# EDGAR Filing Document

**Accession Number:** 0000072176
**File Stem:** 0001193125-25-133361
**Filing Date:** 2025-6
**Character Count:** 739747
**Document Hash:** 8ff29f08cf9fb1b2a73f3e3025155680
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-133361.hdr.sgml**: 20250602

**ACCESSION NUMBER**: 0001193125-25-133361

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20250602

**DATE AS OF CHANGE**: 20250602

**EFFECTIVENESS DATE**: 20250602

**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:** 251015636

**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:** 333-33232
- **FILM NUMBER:** 251015635

**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   |
|:---|:---|:---|
| C000000099 | Flexible Payment Variable Annuity (Fee Based) |  |

##### [**Table of Contents**](#toc)
Filed with the Securities and Exchange Commission on June 2, 2025

Registration No. 333-33232

Registration No. 811-01668

UNITED STATES <br>SECURITIES AND EXCHANGE COMMISSION <br>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>33</u> | / X / |
| and/or |  |
| REGISTRATION STATEMENT UNDER THE INVESTMENT<br> COMPANY ACT OF 1940<br>| / /  |
| Amendment No. <u>99</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: <br>**Wade C. DeArmond** <br>Assistant General Counsel and <br> Assistant Secretary <br>

<br>720 East Wisconsin Avenue <br> Milwaukee, WI 53202-4797 <br> (414) 665-6725 office <br> (414) 625-6725 fax <br> 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 July 1, 2025 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: <br>

---

| | |
|:---|:---|
|  | &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

------

##### [**Table of Contents**](#toc)
Flexible Payment Variable Annuity (Fee Based)

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

Prospectus July 1, 2025

This prospectus describes an individual flexible payment variable annuity contract (the "Contract") for Individual Retirement Annuities ("IRAs"), Roth IRAs, and Non-Tax Qualified Annuities and Non-Qualified Plans offered to purchasers who pay periodic fees based on assets in lieu of brokerage commissions as compensation for advisory services (Fee-Based Programs). The Contract provides for accumulation of Contract Value through variable and/or a fixed options and a payment of annuity benefits on a fixed or variable basis. Net Purchase Payments may be invested, pursuant to the Contract, in the following variable and fixed options:

**<u>Variable Options</u>**

**Northwestern Mutual Series Fund, Inc.**

- Growth Stock Portfolio

- Focused Appreciation Portfolio

- Large Cap Core Stock Portfolio

- Large Cap Blend Portfolio

- Index 500 Stock Portfolio

- Large Company Value Portfolio

- Domestic Equity Portfolio

- Equity Income Portfolio

- Mid Cap Growth Stock Portfolio

- Index 400 Stock Portfolio

- Mid Cap Value Portfolio

- Small Cap Growth Stock Portfolio

- Index 600 Stock Portfolio

- Small Cap Value Portfolio

- International Growth Portfolio

- Research International Core Portfolio

- International Equity Portfolio

- Emerging Markets Equity Portfolio

- Government Money Market Portfolio

- Short-Term Bond Portfolio

- Select Bond Portfolio

- Long-Term U.S. Government Bond Portfolio

- Inflation Managed Portfolio ("Inflation Protection Portfolio" until 09/30/2025)

- High Yield Bond Portfolio

- Multi-Sector Bond Portfolio

- Active/Passive Conservative Portfolio

- Active/Passive Balanced Portfolio (formerly "Balanced Portfolio")

- Active/Passive Moderate Portfolio (formerly "Asset Allocation Portfolio")

- Active/Passive Aggressive Portfolio

- Active/Passive All Equity Portfolio

**American Funds Insurance Series**<sup>®</sup>

- Growth Fund

- Global Growth Fund

- New World Fund<sup>®</sup>

- The Bond Fund of America<sup>®</sup>

- Capital World Bond Fund<sup>®</sup>

- American High-Income Trust<sup>®</sup>

**BlackRock Variable Series Funds**

- International Index V.I. Fund

- Total Return V.I. Fund

**Columbia Funds Variable Insurance Trust**

- Small Cap Value Fund

**Credit Suisse Trust**

- Commodity Return Strategy Portfolio

**Fidelity**<sup>®</sup> **Variable Insurance Products**

- VIP Mid Cap Portfolio

- VIP Contrafund<sup>SM</sup> Portfolio

- VIP Value Strategies Portfolio

- VIP Health Care Portfolio

- VIP Technology Portfolio

- VIP Bond Index Portfolio

**John Hancock Variable Insurance Trust**

- Disciplined Value International Trust

- Real Estate Securities Trust

- Strategic Income Opportunities Trust

**Neuberger Berman Advisers Management Trust**

- Sustainable Equity Portfolio

**Russell Investment Funds**

- U.S. Strategic Equity Fund

- U.S. Small Cap Equity Fund

- Global Real Estate Securities Fund

- International Developed Markets Fund

- Strategic Bond Fund

**Russell Investment Funds LifePoints**<sup>®</sup> **Variable Target Portfolio Series**

- Moderate Strategy Fund

- Balanced Strategy Fund

- Aggressive Strategy Fund

- Equity Aggressive Strategy Fund

**<u>Fixed Option</u>**

- Guaranteed Interest Fund

**The Contract and the investment 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. All contractual guarantees are contingent upon the 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 legal requirements.**

**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.** 

------

**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 the full

![](g83880nwmutual_logo.gif)

------

amount of your Purchase Payment(s) or your Contract Value. You should review the prospectus, or consult with your financial representative, for additional information about the specific cancellation terms that apply.

------

The Contract is sold exclusively through financial representatives of Northwestern Mutual's affiliated broker-dealer, who charge an advisory fee for their investment advice or other services. Any advisory fee that is charged by your Investment Professional is in addition to the fees and expenses that apply to your Contract. If you elect to withdraw the advisory fee from your Contract Value, this withdrawal will reduce the death benefit, and may be subject to federal and state income taxes and a 10% federal penalty tax.

**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.

![](g83880nwmutual_logo.gif)

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | **Page** |
| [Glossary of Special Terms](#xx_a557db05-1587-4e5b-9d68-0c0b4b0ec0c7_1) | 1  |
| &nbsp;&nbsp;&nbsp; [Important Information You Should](#xx_95cf9ce1-fef4-4f63-8452-b04575c80fac_1)<br> [Consider About the Contract](#xx_95cf9ce1-fef4-4f63-8452-b04575c80fac_1)<br>| 3  |
| &nbsp;&nbsp;&nbsp; [Overview of the Contract](#xx_95cf9ce1-fef4-4f63-8452-b04575c80fac_4) | 6  |
| [Fee and Expense Tables](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_1) | 7  |
| &nbsp;&nbsp;&nbsp; [Contract Fees and Expenses](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_1) | 7  |
| &nbsp;&nbsp;&nbsp; [Annual Portfolio Operating Expenses](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_2) | 8  |
| [Principal Risks](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_2) | 8  |
| [The Company](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_3) | 9  |
| [The Separate Account](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_4) | 10  |
| [The Investment Options](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_4) | 10  |
| &nbsp;&nbsp;&nbsp; [The Role of Your Investment Professional](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_5) | 11  |
| &nbsp;&nbsp;&nbsp; [Variable Options](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_5) | 11  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Payments We Receive](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_6) | 12  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Transfers Between Divisions](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_6) | 12  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Short Term and Excessive Trading](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_7) | 13  |
| &nbsp;&nbsp;&nbsp; [Fixed Option—The Guaranteed Interest Fund](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_8) | 14  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Moving into a Guaranteed Account](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_8) | 14  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Moving out of a Guaranteed Account](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_8) | 14  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Additional Information](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_8) | 14  |
| [The Contract](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_9) | 15  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Generally](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_9) | 15  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Free Look](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_9) | 15  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Contract Values](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_9) | 15  |
| &nbsp;&nbsp;&nbsp; [Purchase Payments Under the Contract](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_9) | 15  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Frequency and Amount](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_9) | 15  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Guaranteed Account Investment Minimums](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_10)<br> [and Maximums](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_10)<br>| 16  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Application of Purchase Payments](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_10) | 16  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Maturity Date](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_11) | 17  |
| &nbsp;&nbsp;&nbsp; [Access to Your Money](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_11) | 17  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Withdrawals](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_11) | 17  |
| &nbsp;&nbsp;&nbsp; [Benefits Provided Under the Contracts](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_12) | 18  |
| &nbsp;&nbsp;&nbsp; [Benefits Available Under the Contract](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_12) | 18  |
| &nbsp;&nbsp;&nbsp; [Death Benefit](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_14) | 20  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [How Much is the Death Benefit?](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_14) | 20  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [When is the Death Benefit Determined?](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_14) | 20  |
| &nbsp;&nbsp;&nbsp; [Guaranteed Minimum Death Benefit Examples](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_14) | 20  |
| &nbsp;&nbsp;&nbsp; [Enhanced Death Benefit Examples](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_15) | 21  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [How is the Death Benefit Distributed?](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_16) | 22  |
| &nbsp;&nbsp;&nbsp; [Income Plans](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_16) | 22  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Generally](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_16) | 22  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Description of Variable Income Plans](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_17) | 23  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Amount of Annuity Payments](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_17) | 23  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Assumed Investment Rate](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_18) | 24  |
| &nbsp;&nbsp;&nbsp; [Additional Features and Services](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_18) | 24  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Automatic Dollar-Cost Averaging](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_18) | 24  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Systematic Withdrawal Privilege](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_18) | 24  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Portfolio Rebalancing](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_18) | 24  |

---

---

| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Interest Sweeps](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_18) | 24  |
| [Charges](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_19) | 25  |
| &nbsp;&nbsp;&nbsp; [Base Contract Charges](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_19) | 25  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Nature and Amount of the Charges](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_19) | 25  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Other Expense Risks](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_19) | 25  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Contract Fee](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_19) | 25  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Enhanced Death Benefit Charge](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_19) | 25  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Premium Taxes](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_19) | 25  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Portfolio Expenses and Charges](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_19) | 25  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Expedited Delivery Charge](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_20) | 26  |
| [Federal Income Taxes](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_20) | 26  |
| &nbsp;&nbsp;&nbsp; [Qualified and Non-Tax Qualified Plans](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_20) | 26  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Diversification](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_20) | 26  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Owner Control](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_20) | 26  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Contribution Limitations and General](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_20)<br> [Requirements Applicable to Contract](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_20)<br>| 26  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Traditional IRA](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_20) | 26  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Roth IRA](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_20) | 26  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Non-Tax Qualified Contract](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_21) | 27  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Taxation of Contract Benefits](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_21) | 27  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [IRAs](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_21) | 27  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Roth IRAs](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_21) | 27  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Nonqualified Contracts](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_21) | 27  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Premature Withdrawals](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_22) | 28  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Required Minimum Distributions](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_22) | 28  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Withholding](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_22) | 28  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Definition of Spouse under Federal Law](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_22) | 28  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Annuity Purchases by Residents of Puerto Rico](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_23) | 29  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Annuity Purchases by Nonresident Aliens and](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_23)<br> [Foreign Corporations](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_23)<br>| 29  |
| &nbsp;&nbsp;&nbsp; [Taxation of Northwestern Mutual](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_23) | 29  |
| &nbsp;&nbsp;&nbsp; [Other Considerations](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_23) | 29  |
| [Contract Owner Services](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_23) | 29  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Automatic Dollar-Cost Averaging](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_23) | 29  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Electronic Funds Transfer ("EFT")](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_24) | 30  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Automatic Required Minimum Distributions](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_24)<br> [("RMD")](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_24)<br>| 30  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Substitution of Portfolio Shares and Other](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_24)<br> [Changes](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_24)<br>| 30  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Owner Inquiries and Instructions](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_24) | 30  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Householding](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_24) | 30  |
| [Additional Information](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_24) | 30  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Distributor](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_24) | 30  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Dividends](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_25) | 31  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Voting Rights](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_25) | 31  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Internal Annuity Exchanges](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_26) | 32  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Speculative Investing](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_26) | 32  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Abandoned Property Requirements](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_26) | 32  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Legal Proceedings](#xx_0b7b4b29-d28b-4c83-b9d7-f0e25f68ad18_26) | 32  |

---

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;&nbsp; [Appendix A—Portfolios Available under](#xx_836ff56c-ac77-49a5-8ad8-e9f31649dde0_1)<br> [Your Contract](#xx_836ff56c-ac77-49a5-8ad8-e9f31649dde0_1)<br>| 33  |

---

---

| | |
|:---|:---|
|  | **Page** |
| [Additional Information](#xx_894786ab-b51e-46b7-82f9-f425b0fed0bb_1) | 38 |

---

------

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 one-year term.

**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."

**Investment Professional**—Someone you select to provide you with brokerage service or investment advice with respect to amounts you invest under your Contract who either is registered as a broker-dealer under the Securities Exchange Act of 1934 or as an investment adviser under the Investment Advisers Act of 1940 directly (or by association with another person), or who provides such service or advice under an exemption from the Investment Advisers Act of 1940.

**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 (Fee Based) 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.

**Account B (Fee Based) Prospectus**

------

Important Information You Should Consider About the Contract

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FEES AND EXPENSES** | **FEES AND EXPENSES** | **FEES AND EXPENSES** | &nbsp;&nbsp; **Cross-Reference(s)** <br> **to Location in** <br> **Prospectus**<br>|
| **Charges for Early** <br> **Withdrawal**<br>| &nbsp;&nbsp; If you withdraw amounts or surrender your [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c), you will not be assessed a <br> surrender charge.  | &nbsp;&nbsp; If you withdraw amounts or surrender your [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c), you will not be assessed a <br> surrender charge.  | &nbsp;&nbsp; If you withdraw amounts or surrender your [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c), you will not be assessed a <br> surrender charge.  | &nbsp;&nbsp; Fee and Expense <br> Tables – Contract <br> Fees and Expenses <br>|
| **Transaction Charges** | &nbsp;&nbsp; You may be charged for other transactions, such as tax-related charges, as well <br> as charges for expedited delivery or wire transfers. | &nbsp;&nbsp; You may be charged for other transactions, such as tax-related charges, as well <br> as charges for expedited delivery or wire transfers. | &nbsp;&nbsp; You may be charged for other transactions, such as tax-related charges, as well <br> as charges for expedited delivery or wire transfers. | Charges |
| **Ongoing Fees and** <br> **Expenses**<br> **(annual charges)** | &nbsp;&nbsp; The table below describes the fees and expenses that you may pay *each year*, <br> depending on the options you choose. The fees and expenses do not reflect any <br> advisory fees paid to your [Investment Professional](#bookmark_investmentprofessional_d91f30cf-a877-4d96-930f-c47fe7ee631c) from [Contract Value](#bookmark_contractvalue_d91f30cf-a877-4d96-930f-c47fe7ee631c) or <br> other assets of the [owner](#bookmark_owner_d91f30cf-a877-4d96-930f-c47fe7ee631c). If such charges were reflected, the fees and <br> expenses would be higher. Please refer to your [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) specifications page for <br> information about the specific fees you will pay *each year* based on the options <br> you have elected. | &nbsp;&nbsp; The table below describes the fees and expenses that you may pay *each year*, <br> depending on the options you choose. The fees and expenses do not reflect any <br> advisory fees paid to your [Investment Professional](#bookmark_investmentprofessional_d91f30cf-a877-4d96-930f-c47fe7ee631c) from [Contract Value](#bookmark_contractvalue_d91f30cf-a877-4d96-930f-c47fe7ee631c) or <br> other assets of the [owner](#bookmark_owner_d91f30cf-a877-4d96-930f-c47fe7ee631c). If such charges were reflected, the fees and <br> expenses would be higher. Please refer to your [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) specifications page for <br> information about the specific fees you will pay *each year* based on the options <br> you have elected. | &nbsp;&nbsp; The table below describes the fees and expenses that you may pay *each year*, <br> depending on the options you choose. The fees and expenses do not reflect any <br> advisory fees paid to your [Investment Professional](#bookmark_investmentprofessional_d91f30cf-a877-4d96-930f-c47fe7ee631c) from [Contract Value](#bookmark_contractvalue_d91f30cf-a877-4d96-930f-c47fe7ee631c) or <br> other assets of the [owner](#bookmark_owner_d91f30cf-a877-4d96-930f-c47fe7ee631c). If such charges were reflected, the fees and <br> expenses would be higher. Please refer to your [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) specifications page for <br> information about the specific fees you will pay *each year* based on the options <br> 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  |
| **Ongoing Fees and** <br> **Expenses**<br> **(annual charges)** | **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  |
| **Ongoing Fees and** <br> **Expenses**<br> **(annual charges)** | Base Contract | 0.35%<sup>1</sup> <br>| 0.35%<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  |
| **Ongoing Fees and** <br> **Expenses**<br> **(annual charges)** | &nbsp;&nbsp; Investment Options<br> (Portfolio company fees and expenses)<br>| 0.14%<sup>2</sup> <br>| 2.73%<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  |
| **Ongoing Fees and** <br> **Expenses**<br> **(annual charges)** | &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  |
| **Ongoing Fees and** <br> **Expenses**<br> **(annual charges)** | &nbsp;&nbsp; <sup>1</sup> As a percentage of average total net assets attributable to the [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) for <br> the fiscal year ended December 31, 2024.<br> <sup>2</sup> As a percentage of [Portfolio](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) assets.<br> <sup>3</sup> As a percentage of the entire benefit. | &nbsp;&nbsp; <sup>1</sup> As a percentage of average total net assets attributable to the [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) for <br> the fiscal year ended December 31, 2024.<br> <sup>2</sup> As a percentage of [Portfolio](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) assets.<br> <sup>3</sup> As a percentage of the entire benefit. | &nbsp;&nbsp; <sup>1</sup> As a percentage of average total net assets attributable to the [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) for <br> the fiscal year ended December 31, 2024.<br> <sup>2</sup> As a percentage of [Portfolio](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) assets.<br> <sup>3</sup> As a percentage of the 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  |

---

**Account B (Fee Based) Prospectus**

------

**FEES AND EXPENSES** **Cross-Reference(s)** **to Location in** **Prospectus** 

**RISKS** 

**Account B (Fee Based) Prospectus**

------

---

| | | |
|:---|:---|:---|
|  | **RESTRICTIONS** | &nbsp;&nbsp; **Cross-Reference(s)** <br> **to Location in** <br> **Prospectus**<br>|
| **Investments** | &nbsp;&nbsp; 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_d91f30cf-a877-4d96-930f-c47fe7ee631c) 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.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Transfers among [Divisions](#bookmark_division_d91f30cf-a877-4d96-930f-c47fe7ee631c) are subject to the [Contract's](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) short-term and <br> excessive trading policies.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Under certain circumstances [Northwestern Mutual](#bookmark_northwesternmutual_d91f30cf-a877-4d96-930f-c47fe7ee631c) reserves the right to <br> remove a [Portfolio](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) or substitute another [Portfolio](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) for such [Portfolio](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c). | &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>|
| **Optional Benefits** | &nbsp;&nbsp; Optional benefits may be subject to additional charges that may vary by issue <br> age, are not available for all issue ages, must be elected at issue and cannot be <br> added once it is removed or expires.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> If you elect to withdraw the advisory fee from your [Contract Value](#bookmark_contractvalue_d91f30cf-a877-4d96-930f-c47fe7ee631c), the <br> withdrawal will reduce the death benefit and may be subject to federal and <br> state income taxes and a 10% federal penalty tax.  | &nbsp;&nbsp; The Contract – <br> Death Benefit <br> (Enhanced Death <br> Benefit Examples)<br>|
|  | **TAXES** |  |
| **Tax Implications** | &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_d91f30cf-a877-4d96-930f-c47fe7ee631c). There is no <br> additional tax benefit if the [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) 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** |  |
| **Investment** <br> **Professional** <br> **Compensation**<br>| &nbsp;&nbsp; The [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) is sold exclusively through financial representatives of <br> [Northwestern Mutual's](#bookmark_northwesternmutual_d91f30cf-a877-4d96-930f-c47fe7ee631c) affiliated broker-dealer, who are compensated with a <br> portion of the asset-based fee paid by the client, and [Northwestern Mutual](#bookmark_northwesternmutual_d91f30cf-a877-4d96-930f-c47fe7ee631c)<br> may share revenue it earns on the [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) with its affiliated broker-dealer. <br> These financial representatives may have a financial incentive to offer or <br> recommend the [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) over other investments. | &nbsp;&nbsp; Additional <br> Information –The <br> Distributor<br>|
| **Exchanges** | &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_d91f30cf-a877-4d96-930f-c47fe7ee631c) rather than continue to own <br> an existing contract. | &nbsp;&nbsp; Additional <br> Information –The <br> Distributor<br>|

---

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

**Account B (Fee Based) Prospectus**

------

Overview of the [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c)

The [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) 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](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) and/or fixed account options, and payment of annuity benefits on a fixed or variable basis. The [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) 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 are being paid into your [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c), 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 under your [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) 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_d91f30cf-a877-4d96-930f-c47fe7ee631c), your withdrawal rights will depend on the income plan selected. The amount you accumulate under your [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c), including the results of investment performance of your [Divisions](#bookmark_division_d91f30cf-a877-4d96-930f-c47fe7ee631c) and interest earned under the fixed options will determine the amount of your monthly [Annuity Payments](#bookmark_annuitypayments_d91f30cf-a877-4d96-930f-c47fe7ee631c). Additional information about the [Portfolios](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) in which the [Divisions](#bookmark_division_d91f30cf-a877-4d96-930f-c47fe7ee631c) invest is provided in the Appendix (see "Appendix A: [Portfolios](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) Available Under Your [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c)).

In addition to the [Divisions](#bookmark_division_d91f30cf-a877-4d96-930f-c47fe7ee631c) which vary with the investment experience of the underlying [Portfolios](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c), the [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) offers a fixed option ([Guaranteed Interest Fund](#bookmark_guaranteedinterestfund_d91f30cf-a877-4d96-930f-c47fe7ee631c) or GIF) that credits interest at a declared rate.

Below are other features and options that the [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) offers.

● **Accessing your money**. During the accumulation phase, you may make a withdrawal of your [Contract Value](#bookmark_contractvalue_d91f30cf-a877-4d96-930f-c47fe7ee631c) or surrender the [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) by submitting a request in writing or by telephone, subject to our administrative procedures.

● **Deduction of Advisory Fee.** We will allow you to deduct advisory fees due to your [Investment Professional](#bookmark_investmentprofessional_d91f30cf-a877-4d96-930f-c47fe7ee631c) from [Contract](#bookmark_contractvalue_d91f30cf-a877-4d96-930f-c47fe7ee631c)Value. We limit the gross annual advisory fee to 2.15% of [Contract Value](#bookmark_contractvalue_d91f30cf-a877-4d96-930f-c47fe7ee631c). If you elect to withdraw the advisory fee from your [Contract Value](#bookmark_contractvalue_d91f30cf-a877-4d96-930f-c47fe7ee631c), this withdrawal will reduce the death benefit, and may be subject to federal and state income taxes and a 10% federal penalty tax.

