts left on deposit. The fair value of investment-type insurance reserves is estimated based on future cash flows discounted at market interest rates for similar instruments with comparable maturities.

#### Repurchase Agreement Liabilities
See Note 3 for information regarding repurchase agreement activity, for which the Company considers the liability to return collateral to approximate the fair value of collateral originally received.

#### Assets and Liabilities Reported at Fair Value
The following tables summarize assets and liabilities measured and reported at fair value in the statutory statements of financial position at December 31, 2025 and 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Quoted prices in<br>active markets for<br>identical assets<br>(Level 1) | Significant<br>observable<br>inputs<br>(Level 2) | Significant<br>unobservable<br>inputs<br>(Level 3) | Net<br>Asset<br>Value<br>(NAV) |<br><br>Total |
|  | | (in millions) | | | |
|  General account: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuer credit obligations | $1389 | $- | $180 | $- | $1569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed securities |  | 8 |  |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total bonds | 1389 | 8 | 180 |  | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common and preferred stocks | 1907 | 125 | 435 |  | 2467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money market mutual funds | 1008 |  |  |  | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments |  | 521 | 280 |  | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities |  | 89 |  |  | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total general account | $4304 | $743 | $895 | $- | $5942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate accounts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual fund investments | $38752 | $- | $- | $- | $38752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other benefit plan assets/liabilities | 21 | 26 | 6 | 5 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension and postretirement assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 564 | 2559 | 79 |  | 3202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common and preferred stock | 914 | 3 | 55 | 630 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and short-term securities | 29 | 75 |  |  | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets/liabilities | 44 | 11 | 622 |  | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal pension and postretirement assets | 1551 | 2648 | 756 | 630 | 5585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total separate accounts | $40324 | $2674 | $762 | $635 | $44395 |

---

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Quoted prices in<br>active markets for<br>identical assets<br>(Level 1) | Significant<br>observable<br>inputs<br>(Level 2) | Significant<br>unobservable<br>inputs<br>(Level 3) | Net<br>Asset<br>Value<br>(NAV) |<br><br>Total |
|  | | (in millions) | | | |
|  General account: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | $280 | $1 | $294 | $- | $575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common and preferred stocks | 1761 | 1 | 479 |  | 2241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money market mutual funds | 1162 |  |  |  | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments |  | 539 | 206 |  | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities |  | 129 |  |  | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total general account | $3203 | $670 | $979 | $- | $4852 |
| &nbsp;&nbsp; Separate accounts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual fund investments | $35244 | $- | $- | $- | $35244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other benefit plan assets/liabilities | 46 | 29 | 6 | 3 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension and postretirement assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 566 | 2458 | 112 |  | 3136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common and preferred stock | 834 | 1 | 74 | 535 | 1444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and short-term securities | 34 | 88 |  |  | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets/liabilities | 50 | 8 | 584 |  | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal pension and postretirement assets | 1484 | 2555 | 770 | 535 | 5344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total separate accounts | $36774 | $2584 | $776 | $538 | $40672 |

---

During 2025 and 2024, transfers into Level 3 are the result of observable market data, such as public ratings, no longer being available and transfers out of Level 3 are the result of observable market data, including 3rd party vendor prices and public ratings, being available and utilized in the determination of the fair market value of the securities.

The following tables summarize the changes in fair value of Level 3 financial instruments for the years ended December 31, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| For the year ended December 31, 2025 | General account<br>common and<br>preferred stock | General<br>account<br>bonds | General account<br>other<br>investments | Separate<br>account assets |
|  |  | (in millions) |  |  |
| &nbsp;&nbsp; Fair value, beginning of period | $479 | $294 | $206 | $776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains/(losses) | (5) | (101) | (48) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gains/(losses) | (15) | 16 | 55 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 55 | 14 | 184 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | (79) | (43) | (120) | (155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net discount/premium |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers into Level 3 |  | 109 | 10 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers out of Level 3 |  | (109) | (7) | (1) |
| &nbsp;&nbsp; Fair value, end of period | $435 | $180 | $280 | $762 |

---

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| For the year ended December 31, 2024 | General account<br>common and<br>preferred stock | General<br>account bonds | General account<br>other<br>investments | Separate<br>account assets |
|  | (in millions) | (in millions) | (in millions) | (in millions) |
| &nbsp;&nbsp; Fair value, beginning of period | $475 | $219 | $120 | $777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains/(losses) | (28) | (8) |  | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gains/(losses) | 10 | 14 | (18) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuances |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 104 | 14 | 120 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | (82) | (16) | (16) | (136) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Settlements |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net discount/premium |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers into Level 3 |  | 136 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers out of Level 3 |  | (65) |  | (1) |
| &nbsp;&nbsp; Fair value, end of period | $479 | $294 | $206 | $776 |

---

The fair values of Level 3 financial instruments are sensitive to changes in significant unobservable inputs. Level 3 bonds are valued using a combination of discounted cash flows and indicative quotes from independent securities brokers based on market comparable companies. The most significant unobservable input in the discounted cash flow analysis is the discount rate. This rate is estimated based upon a risk-free market interest rate (U.S. Treasury with comparable maturity) plus a credit spread adjustment based on the estimated credit rating of the issuer. In general, issuers with lower credit ratings have higher credit spreads. A decrease in the credit spread adjustment would increase the fair value of the investment as the future expected cash flows are discounted at a lower rate. The opposite impact would occur if credit spread adjustments increase.

Level 3 privately-placed common and preferred stocks and derivatives, are primarily valued using a private equity sponsor valuation or market comparables approach. Both approaches rely on the use of multiples that are based on industry-specific comparable companies. Multiples are derived from the relationship of an entity's fair value to its book value or earnings before interest, taxes, depreciation and amortization (EBITDA). The use of EBITDA normalizes for company-specific differences in capital structure, taxation and fixed asset accounting. An increase in the multiple would result in an increase in the fair value of the investment. The opposite impact would occur if the multiple decreased.

------

#### Report of Independent Auditors
To the Board of Trustees of

The Northwestern Mutual Life Insurance Company

We have audited the statutory financial statements of The Northwestern Mutual Life Insurance Company (the "Company") as of December 31, 2025 and for the year then ended and our report thereon is presented in this document. That audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental selected statutory financial data, investment risk interrogatories, and summary investment schedule (collectively referred to as the "supplemental schedules") of the Company as of December 31, 2025 and for the year then ended are presented to comply with the National Association of Insurance Commissioners' Annual Statement Instructions and Accounting Practices and Procedures Manual and for purposes of additional analysis and are not a required part of the financial statements. The supplemental schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves and other additional procedures, in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplemental schedules are fairly stated, in all material respects, in relation to the financial statements taken as a whole.

/s/ PricewaterhouseCoopers LLP

Milwaukee, Wisconsin

February 17, 2026

------

### The Northwestern Mutual Life Insurance Company

#### Selected Statutory Financial Data

#### As of and for the year ended December 31, 2025
The following is a summary of certain financial information included in exhibits and schedules in the Annual Statement filed with the Office of the Commissioner of Insurance of Wisconsin subjected to audit procedures by independent auditors.

---

| | |
|:---|:---|
|  | (in millions) |
| Investment Income Earned: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government bonds | $179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other bonds (unaffiliated) | 9355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds of affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks (unaffiliated) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks of affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks (unaffiliated) | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks of affiliates | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | 2662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premium notes, policy loans and liens | 1398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash on hand and on deposit | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-term investments | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other investments | 2565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Derivative instruments | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aggregate write-ins for investment income | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross investment income | $17177 |
|  Real Estate Owned - Book Value less Encumbrances | $2963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Loans - Book Value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Farm mortgages | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential mortgages |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgages | 60066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total mortgage loans | $60066 |
|  Mortgage Loans by Standing - Book Value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Good standing | $60015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Good standing with restructured terms | $52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest overdue more than 90 days, not in foreclosure | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreclosure in process | $— |
|  Other Long Term Assets - Statement Value | $34373 |
|  Collateral Loans | $— |
|  Bonds and Stocks of Parents, Subsidiaries and Affiliates - Book Value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | $584 |

---

------

### The Northwestern Mutual Life Insurance Company

#### Selected Statutory Financial Data

#### As of and for the year ended December 31, 2025

---

| | |
|:---|:---|
|  | (in millions) |
|  Bonds and Short-Term Investments by NAIC Designation and Maturity: |  |
|  Bonds by Maturity - Statement Value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due within one year or less | $19940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over 1 year through 5 years | 71806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over 5 years through 10 years | 56156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over 10 years through 20 years | 28487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over 20 years | 36162 |
| &nbsp;&nbsp;&nbsp;&nbsp; No Maturity Date | 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total by Maturity | $213940 |
|  Bonds by NAIC Designation - Statement Value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NAIC 1 | $127770 |
| &nbsp;&nbsp;&nbsp;&nbsp; NAIC 2 | 71339 |
| &nbsp;&nbsp;&nbsp;&nbsp; NAIC 3 | 7017 |
| &nbsp;&nbsp;&nbsp;&nbsp; NAIC 4 | 5094 |
| &nbsp;&nbsp;&nbsp;&nbsp; NAIC 5 | 2184 |
| &nbsp;&nbsp;&nbsp;&nbsp; NAIC 6 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total by NAIC Designation | $213940 |
|  Total Bonds Publicly Traded | $113193 |
|  Total Bonds Privately Placed | $100747 |
|  Preferred stocks - Statement Value | $862 |
|  Common stocks - Market Value | $2906 |
|  Short Term Investments - Book Value | $649 |
|  Options, Caps & Floors Owned - Statement Value | $399 |
|  Options, Caps & Floors Written and In Force - Statement Value | $— |
|  Collar, Swap & Forward Agreements Open - Statement Value | $14 |
|  Futures Contracts Open - Current Value | $— |
|  Cash on deposit | $149 |
|  Life Insurance In Force: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary | $2473454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit life | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Group life | $8692 |

---

------

### The Northwestern Mutual Life Insurance Company

#### Selected Statutory Financial Data

#### As of and for the year ended December 31, 2025

---

| | |
|:---|:---|
|  | (in millions) |
|  Amount of Accidental Death Insurance in |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Force Under Ordinary Policies | $3870 |
|  Life Insurance Policies with Disability Provisions In Force |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary | $1437981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit life | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Group life | $7673 |
|  Supplementary Contracts In Force: |  |
|  Ordinary - Not Involving Life Contingencies: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount on deposit | $2138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income payable | $84 |
|  Ordinary - Involving Life Contingencies |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income payable | $184 |
|  Group - Not Involving Life Contingencies |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount of deposit | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Income payable | $— |
|  Group Involving Life Contingencies |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income payable | $— |
|  Annuities - Ordinary: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Immediate - amount of income payable | $795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred - fully paid account balance | $619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred - not fully paid - account balance | $24189 |
|  Annuities - Group: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount of income payable | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fully paid account balance | $965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Not fully paid - account balance | $6931 |
|  Accident and Health Insurance - Premiums In Force: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Group | $123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | $1524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit | $— |

---

------

### The Northwestern Mutual Life Insurance Company

#### Selected Statutory Financial Data

#### As of and for the year ended December 31, 2025

---

| | |
|:---|:---|
|  | (in millions) |
|  Deposit Funds and Dividend Accumulations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit funds - account balance | $14454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend accumulations - account balance | $54 |
|  Claim Payments - 2025: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Group Accident and Health |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Year Ended December 31, 2025: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Accident and Health: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | $54 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | $136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | $118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | $83 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | $67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior | $437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other coverages that use developmental methods to calculate |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Claims Reserves: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior | $— |

---

------

### The Northwestern Mutual Life Insurance Company

#### Investment Risk Interrogatories

#### As of and for the year ended December 31, 2025
Answer the following interrogatories by stating the applicable U.S. Dollar amounts and percentages of the reporting entity's total admitted assets held in that category of investments as shown on the Summary Investment Schedule. All reporting entities must answer interrogatories 1, 2, 3, 4, 11 and, if applicable 20 through 24. Answer each of the interrogatories 5 through 19 (except 11) only if the reporting entity's aggregate holding in the gross investment category addressed in that interrogatory equals or exceeds 2.5% of the reporting entity's total admitted assets. For Life, Health and Fraternal blanks, responses are to exclude Separate Accounts.

---

| | |
|:---|:---|
| 1. State the reporting entity's total admitted assets as reported on Page 2 of this Annual Statement. | $354618 |

---

2. State by investment category the 10 largest exposures to a single issuer/borrow/investment, excluding U.S. Government, U.S. government agency securities and those U.S. Government money market funds listed in the Appendix to the SVO Purposes and Procedures Manual as, exempt, property occupied by the company and policy loans.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 | 2 | 2 | 3 |
|  | Issuer | Description of Exposure | Amount | Percentage of Total |
|  |  |  | (in millions) | Admitted Assets |
| 2.01 | Comcast Corp | Public Private Bonds, Stocks, TCI | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | 0.3% |
| 2.02 | Unitedhealth Group Inc | Public Bonds, Stocks | $1148 | 0.3% |
| 2.03 | Meta Platforms Inc | Public Bonds, Stocks | $1175 | 0.3% |
| 2.04 | Southern Co | Public Private Bonds, Stocks | $1127 | 0.3% |
| 2.05 | Golden Road It Pd 1 Llc | Private Equity | $1062 | 0.3% |
| 2.06 | Enbridge Inc | Public Private Bonds | $1058 | 0.3% |
| 2.07 | Bank Of America Corp | Public Private Bonds, TCI | $1041 | 0.3% |
| 2.08 | Sempra Energy | Public Bonds, Stocks | $1031 | 0.3% |
| 2.09 | Oracle Corp | Public Bonds, Stocks | $1015 | 0.3% |
| 2.1 | Exelon Corp | Public Private Bonds, Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993 | 0.3% |

---

3. State the amounts and percentages of the reporting entity's total admitted assets held in bonds and preferred stocks by NAIC designations.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <u>Bonds</u> | <u>1</u> | <u>2</u> | <u>Preferred Stocks</u> | <u>3</u> | <u>4</u> |
|  | (in millions) |  |  | (in millions) |  |
|  NAIC-1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127770 | 36.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAIC-1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1% |
|  NAIC-2 | $71339 | 20.1% | NAIC-2 | $243 | 0.1% |
|  NAIC-3 | $7017 | 2.0% | NAIC-3 | $81 | —% |
|  NAIC-4 | $5094 | 1.4% | NAIC-4 | $6 | —% |
|  NAIC-5 | $2184 | 0.6% | NAIC-5 | $71 | —% |
|  NAIC-6 | $537 | 0.2% | NAIC-6 | $8 | —% |

---

4. State the amounts and percentages of the reporting entity's total admitted assets held in foreign investments (regardless of whether there is any foreign currency exposure) and unhedged foreign currency exposure (defined as the statement value of investments denominated in foreign currencies which are not hedged by financial instruments qualifying for hedge accounting as specified in SSAP No. 86 – Accounting for Derivative Instruments and Hedging, Income Generation, and Replication (Synthetic Asset) Transactions), including

---

| | | | |
|:---|:---|:---|:---|
| 4.01 | Are assets held in foreign investments less than 2.5% of the reporting entity's total admitted assets Yes () No (X) | Are assets held in foreign investments less than 2.5% of the reporting entity's total admitted assets Yes () No (X) | Are assets held in foreign investments less than 2.5% of the reporting entity's total admitted assets Yes () No (X) |
|  |  | <u>1</u> | <u>2</u> |
|  |  | (in millions) |  |
| 4.02  | Total admitted assets held in foreign investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6% |
| 4.03 | Foreign-currency denominated investments of | $— | — % |
| 4.04 | Insurance liabilities denominated in that same foreign currency | $— | — % |

---

If response to 4.01 above is yes, detail is not required for interrogatories 5 – 10.

------

### The Northwestern Mutual Life Insurance Company

#### Investment Risk Interrogatories

#### As of and for the year ended December 31, 2025
5. Aggregate foreign investment exposure categorized by NAIC sovereign designation:

---

| | | | |
|:---|:---|:---|:---|
|  |  | 1 | 2 |
|  |  | (in millions) | |
| 5.01 | NAIC-1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4% |
| 5.02 | NAIC-2 | $3930 | 1.1% |
| 5.03 | NAIC-3 or below | $126 | —% |

---

6. Two largest foreign investment exposures to a single country, categorized by the country's NAIC sovereign designation:

---

| | | | |
|:---|:---|:---|:---|
|  |  | 1 | 2 |
|  | Countries designated NAIC – 1: | (in millions) | |
| 6.01 | UNITED KINGDOM | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3% |
| 6.02 | AUSTRALIA | $5859 | 1.7% |
|  | Countries designated NAIC-2 |  |  |
| 6.03 | MEXICO | $1132 | 0.3% |
| 6.04 | ITALY | $459 | 0.1% |
|  | Countries designated NAIC – 3 or below: |  |  |
| 6.05 | BRAZIL | $40 | 0.0% |
| 6.06 | LIBERIA | $30 | 0.0% |

---

---

| | | |
|:---|:---|:---|
|  | 1 | 2 |
|  | (in millions) | |
| 7. Aggregate unhedged foreign currency exposure: | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% |

---

8. Aggregate unhedged foreign currency exposure categorized by NAIC sovereign designation:

---

| | | | |
|:---|:---|:---|:---|
|  |  | 1 | 2 |
|  |  | (in millions) | |
| 8.01 | Countries designated NAIC-1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1% |
| 8.02 | Countries designated NAIC-2 | $— | 0.0% |
| 8.03 | Countries designated NAIC-3 or below | $— | 0.0% |

---

------

### The Northwestern Mutual Life Insurance Company

#### Notes to the Statutory Financial Statements

#### December 31, 2025, 2024 and 2023
9. Two largest unhedged foreign currency exposures to a single country, categorized by the country's NAIC sovereign

---

| | | | |
|:---|:---|:---|:---|
|  |  | 1 | 2 |
|  | Countries designated NAIC – 1: | (in millions) | |
| 9.01 | IRELAND | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0% |
| 9.02  | UNITED KINGDOM | $93 | 0.0% |
|  | Countries designated NAIC-2 |  |  |
| 9.03 |  | $— | 0.0% |
| 9.04 |  | $— | 0.0% |
|  | Countries designated NAIC – 3 or below: |  |  |
| 9.05 |  | $— | 0.0% |
| 9.06 |  | $— | 0.0% |

---

10. List the 10 largest non-sovereign (i.e. non-governmental) foreign issues:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 | 2 | 3 | 4 |
|  |  |  | | Percentage of Total |
|  | <u>Issuer</u> | <u>NAIC</u> | <u>Amount</u> | <u>Admitted Assets</u> |
|  |  | <u>Designation</u> | |  |
|  |  |  | (in millions) |  |
| 10.01 | BROOKFIELD INFRASTRUCTURE PART | 2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | 0.2% |
| 10.02 | HEATHROW FUNDING LTD | 2 | $568 | 0.2% |
| 10.03 | CHANEL LTD | 1 | $531 | 0.2% |
| 10.04 | PFIZER INC | 1 | $515 | 0.2% |
| 10.05 | QUADGAS HOLDINGS TOPCO LIMITED | 2 | $477 | 0.1% |
| 10.06 | SCOTTISH MORTGAGE INVESTMENT | 1 | $476 | 0.1% |
| 10.07 | RIO TINTO PLC | 1 | $439 | 0.1% |
| 10.08 | BANCO SANTANDER SA | 2 | $435 | 0.1% |
| 10.09 | UNIVERSITY OF EDINBURGH | 1 | $425 | 0.1% |
| 10.10 | VODAFONE GROUP PLC | 2 | $325 | 0.1% |

---

11. Amounts and percentages of the reporting entity's total admitted assets held in Canadian investments and unhedged Canadian currency exposure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.01 Are assets held in Canadian investments less than 2.5% of the reporting entity's total admitted assets, therefore detail not required for interrogatory 11? Yes (X) No ()

---

| | |
|:---|:---|
| (in millions) |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0% |
| $— | 0.0% |
| $— | 0.0% |
| $— | 0.0% |

---

12. Report aggregate amounts and percentages of the reporting entity's total admitted assets held in investments with contractual sales restrictions (defined as investments having restrictions that prevent investments from being sold within 90 days).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.01 Are assets held in investments with contractual sales restrictions less than 2.5% of the reporting entity's total admitted assets, therefore detail not required for interrogatory 12? Yes (X) No ()

------

### The Northwestern Mutual Life Insurance Company

#### Investment Risk Interrogatories

#### As of and for the year ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | 1 | 2 | 3 |
|  |  | (in millions) |  |
| 12.02  | Aggregate statement value of investments with contractual sales restrictions Largest 3 investments with contractual sales restrictions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 0.0% |
|  | 12.03 | $— | 0.0% |
|  | 12.04 | $— | 0.0% |
|  | 12.05 | $— | 0.0% |

---

13. Amounts and percentages of admitted assets held in the largest 10 equity interests (including investments in the shares of mutual funds, preferred stocks, publicly traded equity securities, and other equity securities, and excluding money market and bond mutual funds listed in the Appendix to the SVO Practices and Procedures Manual as exempt or Class 1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.01 Assets held in equity interest less than 2.5% of the reporting entity's total admitted assets, therefore detail not required for interrogatory 13? Yes () No (X)

---

| | | |
|:---|:---|:---|
| 1 | 3 | 4 |
| Issuer | Amount | Percentage of Total<br>Admitted Assets |
|  | (in millions) |  |
| 13.02 NML SECURITIES HOLDINGS LLC | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17021 | 4.8% |
| 13.03 NM TES LLC | $2327 | 0.7% |
| 13.04 NML REAL ESTATE HOLDINGS LLC | $1150 | 0.3% |
| 13.05 GOLDEN ROAD IT PD 1 LLC | $1062 | 0.3% |
| 13.06 NMC PRIV EQUITY PARTNERS LP | $648 | 0.2% |
| 13.07 ARES PATHFINDER CORE FUND LP | $524 | 0.2% |
| 13.08 QOZ Holding Company, LLC | $454 | 0.1% |
| 13.09 NMIS LLC | $448 | 0.1% |
| 13.10 NORTHWESTERN LONG TERM CARE | $308 | 0.1% |
| 13.11 NM WEALTH MANAGEMENT CO | $277 | 0.1% |

---

14. Amounts and percentages of the reporting entity's total admitted held in nonaffiliated, privately placed equities (included in other equity securities) and excluding securities eligible for sale under Securities Exchange Commission (SEC) Rule 144a or SEC Rule 144 without volume restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.01 Assets held in nonaffiliated, privately placed equities less than 2.5% of the reporting entity's total admitted assets, therefore detail not required for interrogatory 14? Yes (X) No ()

---

| | | |
|:---|:---|:---|
| 1 | 2 | 3 |
|  | (in millions) |  |
| 14.02 Aggregate statement value of investments held in nonaffiliated, privately placed equities | $— | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Largest 3 investments held in nonaffiliated, privately placed equities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.03 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.04 | $— | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.05 | $— | 0.0% |

---

------

### The Northwestern Mutual Life Insurance Company

#### Investment Risk Interrogatories

#### As of and for the year ended December 31, 2025
15. Amounts and percentages of the reporting entity's total admitted assets held in general partnership interests (included in other equity securities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.01 Are assets held in general partnership interests less than 2.5% of the reporting entity's total admitted assets, therefore detail not required for interrogatory 15 Yes (X) No ()

---

| | | |
|:---|:---|:---|
| 1 | 2 | 3 |
|  | (in millions) |  |
| 15.02 Aggregate statement value of investments held in general partnership interests | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Largest 3 investments in general partnership interests: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.03 | $— | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.04 | $— | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.05 | $— | 0.0% |

---

16. Amounts and percentages of the reporting entity's total admitted assets held in mortgage loans (reported in Schedule B).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.01 Are mortgage loans reported in Schedule B less than 2.5% of the reporting entity's total admitted assets, therefore detail not required for interrogatory 16? Yes () No (X)

Largest 10 aggregate mortgage interests. The aggregate mortgage interest represents the combined value of all mortgages secured by the same property or same group of properties:

---

| | | | |
|:---|:---|:---|:---|
| 1 | 1 | 2 | 3 |
| Type (Residential, Commercial, Agricultural) | Type (Residential, Commercial, Agricultural) | Amount | Percentage of Total<br> Admitted Assets |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(in millions) |  |
| 16.02 | Commercial | $429 | 0.1% |
| 16.03 | Commercial | $405 | 0.1% |
| 16.04 | Commercial | $330 | 0.1% |
| 16.05 | Commercial | $301 | 0.1% |
| 16.06 | Commercial | $300 | 0.1% |
| 16.07 | Commercial | $300 | 0.1% |
| 16.08 | Commercial | $296 | 0.1% |
| 16.09 | Commercial | $270 | 0.1% |
| 16.10 | Commercial | $265 | 0.1% |
| 16.11 | Commercial | $260 | 0.1% |

---

Amount and percentage of the reporting entity's total admitted assets held in the following categories of mortgage loans:

---

| | | | |
|:---|:---|:---|:---|
|  |  | 1 | 2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(in millions) |  |
| 16.12 | Construction Loans | $2384 | 0.7% |
| 16.13 | Mortgage loans over 90 days past due | $— | — % |
| 16.14 | Mortgage loans in the process of foreclosure | $— | — % |
| 16.15 | Mortgage loans foreclosed | $— | — % |
| 16.16 | Restructured mortgage loans | $52 | 0.0% |