● **Tax treatment**. You may transfer [Contract Value](#bookmark_contractvalue_d91f30cf-a877-4d96-930f-c47fe7ee631c) among the [Divisions](#bookmark_division_d91f30cf-a877-4d96-930f-c47fe7ee631c) 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 an [Annuity Payments](#bookmark_annuitypayments_d91f30cf-a877-4d96-930f-c47fe7ee631c) under the [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c); or (3) upon payment of the death benefit.

● **Standard Death Benefit**. Your [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) includes a death benefit that will pay your designated beneficiaries (1) the [Contract](#bookmark_contractvalue_d91f30cf-a877-4d96-930f-c47fe7ee631c)Value if an [Annuitant](#bookmark_annuitant_d91f30cf-a877-4d96-930f-c47fe7ee631c) dies before the [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c)[Maturity Date](#bookmark_maturitydate_d91f30cf-a877-4d96-930f-c47fe7ee631c) and on or after his or her 75th birthday, or (2) the greater of the [Contract Value](#bookmark_contractvalue_d91f30cf-a877-4d96-930f-c47fe7ee631c) or [Purchase Payments](#bookmark_purchasepayments_d91f30cf-a877-4d96-930f-c47fe7ee631c) less any adjustment for each withdrawal if an [Annuitant](#bookmark_annuitant_d91f30cf-a877-4d96-930f-c47fe7ee631c) dies before the [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c)[Maturity Date](#bookmark_maturitydate_d91f30cf-a877-4d96-930f-c47fe7ee631c) and before his or her 75th birthday. If an [Annuitant](#bookmark_annuitant_d91f30cf-a877-4d96-930f-c47fe7ee631c) dies after the [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c)[Maturity Date](#bookmark_maturitydate_d91f30cf-a877-4d96-930f-c47fe7ee631c) or any time after [Annuity Payments](#bookmark_annuitypayments_d91f30cf-a877-4d96-930f-c47fe7ee631c) begin, no death benefit is payable. The [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) 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_d91f30cf-a877-4d96-930f-c47fe7ee631c) 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_d91f30cf-a877-4d96-930f-c47fe7ee631c) to other [Divisions](#bookmark_division_d91f30cf-a877-4d96-930f-c47fe7ee631c) on a regular schedule. The [Portfolio](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) Rebalancing feature automatically rebalances your [Contract Value](#bookmark_contractvalue_d91f30cf-a877-4d96-930f-c47fe7ee631c) among your selected [Divisions](#bookmark_division_d91f30cf-a877-4d96-930f-c47fe7ee631c) in order to restore your allocation to the original level. You may participate only in one of the Automatic Dollar Cost Averaging Plan and [Portfolio](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) Rebalancing feature at a time. We also allow automatic transfers or sweeps of interest from the GIF to any combination of the [Divisions](#bookmark_division_d91f30cf-a877-4d96-930f-c47fe7ee631c) 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_d91f30cf-a877-4d96-930f-c47fe7ee631c). We will take any withdrawal under this plan proportionally from your [Contract Value](#bookmark_contractvalue_d91f30cf-a877-4d96-930f-c47fe7ee631c) in your selected investment options or the investment options you designate subject to certain conditions. We do not charge for participation in this feature.

**Account B (Fee Based) Prospectus**

------

Fee and Expense Tables

[Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) Fees and Expenses

**The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering the** [**Contract**](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c)**.** They do not include any advisory fee your Investment Professional may withdraw from Contract Value for his or her services. The fees and expenses do not reflect any advisory fees paid to your Investment Professional from Contract Value or other assets of the owner. If such charges would be reflected, your fees and expenses would be higher. **Please refer to your** [**Contract**](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c)**specifications page for information about the specific fees you will pay each year based on the options you have selected.** 

**The first table describes the fees and expenses that you will pay at the time that you buy the Contract, surrender, or make withdrawals from the** [**Contract**](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c)**, or transfer** [**Contract Value**](#bookmark_contractvalue_d91f30cf-a877-4d96-930f-c47fe7ee631c) **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.** 

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

---

| | | |
|:---|:---|:---|
| **Transaction Expenses** | ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>|
| Sales Load (as a percentage <br> of [Purchase Payments](#bookmark_purchasepayments_d91f30cf-a877-4d96-930f-c47fe7ee631c))<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Maximum Withdrawal Charge for Sales Expenses | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Transfer Fee | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Expedited Delivery Charges<sup>1</sup> <br>| &nbsp;&nbsp; $17 | &nbsp;&nbsp; $17 |
| Wire Transfer Fee<sup>2</sup> <br>| &nbsp;&nbsp; $15 | &nbsp;&nbsp; $15 |

---

The next table describes the fees and expenses that you will pay each year during the time that you own the [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) (not including [Portfolio](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) company fees and expenses).

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

---

| | | |
|:---|:---|:---|
| **Annual Contract Expenses** | ***Maximum***<br> ***Fee***<br>| ***Current***<br> ***Fee***<br>|
| Administrative Expenses<sup>3</sup> <br>| &nbsp;&nbsp; $30 | &nbsp;&nbsp; $30 |
| Base Contract Expenses (as a percentage of [Separate Account](#bookmark_separateaccount_d91f30cf-a877-4d96-930f-c47fe7ee631c) assets)<sup>4</sup> <br>| 0.75<br> %<br>| 0.30<br> %<br>|
| Optional Enhanced Death Benefit Expenses (as a percentage of the entire benefit)<sup>5</sup> <br>| 0.40<br> %<br>| 0.10<br> %<br>|

---

------

<sup>1</sup>

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

<sup>2</sup>

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

<sup>3</sup>

We are currently waiving the Annual Contract Fee if [Purchase Payments](#bookmark_purchasepayments_d91f30cf-a877-4d96-930f-c47fe7ee631c) 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 notice.

<sup>4</sup>

We reserve the right to increase the current base contract charges to a maximum annual rate of 0.75%. The expense numbers shown in the tables reflect the maximum base contract charges. The [Contracts](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) may provide for charges for transfers between the [Divisions](#bookmark_division_d91f30cf-a877-4d96-930f-c47fe7ee631c) of the [Separate Account](#bookmark_separateaccount_d91f30cf-a877-4d96-930f-c47fe7ee631c) and for premium taxes, but we are not presently assessing such charges.

<sup>5</sup>

The maximum charge is for issue age (i.e., the age nearest the primary [Annuitant's](#bookmark_annuitant_d91f30cf-a877-4d96-930f-c47fe7ee631c) 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_d91f30cf-a877-4d96-930f-c47fe7ee631c) equals the greatest of (i) the [Contract Value](#bookmark_contractvalue_d91f30cf-a877-4d96-930f-c47fe7ee631c) on that [Valuation Date](#bookmark_valuationdate_d91f30cf-a877-4d96-930f-c47fe7ee631c), (ii) the amount of [Purchase Payments](#bookmark_purchasepayments_d91f30cf-a877-4d96-930f-c47fe7ee631c) made under the [Contract](#bookmark_contact_d91f30cf-a877-4d96-930f-c47fe7ee631c) (adjusted for any withdrawals), or (iii) the EDB on the most recent [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) anniversary date prior to the primary [Annuitant's](#bookmark_annuitant_d91f30cf-a877-4d96-930f-c47fe7ee631c) 80<sup>th</sup> birthday, increased by any [Purchase Payments](#bookmark_purchasepayments_d91f30cf-a877-4d96-930f-c47fe7ee631c) we received since that [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c)anniversary and decreased by the percentage of [Contract Value](#bookmark_contractvalue_d91f30cf-a877-4d96-930f-c47fe7ee631c) withdrawn since that [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) anniversary. The EDB is available only at the time the [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c)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_d91f30cf-a877-4d96-930f-c47fe7ee631c) or the [Contract Value](#bookmark_contractvalue_d91f30cf-a877-4d96-930f-c47fe7ee631c).

**Account B (Fee Based) Prospectus**

------

Annual [Portfolio](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) Operating Expenses

**The table below shows the minimum and maximum total operating expenses of the** [**Portfolios**](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) **that you may pay periodically during the time that you own the** [**Contract**](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c)**. A complete list of the** [**Portfolios**](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) **available under the** [**Contract**](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c)**, including their annual expenses, may be found at the back of this document (i.e., Appendix A:** [**Portfolios**](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) **Available Under Your** [**Contract**](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c)**).** 

---

| | | |
|:---|:---|:---|
|  | **Minimum** | **Maximum** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Annual** [**Portfolio**](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) **Operating Expenses** (expenses deducted from [Portfolio](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) assets, including management fees, <br> distribution (12b-1) fees, and other expenses as a percentage of average [Portfolio](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) assets)<br>| &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 2.73% |
| **Annual** [**Portfolio**](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) **Operating Expenses After Contractual Fee Waiver or Reimbursement\*** | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 2.68% |

---

\*

The "Annual [Portfolio](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) 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, 2024 charged by all of the [Portfolios](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) after taking into account contractual fee waiver or reimbursement arrangements in place. Those contractual arrangements are designed to reduce total Annual [Portfolio](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) 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.

**Example**<sup>1</sup>

**The following Example is intended to help you compare the cost of investing in the Contract with the cost of investing in other variable annuity contracts. These costs include Contract Owner transaction expenses, annual Contract expenses, and the expenses of the underlying Portfolios.** The Example does not include any advisory fee your Investment Professional may withdraw from Contract Value for his or her services. If such charges would be reflected, your fees and expenses would be higher. Because we impose no charges upon surrender or annuitization, your costs will be the same whether you continue to own, surrender, or annuitize the Contract at the end of the period shown. The **Example assumes that you invest $100,000 for the time periods indicated and that your investment has a 5% return each year. The Example reflects the maximum expenses of the underlying Portfolios (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:**

**Contract With the Enhanced Death Benefit** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; $3863  | &nbsp;&nbsp; $11823  | &nbsp;&nbsp; $19962  | &nbsp;&nbsp; $41115  |
| If you annuitize at the end <br> of the applicable time <br> period:<br>| &nbsp;&nbsp; $3863 | &nbsp;&nbsp; $11823 | &nbsp;&nbsp; $19962 | &nbsp;&nbsp; $41115 |
| If you do not surrender <br> your Contract:<br>| &nbsp;&nbsp; $3863 | &nbsp;&nbsp; $11823 | &nbsp;&nbsp; $19962 | &nbsp;&nbsp; $41115 |

---

<sup>1</sup> The charge for the EDB above was determined by multiplying the maximum EDB percentage charge (40%) by the entire EDB. The EDB amounts assumed for purposes of this example are equal to the Contract Value at each anniversary. Such hypothetical amounts are for illustrative purposes only. The $30 annual Contract fee is reflected as 0.00% based on the annual Contract fees collected divided by the average assets attributable to the Contracts for the fiscal year ended December 31, 2024.

**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

**Investment Risk** You can lose money by investing in the Contract.

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 and from a tax perspective is generally less attractive if owned by a non-natural person. Your Contract Value will be reduced if you withdraw money and withdrawals may be subject to tax penalties or other unfavorable treatment.

If, in addition, you elect to withdraw the advisory fee from your Contract Value, the deduction will reduce the death benefit, and may be subject to federal and state income taxes and a 10% federal penalty tax. Your Contract has also adopted measures to deter short-term trading that may trigger additional restrictions.

**Account B (Fee Based) Prospectus**

------

Investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options (Portfolios) available under the Contract, and each Portfolio will have its own unique risks. You should review the prospectuses for the Portfolios before making an investment decision.

**Insurance Company Risks** Investment in the Contract is subject to the risks related to the Depositor (Northwestern Mutual), and any obligations, 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.

**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 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 $378 billion as of December 31, 2024. 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. 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.

**Account B (Fee Based) Prospectus**

------

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 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. 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 fixed option and a variety of variable investment options. The Company does not endorse or recommend any particular option nor does it provide asset allocation or investment advice. Additionally, not all of the investment options may be available in the Fee-Based Program under which you hold your Contract. You, together with your Investment Professional, 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

**Account B (Fee Based) Prospectus**

------

your principal and any return on your investment are subject to market risk, you can lose money. The amounts invested in the fixed option earn interest for a specified period at a rate we declare from time to time and, together with the interest earned, are guaranteed by, and subject to the claims-paying ability of, the Company.

The Role of Your Investment Professional

Your Investment Professional may provide us with instructions on your behalf involving the investment of Net Purchase Payments and 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 elsewhere in this prospectus.

We are not a party to any agreement you have with your Investment Professional, nor are we responsible for any brokerage service or investment advice your Investment Professional provides to you. Your Investment Professional may be associated with our affiliated registered investment advisor and/or our affiliated limited purpose federal savings bank, and a Contract may only be purchased through such an Investment Professional. Any non-incidental investment advice that your Investment Professional provides to you related to investment option selection or asset allocation within your Contract is pursuant to a separate agreement with an entity qualified to provide such advice, such as our affiliated registered investment advisor (Northwestern Mutual Investment Services, LLC) or our affiliated limited purpose federal savings bank (the Northwestern Mutual Wealth Management Company), and is not provided by the Company. For more information, you may obtain a Northwestern Mutual Signature Annuities Disclosure Brochure from your Investment Professional. By signing the application for the Contract, (or by executing other documents acceptable to us), you affirm that you understand and agree that instructions you provide your Investment Professional may not be relayed concurrently to us and that we are not liable for any loss or liability that may arise as a result. All instructions we receive from your Investment Professional will be deemed to have been authorized by you and provided on your behalf (not on our behalf), until you either notify us in writing that you have revoked that authority or we receive notice of your death. We may require your Investment Professional to enter into a separate agreement with us relating to communications between us on behalf of all Contract Owners your Investment Professional represents as a condition of accepting his or her instructions. This agreement also may restrict the aggregate amounts your Investment Professional may transfer on behalf of the Contract Owners he or she represents or impose additional requirements with respect to such transfers. These limitations are intended to minimize the potential adverse effects large transfers may have on the interests of all contract owners.

Any fee that is charged by your Investment Professional is in addition to the fees and expenses that apply to your Contract described in this prospectus. You may choose to have your advisory fee deducted from Contract Value, but if you do, the advisory fee can only be up to 1.84% of Contract Value. If you choose to have your advisory fee deducted from Contract Value, your advisory fee will be calculated as a percentage of Contract Value and will be deducted on a quarterly basis. By advance written agreement with us, you may authorize your Investment Professional to withdraw amounts from your Contract and the amount to be deducted to pay for his or her fee. If you decide you would no longer like your advisory fee deducted from Contract Value, please contact your Investment Professional to discuss your options. These withdrawals are deducted proportionately from each of your investments. We will send you a confirmation of the withdrawal. Any such withdrawal will have the same tax effect and effect on Contract benefits as any other withdrawal you make from your Contract.

Your Investment Professional must be appointed by us, or associated with a broker-dealer appointed by us, as our authorized agent to sell the Contract.

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; Columbia Funds Variable Insurance Trust; Credit Suisse Trust; Fidelity<sup>®</sup> Variable Insurance Products; John Hancock Variable Insurance Trust; Neuberger Berman Advisers Management Trust; and Russell Investment 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.

Subject to any limitations imposed by your Fee-Based Program, 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.

**Account B (Fee Based) Prospectus**

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**There can be no assurance that the Portfolios will realize their objectives**. You can find more detailed information about the Portfolios, including its (i) name, (ii) investment objective(s), (iii) investment adviser, (iv) current expenses, and (v) performance, in Appendix A to this prospectus. **Read the prospectus 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 0.20%. 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 your Fee-Based program, 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.

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.

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

**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 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. If your Investment Professional provides substantially the same asset

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allocation or investment advice to a number of Contract Owners whose investments represent a substantial portion of the assets in an underlying Portfolio, resulting trading activities may adversely affect all Contract Owners. Therefore, we may restrict the aggregate amounts your Investment Professional may transfer on behalf of the Contract Owners he or she represents or impose additional requirements with respect to such transfers. These limitations are intended to minimize the potential adverse effects large transfers may have on the interests of all Contract Owners. 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 Option—The Guaranteed Interest Fund

During the accumulation phase of your Contract, you may direct all or part of your Purchase Payments to the Guaranteed Interest Fund ("GIF") for investment on a fixed basis, provided it is available in your state and under your Contract. Your ability to make investments in a Guaranteed Account may be limited by state law. Currently, the GIF is not available in Contracts subject to New York law. To find out if a GIF is available in your state, or for the current interest rate, please contact your Northwestern Mutual Financial Representative or call 1-888-455-2232. The GIF is not available under fee-based programs sponsored by affiliates of the Company.

**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 prior to the Maturity date, subject to restrictions described in the Contract. Subject to limitations described below, you may make additional investments in GIF at any time prior to the Maturity Date of the Contract.

**Moving out of a Guaranteed Account** Transfers from the GIF to the Separate Account Divisions are subject to certain limits. After a transfer from the GIF, we will allow no further transfers from the GIF for a period of 365 days; in addition, we will allow no further transfers back into the GIF for a period of 90 days. The maximum amount that you may transfer from the GIF in one transfer is the greater of (1) 25% of the amount that you had invested in the GIF as of the last Contract anniversary preceding the transfer and (2) the amount of your most recent transfer from the GIF. **In no event will this maximum transfer amount be less than $1,000 or more than $50,000.** (The $50,000 limit does not apply in New York.) 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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**Additional Information** 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. We have been advised that the staff of the SEC has not reviewed the disclosure in this prospectus relating to the GIF. 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 prospectuses.

Amounts you invest in the GIF 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, amounts in the GIF 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 may apply to amounts in the GIF. (See "Charges.") For purposes of allocating and deducting the annual Contract fee, we consider any investment in the GIF as though it were an investment of the same amount in one of the Separate Account Divisions.

Interest is credited and compounded daily on amounts you invest in the GIF 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

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complies with applicable state insurance nonforfeiture law. For GIF, 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.

Upon expiration of a Guaranteed Period for GIF, we will apply a new Declared Rate for a new one-year Guaranteed Period.

Investments in the GIF are subject to a maximum limit of $100,000 without our prior consent. To the extent that a Purchase Payment or transfer from a Division of the Separate Account causes the Contract's interest in the GIF to exceed this maximum limit, we will place the amount of the excess in the Government Money Market Division and it will remain there until you instruct us otherwise.

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, 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.

**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 Accounts on that Valuation Date; and (ii) the sum of your amounts allocated to the Guaranteed Interest Fund(s), plus credited interest; less (iii) any applicable fees and amounts withdrawn or transferred from the Guaranteed Account(s). If, for example, the advisory fee is withdrawn from Contract Value, the withdrawal will reduce the Guaranteed Account value. 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, semiannually, annually, or on any other frequency acceptable to us. The minimum initial Purchase Payment is $50,000. The minimum amount for each subsequent Purchase Payment is $25, although we may accept lower

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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. Purchase Payments may not exceed the applicable federal income tax limits. (See "Federal Income Taxes.")

In certain situations, we may, in our discretion, reduce or waive our minimum purchase payment requirements. For example, we may reduce the minimum initial purchase amount from $50,000 to no less than $25,000 provided you agree 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 $50,000. Also, when initial Purchase Payments representing proceeds from rollovers or annuity exchanges are determined to satisfy the 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. The amount of minimum Purchase Payments may also be reduced in light of certain other requirements of Fee-Based Programs.

**Guaranteed Account Investment Minimums and Maximums** The Guaranteed Interest Fund is subject to certain investment minimums and maximums in addition to those described above. Without our prior consent, no investment may cause the Accumulation Value of the Guaranteed Interest Fund (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.

**Application of Purchase Payments** We credit Net Purchase Payments 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 Interest Fund is subject to special rules (see "The Investment Options—Fixed Option"). We invest those assets allocated to the variable options in shares of those Portfolios that correspond to the applicable Divisions; the term "Accumulation Units" describes the value of this interest in the Separate Account.

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

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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.

**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).

Access to Your Money

**Withdrawals** Contract Owners may withdraw some or all of the Accumulation Unit Value of their Contract Value 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.

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. 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 certain period (or if both payees die during the certain period 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 certain period. 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.

Withdrawals are not subject to a surrender charge, including withdrawals of your advisory fee from Contract Value. If you elect to have your advisory fee withdrawn from Contract Value, the withdrawal of your advisory fee will result in the cancellation of Accumulation Units. The withdrawal will have the same tax effect and effect on Contract benefits as any other withdrawal you make from your Contract. For each withdrawal, including withdrawals of your advisory fee from Contract Value, the death benefit and optional enhanced death benefit is reduced proportionally by the percentage of the Contract Value withdrawn. (See "Benefits Available Under the Contract.") **This method of calculating reductions could reduce the relevant values significantly, and by substantially more than the actual amount of the withdrawal.** The withdrawal may be subject to federal and state income taxes and a 10% federal penalty tax if withdrawals are made before age 59 1/2. (See "Benefits Available Under the Contract.") Given the significant effect such reductions could have on your Contract benefits, you should discuss the impact of withdrawing advisory fees from Contract Value with your Investment Professional prior to making any election.

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

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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.

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](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c)

The following table summarizes information about a variety of standard and optional benefits available under the [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c). 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_d91f30cf-a877-4d96-930f-c47fe7ee631c) 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_d91f30cf-a877-4d96-930f-c47fe7ee631c) dies <br> before the [Maturity Date](#bookmark_maturitydate_d91f30cf-a877-4d96-930f-c47fe7ee631c)<br> ●[Income Plans](#bookmark_incomeplan_d91f30cf-a877-4d96-930f-c47fe7ee631c) have their own <br> payout benefit rules at death (see <br> below)<br> ●Is reduced proportionately for <br> withdrawals, including withdrawals <br> from [Contract Value](#bookmark_contractvalue_d91f30cf-a877-4d96-930f-c47fe7ee631c) to cover the <br> advisory fee. <br> ●If payee elects to continue the <br> contract 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_d91f30cf-a877-4d96-930f-c47fe7ee631c) to annually "lock in" <br> certain increases in [Contract](#bookmark_contractvalue_d91f30cf-a877-4d96-930f-c47fe7ee631c)<br> [Value](#bookmark_contractvalue_d91f30cf-a877-4d96-930f-c47fe7ee631c)<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_d91f30cf-a877-4d96-930f-c47fe7ee631c) age<br> ●Must be elected at issue<br> ●Cannot be added once terminated<br> ●There is a charge for this benefit<br> ●Is reduced proportionately for <br> withdrawals, including withdrawals <br> from [Contract Value](#bookmark_contractvalue_d91f30cf-a877-4d96-930f-c47fe7ee631c) to cover the <br> advisory fee<br>|

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**Account B (Fee Based) 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>|
| Income Plans | &nbsp;&nbsp; [Annuity Payments](#bookmark_annuitypayments_d91f30cf-a877-4d96-930f-c47fe7ee631c) 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_d91f30cf-a877-4d96-930f-c47fe7ee631c) for a <br> specified period are not available <br> for [Contracts](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) issued after <br> May 1, 2013<br> ●Variable [Income Plans](#bookmark_incomeplan_d91f30cf-a877-4d96-930f-c47fe7ee631c) are subject <br> to some [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) charges (as well <br> as expenses of the underlying <br> [Portfolios](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c)) and are subject to <br> market risk<br> ●Fixed income plans are funded <br> through withdrawals from the <br> [Separate Account](#bookmark_separateaccount_d91f30cf-a877-4d96-930f-c47fe7ee631c)<br> ●Transfers between [Income Plans](#bookmark_incomeplan_d91f30cf-a877-4d96-930f-c47fe7ee631c)<br> are only allowed under limited <br> circumstances <br>|
| Fixed Option  | &nbsp;&nbsp; The fixed option ([Guaranteed](#bookmark_guaranteedinterestfund_d91f30cf-a877-4d96-930f-c47fe7ee631c)<br> [Interest Fund](#bookmark_guaranteedinterestfund_d91f30cf-a877-4d96-930f-c47fe7ee631c) or GIF) is available <br> during the accumulation phase. <br> The Declared Rate will not be <br> less than a minimum guaranteed <br> annual effective rate of 0.50% <br> (or a higher rate if required by <br> applicable state law). The <br> Declared Rate will be effective <br> for a [Guaranteed Period](#bookmark_guaranteedaccount_d91f30cf-a877-4d96-930f-c47fe7ee631c) equal <br> to the shorter of the following <br> two periods: (i) the twelve <br> month period measured from <br> the end of the month of the <br> investment's effective date, or <br> (ii) the period remaining until <br> the [Maturity Date](#bookmark_maturitydate_d91f30cf-a877-4d96-930f-c47fe7ee631c) of the <br> [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c).<br>| Standard | No Charge<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Principal and interest rates for fixed <br> option amounts guaranteed by <br> [Northwestern Mutual](#bookmark_northwesternmutual_d91f30cf-a877-4d96-930f-c47fe7ee631c) are subject to <br> its claims-paying ability<br> ●Effective rates apply only for <br> specified [Guaranteed Periods](#bookmark_guaranteedaccount_d91f30cf-a877-4d96-930f-c47fe7ee631c), the <br> terms for which may change at our <br> discretion and may be limited by <br> your Contract's [Maturity Date](#bookmark_maturitydate_d91f30cf-a877-4d96-930f-c47fe7ee631c)<br> ●Allocations to and from the GIF may <br> be subject to special restrictions, <br> such as minimum and maximum <br> limits on initial and additional <br> amounts invested and limits on the <br> timing and amount of transfers out <br> of these options<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 into <br> other [Divisions](#bookmark_division_d91f30cf-a877-4d96-930f-c47fe7ee631c) 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 Fund](#bookmark_guaranteedinterestfund_d91f30cf-a877-4d96-930f-c47fe7ee631c)<br> ●Taxes or penalties may apply<br>|
| Portfolio <br> Rebalancing<br>| &nbsp;&nbsp; Automatically rebalances the <br> [Divisions](#bookmark_division_d91f30cf-a877-4d96-930f-c47fe7ee631c) you select (either <br> monthly, quarterly, semi-<br> annually or annually) to <br> maintain your chosen mix of <br> [Divisions](#bookmark_division_d91f30cf-a877-4d96-930f-c47fe7ee631c)<br>| Standard | No charge | &nbsp;&nbsp;&nbsp;&nbsp; ●Ordinarily ends upon transfers from <br> applicable [Divisions](#bookmark_division_d91f30cf-a877-4d96-930f-c47fe7ee631c)<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_d91f30cf-a877-4d96-930f-c47fe7ee631c)<br>| Standard | No charge | &nbsp;&nbsp;&nbsp;&nbsp; ●Minimum [Contract Value](#bookmark_contractvalue_d91f30cf-a877-4d96-930f-c47fe7ee631c) required <br> for eligibility<br>|

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&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.

<sup>3</sup>

Some charges apply to amounts allocated to or withdrawn from the [Guaranteed Interest Fund](#bookmark_guaranteedinterestfund_d91f30cf-a877-4d96-930f-c47fe7ee631c) but may be calculated in a manner different than the manner applicable to other amounts.

**Account B (Fee Based) Prospectus**

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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 75<sup>th</sup> 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 75<sup>th</sup> 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 and optional enhanced death benefit proportionally by the percentage of the Contract Value withdrawn. **This method of calculating reductions could reduce the relevant values significantly, and by substantially more than the actual amount of the withdrawal.** A return of premium death benefit could be substantially eroded by withdrawals to pay the annual advisory fee, as shown below.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Standard Death Benefit Example: After 10 years, for example, assuming no asset growth and only a 2.15% annual advisory fee, a $100,000 purchase payment may only provide for a $80,465 return of purchase payment death benefit. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Enhanced Death Benefit Example: After 10 years, for example, assuming no asset growth, and only a 0.40% annual enhanced death benefit fee and a 2.15% annual advisory fee, a $100,000 purchase payment may provide a $100,000 return of purchase payment death benefit. The surrender value at year 10 may be limited to $76,838.

**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 |
| &nbsp;&nbsp; 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% |
| &nbsp;&nbsp; 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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If you elect to have your advisory fee withdrawn from Contract Value, the withdrawal will have the same effect on the death benefit as any other withdrawal you make from your Contract. Given the significant effect such reductions could have on the death benefit, you should discuss the the impact of withdrawing advisory fees from Contract Value with your Investment Professional prior to making any elections.

**Account B (Fee Based) Prospectus**

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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 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). If you elect to have your advisory fee withdrawn from Contract Value, the withdrawal will have the same effect on the death benefit as any other withdrawal you make from your Contract. Given the significant effect such reductions could have on the death benefit, you should discuss the impact of withdrawing advisory fees from Contract Value with your Investment Professional prior to making any elections.

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| | | | |
|:---|:---|:---|:---|
| **Date-Activity** | **Contract Value** | **Death Benefit** | **Enhanced Death Benefit** |
| &nbsp;&nbsp; 1/1/2024–$100,000 Initial <br> Purchase Payment<br>| &nbsp;&nbsp; $100,000 (immediately after <br> Purchase Payment)<br>| $100000 | $100000 |
| &nbsp;&nbsp; 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>|

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**Account B (Fee Based) Prospectus**

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|:---|:---|:---|:---|
| **Date-Activity** | **Contract Value** | **Death Benefit** | **Enhanced Death Benefit** |
| 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. 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). 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.

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. Amounts transferred to our General Account would also include the value of any amounts allocated to any GIF, plus credited interest, less any withdrawals you have made.

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. If you select a fixed income plan, the Fee-Based Program under which you hold your Contract will automatically terminate when the withdrawal value of your Contract is transferred to our General Account. You should check

**Account B (Fee Based) Prospectus**

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with your Investment Professional about the status of your Fee-Based Program if you select a variable income plan. 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:

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.

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**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.

Additional Features and Services

**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.*

**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 except that proportionate deductions are not made from a multi-year Guaranteed Account unless amounts in the other investment options are insufficient to cover the requested withdrawal. 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. 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.

**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. Portfolio rebalancing may only be used with the variable, not the fixed, investment options. 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 are eligible. The amount and timing restrictions that ordinarily apply to transfers between the GIF and the investment Divisions do not apply to interest sweeps.*

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Charges

We will make the following deductions:

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.

The deduction from Accumulation Units and Annuity Units is at a current annual rate of 0.30% of the assets of the Separate Account. Our Board of Trustees may increase or decrease the deduction, but in no event may the deduction exceed an annual rate of 0.75%.

**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.

**Contract Fee** On each Contract anniversary prior to the Maturity Date, we make a deduction of $30 for administrative expenses relating to a Contract during the prior year. We make the charge by reducing the number of Accumulation Units credited to the Contract. 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 the Guaranteed Interest Fund as though it were an investment of the same amount in one of the Separate Account Divisions. We cannot increase this charge. The charge is intended only to reimburse us for 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.

**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 2024 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 2.68%.

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**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.

Federal Income Taxes

Qualified and Non-Tax Qualified Plans

We offer the Contract 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 Internal Revenue Code of 1986, as amended (the "Code"), including a traditional IRA established under Section 408(b).

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

We also offer the Contract for use in non tax-qualified situations (i.e., contributions are not tax deductible).

**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 Contract

**Traditional IRA** If an individual has earned income, the individual and the individual's spouse, as defined under federal tax law, are each permitted to make a maximum contribution of $7,000 for 2025 and the limit is indexed thereafter. The contribution limit is reduced by contributions to any Roth IRAs of the Owner. Currently, the limit on IRA catch-up contributions is $1,000 (not indexed) for individuals who are age 50 or over. Effective for taxable years beginning after December 31, 2023, the catch-up limit may be increased to reflect cost of living increases. Annual contributions are generally deductible unless the Owner or the Owner's spouse, as defined under federal tax law, is an "active participant" in another qualified plan during the taxable year. If the Owner is an "active participant" in a plan for tax year 2025, the deduction phases out at an adjusted gross income ("AGI") of between $79,000—$89,000 for single filers and between $126,000—$146,000 (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 $236,000—$246,000 (indexed) for joint filers. Federal income tax refunds can be deposited directly into an IRA, subject to the 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, as defined under federal tax law, 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 conversions to Roth IRAs. A nonspouse beneficiary also can roll over the deceased owner's IRA, tax-deferred annuity or qualified plan to an inherited IRA in a trustee-to-trustee transfer, subject to the after death required minimum distribution rules. In addition, certain declared federal disaster relief or military service provisions may supplement this information.

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 $7,000 for 2025 and is indexed thereafter. The contribution limit is reduced by contributions to any traditional IRAs of the Owner. Currently, the limit on IRA catch-up contributions is $1,000 (not indexed) for individuals who are

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age 50 or over. Effective for taxable years beginning after December 31, 2023, the catch-up limit may be increased to reflect cost of living increases. For tax year 2025, the maximum contribution is phased out at an adjusted gross income ("AGI") of between $150,000 and $165,000 for single filers, between $236,000 and $246,000 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. The one-rollover-per year rule discussed above applies to Roth IRAs. 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.

**Non-Tax Qualified Contract** There are no federal tax 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 as substantially periodic payments 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, as defined under federal tax law, 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. If, for example, you elect to withdraw your advisory fee from Contract Value, the advisory fee may be taxable as ordinary income.

**IRAs** 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, the Owner may exclude from income that portion of each Annuity Payment which represents the ratio of the Owner's "investment in the contract" to the Owner's "expected return" as defined in Section 72, until the entire "investment in the contract" is recovered. Benefits paid in a form other than Annuity Payments will be taxed as ordinary income when received except for that portion of the payment which represents a pro rata return of the employee's "investment in the contract." After the Owner attains the "applicable age", a 25% penalty may be imposed on payments made from individual retirement annuities to the extent the payments are less than certain required minimum amounts, but is reduced to 10% if a distribution of the shortfall is made within two years and prior to the date the excise tax is assessed or imposed by the IRS. (See "Minimum Distribution Requirements.") With certain limited exceptions, benefits from individual retirement annuity contracts are subject to the tax-free roll-over provisions of the Code.

A loan transaction, using a Contract purchased under a tax-qualified plan as collateral, will generally have adverse tax consequences. For example, such a transaction disqualifies the individual retirement annuity and results in taxable income equal to the Contract Value.

**Roth IRAs** Qualified distributions from a Roth IRA are not taxable. A qualified distribution is a distribution (1) made at least 5 years after the issuance of the Owner's first Roth IRA, and (2) made after the Owner has attained age 59½, or a distribution made to a beneficiary after the Owner's death, attributable to the Owner being disabled, or used to pay acquisition expenses of a qualified first time home purchase (up to the specified limit). A nonqualified distribution is taxable as ordinary income only to the extent it exceeds the "investment in the contract" as defined in Section 72. Distributions are not required to be made from a Roth IRA before the Owner's death.

A withdrawal from a Roth IRA of part or all of an IRA rollover contribution within 5 years of the rollover is subject to a 10% premature withdrawal penalty (unless an exception applies). Rollover contributions are treated as withdrawn after regular contributions for this purpose.

A regular contribution to a Roth IRA can be recharacterized to an IRA in a trustee-to-trustee transfer provided the transfer includes the net income or loss allocable to the contribution and is completed by the due date for filing the Owner's federal income tax return for the year the contribution was made. The recharacterized amount will be treated for tax purposes as originally made from the IRA. Recharacterized amounts can be reconverted to a Roth IRA once each calendar year. Benefits from a Roth IRA can be rolled over or transferred directed only to another Roth IRA.

**Nonqualified 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

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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. Investment gains will be determined by aggregating all non-tax qualified deferred Contracts we issue to the Owner during the same calendar year. Effective December 29, 2022, a distribution to a terminally ill individual is not subject to the additional tax on early distributions, as certified by a physician.

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.

**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, and nonqualified deferred annuities. Payments which are exempt from the penalty tax include payments upon disability, death, 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.

**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. The Owner will be provided the opportunity to elect not to not 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

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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 a 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.

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.")

Other Considerations

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.

You should understand that the tax rules for annuities are complex and cannot be readily summarized. 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

While the following services are generally available under the Contract, not all of them may be available to Owners of Contracts held in the Fee-Based Program in which you participate. For more information, contact your Investment Professional.

**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."*

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**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, 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 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.

Although NMIS does not receive commissions on the sales of Contracts, it does receive fees for investment advice and other services provided to Contract Owners. The fees are based in part on the value of Contract assets held for their benefit by NMIS. The Contracts are offered to purchasers who pay periodic asset-based fees to an affiliated investment adviser such as NMIS (which is also a registered investment adviser) or our limited purpose federal savings bank (the Northwestern Mutual Wealth Management Company ("NMWMC")) for providing investment advice and other services to Owners. For more information, you may obtain a Northwestern Mutual Signature Annuities Disclosure Brochure from your Investment Professional.

**Account B (Fee Based) Prospectus**

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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. The individual NMIS or NMWMC Representative who recommends the Northwestern Mutual Signature Annuities advisory program to a client will receive a portion of the asset-based fee paid by the client. The amount of the compensation that a NMIS or NMWMC Representative may receive for recommending the Signature Annuities program may be more than what the individual would receive if the client paid separately for investment advice, brokerage, and other services.

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 grid also determines what portion of the asset-based fee paid by the client the individual NMIS or NMWMC Representative will receive. 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. The ability to improve grid placement in the following year provides an incentive for your registered representative to sell the Contract.

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.

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.

**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.

**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.

**Account B (Fee Based) Prospectus**

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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.

**Internal Annuity Exchanges** As a matter of current practice, which we may limit or stop at any time in our discretion, we permit owners of certain fixed and variable annuity contracts that we have previously issued to exchange those contracts for the Contracts. 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.

Amounts exchanged from a front-load Contract to a Contract will not be subject to any additional front-end sales charge or withdrawal charge. We currently do not allow an exchange from a variable annuity contract we previously issued to a Contract when amounts exchanged from the previously issued variable annuity contract would be subject to a withdrawal charge, although we may allow such exchanges when there are no applicable withdrawal charges on the Contract being exchanged. Fixed annuity contracts, which are not described in this prospectus, are available for exchange to a Contract, however, any applicable withdrawal charge or market value adjustment may be assessed on amounts exchanged from the fixed annuity contract.

It is our current practice not to allow exchanges from a Contract to a back-load variable annuity contract or a front-load variable annuity contract.

**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 (Fee Based) Prospectus**

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Appendix A—Portfolios Available under Your Contract

The following is a list of [Portfolios](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) available under the [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c). More information about the [Portfolios](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) is available in the prospectuses for the [Portfolios](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c), 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. In addition to the [Portfolios](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) listed below, the [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) also offers fixed options (see "Other Benefits Available Under the [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) - Fixed Options" above), subject to restrictions, which can earn interest for specified periods at declared rates.

The current expenses and performance information below reflects fees and expenses of the [Portfolios](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c), but do not reflect the other fees and expenses that your [Contract](#bookmark_contract_d91f30cf-a877-4d96-930f-c47fe7ee631c) may charge. Expenses would be higher and performance would be lower if these other charges were included. Each [Portfolio's](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) past performance is not necessarily an indication of future performance.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | &nbsp;&nbsp; **Adviser/** <br> **Sub-adviser (if applicable)** | **Current Expenses** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2024)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2024)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2024)** |
| **Investment Objective** | &nbsp;&nbsp; **Adviser/** <br> **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>| 37.82% | 14.77% | 13.44% |
| 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>| 0.61%<sup>1</sup> <br>| 34.43% | 18.22% | 16.94% |
| 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>| 22.16% | 13.86% | 11.88% |
| 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>| 0.72%<sup>1</sup> <br>| 23.86% | 10.92% | 10.22% |
| 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>| 24.75% | 14.30% | 12.86% |
| 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>| 0.75%<sup>1</sup> <br>| 10.69% | 7.46% | 7.58% |
| Long-term growth of <br> capital and income<br>&nbsp;&nbsp; **Domestic Equity** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/Delaware Investments <br> Fund Advisers, a series of <br> Macquarie Investment <br> Management Business Trust<br>| 0.50%<sup>1</sup> <br>| 7.07% | 5.90% | 7.40% |
| 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>| 11.88% | 8.60% | 8.40% |
| 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>| 8.21% | 5.55% | 7.03% |
| 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>| 13.63% | 10.07% | 9.41% |
| 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>| 0.72%<sup>1</sup> <br>| 8.65% | 7.42% | 8.15% |
| 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% | 13.18% | 5.89% | 8.12% |
| 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>| 0.27% | 8.43% | 8.01% | 8.61% |

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**Account B (Fee Based) Prospectus**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | &nbsp;&nbsp; **Adviser/** <br> **Sub-adviser (if applicable)** | **Current Expenses** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2024)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2024)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2024)** |
| **Investment Objective** | &nbsp;&nbsp; **Adviser/** <br> **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>| 10.36% | 6.59% | 7.77% |
| 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>| 5.30% | 5.96% | 7.03% |
| Capital appreciation<br> &nbsp;&nbsp; **Research International** <br> **Core Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/Massachusetts <br> Financial Services Company <br>| 0.72%<sup>1</sup> <br>| 3.25% | 4.20% | 5.48% |
| Long-term growth of <br> capital and income<br>&nbsp;&nbsp; **International Equity** <br> **Portfolio**<sup>2</sup><br>| MSA/Dodge & Cox | 0.68% | 3.94% | 2.81% | 3.02% |
| Capital appreciation<br> &nbsp;&nbsp; **Emerging Markets Equity** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/abrdn Investments <br> Limited<br>| 0.89%<sup>1</sup> <br>| 4.02% | 0.12% | 2.50% |
| 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%<sup>1</sup> <br>| 4.99% | 2.28% | 1.56% |
| 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% | 5.04% | 1.92% | 1.90% |
| 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>| 1.76% | 0.09% | 1.57% |
| 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>| 2.68%<sup>1</sup> <br>| -5.78% | -5.29% | -0.93% |
| 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>**("Inflation** <br> **Protection Portfolio"** <br> **until 9/30/2025)**<br>| &nbsp;&nbsp;&nbsp; MSA/American Century <br> Investment Management, <br> Inc.<br>| 0.45%<sup>1</sup> <br>| 1.96% | 1.50% | 1.95% |
| 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% | 6.38% | 3.71% | 4.95% |
| 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>| 6.42% | 0.93% | 3.33% |
| 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 | 0.55%<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 | 0.47%<sup>1</sup> <br>| 7.43% | 4.76% | 5.53% |
| 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 | 0.53%<sup>1</sup> <br>| 9.72% | 6.17% | 6.72% |

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**Account B (Fee Based) Prospectus**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | &nbsp;&nbsp; **Adviser/** <br> **Sub-adviser (if applicable)** | **Current Expenses** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2024)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2024)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2024)** |
| **Investment Objective** | &nbsp;&nbsp; **Adviser/** <br> **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 | 0.64%<sup>1</sup> <br>| N/A | N/A | N/A |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **Active/Passive All Equity** <br> **Portfolio**<sup>2</sup><br>| MSA | 0.66%<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>| 0.59% | 31.61% | 18.83% | 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 | 0.66%<sup>1</sup> <br>| 13.67% | 9.77% | 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>| 6.58% | 4.55% | 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 | 0.48%<sup>1</sup> <br>| 1.23% | 0.31% | 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% | -2.97% | -2.40% | 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 | 0.58%<sup>1</sup> <br>| 9.73% | 5.54% | 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>| 3.43% | 4.70% | 5.14% |
| 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>| 0.47%<sup>1</sup> <br>| 1.38% | -0.21% | 1.42% |
| Long-term capital <br> appreciation<br>&nbsp;&nbsp; **Columbia VP Small Cap** <br> **Value Fund - Class 1**<sup>6</sup><br>| &nbsp;&nbsp;&nbsp; Columbia Management <br> Investment Advisers, LLC<br>| 0.88%<sup>1</sup> <br>| 8.87% | 11.24% | 9.24% |
| Total return<br> &nbsp;&nbsp; **Commodity Return** <br> **Strategy Portfolio – Class** <br> **2**<sup>7</sup><br>| &nbsp;&nbsp;&nbsp; UBS Asset Management <br> &nbsp;&nbsp;&nbsp;&nbsp;(Americas) LLC <sup>8</sup> <br>| 0.80%<sup>1</sup> <br>| 5.12% | N/A | N/A |
| 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>| 0.57% | 17.49% | 11.34% | 9.21% |
| 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>| 0.56% | 33.79% | 17.04% | 13.62% |
| 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% | 9.40% | 12.20% | 9.64% |
| 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% | 5.14% | 5.46% | 7.96% |
| Capital appreciation<br> &nbsp;&nbsp; **Fidelity**<sup>®</sup> **VIP Technology** <br> **Portfolio - Initial Class**<sup>9</sup><br>| FMR<sup>10</sup> <br>| 0.57% | 35.59% | 23.82% | 21.93% |

---

**Account B (Fee Based) Prospectus**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | &nbsp;&nbsp; **Adviser/** <br> **Sub-adviser (if applicable)** | **Current Expenses** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2024)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2024)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2024)** |
| **Investment Objective** | &nbsp;&nbsp; **Adviser/** <br> **Sub-adviser (if applicable)** | **Current Expenses** | **1 Year** | **5 Year** | **10 Year** |
| 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% | 1.21% | -0.46% | 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>| 0.78% | -0.35% | 5.89% | 4.45% |
| 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% | 10.79% | 4.43% | 6.14% |
| 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>| 0.73%<sup>1</sup> <br>| 3.16% | 1.81% | 2.65% |
| 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; **Sustainable Equity** <br> **Portfolio**<sup>12</sup><br>| &nbsp;&nbsp;&nbsp; Neuberger Berman <br> Investment Advisers LLC<br>| 0.89% | 25.84% | 13.97% | 11.44% |
| 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>| 0.90%<sup>1</sup> <br>| 20.50% | 12.42% | 11.07% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **U.S. Small Cap Equity** <br> **Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 1.14%<sup>1</sup> <br>| 8.53% | 8.00% | 7.31% |
| 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> | 0.91% | 1.42% | -0.20% | 2.75% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **International Developed** <br> **Markets Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 1.03%<sup>1</sup> <br>| 2.78% | 4.23% | 4.70% |
| Provide total return<br> **Strategic Bond Fund**<sup>13</sup> | RIM<sup>14</sup> | 0.65%<sup>1</sup> <br>| 0.83% | -0.87% | 1.04% |
| 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> | 0.85%<sup>1</sup> <br>| 6.48% | 2.86% | 3.67% |
| 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> | 0.90%<sup>1</sup> <br>| 9.48% | 5.00% | 5.15% |
| 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> | 0.97%<sup>1</sup> <br>| 11.94% | 7.10% | 6.50% |
| 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> | 1.00%<sup>1</sup> <br>| 13.09% | 7.58% | 6.97% |

---

<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_d91f30cf-a877-4d96-930f-c47fe7ee631c) 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.