---

------

### The Northwestern Mutual Life Insurance Company

#### Investment Risk Interrogatories

#### As of and for the year ended December 31, 2025
17. Aggregate mortgage loans having the following loan-to-value ratios are determined from the most current appraisal as of the Annual Statement date:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Loan-to-Value | Residential | Residential | Commercial | Commercial | Agricultural | Agricultural |
|  | 1 | 2 | 3 | 4 | 5 | 6 |
|  | (in millions) |  | (in millions) |  | (in millions) |  |
| 17.01 above 95% | $— | —% | $1356 | 0.4% | $— | —% |
| 17.02 91 to 95% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | —% | $260 | 0.1% | $— | —% |
| 17.03 81 to 90% | $— | —% | $998 | 0.3% | $— | —% |
| 17.04 71 to 80% | $— | —% | $2870 | 0.8% | $— | —% |
| 17.05 below 71% | $— | —% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54583 | 15.4% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | —% |

---

18. Amounts and percentages of the reporting entity's total admitted assets held in each of the five largest investments in one parcel or group of contiguous parcels of real estate (reported in Schedule A, excluding property occupied by the company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.01 Are assets held in real estate reported less than 2.5% of the reporting entity's total admitted assets, therefore detail not required for interrogatory 18? Yes (X) No ()

Largest five investments in any one parcel or group of contiguous parcels of real estate:

---

| | | |
|:---|:---|:---|
| 1 | 2 | 3 |
|  | (in millions) |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | —% |
|  | $— | —% |
|  | $— | —% |
|  | $— | —% |
|  | $— | —% |

---

19. Report aggregate amounts and percentages of the reporting entity's total admitted assets held in investments held in mezzanine real estate loans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.01 Are assets held in investments held in mezzanine real estate loans less than 2.5% of the reporting entity's total admitted assets, therefore detail not required for interrogatory 19? Yes (X) No ()

---

| | | |
|:---|:---|:---|
| 1 | 2 | 3 |
|  | (in millions) |  |
| 19.02 Aggregate statement value of investments held in mezzanine real estate loans: | $— | —% |
|  Largest three investments held in mezzanine real estate loans: |  |  |
| 19.03 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | —% |
| 19.04 | $— | —% |
| 19.05 | $— | —% |

---

------

### The Northwestern Mutual Life Insurance Company

#### Investment Risk Interrogatories

#### As of and for the year ended December 31, 2025
20. Amounts and percentages of the reporting entity's total admitted assets subject to the following types of agreements:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | At Year End | At Year End | At End of Each Quarter (Unaudited) | At End of Each Quarter (Unaudited) | At End of Each Quarter (Unaudited) |
|  | |  | 1st Qtr | 2nd Qtr | 3rd Qtr |
|  | 1 | 2 | 3 | 4 | 5 |
|  | (in millions) |  | (in millions) | (in millions) | (in millions) |
| 20.01 Securities lending (do not include asset held as collateral for such transactions) | $— | —% | $— | $— | $— |
| 20.02 Repurchase agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2591 | 0.7% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3220 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3185 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2589 |
| 20.03 Reverse repurchase agreements | $— | —% | $— | $— | $— |
| 20.04 Dollar repurchase agreements | $— | —% | $— | $— | $— |
| 20.05 Dollar reverse repurchase agreements | $— | —% | $— | $— | $— |

---

21. Amounts and percentages of the reporting entity's total admitted assets for warrants not attached to other financial instruments, options, caps, and floors:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Owned |  | Written | Written |
|  | 1 | | 2 | 3 | 4 |
|  | (in millions) | |  | (in millions) |  |
| 21.01 Hedging | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | —% | $— | —% |
| 21.02 Income generation | $— |  | —% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | —% |
| 21.03 Other | $— |  | —% | $— | —% |

---

22. Amounts and percentages of the reporting entity's total admitted assets of potential exposure (defined as the amount determined in accordance with the NAIC Annual Statement Instructions) for collars, swaps, and forwards:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | At Year End | At Year End | At End of Each Quarter (unaudited) | At End of Each Quarter (unaudited) | At End of Each Quarter (unaudited) |
|  | |  | 1st Qtr | 2nd Qtr | 3rd Qtr |
|  | 1 | 2 | 3 | 4 | 5 |
|  | (in millions) |  | (in millions) | (in millions) | (in millions) |
| 22.01 Hedging | $369 | 0.1% | $356 |  | $382 |
| 22.02 Income generation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | —% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 22.03 Replications | $27 | 0.0% | $21 | $30 | $28 |
| 22.04 Other | $— | —% | $— | $— | $— |

---

23. Amounts and percentages of the reporting entity's total admitted assets of potential exposure (defined as the amount determined in accordance with the NAIC Annual Statement Instructions) for future contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | At Year End | At Year End | At End of Each Quarter (unaudited) | At End of Each Quarter (unaudited) | At End of Each Quarter (unaudited) |
|  | |  | 1st Qtr | 2nd Qtr | 3rd Qtr |
|  | 1 | 2 | 3 | 4 | 5 |
|  | (in millions) |  | (in millions) | (in millions) | (in millions) |
| 23.01 Hedging | $223 | 0.1% | $164 | $171 | $211 |
| 23.02 Income generation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | —% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 23.03 Replications | $— | —% | $— | $— | $— |
| 23.04 Other | $— | —% | $— | $— | $— |

---

------

### The Northwestern Mutual Life Insurance Company

#### Summary Investment Schedule

#### December 31, 2025

#### (in millions)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Investment Categories | Gross Investment <br>Holdings:<br>Amount | Gross Investment <br>Holdings:<br>Percentage of<br>Column 1 Line<br>14 | Admitted Assets <br>as Reported in<br>the Annual<br>Statement:<br>Amount | Admitted Assets <br>as Reported in<br>the Annual<br>Statement:<br>Securities<br>Lending<br>Reinvested<br>Collateral Amount | Admitted Assets <br>as Reported in<br>the Annual<br>Statement: Total<br>(Col. 3 + 4)<br>Amount | Admitted Assets <br>as Reported in<br>the Annual<br>Statement:<br>Percentage of<br>Column 5 Line<br>14 |
| Issuer credit obligations (Schedule D, Part 1, Section 1): U.S. government obligations | $3975 | 1.17% | $3975 | $– $| 3975 | 1.17% |
| Issuer credit obligations (Schedule D, Part 1, Section 1): Other U.S. government obligations |  | — % |  | – |  | — % |
| Issuer credit obligations (Schedule D, Part 1, Section 1): Non-U.S. sovereign jurisdiction securities | 4898 | 1.45% | 4898 | – | 4898 | 1.45% |
| Issuer credit obligations (Schedule D, Part 1, Section 1): Municipal bonds - general obligations (direct & guaranteed) | 1287 | 0.38% | 1287 | – | 1287 | 0.38% |
| Issuer credit obligations (Schedule D, Part 1, Section 1): Municipal bonds - special revenue | 3178 | 0.94% | 3178 | – | 3178 | 0.94% |
| Issuer credit obligations (Schedule D, Part 1, Section 1): Project finance bonds issued by operating entities | 4476 | 1.32% | 4476 | – | 4476 | 1.32% |
| Issuer credit obligations (Schedule D, Part 1, Section 1): Corporate bonds | 125679 | 37.09% | 125679 | – | 125679 | 37.11% |
| Issuer credit obligations (Schedule D, Part 1, Section 1): Mandatory convertible bonds |  | — % |  | – |  | — % |
| Issuer credit obligations (Schedule D, Part 1, Section 1): Single entity backed obligations | 4580 | 1.35% | 4580 | – | 4580 | 1.35% |
| Issuer credit obligations (Schedule D, Part 1, Section 1): SVO-Identified bond exchange traded funds-fair value | 1389 | 0.41% | 1389 | – | 1389 | 0.41% |
| Issuer credit obligations (Schedule D, Part 1, Section 1): SVO-Identified bond exchange traded funds-systematic value |  | — % |  | – |  | — % |
| Issuer credit obligations (Schedule D, Part 1, Section 1): Bonds issued by funds representing operating entities | 8120 | 2.40% | 8120 | – | 8120 | 2.40% |
| Issuer credit obligations (Schedule D, Part 1, Section 1): Bank loans-issued |  | — % |  | – |  | — % |
| Issuer credit obligations (Schedule D, Part 1, Section 1): Bank loans - acquired | 3709 | 1.09% | 3709 | – | 3709 | 1.10% |
| Issuer credit obligations (Schedule D, Part 1, Section 1): Mortgages loans that qualify as SVO-Identified credit tenant loans |  | — % |  | – |  | — % |
| Issuer credit obligations (Schedule D, Part 1, Section 1): Certificates of deposit |  | — % |  | – |  | — % |
| Issuer credit obligations (Schedule D, Part 1, Section 1): Other issuer credit obligations |  | — % |  | – |  | — % |
| Issuer credit obligations (Schedule D, Part 1, Section 1): Total issuer credit obligations | 161290 | 47.60% | 161290 | – | 161290 | 47.63% |
| Asset-backed securities (Schedule D, Part 1, Section 2): Financial asset- backed securities-self-liquidating | 41228 | 12.17% | 41228 | – | 41228 | 12.17% |
| Asset-backed securities (Schedule D, Part 1, Section 2): Financial asset- backed securities-not self-liquidating | 1535 | 0.45% | 1535 | – | 1535 | 0.45% |
| Asset-backed securities (Schedule D, Part 1, Section 2): Non-financial asset- backed securities | 5954 | 1.76% | 5954 | – | 5954 | 1.76% |
| Asset-backed securities (Schedule D, Part 1, Section 2): Total asset-backed securities | 48718 | 14.38% | 48718 | – | 48718 | 14.39% |
| Preferred stocks (Schedule D, Part 2, Section 1): Industrial and miscellaneous (Unaffiliated) | 862 | 0.25% | 862 | – | 862 | 0.25% |
| Preferred stocks (Schedule D, Part 2, Section 1): Parent, subsidiaries and affiliates |  | — % |  | – |  | — % |
| Preferred stocks (Schedule D, Part 2, Section 1): Total preferred stocks | 862 | 0.25% | 862 | – | 862 | 0.25% |
| Common stocks (Schedule D, Part 2, Section 2): Industrial and miscellaneous - publicly traded (unaffiliated) | 1691 | 0.50% | 1691 | – | 1691 | 0.50% |
| Common stocks (Schedule D, Part 2, Section 2): Industrial and miscellaneous - other (unaffiliated) | 384 | 0.11% | 384 | – | 384 | 0.11% |
| Common stocks (Schedule D, Part 2, Section 2): Parent, subsidiaries and affiliates-publicly traded |  | — % |  | – |  | — % |
| Common stocks (Schedule D, Part 2, Section 2): Parent, subsidiaries and affiliates-other | 584 | 0.17% | 584 | – | 584 | 0.17% |
| Common stocks (Schedule D, Part 2, Section 2): Mutual funds |  | — % |  | – |  | — % |
| Common stocks (Schedule D, Part 2, Section 2): Unit investment trusts |  | — % |  | – |  | — % |
| Common stocks (Schedule D, Part 2, Section 2): Closed-end funds |  | — % |  | – |  | — % |
| Common stocks (Schedule D, Part 2, Section 2): Exchange traded funds | 246 | 0.07% | 246 | – | 246 | 0.07% |
| Common stocks (Schedule D, Part 2, Section 2): Total common stocks | 2906 | 0.86% | 2906 | – | 2906 | 0.86% |
| Mortgage loans (Schedule B): Farm mortgages |  | — % |  | – |  | — % |

---

------

### The Northwestern Mutual Life Insurance Company

#### Summary Investment Schedule

#### December 31, 2025

#### (in millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Mortgage loans (Schedule B): Residential mortgages |  | — % |  | — % |
| Mortgage loans (Schedule B): Commercial mortgages | 59309 | 17.50% | 59309 | 17.51% |
| Mortgage loans (Schedule B): Mezzanine real estate loans | 758 | 0.22% | 758 | 0.22% |
| Mortgage loans (Schedule B): Total valuation allowance |  | — % |  | — % |
| Mortgage loans (Schedule B): Total mortgage loans | 60066 | 17.73% | 60066 | 17.74% |
| Real estate (Schedule A): Properties occupied by company | 958 | 0.28% | 958 | 0.28% |
| Real estate (Schedule A): Properties held for production of income | 2005 | 0.59% | 2005 | 0.59% |
| Real estate (Schedule A): Properties held for sale |  | — % |  | — % |
| Real estate (Schedule A): Total real estate | 2963 | 0.87% | 2963 | 0.87% |
| Cash, cash equivalents and short-term investments: Cash (Schedule E, Part 1) | 149 | 0.04% | 149 | 0.04% |
| Cash, cash equivalents and short-term investments: Cash equivalents (Schedule E, Part 2) | 4291 | 1.27% | 4291 | 1.27% |
| Cash, cash equivalents and short-term investments: Short-term investments (Schedule DA) | 649 | 0.19% | 649 | 0.19% |
| Cash, cash equivalents and short-term investments: Total cash, cash equivalents and short-term investments | 5089 | 1.50% | 5089 | 1.50% |
| Contract loans | 21045 | 6.21% | 21044 | 6.21% |
| Derivatives (Schedule DB) | 1157 | 0.34% | 1157 | 0.34% |
| Other invested assets (Schedule BA) | 34596 | 10.21% | 34373 | 10.15% |
| Receivables for securities | 47 | 0.01% | 47 | 0.01% |
| Securities Lending (Schedule DL, Part 1) |  | — % |  | — % |
| Other invested assets (Page 2, Line 11) | 137 | 0.04% | 137 | 0.04% |
| Total invested assets | $338877 | 100.00% | $338653 | 100.00% |

---

------

PART C

OTHER INFORMATION

Item 27. <u>Exhibits</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) NML Variable Annuity Account B

Included in the Statement of Additional Information are:

Statements of Assets and Liabilities as of the end of the most recent fiscal year

Statements of Operations as of the end of the most recent fiscal year

Statements of Changes in Net Assets for each of the two most recent fiscal years

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>The Northwestern Mutual Life Insurance Company</u>

Included in the Statement of Additional Information are:

Consolidated Statement of Financial Position at the end of each of the most recent two fiscal years

Consolidated Statement of Operations for each of the three most recent fiscal years

Consolidated Statement of Changes in Surplus for each of the three most recent fiscal years

Consolidated Statement of Cash Flows for each of the most recent three fiscal years

Notes to Consolidated Statutory Financial Statements

Report of Independent Registered Public Accounting Firm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Exhibits

---

| | | |
|:---|:---|:---|
| **Exhibit** | **Description** | **Filed Herewith/Incorporated Herein By Reference To** |
| (a)(1) | &nbsp;&nbsp;&nbsp; Resolution of the Board of Trustees of The Northwestern <br> Mutual Life Insurance Company amending NML Variable <br> Annuity Account B Operating Authority<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(1)(a) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312506035570/dex99b1a.htm)<br> [<u>No. 69 for NML Variable Annuity Account B, File No.</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312506035570/dex99b1a.htm)<br> [<u>2-29240, filed on February 21, 2006</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312506035570/dex99b1a.htm)<br>|
| (a)(2) | &nbsp;&nbsp;&nbsp; Resolution of the Board of Trustees of The Northwestern <br> Mutual Life Insurance Company creating the Account and <br> resolution of the Executive Committee designating the <br> formations of "NML Variable Annuity Account A" and <br> "NML Variable Annuity Account B"<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit 99(b) to Form N-4 Registration Statement for</u>](https://www.sec.gov/Archives/edgar/data/790162/0000912057-97-007152.txt)<br> [<u>NML Variable Annuity Account A, File No. 333-22455,</u>](https://www.sec.gov/Archives/edgar/data/790162/0000912057-97-007152.txt)<br> [<u>filed on February 27, 1997</u>](https://www.sec.gov/Archives/edgar/data/790162/0000912057-97-007152.txt)<br>|
| (b) | &nbsp;&nbsp;&nbsp; Distribution Agreement Between The Northwestern Life <br> Insurance Company and Northwestern Mutual Investment <br> Services, LLC, dated May 1, 2006<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (c) to Form N-6 Registration Statement for</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312506156079/dex99c.htm)<br> [<u>Northwestern Mutual Variable Life Account II, File No.</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312506156079/dex99c.htm)<br> [<u>333-136124, filed on July 28, 2006</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312506156079/dex99c.htm)<br>|
| (c) | Not applicable |  |
| (d)(1) | &nbsp;&nbsp;&nbsp; Form of Flexible Payment Variable Annuity front-load <br> Contract, RR.V.B.FR.(0805)<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(4)(a) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505171344/dex99b4a.htm)<br> [<u>No. 68 for NML Variable Annuity Account B, File No.</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505171344/dex99b4a.htm)<br> [<u>2-29240, filed on August 19, 2005</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505171344/dex99b4a.htm)<br>|
| (d)(2) | &nbsp;&nbsp;&nbsp; Form of Flexible Payment Variable Annuity back-load <br> Contract, RR.V.B.BK.(0805)<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(4)(b) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505171344/dex99b4b.htm)<br> [<u>No. 68 for NML Variable Annuity Account B, File No.</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505171344/dex99b4b.htm)<br> [<u>2-29240, filed on August 19, 2005</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505171344/dex99b4b.htm)<br>|
| (d)(3) | &nbsp;&nbsp;&nbsp; Form of Flexible Payment Variable Annuity front-load <br> Contract, RR.V.B.FR.(0704) and Amendment of Contract <br> to Qualify as an Annuity for non-tax qualified business <br> &nbsp;&nbsp;&nbsp;&nbsp;(032000) (sex neutral)<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit B(4)(a) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312504073719/dex99b4a.txt)<br> [<u>No. 64 for NML Variable Annuity Account B, File No.</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312504073719/dex99b4a.txt)<br> [<u>2-29240, filed on April 29, 2004</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312504073719/dex99b4a.txt)<br>|
| (d)(4) | &nbsp;&nbsp;&nbsp; Form of Flexible Payment Variable Annuity back-load <br> Contract, RR.V.B.BK.(0704) and Amendment of Contract <br> to Qualify as an Annuity for non-tax qualified business <br> &nbsp;&nbsp;&nbsp;&nbsp;(032000) (sex neutral)<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit B(4)(a)(1) to Form N-4 Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312504073719/dex99b4a1.txt)<br> [<u>Amendment No. 64 for NML Variable Annuity Account</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312504073719/dex99b4a1.txt)<br> [<u>B, File No. 2-29240, filed on April 29, 2004</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312504073719/dex99b4a1.txt)<br>|
| (d)(5) | &nbsp;&nbsp;&nbsp; Variable Annuity front-load and back-load Contract, <br> RR.V.B.FR.(0704) and RR.V.A.B.BK.(0704) Payment <br> Rate Tables (sex distinct)<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit B(4)(b) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312504073719/dex99b4b.txt)<br> [<u>No. 64 for NML Variable Annuity Account B, File No.</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312504073719/dex99b4b.txt)<br> [<u>2-29240, filed on April 29, 2004</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312504073719/dex99b4b.txt)<br>|

---

------

---

| | | |
|:---|:---|:---|
| **Exhibit** | **Description** | **Filed Herewith/Incorporated Herein By Reference To** |
| (d)(6) | &nbsp;&nbsp;&nbsp; Form of Flexible Payment Variable Annuity front-load <br> Contract, RR.V.B.FR.(0803) and Amendment of Contract <br> to Qualify as an Annuity for non-tax qualified business <br> &nbsp;&nbsp;&nbsp;&nbsp;(032000) (sex neutral)<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(4)(a)(1) to Form N-4 Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088452/dex99b4a1.htm)<br> [<u>Amendment No. 66 for NML Variable Annuity Account</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088452/dex99b4a1.htm)<br> [<u>B, File No. 2-29240, filed on April 28, 2005</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088452/dex99b4a1.htm)<br>|
| (d)(7) | &nbsp;&nbsp;&nbsp; Form of Flexible Payment Variable Annuity back-load <br> Contract, RR.V.B.BK.(0803) and Amendment of Contract <br> to Qualify as an Annuity for non-tax qualified business <br> &nbsp;&nbsp;&nbsp;&nbsp;(032000) (sex neutral)<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(4)(b)(1) to Form N-4 Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088452/dex99b4b1.htm)<br> [<u>Amendment No. 66 for NML Variable Annuity Account</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088452/dex99b4b1.htm)<br> [<u>B, File No. 2-29240, filed on April 28, 2005</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088452/dex99b4b1.htm)<br>|
| (d)(8) | &nbsp;&nbsp;&nbsp; Amendment of Annuity Contract to Qualify as Former <br> Pension Annuity for Front and Back Loan Contracts <br> (FORPEN.AMDT.(0103))<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(4)(c)(3) to Form N-4 Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312506062800/dex99b4c3.htm)<br> [<u>Amendment No. 70 for NML Variable Annuity Account</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312506062800/dex99b4c3.htm)<br> [<u>B, File No. 2-29240, filed on March 24, 2006</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312506062800/dex99b4c3.htm)<br>|
| (d)(9) | &nbsp;&nbsp;&nbsp; Variable Annuity front-load and back-load Contract, <br> RR.V.B.FR.(0803) and RR.V.A.B.BK.(0803) Payment <br> Rate Tables (sex distinct)<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(4)(c)(1) to Form N-4 Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088452/dex99b4c1.htm)<br> [<u>Amendment No. 66 for NML Variable Annuity Account</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088452/dex99b4c1.htm)<br> [<u>B, File No. 2-29240, filed on April 28, 2005</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088452/dex99b4c1.htm)<br>|
| (d)(10) | &nbsp;&nbsp;&nbsp; Enhanced Death Benefit Rider for front-load and back-<br> load Contracts, VA.EDB.(0803) <br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(4)(d) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312506083107/dex99b4c.htm)<br> [<u>No. 66 for NML Variable Annuity Account B, File No.</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312506083107/dex99b4c.htm)<br> [<u>2-29240, filed on April 28, 2005</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312506083107/dex99b4c.htm)<br>|
| (d)(11) | &nbsp;&nbsp;&nbsp; Flexible Payment Variable Annuity front-load Contract, <br> RR.V.B. (032000), including Amendment to Qualify as an <br> Annuity for non-tax qualified business (sex neutral)<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit B(4)(a) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/72176/000095012400000278/0000950124-00-000278.txt)<br> [<u>No. 58 for NML Variable Annuity Account B, File No.</u>](https://www.sec.gov/Archives/edgar/data/72176/000095012400000278/0000950124-00-000278.txt)<br> [<u>2-29240, filed on January 27, 2000</u>](https://www.sec.gov/Archives/edgar/data/72176/000095012400000278/0000950124-00-000278.txt)<br>|
| (d)(12) | &nbsp;&nbsp;&nbsp; Flexible Payment Variable Annuity back-load Contract, <br> RR.V.B. (032000), including Amendment to Qualify as an <br> Annuity for non-tax qualified business (sex neutral)<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit B(4)(a)(1) to Form N-4 Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/72176/000095012400000278/0000950124-00-000278.txt)<br> [<u>Amendment No. 58 for NML Variable Annuity Account</u>](https://www.sec.gov/Archives/edgar/data/72176/000095012400000278/0000950124-00-000278.txt)<br> [<u>B, File No. 2-29240, filed on January 27, 2000</u>](https://www.sec.gov/Archives/edgar/data/72176/000095012400000278/0000950124-00-000278.txt)<br>|
| (d)(13) | &nbsp;&nbsp;&nbsp; Variable Annuity front-load and back-load Contract <br> Payment Rate Tables, RR.V.A.B. (032000)<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit B(4)(b) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/72176/000095012400000278/0000950124-00-000278.txt)<br> [<u>No. 58 for NML Variable Annuity Account B, File No.</u>](https://www.sec.gov/Archives/edgar/data/72176/000095012400000278/0000950124-00-000278.txt)<br> [<u>2-29240, filed on January 27, 2000</u>](https://www.sec.gov/Archives/edgar/data/72176/000095012400000278/0000950124-00-000278.txt)<br>|
| (d)(14) | &nbsp;&nbsp;&nbsp; Enhanced Death Benefit for front-load and back-load <br> Contracts, VA.EDB.(032000)<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit B(4)(c) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/72176/000095012400000278/0000950124-00-000278.txt)<br> [<u>No. 58 for NML Variable Annuity Account B, File No.</u>](https://www.sec.gov/Archives/edgar/data/72176/000095012400000278/0000950124-00-000278.txt)<br> [<u>2-29240, filed on January 27, 2000</u>](https://www.sec.gov/Archives/edgar/data/72176/000095012400000278/0000950124-00-000278.txt)<br>|
| (d)(15) | &nbsp;&nbsp;&nbsp; Waiver of Withdrawal Charge Rider for back-load <br> Contract, VA.WWC.(032000)<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(4)(e) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088452/dex99b4e.htm)<br> [<u>No. 66 for NML Variable Annuity Account B, File No.</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088452/dex99b4e.htm)<br> [<u>2-29240, filed on April 28, 2005</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088452/dex99b4e.htm)<br>|
| (d)(16) | &nbsp;&nbsp;&nbsp; Form of Variable Annuity front-load Contract, <br> QQV.ACCT. B (sex neutral). Referenced to Exhibit (b) <br> 4-1 to Form N-4 Post-Effective Amendment No. 49 for <br> NML Variable Annuity Account B, File No. 2-29240, <br> filed on November 24, 1994<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(4)(e)(1) to Form N-4 Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312506062800/dex99b4e1.htm)<br> [<u>Amendment No. 70 for NML Variable Annuity Account</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312506062800/dex99b4e1.htm)<br> [<u>B, File No. 2-29240, filed on March 24, 2006</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312506062800/dex99b4e1.htm)<br>|
| (d)(17) | &nbsp;&nbsp;&nbsp; Form of Variable Annuity back-load Contract, <br> QQV.ACCT. B (sex neutral). Referenced to Exhibit (b) <br> 4-2 to Form N-4 Post-Effective Amendment No. 49 for <br> NML Variable Annuity Account B, File No. 2-29240, <br> filed on November 24, 1994<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(4)(e)(2) to Form N-4 Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312506062800/dex99b4e2.htm)<br> [<u>Amendment No. 70 for NML Variable Annuity Account</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312506062800/dex99b4e2.htm)<br> [<u>B, File No. 2-29240, filed on March 24, 2006</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312506062800/dex99b4e2.htm)<br>|
| (d)(18) | &nbsp;&nbsp;&nbsp; Form of Variable Annuity front-load and back-load <br> Contract Payment Rate Tables, QQV.ACCT.A.B (sex <br> distinct). Referenced to Exhibit (b) 4-3 to Form N-4 Post-<br> Effective Amendment No. 49 for NML Variable Annuity <br> Account B, File No. 2-29240, filed on <br> November 24, 1994<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(4)(e)(3) to Form N-4 Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312506062800/dex99b4e3.htm)<br> [<u>Amendment No. 70 for NML Variable Annuity Account</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312506062800/dex99b4e3.htm)<br> [<u>B, File No. 2-29240, filed on March 24, 2006</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312506062800/dex99b4e3.htm)<br>|
| (d)(19) | &nbsp;&nbsp;&nbsp; Specimen Forms of Deferred and Immediate Variable <br> Annuity Contracts, LL V 1 B and LL V 2 B. Referenced <br> to Exhibit 1 to Form S-6 Post-Effective Amendment No. <br> 26 for NML Variable Annuity Account B, File No. <br> 2-29240 <br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(4)(f) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312506062800/dex99b4f.htm)<br> [<u>No. 70 for NML Variable Annuity Account B, File No.</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312506062800/dex99b4f.htm)<br> [<u>2-29240, filed on March 24, 2006</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312506062800/dex99b4f.htm)<br>|
| (d)(20) | &nbsp;&nbsp;&nbsp; Specimen form of Variable Annuity Contract, JJ V-2A. <br> Referenced to Exhibit 2 to Form S-6 Post-Effective <br> Amendment No. 1 for NML Variable Annuity Account B, <br> File No. 2-29240, filed on February 24, 1970<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(4)(g) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312506062800/dex99b4g.htm)<br> [<u>No. 70 for NML Variable Annuity Account B, File No.</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312506062800/dex99b4g.htm)<br> [<u>2-29240, filed on March 24, 2006</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312506062800/dex99b4g.htm)<br>|
| (d)(21) | &nbsp;&nbsp;&nbsp; Flexible Payment Deferred Variable Annuity – Account B <br> front-load Contract, ICC12.RR.VA.BFR. (0313)<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(4)(h)(1) to Form N-4 Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312514163022/d687345dex99b4h1.htm)<br> [<u>Amendment No. 84 for NML Variable Annuity Account</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312514163022/d687345dex99b4h1.htm)<br> [<u>B, File No. 2-29240, filed on April 28, 2014</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312514163022/d687345dex99b4h1.htm)<br>|