<sup>3</sup>

Although the Government Money Market [Portfolio](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) 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_d91f30cf-a877-4d96-930f-c47fe7ee631c). An investment in a money market [portfolio](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) is neither [insured](#bookmark_insured_d91f30cf-a877-4d96-930f-c47fe7ee631c) 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_d91f30cf-a877-4d96-930f-c47fe7ee631c) may also become extremely low and possibly negative.

<sup>4</sup>

A series of American [Funds](#bookmark_fund_d91f30cf-a877-4d96-930f-c47fe7ee631c) Insurance Series<sup>®</sup>.

<sup>5</sup>

The BlackRock International Index V.I. [Fund](#bookmark_fund_d91f30cf-a877-4d96-930f-c47fe7ee631c) and BlackRock Total Return V.I. [Fund](#bookmark_fund_d91f30cf-a877-4d96-930f-c47fe7ee631c) are series of BlackRock Variable Series [Funds](#bookmark_fund_d91f30cf-a877-4d96-930f-c47fe7ee631c), Inc. and BlackRock Variable Series [Funds](#bookmark_fund_d91f30cf-a877-4d96-930f-c47fe7ee631c) II, Inc., respectively.

**Account B (Fee Based) Prospectus**

------

<sup>6</sup>

A series of Columbia [Funds](#bookmark_fund_d91f30cf-a877-4d96-930f-c47fe7ee631c) Variable Insurance Trust.

<sup>7</sup>

A series of Credit Suisse Trust.

<sup>8</sup>

Effective May 1, 2024, Credit Suisse Asset Management, LLC merged into UBS Asset Management (Americas) LLC ("UBS AM (Americas)") as the surviving entity, and UBS AM (Americas) became the investment manager to the Portfolio.

<sup>9</sup>

The Fidelity<sup>®</sup> VIP Mid Cap Portfolio and the Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup> Portfolio are series of Variable Insurance Products Fund III and the Variable Insurance Products Fund II, respectively.

<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_d91f30cf-a877-4d96-930f-c47fe7ee631c).

<sup>14</sup>

Assets of each [Portfolio](#bookmark_portfolio_d91f30cf-a877-4d96-930f-c47fe7ee631c) 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_d91f30cf-a877-4d96-930f-c47fe7ee631c).

**Account B (Fee Based) Prospectus**

------

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 July 1, 2025. 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 by calling us at (866) 910-1232 free of charge.

Information about the Separate Account (including the SAI) is available on the SEC's internet site at www.sec.gov, or may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

Edgar Contract Identifier: C000000099

**Account B (Fee Based) Prospectus**

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##### [**Table of Contents**](#toc)
**STATEMENT OF ADDITIONAL INFORMATION**

July 1, 2025

**FLEXIBLE PAYMENT VARIABLE ANNUITY (FEE BASED)**

***An individual flexible payment Variable Annuity Contract (the "Contract") for Individual Retirement Annuities ("IRAs"), Roth IRAs and Non-Tax Qualified Annuities and Non Qualified Plans.*** 

**Issued by The Northwestern Mutual Life Insurance Company** <br>**and** <br>**NML Variable Annuity Account B**

------

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. <br>

<br>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** |
| [DISTRIBUTION OF THE CONTRACT](#xx_53cabb6d-e10f-4149-b14d-b850975c2eed_1) | B-3  |
| [DETERMINATION OF ANNUITY PAYMENTS](#xx_53cabb6d-e10f-4149-b14d-b850975c2eed_1) | B-3  |
| &nbsp;&nbsp;&nbsp; [Amount of Annuity Payments](#xx_53cabb6d-e10f-4149-b14d-b850975c2eed_1) | B-3  |
| &nbsp;&nbsp;&nbsp; [Annuity Unit Value](#xx_53cabb6d-e10f-4149-b14d-b850975c2eed_1) | B-3  |
| &nbsp;&nbsp;&nbsp; [Illustrations of Variable Annuity Payments](#xx_53cabb6d-e10f-4149-b14d-b850975c2eed_2) | B-4  |
| [VALUATION OF ASSETS OF THE ACCOUNT](#xx_53cabb6d-e10f-4149-b14d-b850975c2eed_2) | B-4  |
| [TRANSFERABILITY RESTRICTIONS](#xx_53cabb6d-e10f-4149-b14d-b850975c2eed_2) | B-4  |
| [EXPERTS](#xx_53cabb6d-e10f-4149-b14d-b850975c2eed_2) | B-4  |
| FINANCIAL STATEMENTS OF THE ACCOUNT  | F-1  |
| FINANCIAL STATEMENTS OF NORTHWESTERN MUTUAL | NM-1 |

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**DISTRIBUTION OF THE CONTRACT**

Northwestern Mutual Investment Services, LLC ("NMIS") is the distributor of the Contract and is considered the principal underwriter of the Contract. NMIS is a wholly-owned company of Northwestern Mutual. The principal business address of NMIS is 720 East Wisconsin Avenue, Milwaukee, Wisconsin 53202. NMIS may enter into selling agreements with other affiliated and unaffiliated broker-dealers to distribute the Contract. The offering is continuous.

**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 an individual retirement annuity pursuant to Section 408(b) of the Internal Revenue Code of 1986, as amended, 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, 2024 and 2023 and for each of the three years in the period ended December 31, 2024, and the financial statements of NML Variable Annuity Account B as of December 31, 2024 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;

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##### [**Table of Contents**](#toc)
**Annual Report December 31, 2024** 

**Northwestern Mutual Variable Annuity Account B** 

**Financial Statements** 

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##### [**Table of Contents**](#toc)
**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, 2024, 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, 2024, 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.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Growth Stock Division (1) | Mid Cap Value Division (1) | Select Bond Division (1) | U.S. Strategic Equity Division (1) |
| &nbsp;&nbsp;&nbsp;Focused Appreciation Division (1) | Small Cap Growth Stock Division (1) | Long-Term U.S. Government Bond Division (1) | U.S. Small Cap Equity Division (1) |
| &nbsp;&nbsp;&nbsp;Large Cap Core Stock Division (1) | Index 600 Stock Division (1) | Inflation Protection Division (1) | International Developed Markets Division (1) |
| &nbsp;&nbsp;&nbsp;Large Cap Blend Division (1) | Small Cap Value Division (1) | High Yield Bond Division (1) | Strategic Bond Division (1) |
| &nbsp;&nbsp;&nbsp;Index 500 Stock Division (1) | International Growth<br>Division (1) | Multi-Sector Bond Division (1) | Global Real Estate Securities Division (1) |
| &nbsp;&nbsp;&nbsp;Large Company Value Division (1) | Research International Core Division (1) | Balanced Division (1) | LifePoints Moderate Strategy Division (1) |
| &nbsp;&nbsp;&nbsp;Domestic Equity Division (1) | International Equity Division (1) | Asset Allocation Division (1) | LifePoints Balanced Strategy Division (1) |
| &nbsp;&nbsp;&nbsp;Equity Income Division (1) | Emerging Markets Equity Division (1) | Fidelity VIP Mid Cap<br>Division (1) | LifePoints Growth Strategy Division (1) |
| &nbsp;&nbsp;&nbsp;Mid Cap Growth Stock Division (1) | Government Money Market Division (1) | Fidelity VIP Contrafund Division (1) | LifePoints Equity Growth Strategy Division (1) |
| &nbsp;&nbsp;&nbsp;Index 400 Stock Division (1) | Short-Term Bond Division (1) | AMT Sustainable Equity Division (1) | Credit Suisse Trust Commodity Return Strategy Division (1) |
| &nbsp;&nbsp;&nbsp; (1) Statement of operations for the year ended December 31, 2024 and statement of changes in net assets for the years ended December 31, 2024 and 2023 | &nbsp;&nbsp;&nbsp; (1) Statement of operations for the year ended December 31, 2024 and statement of changes in net assets for the years ended December 31, 2024 and 2023 | &nbsp;&nbsp;&nbsp; (1) Statement of operations for the year ended December 31, 2024 and statement of changes in net assets for the years ended December 31, 2024 and 2023 | &nbsp;&nbsp;&nbsp; (1) Statement of operations for the year ended December 31, 2024 and statement of changes in net assets for the years ended December 31, 2024 and 2023 |

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***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.

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##### [**Table of Contents**](#toc)
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, 2024 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 28, 2025 |

---

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

------

##### [**Table of Contents**](#toc)
**Northwestern Mutual Variable Annuity Account B** 

**Table of Contents** 

---

| | |
|:---|:---|
|  [Statements of Assets and Liabilities](#finb939282_1) | F-1 |
|  [Statements of Operations](#finb939282_2) | F-5 |
|  [Statements of Changes in Net Assets](#finb939282_3) | F-8 |
|  [Notes to Financial Statements](#finb939282_4) | F-18 |

---

------

##### [**Table of Contents**](#toc)
**Statements of Assets and Liabilities** 

Northwestern Mutual Variable Annuity Account B

**December 31, 2024 (in thousands, except accumulation unit values)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Growth 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. | $417277 | $844721 | $228143 | $71384 | $2736163 |
| &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; Neuberger Berman Advisers Management Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell Investment Funds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Northwestern Mutual Life Insurance Company | 28 | - | - | - | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 417305 | 844721 | 228143 | 71384 | 2736173 |
|  Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Northwestern Mutual Life Insurance Company |  | 11 | 18 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Participants | 1608 | 1515 | 2601 | 46 | 6981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 1608 | 1526 | 2619 | 46 | 6981 |
|  **Total Net Assets** | $415697 | $843195 | $225524 | $71338 | $2729192 |
|  Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation Units | $411900 | $835796 | $222876 | $70564 | $2694043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity Reserves | 3797 | 7399 | 2648 | 774 | 35149 |
|  **Total Net Assets** | $415697 | $843195 | $225524 | $71338 | $2729192 |
|  Investments, at cost | $299163 | $579994 | $192802 | $72413 | $1441747 |
|  Mutual Fund Shares Held | 99139 | 178664 | 119322 | 63736 | 286539 |
|  Units Outstanding | 52593 | 61292 | 37298 | 22354 | 346112 |
|  Accumulation Unit Value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest | $4.960614 | $12.131021 | $3.901828 | $2.861147 | $5.333405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest | $15.592189 | $14.738066 | $10.146042 | $3.353594 | $26.360931 |
|  | **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. | $102813 | $633087 | $488926 | $348711 | $686087 |
| &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; Neuberger Berman Advisers Management Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell Investment Funds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Northwestern Mutual Life Insurance Company | 2 | 10 | 15 | 13 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 102815 | 633097 | 488941 | 348724 | 686092 |
|  Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Northwestern Mutual Life Insurance Company |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Participants | 432 | 1187 | 1189 | 1479 | 2073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 432 | 1187 | 1189 | 1479 | 2073 |
|  **Total Net Assets** | $102383 | $631910 | $487752 | $347245 | $684019 |
|  Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation Units | $100375 | $625145 | $480265 | $343665 | $676176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity Reserves | 2008 | 6765 | 7487 | 3580 | 7843 |
|  **Total Net Assets** | $102383 | $631910 | $487752 | $347245 | $684019 |
|  Investments, at cost | $111628 | $634046 | $460047 | $339414 | $580406 |
|  Mutual Fund Shares Held | 122689 | 412703 | 279866 | 103721 | 292325 |
|  Units Outstanding | 39559 | 157654 | 91101 | 50459 | 89051 |
|  Accumulation Unit Value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest | $2.307457 | $3.499173 | $4.663975 | $2.661571 | $7.438644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest | $2.704825 | $4.318761 | $5.666472 | $16.642789 | $9.662382 |

---

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

------

##### [**Table of Contents**](#toc)
**Statements of Assets and Liabilities** 

Northwestern Mutual Variable Annuity Account B

**December 31, 2024 (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. | $425400 | $289277 | $274139 | $297026 | $649950 |
| &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; Neuberger Berman Advisers Management Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell Investment Funds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Northwestern Mutual Life Insurance Company | 9 | 7 | - | 6 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 425409 | 289284 | 274139 | 297032 | 649950 |
|  Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Northwestern Mutual Life Insurance Company |  |  |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Participants | 989 | 829 | 496 | 841 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 989 | 829 | 496 | 841 | 750 |
|  **Total Net Assets** | $424420 | $288455 | $273643 | $296191 | $649200 |
|  Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation Units | $420772 | $285834 | $269700 | $293159 | $643684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity Reserves | 3648 | 2621 | 3943 | 3032 | 5516 |
|  **Total Net Assets** | $424420 | $288455 | $273643 | $296191 | $649200 |
|  Investments, at cost | $438779 | $288633 | $241657 | $299659 | $531294 |
|  Mutual Fund Shares Held | 278221 | 114474 | 171551 | 147188 | 335371 |
|  Units Outstanding | 69485 | 57369 | 75877 | 47998 | 195995 |
|  Accumulation Unit Value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest | $5.376967 | $4.194159 | $3.228993 | $5.380595 | $2.884514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest | $6.532658 | $9.368321 | $3.785048 | $6.640722 | $3.560110 |
|  | **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. | $620953 | $1030195 | $687355 | $271671 | $260154 |
| &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; Neuberger Berman Advisers Management Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell Investment Funds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Northwestern Mutual Life Insurance Company | - | 24 | 5 | 1 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 620953 | 1030219 | 687360 | 271672 | 260154 |
|  Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Northwestern Mutual Life Insurance Company | 3 |  |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Participants | 754 | 2468 | 940 | 1527 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 757 | 2468 | 940 | 1527 | 638 |
|  **Total Net Assets** | $620196 | $1027751 | $686420 | $270145 | $259516 |
|  Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation Units | $615035 | $1018361 | $680474 | $267925 | $256774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity Reserves | 5161 | 9390 | 5946 | 2220 | 2742 |
|  **Total Net Assets** | $620196 | $1027751 | $686420 | $270145 | $259516 |
|  Investments, at cost | $568755 | $1051740 | $704279 | $271671 | $262216 |
|  Mutual Fund Shares Held | 574957 | 646295 | 717489 | 271671 | 250872 |
|  Units Outstanding | 398154 | 365128 | 592000 | 156672 | 196714 |
|  Accumulation Unit Value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest | $1.396245 | $2.376148 | $1.037988 | $1.390759 | $1.180203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest | $1.636815 | $5.259423 | $1.216765 | $3.662178 | $1.383462 |

---

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

------

##### [**Table of Contents**](#toc)
**Statements of Assets and Liabilities** 

Northwestern Mutual Variable Annuity Account B

**December 31, 2024 (in thousands, except accumulation unit values)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Select Bond**<br> **Division** | **Long-Term U.S.**<br> **Government**<br> **Bond Division** | **Inflation**<br> **Protection**<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. | $1713483 | $72953 | $339439 | $481053 | $895486 |
| &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; Neuberger Berman Advisers Management Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell Investment Funds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Northwestern Mutual Life Insurance Company | 5 | 1 | 1 | 20 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 1713488 | 72954 | 339440 | 481073 | 895486 |
|  Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Northwestern Mutual Life Insurance Company |  |  |  |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Participants | 5121 | 183 | 656 | 1368 | 1815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 5121 | 183 | 656 | 1368 | 1824 |
|  **Total Net Assets** | $1708367 | $72771 | $338784 | $479705 | $893662 |
|  Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation Units | $1684679 | $71831 | $334225 | $473965 | $882187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity Reserves | 23688 | 940 | 4559 | 5740 | 11475 |
|  **Total Net Assets** | $1708367 | $72771 | $338784 | $479705 | $893662 |
|  Investments, at cost | $1977401 | $109651 | $372960 | $512210 | $966599 |
|  Mutual Fund Shares Held | 1585090 | 121792 | 331484 | 720139 | 909123 |
|  Units Outstanding | 554182 | 46347 | 223380 | 113978 | 448980 |
|  Accumulation Unit Value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest | $2.411596 | $1.401010 | $1.351406 | $3.914133 | $1.775572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest | $&nbsp;&nbsp;&nbsp;&nbsp;17.638010 | $1.642259 | $1.584132 | $5.862746 | $2.081256 |
|  | **Balanced**<br>**Division** | **Asset**<br>**Allocation Division** | **Fidelity VIP Mid**<br>**Cap Division** | **Fidelity VIP**<br>**Contrafund**<br>**Division** | **AMT**<br>**Sustainable**<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. | $1427149 | $202402 | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Variable Insurance Products Fund |  |  | 414367 | 922076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman Advisers Management Trust |  |  |  |  | 440623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell Investment Funds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Northwestern Mutual Life Insurance Company | 25 | 6 | 12 | 6 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 1427174 | 202408 | 414379 | 922082 | 440628 |
|  Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Northwestern Mutual Life Insurance Company |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Participants | 6988 | 1081 | 993 | 1622 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 6988 | 1081 | 993 | 1622 | 724 |
|  **Total Net Assets** | $1420186 | $201327 | $413386 | $920460 | $439904 |
|  Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation Units | $1353359 | $188440 | $409966 | $911752 | $436812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity Reserves | 66827 | 12887 | 3420 | 8708 | 3092 |
|  **Total Net Assets** | $1420186 | $201327 | $413386 | $920460 | $439904 |
|  Investments, at cost | $1505938 | $207919 | $386744 | $659212 | $290068 |
|  Mutual Fund Shares Held | 1076281 | 180554 | 11032 | 15914 | 11035 |
|  Units Outstanding | 228803 | 57677 | 46766 | 174125 | 102732 |
|  Accumulation Unit Value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest | $2.848683 | $2.929411 | $7.782032 | $4.751604 | $3.855796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest | $22.343884 | $3.615525 | $9.454749 | $5.569692 | $4.519558 |

---

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

------

##### [**Table of Contents**](#toc)
**Statements of Assets and Liabilities** 

Northwestern Mutual Variable Annuity Account B

**December 31, 2024 (in thousands, except accumulation unit values)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Strategic**<br> **Equity Division** | **U.S. Small Cap**<br> **Equity Division** | **International**<br> **Developed**<br> **Markets**<br> **Division** | **Strategic**<br> **Bond**<br> **Division** | **Global<br>Real Estate**<br> **Securities**<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; Fidelity Variable Insurance Products Fund |  |  |  |  |  |
| &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 | 140111 | 54591 | 127273 | 585738 | 626137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Northwestern Mutual Life Insurance Company | 9 | 4 | 3 | - | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 140120 | 54595 | 127276 | 585738 | 626152 |
|  Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Northwestern Mutual Life Insurance Company |  |  |  | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Participants | 406 | 225 | 292 | 1310 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 406 | 225 | 292 | 1313 | 1097 |
|  **Total Net Assets** | $139714 | $54370 | $126984 | $584425 | $625055 |
|  Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation Units | $137528 | $53786 | $125915 | $577069 | $619681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity Reserves | 2186 | 584 | 1069 | 7356 | 5374 |
|  **Total Net Assets** | $139714 | $54370 | $126984 | $584425 | $625055 |
|  Investments, at cost | $111138 | $57876 | $124319 | $702142 | $671306 |
|  Mutual Fund Shares Held | 6609 | 3927 | 10813 | 69073 | 47184 |
|  Units Outstanding | 33393 | 13074 | 62401 | 266926 | 121320 |
|  Accumulation Unit Value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest | $3.745253 | $3.986158 | $1.980969 | $1.872752 | $4.249128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest | $4.655420 | $4.955060 | $2.540119 | $2.327884 | $5.460847 |
|  | **LifePoints<br>Moderate<br>Strategy<br>Division** | **LifePoints<br>Balanced<br>Strategy<br>Division** | **LifePoints<br>Growth<br>Strategy<br>Division** | **LifePoints<br>Equity<br>Growth Strategy**<br> **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; Fidelity Variable Insurance Products Fund |  |  |  |  |  |
| &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 | 56790 | 177764 | 150206 | 33215 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Trust |  |  |  |  | 451750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Northwestern Mutual Life Insurance Company | 2 | - | - | 406 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 56792 | 177764 | 150206 | 33621 | 451752 |
|  Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Northwestern Mutual Life Insurance Company | $- | $1 | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Participants | 298 | 316 | 5 | 31 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 298 | 317 | 5 | 31 | 509 |
|  **Total Net Assets** | $56494 | $177447 | $150201 | $33590 | $451243 |
|  Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulation Units | 54840 | 172839 | 149053 | 33142 | 447604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity Reserves | 1654 | 4608 | 1148 | 448 | 3639 |
|  **Total Net Assets** | $56494 | $177447 | $150201 | $33590 | $451243 |
|  Investments, at cost | $58561 | $173491 | $139272 | $29990 | $524382 |
|  Mutual Fund Shares Held | 5959 | 18158 | 14527 | 3315 | 24986 |
|  Units Outstanding | 30648 | 85904 | 69538 | 15946 | 73575 |
|  Accumulation Unit Value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest | $1.635588 | $1.837679 | $1.966185 | $1.911681 | $5.622554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highest | $1.917206 | $2.154152 | $2.304795 | $2.240933 | $6.357958 |

---

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

------

##### [**Table of Contents**](#toc)
**Statements of Operations** 

Northwestern Mutual Variable Annuity Account B

**For the Year Ended December 31, 2024 (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 | $389 | $- | $1541 | $571 | $31097 |
|  Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 3427 | 5553 | 2088 | 482 | 20802 |
|  Net investment income (loss) | (3038) | (5553) | (547) | 89 | 10295 |
|  Realized gain (loss) on investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on sale of fund shares | 13156 | 65031 | 3582 | 1185 | 207089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain distribution |  | 69118 | 10717 | 15823 | 44817 |
|  Realized gains (losses) | 13156 | 134149 | 14299 | 17008 | 251906 |
|  Change in unrealized appreciation/(depreciation) of investments during the period | 108311 | 98897 | 29019 | (2887) | 293496 |
|  Net increase (decrease) in net assets resulting from operations | $118429 | $227493 | $42771 | $14210 | $555697 |
|  | **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 | $1894 | $12473 | $10511 | $319 | $8331 |
|  Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 740 | 4621 | 3426 | 3636 | 4993 |
|  Net investment income (loss) | 1154 | 7852 | 7085 | (3317) | 3338 |
|  Realized gain (loss) on investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on sale of fund shares | (3145) | 15555 | 2614 | 1111 | 15220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain distribution | 4008 | 49228 | 17915 |  | 22504 |
|  Realized gains (losses) | 863 | 64783 | 20529 | 1111 | 37724 |
|  Change in unrealized appreciation/(depreciation) of investments during the period | 7760 | (32880) | 25712 | 26807 | 41363 |
|  Net increase (decrease) in net assets resulting from operations | $9777 | $39755 | $53326 | $24601 | $82425 |
|  | **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 | $8625 | $1037 | $3148 | $2248 | $5764 |
|  Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 2983 | 2164 | 1908 | 2097 | 4657 |
|  Net investment income (loss) | 5642 | (1127) | 1240 | 151 | 1107 |
|  Realized gain (loss) on investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on sale of fund shares | (982) | 1338 | 4285 | (5329) | 20595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain distribution | 12871 | - | 5846 | 10439 | 16470 |
|  Realized gains (losses) | 11889 | 1338 | 10131 | 5110 | 37065 |
|  Change in unrealized appreciation/(depreciation) of investments during the period | 15035 | 33426 | 8792 | 22231 | (7994) |
|  Net increase (decrease) in net assets resulting from operations | $32566 | $33637 | $20163 | $27492 | $30178 |

---

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

------

##### [**Table of Contents**](#toc)
**Statements of Operations** 

Northwestern Mutual Variable Annuity Account B

**For the Year Ended December 31, 2024 (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 | $11436 | $30436 | $10354 | $13748 | $8812 |
|  Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 4366 | 7804 | 4700 | 2147 | 1782 |
|  **Net investment income (loss)** | 7070 | 22632 | 5654 | 11601 | 7030 |
|  Realized gain (loss) on investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on sale of fund shares | 9683 | (4826) | (153) |  | (76) |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain distribution | 3785 | - | - | 13 | - |
|  **Realized gains (losses)** | 13468 | (4826) | (153) | 13 | (76) |
|  Change in unrealized appreciation/(depreciation) of investments during the period | (4120) | 17402 | 18013 | - | 4161 |
|  **Net increase (decrease) in net assets resulting from operations** | $16418 | $35208 | $23514 | $11614 | $11115 |
|  | **Select Bond<br>Division** | **Long-Term U.S.**<br> **Government**<br> **Bond Division** | **Inflation**<br> **Protection**<br> **Division** | **High Yield**<br> **Bond Division** | **Multi-Sector<br>Bond Division** |
|  Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $67468 | $2428 | $10762 | $30359 | $44764 |
|  Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 11858 | 529 | 2323 | 3357 | 5948 |
|  **Net investment income (loss)** | 55610 | 1899 | 8439 | 27002 | 38816 |
|  Realized gain (loss) on investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on sale of fund shares | (16297) | (10153) | (2736) | (3406) | (4619) |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain distribution | - | - | - | - | - |
|  **Realized gains (losses)** | (16297) | (10153) | (2736) | (3406) | (4619) |
|  Change in unrealized appreciation/(depreciation) of investments during the period | (20355) | 3370 | (1245) | 2556 | 14538 |
|  **Net increase (decrease) in net assets resulting from operations** | $18958 | $(4884) | $4458 | $26152 | $48735 |
|  | **Balanced**<br> **Division** | **Asset**<br> **Allocation**<br> **Division** | **Fidelity VIP Mid**<br> **Cap Division** | **Fidelity VIP**<br> **Contrafund**<br> **Division** | **AMT**<br> **Sustainable**<br> **Equity Division** |
|  Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $31456 | $3998 | $2223 | $1650 | $954 |
|  Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 13928 | 1618 | 2912 | 6232 | 2993 |
|  **Net investment income (loss)** | 17528 | 2380 | (689) | (4582) | (2039) |
|  Realized gain (loss) on investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on sale of fund shares | (19955) | (401) | 7851 | 60682 | 27843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain distribution | 29306 | 6246 | 52234 | 104285 | 20561 |
|  **Realized gains (losses)** | 9351 | 5845 | 60085 | 164967 | 48404 |
|  Change in unrealized appreciation/(depreciation) of investments during the period | 65242 | 9470 | 4728 | 87501 | 48646 |
|  **Net increase (decrease) in net assets resulting from operations** | $92121 | $17695 | $64124 | $247886 | $95011 |

---

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

------

##### [**Table of Contents**](#toc)
**Statements of Operations** 

Northwestern Mutual Variable Annuity Account B

**For the Year Ended December 31, 2024 (in thousands)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Strategic**<br> **Equity Division** | **U.S. Small Cap**<br> **Equity Division** | **International**<br> **Developed**<br> **Markets Division** | **Strategic**<br> **Bond**<br> **Division** |
|  Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $1270 | $877 | $3874 | $28500 |
|  Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 1017 | 417 | 926 | 3961 |
|  **Net investment income (loss)** | 253 | 460 | 2948 | 24539 |
|  Realized gain (loss) on investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on sale of fund shares | 4961 | 426 | 1265 | (8603) |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain distribution | 10450 | 4184 | 2292 | - |
|  **Realized gains (losses)** | 15411 | 4610 | 3557 | (8603) |
|  Change in unrealized appreciation/(depreciation) of investments during the period | 9371 | (813) | (3592) | (14660) |
|  **Net increase (decrease) in net assets resulting from operations** | $25035 | $4257 | $2913 | $1276 |
|  | **Global Real**<br> **Estate**<br> **Securities**<br> **Division** | **LifePoints**<br> **Moderate**<br> **Strategy**<br> **Division** | **LifePoints**<br> **Balanced**<br> **Strategy Division** | **LifePoints**<br> **Growth**<br> **Strategy**<br> **Division** |
|  Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $14838 | $2048 | $5350 | $3782 |
|  Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 4474 | 435 | 1351 | 1166 |
|  **Net investment income (loss)** | 10364 | 1613 | 3999 | 2616 |
|  Realized gain (loss) on investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on sale of fund shares | (3263) | (221) | (785) | 1418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain distribution | - | - | - | - |
|  **Realized gains (losses)** | (3263) | (221) | (785) | 1418 |
|  Change in unrealized appreciation/(depreciation) of investments during the period | (42) | 1898 | 12172 | 12049 |
|  **Net increase (decrease) in net assets resulting from operations** | $7059 | $3290 | $15386 | $16083 |
|  | **LifePoints<br>Equity Growth**<br> **Strategy**<br> **Division** | **Credit Suisse<br>Trust Commodity<br>Return Strategy<br>Division** |  |  |
|  Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $776 | $13894 |  |  |
|  Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges | 259 | 2988 |  |  |
|  **Net investment income (loss)** | 517 | 10906 |  |  |
|  Realized gain (loss) on investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on sale of fund shares | 296 | (7784) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain distribution | - | - |  |  |
|  **Realized gains (losses)** | 296 | (7784) |  |  |
|  Change in unrealized appreciation/(depreciation) of investments during the period | 3049 | 16514 |  |  |
|  **Net increase (decrease) in net assets resulting from operations** | $3862 | $19636 |  |  |

---

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

------

##### [**Table of Contents**](#toc)
**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**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(3038) | $(2510) | $(5553) | $(4678) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 13156 | (1945) | 134149 | 76093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 108311 | 120367 | 98897 | 190206 |
| **Net increase (decrease) in net assets resulting from operations** | 118429 | 115912 | 227493 | 261621 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 8047 | 6263 | 20713 | 17312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (376) | (266) | (693) | (615) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (37408) | (25073) | (75706) | (55546) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 208664 | 183045 | 939912 | 870675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (220198) | (185644) | (992190) | (918455) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (41271) | (21675) | (107964) | (86629) |
|  **Net increase (decrease) in net assets** | 77158 | 94237 | 119529 | 174992 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 338539 | 244302 | 723666 | 548674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $415697 | $338539 | $843195 | $723666 |
|  Units issued during the period | 41113 | 51295 | 80015 | 100307 |
|  Units redeemed during the period | (46813) | (54625) | (89038) | (110081) |
|  **Net units issued (redeemed) during period** | (5700) | (3330) | (9023) | (9774) |
|  | **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,** |
|  | **2024** | **2023** | **2024** | **2023** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(547) | $188 | $89 | $89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 14299 | 16767 | 17008 | 5293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 29019 | 27399 | (2887) | 5660 |
| **Net increase (decrease) in net assets resulting from operations** | 42771 | 44354 | 14210 | 11042 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 3628 | 2932 | 1779 | 1234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (323) | (264) | (53) | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (26107) | (18568) | (6811) | (4452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 101905 | 95144 | 85448 | 78415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (108422) | (100378) | (87711) | (79888) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (29319) | (21134) | (7348) | (4736) |
|  **Net increase (decrease) in net assets** | 13452 | 23220 | 6862 | 6306 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 212072 | 188852 | 64476 | 58170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $225524 | $212072 | $71338 | $64476 |
|  Units issued during the period | 24274 | 28316 | 29408 | 34024 |
|  Units redeemed during the period | (29217) | (32717) | (32002) | (36063) |
|  **Net units issued (redeemed) during period** | (4943) | (4401) | (2594) | (2039) |

---

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

------

##### [**Table of Contents**](#toc)
**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**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $10295 | $12272 | $1154 | $2712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 251906 | 144798 | 863 | 10461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 293496 | 345490 | 7760 | (10180) |
|  **Net increase (decrease) in net assets resulting from operations** | 555697 | 502560 | 9777 | 2993 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 101579 | 93466 | 2635 | 2659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (3146) | (2811) | (195) | (132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (253980) | (181519) | (10674) | (8092) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 2784256 | 2454508 | 131752 | 135256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (2879187) | (2501049) | (133696) | (133740) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (250478) | (137405) | (10178) | (4049) |
|  **Net increase (decrease) in net assets** | 305219 | 365155 | (401) | (1056) |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2423973 | 2058818 | 102784 | 103840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $2729192 | $2423973 | $102383 | $102784 |
|  Units issued during the period | 499491 | 550607 | 54062 | 61549 |
|  Units redeemed during the period | (526653) | (566664) | (58443) | (63570) |
|  **Net units issued (redeemed) during period** | (27162) | (16057) | (4381) | (2021) |
|  | **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,** |
|  | **2024** | **2023** | **2024** | **2023** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $7852 | $7030 | $7085 | $8334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 64783 | 39024 | 20529 | 38525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | (32880) | (27878) | 25712 | (5646) |
|  **Net increase (decrease) in net assets resulting from operations** | 39755 | 18176 | 53326 | 41213 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 32213 | 32760 | 8959 | 9791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (567) | (681) | (670) | (708) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (63358) | (48872) | (49742) | (42074) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 1082663 | 985813 | 731960 | 718743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (1081870) | (970636) | (749972) | (720797) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (30919) | (1616) | (59465) | (35045) |
|  **Net increase (decrease) in net assets** | 8836 | 16560 | (6139) | 6168 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 623074 | 606514 | 493891 | 487723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $631910 | $623074 | $487752 | $493891 |
|  Units issued during the period | 277262 | 283773 | 140884 | 162483 |
|  Units redeemed during the period | (285414) | (284481) | (152542) | (170761) |
|  **Net units issued (redeemed) during period** | (8152) | (708) | (11658) | (8278) |

---

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

------

##### [**Table of Contents**](#toc)
**Statements of Changes in Net Assets** 

Northwestern Mutual Variable Annuity Account B

**(in thousands)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mid Cap Growth Stock<br>Division** | **Mid Cap Growth Stock<br>Division** | **Index 400 Stock Division** | **Index 400 Stock Division** |
|  | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(3317) | $(2717) | $3338 | $3480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 1111 | (5280) | 37724 | 33165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 26807 | 53633 | 41363 | 53231 |
|  **Net increase (decrease) in net assets resulting from operations** | 24601 | 45636 | 82425 | 89876 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 5129 | 5327 | 27418 | 27257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (413) | (386) | (718) | (661) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (36455) | (30655) | (66067) | (50311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 116327 | 110873 | 887619 | 801375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (124568) | (115762) | (904797) | (806298) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (39980) | (30603) | (56545) | (28638) |
|  **Net increase (decrease) in net assets** | (15379) | 15033 | 25880 | 61238 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 362624 | 347591 | 658139 | 596901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $347245 | $362624 | $684019 | $658139 |
|  Units issued during the period | 33618 | 35314 | 126499 | 135201 |
|  Units redeemed during the period | (38644) | (39790) | (134044) | (139557) |
|  **Net units issued (redeemed) during period** | (5026) | (4476) | (7545) | (4356) |
|  | **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,** |
|  | **2024** | **2023** | **2024** | **2023** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $5642 | $6663 | $(1127) | $(1868) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 11889 | 50211 | 1338 | (1452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 15035 | (34926) | 33426 | 45659 |
|  **Net increase (decrease) in net assets resulting from operations** | 32566 | 21948 | 33637 | 42339 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 19238 | 19925 | 10754 | 10458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (313) | (339) | (258) | (227) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (42906) | (33913) | (27921) | (19900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 744545 | 693477 | 352508 | 315805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (743587) | (687732) | (359288) | (313072) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (23023) | (8582) | (24205) | (6936) |
|  **Net increase (decrease) in net assets** | 9543 | 13366 | 9432 | 35403 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 414877 | 401511 | 279023 | 243620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $424420 | $414877 | $288455 | $279023 |
|  Units issued during the period | 127756 | 131802 | 81885 | 86296 |
|  Units redeemed during the period | (131764) | (133617) | (86201) | (87183) |
|  **Net units issued (redeemed) during period** | (4008) | (1815) | (4316) | (887) |

---

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

------

##### [**Table of Contents**](#toc)
**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**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1240 | $835 | $151 | $(539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 10131 | 12227 | 5110 | 13759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 8792 | 22248 | 22231 | 22489 |
|  **Net increase (decrease) in net assets resulting from operations** | 20163 | 35310 | 27492 | 35709 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 12482 | 11845 | 5712 | 5671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (345) | (355) | (294) | (370) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (26435) | (21063) | (29497) | (23897) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 415599 | 382540 | 408960 | 397968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (415095) | (379695) | (417000) | (394295) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (13794) | (6728) | (32119) | (14923) |
|  **Net increase (decrease) in net assets** | 6369 | 28582 | (4627) | 20786 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 267274 | 238692 | 300818 | 280032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $273643 | $267274 | $296191 | $300818 |
|  Units issued during the period | 123703 | 130599 | 70272 | 78240 |
|  Units redeemed during the period | (127858) | (132928) | (75800) | (81252) |
|  **Net units issued (redeemed) during period** | (4155) | (2329) | (5528) | (3012) |
|  | **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,** |
|  | **2024** | **2023** | **2024** | **2023** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1107 | $963 | $7070 | $6024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 37065 | 35115 | 13468 | 18845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | (7994) | 76188 | (4120) | 44135 |
|  **Net increase (decrease) in net assets resulting from operations** | 30178 | 112266 | 16418 | 69004 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 30478 | 30545 | 32933 | 34395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (466) | (518) | (430) | (577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (66310) | (51183) | (64275) | (50328) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 1194080 | 1100715 | 1260021 | 1161302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (1192137) | (1116398) | (1243835) | (1171251) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (34355) | (36839) | (15586) | (26459) |
|  **Net increase (decrease) in net assets** | (4177) | 75427 | 832 | 42545 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 653377 | 577950 | 619364 | 576819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $649200 | $653377 | $620196 | $619364 |
|  Units issued during the period | 360782 | 388036 | 806309 | 826573 |
|  Units redeemed during the period | (371717) | (401233) | (816984) | (845755) |
|  **Net units issued (redeemed) during period** | (10935) | (13197) | (10675) | (19182) |

---

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

------

##### [**Table of Contents**](#toc)
**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**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $22632 | $23131 | $5654 | $9609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (4826) | (4603) | (153) | (1532) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 17402 | 126798 | 18013 | 31704 |
|  **Net increase (decrease) in net assets resulting from operations** | 35208 | 145326 | 23514 | 39781 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 38265 | 39345 | 35793 | 36569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (899) | (967) | (488) | (628) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (106827) | (85697) | (69823) | (55122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 1813787 | 1693268 | 1460378 | 1356459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (1802416) | (1730469) | (1437653) | (1340263) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (58090) | (84520) | (11793) | (2985) |
|  **Net increase (decrease) in net assets** | (22882) | 60806 | 11721 | 36796 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1050633 | 989827 | 674699 | 637903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $1027751 | $1050633 | $686420 | $674699 |
|  Units issued during the period | 704029 | 727934 | 1285707 | 1277298 |
|  Units redeemed during the period | (719985) | (757458) | (1296453) | (1281057) |
|  **Net units issued (redeemed) during period** | (15956) | (29524) | (10746) | (3759) |
|  | **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,** |
|  | **2024** | **2023** | **2024** | **2023** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $11601 | $11409 | $7030 | $3540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 13 | 3 | (76) | (1011) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | - | - | 4161 | 9138 |
|  **Net increase (decrease) in net assets resulting from operations** | 11614 | 11412 | 11115 | 11667 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 24895 | 30213 | 9293 | 10753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (362) | (323) | (257) | (362) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (110273) | (91599) | (31139) | (28864) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 174262 | 156049 | 446810 | 444197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (115118) | (114706) | (437734) | (440957) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (26596) | (20366) | (13027) | (15233) |
|  **Net increase (decrease) in net assets** | (14982) | (8954) | (1912) | (3566) |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 285127 | 294081 | 261428 | 264994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $270145 | $285127 | $259516 | $261428 |
|  Units issued during the period | 133526 | 125902 | 351956 | 368901 |
|  Units redeemed during the period | (146828) | (137864) | (362348) | (381621) |
|  **Net units issued (redeemed) during period** | (13302) | (11962) | (10392) | (12720) |

---

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

------

##### [**Table of Contents**](#toc)
**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**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $55610 | $32362 | $1899 | $1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (16297) | (21028) | (10153) | (5233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | (20355) | 77973 | 3370 | 6125 |
|  **Net increase (decrease) in net assets resulting from operations** | 18958 | 89307 | (4884) | 2178 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 66554 | 70875 | 1845 | 2444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (2311) | (2633) | (100) | (82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (185661) | (161589) | (7293) | (7165) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 3252423 | 3119546 | 135846 | 133562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (3157523) | (3054976) | (132328) | (124198) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (26518) | (28777) | (2030) | 4561 |
|  **Net increase (decrease) in net assets** | (7560) | 60530 | (6914) | 6739 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1715927 | 1655397 | 79685 | 72946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $1708367 | $1715927 | $72771 | $79685 |
|  Units issued during the period | 1167702 | 1150853 | 85042 | 83383 |
|  Units redeemed during the period | (1165125) | (1149033) | (86268) | (80663) |
|  **Net units issued (redeemed) during period** | 2577 | 1820 | (1226) | 2720 |
|  | **Inflation Protection Division** | **Inflation Protection 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,** |
|  | **2024** | **2023** | **2024** | **2023** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $8439 | $14704 | $27002 | $22739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (2736) | (3035) | (3406) | (6673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | (1245) | (778) | 2556 | 37623 |
|  **Net increase (decrease) in net assets resulting from operations** | 4458 | 10891 | 26152 | 53689 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 14525 | 15296 | 17402 | 18258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (403) | (515) | (566) | (660) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (36641) | (33749) | (50705) | (44981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 677890 | 661527 | 819794 | 782340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (667581) | (658023) | (805177) | (783101) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (12210) | (15464) | (19252) | (28144) |
|  **Net increase (decrease) in net assets** | (7752) | (4573) | 6900 | 25545 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 346536 | 351109 | 472805 | 447260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $338784 | $346536 | $479705 | $472805 |
|  Units issued during the period | 457184 | 461813 | 210384 | 220005 |
|  Units redeemed during the period | (465749) | (473033) | (214576) | (226778) |
|  **Net units issued (redeemed) during period** | (8565) | (11220) | (4192) | (6773) |

---

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

------

##### [**Table of Contents**](#toc)
**Statements of Changes in Net Assets** 

Northwestern Mutual Variable Annuity Account B

**(in thousands)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Multi-Sector Bond Division** | **Multi-Sector Bond Division** | **Balanced Division** | **Balanced Division** |
|  | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $38816 | $15367 | $17528 | $15681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (4619) | (9531) | 9351 | 37289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 14538 | 65390 | 65242 | 111355 |
|  **Net increase (decrease) in net assets resulting from operations** | 48735 | 71226 | 92121 | 164325 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 38208 | 39453 | 34989 | 34091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (912) | (1047) | (7017) | (6499) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (95199) | (80221) | (162989) | (140752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 1691576 | 1585718 | 397130 | 389345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (1646367) | (1567466) | (408427) | (394375) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (12694) | (23563) | (146314) | (118190) |
|  **Net increase (decrease) in net assets** | 36041 | 47663 | (54193) | 46135 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 857621 | 809958 | 1474379 | 1428244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $893662 | $857621 | $1420186 | $1474379 |
|  Units issued during the period | 895860 | 917630 | 111881 | 119750 |
|  Units redeemed during the period | (903615) | (932032) | (128298) | (134038) |
|  **Net units issued (redeemed) during period** | (7755) | (14402) | (16417) | (14288) |
|  | **Asset Allocation Division** | **Asset Allocation Division** | **Fidelity VIP Mid Cap Division** | **Fidelity VIP Mid Cap Division** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2024** | **2023** | **2024** | **2023** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2380 | $2456 | $(689) | $(414) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 5845 | 9072 | 60085 | 11866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 9470 | 15398 | 4728 | 40303 |
|  **Net increase (decrease) in net assets resulting from operations** | 17695 | 26926 | 64124 | 51755 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 6361 | 5038 | 8501 | 7909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (1749) | (1424) | (377) | (395) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (28541) | (17419) | (39670) | (32309) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 97377 | 89232 | 542455 | 519221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (96924) | (91355) | (559009) | (529080) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (23476) | (15928) | (48100) | (34654) |
|  **Net increase (decrease) in net assets** | (5781) | 10998 | 16024 | 17101 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 207108 | 196110 | 397362 | 380261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $201327 | $207108 | $413386 | $397362 |
|  Units issued during the period | 30169 | 31827 | 64797 | 75141 |
|  Units redeemed during the period | (38311) | (37312) | (70588) | (80245) |
|  **Net units issued (redeemed) during period** | (8142) | (5485) | (5791) | (5104) |

---

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

------

##### [**Table of Contents**](#toc)
**Statements of Changes in Net Assets** 

Northwestern Mutual Variable Annuity Account B

**(in thousands)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fidelity VIP Contrafund<br>Division** | **Fidelity VIP Contrafund<br>Division** | **AMT Sustainable Equity<br>Division** | **AMT Sustainable Equity<br>Division** |
|  | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(4582) | (1634) | $(2039) | $(1338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 164967 | 54732 | 48404 | 20070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 87501 | 153662 | 48646 | 67870 |
|  **Net increase (decrease) in net assets resulting from operations** | 247886 | 206760 | 95011 | 86602 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 34835 | 32712 | 18265 | 19413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (783) | (822) | (237) | (330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (88280) | (63249) | (42473) | (33169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 1313966 | 1185923 | 737999 | 684296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (1378107 | (1228758) | (769029) | (701574) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (118369 | (74194) | (55475) | (31364) |
|  **Net increase (decrease) in net assets** | 129517 | 132566 | 39536 | 55238 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 790943 | 658377 | 400368 | 345130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $920460 | $790943 | $439904 | $400368 |
|  Units issued during the period | 279362 | 349665 | 190886 | 232193 |
|  Units redeemed during the period | (304322 | (370537) | (205184) | (242564) |
|  **Net units issued (redeemed) during period** | (24960 | (20872) | (14298) | (10371) |
|  | **U.S. Strategic Equity Division** | **U.S. Strategic Equity Division** | **U.S. Small Cap Equity<br>Division** | **U.S. Small Cap Equity<br>Division** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2024** | **2023** | **2024** | **2023** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $253 | $85 | $460 | $(31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 15411 | 2894 | 4610 | (1008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 9371 | 26165 | (813) | 7879 |
|  **Net increase (decrease) in net assets resulting from operations** | 25035 | 29144 | 4257 | 6840 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 1911 | 1414 | 1194 | 1229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (250) | (229) | (75) | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (15082) | (10677) | (6479) | (4811) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 148128 | 143709 | 58833 | 58576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (155311 | (149819) | (60940) | (63772) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (20604 | (15602) | (7467) | (8836) |
|  **Net increase (decrease) in net assets** | 4431 | 13542 | (3210) | (1996) |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 135283 | 121741 | 57580 | 59576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $139714 | $135283 | $54370 | $57580 |
|  Units issued during the period | 38589 | 47058 | 15165 | 17174 |
|  Units redeemed during the period | (43955 | (52041) | (17046) | (19684) |
|  **Net units issued (redeemed) during period** | (5366 | (4983) | (1881) | (2510) |