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| | | |
|:---|:---|:---|
| **Exhibit** | **Description** | **Filed Herewith/Incorporated Herein By Reference To** |
| (d)(22) | &nbsp;&nbsp;&nbsp; Flexible Payment Deferred Variable Annuity – Account B <br> back-load Contract, ICC12.RR.VA.BBK. (0313)<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(4)(h)(2) to Form N-4 Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312514163022/d687345dex99b4h2.htm)<br> [<u>Amendment No. 84 for NML Variable Annuity Account</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312514163022/d687345dex99b4h2.htm)<br> [<u>B, File No. 2-29240, filed on April 28, 2014</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312514163022/d687345dex99b4h2.htm)<br>|
| (d)(23) | &nbsp;&nbsp;&nbsp; Enhanced Death Benefit for front-load and back-load <br> Contracts, ICC12.VA.EDB. (0313)<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(4)(h)(3) to Form N-4 Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312514162977/d687342dex99b4h3.htm)<br> [<u>Amendment No. 84 for NML Variable Annuity Account</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312514162977/d687342dex99b4h3.htm)<br> [<u>B, File No. 2-29240, filed on April 28, 2014</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312514162977/d687342dex99b4h3.htm)<br>|
| (e) | &nbsp;&nbsp;&nbsp; Form of Application for front-load and back-load <br> Contracts (0805), with Owner Identity Verification (0104) <br> and Variable Annuity Suitability Supplement (0805)<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(5) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505171344/dex99b5.htm)<br> [<u>No. 68 for NML Variable Annuity Account B, File No.</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505171344/dex99b5.htm)<br> [<u>2-29240, filed on August 19, 2005</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505171344/dex99b5.htm)<br>|
| (f)(1) | &nbsp;&nbsp;&nbsp; Restated Articles of Incorporation of The Northwestern <br> Mutual Life Insurance Company (adopted July 26, 1972)<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit EX-99.B1 to Form N-4 Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/790162/0000950124-95-003703.txt)<br> [<u>Amendment No. 52 for NML Variable Annuity Account</u>](https://www.sec.gov/Archives/edgar/data/790162/0000950124-95-003703.txt)<br> [<u>B, File No. 2-29240, filed on November 13, 1995</u>](https://www.sec.gov/Archives/edgar/data/790162/0000950124-95-003703.txt)<br>|
| (f)(2) | &nbsp;&nbsp;&nbsp; Amended By-Laws of The Northwestern Mutual Life <br> Insurance Company dated December 4, 2002<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit B(6) to Form N-4 Post-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/790162/000095013103001023/dex99b6.txt)<br> [<u>63 for NML Variable Annuity Account B, File No.</u>](https://www.sec.gov/Archives/edgar/data/790162/000095013103001023/dex99b6.txt)<br> [<u>2-29240, filed on February 28, 2003</u>](https://www.sec.gov/Archives/edgar/data/790162/000095013103001023/dex99b6.txt)<br>|
| (g) | Not applicable |  |
| (h)(a)(1) | &nbsp;&nbsp;&nbsp; Participation Agreement dated March 16, 1999 Among <br> Russell Insurance Funds, Russell Fund Distributors, Inc. <br> and The Northwestern Mutual Life Insurance Company<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(8)(a) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088452/dex99b8a.txt)<br> [<u>No. 66 for NML Variable Annuity Account B, File No.</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088452/dex99b8a.txt)<br> [<u>2-29240, filed on April 28, 2005</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088452/dex99b8a.txt)<br>|
| (h)(a)(2) | &nbsp;&nbsp;&nbsp; Amendment No. 1 dated December 17, 2020 to the <br> Participation Agreement dated March 16, 1999 Among <br> Russell Insurance Funds, Russell Fund Distributors, Inc. <br> and The Northwestern Mutual Life Insurance Company<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (h)(a)(2) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312521131837/d103271dex99ha2.htm)<br> [<u>No. 19 for NML Variable Annuity Account A, File No.</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312521131837/d103271dex99ha2.htm)<br> [<u>333-13380, filed on April 26, 2021</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312521131837/d103271dex99ha2.htm)<br>|
| (h)(a)(3) | &nbsp;&nbsp;&nbsp; Amendment No. 2 dated July 24, 2024 to the Participation <br> Agreement dated March 16, 1999 among Russell <br> Investment Funds, and Russell Investments Financial <br> Services, LLC (f/k/a Russell Fund Distributors, Inc.) and <br> The Northwestern Mutual Life Insurance Company<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (h)(a)(3) to Form N-6 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525026807/d919803dex99ha3.htm)<br> [<u>No. 12 for Northwestern Mutual Variable Life Account II,</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525026807/d919803dex99ha3.htm)<br> [<u>File No. 333-230143, filed on February 14, 2025</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525026807/d919803dex99ha3.htm)<br>|
| (h)(b)(1) | &nbsp;&nbsp;&nbsp; Participation Agreement dated May 1, 2003 among <br> Variable Insurance Products Funds, Fidelity Distributors <br> Corporation and The Northwestern Mutual Life Insurance <br> Company<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(8)(b) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088452/dex99b8b.txt)<br> [<u>No. 66 for NML Variable Annuity Account B, File No.</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088452/dex99b8b.txt)<br> [<u>2-29240, filed on April 28, 2005</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088452/dex99b8b.txt)<br>|
| (h)(b)(2) | &nbsp;&nbsp;&nbsp; Amendment No. 1 dated October 18, 2006 to <br> Participation Agreement dated May 1, 2003, by and <br> among The Northwestern Mutual Life Insurance <br> Company, Fidelity Distributors Corporation, and each of <br> Variable Insurance Products Fund, Variable Insurance <br> Products Fund II, and Variable Insurance Products Fund <br> III<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (h)1(b)(2) to Form N-6 Pre-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312506252541/dex99h1b2.htm)<br> [<u>No. 1, for Northwestern Mutual Variable Life Account II,</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312506252541/dex99h1b2.htm)<br> [<u>File No. 333-136124, filed December 13, 2006</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312506252541/dex99h1b2.htm)<br>|
| (h)(b)(3) | &nbsp;&nbsp;&nbsp; Amendment No. 2 dated February 9, 2021 to Participation <br> Agreement dated May 1, 2003, by and among The <br> Northwestern Mutual Life Insurance Company, Fidelity <br> Distributors Corporation, and each of Variable Insurance <br> Products Fund, Variable Insurance Products Fund II, and <br> Variable Insurance Products Fund III<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (h)(b)(3) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312521131837/d103271dex99hb3.htm)<br> [<u>No. 19 for NML Variable Annuity Account A, File No.</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312521131837/d103271dex99hb3.htm)<br> [<u>333-13380, filed on April 26, 2021</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312521131837/d103271dex99hb3.htm)<br>|
| (h)(b)(4) | &nbsp;&nbsp;&nbsp; Amendment No. 2 dated July 24, 2024, to Participation <br> Agreement dated May 1, 2003, by and among The <br> Northwestern Mutual Life Insurance Company, Fidelity <br> Distributors Company LLC (formerly Fidelity <br> Distributors Corporation) and each of Variable Insurance <br> Products Fund, Variable Insurance Products Fund II, and <br> Variable Insurance Products III, and Variable Insurance <br> Products Fund V<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (h)(b)(4) to Form N-6 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525026807/d919803dex99hb4.htm)<br> [<u>No. 12 for Northwestern Mutual Variable Life Account II,</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525026807/d919803dex99hb4.htm)<br> [<u>File No. 333-230143, filed on February 14, 2025</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525026807/d919803dex99hb4.htm)<br>|
| (h)(b)(5) | &nbsp;&nbsp;&nbsp; Amended and Restated Participation Agreement dated <br> May 1, 2025 by and among The Northwestern Mutual <br> Life Insurance Company, Fidelity Distributors Company <br> LLC, and each of Variable Insurance Products Fund, <br> Variable Insurance Products Fund II, Variable Insurance <br> Products Fund III, Variable Insurance Products Fund IV <br> and Variable Insurance Products Fund V<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (h)(b)(5) to Form N-6 Pre-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99hb5.htm)<br> [<u>No. 1 for Northwestern Mutual Variable Life Account II,</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99hb5.htm)<br> [<u>File No. 333-282581, filed on May 1, 2025</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99hb5.htm)<br>|

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| | | |
|:---|:---|:---|
| **Exhibit** | **Description** | **Filed Herewith/Incorporated Herein By Reference To** |
| (h)(b)(6) | &nbsp;&nbsp;&nbsp; Amendment dated May 1, 2025 to the Amended and <br> Restated Participation Agreement dated May 1, 2025 by <br> and among The Northwestern Mutual Life Insurance <br> Company, Fidelity Distributors Company LLC, and each <br> of Variable Insurance Products Fund, Variable Insurance <br> Products Fund II, Variable Insurance Products Fund III, <br> Variable Insurance Products Fund IV and Variable <br> Insurance Products Fund V<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (h)(b)(6) to Form N-6 Pre-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99hb6.htm)<br> [<u>No. 1 for Northwestern Mutual Variable Life Account II,</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99hb6.htm)<br> [<u>File No. 333-282581, filed on May 1, 2025</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99hb6.htm)<br>|
| (h)(c)(1) | &nbsp;&nbsp;&nbsp; Participation Agreement dated April 30, 2007 among <br> Neuberger Berman Advisors Management Trust, <br> Neuberger Berman Management Inc., and The <br> Northwestern Mutual Life Insurance Company<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(8)(c) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312512182460/d309256dex99b8c.htm)<br> [<u>No. 24, for NML Variable Annuity Account A, File No.</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312512182460/d309256dex99b8c.htm)<br> [<u>333-72913, filed on April 25, 2012</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312512182460/d309256dex99b8c.htm)<br>|
| (h)(c)(2) | &nbsp;&nbsp;&nbsp; Amendment to Participation Agreement dated <br> January 4, 2021 among Neuberger Berman Advisers <br> Management Trust, Neuberger Berman BD LLC, and The <br> Northwestern Mutual Life Insurance Company<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (h)(c)(2) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312521131837/d103271dex99hc2.htm)<br> [<u>No. 19 for NML Variable Annuity Account A, File No.</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312521131837/d103271dex99hc2.htm)<br> [<u>333-13380, filed on April 26, 2021</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312521131837/d103271dex99hc2.htm)<br>|
| (h)(c)(3) | &nbsp;&nbsp;&nbsp; Amendment No. 2 dated July 24, 2024, to Participation <br> Agreement dated April 30, 2007, among Neuberger <br> Berman Advisers Management Trust, Neuberger Berman <br> BD LLC (formerly Neuberger Berman Management, <br> Inc.), and The Northwestern Mutual Life Insurance <br> Company<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (h)(c)(3) to Form N-6 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525026807/d919803dex99hc3.htm)<br> [<u>No. 12 for Northwestern Mutual Variable Life Account II,</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525026807/d919803dex99hc3.htm)<br> [<u>File No. 333-230143, filed on February 14, 2025</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525026807/d919803dex99hc3.htm)<br>|
| (h)(d)(1) | &nbsp;&nbsp;&nbsp; Participation Agreement dated September 27, 2013 <br> among Credit Suisse Trust, Credit Suisse Asset <br> Management, LLC, Credit Suisse Securities (USA) LLC, <br> and The Northwestern Mutual Life Insurance Company<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(8)(d) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312513386542/d597039dex99b8d.htm)<br> [<u>No. 27 for NML Variable Annuity Account A, File No.</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312513386542/d597039dex99b8d.htm)<br> [<u>333-72913, filed on October 1, 2013</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312513386542/d597039dex99b8d.htm)<br>|
| (h)(d)(2) | &nbsp;&nbsp;&nbsp; Amendment to Participation Agreement dated <br> January 4, 2021 among Credit Suisse Trust, Credit Suisse <br> Asset Management, LLC, Credit Suisse Securities (USA) <br> LLC, and The Northwestern Mutual Life Insurance <br> Company<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (h)(d)(2) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312521131837/d103271dex99hd2.htm)<br> [<u>No. 19 for NML Variable Annuity Account A, File No.</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312521131837/d103271dex99hd2.htm)<br> [<u>333-13380, filed on April 26, 2021</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312521131837/d103271dex99hd2.htm)<br>|
| (h)(d)(3) | &nbsp;&nbsp;&nbsp; Assignment and Assumption Agreement dated <br> April 24, 2024 among Credit Suisse Securities (USA) <br> LLC, and UBS Asset Management (US) Inc.<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (h)(d)(3) to Form N-6 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525026807/d919803dex99hd3.htm)<br> [<u>No. 12 for Northwestern Mutual Variable Life Account II,</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525026807/d919803dex99hd3.htm)<br> [<u>File No.333-230143, filed on February 14, 2025</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525026807/d919803dex99hd3.htm)<br>|
| (h)(d)(4) | &nbsp;&nbsp;&nbsp; Amendment No. 2 dated July 24, 2024, to Participation <br> Agreement dated September 27, 2013, among Credit <br> Suisse Trust, UBS Asset Management (Americas) LLC <br> (formerly Credit Suisse Asset Management, LLC), and <br> UBS Asset Management (US) Inc. (formerly Credit <br> Suisse Securities (USA) LLC), and The Northwestern <br> Mutual Life Insurance Company<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (h)(d)(4) to Form N-6 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525026807/d919803dex99hd4.htm)<br> [<u>No. 12 for Northwestern Mutual Variable Life Account II,</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525026807/d919803dex99hd4.htm)<br> [<u>File No.333-230143, filed on February 14, 2025</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525026807/d919803dex99hd4.htm)<br>|
| (h)(d)(5) | &nbsp;&nbsp;&nbsp; Assignment and Assumption Agreement and Amendment <br> dated March 13, 2026 among The Northwestern Mutual <br> Life Insurance Company, Cantor Fitzgerald Variable <br> Insurance Trust (formerly, "Credit Suisse Trust"), UBS <br> Asset Management (Americas) LLC, O'Connor <br> Alternative Investments, LLC, UBS Asset Management <br> &nbsp;&nbsp;&nbsp;&nbsp;(US) Inc., and Ultimus Fund Distributors LLC<br>| [<u>Filed herewith</u>](d40603dex99hd5.htm) |
| (h)(e) | &nbsp;&nbsp;&nbsp; Fund Participation and Service Agreement dated <br> May 1, 2025 among The Northwestern Mutual Life <br> Insurance Company, Capital Client Group, Inc., American <br> Funds Insurance Series, American Funds Service <br> Company and Capital Research and Management <br> Company<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (h)(e) to Form N-6 Pre-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99he.htm)<br> [<u>1 for Northwestern Mutual Variable Life Account II, File</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99he.htm)<br> [<u>No. 333-282581, filed on May 1, 2025</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99he.htm)<br>|
| (h)(f) | &nbsp;&nbsp;&nbsp; Fund Participation Agreement dated May 1, 2025 by and <br> among The Northwestern Mutual Life Company, <br> BlackRock Investments, LLC, and each of BlackRock <br> Variable Series Funds, Inc. and BlackRock Variable Series <br> Funds II, Inc.<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (h)(f) to Form N-6 Pre-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99hf.htm)<br> [<u>1 for Northwestern Mutual Variable Life Account II, File</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99hf.htm)<br> [<u>No. 333-282581, filed on May 1, 2025</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99hf.htm)<br>|

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| | | |
|:---|:---|:---|
| **Exhibit** | **Description** | **Filed Herewith/Incorporated Herein By Reference To** |
| (h)(g) | &nbsp;&nbsp;&nbsp; Fund Participation Agreement dated May 1, 2025 by and <br> among The Northwestern Mutual Life Company, <br> Columbia Funds Variable Insurance Trust, Columbia <br> Funds Variable Series Trust II, Columbia Management <br> Investment Advisers, LLC and Columbia Management <br> Investment Distributors, Inc.<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (h)(g) to Form N-6 Pre-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99hg.htm)<br> [<u>1 for Northwestern Mutual Variable Life Account II, File</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99hg.htm)<br> [<u>No. 333-282581, filed on May 1, 2025</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99hg.htm)<br>|
| (h)(h) | &nbsp;&nbsp;&nbsp; Participation Agreement dated May 1, 2025 among The <br> Northwestern Mutual Life Insurance Company, <br> Northwestern Mutual Investment Services, LLC, John <br> Hancock Variable Insurance Trust and John Hancock <br> Distributors, LLC<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (h)(h) to Form N-6 Pre-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99hh.htm)<br> [<u>1 for Northwestern Mutual Variable Life Account II, File</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99hh.htm)<br> [<u>No. 333-282581, filed on May 1, 2025</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99hh.htm)<br>|
| (i)(a) | &nbsp;&nbsp;&nbsp; Administrative Service Fee Agreement dated <br> February 28, 1999 between The Northwestern Mutual <br> Life Insurance Company and Frank Russell Company<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(8)(c) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088452/dex99b8c.txt)<br> [<u>No. 66 for NML Variable Annuity Account B, File No.</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088452/dex99b8c.txt)<br> [<u>2-29240, filed on April 28, 2005</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088452/dex99b8c.txt)<br>|
| (i)(b)(1) | &nbsp;&nbsp;&nbsp; Service Agreement dated May 1, 2003 between Fidelity <br> Investments Institutional Operations Company, Inc. and <br> The Northwestern Mutual Life Insurance Company<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(8)(c)(2) to Form N-4 Pre-Effective</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312506165588/dex99b8c2.htm)<br> [<u>Amendment No. 1 for NML Variable Annuity Account A,</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312506165588/dex99b8c2.htm)<br> [<u>File No. 333-133380, filed on August 8, 2006</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312506165588/dex99b8c2.htm)<br>|
| (i)(b)(2) | &nbsp;&nbsp;&nbsp; Amendment dated August 1, 2004 to the Service <br> Agreement dated May 1, 2003 between Fidelity <br> Investments Institutional Operations Company, Inc. and <br> The Northwestern Mutual Life Insurance Company<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(8)(c)(3) to Form N-4 Pre-Effective</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312506165588/dex99b8c3.htm)<br> [<u>Amendment No. 1 for NML Variable Annuity Account A,</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312506165588/dex99b8c3.htm)<br> [<u>File No. 333-133380, filed on August 8, 2006</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312506165588/dex99b8c3.htm)<br>|
| (i)(b)(3) | &nbsp;&nbsp;&nbsp; Amended and Restated Service Agreement dated <br> May 1, 2025 between The Northwestern Mutual Life <br> Insurance Company and Fidelity Investments Institutional <br> Operations Company LLC<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (i)(b)(3) to Form N-6 Pre-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99ib3.htm)<br> [<u>No. 1 for Northwestern Mutual Variable Life Account II,</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99ib3.htm)<br> [<u>File No. 333-282581, filed on May 1, 2025</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99ib3.htm)<br>|
| (i)(c) | &nbsp;&nbsp;&nbsp; Administrative Services Agreement dated <br> October 1, 2013 between Credit Suisse Securities (USA) <br> LLC and The Northwestern Mutual Life Company<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (h)(h)(1) to Form N-6 Pre-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312519235022/d775662dex99hh1.htm)<br> [<u>No. 1, File No. 333-230143, filed August 30, 2019</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312519235022/d775662dex99hh1.htm)<br>|
| (i)(d) | &nbsp;&nbsp;&nbsp; Administrative Services Agreement dated May 1, 2025 <br> between The Northwestern Mutual Life Insurance <br> Company and BlackRock Advisors, LLC<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (i)(d) to Form N-6 Pre-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99id.htm)<br> [<u>1 for Northwestern Mutual Variable Life Account II, File</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99id.htm)<br> [<u>No. 333-282581, filed on May 1, 2025</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99id.htm)<br>|
| (i)(e) | &nbsp;&nbsp;&nbsp; Variable Portfolio Administrative Services Agreement <br> dated May 1, 2025 between The Northwestern Mutual <br> Life Insurance Company and Columbia Management <br> Investment Services Corp.<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (i)(e) to Form N-6 Pre-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99ie.htm)<br> [<u>1 for Northwestern Mutual Variable Life Account II, File</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99ie.htm)<br> [<u>No. 333-282581, filed on May 1, 2025</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99ie.htm)<br>|
| (i)(f) | &nbsp;&nbsp;&nbsp; Administrative Services Agreement dated May 1, 2025 <br> between The Northwestern Mutual Life Insurance <br> Company and John Hancock Variable Trust Advisers LLC<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (i)(f) to Form N-6 Pre-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99if.htm)<br> [<u>1 for Northwestern Mutual Variable Life Account II, File</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99if.htm)<br> [<u>No. 333-282581, filed on May 1, 2025</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99if.htm)<br>|
| (i)(g) | Form of Administrative Services Agreement  | &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(8)(f) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312506165588/dex99b8c3.htm)<br> [<u>No. 17 for NML Variable Annuity Account A, File No.</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312506165588/dex99b8c3.htm)<br> [<u>333-72913, filed on April 20, 2007</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312506165588/dex99b8c3.htm)<br>|
| (i)(h) | Form of Shareholder Information Agreement  | &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(8)(g) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312506165588/dex99b8c3.htm)<br> [<u>No. 17 for NML Variable Annuity Account A, File No.</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312506165588/dex99b8c3.htm)<br> [<u>333-72913, filed on April 20, 2007</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312506165588/dex99b8c3.htm)<br>|
| (j)(1) | NMIS/NM Annuity Operations Admin Agreement | &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(8)(i) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312508086933/dex99b8i.htm)<br> [<u>No. 19 for NML Variable Annuity Account A, File No.</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312508086933/dex99b8i.htm)<br> [<u>333-72913, filed on April 22, 2008</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312508086933/dex99b8i.htm)<br>|
| (j)(2) | &nbsp;&nbsp;&nbsp; Rule 22c-2 Agreement dated April 9, 2025 among The <br> Northwestern Mutual Life Insurance Company, American <br> Funds Insurance Series and American Funds Service <br> Company<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (j)(4) to Form N-6 Pre-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99ji.htm)<br> [<u>1 for Northwestern Mutual Variable Life Account II, File</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99ji.htm)<br> [<u>No. 333-282581, filed on May 1, 2025</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99ji.htm)<br>|
| (j)(3) | &nbsp;&nbsp;&nbsp; Business Agreement dated May 1, 2025 by and among <br> The Northwestern Mutual Life Insurance Company, <br> Northwestern Mutual Investment Services, LLC, Client <br> Capital Group, Inc. and Capital Research and <br> Management Company<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (j)(4) to Form N-6 Pre-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99jj.htm)<br> [<u>1 for Northwestern Mutual Variable Life Account II, File</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99jj.htm)<br> [<u>No. 333-282581, filed on May 1, 2025</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525110066/d860905dex99jj.htm)<br>|
| (k) | Opinion and Consent of Counsel | [<u>Filed herewith</u>](d40603dex99k.htm) |
| (l) | Consent of PricewaterhouseCoopers LLP  | [<u>Filed herewith</u>](d40603dex99l.htm) |
| (m) | Not applicable |  |
| (n) | Not applicable |  |

---

------

---

| | | |
|:---|:---|:---|
| **Exhibit** | **Description** | **Filed Herewith/Incorporated Herein By Reference To** |
| (o) | Form of Initial Summary Prospectus (ISP) | [<u>Filed herewith</u>](d40603dex99o.htm) |
| (p) | Power of Attorney | &nbsp;&nbsp;&nbsp; [<u>Exhibit (j)(g) to Form N-6 Post-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312526049943/d13451dex99jg.htm)<br> [<u>15 for Northwestern Mutual Variable Life Account II, File</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312526049943/d13451dex99jg.htm)<br> [<u>No. 333-230143, filed on February 13, 2026</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312526049943/d13451dex99jg.htm)<br>|
| (q) | Not applicable |  |
| (r) | Not applicable |  |
| 101.INS <br> XBRL<br>| Insurance Document |  |
| 101.SCH <br> XBRL<br>| Taxonomy Extension Schema Document |  |
| 101.CAL <br> XBRL<br>| Taxonomy Extension Calculation Linkbase Document |  |
| 101.DEF <br> XBRL<br>| Taxonomy Extension Definition Linkbase Document |  |
| 101.LAB <br> XBRL<br>| Taxonomy Extension Label Linkbase Document |  |
| 101.PRE <br> XBRL<br>| Taxonomy Extension Presentation Linkbase Document  |  |

---

Item 28. <u>Directors and Officers of the Insurance Company</u>

The following lists include all of the Trustees, executive officers and other officers of The Northwestern Mutual Life Insurance Company, without regard to their activities relating to variable annuity contracts or their authority to act or their status as "officers" as that term is used for certain purposes of the federal securities laws and rules thereunder.