---

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

------

##### [**Table of Contents**](#toc)
**Statements of Changes in Net Assets** 

Northwestern Mutual Variable Annuity Account B

**(in thousands)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Developed<br>Markets Division** | **International Developed<br>Markets Division** | **Strategic Bond Division** | **Strategic Bond Division** |
|  | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2948 | $769 | $24539 | $12926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 3557 | 1917 | (8603) | (8651) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | (3592) | 16485 | (14660) | 14746 |
|  **Net increase (decrease) in net assets resulting from operations** | 2913 | 19171 | 1276 | 19021 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 3173 | 2774 | 22376 | 23507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (134) | (132) | (635) | (877) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (13229) | (10639) | (65889) | (58548) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 220613 | 214388 | 1230419 | 1202398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (220531) | (221089) | (1195574) | (1176091) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (10108) | (14698) | (9303) | (9611) |
|  **Net increase (decrease) in net assets** | (7195) | 4473 | (8027) | 9410 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 134179 | 129706 | 592452 | 583042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $126984 | $134179 | $584425 | $592452 |
|  Units issued during the period | 109424 | 118706 | 569638 | 576484 |
|  Units redeemed during the period | (114240) | (126512) | (574861) | (582037) |
|  **Net units issued (redeemed) during period** | (4816) | (7806) | (5223) | (5553) |
|  | **Global Real Estate Securities<br>Division** | **Global Real Estate Securities<br>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,** |
|  | **2024** | **2023** | **2024** | **2023** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $10364 | $6732 | $1613 | $501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (3263) | (3160) | (221) | (1144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | (42) | 55637 | 1898 | 6624 |
|  **Net increase (decrease) in net assets resulting from operations** | 7059 | 59209 | 3290 | 5981 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 27198 | 27981 | 1016 | 2439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (519) | (605) | (263) | (155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (65617) | (52506) | (6089) | (7998) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 1235703 | 1163358 | 24256 | 24107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (1233646) | (1136779) | (24870) | (26058) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (36881) | 1449 | (5950) | (7665) |
|  **Net increase (decrease) in net assets** | (29822) | 60658 | (2660) | (1684) |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 654877 | 594219 | 59154 | 60838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $625055 | $654877 | $56494 | $59154 |
|  Units issued during the period | 240809 | 249423 | 13521 | 15820 |
|  Units redeemed during the period | (248071) | (249611) | (16786) | (20584) |
|  **Net units issued (redeemed) during period** | (7262) | (188) | (3265) | (4764) |

---

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

------

##### [**Table of Contents**](#toc)
**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 Growth Strategy<br>Division** | **LifePoints Growth Strategy<br>Division** |
|  | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3999 | $1176 | $2616 | $79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (785) | (3373) | 1418 | (558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 12172 | 25149 | 12049 | 22927 |
|  **Net increase (decrease) in net assets resulting from operations** | 15386 | 22952 | 16083 | 22448 |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 4717 | 5513 | 3736 | 3237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (375) | (327) | (86) | (77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (21212) | (16717) | (16207) | (9940) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 80935 | 77187 | 67431 | 60191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (84964) | (80711) | (70306) | (62327) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (20899) | (15055) | (15432) | (8916) |
|  **Net increase (decrease) in net assets** | (5513) | 7897 | 651 | 13532 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 182960 | 175063 | 149550 | 136018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $177447 | $182960 | $150201 | $149550 |
|  Units issued during the period | 41270 | 46386 | 33108 | 34979 |
|  Units redeemed during the period | (52187) | (55024) | (40708) | (40120) |
|  **Net units issued (redeemed) during period** | (10917) | (8638) | (7600) | (5141) |
|  | **LifePoints Equity Growth<br>Strategy Division** | **LifePoints Equity Growth<br>Strategy Division** | **Credit Suisse Trust<br>Commodity Return**<br> **Strategy Division** | **Credit Suisse Trust<br>Commodity Return**<br> **Strategy Division** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2024** | **2023** | **2024** | **2023** |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $517 | $(47) | $10906 | $84353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 296 | (378) | (7784) | (6969) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | 3049 | 5719 | 16514 | (119645) |
|  **Net increase (decrease) in net assets resulting from operations** | 3862 | 5294 | 19636 | (42261) |
|  Contract Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract owners' net payments | 1294 | 1081 | 22855 | 23759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity payments | (27) | (23) | (276) | (424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other (net) | (3684) | (3745) | (43517) | (36863) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from other divisions or sponsor | 21966 | 20347 | 918085 | 863064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers to other divisions or sponsor | (22363) | (20605) | (880979) | (831422) |
| **Net increase (decrease) in net assets resulting from contract transactions** | (2814) | (2945) | 16168 | 18114 |
|  **Net increase (decrease) in net assets** | 1048 | 2349 | 35804 | (24147) |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 32542 | 30193 | 415439 | 439586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $33590 | $32542 | $451243 | $415439 |
|  Units issued during the period | 11052 | 12161 | 155311 | 145414 |
|  Units redeemed during the period | (12467) | (13923) | (152637) | (142562) |
|  **Net units issued (redeemed) during period** | (1415) | (1762) | 2674 | 2852 |

---

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

------

##### [**Table of Contents**](#toc)
**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., Fidelity Variable Insurance Products Fund, Neuberger Berman Advisers Management Trust, Russell Investment Funds and Credit Suisse Trust (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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. *Investment Valuation* - Shares of the Funds are valued at each Fund's offering and redemption prices per
share. As of December 31, 2024, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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

------

##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

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

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. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. *New Accounting Pronouncements* - During the reporting period, the Account adopted FASB Accounting Standards
Update ("ASU") 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023- 07"). Adoption of the new standard impacted financial statement
disclosures only and did not affect the Account's financial position or its results of operations. The intent of the ASU 2023-07 is, through improved segment disclosures, to enable investors to better
understand an entity's overall performance and to assess its potential future cash flows.

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, 2024 were as follows (amounts in thousands):

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Purchases** | **Sales** |
|  Growth Stock Division | $24525 | $68576 |
|  Focused Appreciation Division | 116574 | 160693 |
|  Large Cap Core Stock Division | 20239 | 38107 |
|  Large Cap Blend Division | 22011 | 13537 |
|  Index 500 Stock Division | 246616 | 440045 |
|  Large Company Value Division | 15615 | 20355 |
|  Domestic Equity Division | 122663 | 96338 |
|  Equity Income Division | 50116 | 84418 |
|  Mid Cap Growth Stock Division | 12200 | 55332 |
|  Index 400 Stock Division | 82562 | 112159 |
|  Mid Cap Value Division | 60692 | 64867 |
|  Small Cap Growth Stock Division | 21232 | 46239 |
|  Index 600 Stock Division | 38199 | 44868 |
|  Small Cap Value Division | 26562 | 47991 |
|  International Growth Division | 87189 | 104098 |
|  Research International Core Division | 86886 | 91700 |
|  International Equity Division | 117912 | 153366 |
|  Emerging Markets Equity Division | 93568 | 99622 |
|  Government Money Market Division | 153073 | 167989 |

---

------

##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Purchases** | **Sales** |
|  Short-Term Bond Division | $41430 | $47480 |
|  Select Bond Division | 273711 | 244728 |
|  Long-Term U.S. Government Bond Division | 15467 | 15609 |
|  Inflation Protection Division | 51967 | 56071 |
|  High Yield Bond Division | 77430 | 69404 |
|  Multi-Sector Bond Division | 154286 | 128220 |
|  Balanced Division | 127625 | 226716 |
|  Asset Allocation Division | 30221 | 44643 |
|  Fidelity VIP Mid Cap Division | 72374 | 69187 |
|  Fidelity VIP Contrafund Division | 170280 | 189001 |
|  AMT Sustainable Equity Division | 50261 | 87368 |
|  U.S. Strategic Equity Division | 17357 | 26958 |
|  U.S. Small Cap Equity Division | 8869 | 11547 |
|  International Developed Markets Division | 15811 | 21589 |
|  Strategic Bond Division | 103032 | 87848 |
|  Global Real Estate Securities Division | 80457 | 107142 |
|  LifePoints Moderate Strategy Division | 4962 | 9545 |
|  LifePoints Balanced Strategy Division | 16470 | 33640 |
|  LifePoints Growth Strategy Division | 14061 | 26958 |
|  LifePoints Equity Growth Strategy Division | 3652 | 6325 |
|  Credit Suisse Trust Commodity Return Strategy Division | 88498 | 61545 |

---

**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, for the Front Load version and the Back Load version, the deduction for mortality and expense risks is determined daily at annual rates of 0.50% and 1.25%, respectively, of the net assets of each Division attributable to these contracts and is paid to Northwestern Mutual. 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.

------

##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

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

For Fee Based contracts issued on or after June 30, 2000, the deduction for mortality and expense risks is determined daily at an annual rate of 0.35% 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 by the Board of Trustees of Northwestern Mutual not to exceed a maximum annual rate of 0.75%.

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

Management has determined that no subsequent events have occurred that would require recognition in the financial statements.

**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, 2024. 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.

------

##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

&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>**  |
|  **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; 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<sup>(2)</sup> | to | 9.636073<sup>(2)</sup> | 338539 | 0.00 | 0.35 to 1.25 | 47.84 | to | 49.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 61623 | 2.560293<sup>(2)</sup> | to | 6.517806<sup>(2)</sup> | 244302 | 0.00 | 0.35 to 1.25 | (39.46) | to | (38.91) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 62289 | 4.191147<sup>(2)</sup> | to | 10.765725<sup>(2)</sup> | 417615 | 0.00<sup>(3)</sup> | 0.35 to 1.25 | 15.22 | to | 16.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 70028 | 3.604955<sup>(2)</sup> | to | 9.343486<sup>(2)</sup> | 410880 | 0.63 | 0.35 to 1.25 | 33.30 | to | 34.50 |
|  **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; 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 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 91486 | 7.321217 | to | 8.580705 | 733175 | 0.53 | 0.35 to 1.25 | 30.90 | to | 32.08 |
|  **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; 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<sup>(2)</sup> | to | 7.076895<sup>(2)</sup> | 212072 | 0.91 | 0.35 to 1.25 | 24.23 | to | 25.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 46642 | 2.814643<sup>(2)</sup> | to | 5.696639<sup>(2)</sup> | 188852 | 0.88 | 0.35 to 1.25 | (19.89) | to | (19.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 50355 | 3.481907<sup>(2)</sup> | to | 7.110610<sup>(2)</sup> | 255395 | 0.79 | 0.35 to 1.25 | 23.55 | to | 24.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 55528 | 2.793028<sup>(2)</sup> | to | 5.755230<sup>(2)</sup> | 228819 | 1.12 | 0.35 to 1.25 | 21.21 | to | 22.31 |
|  **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; 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 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 32703 | 1.971217 | to | 2.228920 | 69683 | 5.19 | 0.35 to 1.25 | 8.68 | to | 9.67 |
|  **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; 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<sup>(2)</sup> | to | 18.044646<sup>(2)</sup> | 2423973 | 1.22 | 0.35 to 1.25 | 24.49 | to | 25.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 389331 | 3.643517<sup>(2)</sup> | to | 14.495240<sup>(2)</sup> | 2058818 | 1.25 | 0.35 to 1.25 | (19.30) | to | (18.57) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 390766 | 4.474335<sup>(2)</sup> | to | 17.960899<sup>(2)</sup> | 2619706 | 1.23 | 0.35 to 1.25 | 26.86 | to | 28.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 397416 | 3.495577<sup>(2)</sup> | to | 14.158399<sup>(2)</sup> | 2155937 | 1.64 | 0.35 to 1.25 | 16.71 | to | 17.77 |
|  **Large Company Value Division** | **Large Company Value Division** | **Large Company Value Division** | **Large Company Value Division** | **Large Company Value Division** | **Large Company Value Division** | **Large Company Value Division** | **Large Company Value Division** | **Large Company Value Division** | **Large Company Value Division** | **Large Company Value Division** |
| &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 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 48656 | 1.737445 | to | 1.964770 | 91165 | 2.14 | 0.35 to 1.25 | 1.36 | to | 2.28 |
|  **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; 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 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 187127 | 2.782499 | to | 3.312992 | 579315 | 2.16 | 0.35 to 1.25 | (0.52) | to | 0.38 |
|  **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; 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 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 141894 | 3.284293 | to | 3.849405 | 514497 | 4.70 | 0.35 to 1.25 | (0.06) | to | 0.85 |

---

<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> Revised from the previously issued financial statements to correct the presentation of the unit value or total return corresponding to the lowest and highest expense ratios.

<sup>(3)</sup> Ratio is less than 0.005%.

------

##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

&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; 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<sup>(2)</sup> | to | 13.133162<sup>(2)</sup> | 362624 | 0.16 | 0.35 to 1.25 | 13.53 | to | 14.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 59961 | 2.274906<sup>(2)</sup> | to | 11.567624<sup>(2)</sup> | 347591 | 0.15 | 0.35 to 1.25 | (24.71) | to | (24.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 63398 | 2.994607<sup>(2)</sup> | to | 15.364526<sup>(2)</sup> | 496758 | 0.15 | 0.35 to 1.25 | 8.81 | to | 9.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 69797 | 2.727520<sup>(2)</sup> | to | 14.120404<sup>(2)</sup> | 507248 | 0.28 | 0.35 to 1.25 | 23.85 | to | 24.97 |
|  **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; 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<sup>(2)</sup> | to | 7.009238<sup>(2)</sup> | 658139 | 1.10 | 0.35 to 1.25 | 14.78 | to | 15.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 100952 | 6.035376<sup>(2)</sup> | to | 6.052460<sup>(2)</sup> | 596901 | 1.09 | 0.35 to 1.25 | (14.38) | to | (13.61) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 104466 | 7.006063<sup>(2)</sup> | to | 7.049211<sup>(2)</sup> | 719364 | 0.92 | 0.35 to 1.25 | 22.92 | to | 24.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 109404 | 5.648868<sup>(2)</sup> | to | 5.734890<sup>(2)</sup> | 611322 | 1.40 | 0.35 to 1.25 | 11.96 | to | 12.97 |
|  **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; 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 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 85796 | 4.017711 | to | 4.708921 | 378711 | 1.88 | 0.35 to 1.25 | 0.40 | to | 1.31 |
|  **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; 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<sup>(2)</sup> | to | 6.743158<sup>(2)</sup> | 279023 | 0.00 | 0.35 to 1.25 | 16.89 | to | 17.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 62572 | 3.182585<sup>(2)</sup> | to | 5.768661<sup>(2)</sup> | 243620 | 0.00 | 0.35 to 1.25 | (29.38) | to | (28.74) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 60259 | 4.466101<sup>(2)</sup> | to | 8.168117<sup>(2)</sup> | 336025 | 0.02 | 0.35 to 1.25 | 2.81 | to | 3.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 64076 | 4.305002<sup>(2)</sup> | to | 7.944528<sup>(2)</sup> | 350811 | 0.11 | 0.35 to 1.25 | 31.81 | to | 33.00 |
|  **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; 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 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 85509 | 2.561959 | to | 2.897115 | 237363 | 1.81 | 0.35 to 1.25 | 9.55 | to | 10.54 |
|  **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; 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 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 70056 | 4.492731 | to | 5.349125 | 348547 | 0.51 | 0.35 to 1.25 | 7.93 | to | 8.90 |
|  **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; 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 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 213692 | 2.676266 | to | 3.186443 | 633723 | 1.68 | 0.35 to 1.25 | 16.44 | to | 17.50 |
|  **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; 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 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 401617 | 1.355712 | to | 1.533174 | 587806 | 2.24 | 0.35 to 1.25 | 12.05 | to | 13.07 |

---

<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> Revised from the previously issued financial statements to correct the presentation of the unit value or total return corresponding to the lowest and highest expense ratios.

------

##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

&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; 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<sup>(2)</sup> | to | 4.373224<sup>(2)</sup> | 1050633 | 2.38 | 0.35 to 1.25 | 14.65 | to | 15.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 410608 | 2.016624<sup>(2)</sup> | to | 3.814274<sup>(2)</sup> | 989827 | 2.39 | 0.35 to 1.25 | (7.99) | to | (7.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 423503 | 2.172077<sup>(2)</sup> | to | 4.145278<sup>(2)</sup> | 1117249 | 2.31 | 0.35 to 1.25 | 3.70 | to | 4.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 418580 | 2.075812<sup>(2)</sup> | to | 3.997280<sup>(2)</sup> | 1080322 | 3.62 | 0.35 to 1.25 | (3.92) | to | (3.05) |
|  **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; 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) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 527884 | 1.375728 | to | 1.555698 | 784629 | 2.26 | 0.35 to 1.25 | 25.28 | to | 26.41 |
|  **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; 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<sup>(2)</sup> | to | 2.848379<sup>(2)</sup> | 285127 | 1.39 | 0.35 to 1.25 | 3.54 | to | 4.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 181936 | 1.302115<sup>(2)</sup> | to | 2.751015<sup>(2)</sup> | 294081 | 1.41 | 0.35 to 1.25 | 0.11 | to | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 162532 | 1.289068<sup>(2)</sup> | to | 2.747974<sup>(2)</sup> | 264452 | 0.00<sup>(3)</sup> | 0.35 to 1.25 | (1.23) | to | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 208119 | 1.293416<sup>(2)</sup> | to | 2.782276<sup>(2)</sup> | 346117 | 0.25 | 0.35 to 1.25 | (0.94) | to | (0.04) |
|  **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; 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) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 222761 | 1.176335 | to | 1.330259 | 283968 | 2.28 | 0.35 to 1.25 | 3.00 | to | 3.93 |
|  **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; 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<sup>(2)</sup> | to | 14.151716<sup>(2)</sup> | 1715927 | 1.80 | 0.35 to 1.25 | 4.87 | to | 5.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 549785 | 2.307053<sup>(2)</sup> | to | 13.493913<sup>(2)</sup> | 1655397 | 1.71 | 0.35 to 1.25 | (14.40) | to | (13.63) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 558552 | 2.671253<sup>(2)</sup> | to | 15.764793<sup>(2)</sup> | 2001724 | 2.12 | 0.35 to 1.25 | (2.81) | to | (1.93) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 501889 | 2.723858<sup>(2)</sup> | to | 16.220194<sup>(2)</sup> | 1912748 | 2.76 | 0.35 to 1.25 | 7.63 | to | 8.60 |
|  **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; 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) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 46419 | 2.268738 | to | 2.565411 | 114280 | 1.54 | 0.35 to 1.25 | 15.91 | to | 16.96 |
|  **Inflation Protection Division** | **Inflation Protection Division** | **Inflation Protection Division** | **Inflation Protection Division** | **Inflation Protection Division** | **Inflation Protection Division** | **Inflation Protection Division** | **Inflation Protection Division** | **Inflation Protection Division** | **Inflation Protection Division** | **Inflation Protection Division** |
| &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 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 230346 | 1.445291 | to | 1.634367 | 361994 | 1.99 | 0.35 to 1.25 | 8.21 | to | 9.19 |
|  **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; 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<sup>(2)</sup> | to | 4.626815<sup>(2)</sup> | 472805 | 5.78 | 0.35 to 1.25 | 11.84 | to | 12.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 124943 | 3.392006<sup>(2)</sup> | to | 4.136969<sup>(2)</sup> | 447260 | 5.56 | 0.35 to 1.25 | (12.43) | to | (11.64) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 131527 | 3.838927<sup>(2)</sup> | to | 4.724197<sup>(2)</sup> | 538205 | 5.28 | 0.35 to 1.25 | 4.00 | to | 4.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 128831 | 3.658289<sup>(2)</sup> | to | 4.542495<sup>(2)</sup> | 508637 | 5.86 | 0.35 to 1.25 | 5.32 | to | 6.27 |

---

<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> Revised from the previously issued financial statements to correct the presentation of the unit value or total return corresponding to the lowest and highest expense ratios. 

<sup>(3)</sup> Ratio is less than 0.005%.

------

##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

&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>**  |
|  **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; 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) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 440915 | 1.891030 | to | 2.138307 | 904862 | 4.10 | 0.35 to 1.25 | 4.81 | to | 5.76 |
|  **Balanced Division** | **Balanced Division** | **Balanced Division** | **Balanced Division** | **Balanced Division** | **Balanced Division** | **Balanced Division** | **Balanced Division** | **Balanced Division** | **Balanced Division** | **Balanced Division** |
| &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<sup>(2)</sup> | to | 16.987412<sup>(2)</sup> | 1474379 | 3.98 | 0.35 to 1.25 | 11.67 | to | 12.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 259508 | 2.466510<sup>(2)</sup> | to | 15.211922<sup>(2)</sup> | 1428244 | 3.74 | 0.35 to 1.25 | (15.20) | to | (14.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 275367 | 2.882625<sup>(2)</sup> | to | 17.938388<sup>(2)</sup> | 1821786 | 2.46 | 0.35 to 1.25 | 6.23 | to | 7.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 282870 | 2.689434<sup>(2)</sup> | to | 16.887105<sup>(2)</sup> | 1817291 | 2.45 | 0.35 to 1.25 | 11.09 | to | 12.10 |
|  **Asset Allocation Division** | **Asset Allocation Division** | **Asset Allocation Division** | **Asset Allocation Division** | **Asset Allocation Division** | **Asset Allocation Division** | **Asset Allocation Division** | **Asset Allocation Division** | **Asset Allocation Division** | **Asset Allocation Division** | **Asset Allocation Division** |
| &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 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 80727 | 2.589358 | to | 3.082984 | 237038 | 2.32 | 0.35 to 1.25 | 12.02 | to | 13.04 |
|  **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; 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 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 73232 | 5.650379 | to | 6.622537 | 454847 | 0.61 | 0.35 to 1.25 | 16.60 | to | 17.65 |
|  **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; 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 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 234118 | 2.969929 | to | 3.358390 | 750783 | 0.21 | 0.35 to 1.25 | 28.83 | to | 30.00 |
|  **AMT Sustainable Equity Division** | **AMT Sustainable Equity Division** | **AMT Sustainable Equity Division** | **AMT Sustainable Equity Division** | **AMT Sustainable Equity Division** | **AMT Sustainable Equity Division** | **AMT Sustainable Equity Division** | **AMT Sustainable Equity Division** | **AMT Sustainable Equity Division** | **AMT Sustainable Equity Division** | **AMT Sustainable Equity Division** |
| &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 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 139864 | 2.521165 | to | 2.850867 | 379355 | 0.62 | 0.35 to 1.25 | 18.07 | to | 19.14 |
|  **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** | **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** | **U.S. Strategic Equity Division** |
| &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<sup>(2)</sup> | 135283 | 0.62 | 0.35 to 1.25 | 24.73 | to | 25.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 43742 | 2.523328 | to | 3.046092<sup>(2)</sup> | 121741 | 0.60 | 0.35 to 1.25 | (21.84) | to | (21.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 47643 | 3.228324 | to | 3.862348<sup>(2)</sup> | 168628 | 0.57 | 0.35 to 1.25 | 18.91 | to | 19.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 53838 | 2.715036 | to | 3.219218<sup>(2)</sup> | 159561 | 0.46 | 0.35 to 1.25 | 22.30 | to | 23.40 |
|  **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** | **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** | **U.S. Small Cap Equity Division** |
| &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<sup>(2)</sup> | 57580 | 0.22 | 0.35 to 1.25 | 12.20 | to | 13.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 17465 | 3.314895 | to | 3.590090<sup>(2)</sup> | 59576 | 0.19 | 0.35 to 1.25 | (17.00) | to | (16.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 19189 | 3.993712 | to | 4.286640<sup>(2)</sup> | 78457 | 0.24 | 0.35 to 1.25 | 24.23 | to | 25.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 19321 | 3.214751 | to | 3.419722<sup>(2)</sup> | 63421 | 0.06 | 0.35 to 1.25 | 11.30 | to | 12.31 |

---

<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> Revised from the previously issued financial statements to correct the presentation of the unit value or total return corresponding to the lowest and highest expense ratios.