**TRUSTEES – As of April 1, 2026** 

---

| | |
|:---|:---|
| **Name** | **Address** |
| **Anne F. Ackerley** | &nbsp;&nbsp; Retired Managing Director - BlackRock (Retirement Group) <br> BlackRock<br> 225 W. 86<sup>th</sup> Street, Apt. #1005<br> New York, NY 10024<br>|
| **Teresa M. Bitetti** | &nbsp;&nbsp; President, Global Oncology Business Unit<br> Takeda Pharmaceuticals International, Inc.<br> 40 Lansdowne Street, 7<sup>th</sup> Floor<br> Cambridge, MA 02139<br>|
| **Nicholas E. Brathwaite** | &nbsp;&nbsp; Founding Managing Partner<br> Celesta Capital<br> 1850 Gateway Drive, Suite 450<br> San Mateo, CA 94404<br>|
| **Andrew T. Feldstein** | &nbsp;&nbsp; Retired CEO & CIO<br> BlueMountain Capital Management<br> (n/k/a Assured Investment Management)<br> 20 Tompkins Road<br> Scarsdale, NY 10583<br>|
| **Timothy J. Gerend** | &nbsp;&nbsp; Chairman, President & Chief Executive Officer <br> Northwestern Mutual<br> 720 E. Wisconsin Avenue<br> Milwaukee, WI 53202<br>|
| **Andrew J. Harmening** | &nbsp;&nbsp; President and Chief Executive Officer<br> Associated Bank<br> Associated Bank River Center<br> 111 E. Kilbourn Ave, 2<sup>nd</sup> Floor, Suite 200<br> Milwaukee, WI 53202<br>|

---

------

---

| | |
|:---|:---|
| **Name** | **Address** |
| **David P. Hollander** | &nbsp;&nbsp; Retired Principal, Global Insurance Sector Leader<br> Ernst & Young, LLP<br> 180 Golf House Road<br> Haverford, PA 19041<br>|
| **Randolph W. Melville** | &nbsp;&nbsp; Retired Senior Vice President<br> Frito-Lay North America<br> 7901 Windrose Avenue, Unit 604<br> Plano, TX 75024<br>|
| **Jaime Montemayor** | &nbsp;&nbsp; Chief Digital, Technology and Transformation Officer<br> General Mills<br> One General Mills Boulevard<br> Minneapolis, MN 55426<br>|
| **Timothy H. Murphy** | &nbsp;&nbsp; Vice Chair<br> Mastercard, Inc.<br> 2000 Purchase Street<br> Purchase, NY 10577<br>|
| **Andrew N. Nunemaker** | &nbsp;&nbsp; Chief Executive Officer<br> Groupware Technologies<br> 10437 W. Innovation Drive, Suite 306<br> Wauwatosa, WI 53226<br>|
| **Anne M. Paradis** | &nbsp;&nbsp; Retired Chief Executive Officer<br> MicroTek, Inc.<br> 69A Howland Street<br> Provincetown, MA 02657<br>|
| **Sandra R. Rogers** | &nbsp;&nbsp; Retired Vice President – Supply Chain<br> Hillrom<br> 12363 E. Black Rock Road<br> Scottsdale, AZ 85255<br>|
| **Aarti S. Shah** | &nbsp;&nbsp; Retired Senior Vice President, Chief Information and Digital <br> Officer<br> Eli Lilly<br> 13360 Sioux Trail<br> Carmel, IN 46033<br>|
| **Juan C. Zarate** | &nbsp;&nbsp; Global Co-Managing Partner & Chief Strategy Officer<br> K2 Integrity<br> 1050 Connecticut Avenue NW, Suite 680<br> Washington, DC 20036<br>|

---

**EXECUTIVE OFFICERS – As of April 1, 2026** 

---

| | |
|:---|:---|
| **Timothy J. Gerend** | Chairman, President & Chief Executive Officer |
| **John E. Bentley** | Executive Vice President & Chief Investment Officer |
| **Kelly I. Culler** | Executive Vice President & Chief People Officer |
| **Todd M. Jones** | Executive Vice President & Chief Financial Officer  |
| **Raymond J. Manista** | Executive Vice President, Chief Legal & Public Affairs Officer |
| **John C. Roberts** | Executive Vice President & Chief Field Officer |
| **Bethany M. Rodenhuis** | &nbsp;&nbsp; Executive Vice President & Chief Operating Officer and <br> Business Architect<br>|
| **Jeffrey D. Sippel** | Executive Vice President & Chief Strategy Officer |
| **Kamilah D. Williams-Kemp** | Executive Vice President & Chief Product Officer |

---

The business address for all of the executive officers and other officers is 720 East Wisconsin Avenue, Milwaukee, Wisconsin 53202.

------

Item 29. <u>Persons Controlled By or Under Common Control with the Insurance Company or the Registered Separate Account</u>

The subsidiaries of The Northwestern Mutual Life Insurance Company ("Northwestern Mutual"), as of December 31, 2025 are set forth on the following pages. In addition to these subsidiaries, the following separate investment accounts (which include the Registered Separate Account) may be deemed to be either controlled by, or under common control with, Northwestern Mutual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. NML Variable Annuity Account A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. NML Variable Annuity Account B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. NML Variable Annuity Account C

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Northwestern Mutual Variable Life Account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Northwestern Mutual Variable Life Account II

**<u>NORTHWESTERN MUTUAL CORPORATE STRUCTURE</u>**<sup>(1)</sup>

**(as of December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| **Legal Entity Name** | &nbsp;&nbsp; **Domestic** <br> **Jurisdiction**<br>| **Owner(s)** | **Owner %** |
| Operating Subsidiaries |  |  |  |
| Mason Street Advisors LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Northwestern Long Term Care Insurance Company<sup>(2)</sup> <br>| Wisconsin | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| &nbsp;&nbsp; Northwestern Mutual Investment Management Company <br> LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Northwestern Mutual Investment Services LLC<sup>(2)</sup> <br>| Wisconsin | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Northwestern Mutual Wealth Management Company<sup>(2)</sup> <br>| Wisconsin | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| All Other Subsidiaries |  |  |  |
| 1838938 Alberta Ltd<sup>(2)</sup> <br>| Canada | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| 200 12th Street LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| 720 East LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; Northwestern Mutual <br> Investment Management <br> Company LLC<br>| 100.00 |
| 777 North Van Buren Apartments LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| 777 North Van Buren Parking LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| 777 North Van Buren Retail LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| AC 2020 NMTC Investor LLC<sup>(2)</sup> <br>| Louisiana | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 99.00 |
| Aliyah Apartment Owner LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 90.00 |
| Amber LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| Baraboo Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| Bayridge LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Legal Entity Name** | &nbsp;&nbsp; **Domestic** <br> **Jurisdiction**<br>| **Owner(s)** | **Owner %** |
| BCC Cancer Center Venture LP<sup>(2)</sup>  | Delaware | NM Cancer Center GP LLC | 0.01 |
| BCC Cancer Center Venture LP<sup>(2)</sup>  | Delaware | NM Imperial LLC | 83.99 |
| BCC Cancer Center Venture LP<sup>(2)</sup>  | Delaware | RE Corp | 16.00 |
| Bell Road Venture Partners LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 90.00 |
| Bishop Square LLC<sup>(2)</sup> <br>| Delaware | NM BSA LLC | 100.00 |
| Brandywine Distribution LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Burgundy LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| C - Land Fund LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| Capitol View Joint Venture<sup>(2)</sup> <br>| Tennessee | C-Land Fund LLC | 85.00 |
| Capitol View JV-D<sup>(2)</sup> <br>| Tennessee | C-Land Fund LLC | 80.00 |
| Capitol View JV-E<sup>(2)</sup> <br>| Tennessee | C-Land Fund LLC | 70.00 |
| Cedarstone LLC<sup>(2)</sup> <br>| Delaware | Baraboo Inc | 100.00 |
| Chateau LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| Coral Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| Cortona Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| Cream City Venture Capital LLC<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 99.00 |
| Cream City Venture Capital LLC<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; NML Development <br> Corporation<br>| 1.00 |
| Crosland Greens LLC<sup>(2)</sup> <br>| &nbsp;&nbsp; North <br> Carolina<br>| C-Land Fund LLC | 85.00 |
| Crown Farm Partners LLC<sup>(2)</sup>  | Maryland | NM Imperial LLC | 99.00 |
| Crown Farm Partners LLC<sup>(2)</sup>  | Maryland | RE Corp | 1.00 |
| Dortmund LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| Ellington Residential LLC<sup>(2)</sup> <br>| Maryland | Crown Farm Partners, LLC | 100.00 |
| Fairfield Potomac Club LLC<sup>(2)</sup>  | Delaware | NM Imperial LLC | 99.00 |
| Fairfield Potomac Club LLC<sup>(2)</sup>  | Delaware | RE Corp | 1.00 |
| FC JCAF VI NM GP LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100.00 |
| FES LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| Fifth and Lavaca Republic Square Limited Partnership<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 94.05 |
| Fifth and Lavaca Republic Square Limited Partnership<sup>(2)</sup>  | Delaware | NM Twin Creeks GP LLC | 0.95 |
| GRO-SUB LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Hazel Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| Higgins Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| High Street Station Square Pittsburgh I LLC<sup>(2)</sup>  | Delaware | NM Imperial LLC | 89.00 |
| High Street Station Square Pittsburgh I LLC<sup>(2)</sup>  | Delaware | NM High Street 1 LLC | 11.00 |
| Hobby Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Legal Entity Name** | &nbsp;&nbsp; **Domestic** <br> **Jurisdiction**<br>| **Owner(s)** | **Owner %** |
| Hollenberg 1 Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| Iron Key Insurance Services LLC<sup>(2)</sup> <br>| Delaware | Lake Emily Holdings LLC | 100.00 |
| Lake Emily Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Lakelands Associates LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 85.00 |
| Logan Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| Los Alamitos Corporate Center Joint Venture LLC<sup>(2)</sup>  | California | NM Imperial LLC | 99.00 |
| Los Alamitos Corporate Center Joint Venture LLC<sup>(2)</sup>  | California | RE Corp | 1.00 |
| Maroon Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| Mason & Marshall Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| MCC Castro Station LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 98.50 |
| Model Portfolios LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| Network Office Cashiership LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NM Career Distribution <br> Holdings LLC<br>| 100.00 |
| Nicolet Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| NM BSA LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| NM Cancer Center GP LLC<sup>(2)</sup> <br>| Delaware | NM Imperial LLC | 100.00 |
| NM Career Distribution Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NM CLO Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| NM DFW Lewisville LLC<sup>(2)</sup> <br>| Delaware | NM Majestic Holdings LLC | 100.00 |
| NM Eagle I LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| NM Finance Partners LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| NM Gen LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| NM GP Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NM Green LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| NM High Street 1 LLC<sup>(2)</sup>  | Delaware | NM Imperial LLC | 89.00 |
| NM High Street 1 LLC<sup>(2)</sup>  | Delaware | NM High Street 2 LLC | 11.00 |
| NM High Street 2 LLC<sup>(2)</sup> <br>| Delaware | NM Imperial LLC | 100.00 |
| NM Imperial LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| NM Investment Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| NM Lion LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Legal Entity Name** | &nbsp;&nbsp; **Domestic** <br> **Jurisdiction**<br>| **Owner(s)** | **Owner %** |
| NM Majestic Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| NM Neptune LLC<sup>(2)</sup> <br>| Delaware | NM Regal LLC | 100.00 |
| NM Network Office 135 Insurance Agency LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NM Career Distribution <br> Holdings LLC<br>| 100.00 |
| NM Pebble Valley LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NM Pioneer LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NM QOZ Fund II LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; QOZ Holding Company <br> LLC<br>| 100.00 |
| NM QOZ Fund III LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; QOZ Holding Company <br> LLC<br>| 100.00 |
| NM QOZ Fund IV LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; QOZ Holding Company <br> LLC<br>| 100.00 |
| NM QOZ Fund LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; QOZ Holding Company <br> LLC<br>| 100.00 |
| NM Raven LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NM Strategic Asset Holdings <br> LLC<br>| 100.00 |
| NM RE Funds LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| NM Regal LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| NM Royal LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NM Strategic Asset Holdings <br> LLC<br>| 100.00 |
| NM Strategic Asset Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NM TES LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NM Twin Creeks GP LLC<sup>(2)</sup> <br>| Delaware | NM Imperial LLC | 100.00 |
| NM Van Buren LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| NM VI Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NM-808 West LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NMC JCAF VI CARRY LP<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; Northwestern Mutual <br> Investment Management <br> Company LLC<br>| 35.71 |
| NMC V GP LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100.00 |
| NMC VI GP LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100.00 |
| NM-Hemlock LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NM-Jasper LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NML Development Corporation<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| NML Real Estate Holdings LLC<sup>(2)</sup> <br>| Wisconsin | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NML Securities Holdings LLC<sup>(2)</sup> <br>| Wisconsin | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Legal Entity Name** | &nbsp;&nbsp; **Domestic** <br> **Jurisdiction**<br>| **Owner(s)** | **Owner %** |
| NMLSP1 LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| NM-MNO LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NM Career Distribution <br> Holdings LLC<br>| 100.00 |
| NMPE I GP LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100.00 |
| NMPE II GP LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100.00 |
| NMPE III GP LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100.00 |
| NMPE IV GP LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100.00 |
| NMPE V GP LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100.00 |
| NM-Port Royale LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NM-RESA LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NMRM Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| NM-SAS LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NM-Target Distribution Center 1 LLC<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; NM-Target.com Distribution <br> Center LLC<br>| 89.00 |
| NM-Target Distribution Center 1 LLC<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; NM-Target Distribution <br> Center -2 LLC<br>| 11.00 |
| NM-Target Distribution Center 2 LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NM-Target.com Distribution <br> Center LLC<br>| 100.00 |
| NM-Target Distribution Center Property Owner LLC<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; NM-Target.com Distribution <br> Center LLC<br>| 89.00 |
| NM-Target Distribution Center Property Owner LLC<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; NM-Target Distribution <br> Center -1 LLC<br>| 11.00 |
| NM-Target.com Distribution Center LLC<sup>(2)</sup> <br>| Delaware | NM Imperial LLC | 100.00 |
| Northwestern Mutual Capital Equity Fund VII LP<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 13.38 |
| Northwestern Mutual Capital Equity Fund VII-A LP<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 39.00 |
| Northwestern Mutual Capital Equity GP VII LP<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 50.00 |
| Northwestern Mutual Capital GP III LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100.00 |
| Northwestern Mutual Capital GP IV LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100.00 |
| Northwestern Mutual MU TLD Registry LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Northwestern Mutual Registry LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Northwestern Mutual Series Fund, Inc<sup>(3)</sup> <br>| Maryland | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NP Keystone Building 1 LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 82.75 |
| NP Keystone Building 20 LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 91.00 |
| NP Keystone Building 3 LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 84.00 |
| NP Keystone Building 5 LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 93.50 |
| Osprey Links Golf Course LLC<sup>(2)</sup> <br>| Delaware | Osprey Links LLC | 100.00 |

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------

---

| | | | |
|:---|:---|:---|:---|
| **Legal Entity Name** | &nbsp;&nbsp; **Domestic** <br> **Jurisdiction**<br>| **Owner(s)** | **Owner %** |
| Osprey Links LLC<sup>(2)</sup>  | Delaware | NM Imperial LLC | 99.00 |
| Osprey Links LLC<sup>(2)</sup>  | Delaware | RE Corp | 1.00 |
| Plantation Oaks MHC-NM LLC<sup>(2)</sup> <br>| Delaware | NM Imperial LLC | 100.00 |
| Pompano Property Partners LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 90.00 |
| QOZ Holding Company LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| RE Corp<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| Realen Valley Forge Greenes Associates<sup>(2)</sup> <br>| Pennsylvania | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 95.93 |
| Russet Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| Scaleybark Phase I LLC<sup>(2)</sup> <br>| Delaware | C-Land Fund LLC | 85.00 |
| Seattle Network Office LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NM Career Distribution <br> Holdings LLC<br>| 100.00 |
| Seazen GP LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Seazen Rocky Point LP<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 99.90 |
| Seazen Rocky Point LP<sup>(2)</sup>  | Delaware | Seazen GP LLC | 0.10 |
| Tampa Mariner Street Apts LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 90.00 |
| Tupelo Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| Two Con Holdings LLC<sup>(2)</sup> <br>| Delaware | Bishop Square LLC | 100.00 |
| Two Con LLC<sup>(2)</sup> <br>| Delaware | Two Con Holdings LLC | 100.00 |
| Two Con SPE LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| Variable Innovation LLC<sup>(2)</sup> <br>| Delaware | NM VI Holdings LLC | 100.00 |
| Ventura Lakes MHC-NM LLC<sup>(2)</sup> <br>| Delaware | NM Imperial LLC | 100.00 |
| Vienna Metro Joint Venture LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 85.00 |
| Walden OC LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| Waterside Lanier Venture Partners LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 91.00 |
| Wells Street LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Westpark Corporate Center LLC<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 44.50 |
| Westpark Corporate Center LLC<sup>(2)</sup>  | Delaware | NM GP Holdings LLC | 44.50 |
| White Oaks Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| Wysh Financial LLC<sup>(2)</sup> <br>| Delaware | Wysh Holdings LLC | 100.00 |
| Wysh Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Wysh Life and Health Insurance Company<sup>(2)</sup> <br>| Wisconsin | Wysh Holdings LLC | 100.00 |
| Wysh LLC<sup>(2)</sup> <br>| New York | Wysh Holdings LLC | 100.00 |

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

(1) Certain subsidiaries are omitted on the basis that, considered in the aggregate at year end 2025, they did not constitute a significant subsidiary as defined by Regulation S-X. Certain investment partnerships and limited liability companies that hold real estate assets of The Northwestern Mutual Life Insurance Company are not represented.

(2) Subsidiary included in the consolidated financial statements.

(3) Northwestern Mutual Series Fund, Inc. consists of 30 series of capital stock, each a separate investment portfolio (the "Portfolios"). The Portfolios consist of: Active/Passive Conservative Portfolio, Active/Passive Balanced Portfolio, Active/Passive Moderate Portfolio, Active/Passive Aggressive Portfolio, Active/Passive Very Aggressive Portfolio, Domestic Equity Portfolio, Emerging Markets Portfolio, Equity Income Portfolio, Focused Appreciation Portfolio, Government Money Market Portfolio, Growth Stock Portfolio, High Yield Bond Portfolio, Index 400 Stock Portfolio, Index 500 Stock Portfolio, Index 600 Stock Portfolio, Inflation Managed Portfolio, International Equity Portfolio, International Growth Portfolio, Large Cap Blend Portfolio, Large Cap Core Stock Portfolio, Large Company Value Portfolio, Long-Term U.S. Government Bond Portfolio, Mid Cap Growth Stock Portfolio, Mid Cap Value Portfolio, Multi-Sector Bond Portfolio, Research International Core Portfolio, Select Bond Portfolio, Short-Term Bond Portfolio, Small Cap Growth Stock Portfolio, and Small Cap Value Portfolio.

Item 30. <u>Indemnification</u>

(a) That portion of the By-laws of the Insurance Company, Northwestern Mutual, relating to indemnification of Trustees and officers is set forth in full in Article VII of the By-laws of Northwestern Mutual, amended by resolution and previously filed as Exhibit A(6)(b) to the registration statement of Northwestern Mutual Variable Life Account (File No. 333-59103) on July 15, 1998.

(b) Section 10 of the Distribution Agreement dated May 1, 2006 between Northwestern Mutual and Northwestern Mutual Investment Services, LLC ("NMIS") provides substantially as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Indemnification by Company.** The Company agrees to indemnify, defend and hold harmless NMIS, its successors and assigns, and their respective officers, directors, and employees (together referred to as "NMIS Related Persons"), from any and all joint or several losses, claims, damages or liabilities (including any reasonable investigative, legal and other expenses incurred in connection with, and any amounts paid in settlement of, any action, suit or proceeding or any claim asserted), to which NMIS and/or any NMIS Related Persons may become subject, under any law, regulation or NASD rule, at common law or otherwise, that arises out of or are based upon (i) any breach of this Agreement by the Company and (ii) any untrue statement of or omission to state a material fact (except for information supplied by or on behalf of NMIS or for which NMIS is responsible) contained in any Registration Statement, Contract prospectus, SAI or supplement thereto or in any Marketing Material.

This indemnification shall be in addition to any liability that the Company may otherwise have; provided, however, that no person shall be entitled to indemnification pursuant to this provision for any loss, claim, damage or liability due to the willful misfeasance, bad faith or gross negligence or reckless disregard of duty by the person seeking indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Indemnification by NMIS.** NMIS agrees to indemnify, defend and hold harmless the Company, its successors and assigns, and their respective officers, trustees or directors, and employees (together referred to as "Company Related Persons"), from any and all joint or several losses, claims, damages or liabilities (including any reasonable investigative, legal and other expenses incurred in connection with, and any amounts paid in settlement of, any action, suit or proceeding or any claim asserted), to which the Company and/or any Company Related Persons may become subject, under any law, regulation or NASD rule, at common law or otherwise, that arises out of or are based upon (i) any breach of this Agreement by NMIS and (ii) any untrue statement of or omission to state a material fact (except for information supplied by or on behalf of the Company or for which the Company is responsible) contained in any Registration Statement, Contract prospectus, SAI or supplement thereto or in any Marketing Material, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon information furnished in writing by NMIS to the Company specifically for use in the preparation of the aforesaid material.

This indemnification shall be in addition to any liability that NMIS may otherwise have; provided however, that no person shall be entitled to indemnification pursuant to this provision for any loss, claim, damage or liability due to the willful misfeasance, bad faith or gross negligence or reckless disregard of duty by the person seeking indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Indemnification Generally.** Any person seeking indemnification under this section shall promptly notify the indemnifying party in writing after receiving notice of the commencement of any action as to which a claim for indemnification will be made; provided, however, that failure to so notify the indemnifying party shall not relieve such party from any liability which it may have to such person otherwise than on account of this section.

The indemnifying party shall be entitled to participate in the defense of the indemnified person but such participation will not relieve such indemnifying party of the obligation to reimburse the indemnified party for reasonable legal and other expenses incurred by such party in defending himself, herself or itself.

------

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 31. <u>Principal Underwriters</u>

(a) NMIS is the principal underwriter of the securities of the Registered Separate Account. NMIS is also the principal underwriter for the NML Variable Annuity Account A (811-21887), the NML Variable Annuity Account C (811-21886), the Northwestern Mutual Variable Life Account (811-03989), the Northwestern Mutual Variable Life Account II (811-21933), and the Trust for Professional Managers (811-10401).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of April 1, 2026, the directors and officers of NMIS are as follows:

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| | |
|:---|:---|
| Name | Position  |
| Brett Albers | Treasurer, Financial and Operations Principal |
| Quentin M. Doll | Director |
| Bradley L. Eull | Secretary |
| Betsy Heisler | Vice President - Risk Products |
| Thomas R. Hendricks | Vice President - Wealth Qualified Programs |
| Dean M. Hopp | Vice President - IPS Investment Programs |
| Dawn M. Kalinowski | Chief Operating Officer |
| Susan K. Limbach | Assistant Treasurer |
| Nicole E. Lund | Vice President - NMIS Compliance, Chief Compliance Officer |
| Kelly L. Martin | Assistant Treasurer |
| Alyssa G. Meyer | Senior Director - IPS Oversight and Controls |
| Alaka S. Mishal | Chief Technology Officer |
| Blaire L. Puls | Variable Investment Product Consultant |
| John C. Roberts | Executive Vice President, Chief Distribution Officer |
| Michelle A. Rossi-Weida | NMIS Anti-Money Laundering Officer |
| Deborah A. Schultz | Director |
| Justin Stipan | Distribution Performance Principal |
| Oritse J. Uku | Chief Information Security Officer |
| Laila M. Valters | President |
| Jonathan P. Viard | Vice President, Supervision Programs |
| Becki Williams | Vice President - Advanced Markets |
| Kamilah D. Williams-Kemp | Executive Vice President – New Business |
| Terry R. Young | Assistant Secretary |
| Erik W. Zipp | Vice President, Advisor Transitions |

---

The address for each director and officer of NMIS is 720 East Wisconsin Avenue, Milwaukee, Wisconsin 53202.

(c) NMIS, the principal underwriter, received $54,946,759 of commissions and other compensation, directly or indirectly, from Registered Separate Account during the last fiscal year for sales of variable annuity contracts, and interests therein, issued in connection with the Registered Separate Account.

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Item 31A. <u>Information About Contracts with Index-Linked Options and Fixed Options Subject to a Contract Adjustments</u> 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name of the**<br> **Contract**<br>| **Number of**<br> **Contracts**<br> **Outstanding**<br>| **Total value**<br> **attributable to**<br> **the Index**<br> **Linked Option**<br> **and/or Fixed**<br> **Option**<br> **subject to a**<br> **Contract**<br> **Adjustment**<br>| **Number of**<br> **Contracts**<br> **sold during**<br> **the prior**<br> **calendar**<br> **year**<br>| **Gross**<br> **premiums**<br> **received**<br> **during the**<br> **prior calendar**<br> **year**<br>| **Amount of**<br> **Contract value**<br> **redeemed during the**<br> **prior calendar**<br> **year**<br>| **Combination**<br> **Contract**<br> **(Yes/No)**<br>|
| Flexible Payment <br> Deferred Variable Annuity <br> – Account B (back-load)<br>| 173420 | $8554670 | 3492 | $257607951 | $1361916753 | Yes |

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Item 32. <u>Location of Accounts and Records</u>

All accounts, books or other documents required to be maintained in connection with the Registered Separate Account's operations are maintained in the physical possession of Northwestern Mutual at 720 East Wisconsin Avenue, Milwaukee, Wisconsin 53202.

Item 33. <u>Management Services</u>

There are no contracts, other than those referred to in Part A or Part B of this Registration Statement, under which management-related services are provided to the Registered Separate Account and pursuant to which total payments of $5,000 or more were made during any of the last three fiscal years.

Item 34. <u>Fee Representation and Undertakings</u>

(a) The Northwestern Mutual Life Insurance Company hereby represents that, with regard to the Variable Options, the fees and charges deducted under the Contracts registered by this registration statement, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by the Insurance Company under the Contracts.

(b) The Northwestern Mutual Life Insurance Company undertakes that, with respect to the Fixed Options subject to a Contract Adjustment, to file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement to include any prospectus required by section 10(a)(3) of the Securities Act; and that, for the purpose of determining liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

REPRESENTATION REGARDING TAX-DEFERRED ANNUITIES

Reference is made to a no-action letter dated November 28, 1988 from the staff of the Securities and Exchange Commission and addressed to the American Council of Life Insurance (the "no-action letter"). In accordance with the requirements of paragraph (5) on page 4 of the no-action letter, the Registered Separate Account represents that the no-action letter is being relied upon and that the provisions of paragraphs (1)(4) thereof have been complied with.

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SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, and the Investment Company Act of 1940, the Registered Separate Account, NML Variable Annuity Account B, certifies that it meets all the requirements for effectiveness of this Amended Registration pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Amended Registration Statement to be signed on its behalf, in the City of Milwaukee, and State of Wisconsin, on April 27, 2026.

NML VARIABLE ANNUITY ACCOUNT B

(Registered Separate Account)

By THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY (Insurance Company)

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

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| | |
|:---|:---|
| By:  | /s/ Raymond J. Manista |
|  | &nbsp;&nbsp; Raymond J. Manista<br> Executive Vice President, Chief Legal & <br> Public Affairs Officer<br>|

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Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the Insurance Company on April 27, 2026.

THE NORTHWESTERN MUTUAL LIFE

INSURANCE COMPANY

(Insurance Company)

---

| | |
|:---|:---|
| By:  | /s/ Raymond J. Manista |
|  | &nbsp;&nbsp; Raymond J. Manista<br> Executive Vice President, Chief Legal & <br> Public Affairs Officer<br>|

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities with the Insurance Company and on the dates indicated:

---

| | | |
|:---|:---|:---|
| **Signature** | **Date** | **Title** |
| /s/ Timothy J. Gerend | April 27, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman, Trustee and Chief Executive Officer;<br> Principal Executive Officer |
| Timothy J. Gerend |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman, Trustee and Chief Executive Officer;<br> Principal Executive Officer |
| /s/ Todd M. Jones | April 27, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Executive Vice President and Chief Financial<br> Officer; Principal Financial<br> Officer |
| Todd M. Jones |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Executive Vice President and Chief Financial<br> Officer; Principal Financial<br> Officer |
| /s/ Charles S. Mondesir | April 27, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President, Chief Accounting Officer and<br> Controller; Principal Accounting Officer |
| Charles S. Mondesir |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President, Chief Accounting Officer and<br> Controller; Principal Accounting Officer |

---

------

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

---

| | |
|:---|:---|
| Signature | Title |
| /s/ Anne F. Ackerley\* | Trustee  |
| Anne F. Ackerley |  |
| /s/ Teresa M. Bitetti\* | Trustee  |
| Teresa M. Bitetti |  |
| /s/ Nicholas E. Brathwaite\* | Trustee |
| Nicholas E. Brathwaite |  |
| /s/ Andrew T. Feldstein\* | Trustee |
| Andrew T. Feldstein |  |
| /s/ Andrew J. Harmening\* | Trustee  |
| Andrew J. Harmening |  |
| /s/ David P. Hollander\* | Trustee  |
| David P. Hollander |  |
| /s/ Randolph W. Melville\* | Trustee  |
| Randolph W. Melville |  |
| /s/ Jaime Montemayor\* | Trustee  |
| Jaime Montemayor |  |
| /s/ Timothy H. Murphy\* | Trustee |
| Timothy H. Murphy |  |
| /s/ Andrew N. Nunemaker\* | Trustee |
| Andrew N. Nunemaker |  |
| /s/ Anne M. Paradis\* | Trustee |
| Anne M. Paradis |  |
| /s/ Sandra R. Rogers\* | Trustee |
| Sandra R. Rogers |  |
| /s/ Aarti S. Shah\* | Trustee |
| Aarti S. Shah |  |
| /s/ Juan C. Zarate\* | Trustee |
| Juan C. Zarate |  |

---

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

---

| | |
|:---|:---|
| \*By: | /s/ Raymond J. Manista |
|  | &nbsp;&nbsp;&nbsp; Raymond J. Manista, Attorney in fact, pursuant to the Power of Attorney [<u>Exhibit (j)(g) to Form N-6 Post-Effective Amendment No. 15</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312526049943/d13451dex99jg.htm)<br> [<u>for Northwestern Mutual Variable Life Account II, File No. 333-230143, filed on February 13, 2026</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312526049943/d13451dex99jg.htm).<br>|

---

Each of the signatures is affixed as of April 27, 2026.

------

EXHIBIT INDEX

EXHIBITS FILED WITH FORM N-4

POST-EFFECTIVE AMENDMENT NO. 104 TO

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

FOR

NML Variable Annuity Account B

---

| | | |
|:---|:---|:---|
| **Exhibit** | **Description** |  |
| (h)(d)(5) | &nbsp;&nbsp; Assignment and Assumption Agreement and Amendment <br> dated March 13, 2026 among The Northwestern Mutual <br> Life Insurance Company, Cantor Fitzgerald Variable <br> Insurance Trust (formerly, "Credit Suisse Trust"), UBS <br> Asset Management (Americas) LLC, O'Connor <br> Alternative Investments, LLC, UBS Asset Management <br> &nbsp;&nbsp;&nbsp;&nbsp;(US) Inc., and Ultimus Fund Distributors LLC<br>| Filed herewith |
| (k) | Opinion and Consent of Counsel | Filed herewith |
| (l) | Consent of PricewaterhouseCoopers LLP | Filed herewith |
| (o) | Form of Initial Summary Prospectus (ISP) | Filed herewith |

---

------

## Ex-99.(H)(D)(5)

**ASSIGNMENT AND ASSUMPTION AGREEMENT** 

**AND AMENDMENT** 

THIS ASSIGNMENT AND ASSUMPTION AGREEMENT AND AMENDMENT (this "Assignment") is made this 13th day of March, 2026, and effective on or around April 1, 2026, the specific date to be confirmed by the parties at a subsequent date (the "Effective Date"), by and between: (1) with respect to the first agreement enumerated on Exhibit A hereto (a) The Northwestern Mutual Life Insurance Company, a life insurance company organized under the laws of the State of Wisconsin (the "Life Company"), (b) Credit Suisse Trust, a business trust organized under the laws of The Commonwealth of Massachusetts (the "Trust"), (c) UBS Asset Management (Americas) LLC, a Delaware limited liability company ("Current Advisor/Administrator"), (d) O'Connor Alternative Investments, LLC, a Delaware limited liability company ("New Advisor/Administrator"), (e) UBS Asset Management (US) Inc., a Delaware corporation ("Current Distributor"), and (f) Ultimus Fund Distributors, LLC an Ohio limited liability company ("New Distributor"); (2) with respect to the second and third agreements enumerated on Exhibit A hereto (a) The Life Company, (b) Current Distributor, and (c) New Distributor; and (3) with respect to the fourth and fifth agreements enumerated on Exhibit A hereto (a) Northwestern Mutual Investment Services, LLC, a Wisconsin limited liability company ("Northwestern Broker"), (b) Current Distributor, and (c) New Distributor (collectively, the "Parties" and each a "Party").

BACKGROUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. WHEREAS, the Parties have entered into certain agreements as set forth on Exhibit A, attached hereto (each an "Agreement" and collectively, the "Agreements") related to the sale of shares of certain registered open-end management investment companies (the "Funds") and servicing of Northwestern's clients invested therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. WHEREAS, the Funds have determined to retain (1) New Distributor in lieu of Current Distributor as their principal underwriter as of the Effective Date and (2) New Advisor/Administrator in lieu of Current Advisor/Administrator as their investment adviser and administrator as of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. WHEREAS, certain of the Agreements provide that they may not be assigned without the prior written consent of the Life Company or Northwestern Broker (as applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. WHEREAS, in connection with the aforementioned change in service providers to the Funds, the Trust intends to change its name from Credit Suisse Trust to Cantor Fitzgerald Variable Insurance Trust.

NOW, THEREFORE, in consideration of the premises and mutual agreements, promises and covenants contained herein, and intending to be legally bound hereby, the Parties hereto agree as follows:

AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Assignment and Delegation</u>. As of the Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of Current Distributor and Current Advisor/Administrator hereby assigns the first Agreement enumerated on Exhibit A to New Distributor and New

------

Advisor/Administrator, respectively, and further transfers, conveys and delegates to New Distributor and New Advisor/Administrator, respectively, all of such Party's rights in and obligations under such Agreement, except those liabilities, if any, arising from each such respective Party's provision of services under such Agreement prior to the Effective Date for which such predecessor Party shall remain directly and solely liable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Current Distributor hereby assigns the second through fifth Agreements enumerated on Exhibit A to New Distributor and further transfers, conveys and delegates to New Distributor all of Current Distributor's rights in and obligations under the Agreements, except those liabilities, if any, arising from Current Distributor's provision of services under the Agreements prior to the Effective Date for which Current Distributor shall remain directly and solely liable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Assumption</u>. As of the Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to the first Agreement enumerated on Exhibit A, each of New Distributor and New Advisor/Administrator, respectively, hereby (i) accepts the foregoing assignment and delegation and undertakes, assumes and becomes directly and solely responsible for, and agrees to pay and perform all obligations incidental to such Agreement, except those liabilities, if any, arising from Current Distributor's or Current Advisor/Administrator's, respectively, provision of services under such Agreement prior to the Effective Date, and (ii) releases Current Distributor and Current Advisor/Administrator, respectively, from those liabilities arising from New Distributor's or New Advisor/Administrator's, respectively, provision of services under such Agreement from and after the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to the second through fifth Agreements enumerated on Exhibit A, New Distributor hereby (i) accepts the foregoing assignment and delegation and undertakes, assumes and becomes directly and solely responsible for, and agrees to pay and perform all obligations incidental to the Agreements, except those liabilities, if any, arising from Current Distributor's provision of services under the Agreements prior to the Effective Date, and (ii) releases Current Distributor from those liabilities arising from New Distributor's provision of services under the Agreements from and after the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Further Undertaking</u>. New Distributor and/or New Advisor/Administrator, as applicable, will, from time to time, at the reasonable request of the Current Distributor and/or Current Advisor/Administrator, as applicable, execute and deliver or cause to be executed and delivered, such other instruments, notices, documents and agreements and do all such further acts as the Current Distributor and/or Current Advisor/Administrator, as applicable, reasonably may require for the effective confirmation and consummation of the assumption by the New Distributor and/or New Advisor/Administrator, as applicable, of their respective Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Amendment, Name Change</u>. From and after the date on which the Trust legally changes its name from Credit Suisse Trust to Cantor Fitzgerald Variable Insurance Trust, the Agreements shall be amended such that all references to Credit Suisse Trust therein shall be deemed references to Cantor Fitzgerald Variable Insurance Trust.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Ratification</u>. Except as specifically stated in this Assignment, all of the terms and conditions of the Agreements are hereby ratified and confirmed in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Counterparts</u>. This Assignment may be executed in two or more counterparts, each of which shall constitute an original, but all of which taken together shall constitute one and the same instrument.

IN WITNESS WHEREOF, this Assignment has been duly executed by the Parties hereto as of the date first above written.

---

| | | | |
|:---|:---|:---|:---|
| **UBS Asset Management (US) Inc.,**<br> **Current Distributor** | **UBS Asset Management (US) Inc.,**<br> **Current Distributor** | **UBS Asset Management (Americas) LLC,**<br> **Current Advisor/Administrator**<br> (only with respect to Agreement #1 on Exhibit A) | **UBS Asset Management (Americas) LLC,**<br> **Current Advisor/Administrator**<br> (only with respect to Agreement #1 on Exhibit A) |
| By: | /s/ John Challice | By: | /s/ Filippo Ilardi |
| Name: | John Challice | Name: | Filippo Ilardi |
| Title: | Director__________________ | Title: | Managing Director |

---

---

| | | | |
|:---|:---|:---|:---|
| **Ultimus Fund Distributors, LLC,**<br> **New Distributor** | **Ultimus Fund Distributors, LLC,**<br> **New Distributor** | **O'Connor Alternative Investments, LLC,**<br> **New Advisor/Administrator**<br> (only with respect to Agreement #1 on Exhibit A) | **O'Connor Alternative Investments, LLC,**<br> **New Advisor/Administrator**<br> (only with respect to Agreement #1 on Exhibit A) |
| By: | /s/ Kevin Guerette | By: | /s/ William J. Ferri |
| Name: | Kevin Guerette | Name: | William J. Ferri |
| Title: | President____________________ | Title: | Head of Asset Management |

---

------

Acknowledged, agreed, and consented to (only with regard to the Agreement(s) to which it is a party, as indicated on Exhibit A):

---

| | |
|:---|:---|
| **Northwestern Mutual Investment Services, LLC** | **Northwestern Mutual Investment Services, LLC** |
| By: | /s/ Laila M. Valters |
| Name: | Laila Valters |
| Title: | President |

---

---

| | |
|:---|:---|
| **Northwestern Mutual Life Insurance Company** | **Northwestern Mutual Life Insurance Company** |
| By: | /s/ Lynn Leritz |
| Name: | Lynn Leritz |
| Title: | Vice President |

---

---

| | |
|:---|:---|
| **Credit Suisse Trust** | **Credit Suisse Trust** |
| By: | /s/ Omar Tariq |
| Name: | Omar Tariq |
| Title: | President______________________________ |

---

------

**EXHIBIT A** 

1. Fund Participation Agreement – first made by and among The Northwestern Mutual Life Insurance Company (the "Life Company"), Credit Suisse Trust (the "Trust"), Credit Suisse Asset Management, LLC ("Original Investment Adviser/Administrator"), Credit Suisse Securities (USA) LLC ("Original Distributor"), dated September 27, 2013, amended January 4, 2021, and assigned by Original Distributor and Original Investment Advisor/Administrator to UBS Asset Management (US) Inc. ("Current Distributor") and UBS Asset Management (Americas) LLC ("Current Advisor/Administrator") on April 24, 2024, and subsequently amended July 24, 2024.

2. Rule 22c-2 Shareholder Information Access Agreement—first made by and between the Life Company and Original Distributor dated September 27, 2013, and assigned by Original Distributor to Current Distributor on April 24, 2024.

3. Administrative Services Agreement – first made by and between the Life Company and Original Distributor dated October 1, 2013, and assigned by Original Distributor to Current Distributor on April 24, 2024.

4. Services Agreement – first made by and between Northwestern Mutual Investment Services, LLC ("Northwestern Broker") and Original Distributor dated October 1, 2013, and assigned by Original Distributor to Current Distributor on April 24, 2024.

5. Distribution-Related Agreement – first made by and between Northwestern Broker and Original Distributor dated October 1, 2013, and assigned by Original Distributor to Current Distributor on April 24, 2024.

## Ex-99.(K)

![](g109110nwmutual_logo26.jpg)

Exhibit (k)

April 27, 2026

The Board of Trustees <br>The Northwestern Mutual Life Insurance Company <br>720 E. Wisconsin Avenue <br>Milwaukee, WI 53202

To The Board of Trustees:

In my capacity as General Counsel of The Northwestern Mutual Life Insurance Company (the "Company"), I have reviewed the establishment of The Variable Annuity Account B (the "Account"), on February 14, 1968, by the Company's Board of Trustees, as a separate account for assets applicable to certain variable annuity contracts, pursuant to applicable provisions of the Wisconsin Statutes.

Company attorneys under my general supervision have prepared the Post-Effective Amendment No. 104 to the Registration Statement on Form N-4 (1933 Act File No. 002-29240) filed by the Company and the Account with the Securities & Exchange Commission under the Securities Act of 1933 for the registration of certain variable annuity contracts issued with respect to the Account.

I have made such examination of the law and examined such corporate records and such of the documents as in my judgment are necessary and appropriate to enable me to render the following opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company has been duly organized under the laws in the State of Wisconsin and is a validly existing mutual life insurance company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Account has been duly created and is validly existing as a separate account pursuant to the aforesaid provisions of Wisconsin law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The assets held in the Account equal to the reserves and other contract liabilities with respect to the Account will not be chargeable with liabilities arising out of any other business the Company may conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The variable annuity contracts, when issued in accordance with the prospectus contained in the aforesaid registration statement and upon compliance with applicable local law, will be legal and binding obligations of the Company in accordance with their terms.

This opinion is limited to matters involving the United States Federal law and the law of the State of Wisconsin, in each case, as currently in effect, and I do not express any opinion as to the laws of any other jurisdiction. This opinion is limited to the legal matters stated herein and no opinion is implied or may be inferred beyond the matters expressly stated herein. I express no other opinions with respect to U.S. federal, state or foreign securities laws or regulations. I am rendering this opinion in my capacity as an officer of the Company and not in my individual capacity.

I hereby consent to the filing of this opinion as an exhibit to the Registration Statement.

Very truly yours, <br>

<br>/s/ Ryan W. Heinemann <br>

<br>Ryan W. Heinemann <br>Vice President & General Counsel

------

## Ex-99.(L)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Post-Effective Amendment No. 104 to the Registration Statement on Form N-4 (No. 002-29240) (the "Registration Statement") of our report dated February 17, 2026 relating to the financial statements of The Northwestern Mutual Life Insurance Company and consent to the use in the Registration Statement of our report dated April 24, 2026 relating to the financial statements of each of the divisions of NML Variable Annuity Account B indicated in our report. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP <br> Milwaukee, Wisconsin <br>April 24, 2026

------

## Ex-99.(O)

Flexible Payment <br> Variable Annuity (Account B)

Issued by The Northwestern Mutual Life Insurance Company through <br> NML Variable Annuity Account B (the "[Separate Account](#bookmark_separateaccount_20131905-6e33-40fd-b692-be4f793f1523)")

[Summary Prospectus](#bookmark_summaryprospectus_20131905-6e33-40fd-b692-be4f793f1523) for New Investors <br>May 1, 2026

This [Summary Prospectus](#bookmark_summaryprospectus_20131905-6e33-40fd-b692-be4f793f1523) summarizes key features of the individual flexible payment deferred variable annuity contract (the "[Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)"). Before you invest, you should also review the [prospectus](#bookmark_prospectus_20131905-6e33-40fd-b692-be4f793f1523) for the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523), which contains more information about the [Contract's](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) features, benefits, and risks. This [Summary Prospectus](#bookmark_summaryprospectus_20131905-6e33-40fd-b692-be4f793f1523) describes two classes of the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523): a front-load version (in which a sales charge is assessed when [Purchase Payments](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523) are made) and a back-load version (in which a sales charge is assessed if and when amounts are withdrawn). You can find this prospectus and other information about the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523), including the annual and semi-annual reports for your underlying [Portfolios,](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) online at www.nmprospectus.com. You can also obtain this information at no cost by calling (866) 910-1232 or by sending an email request to vavldocrequest@northwesternmutual.com.

------

**If you are a new investor in the** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)**, you may cancel your Contract within 10 days of receiving it without paying fees or penalties.** <br>In some states, this cancellation period may be longer. Depending on your state of issue, upon cancellation you will receive either a full refund of your [Purchase Payment(s)](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523) or your [Contract Value](#bookmark_contractvalue_20131905-6e33-40fd-b692-be4f793f1523). You should review the prospectus, or consult with your financial representative, for additional information about the specific cancellation terms that apply.

------

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

Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission's staff and is available at www.Investor.gov.

**The Securities and Exchange Commission ("SEC") has not approved or disapproved the** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) **or passed upon the adequacy of this** [**Summary Prospectus**](#bookmark_summaryprospectus_20131905-6e33-40fd-b692-be4f793f1523)**. Any representation to the contrary is a criminal offense.**

Subject to the limitations discussed in the prospectus for the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523), you may choose to invest amounts in up to 59 [Divisions](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523)of the [Separate Account](#bookmark_separateaccount_20131905-6e33-40fd-b692-be4f793f1523) as well as available fixed options under certain circumstances. Each [Division](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523) of the [Separate Account](#bookmark_separateaccount_20131905-6e33-40fd-b692-be4f793f1523)invests exclusively in shares of a single series of a [Fund](#bookmark_fund_20131905-6e33-40fd-b692-be4f793f1523) (i.e., an underlying [Portfolio)](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523).

![](g324875nwmutual_logo.gif)

90-1773 (0526)

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | **Page** |
| [Glossary of Special Terms](#xx_3f53ec83-4ae9-4030-bbf0-dc7bbe10e198_1) | 1  |
| [Overview of the Contract](#xx_f21ceef1-9395-4167-bbfc-4dc5a264700b_1) | 3  |
| [Important Information You Should Consider About the Contract](#xx_f21ceef1-9395-4167-bbfc-4dc5a264700b_2) | 4  |
| [Benefits Available Under the Contract](#xx_f21ceef1-9395-4167-bbfc-4dc5a264700b_6) | 8  |
| [Buying the Contract](#xx_f21ceef1-9395-4167-bbfc-4dc5a264700b_7) | 9  |
| [Making Withdrawals: Accessing Money in Your Contract](#xx_f21ceef1-9395-4167-bbfc-4dc5a264700b_8) | 10  |
| [Additional Information About Fees](#xx_f21ceef1-9395-4167-bbfc-4dc5a264700b_9) | 11  |
| &nbsp;&nbsp;&nbsp; [Contract Fees and Expenses](#xx_f21ceef1-9395-4167-bbfc-4dc5a264700b_9) | 11  |
| &nbsp;&nbsp;&nbsp; [Annual Portfolio Operating Expenses](#xx_f21ceef1-9395-4167-bbfc-4dc5a264700b_10) | 12  |
| [Appendix A - Investment Options Available Under the Contract](#xx_b89e2875-323e-44af-ac83-13e4eb538e68_1) | 14  |
| [Additional Information](#xx_1f0ac8a1-64b6-4493-8b0d-80399a14dedb_2) | 20 |

---

------

Glossary of Special Terms

Unless otherwise specified in this prospectus, the words "Northwestern Mutual," "we," "us," "our," and "Company" mean The Northwestern Mutual Life Insurance Company. The words "you" and "your," unless otherwise specified, mean the Contract Owner. We use a number of special terms in this summary prospectus, including the following:

**Accumulation Unit**—An accounting unit of measure representing the Contract Value, before the date on which Annuity Payments begin, in one or more Divisions of the Separate Account. The related term "Accumulation Unit Value" ("AUV") means the value of a particular Accumulation Unit at a particular time and is analogous to, but not the same as, the share price of a mutual fund.

**Annuitant**—The person upon whose life the Contract is issued and Contract benefits depend. The Primary Annuitant is the person upon whose life the Contract is initially issued. The Contingent Annuitant is the person who becomes the Annuitant upon the death of the Primary Annuitant. If the Contract is annuitized under a single life income plan, there will be one Annuitant. If the Contract is annuitized under a joint life income plan, there will be two Joint Annuitants.

**Annuity Payments**— Money we pay under a variable income plan or a fixed income plan during the annuitization phase of the Contract.

**Annuity Unit**—An accounting unit of measure representing the actuarial value of a variable income plan's interest in a Division of the Separate Account after Annuity Payments begin.

**Beneficiary**— A person who receives payments under the Contract pursuant to an Income Plan or upon the death of the Annuitant before the Maturity Date provided that the Annuitant was an Owner of the Contract at the time of death.

**Company**—The Northwestern Mutual Life Insurance Company

**Contract**—The agreement between you and us described in this variable annuity prospectus. During the accumulation period of the Contract, you may invest money under your Contract and any earnings on your investment will accumulate on a tax-deferred basis. During the annuitization period, you receive periodic payments based largely on the amounts you accumulate, all or a portion of which will be taxable as ordinary income.

**Contract Value**—The value of your Contract on any Valuation Date is the sum of: (1) the value of your amounts held in the Divisions of the Separate Account on that Valuation Date; and (2) the sum of your amounts allocated to the Guaranteed Account(s), plus credited interest; less (3) any applicable fees and amounts withdrawn or transferred from the Guaranteed Account(s).

**Division**—A sub-account of the Separate Account, the assets of which are invested exclusively in the shares of one of the Portfolios of the underlying Funds.