------

##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

&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 Developed Markets Division** | **International Developed Markets Division** | **International Developed Markets Division** | **International Developed Markets Division** | **International Developed Markets Division** | **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; 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<sup>(2)</sup> | to | 2.111693<sup>(2)</sup> | 134179 | 0.00 | 0.35 to 1.25 | 14.82 | to | 15.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 75023 | 1.753479<sup>(2)</sup> | to | 1.822675<sup>(2)</sup> | 129706 | 0.00 | 0.35 to 1.25 | (14.12) | to | (13.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 78400 | 2.041810<sup>(2)</sup> | to | 2.103441<sup>(2)</sup> | 157176 | 2.55 | 0.35 to 1.25 | 11.26 | to | 12.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 85634 | 1.835201<sup>(2)</sup> | to | 1.873698<sup>(2)</sup> | 153734 | 1.23 | 0.35 to 1.25 | 3.77 | to | 4.71 |
|  **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; 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<sup>(2)</sup> | 592452 | 2.58 | 0.35 to 1.25 | 2.73 | to | 3.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 277702 | 1.830967 | to | 2.212282<sup>(2)</sup> | 583042 | 2.41 | 0.35 to 1.25 | (15.34) | to | (14.58) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 288661 | 2.162708 | to | 2.589798<sup>(2)</sup> | 709229 | 0.91 | 0.35 to 1.25 | (3.04) | to | (2.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 272317 | 2.230428 | to | 2.647011<sup>(2)</sup> | 682926 | 1.82 | 0.35 to 1.25 | 7.09 | to | 8.05 |
|  **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** | **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** | **Global Real Estate Securities Division** |
| &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<sup>(2)</sup> | 654877 | 1.35 | 0.35 to 1.25 | 9.18 | to | 10.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 128770 | 3.886061 | to | 4.652506<sup>(2)</sup> | 594219 | 1.27 | 0.35 to 1.25 | (27.68) | to | (27.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 126369 | 5.373126 | to | 6.375369<sup>(2)</sup> | 797132 | 4.86 | 0.35 to 1.25 | 25.62 | to | 26.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 135368 | 4.277349 | to | 5.029868<sup>(2)</sup> | 672550 | 1.55 | 0.35 to 1.25 | (6.36) | to | (5.51) |
|  **LifePoints Moderate Strategy Division** | **LifePoints Moderate Strategy Division** | **LifePoints Moderate Strategy Division** | **LifePoints Moderate Strategy Division** | **LifePoints Moderate Strategy Division** | **LifePoints Moderate Strategy Division** | **LifePoints Moderate Strategy Division** | **LifePoints Moderate Strategy Division** | **LifePoints Moderate Strategy Division** | **LifePoints Moderate Strategy Division** | **LifePoints Moderate Strategy Division** |
| &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 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 45639 | 1.588894 | to | 1.796695 | 79806 | 2.11 | 0.35 to 1.25 | 5.08 | to | 6.03 |
|  **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; 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<sup>(2)</sup> | 182960 | 1.86 | 0.40<sup>(3)</sup> to 1.25 | 13.11 | to | 14.06<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 105459 | 1.502842 | to | 1.716383<sup>(2)</sup> | 175063 | 1.76 | 0.40<sup>(3)</sup> to 1.25 | (17.39) | to | (16.69) <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 112533 | 1.819166 | to | 2.060157<sup>(2)</sup> | 224395 | 4.69 | 0.40<sup>(3)</sup> to 1.25 | 11.64 | to | 12.59<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 123776 | 1.629523 | to | 1.829833<sup>(2)</sup> | 218733 | 1.21 | 0.40<sup>(3)</sup> to 1.25 | 6.31 | to | 7.22<sup>(2)</sup> |
|  **LifePoints Growth Strategy Division** | **LifePoints Growth Strategy Division** | **LifePoints Growth Strategy Division** | **LifePoints Growth Strategy Division** | **LifePoints Growth Strategy Division** | **LifePoints Growth Strategy Division** | **LifePoints Growth Strategy Division** | **LifePoints Growth Strategy Division** | **LifePoints Growth Strategy Division** | **LifePoints Growth Strategy Division** | **LifePoints Growth Strategy Division** |
| &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<sup>(2)</sup> | 149550 | 1.34 | 0.40<sup>(3)</sup> to 1.25 | 16.50 | to | 17.49<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 82279 | 1.526760 | to | 1.743754<sup>(2)</sup> | 136018 | 1.31 | 0.40<sup>(3)</sup> to 1.25 | (18.23) | to | (17.54) <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 87969 | 1.867142 | to | 2.114546<sup>(2)</sup> | 176401 | 4.55 | 0.40<sup>(3)</sup> to 1.25 | 15.99 | to | 16.97<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 99693 | 1.609785 | to | 1.807712<sup>(2)</sup> | 171086 | 1.69 | 0.40<sup>(3)</sup> to 1.25 | 8.38 | to | 9.31<sup>(2)</sup> |
|  **LifePoints Equity Growth Strategy Division** | **LifePoints Equity Growth Strategy Division** | **LifePoints Equity Growth Strategy Division** | **LifePoints Equity Growth Strategy Division** | **LifePoints Equity Growth Strategy Division** | **LifePoints Equity Growth Strategy Division** | **LifePoints Equity Growth Strategy Division** | **LifePoints Equity Growth Strategy Division** | **LifePoints Equity Growth Strategy Division** | **LifePoints Equity Growth Strategy Division** | **LifePoints Equity Growth Strategy Division** |
| &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<sup>(2)</sup> | 32542 | 1.24 | 0.40<sup>(3)</sup> to 1.25 | 18.04 | to | 19.04<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 19123 | 1.450150 | to | 1.656272<sup>(2)</sup> | 30193 | 1.22 | 0.40<sup>(3)</sup> to 1.25 | (18.70) | to | (18.01) <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 19581 | 1.783706 | to | 2.020079<sup>(2)</sup> | 37815 | 5.04 | 0.40<sup>(3)</sup> to 1.25 | 18.13 | to | 19.13<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 21263 | 1.509990 | to | 1.695681<sup>(2)</sup> | 34432 | 2.15 | 0.40<sup>(3)</sup> to 1.25 | 6.91 | to | 7.82<sup>(2)</sup> |
|  **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; 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 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 88958 | 4.128458 | to | 4.503663 | 389371 | 5.58 | 0.35 to 1.25 | (2.71) | to | (1.83) |

---

<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> Revised from the previously issued financial statements to correct the presentation of the unit value or total return corresponding to the lowest and highest expense ratios.

<sup>(3)</sup> Revised from the previously issued financial statements to correct the presentation of the lowest and highest expense ratios for products for which units were issued or outstanding during the period.

------

##### [**Table of Contents**](#toc)

## The Northwestern Mutual

## Life Insurance Company
**Statutory Financial Statements and** 

**Supplementary Information** 

**December 31, 2024, 2023 and 2022** 

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##### [**Table of Contents**](#toc)
**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, 2024 and 2023 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, 2024, 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 financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, 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, 2024 and 2023, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2024.

***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.

------

##### [**Table of Contents**](#toc)
***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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise professional judgment and maintain professional skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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, 2025

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Statutory Statements of Financial Position** 

**(in millions)** 

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | $201544 | $191692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | 57078 | 53361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Policy loans | 20039 | 19003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common and preferred stocks | 3340 | 2852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate | 2791 | 2877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other investments | 30865 | 29404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and short-term investments | 8052 | 8826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 323709 | 308015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due and accrued investment income | 2898 | 2429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net deferred tax assets | 2876 | 2372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred premium and other assets | 5047 | 5339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Admitted disallowed interest maintenance reserve | 3122 | 2458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Separate account assets | 40672 | 38216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $378324 | $358829 |
|  **Liabilities and surplus:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Policy benefit reserves | $264219 | $253960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit funds | 15798 | 13072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Policyowner dividends payable | 8255 | 7370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset valuation reserve | 8350 | 7885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 9256 | 8016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Separate account liabilities | 40672 | 38216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 346550 | 328519 |
|  **Surplus:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Surplus notes | 4491 | 4485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special surplus fund | 3122 | 2458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unassigned surplus | 24161 | 23367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total surplus | 31774 | 30310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and surplus | $378324 | $358829 |

---

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

------

##### [**Table of Contents**](#toc)
**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,** |
|  | **2024** | **2023** | **2022** |
|  **Revenue:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums | $23318 | $22003 | $22288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 13815 | 13224 | 11768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income | 976 | 896 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | 38109 | 36123 | 34896 |
|  **Benefits and expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit payments to policyowners and beneficiaries | 15956 | 12818 | 11707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net additions to policy benefit reserves | 10592 | 11973 | 12224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers from separate accounts | (1499) | (1007) | (490) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total benefits | 25049 | 23784 | 23441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions and operating expenses | 4245 | 4216 | 4158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total benefits and expenses | 29294 | 28000 | 27599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain from operations before dividends and taxes | 8815 | 8123 | 7297 |
|  Policyowner dividends | 8256 | 7371 | 6833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain from operations before taxes | 559 | 752 | 464 |
|  Income tax (benefit) expense | (98) | 5 | (160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain from operations | 657 | 747 | 624 |
|  Net realized capital (losses) gains | (96) | (36) | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | $561 | $711 | $912 |

---

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

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##### [**Table of Contents**](#toc)
**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,** |
|  | **2024** | **2023** | **2022** |
|  Beginning of year balance | $30310 | $29885 | $29283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income | 561 | 711 | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized capital gains and losses | 807 | 117 | (1549) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net deferred tax assets | 195 | 608 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in nonadmitted assets | 96 | (305) | (71) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in asset valuation reserve | (464) | (709) | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in surplus notes | 5 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other surplus changes | 264 | (2) | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in surplus | 1464 | 425 | 602 |
|  End of year balance | $31774 | $30310 | $29885 |

---

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

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##### [**Table of Contents**](#toc)
**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,** |
|  | **2024** | **2023** | **2022** |
|  **Cash flows from operating activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums and other income received | $16934 | $15560 | $16296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment income received | 12600 | 11466 | 10456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit and dividend payments to policyowners and beneficiaries | (15315) | (12301) | (10703) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers from separate accounts | 1462 | 968 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions, expenses and taxes paid | (3198) | (3558) | (3768) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by operating activities | 12483 | 12135 | 12727 |
|  **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 | 44983 | 36091 | 40363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | 3607 | 4025 | 3368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common and preferred stocks | 229 | 403 | 2241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 391 | 112 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments | 3333 | 1995 | 4536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal proceeds from investments | 52543 | 42626 | 50575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments acquired: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | (56318) | (40581) | (51983) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | (7454) | (5603) | (6679) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common and preferred stocks | (420) | (356) | (1013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | (174) | (77) | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments | (3211) | (4213) | (5747) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal cost of investments acquired | (67577) | (50830) | (65449) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net outflows of policy loans | (808) | (1107) | (152) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash applied to investing activities | (15842) | (9311) | (15026) |
|  **Cash flows from financing and miscellaneous sources:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net inflows on deposit-type contracts | 2355 | 1713 | 2239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other cash provided (applied) | 230 | (187) | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing and miscellaneous sources | 2585 | 1526 | 2989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net (decrease) increase in cash and short-term investments | (774) | 4350 | 690 |
|  Cash and short-term investments, beginning of year | 8826 | 4476 | 3786 |
|  Cash and short-term investments, end of year | $8052 | $8826 | $4476 |

---

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

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##### [**Table of Contents**](#toc)
**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,** |
|  | **2024** | **2023** | **2022** |
|  <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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7072 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6543 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitalized interest and payment in-kind investment income | 994 | 890 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other policyowner contract activity | 409 | 380 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Employee benefit and compensation plan expenses | 210 | 200 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investing:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond refinancings and exchanges | 1199 | 1787 | 2257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage loan refinancings and transfers | 1577 | 788 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset transfers with affiliated entities | 393 | 2017 | 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net policy loan activity | 381 | 359 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net premium loan activity | 136 | 144 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other investment exchanges | 355 | 1174 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Financing and Miscellaneous:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit-type contract deposits and interest credited | 326 | 349 | 444 |

---

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

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

**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 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, 2024 and 2023, the Company's adjusted capital and surplus as determined under INT 23-01 was $25.6 billion and $25.8 billion, respectively. As of December 31, 2024, the Company's net negative IMR balance exceeded the 10% Surplus Threshold by $567 million and its net negative IMR balance of $3,122 million was fully admitted. The Company's unamortized general account IMR balance represents 12% of its adjusted capital and surplus as of December 31, 2024. The Company allocated an amount equal to its admitted net negative IMR balance of $3,122 million to a special surplus fund as of December 31, 2024 as required by INT 23-10. The Company does not maintain separate account IMR.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

The permitted practice is subject to certain conditions, which were and have been met by the Company. As of December 31, 2024 and 2023, 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<br>December 31, | For the year ended<br>December 31, | For the year ended<br>December 31, |
|  | &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;2022 |
|  | (in millions) | (in millions) | (in millions) |
| Net Income, Wisconsin State Basis | $561 | $711 | $912 |
|  State Permitted Practices: |  |  |  |
| Allowance of net negative IMR in excess of 10% Surplus Threshold |  |  |  |
|  Net Income, NAIC SAP | $561 | $711 | $912 |
|  | December 31, | December 31, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |  |
|  | (in millions) | (in millions) |  |
| Statutory Surplus, Wisconsin State Basis | $31774 | $30310 |  |
|  State Permitted Practices: |  |  |  |
| Allowance of net negative IMR in excess of 10% Surplus Threshold | (567) |  |  |
|  Statutory Surplus, NAIC SAP | $31207 | $30310 |  |

---

**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.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

**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.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

**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, 2024 and 2023:

&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, 2024, the unamortized IMR balance included $1,977 million of capital gains offset by $2,752 million of capital losses related to derivatives carried at fair value upon termination.

**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.

**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

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

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 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.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

**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 $44 million and $30 million at December 31, 2024 and 2023, respectively, are included in other assets in the statutory statements of financial position and are net of accumulated depreciation of $115 million and $96 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 $585 million and $552 million at December 31, 2024 and 2023, respectively. Depreciation expense for IT equipment and software totaled $220 million, $198 million and $179 million for the years ended December 31, 2024, 2023 and 2022, 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 $86 million and $99 million at December 31, 2024 and 2023, respectively. Depreciation expense for furniture, fixtures and equipment totaled $14 million, $16 million and $18 million for the years ended December 31, 2024, 2023 and 2022, respectively.

**Corporate Owned Life Insurance** 

Through a wholly-owned subsidiary, the Company indirectly holds corporate-owned life insurance (COLI) 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.

**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.

**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.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

**Subsequent Events** 

The Company has evaluated events subsequent to December 31, 2024 through February 17, 2025, 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, 2024 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.

**3.** **Investments** 

**Bonds** 

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, with the retrospective method used to adjust net investment income for changes in the estimated yield to maturity.

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 statement value and fair value of bonds at December 31, 2024 and 2023, summarized by asset categories required in the NAIC Annual Statement, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | (12239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| December 31, 2023 | 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 | $4189 | $3 | $(323) | $3869 |
|  States, territories, and possessions | 934 | 10 | (51) | 893 |
|  Political subdivisions | 365 | 9 | (17) | 357 |
|  Special revenue and assessments | 18592 | 141 | (1910) | 16823 |
|  All foreign governments | 2670 | 38 | (152) | 2556 |
|  Hybrid securities | 482 | 5 | (18) | 469 |
|  SVO-identified funds | 21 |  |  | 21 |
|  Industrial and miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491 | (11447) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total bonds | $191692 | $1697 | $(13918) | $179471 |

---

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.

Statement value of bonds by NAIC designation category at December 31, 2024 and 2023 was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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; Total bonds | $119371 | $69409 | $5904 | $3863 | $2602 | $395 | $201544 |

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| December 31, 2023 | 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 | $4189 | $- | $- | $- | $- | $- | $4189 |
|  States, territories, and possessions | 934 |  |  |  |  |  | 934 |
|  Political subdivisions | 365 |  |  |  |  |  | 365 |
|  Special revenue and assessments | 18467 | 102 | 23 |  |  |  | 18592 |
|  All foreign governments | 1037 | 1608 | 21 | 4 |  |  | 2670 |
|  Hybrid securities |  | 395 | 85 | 2 |  |  | 482 |
|  SVO-identified funds |  | 21 |  |  |  |  | 21 |
|  Industrial and miscellaneous | 86864 | 64416 | 5411 | 4427 | 3047 | 274 | 164439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | $111856 | $66542 | $5540 | $4433 | $3047 | $274 | $191692 |

---

Based on statement value, 94% and 93% of the Company's bond portfolio was designated investment grade (i.e., designated 1 or 2 by the NAIC) as of December 31, 2024 and 2023, respectively.

Statement value and fair value of structured securities at December 31, 2024 and 2023, aggregated by investment grade or below investment grade (i.e., designated 3, 4, 5 or 6 by the NAIC), were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 | $14450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &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 |

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| December 31, 2023 | &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) |  |  |
|  Residential mortgage-backed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government agencies | $14434 | $12995 | $— | $— | $14434 | $12995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other prime | 165 | 158 |  |  | 165 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other below-prime | 1674 | 1587 | 2 | 1 | 1676 | 1588 |
|  Commercial mortgage-backed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government agencies | 33 | 30 |  |  | 33 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conduit | 5497 | 5120 | 57 | 44 | 5554 | 5164 |
|  Other asset-backed | 18252 | 17858 | 59 | 60 | 18311 | 17918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total structured securities | $40055 | $37748 | $118 | $105 | $40173 | $37853 |

---

Based on statement value, over 99% of the Company's structured securities portfolio was designated as investment grade at each of December 31, 2024 and 2023. Based on statement value, the Company's investment in residential mortgage-backed securities issued by U.S. Government agencies was 8% of total bond investments at each of December 31, 2024 and 2023.

Statement value and fair value of bonds and short-term investments by contractual maturity at December 31, 2024 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.

---

| | | |
|:---|:---|:---|
|  | 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 | $13878 | $13844 |
|  Due after one year through five years | 51000 | 49825 |
|  Due after five years through ten years | 49243 | 46995 |
|  Due after ten years | 94264 | 83636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $208385 | $194300 |

---

**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 $128 million and $129 million at December 31, 2024 and 2023, respectively.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

The statement value of mortgage loans by collateral property type and geographic location at December 31, 2024 and 2023 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| December 31, 2023 | 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 | $9032 | $2956 | $6183 | $10074 | $- | $28245 |
|  Office | 2769 | 357 | 1353 | 3058 |  | 7537 |
|  Retail | 1467 | 301 | 1176 | 1451 |  | 4395 |
|  Warehouse/Industrial | 2878 | 1145 | 511 | 3264 | 135 | 7933 |
|  Manufactured housing | 318 | 371 | 2102 | 1647 | 204 | 4642 |
|  Other | 196 | 195 | 88 | 130 |  | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $16660 | $5325 | $11413 | $19624 | $339 | $53361 |

---

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 $2.0 billion and $2.2 billion at December 31, 2024 and 2023, respectively.

Interest rates and loan-to-value (LTV) ratio information for the Company's mortgage loans originated or refinanced during 2024 and 2023 is summarized below.

---

| | | |
|:---|:---|:---|
| For mortgage loans originated or refinanced during: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  Minimum interest rate | 4.80% | 3.78% |
|  Maximum interest rate | 8.13% | 8.73% |
|  Weighted-average LTV | 55% | 53% |
|  Maximum LTV | 66% | 132% |

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

LTV ratios are commonly used to assess the credit quality of commercial mortgage loans. A lower LTV ratio generally indicates a higher quality loan. For loans originated and refinanced during the years ending December 31, 2024 and 2023, the maximum LTV ratios were 66% and 132%, respectively. For 2023, the maximum LTV ratio of 132% was due to one loan with a statement value of less than $1 million. Excluding this loan, the highest LTV ratio during 2023 was 69% related to a loan with a statement value of $65 million. At December 31, 2024 and 2023, the aggregate weighted-average LTV ratio for the mortgage loan portfolio was 56% and 55%, respectively.

The statement value of mortgage loans by collateral property type and LTV ratio at December 31, 2024 and 2023 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| December 31, 2023 | &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 | $8291 | $17003 | $2870 | $81 | $28245 |
| &nbsp;&nbsp; Office | 2616 | 3278 | 1056 | 587 | 7537 |
| &nbsp;&nbsp; Retail | 826 | 3043 | 381 | 145 | 4395 |
| &nbsp;&nbsp; Warehouse/Industrial | 2971 | 4898 | 64 |  | 7933 |
| &nbsp;&nbsp; Manufactured housing | 2304 | 2277 | 61 |  | 4642 |
| &nbsp;&nbsp; Other | 443 | 102 |  | 64 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $17451 | $30601 | $4432 | $877 | $53361 |

---

The aggregate statement value of mortgage loans with LTV in excess of 100% was $1,028 million and $346 million at December 31, 2024 and December 31, 2023, 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,

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

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 realized capital losses of $12 million on one mortgage loan that was restructured and then refinanced at current market interest rates during the year ended December 31, 2024, and none in 2023. The Company had no mortgage loans at either of December 31, 2024 or December 31, 2023 that were considered "restructured."