**Fund**—A Fund is registered under the Investment Company Act of 1940 (the "1940 Act") as an open-end management investment company or as a unit investment trust, or is not required to be registered under the 1940 Act. A Fund is available as an investment option under the Contract. The assets of each of the Divisions of the Separate Account are used to purchase shares of the corresponding Portfolio of a Fund.

**General Account—**All assets of the Company, other than those held in the Separate Account or in other separate accounts that have been or may be established by the Company.

**Guaranteed Account**—A fixed investment option under the Contract, supported by the assets held in the Company's General Account, that has a term of a specified duration (called a "Guaranteed Period").

**Income Plan**—An optional method of receiving the death benefit, maturity benefit, surrender proceeds or withdrawal proceeds of an insurance policy or annuity contract generally through a series of periodic payments. An Income Plan may also be known as a "payment plan."

**Market Value Adjustment**—An amount that may be credited (or charged) to an amount withdrawn or transferred from a multi-year Guaranteed Account before the end of a Guaranteed Period.

**Maturity Date**—The date, stated on the specifications page of the Contract, on which Purchase Payments must cease and Annuity Payments become payable.

**Northwestern Mutual**—The Northwestern Mutual Life Insurance Company

**Owner**—The person with the sole right to exercise all rights and privileges under the Contract, except as the Contract otherwise provides.

**Portfolio**—A series of a Fund available for investment under the Contract which corresponds to a particular Division of the Separate Account.

**Account B Prospectus**

------

**Prospectus**— The full statutory prospectus for the Contract.

**Purchase Payments**—Money you give us to apply to your Contract. The related term "Net Purchase Payment" refers to Purchase Payments after all applicable deductions.

**Required Minimum Distribution ("RMD")—**A minimum amount that the federal tax law generally requires be withdrawn from certain tax-qualified annuities each year.

**Separate Account**—The account the Company has established pursuant to Wisconsin law for those assets that, although belonging to the Company, are reserved for you and other owners of variable annuity contracts supported by the Separate Account.

**Summary Prospectus**—The summary version of the Contract, which summarizes key information found in the Prospectus for the Contract.

**Valuation Date**—Any day on which the New York Stock Exchange ("NYSE") is open for trading and any other day we are required under the 1940 Act to value assets of a Division of the Separate Account.

**Withdrawal Charge—** A deduction that is made from maturity benefits and withdrawal amounts.

**Account B Prospectus**

------

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

Overview of the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)

The [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) is an individual flexible payment variable annuity contract, the purpose of which is primarily to provide for the accumulation of value through variable or fixed investment options, through allocations to a variety of Portfolios and/or fixed account options, and payment of annuity benefits on a fixed or variable basis. The [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) is sold for use under a variety of tax-qualified and nontax-qualified plans and may be appropriate if you have a long-term investment horizon. It is not intended for short-term investment and is therefore not appropriate for people who may need to make early or frequent withdrawals or who intend to engage in frequent trading.

During the years when funds may be paid into your [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523), known as the accumulation (savings) phase, the earnings accumulate on a tax-deferred basis. The annuitization (income) period begins when you start receiving a stream of periodic [annuity payments](#bookmark_annuitypayments_20131905-6e33-40fd-b692-be4f793f1523) under your [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) that begin on the date you select, and all or a portion of such payments will be taxed as ordinary income. Once you annuitize your [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523), your withdrawal rights will depend on the income plan selected. The amount you accumulate under your [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523), including the results of investment performance of your [Divisions](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523) and interest earned under the fixed options will determine the amount of your monthly [annuity payments](#bookmark_annuitypayments_20131905-6e33-40fd-b692-be4f793f1523). The Contract offers 59 [Portfolios](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523)in which the [Divisions](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523) invest and two fixed account investment options. **A list of the investment options available under the Contract is provided at the back of this Prospectus (see "Appendix A: Investment Options Available Under the** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)**).**

In addition to the [Divisions](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523) which vary with the investment experience of the underlying [Portfolios](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523), the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) offers two fixed options ([Guaranteed Interest Fund](#bookmark_guaranteedinterestfund_20131905-6e33-40fd-b692-be4f793f1523) 1, or GIF 1, and [Guaranteed Interest Fund](#bookmark_guaranteedinterestfund_20131905-6e33-40fd-b692-be4f793f1523) 8, or GIF 8) that credit interest at declared rates. If amounts are transferred, withdrawn, surrendered, or annuitized from GIF 8 before the end of its term, we may apply a Market Value Adjustment. A negative Market Value Adjustment will result in the loss of some or all previously credited interest in excess of the minimum guaranteed annual effective interest rate for the GIF 8, if any.

Below are other features and options that the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) offers.

● [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) **classes**. The [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) currently offers two classes for new investors, a front-load version (in which a sales charge is assessed when [Purchase Payments](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523) are made) and a back-load version (in which a sales charge is assessed if and when amounts are withdrawn).

● **Accessing your money**. During the accumulation phase, you may make a withdrawal of your [Contract Value](#bookmark_contractvalue_20131905-6e33-40fd-b692-be4f793f1523) or surrender the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) by submitting a request in writing or by telephone, subject to our administrative procedures. We will waive the surrender charge for up to 10% of [Contract Value](#bookmark_contractvalue_20131905-6e33-40fd-b692-be4f793f1523) withdrawn each year subject to certain conditions. All withdrawals are subject to the limitations described in the prospectus. Withdrawal rights during the annuitization period will depend on the income plan selected. Any applicable withdrawal (or surrender) charge, market value adjustment, federal/state tax withholding, and/or Express Mail Delivery fee will be assessed against and deducted from the amount withdrawn.

● **Tax treatment**. You may transfer [Contract Value](#bookmark_contractvalue_20131905-6e33-40fd-b692-be4f793f1523) among the [Divisions](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523) and the fixed options without tax implications, and earnings (if any) on your investments are generally tax-deferred. You are taxed only when (1) you make a withdrawal or surrender; (2) you receive [annuity payments](#bookmark_annuitypayments_20131905-6e33-40fd-b692-be4f793f1523) under the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523); or (3) upon payment of the death benefit.

● **Preservation+ Strategy**. You may allocate all or a portion of your initial [Purchase Payment](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523) to the **Preservation+ Strategy**. The **Preservation+ Strategy** is designed to preserve the principal of the amount you allocate to the strategy through the crediting of a fixed rate of interest to the portion invested in GIF 8 while permitting participation in the potential risk and returns of your selected [Divisions](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523). We limit your initial deposit to the **Preservation+ Strategy** to a maximum of $100,000.

● **Asset Allocation Models**. We make available five asset allocation models at no charge. Each model is comprised of a combination of [Divisions](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523) representing various asset classes. The models represent various levels of risk ranging from conservative to very aggressive.

● **Standard Death Benefit**. Your [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) includes a death benefit that will pay your designated beneficiaries (1) the [Contract](#bookmark_contractvalue_20131905-6e33-40fd-b692-be4f793f1523)Value if an [Annuitant](#bookmark_annuitant_20131905-6e33-40fd-b692-be4f793f1523) dies before the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)[Maturity Date](#bookmark_maturitydate_20131905-6e33-40fd-b692-be4f793f1523) and on or after his or her 75th birthday, or (2) the greater of the [Contract Value](#bookmark_contractvalue_20131905-6e33-40fd-b692-be4f793f1523) or [Purchase Payments](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523) less any adjustment for each withdrawal if an [Annuitant](#bookmark_annuitant_20131905-6e33-40fd-b692-be4f793f1523) dies before the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)[Maturity Date](#bookmark_maturitydate_20131905-6e33-40fd-b692-be4f793f1523) and before his or her 75th birthday. If an [Annuitant](#bookmark_annuitant_20131905-6e33-40fd-b692-be4f793f1523) dies after the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)[Maturity Date](#bookmark_maturitydate_20131905-6e33-40fd-b692-be4f793f1523) or any time after [Annuitant](#bookmark_annuitant_20131905-6e33-40fd-b692-be4f793f1523) Payments begin, no death benefit is payable. The [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) has an Enhanced Death Benefit option available for an additional charge.

● **Additional Features and Services**. We make certain additional services available under the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) at no additional charge:

The Automatic Dollar Cost Averaging Plan allows you to transfer a set amount from the Government Money Market [Division](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523) to other [Divisions](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523) on a regular schedule. The [Portfolios](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) Rebalancing feature automatically rebalances your [Contract Value](#bookmark_contractvalue_20131905-6e33-40fd-b692-be4f793f1523) among your selected [Divisions](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523) in order to restore your allocation to the original level. You may participate only in one of the Automatic

**Account B Prospectus**

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Dollar Cost Averaging Plan and [Portfolios](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) Rebalancing feature at a time. We also allow automatic transfers or sweeps of interest from the GIF 1 to any combination of the [Divisions](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523) monthly, quarterly, semi-annually or annually. We do not charge for participation in these features.

The Systematic Withdrawal Plan allows you to set up automatic monthly withdrawals from your [Contract Value](#bookmark_contractvalue_20131905-6e33-40fd-b692-be4f793f1523). We will take any withdrawal under this plan proportionally from your [Contract Value](#bookmark_contractvalue_20131905-6e33-40fd-b692-be4f793f1523) in your selected investment options or the investment options you designate subject to certain conditions. We do not charge for participation in this feature.

The Terminal Illness Benefit allows you to withdraw all or a portion of your [Contract Value](#bookmark_contractvalue_20131905-6e33-40fd-b692-be4f793f1523) without incurring a [Withdrawal](#bookmark_withdrawalcharge_20131905-6e33-40fd-b692-be4f793f1523)[Charge](#bookmark_withdrawalcharge_20131905-6e33-40fd-b692-be4f793f1523) if the Primary [Annuitant](#bookmark_annuitant_20131905-6e33-40fd-b692-be4f793f1523) is terminally ill (as defined in the Terminal Illness Benefit Rider) and has a life expectancy of 12 months or less. The Nursing Home Benefit allows you to withdraw all or a portion of your [Contract Value](#bookmark_contractvalue_20131905-6e33-40fd-b692-be4f793f1523) without incurring a [Withdrawal Charge](#bookmark_withdrawalcharge_20131905-6e33-40fd-b692-be4f793f1523) if the Primary [Annuitant](#bookmark_annuitant_20131905-6e33-40fd-b692-be4f793f1523) has been confined for at least 90 consecutive days to a licensed nursing facility or hospital and certain other conditions are satisfied. See the prospectus for a full explanation of the required conditions. The Terminal Illness and Nursing Home Benefits are not available in New York.

Important Information You Should Consider About the Contract

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|  | **FEES, EXPENSES, AND ADJUSTMENTS** | &nbsp;&nbsp; **Cross-Reference(s)** <br> **to Location in** <br> **Prospectus**<br>|
| **Are There Charges** <br> **or Adjustments for** <br> **Early Withdrawals?**<br>| &nbsp;&nbsp; **Yes.** For back-load [Contracts](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523), if you withdraw amounts from or surrender your <br> [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) within eight years following the applicable [Purchase Payment(s)](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523), you <br> will be assessed a withdrawal charge of up to 6% of the [Purchase Payment(s)](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523). <br> Any applicable withdrawal (or surrender) charge, market value adjustment, <br> federal/state tax withholding, and/or Express Mail Delivery fee will be assessed <br> against and deducted from the amount withdrawn.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> For example, if you surrender your back-load [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) before your first <br> [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) anniversary and your total initial investment was $100,000, you will <br> pay a surrender charge of up to $6,000.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> For a back-load contract, if amounts are transferred, withdrawn, surrendered, <br> or annuitized from GIF 8 prior to the end of a Guaranteed Period, a Market <br> Value Adjustment may apply, which may be negative. A negative Market Value <br> Adjustment will result in the loss of some or all previously credited interest in <br> excess of the minimum guaranteed annual effective interest rate, if any. Yours <br> will be greater if you also have to pay a surrender charge, taxes or tax penalties. | &nbsp;&nbsp; Fee and Expense <br> Tables – Contract <br> Fees and Expenses<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Charges and <br> Adjustments – <br> Adjustments<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Appendix B – Prior <br> Contracts<br>|
| **Are There** <br> **Transaction** <br> **Charges?**<br>| &nbsp;&nbsp; **Yes.** In addition to (or instead of) withdrawal charges and Market Value <br> Adjustments, you may also be charged for other transactions, such as certain <br> tax-related charges, a front-end sales load on front-load [Contracts](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523), as well as <br> charges for expedited delivery or wire transfers.  | &nbsp;&nbsp; Charges and <br> Adjustments <br>|

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**Account B Prospectus**

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**FEES, EXPENSES, AND ADJUSTMENTS** **Cross-Reference(s)** **to Location in** **Prospectus** 

**RISKS** 

**Account B Prospectus**

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| | | |
|:---|:---|:---|
|  | **RISKS** | &nbsp;&nbsp; **Cross-Reference(s)** <br> **to Location in** <br> **Prospectus**<br>|
| **Is This a Short-Term** <br> **Investment?**<br>| &nbsp;&nbsp; **No.** The [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) is not a short-term investment and is not appropriate for you <br> if you need ready access to cash. It is intended for retirement and long-term <br> savings. Surrender and withdrawal charges may apply to [Purchase Payments](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523)<br> for up to eight years. Your [Contract Value](#bookmark_contractvalue_20131905-6e33-40fd-b692-be4f793f1523) will be reduced if you withdraw <br> money and withdrawals may be subject to income taxes and tax penalties or <br> other unfavorable treatment. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> A transfer, withdrawal, surrender, or annuitization from GIF 8 prior to the end <br> of a Guaranteed Period may result in a negative Market Value Adjustment. A <br> negative Market Value Adjustment will result in the loss of some or all <br> previously credited interest in excess of the minimum guaranteed annual <br> effective interest rate, if any.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Upon expiration of a Guaranteed Period for GIF 8, any amounts remaining in <br> that Guaranteed Account will be transferred to the Government Money Market <br> Division of the Separate Account, unless you instruct us to allocate the amounts <br> to the other Division(s) of the Separate Account of a new Guaranteed Period <br> for GIF 8. | &nbsp;&nbsp; The Investment <br> Options – Fixed <br> Options<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> The Contract – <br> Generally<br>|
| **What Are the Risks** <br> **Associated with the** <br> **Investment** <br> **Options?**<br>| &nbsp;&nbsp; Investment in the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) is subject to the risk of poor investment <br> performance and can vary depending on the performance of the investment <br> options ([Portfolios](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523)) and fixed account options you choose. Each [Portfolio](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523)<br> (including any fixed account investment options) will have its own unique risks. <br> You should review these investment options before making an investment <br> decision.<br>The [Guaranteed Interest Fund](#bookmark_guaranteedinterestfund_20131905-6e33-40fd-b692-be4f793f1523) 8 (GIF 8), a fixed investment option offered <br> under the Contract, is subject to the risk of negative [Market Value Adjustment](#bookmark_marketvalueadjustment_20131905-6e33-40fd-b692-be4f793f1523)<br> (MVA), which could decrease the amount transferred or withdrawn from the <br> GIF 8. You should carefully consider the effects of a negative MVA before <br> making a transfer or withdrawal from GIF 8. | &nbsp;&nbsp; The Investment <br> Options<br>|
| **What Are the Risks** <br> **Related to the** <br> **Insurance** <br> **Company?**<br>| &nbsp;&nbsp; Investment in the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) is subject to the risks related to the Insurance <br> Company ([Northwestern Mutual](#bookmark_northwesternmutual_20131905-6e33-40fd-b692-be4f793f1523)), and any obligations (including under any <br> fixed account investment options), guarantees, or benefits are subject to the <br> claims-paying ability of [Northwestern Mutual](#bookmark_northwesternmutual_20131905-6e33-40fd-b692-be4f793f1523). More information about <br> [Northwestern Mutual](#bookmark_northwesternmutual_20131905-6e33-40fd-b692-be4f793f1523), including its financial strength ratings, is available upon <br> request by calling (888) 455-2232. | The Company  |

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**Account B Prospectus**

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|:---|:---|:---|
|  | **RESTRICTIONS** | &nbsp;&nbsp; **Cross-Reference(s)** <br> **to Location in** <br> **Prospectus**<br>|
| **Are There** <br> **Restrictions on the** <br> **Investment** <br> **Options?**<br>| &nbsp;&nbsp; **Yes.** Transfer requests involving the fixed account options are subject to special <br> restrictions, including individual state law restrictions as to availability or <br> amounts. These options are available only during the accumulation phase of <br> your [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) and after your initial investment may be subject to limits on <br> additional amounts, including minimum required investments or maximum <br> limits on total amounts. Transfers out of these fixed options are also subject to <br> specific limitations, including charges, and monies moved out of these options <br> may limit the availability of any positive [market value adjustment](#bookmark_marketvalueadjustment_20131905-6e33-40fd-b692-be4f793f1523) that might <br> otherwise apply.<br>Transfers among [Divisions](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523) are subject to the [Contract's](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) short-term and <br> excessive trading policies.<br>Under certain circumstances [Northwestern Mutual](#bookmark_northwesternmutual_20131905-6e33-40fd-b692-be4f793f1523) reserves the right to <br> remove a [Portfolio](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) or substitute another [Portfolio](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) for such [Portfolio](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523). <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> The GIF 8 fixed account option may not be available under all Contracts. | &nbsp;&nbsp; The Investment <br> Options – Fixed <br> Options and The <br> Contract – Purchase <br> Payments Under the <br> Contract <br> (Guaranteed <br> Account Investment <br> Minimums and <br> Maximums) <br>The Investment <br> Options (Short Term <br> and Excessive <br> Trading) <br>Contract Owner <br> Services <br> (Substitution of <br> Portfolio Shares and <br> Other Changes)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Appendix B – Prior <br> Contracts<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Appendix C – State <br> Variations<br>|
| **Are There Any** <br> **Restrictions on** <br> **Contract Benefits?**<br>| &nbsp;&nbsp; **Yes.** Optional benefits may be subject to additional charges that may vary by <br> issue age, are not available for all issue ages, must be elected at issue and <br> cannot be added once it is removed or expires. | &nbsp;&nbsp; The Contract – <br> Death Benefit <br> (Enhanced Death <br> Benefit Examples) <br>|
|  | **TAXES** |  |
| **What Are the** <br> **Contract's Tax** <br> **Implications?**<br>| &nbsp;&nbsp; You should consult with a tax professional to determine the tax implications of <br> an investment in, and payments received under, the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523). There is no <br> additional tax benefit if the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) is purchased through a tax-qualified plan <br> or individual retirement account (IRA). Withdrawals (and some distributions) <br> will generally be subject to ordinary income tax rates, and may be subject to <br> penalties. | &nbsp;&nbsp; Federal Income <br> Taxes<br>|
|  | **CONFLICTS OF INTEREST** |  |
| **How Are** <br> **Investment** <br> **Professionals** <br> **Compensated?**<br>| &nbsp;&nbsp; The [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) is sold exclusively through financial representatives of <br> [Northwestern Mutual's](#bookmark_northwesternmutual_20131905-6e33-40fd-b692-be4f793f1523) affiliated broker-dealer, who are compensated with a <br> commission based on a percentage of [Purchase Payments](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523), and [Northwestern](#bookmark_northwesternmutual_20131905-6e33-40fd-b692-be4f793f1523)<br> [Mutual](#bookmark_northwesternmutual_20131905-6e33-40fd-b692-be4f793f1523) may share revenue it earns on the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) with its affiliated broker-<br> dealer. These financial representatives may have a financial incentive to offer <br> or recommend the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) over other investments. | &nbsp;&nbsp; Additional <br> Information – The <br> Distributor<br>|
| **Should I Exchange** <br> **My Contract?**<br>| &nbsp;&nbsp; Some financial representatives may have a financial incentive to offer a new <br> contract in place of the one you already own. You should only exchange an <br> existing contract if you determine, after comparing the features, fees and risks <br> of both contracts, and any fees or penalties to terminate the existing contract, <br> that it is preferable to purchase the new [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) rather than continue to own <br> an existing [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523). | &nbsp;&nbsp; Additional <br> Information – The <br> Distributor<br>|

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**Account B Prospectus**

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Benefits Available Under the Contract

The following table summarizes information about a variety of standard and optional benefits available under the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523). If applicable, information about the fees associated with a benefit included in the table may be found in the Fees and Expense Tables.

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

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|:---|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | &nbsp;&nbsp; **Is Benefit** <br> **Standard or** <br> **Optional**<br>| **Maximum Fee** | &nbsp;&nbsp; **Brief Description of Limitations/**<br> **Restrictions**<br>|
| Standard Death <br> Benefit<br>| &nbsp;&nbsp; The [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) provides a death <br> benefit to be paid under a lump <br> sum, fixed or variable income <br> plans or continued in force as a <br> new contract for the payee(s)<br>| Standard | No Charge | &nbsp;&nbsp;&nbsp;&nbsp; ●Only payable if the [Annuitant](#bookmark_annuitant_20131905-6e33-40fd-b692-be4f793f1523) dies <br> before the [Maturity Date](#bookmark_maturitydate_20131905-6e33-40fd-b692-be4f793f1523)<br> ●[Income Plans](#bookmark_incomeplan_20131905-6e33-40fd-b692-be4f793f1523) have their own <br> payout benefit rules at death (see <br> below)<br> ●Is reduced for withdrawals <br> ●If payee elects to continue the <br> [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) in force, additional <br> restrictions may apply<br>|
| Enhanced Death <br> Benefit<br>| &nbsp;&nbsp; An optional enhanced death <br> benefit is available that allows <br> the [Owner](#bookmark_owner_20131905-6e33-40fd-b692-be4f793f1523) to annually "lock in" <br> certain increases in [Contract](#bookmark_contractvalue_20131905-6e33-40fd-b692-be4f793f1523)<br> [Value](#bookmark_contractvalue_20131905-6e33-40fd-b692-be4f793f1523)<br>| Optional | 0.40%<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Not available for all issue ages and <br> enhanced death benefit <br> adjustments are limited by the <br> primary [Annuitant's](#bookmark_annuitant_20131905-6e33-40fd-b692-be4f793f1523) age<br> ●Must be elected at issue<br> ●Cannot be added once terminated<br> ●There is a charge for this benefit<br>|
| [Income Plans](#bookmark_incomeplan_20131905-6e33-40fd-b692-be4f793f1523) | &nbsp;&nbsp; [Annuity Payments](#bookmark_annuitypayments_20131905-6e33-40fd-b692-be4f793f1523) and death <br> benefit payments are payable <br> under various income plans on a <br> variable or fixed basis <br>| Standard | No charge<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Plans for [Annuity Payments](#bookmark_annuitypayments_20131905-6e33-40fd-b692-be4f793f1523) for a <br> specified period are not available <br> for [Contracts](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) issued after <br> May 1, 2013<br> ●Variable income plans are subject <br> to some [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) charges (as well <br> as expenses of the underlying <br> [Portfolios](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523)) and are subject to <br> market risk<br> ●Fixed income plans are funded <br> through withdrawals from the <br> [Separate Account](#bookmark_separateaccount_20131905-6e33-40fd-b692-be4f793f1523) and may be <br> subject to a withdrawal charge<br> ●Transfers between [Income Plans](#bookmark_incomeplan_20131905-6e33-40fd-b692-be4f793f1523)<br> are only allowed under limited <br> circumstances <br>|
| Preservation+ <br> Strategy<br>| &nbsp;&nbsp; Allows [Owners](#bookmark_owner_20131905-6e33-40fd-b692-be4f793f1523) to allocate all or <br> a portion of their initial <br> [Purchase Payment](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523) to a strategy <br> designed to preserve the <br> principal of amounts allocated <br> to the strategy through the <br> crediting of a fixed rate of <br> interest to the portion invested <br> in GIF 8 while permitting <br> participation in the potential risk <br> and returns of their selected <br> [Divisions](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523)<br>| Optional | No Charge | &nbsp;&nbsp;&nbsp;&nbsp; ●Not available for front-load <br> [Contracts](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)<br> ●Subject to investment minimum <br> and maximums and other <br> conditions <br> ●[Guaranteed Period](#bookmark_guaranteedaccount_20131905-6e33-40fd-b692-be4f793f1523) is limited and <br> guaranteed amounts are subject to <br> the claims-paying ability of <br> [Northwestern Mutual](#bookmark_northwesternmutual_20131905-6e33-40fd-b692-be4f793f1523)<br>|
| Reinvestment of <br> Redemptions<br>| &nbsp;&nbsp; In certain limited circumstances, <br> allows [Purchase Payments](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523) to be <br> made without the deduction of <br> a sales load, or with a refund of <br> a withdrawal charge <br>| Standard | No Charge | &nbsp;&nbsp;&nbsp;&nbsp; ●Request to void redemption must <br> be made within 60 days without <br> passing the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) anniversary<br> ●Requests will not be processed <br> where redemption proceeds were <br> paid by a check payable to the <br> [Owner](#bookmark_owner_20131905-6e33-40fd-b692-be4f793f1523) and cashed or proceeds <br> directly deposited into a bank <br> account<br>|

---

**Account B Prospectus**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | &nbsp;&nbsp; **Is Benefit** <br> **Standard or** <br> **Optional**<br>| **Maximum Fee** | &nbsp;&nbsp; **Brief Description of Limitations/**<br> **Restrictions**<br>|
| Terminal Illness <br> Benefit<br>| &nbsp;&nbsp; Waives withdrawal charges if <br> primary [Annuitant](#bookmark_annuitant_20131905-6e33-40fd-b692-be4f793f1523) is terminally <br> ill<br>| Standard | No Charge | &nbsp;&nbsp;&nbsp;&nbsp; ●Must meet timing and definitional <br> requirements for "terminal illness" <br>|
| Nursing Home <br> Benefit<br>| &nbsp;&nbsp; Waives withdrawal charges if <br> primary [Annuitant](#bookmark_annuitant_20131905-6e33-40fd-b692-be4f793f1523) is confined to <br> a nursing home<br>| Standard | No Charge | &nbsp;&nbsp;&nbsp;&nbsp; ●Applies after first [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)<br> anniversary<br> ●Confinement must be medically <br> necessary for 90 consecutive days<br>|
| Automatic Dollar <br> Cost Averaging<br>| &nbsp;&nbsp; On a periodic basis, <br> automatically transfers a specific <br> amount from the Government <br> Money Market [Division](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523) into <br> other [Divisions](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523) you selected<br>| Standard | No charge | &nbsp;&nbsp;&nbsp;&nbsp; ●Cannot use with portfolio <br> rebalancing<br>|
| Systematic <br> Withdrawal Plan<br>| &nbsp;&nbsp; Allows for monthly payments <br> drawn from your investment <br> options during the accumulation <br> phase either proportionately <br> from your investment options or <br> from specific investment options <br>| Standard | No charge | &nbsp;&nbsp;&nbsp;&nbsp; ●Proportionate deductions may be <br> limited for amounts in the <br> Guaranteed Interest [Funds](#bookmark_fund_20131905-6e33-40fd-b692-be4f793f1523)<br> ●Withdrawal charges may apply to <br> amounts in excess of the free <br> withdrawal amount<br> ●Taxes or penalties may apply<br>|
| Special Withdrawal <br> Privilege<br>| &nbsp;&nbsp; Allows the withdrawal of 10% of <br> [Contract Value](#bookmark_contractvalue_20131905-6e33-40fd-b692-be4f793f1523) without a <br> surrender charge<br>| Standard | No Charge | &nbsp;&nbsp;&nbsp;&nbsp; ●[Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) must be at least $10,000<br> ●Applies only after the first [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)<br> anniversary<br>|
| [Portfolio](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523)<br> Rebalancing<br>| &nbsp;&nbsp; Automatically rebalances the <br> [Divisions](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523) you select (either <br> monthly, quarterly, semi-<br> annually or annually) to <br> maintain your chosen mix of <br> [Divisions](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523)<br>| Standard | No charge | &nbsp;&nbsp;&nbsp;&nbsp; ●Ordinarily ends upon transfers from <br> applicable [Divisions](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523)<br> ●Cannot use with dollar cost <br> averaging<br>|
| Interest Sweeps | &nbsp;&nbsp; Automatically transfers interest <br> from the GIF to any combination <br> of [Divisions](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523)<br>| Standard | No charge | &nbsp;&nbsp;&nbsp;&nbsp; ●Minimum [Contract Value](#bookmark_contractvalue_20131905-6e33-40fd-b692-be4f793f1523) required <br> for eligibility<br>|
| Asset Allocation <br> Models<br>| &nbsp;&nbsp; Allocation models are available <br> that comprise a combination of <br> [Divisions](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523) representing various <br> asset classes with various levels <br> of risk tolerance <br>| Standard | No charge | &nbsp;&nbsp;&nbsp;&nbsp; ●Only one model is available at a <br> time<br> ●Models are "static" and therefore <br> the [Owner](#bookmark_owner_20131905-6e33-40fd-b692-be4f793f1523) must make an <br> affirmative election to change <br> models<br> ●Available models may change in the <br> future<br>|

---

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

<sup>1</sup>

The annual charge for the Optional Enhanced Death Benefit is expressed as a percentage of the entire benefit and varies by issue age.

<sup>2</sup>

Variable income plans continue to be assessed Base Contract Charges.

Buying the Contract

You may make [Purchase Payments](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523) monthly, quarterly, semiannually, annually, or on any other frequency acceptable to us. For back-load [Contracts](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) in non-tax qualified situations, the minimum initial [Purchase Payment](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523) is $5,000. For all other back-load [Contracts](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523), the minimum amount for an initial [Purchase Payment](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523) is $100 ($25 if on an Insurance Service Account (ISA)). For front-load [Contracts](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523), the minimum initial [Purchase Payment](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523) is $10,000. The minimum amount for each subsequent [Purchase Payment](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523)for all [Contracts](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) is $25, although we may accept lower amounts in certain circumstances. We will accept larger [Purchase](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523)[Payments](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523) than the minimums, but total [Purchase Payments](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523) under any [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) may not exceed $5,000,000 without our consent. For all [Contracts](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523), [Purchase Payments](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523) may not exceed the applicable federal income tax limits. In certain situations, we may, in our discretion, reduce or waive our minimum [purchase payment](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523) requirements. When initial [Purchase Payments](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523)representing proceeds from rollovers or annuity exchanges are determined to satisfy the front-load [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) minimum based on

**Account B Prospectus**

------

values at the time you sign your application, but the amount subsequently received by us is less than the required minimum due to market value fluctuations and sales or administrative fees charged in connection with the rollover or exchange, we may reduce the required minimum by the sum of any such depreciation and fees.

[Guaranteed Accounts](#bookmark_guaranteedaccount_20131905-6e33-40fd-b692-be4f793f1523) are subject to certain investment minimums and maximums in addition to those described above. Amounts that are applied to GIF 8 are subject to an investment minimum of $10,000, unless we consent to a lesser amount. We also limit the maximum amount that may be invested in the [Guaranteed Accounts](#bookmark_guaranteedaccount_20131905-6e33-40fd-b692-be4f793f1523). Without our prior consent, no investment may cause the Accumulation Value of all [Guaranteed Accounts](#bookmark_guaranteedaccount_20131905-6e33-40fd-b692-be4f793f1523) (the sum of all applied amounts and credited interest, less fees and any amounts transferred or withdrawn) to exceed a maximum amount we specify in the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523). For [Contracts](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) currently being issued, the maximum amount specified in the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) is $100,000.

We credit Net [Purchase Payments](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523), after deduction of any sales load, to the variable and/or fixed investment options as you direct.

Initial Net [Purchase Payments](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523) allocated to a [Division](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523) will be priced at the [Accumulation Unit](#bookmark_accumulationunit_20131905-6e33-40fd-b692-be4f793f1523) Value determined no later than two [Valuation Dates](#bookmark_valuationdate_20131905-6e33-40fd-b692-be4f793f1523) after we receive at our Home Office or a lockbox facility we have designated both your initial [Purchase Payment](#bookmark_purchasepayment_20131905-6e33-40fd-b692-be4f793f1523)and your application in good order. "Good order" means that the application is complete and accurate and all applicable requirements are satisfied. If your application is not in good order, we may take up to five [Valuation Dates](#bookmark_valuationdate_20131905-6e33-40fd-b692-be4f793f1523) to resolve the problem. If we are unable to resolve the problem within that time, we will notify you in writing of the reasons for the delay. If you revoke the consent given with your application to hold your initial [Purchase Payment](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523) pending resolution of the problem, we will return your payment. Otherwise, the number of [Accumulation Units](#bookmark_accumulationunit_20131905-6e33-40fd-b692-be4f793f1523) you receive for your initial Net Purchase Payment will be determined based upon the valuation of the assets of the [Divisions](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523) you select not later than two [Valuation Dates](#bookmark_valuationdate_20131905-6e33-40fd-b692-be4f793f1523) following the date on which the problem is resolved and your application is put into good order. Subsequent Net [Purchase Payments](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523) will be priced based on the next determined [Accumulation Unit](#bookmark_accumulationunit_20131905-6e33-40fd-b692-be4f793f1523) Value after the payment is received in good order either at the Home Office or a lockbox facility we have designated.

We deem receipt of a [Purchase Payment](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523) to be received on a given [Valuation Date](#bookmark_valuationdate_20131905-6e33-40fd-b692-be4f793f1523) if receipt occurs before the close of trading on the NYSE (typically, 4:00 p.m. Eastern Time). If receipt occurs on or after the close of trading on the NYSE, we deem receipt to occur on the following [Valuation Date](#bookmark_valuationdate_20131905-6e33-40fd-b692-be4f793f1523). We determine the value of an [Accumulation Unit](#bookmark_accumulationunit_20131905-6e33-40fd-b692-be4f793f1523) in each [Division](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523) by multiplying the value on the immediately preceding valuation date by the net investment factor for the [Division](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523). The net investment factor takes into account the investment experience of the [Portfolio](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) and the deduction for any applicable taxes or charges.

Making Withdrawals: Accessing Money in Your Contract

[Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)[Owners](#bookmark_owner_20131905-6e33-40fd-b692-be4f793f1523) may withdraw some or all of the [Accumulation Unit](#bookmark_accumulationunit_20131905-6e33-40fd-b692-be4f793f1523) Value of their [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) at any time before the [Maturity](#bookmark_maturitydate_20131905-6e33-40fd-b692-be4f793f1523)[Date](#bookmark_maturitydate_20131905-6e33-40fd-b692-be4f793f1523). We may require that a [Contract Value](#bookmark_contractvalue_20131905-6e33-40fd-b692-be4f793f1523) of at least $2,000 remain after a partial withdrawal. You may instruct us how to allocate your partial withdrawal request among your investments in the [Divisions](#bookmark_division_20131905-6e33-40fd-b692-be4f793f1523) and [Guaranteed Accounts](#bookmark_guaranteedaccount_20131905-6e33-40fd-b692-be4f793f1523). If no direction is received, your withdrawal will be deducted proportionately from each of your investments. Withdrawals of amounts from the fixed account options are subject to special restrictions, charges and other adjustments. Any applicable withdrawal (or surrender) charge, market value adjustment, federal/state tax withholding, and/or Express Mail Delivery fee will be assessed against and deducted from the amount withdrawn.

Withdrawals may also be made after the [Maturity Date](#bookmark_maturitydate_20131905-6e33-40fd-b692-be4f793f1523). If [Annuity Payments](#bookmark_annuitypayments_20131905-6e33-40fd-b692-be4f793f1523) are being made under variable income plan 1 (Period Certain), the payee may surrender the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) and receive the value of the [Annuity Units](#bookmark_annuityunit_20131905-6e33-40fd-b692-be4f793f1523) credited to his or her [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523), less the applicable withdrawal charge. If [Annuity Payments](#bookmark_annuitypayments_20131905-6e33-40fd-b692-be4f793f1523) are being made under variable income plan 2 (Single Life Income with or without Period Certain) and the payee dies during the Period Certain (or if both payees die during the Period Certain of variable income plan 3 (Joint and Survivor Life Income with Period Certain)), the [Beneficiary](#bookmark_beneficiary_20131905-6e33-40fd-b692-be4f793f1523) may surrender the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) and receive the withdrawal value of the unpaid payments for the Period Certain. The withdrawal value is based on the [Annuity Unit](#bookmark_annuityunit_20131905-6e33-40fd-b692-be4f793f1523) value on the withdrawal date, with the unpaid payments discounted at the Assumed Investment Rate.

We process withdrawal requests at the [Accumulation Unit](#bookmark_accumulationunit_20131905-6e33-40fd-b692-be4f793f1523) Value next determined only after our receipt of your request in good order, which includes satisfaction of all our administrative requirements. Subject to our administrative procedures and our approval, you may request that a withdrawal be processed (or that an [Income Plan](#bookmark_incomeplan_20131905-6e33-40fd-b692-be4f793f1523) start) on a future date you specify. Otherwise, we will pay the amount of any withdrawal from the [Separate Account](#bookmark_separateaccount_20131905-6e33-40fd-b692-be4f793f1523) within at least seven days after we receive the request in good order unless the suspension of payments or transfers provision is in effect or if required by government regulators. Withdrawals reduce your [Contract Value](#bookmark_contractvalue_20131905-6e33-40fd-b692-be4f793f1523) and may be subject to unfavorable tax consequences.

**Account B Prospectus**

------

If mandated under applicable law, we may be required to block an [Owner's](#bookmark_owner_20131905-6e33-40fd-b692-be4f793f1523) account and thereby refuse to pay any requests for transfer, partial withdrawal, surrender or death benefits, until instructions are received from the appropriate regulator. We may also be required to provide additional information about an [Owner](#bookmark_owner_20131905-6e33-40fd-b692-be4f793f1523) and an [Owner's](#bookmark_owner_20131905-6e33-40fd-b692-be4f793f1523) account to government regulators.

Additional Information About Fees

[Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) Fees and Expenses

**The following tables describe the fees, expenses, and adjustments that you will pay when buying, owning, and surrendering or making withdrawals from an Investment Option or the** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)**. There are two sets of tables: one for a front-load** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)**(in which a sales charge is assessed when** [**Purchase Payments**](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523) **are made) and one for a back-load** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) **(in which a sales charge is assessed if and when amounts are withdrawn). Please refer to your** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) **specifications page for information about the specific fees you will pay each year based on the options you have selected.** 

**The Transaction Expenses tables describe the fees and expenses that you will pay at the time that you buy the** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)**, surrender, or make withdrawals from an Investment Option or from the Contract, or transfer** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) V**alue between Investment Options. These tables do not include any charge for state premium tax deductions, which we do not charge for at present, but we reserve the right to do so.**

**Each table shows the maximum and current fees and expenses related to the current** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)**.** 

Front-Load [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) (in which a sales charge is assessed when [Purchase Payments](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523) are made)

---

| | | |
|:---|:---|:---|
| **Transaction Expenses** | **Current** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)<sup>1</sup> | **Current** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)<sup>1</sup> |
|  | ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>|
| ***Maximum Sales Load (as a percentage of*** [***Purchase Payments)***](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523)<sup>2</sup> <br>| ***4.5%*** | ***4.5****%* |
| Withdrawal Charge | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Transfer Fee | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Expedited Delivery Charge<sup>3</sup> | &nbsp;&nbsp; $17 | &nbsp;&nbsp; $17 |
| Wire Transfer Fee<sup>4</sup> <br>| &nbsp;&nbsp; $15 | &nbsp;&nbsp; $15 |

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The next table describes the fees and expenses that you will pay each year during the time that you own the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) (not including [Portfolio](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) fees and expenses).

If you choose to purchase an optional benefit, you will pay additional charges as shown below.

---

| | | |
|:---|:---|:---|
| **Annual** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) **Expenses** | **Current** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)<sup>1</sup> | **Current** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)<sup>1</sup> |
|  | ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>|
| ***Administrative Expenses***<sup>5</sup> <br>| ***$30*** | ***$30*** |
| Base Contract Expenses (as a percentage of [Separate Account](#bookmark_separateaccount_20131905-6e33-40fd-b692-be4f793f1523) assets)<sup>6</sup> <br>| 0.75<br> %<br>| 0.45<br> %<br>|
| Optional Enhanced Death Benefit Expenses (as a percentage of the entire benefit)<sup>7</sup> <br>| 0.40<br> %<br>| 0.10<br> %<br>|

---

**Back-Load Contracts (in which a sales charge is assessed if and when amounts are withdrawn)** 

---

| | | |
|:---|:---|:---|
| **Transaction Expenses**  | **Current** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)<sup>1</sup> | **Current** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)<sup>1</sup> |
|  | ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>|
| ***Sales Load (as a percentage of*** [***Purchase Payments)***](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523)<sup>2</sup> <br>| ***N/A*** | ***N/A*** |
| Maximum Withdrawal Charge for Sales Expenses | 6.00<br> %<br>| 6.00<br> %<br>|
| Transfer Fee | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Expedited Delivery Charges<sup>3</sup> <br>| &nbsp;&nbsp; $17 | &nbsp;&nbsp; $17 |
| Wire Transfer Fee<sup>4</sup> <br>| &nbsp;&nbsp; $15 | &nbsp;&nbsp; $15 |

---

We may apply a negative Market Value Adjustment to amounts transferred, withdrawn, surrendered, or annuitized from GIF 8 prior to the end of a Guaranteed Period. A negative Market Value Adjustment may result in the loss of some or all previously credited interest in excess of the minimum guaranteed annual effective interest rate, if any. <br>

**Account B Prospectus**

------

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

<br>The next table describes the fees and expenses that you will pay each year during the time that you own the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) (not including [Portfolio](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) company fees and expenses).

If you choose to purchase an optional benefit, you will pay additional charges as shown below.

---

| | | |
|:---|:---|:---|
| **Annual** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) **Expenses** | **Current** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)<sup>1</sup> | **Current** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)<sup>1</sup> |
|  | ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>|
| ***Administrative Expenses***<sup>5</sup> <br>| ***$30*** | ***$30*** |
| Base [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) Expenses (as a percentage of [Separate Account](#bookmark_separateaccount_20131905-6e33-40fd-b692-be4f793f1523) assets)<sup>6</sup> <br>| 1.50<br> %<br>| 1.10<br> %<br>|
| Optional Enhanced Death Benefit Expenses (as a percentage of the entire benefit)<sup>7</sup> <br>| 0.40<br> %<br>| 0.10<br> %<br>|

---

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

Each table shows the maximum and current fees and expenses for multiple [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523).

The sales load for a front-load [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) depends on the amount of cumulative [Purchase Payments](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523). For the back-load [Contracts](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523), the base contract expense and the [Withdrawal Charge](#bookmark_withdrawalcharge_20131905-6e33-40fd-b692-be4f793f1523) depend on the length of time amounts have been held under the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) and the size of the amounts held. (See "Base Contract Charges" and "Withdrawal Charges—Withdrawal Charge Rates.")

For express mail delivery with signature required; the express mail delivery charge without signature is $15.

We also charge $15 for wire transfers in connection with withdrawals.

We charge an Annual [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) Fee of $30. We are currently waiving the Annual [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) Fee if [Purchase Payments](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523) less withdrawals equal or exceed $25,000. We reserve the right to change this practice in the future. We will give at least 30 days prior notice.

We reserve the right to increase the current base contract expenses to the maximum annual rate of 0.75% for the front-load [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523). For back-load [Contracts](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523), there are two types of [Accumulation Units](#bookmark_accumulationunit_20131905-6e33-40fd-b692-be4f793f1523): "Class A" and "Class B." We reserve the right to increase the current base contract expense to the maximum annual rate of 1.50% for the back-load [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) Class B [Accumulation Units](#bookmark_accumulationunit_20131905-6e33-40fd-b692-be4f793f1523) and 0.75% for back-load Contract Class A [Accumulation Units](#bookmark_accumulationunit_20131905-6e33-40fd-b692-be4f793f1523). Under the back-load [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523), we convert Class B [Accumulation Units](#bookmark_accumulationunit_20131905-6e33-40fd-b692-be4f793f1523) to Class A [Accumulation Units](#bookmark_accumulationunit_20131905-6e33-40fd-b692-be4f793f1523) on the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) Anniversary if the [Contract Value](#bookmark_contractvalue_20131905-6e33-40fd-b692-be4f793f1523) is at least $25,000 and the Class B [Accumulation Units](#bookmark_accumulationunit_20131905-6e33-40fd-b692-be4f793f1523) have reached Withdrawal Charge Category Zero. For further information on Class B and Class A [Accumulation](#bookmark_accumulationunit_20131905-6e33-40fd-b692-be4f793f1523)Units, see "Base Contract Charges—Reduction of Charges." The Contracts may provide for charges for transfers between the Divisions of the Separate Account and for premium taxes, but we are not presently assessing such charges.

The maximum charge is for issue age (i.e., the age nearest the Primary [Annuitant's](#bookmark_annuitant_20131905-6e33-40fd-b692-be4f793f1523) birthday at the time the application is approved) 56-65. The charge is 0.10% for issue age 45 or less and 0.20% for issue age 46-55. The "entire" enhanced death benefit on any [Valuation Date](#bookmark_valuationdate_20131905-6e33-40fd-b692-be4f793f1523) equals the greatest of (i) the [Contract Value](#bookmark_contractvalue_20131905-6e33-40fd-b692-be4f793f1523) on that [Valuation Date](#bookmark_valuationdate_20131905-6e33-40fd-b692-be4f793f1523), (ii) the amount of [Purchase Payments](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523) made under the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) (adjusted for any withdrawals), or (iii) the EDB on the most recent [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) anniversary date prior to the Primary [Annuitant's](#bookmark_annuitant_20131905-6e33-40fd-b692-be4f793f1523) 80th birthday, increased by any [Purchase Payments](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523) we received since that [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)anniversary and decreased by the percentage of [Contract Value](#bookmark_contractvalue_20131905-6e33-40fd-b692-be4f793f1523) withdrawn since that [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) anniversary. The EDB is available only at the time the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)is issued. At the time of issue, the value of the EDB would be equal to the greater of the Initial [Purchase Payment](#bookmark_purchasepayments_20131905-6e33-40fd-b692-be4f793f1523) or the [Contract Value](#bookmark_contractvalue_20131905-6e33-40fd-b692-be4f793f1523).

Annual [Portfolio](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) Operating Expenses

**The table below shows the minimum and maximum total operating expenses of the** [**Portfolios**](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) **that you may pay periodically during the time that you own the** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)**. Expenses shown may change over time and may be higher or lower in the future. A complete list of the** [**Portfolios**](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) **available under the** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)**, including their annual expenses, may be found at the back of this document (i.e., Appendix A: Investment Options Available Under the** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)**).** 

---

| | | |
|:---|:---|:---|
|  | **Minimum** | **Maximum** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Annual** [**Portfolio**](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) **Operating Expenses** (expenses deducted from [Portfolio](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) assets, including management fees, <br> distribution (12b-1) fees, and other expenses as a percentage of average [Portfolio](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) assets)<br>| &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 2.50% |
| **Annual** [**Portfolio**](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) **Operating Expenses After Contractual Fee Waiver or Reimbursement\*** | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 2.45% |

---

\*

The "Annual [Portfolio](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) Operating Expenses After Contractual Fee Waiver or Reimbursement" line in the above table shows the minimum and maximum fees and expenses as of December 31, 2025 charged by all of the [Portfolios](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) after taking into account contractual fee waiver or reimbursement arrangements in place. Those contractual arrangements are designed to reduce total Annual [Portfolio](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) Operating Expenses and will continue for at least one year from the date of this prospectus.

For more information about voluntary fee waivers that may be in place, see the "Charges" section.

**Examples**<sup>1</sup>

**The following Examples are intended to help you compare the cost of investing in the Variable Options with the cost of investing in other annuity contracts that offer variable options. These costs include** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523)[**Owner**](#bookmark_owner_20131905-6e33-40fd-b692-be4f793f1523) **transaction expenses, annual** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) **expenses, and annual** [**Portfolio**](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) **expenses.** 

**The Examples assume all Contract value is allocated to the Variable Options. The Examples do not reflect the Market Value Adjustment. Your costs could differ from those shown below if you invest in Fixed Options.** 

**The Examples assume that you invest $100,000 in the Variable Options for the time periods indicated and that your investment has a 5% return each year. The Examples reflect the maximum expenses of the underlying** [**Portfolios**](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) **(as set forth above) as well as the Optional Enhanced Death Benefit Maximum Charge. Although your actual costs may be higher or lower than those shown below, based on these assumptions, your costs would be as follows:**

**Account B Prospectus**

------

**Back-Load** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) **With the Enhanced Death Benefit** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| If you surrender your <br> [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) at the end of the <br> applicable time period:<br>| &nbsp;&nbsp; $10405 | &nbsp;&nbsp; $19394  | &nbsp;&nbsp; $26485  | &nbsp;&nbsp; $45666  |
| If you annuitize at the end <br> of the applicable time <br> period:<br>| &nbsp;&nbsp; $4405 | &nbsp;&nbsp; $13394  | &nbsp;&nbsp; $22485  | &nbsp;&nbsp; $45666 |
| If you do not surrender <br> your [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523):<br>| &nbsp;&nbsp; $4405 | &nbsp;&nbsp; $13394 | &nbsp;&nbsp; $22485 | &nbsp;&nbsp; $45666 |

---

**Front-Load** [**Contract**](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) **With the Enhanced Death Benefit** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| If you surrender your <br> [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) at the end of the <br> applicable time period:<br>| &nbsp;&nbsp; $7982  | &nbsp;&nbsp; $15186 | &nbsp;&nbsp; $22583  | &nbsp;&nbsp; $41956  |
| If you annuitize at the end <br> of the applicable time <br> period:<br>| &nbsp;&nbsp; $7982 | &nbsp;&nbsp; $15186 | &nbsp;&nbsp; $22583 | &nbsp;&nbsp; $41956 |
| If you do not surrender <br> your [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523):<br>| &nbsp;&nbsp; $7982 | &nbsp;&nbsp; $15186 | &nbsp;&nbsp; $22583 | &nbsp;&nbsp; $41956 |

---

<sup>1</sup>

The charge for the EDB above was determined by multiplying the maximum EDB percentage charge (0.40%) by the entire EDB. The EDB amounts assumed for purposes of this example are equal to the [Contract Value](#bookmark_contractvalue_20131905-6e33-40fd-b692-be4f793f1523) at each anniversary. Such hypothetical amounts are for illustrative purposes only. The $30 annual [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) fee is reflected as 0.01% for the front-load [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) and 0.03% for the back-load [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) based on the annual [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) fees collected divided by the average assets attributable to the [Contracts](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) for the fiscal year ended December 31, 2025.

**Please remember that the examples are simply illustrations and do not represent past or future expenses.** Your actual expenses may be higher or lower than those shown in the examples. Similarly, your rate of return may be more or less than the 5% assumed in the examples.

**Account B Prospectus**

------

Appendix A - Investment Options Available Under the Contract

**Portfolios Available Under the Contract**

The following is a list of [Portfolios](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) available under the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523). More information about the [Portfolios](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) is available in the prospectuses for the [Portfolios](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523), which may be amended from time to time and can be found online at www.nmprospectus.com. You can also request this information at no cost by calling (866) 910-1232 or by sending an email request to vavldocrequest@northwesternmutual.com.

The current expenses and performance information below reflects fees and expenses of the [Portfolios](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523), but do not reflect the other fees and expenses that your [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) may charge. Expenses would be higher and performance would be lower if these other charges were included. Each [Portfolio's](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) past performance is not necessarily an indication of future performance.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Portfolio and Adviser/Sub-adviser (if applicable)** | **Current Expenses** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment Objective** | **Portfolio and Adviser/Sub-adviser (if applicable)** | **Current Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Long-term growth of <br> capital; current income is <br> a secondary objective<br>**Growth Stock Portfolio**<sup>2</sup>  | &nbsp;&nbsp;&nbsp; Mason Street Advisors, LLC <br> &nbsp;&nbsp;&nbsp;&nbsp;(MSA)/T. Rowe Price <br> Associates, Inc<br>| 0.42%<sup>1</sup> <br>| 19.40% | 11.99% | 14.80% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **Focused Appreciation** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/Loomis, Sayles & <br> Company, L.P.<br>| 0.58%<sup>1</sup> <br>| 14.91% | 14.89% | 17.07% |
| Long-term growth of <br> capital and income<br>&nbsp;&nbsp; **Large Cap Core Stock** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/Wellington <br> Management Company LLP<br>| 0.43%<sup>1</sup> <br>| 16.59% | 12.70% | 13.96% |
| Long-term growth of <br> capital and income<br>&nbsp;&nbsp; **Large Cap Blend** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/J.P. Morgan Investment <br> Management, Inc.<br>| 0.70%<sup>1</sup> <br>| 14.34% | 11.77% | 11.98% |
| Investment results that <br> approximate the <br> performance of the <br> Standard & Poor's 500<sup>®</sup> <br> Composite Stock Price <br> Index<br>&nbsp;&nbsp; **Index 500 Stock** <br> **Portfolio**<sup>2</sup><br>| MSA/BlackRock Advisors, LLC | 0.19%<sup>1</sup> <br>| 17.64% | 14.19% | 14.58% |
| Long-term growth of <br> capital; income is a <br> secondary objective<br>&nbsp;&nbsp; **Large Company Value** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/American Century <br> Investment Management, <br> Inc.<br>| 0.74%<sup>1</sup> <br>| 14.58% | 9.85% | 9.48% |
| Long-term growth of <br> capital and income<br>&nbsp;&nbsp; **Domestic Equity** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/Putnam Investment <br> Management, LLC<br>| 0.50%<sup>1</sup> <br>| 14.43% | 8.63% | 8.87% |
| Long-term growth of <br> capital and income<br>**Equity Income Portfolio**<sup>2</sup> | &nbsp;&nbsp;&nbsp; MSA/T. Rowe Price <br> Associates, Inc<br>| 0.57%<sup>1</sup> <br>| 14.48% | 11.31% | 10.64% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **Mid Cap Growth Stock** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/J.P. Morgan Investment <br> Management, Inc.<br>| 0.54%<sup>1</sup> <br>| 8.32% | 2.51% | 7.81% |
| Investment results that <br> approximate the <br> performance of the <br> Standard & Poor's <br> MidCap 400<sup>®</sup> Stock Price <br> Index<br>&nbsp;&nbsp; **Index 400 Stock** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/Northern Trust <br> Investments, Inc.<br>| 0.24%<sup>1</sup> <br>| 7.24% | 8.85% | 10.44% |
| Long-term growth of <br> capital; current income is <br> a secondary objective<br>**Mid Cap Value Portfolio**<sup>2</sup> | &nbsp;&nbsp;&nbsp; MSA/American Century <br> Investment Management, <br> Inc.<br>| 0.71%<sup>1</sup> <br>| 9.16% | 8.96% | 9.25% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **Small Cap Growth Stock** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/Wellington <br> Management Company LLP<br>| 0.56% | 6.93% | 1.29% | 8.82% |
| Investment results that <br> approximate the <br> performance of the <br> Standard & Poor's <br> SmallCap 600<sup>®</sup> Index<br>&nbsp;&nbsp; **Index 600 Stock** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/Northern Trust <br> Investments, Inc.<br>| 0.26% | 5.78% | 6.98% | 9.48% |

---

**Account B Prospectus**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Portfolio and Adviser/Sub-adviser (if applicable)** | **Current Expenses** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment Objective** | **Portfolio and Adviser/Sub-adviser (if applicable)** | **Current Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **Small Cap Value** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/T. Rowe Price <br> Investment Management, <br> Inc.<br>| 0.87%<sup>1</sup> <br>| 7.41% | 6.22% | 9.15% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **International Growth** <br> **Portfolio**<sup>2</sup><br>| MSA/FIAM LLC | 0.61%<sup>1</sup> <br>| 18.70% | 6.11% | 9.07% |
| Capital appreciation<br> &nbsp;&nbsp; **Research International** <br> **Core Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/Massachusetts <br> Financial Services Company <br>| 0.58%<sup>1</sup> <br>| 22.98% | 5.89% | 7.81% |
| Long-term growth of <br> capital and income<br>&nbsp;&nbsp; **International Equity** <br> **Portfolio**<sup>2</sup><br>| MSA/Dodge & Cox | 0.68%<sup>1</sup> <br>| 38.35% | 10.31% | 6.65% |
| Capital appreciation<br> &nbsp;&nbsp; **Emerging Markets Equity** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/abrdn Investments <br> Limited<br>| 0.78%<sup>1</sup> <br>| 34.19% | 1.26% | 6.95% |
| Maximum current income <br> to the extent consistent <br> with liquidity and stability <br> of capital<sup>3</sup> <br>&nbsp;&nbsp; **Government Money** <br> **Market Portfolio**<sup>2</sup><br>| MSA/BlackRock Advisors, LLC | 0.33% | 4.03% | 3.03% | 1.96% |
| Provide as high a level of <br> current income as is <br> consistent with prudent <br> investment risk<br>&nbsp;&nbsp; **Short-Term Bond** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/T. Rowe Price <br> Associates, Inc.<br>| 0.40% | 5.70% | 2.20% | 2.40% |
| Provide as high a level of <br> total return consistent <br> with prudent investment <br> risk; a secondary <br> objective is to seek <br> preservation of <br> shareholders' capital<br>**Select Bond Portfolio**<sup>2</sup> | &nbsp;&nbsp;&nbsp; MSA/Allspring Global <br> Investments, LLC<br>| 0.31%<sup>1</sup> <br>| 7.45% | -0.19% | 2.25% |
| Maximum total return, <br> consistent with <br> preservation of capital <br> and prudent investment <br> management<br>&nbsp;&nbsp; **Long-Term U.S.** <br> **Government Bond** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/Pacific Investment <br> Management Company LLC<br>| 2.45%<sup>1</sup> <br>| 6.15% | -7.18% | -0.19% |
| Pursue total return using <br> a strategy that seeks to <br> protect against U.S. <br> inflation<br>&nbsp;&nbsp; **Inflation Managed** <br> **Portfolio**<sup>2</sup> **(formerly** <br> **"Inflation Protection** <br> **Portfolio")**<br>| &nbsp;&nbsp;&nbsp; MSA/American Century <br> Investment Management, <br> Inc.<br>| 0.46%<sup>1</sup> <br>| 6.51% | 0.92% | 2.82% |
| High current income and <br> capital appreciation<br>&nbsp;&nbsp; **High Yield Bond** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/Federated Investment <br> Management Company<br>| 0.46% | 8.49% | 4.06% | 5.95% |
| Maximum total return, <br> consistent with prudent <br> investment management<br>&nbsp;&nbsp; **Multi-Sector Bond** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/Pacific Investment <br> Management Company LLC<br>| 0.75%<sup>1</sup> <br>| 10.00% | 1.66% | 4.56% |
| Realize as high a level of <br> total return as is <br> consistent with <br> conservative investment <br> risk, through income and <br> secondarily through <br> capital appreciation<br>&nbsp;&nbsp; **Active/Passive** <br> **Conservative Portfolio**<sup>2</sup><br>| MSA | 0.54%<sup>1</sup> <br>| N/A | N/A | N/A |
| Realize as high a level of <br> total return as is <br> consistent with <br> reasonable investment <br> risk through appreciation <br> and income<br>&nbsp;&nbsp; **Active/Passive Balanced** <br> **Portfolio**<sup>2</sup> **(formerly** <br> **"Balanced Portfolio")**<br>| MSA | 0.44%<sup>1</sup> <br>| 12.19% | 4.71% | 6.76% |
| Realize as high a level of <br> total return as is <br> consistent with moderate <br> investment risk through <br> appreciation and <br> secondarily through <br> income<br>&nbsp;&nbsp; **Active/Passive Moderate** <br> **Portfolio**<sup>2</sup>**(formerly** <br> **"Asset Allocation** <br> **Portfolio")**<br>| MSA | 0.49%<sup>1</sup> <br>| 14.46% | 6.36% | 8.21% |

---

**Account B Prospectus**

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Portfolio and Adviser/Sub-adviser (if applicable)** | **Current Expenses** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment Objective** | **Portfolio and Adviser/Sub-adviser (if applicable)** | **Current Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Realize as high a level of <br> total return as is <br> consistent with aggressive <br> investment risk, primarily <br> through appreciation and <br> some income <br>&nbsp;&nbsp; **Active/Passive** <br> **Aggressive Portfolio**<sup>2</sup><br>| MSA | 0.60%<sup>1</sup> <br>| N/A | N/A | N/A |
| Long-term growth of <br> capital<br>&nbsp;&nbsp;&nbsp; **Active/Passive Very** <br> **Aggressive Portfolio**<sup>2</sup> <br> (formerly "Active/Passive <br> All Equity Portfolio")<br>| MSA | 0.63%<sup>1</sup> <br>| N/A | N/A | N/A |
| Growth of capital<br> &nbsp;&nbsp; **American Funds**<sup>®</sup> **IS** <br> **Growth Fund - Class 1A**<sup>4</sup><br>| &nbsp;&nbsp;&nbsp; Capital Research and <br> Management Company <br> &nbsp;&nbsp;&nbsp;&nbsp;(CRMC)<br>| 0.58% | 20.24% | 13.37% | N/A |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **American Funds**<sup>®</sup> **IS** <br> **Global Growth Fund -** <br> **Class 1A**<sup>4</sup><br>| CRMC | 0.65%<sup>1</sup> <br>| 21.63% | 8.24% | N/A |
| Long-term capital <br> appreciation<br>&nbsp;&nbsp; **American Funds**<sup>®</sup> **IS New** <br> **World Fund**<sup>®</sup> **- Class 1A**<sup>4</sup><br>| CRMC | 0.82%<sup>1</sup> <br>| 28.27% | 5.32% | N/A |
| Provide as high a level of <br> current income as is <br> consistent with the <br> preservation of capital<br>&nbsp;&nbsp; **American Funds**<sup>®</sup> **IS The** <br> **Bond Fund of America**<sup>®</sup> **-** <br> **Class 1A**<sup>4</sup><br>| CRMC | 0.47%<sup>1</sup> <br>| 7.24% | -0.14% | N/A |
| Provide, over the long <br> term, a high level of total <br> return consistent with <br> prudent investment <br> management <br>&nbsp;&nbsp; **American Funds**<sup>®</sup> **IS** <br> **Capital World Bond** <br> **Fund**<sup>®</sup> **- Class 1A**<sup>4</sup><br>| CRMC | 0.73% | 9.31% | -2.50% | N/A |
| Provide a high level of <br> current income; a <br> secondary objective is <br> capital appreciation<br>&nbsp;&nbsp; **American Funds**<sup>®</sup> **IS** <br> **American High-Income** <br> **Trust**<sup>®</sup> **- Class 1A**<sup>4</sup><br>| CRMC | 0.62%<sup>1</sup> <br>| 8.19% | 5.59% | N/A |
| Seek to match the <br> performance of the MSCI <br> EAFE Index in U.S. dollars <br> with net dividends as <br> closely as possible before <br> deduction of fund <br> expenses<br>&nbsp;&nbsp; **BlackRock International** <br> **Index V.I. Fund - Class I**<sup>5</sup><br>| BlackRock Advisors, LLC | 0.27%<sup>1</sup> <br>| 31.37% | 8.88% | 8.18% |
| Maximize total return, <br> consistent with income <br> generation and prudent <br> investment management<br>&nbsp;&nbsp; **BlackRock Total Return** <br> **V.I. Fund - Class I**<sup>5</sup><br>| &nbsp;&nbsp;&nbsp; BlackRock Advisors, LLC/<br> BlackRock International <br> Limited & BlackRock <br> &nbsp;&nbsp;&nbsp;&nbsp;(Singapore) Limited <br>| 0.43%<sup>1</sup> <br>| 8.00% | -0.37% | 2.18% |
| Total return<br> &nbsp;&nbsp; **Cantor Fitzgerald** <br> **Commodity Return** <br> **Strategy Portfolio – Class** <br> **2**<sup>6</sup><br>| &nbsp;&nbsp;&nbsp; O'Connor Alternative <br> Investments, LLC <sup>7</sup> <br>| 0.80%<sup>1</sup> <br>| 15.68% | 10.61% | N/A |
| Long-term capital <br> appreciation<br>&nbsp;&nbsp; **Columbia VP Small Cap** <br> **Value Discovery Fund -** <br> **Class 1**<sup>8</sup> **(formerly "VP** <br> **Small Cap Value Fund")**<br>| &nbsp;&nbsp;&nbsp; Columbia Management <br> Investment Advisers, LLC<br>| 0.91%<sup>1</sup> <br>| 14.99% | 12.48% | 11.48% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **Fidelity**<sup>®</sup> **VIP Mid Cap** <br> **Portfolio – Initial Class**<sup>9</sup><br>| &nbsp;&nbsp;&nbsp; Fidelity Management & <br> Research Company LLC <br> &nbsp;&nbsp;&nbsp;&nbsp;(FMR)<sup>10</sup> <br>| 0.55% | 11.75% | 10.10% | 10.59% |
| Long-term capital <br> appreciation <br>&nbsp;&nbsp; **Fidelity**<sup>®</sup> **VIP** <br> **Contrafund**<sup>SM</sup> **Portfolio –** <br> **Initial Class**<sup>9</sup><br>| FMR<sup>10</sup> <br>| 0.54% | 21.52% | 15.37% | 15.78% |
| Capital appreciation<br> &nbsp;&nbsp; **Fidelity**<sup>®</sup> **VIP Value** <br> **Strategies Portfolio -** <br> **Initial Class**<sup>9</sup><br>| FMR<sup>10</sup> <br>| 0.59% | 7.99% | 12.14% | 10.82% |

---

**Account B Prospectus**

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Portfolio and Adviser/Sub-adviser (if applicable)** | **Current Expenses** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment Objective** | **Portfolio and Adviser/Sub-adviser (if applicable)** | **Current Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Capital appreciation<br> &nbsp;&nbsp; **Fidelity**<sup>®</sup> **VIP Health Care** <br> **Portfolio - Initial Class**<sup>9</sup><br>| FMR<sup>10</sup> <br>| 0.59% | 14.39% | 4.18% | 8.75% |
| Capital appreciation<br> &nbsp;&nbsp; **Fidelity**<sup>®</sup> **VIP Technology** <br> **Portfolio - Initial Class**<sup>9</sup><br>| FMR<sup>10</sup> <br>| 0.56% | 23.36% | 16.83% | 23.76% |
| Seek to provide <br> investment results that <br> correspond to the <br> aggregate price and <br> interest performance of <br> debt securities in the <br> Bloomberg U.S. Aggregate <br> Bond Index<br>&nbsp;&nbsp; **Fidelity**<sup>®</sup> **VIP Bond Index** <br> **Portfolio - Initial Class**<sup>9</sup><br>| FMR <sup>10</sup> <br>| 0.14% | 6.98% | -0.57% | N/A |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **John Hancock Disciplined** <br> **Value International Trust** <br> **- Series NAV**<sup>11</sup><br>| &nbsp;&nbsp;&nbsp; John Hancock Variable Trust <br> Advisers LLC/Boston Partners <br> Global Investors, Inc.<br>| 0.79% | 41.02% | 12.70% | 8.97% |
| Long-term capital <br> appreciation and current <br> income<br>&nbsp;&nbsp; **John Hancock Real Estate** <br> **Securities Trust - Series** <br> **NAV**<sup>11</sup><br>| &nbsp;&nbsp;&nbsp; John Hancock Variable Trust <br> Advisers LLC/Wellington <br> Management Company LLP<br>| 0.76%<sup>1</sup> <br>| 0.63% | 5.77% | 5.91% |
| High level of current <br> income<br>&nbsp;&nbsp; **John Hancock Strategic** <br> **Income Opportunities** <br> **Trust - Series NAV**<sup>11</sup><br>| &nbsp;&nbsp;&nbsp; John Hancock Variable Trust <br> Advisers LLC/Manulife <br> Investment Management <br> &nbsp;&nbsp;&nbsp;&nbsp;(US) LLC<br>| 0.74%<sup>1</sup> <br>| 7.51% | 1.61% | 3.26% |
| Long-term growth of <br> capital by investing <br> primarily in securities of <br> companies that meet the <br> Portfolio's environmental, <br> social and governance <br> criteria<br>&nbsp;&nbsp; **Quality Equity Portfolio**<sup>12</sup> <br> **(formerly "Sustainable** <br> **Equity Portfolio")**<br>| &nbsp;&nbsp;&nbsp; Neuberger Berman <br> Investment Advisers LLC<br>| 0.87%  | 13.71% | 12.83% | 12.94% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **U.S. Strategic Equity** <br> **Fund**<sup>13</sup><br>| &nbsp;&nbsp;&nbsp; Russell Investment <br> Management LLC (RIM)<sup>14</sup><br>| 0.87%<sup>1</sup> <br>| 14.43% | 10.66% | 12.45% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **U.S. Small Cap Equity** <br> **Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 1.06%<sup>1</sup> <br>| 8.34% | 7.15% | 8.98% |
| Current income and long-<br> term growth of capital<br>&nbsp;&nbsp; **Global Real Estate** <br> **Securities Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 0.90% | 8.59% | 2.55% | 3.57% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **International Developed** <br> **Markets Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 0.95%<sup>1</sup> <br>| 28.64% | 8.53% | 7.51% |
| Provide total return<br> **Strategic Bond Fund**<sup>13</sup> | RIM<sup>14</sup> | 0.65%<sup>1</sup> <br>| 7.35% | -1.07% | 1.77% |
| Current income and <br> moderate long-term <br> capital appreciation<br>&nbsp;&nbsp; **LifePoints**<sup>®</sup> **Variable** <br> **Target Portfolio Series** <br> **Moderate Strategy** <br> **Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 0.83%<sup>1</sup> <br>| 12.24% | 3.96% | 5.05% |
| Above-average long-term <br> capital appreciation and a <br> moderate level of current <br> income<br>&nbsp;&nbsp; **LifePoints**<sup>®</sup> **Variable** <br> **Target Portfolio Series** <br> **Balanced Strategy Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 0.89%<sup>1</sup> <br>| 14.96% | 6.39% | 6.88% |
| High long-term capital <br> appreciation; and as a <br> secondary objective, <br> current income<br>&nbsp;&nbsp; **LifePoints**<sup>®</sup> **Variable** <br> **Target Portfolio Series** <br> **Aggressive Strategy** <br> **Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 0.95%<sup>1</sup> <br>| 17.45% | 8.56% | 8.59% |
| High long-term capital <br> appreciation<br>&nbsp;&nbsp; **LifePoints**<sup>®</sup> **Variable** <br> **Target Portfolio Series** <br> **Equity Aggressive** <br> **Strategy Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 0.98%<sup>1</sup> <br>| 18.47% | 9.53% | 9.23% |

---

<sup>1</sup>

This reflects an expense reimbursement and/or fee waiver arrangement that is in place and reported in the [Portfolio's](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) registration statement. This agreement may be terminated in the future and, therefore, the expense figures shown reflect temporary fee reductions.

<sup>2</sup>

A series of Northwestern Mutual Series Fund, Inc., for which Mason Street Advisors, LLC (MSA), our wholly-owned company, serves as investment adviser.

**Account B Prospectus**

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<sup>3</sup>

Although the Government Money Market [Portfolio](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) seeks to preserve its value at $1.00 per share, it is possible to lose money by investing in the Government Money Market [Portfolio](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523). An investment in a money market [portfolio](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) is neither [insured](#bookmark_insured_20131905-6e33-40fd-b692-be4f793f1523) nor guaranteed by the Federal Deposit Insurance Corporation or any government agency. During extended periods of low interest rates, the yield of a money market [portfolio](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) may also become extremely low and possibly negative.

<sup>4</sup>

A series of American [Funds](#bookmark_fund_20131905-6e33-40fd-b692-be4f793f1523) Insurance Series<sup>®</sup>.

<sup>5</sup>

The BlackRock International Index V.I. [Fund](#bookmark_fund_20131905-6e33-40fd-b692-be4f793f1523) and BlackRock Total Return V.I. [Fund](#bookmark_fund_20131905-6e33-40fd-b692-be4f793f1523) are series of BlackRock Variable Series [Funds](#bookmark_fund_20131905-6e33-40fd-b692-be4f793f1523), Inc. and BlackRock Variable Series [Funds](#bookmark_fund_20131905-6e33-40fd-b692-be4f793f1523) II, Inc., respectively.

<sup>6</sup>

A series of Cantor Fitzgerald Variable Insurance Trust (formerly "Credit Suisse Trust").

<sup>7</sup>

Effective March 31, 2026, O'Connor Alternative Investments, LLC succeeded UBS Asset Management (Americas) LLC as the Portfolio's investment adviser.

<sup>8</sup>

A series of Columbia [Funds](#bookmark_fund_20131905-6e33-40fd-b692-be4f793f1523) Variable Insurance Trust.

<sup>9</sup>

The Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup> [Portfolio](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) is a series of Variable Insurance Products [Fund](#bookmark_fund_20131905-6e33-40fd-b692-be4f793f1523) II. The Fidelity<sup>®</sup> VIP Mid Cap [Portfolio](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) and Fidelity<sup>®</sup> VIP Value Strategies [Portfolio](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) are each a series of Variable Insurance Products [Fund](#bookmark_fund_20131905-6e33-40fd-b692-be4f793f1523) III. The Fidelity<sup>®</sup> VIP Health Care [Portfolio](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) and Fidelity<sup>®</sup> VIP Technology [Portfolio](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) are each a series of Variable Insurance Products [Fund](#bookmark_fund_20131905-6e33-40fd-b692-be4f793f1523) IV. The Fidelity<sup>®</sup> VIP Bond Index [Portfolio](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) is a series of Variable Insurance Products [Fund](#bookmark_fund_20131905-6e33-40fd-b692-be4f793f1523) V.

<sup>10</sup>

The following affiliates of Fidelity Management & Research Company also assist with foreign investments for each Portfolio: Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Inc.

<sup>11</sup>

A series of John Hancock Variable Insurance Trust.

<sup>12</sup>

A series of Neuberger Berman Advisers Management Trust.

<sup>13</sup>

A series of Russell Investment [Funds](#bookmark_fund_20131905-6e33-40fd-b692-be4f793f1523).

<sup>14</sup>

Assets of each [Portfolio](#bookmark_portfolio_20131905-6e33-40fd-b692-be4f793f1523) are invested by one or more investment management organizations researched and recommended by Russell Investment Management LLC, the investment adviser for the Russell Investment [Funds](#bookmark_fund_20131905-6e33-40fd-b692-be4f793f1523).

**Fixed Account Investment Options Available Under the Contract**

The following is a list of Fixed Options currently available under the Contract. We may change the features of the Fixed Options listed below, offer new Fixed Options, and terminate existing Fixed Options. We will provide you with notice before doing so. See "The Investment Options - Fixed Option(s)" above for more information.

**Note: If amounts are withdrawn from Guaranteed Interest Fund 8 before the end of its term, we will apply a Market Value Adjustment. A negative Market Value Adjustment will result in the loss of some or all previously credited interest in excess of the minimum guaranteed annual effective interest rate for GIF 8, if any. See "Charges and Adjustments – Adjustments" for more information.** 

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| | | |
|:---|:---|:---|
| **Name** | **Term** | **Minimum Guaranteed Interest Rate** |
| Guaranteed Interest Fund 1 | 1 Year | 0.50% |
| Guaranteed Interest Fund 8 | 8 Years | 0.50% |

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**Account B Prospectus**

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

[Intentionally Left Blank]

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Additional Information

More information about the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) and [Separate Account](#bookmark_separateaccount_20131905-6e33-40fd-b692-be4f793f1523) is included in a Statement of Additional Information ("SAI"), which is dated the same day as this [Summary Prospectus](#bookmark_summaryprospectus_20131905-6e33-40fd-b692-be4f793f1523) and the [Prospectus](#bookmark_prospectus_20131905-6e33-40fd-b692-be4f793f1523), and is available free of charge from The [Northwestern](#bookmark_northwesternmutual_20131905-6e33-40fd-b692-be4f793f1523)[Mutual](#bookmark_northwesternmutual_20131905-6e33-40fd-b692-be4f793f1523) Life Insurance Company. To request a free copy of the [Separate Account's](#bookmark_separateaccount_20131905-6e33-40fd-b692-be4f793f1523) SAI, or current annual report, send a written request to [Northwestern Mutual](#bookmark_northwesternmutual_20131905-6e33-40fd-b692-be4f793f1523), Risk Products Department, Room T10, 720 East Wisconsin Avenue, Milwaukee, WI 53202 or call us at (866) 910-1232. Under certain circumstances you or your Financial Representative may be able to obtain these documents online at www.nmprospectus.com. Reports and other information about the [Separate Account](#bookmark_separateaccount_20131905-6e33-40fd-b692-be4f793f1523) are available on the SEC's Internet site at www.sec.gov, or they may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

This [Summary Prospectus](#bookmark_summaryprospectus_20131905-6e33-40fd-b692-be4f793f1523) incorporates by reference the [Prospectus](#bookmark_prospectus_20131905-6e33-40fd-b692-be4f793f1523) for the [Contract](#bookmark_contract_20131905-6e33-40fd-b692-be4f793f1523) and the SAI, both dated May 1, 2026, as amended or supplemented. <br>

Edgar Contract Identifier C000000098 <br>

**Account B Prospectus**

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