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, 2024 or 2023. The Company had three mortgage loans in the process of foreclosure at December 31, 2024 and one at December 31, 2023. All remaining mortgage loans were current on principal payments and contractual interest as of December 31, 2024 and December 31, 2023. The Company recognized other-than-temporary impairment losses on mortgage loans of $43 million and $37 million for the years ended December 31, 2024 and 2023, respectively.

**Common and Preferred Stocks** 

Common stocks are generally reported at fair value, with $2,727 million and $2,395 million included in the statutory statements of financial position at December 31, 2024 and 2023, 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, 2024 and 2023, the statutory statements of financial position included $613 million and $457 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.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

The statement value of real estate investments by property type and U.S. geographic location at December 31, 2024 and 2023 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| December 31, 2023 | &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 | $301 | $165 | $247 | $724 | $1437 |
| &nbsp;&nbsp; Office | 207 | 563 | 49 |  | 819 |
| &nbsp;&nbsp; Warehouse/Industrial | 293 |  |  | 200 | 493 |
| &nbsp;&nbsp; Other | 16 | 13 | 99 |  | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $817 | $741 | $395 | $924 | $2877 |

---

The Company's home office properties are included above (Office/Midwest) and had an aggregate statement value of $696 million and $563 million at December 31, 2024 and 2023, 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.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

The statement value of other investments held directly or indirectly by the Company at December 31, 2024 and 2023 was as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  | (in millions) | (in millions) |
|  Securities partnerships and LLCs | $12488 | $12405 |
|  Bonds | 4135 | 2282 |
|  Common and preferred stocks | 4127 | 3706 |
|  Real estate JVs, partnerships and LLCs | 3757 | 3683 |
|  Derivative instruments | 1849 | 1302 |
|  COLI | 1345 | 1230 |
|  Wholly owned real estate | 1146 | 1099 |
|  Low income housing tax credit properties | 763 | 727 |
|  Cash and short-term investments | 679 | 1142 |
|  Structured settlements | 604 | 623 |
|  Other net assets (liabilities) | (28) | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $30865 | $29404 |

---

At December 31, 2023, Other net assets (liabilities) above includes a $708 million receivable for the sale of limited partnership interests to an unaffiliated entity.

For securities partnerships and 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. For real estate related investments (including JVs, partnerships and LLCs), structured settlements, and tax credit properties, the underlying entity generally reports these investments at cost, reduced where appropriate by depreciation or amortization. Tax credit properties had 15 years and 13 years of unexpired credits at December 31, 2024 and 2023, respectively. The required holding period for tax credit properties is 15 years. The amount of tax credits and other tax benefits recognized for both 2024 and 2023 was $167 million. See Note 10 for more information regarding the Company's use of tax credits. See Note 4 for more information regarding the Company's use of derivatives.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

**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, 2024 and 2023, the value of wholly-owned SCA investments were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | &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 | $268 | $- | $268 | $257 | $- | $257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total common stock SCAs <sup>1</sup> | 268 |  | 268 | 257 |  | 257 |
| &nbsp;&nbsp; NML Securities Holdings, LLC | 15938 |  | 15938 | 14574 |  | 14574 |
| &nbsp;&nbsp; NML Real Estate Holdings, LLC | 1243 |  | 1243 | 1225 |  | 1225 |
| &nbsp;&nbsp; QOZ Holding Company, LLC | 478 | 18 | 460 | 473 |  | 473 |
| &nbsp;&nbsp; NM Investment Services, LLC | 223 |  | 223 | 203 |  | 203 |
| &nbsp;&nbsp; NM GP Holdings, LLC | 190 | 131 | 59 | 70 | 14 | 56 |
| &nbsp;&nbsp; NM Pebble Valley, LLC | 137 |  | 137 | 179 |  | 179 |
| &nbsp;&nbsp; Wysh Holdings, LLC | 33 | 5 | 28 | 43 | 3 | 40 |
| &nbsp;&nbsp; Lake Emily Holdings, LLC | 32 |  | 32 | 39 |  | 39 |
| &nbsp;&nbsp; NM Investment Management Company, LLC | 18 | 18 |  | 4 | 4 |  |
| &nbsp;&nbsp; Mason Street Advisors, LLC | 8 | 8 |  | 30 | 30 |  |
| &nbsp;&nbsp; GRO-SUB, LLC | 3 | 3 |  | 2 | 2 |  |
| &nbsp;&nbsp; NM Career Distribution Holdings, LLC | 1 | 1 |  | 3 | 3 |  |
| &nbsp;&nbsp; NM-SAS, LLC |  |  |  | 7 | 4 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other investment SCAs <sup>2</sup> | 18304 | 184 | 18120 | 16852 | 60 | 16792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments in SCAs | $18572 | $184 | $18388 | $17109 | $60 | $17049 |

---

<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.

Investment filings for all common stock SCAs were submitted to the NAIC during 2024. In all cases, the NAIC accepted the statement value.

**Net Investment Income** 

The sources of net investment income for the years ended December 31, 2024, 2023 and 2022 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;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 |
|  | | (in millions) | |
| &nbsp;&nbsp; Bonds | $9024 | $8044 | $6566 |
| &nbsp;&nbsp; Mortgage loans | 2327 | 2123 | 1899 |
| &nbsp;&nbsp; Common and preferred stocks | 225 | 196 | 183 |
| &nbsp;&nbsp; Real estate | 314 | 322 | 310 |
| &nbsp;&nbsp; Other investments | 2040 | 2532 | 2351 |
| &nbsp;&nbsp; Policy loans | 1327 | 1224 | 1143 |
| &nbsp;&nbsp; Amortization of IMR | (278) | (61) | 292 |
| &nbsp;&nbsp; Gross investment income | 14979 | 14380 | 12744 |
| &nbsp;&nbsp; Less: investment expenses | 1164 | 1156 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $13815 | $13224 | $11768 |

---

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

For the years ended December 31, 2024, 2023 and 2022 bond investment income included $35 million, $12 million and $51 million of prepayment fees, respectively, generated as a result of 98, 43 and 175 securities, respectively, tendered or otherwise redeemed as a result of a callable feature. For the years ended December 31, 2024 and 2023, the Company had $539 million and $406 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.

**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.

Realized capital gains and losses for the years ended December 31, 2024, 2023 and 2022 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, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2022 | December 31, 2022 | December 31, 2022 |
|  |<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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | $383 | $(1698) | $(1315) | $202 | $(2868) | $(2666) | $241 | $(3614) | $(3373) |
| &nbsp;&nbsp;&nbsp; Mortgage loans |  | (58) | (58) | 3 | (41) | (38) |  | (28) | (28) |
| &nbsp;&nbsp;&nbsp; Common and preferred stocks | 52 | (37) | 15 | 104 | (21) | 83 | 395 | (112) | 283 |
| &nbsp;&nbsp;&nbsp; Real estate | 150 | (2) | 148 | 58 |  | 58 | 23 | (99) | (76) |
| &nbsp;&nbsp;&nbsp; Other investments | 1254 | (1273) | (19) | 821 | (1073) | (252) | 2154 | (2403) | (249) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | $1839 | $(3068) | (1229) | $1188 | $(4003) | (2815) | $2813 | $(6256) | (3443) |
| &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 | (1192) |  |  | (2921) |  |  | (3902) |
| &nbsp;&nbsp;&nbsp; Less: Capital gains tax expense | &nbsp;&nbsp;&nbsp; Less: Capital gains tax expense | &nbsp;&nbsp;&nbsp; Less: Capital gains tax expense | 59 |  |  | 142 |  |  | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized capital gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized capital gains (losses) |  | $(96) |  |  | $(36) |  |  | $288 |

---

Realized capital gains and losses are generally the result of normal investment trading activity. Proceeds from the sale of bonds totaled $26 billion, $26 billion, and $28 billion for the years ended December 31, 2024, 2023 and 2022, 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.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

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, 2024, 2023 and 2022 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;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 |
|  | | (in millions) | |
| &nbsp;&nbsp; Bonds | $(16) | $(80) | $(107) |
| &nbsp;&nbsp; Common and preferred stocks | (33) | (10) | (17) |
| &nbsp;&nbsp; Mortgage loans | (43) | (37) | (25) |
| &nbsp;&nbsp; Real estate |  |  | (99) |
| &nbsp;&nbsp; Other investments | (83) | (32) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $(175) | $(159) | $(248) |

---

In addition to the realized capital losses above, $108 million, $99 million and $11 million of other-than-temporary impairments were recorded by the Company's unconsolidated non-insurance subsidiaries for the years ended December 31, 2024, 2023 and 2022, 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 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.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

Changes in net unrealized capital gains and losses for the years ended December 31, 2024, 2023 and 2022 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;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 |
|  | | (in millions) | |
| &nbsp;&nbsp; Bonds | $(568) | $462 | $(1016) |
| &nbsp;&nbsp; Mortgage loans | (22) | 6 | (20) |
| &nbsp;&nbsp; Common and preferred stocks | 282 | 221 | (728) |
| &nbsp;&nbsp; Deposit funds | 45 | (24) |  |
| &nbsp;&nbsp; Other investments | 1095 | (487) | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 832 | 178 | (1683) |
| &nbsp;&nbsp; Change in deferred taxes | (25) | (61) | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized capital gains and (losses) | $807 | $117 | $(1549) |

---

Changes in net unrealized capital gains and losses for the years ended December 31, 2024, 2023 and 2022 included the reversal of previously unrealized capital gains of $(1,177) million, $(1,920) million and $(1,461) million, respectively, related to distributions of accumulated net earnings made to the Company from unconsolidated non-insurance subsidiaries.

The amortized cost and fair value of bonds and common and preferred stocks for which fair value declined and remained below cost at December 31, 2024 and 2023 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | 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 | $5679 | $5499 | $(180) | $111062 | $99027 | $(12035) |
| &nbsp;&nbsp; Structured securities | 1643 | 1630 | (13) | 26805 | 24302 | (2503) |
| &nbsp;&nbsp; Common and preferred stocks | 65 | 58 | (7) | 317 | 278 | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $7387 | $7187 | $(200) | $138184 | $123607 | $(14577) |

---

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, 2024, 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.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

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, 2024 and 2023, the statement and fair values of NAIC 5GI securities were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, |
|  | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of <br>Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement <br>Value | Fair<br> Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of <br>Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement <br>Value | Fair<br> Value |
|  | ($ in millions) | ($ in millions) | ($ in millions) | ($ in millions) | ($ in millions) | ($ in millions) |
| Bonds | 84 | $1864 | $1802 | 93 | $2224 | $2089 |
|  Preferred stock | 5 | 51 | 51 | 4 | 35 | 35 |
|  Loan-backed and structured securities | 3 | 49 | 46 | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 92 | $1964 | $1899 | 98 | $2259 | $2124 |

---

**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 2024 and 2023:

---

| | | |
|:---|:---|:---|
| For the quarter ended: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum <br>Balance | Ending Balance |
|  | (in millions) | (in millions) |
|  March 31, 2024 | $2518 | $2483 |
|  June 30, 2024 | $3059 | $2946 |
|  September 30, 2024 | $3306 | $3254 |
|  December 31, 2024 | $3256 | $3208 |
|  March 31, 2023 | $2932 | $2917 |
|  June 30, 2023 | $2938 | $2895 |
|  September 30, 2023 | $3117 | $2797 |
|  December 31, 2023 | $2797 | $2492 |

---

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

During 2024 and 2023, 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) |
|  |  | (in millions) |  |
|  March 31, 2024 | $2568 | $2537 | $2483 |
|  June 30, 2024 | $3130 | $3130 | $2946 |
|  September 30, 2024 | $3379 | $3321 | $3254 |
|  December 31, 2024 | $3331 | $3271 | $3208 |
|  March 31, 2023 | $2997 | $2985 | $2917 |
|  June 30, 2023 | $3008 | $2958 | $2895 |
|  September 30, 2023 | $3150 | $2855 | $2797 |
|  December 31, 2023 | $2861 | $2545 | $2492 |

---

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, 2024 and 2023 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2023 |
|  | Amortized<br>Cost | Fair Value | Amortized<br>Cost | Fair Value |
|  | (in millions) | (in millions) | (in millions) | (in millions) |
|  30 days or less | $721 | $721 | $512 | $512 |
|  31-60 days | 352 | 352 | 282 | 282 |
|  61-90 days | 352 | 352 | 76 | 76 |
|  91-120 days | 146 | 146 | 80 | 80 |
|  121-180 days | 397 | 397 | 147 | 147 |
|  181-365 days | 202 | 202 | 278 | 274 |
|  1-2 years | 450 | 451 | 679 | 676 |
|  2-3 years | 581 | 578 | 350 | 351 |
|  Over 3 years | 5 | 5 | 66 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $3206 | $3204 | $2470 | $2464 |

---

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.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

At December 31, 2024 and 2023, 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 2024 and 2023. See Note 4 for more information regarding the Company's derivative portfolio.

The statement value of restricted assets at December 31, 2024 and 2023, 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, |
|  | 2024 | 2023 |
|  | (in millions) | (in millions) |
|  Loaned securities - repurchase agreements | $3208 | $2492 |
|  Federal Home Loan Bank of Chicago pledged collateral | 10391 | 9339 |
|  Derivative transactions | 422 | 456 |
|  Federal Home Loan Bank of Chicago stock | 158 | 135 |
|  Securities on deposit with states | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total restricted assets | $14182 | $12425 |

---

**Collateral Assets Received** 

The statement and fair values of collateral received at December 31, 2024 and 2023 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>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;December 31, <br>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;December 31, <br>2023 | &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>2023 |
|  | Statement<br>Value | Fair Value | Statement<br>Value | Fair Value |
|  | (in millions) | (in millions) | (in millions) | (in millions) |
|  Repurchase agreement collateral | $3208 | $3271 | $2492 | $2545 |
|  Derivative collateral | 1414 | 1414 | 1068 | 1068 |
|  Mortgage loan escrow | 135 | 135 | 117 | 117 |
|  Real estate escrow and security deposits | 4 | 4 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total collateral assets | $4761 | $4824 | $3682 | $3735 |

---

At December 31, 2024 and 2023, derivative collateral received was less than $1 million and $5 million, respectively, 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.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

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, 2024 and 2023 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;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  | **(in millions)** | |
|  | (in millions) | (in millions) |
|  <u>Bonds:</u> |  |  |
|  General Account | $320 | $251 |
|  Separate Accounts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total bond collateral | $320 | $251 |
|  <u>Cash:</u> |  |  |
|  General Account | $1414 | $1063 |
|  Separate Accounts |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total cash collateral | $1414 | $1068 |

---

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.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

The fair value of collateral posted by the Company at December 31, 2024 and 2023 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, |
|  | 2024 | 2023 |
|  | (in millions) | (in millions) |
|  <u>Bonds posted for derivative support agreements:</u> |  |  |
|  General Account | $116 | $73 |
|  Separate Accounts | 2 | 2 |
|  <u>Bonds posted for futures agreements:</u> |  |  |
|  General Account | 89 | 178 |
|  Separate Accounts | 14 | 15 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total bond collateral | $221 | $268 |
|  <u>Cash posted for derivative support agreements:</u> |  |  |
|  General Account | $187 | $175 |
|  Separate Accounts | 5 | 4 |
|  <u>Cash posted for futures agreements:</u> |  |  |
|  General Account |  |  |
|  Separate Accounts | 9 | 9 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash collateral | $201 | $188 |

---

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 floors* are used to mitigate the asset/liability management risk of a significant and sustained decrease in interest rates for certain of the Company's insurance products. Interest rate floors entitle the Company to receive payments from a counterparty if market interest rates decline below a specified level. Amounts received on these contracts are reported as net investment income.

*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.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

*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.

**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 $506 million and $499 million for the years ended December 31, 2024 and 2023, respectively. The average fair value of outstanding derivative liabilities not designated as hedging instruments was $148 million and $171 million for the years ended December 31, 2024 and 2023, 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 forwards* are used to mitigate the foreign exchange risk for investments in bonds denominated in foreign currencies or common stock or other equity investments in companies operating in foreign countries. Foreign currency forwards obligate the Company to pay to or receive from a counterparty a specified amount of a foreign currency at a future date.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

*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 11 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. 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.

*Warrants* are acquired through the purchase of private bonds. Warrants provide the Company the right to purchase an underlying financial instrument at a given price and time. Changes in the value of the underlying financial instrument are reported as a change in unrealized capital gains or losses. When the warrant is exercised, the derivative is terminated, and the current value becomes the basis for the new financial instrument.

**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.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

The effects of the Company's use of derivative instruments on the statutory statements of financial position at December 31, 2024 and 2023 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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; Interest rate contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate floors | $- | $- | $- | $- | $- |
| &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 forwards |  |  |  |  |  |
| &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) |

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | | &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 floors | $150 | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | 1932 |  |  |  | (113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency swaps | 15064 | 846 | (155) | 1276 | (209) |
| &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 | 25 |  | 25 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate floors | 2473 | 32 | (2) | 32 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | 7933 | 113 | (124) | 113 | (124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions | 4548 | 273 |  | 273 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed income futures | 11577 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed income forwards | 183 | 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 forwards |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency swaps | 102 | 12 | (2) | 12 | (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 | 673 |  |  | 10 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forwards: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forwards | 1777 |  |  | 1 | (92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total derivatives |  | $1302 | $(283) | $1743 | $(551) |

---

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.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

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, 2024, 2023 and 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | 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 floors | $- | $- | $- |
| &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 forwards |  |  |  |
| &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 |

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | 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) | 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 floors | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | 3 |  | (72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&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 forwards |  |  |  |
| &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 |

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | For the year ended December 31, 2022 | For the year ended December 31, 2022 | For the year ended December 31, 2022 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Net <br>Unrealized Capital<br>Gains (Losses) | 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 floors | $- | $- | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  |  | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency swaps | 1027 | 65 | 190 |
| &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 | 36 |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate floors | (17) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | (15) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions | 139 |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed income futures | (57) | (652) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed income forwards | (8) | (91) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency forwards | (46) | 49 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency swaps | 5 | 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 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total derivatives | $1064 | $(625) | $171 |

---

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, 2024, 2023 and 2022. 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.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

**5.** **Policy Benefit Reserves and Deposit Funds** 

General account policy benefit reserves at December 31, 2024 and 2023 were as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  | (in millions) | (in millions) |
|  Life insurance reserves | $232689 | $224837 |
|  Disability and long-term care active life reserves | 8972 | 8260 |
|  Disability and long-term care unpaid claims and claim reserves | 6169 | 5944 |
|  Annuity reserves | 16389 | 14919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total policy benefit reserves | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264219 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253960 |

---

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, 2024, the Company had $2.4 trillion of total life insurance in force, including $11 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.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

At December 31, 2024 and 2023, 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;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &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;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  | | | (in millions) | (in millions) | | |
|  <u>Subject to discretionary withdrawal, surrender values, or policy loans:</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal life | $14697 | $14570 | $14544 | $14378 | $14562 | $14397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal life with secondary guarantees | 13 | 13 | 11 | 12 | 40 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other permanent cash value life insurance |  |  | 198911 | 192206 | 205364 | 198033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable life |  |  |  |  | 1176 | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable universal life | 13 | 10 | 13 | 10 | 101 | 62 |
|  <u>Not subject to discretionary withdrawal or no cash value:</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term policies without cash value |  |  |  |  | 5139 | 5347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accidental death benefits |  |  |  |  | 8 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disability - active lives |  |  |  |  | 1305 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disability - disabled lives |  |  |  |  | 1709 | 1638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous reserves |  |  |  |  | 3121 | 3087 |
|  Total gross life reserves <sup>1</sup> | 14723 | 14593 | 213479 | 206606 | 232525 | 224862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance ceded |  |  |  |  | 1112 | 1150 |
|  Total net life insurance | $14723 | $14593 | $213479 | $206606 | $231413 | $223712 |

---

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, 2024 and 2023, 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;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &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;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  | | | (in millions) | (in millions) | | |
|  <u>Subject to discretionary withdrawal, surrender values or policy loans:</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable life | $- | $- | $10834 | $9712 | $9701 | $8688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable universal life | 3306 | 2253 | 3083 | 2338 | 2995 | 2285 |
|  Total gross life reserves | $3306 | $2253 | $13917 | $12050 | $12696 | $10973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance ceded |  |  |  |  |  |  |
|  Total net life insurance | $3306 | $2253 | $13917 | $12050 | $12696 | $10973 |

---

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

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, 2024 and 2023.

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  | (in millions) | (in millions) |
|  <u>From Life, Accident & Health Annual Statement:</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life insurance | $228298 | $220774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accidental death benefits | 8 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disability - active lives | 1305 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disability - disabled lives | 1706 | 1636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous reserves | 96 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal net life insurance | 231413 | 223712 |
|  <u>From Separate Accounts Annual Statement:</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life insurance | 12696 | 10973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined Total | $244109 | $234685 |

---

**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, 2024 and 2023 were $15.8 billion and $13.1 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 $255 million and $262 million at December 31, 2024 and 2023, respectively. Accounts were credited with interest at annual rates ranging from 4.00% to 5.18% and 3.66% to 5.20% during 2024 and 2023, respectively. The crediting interest rates changed 41 times and 46 times during 2024 and 2023, respectively.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

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, 2024 and 2023, the Company held $158 million and $135 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, 2024 | $10391 | $9287 |
|  December 31, 2023 | 9339 | 8352 |

---

<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, 2024 | $10409 | $9362 | $3311 |
|  December 31, 2023 | 9468 | 8149 | 2834 |

---

The amount borrowed from FHLBC, in the form of funding agreements, was as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  | (in millions) | (in millions) |
|  Borrowed | $3556 | $3011 |
|  Deposit fund reserves | $3563 | $3019 |
|  Max borrowed during the year | $3574 | $3436 |
|  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, 2024 and 2023, the Company had issued and outstanding funding agreements of $8.3 billion and $6.2 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 ShortTerm 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 $251 million as of December 31, 2024 and none outstanding as of December 31, 2023.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

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, 2024 and 2023, 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, |
|  | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
|  | <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 | $216 | $195 | $- | $- | $216 | $195 |
| &nbsp;&nbsp;&nbsp;&nbsp; - at book value less surrender charge of 5% or more | 79 | 81 |  |  | 79 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; - at fair value |  |  | 21935 | 21204 | 21935 | 21204 |
|  Total with market value adjustment or at fair value | 295 | 276 | 21935 | 21204 | 22230 | 21480 |
| &nbsp;&nbsp;&nbsp;&nbsp; - at book value without adjustment | 1295 | 1457 |  |  | 1295 | 1457 |
|  <u>Not subject to discretionary withdrawal</u> | 12600 | 11024 | 281 | 268 | 12881 | 11292 |
|  Total gross individual annuities | 14190 | 12757 | 22216 | 21472 | 36406 | 34229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance ceded |  |  |  |  |  |  |
|  Total net individual annuities | $14190 | $12757 | $22216 | $21472 | $36406 | $34229 |
|  **Group Annuities** |  |  |  |  |  |  |
|  <u>Subject to discretionary withdrawal</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; - at fair value | $- | $- | $11 | $14 | $11 | $14 |
|  Total with market value adjustment or at fair value |  |  | 11 | 14 | 11 | 14 |
|  <u>Not subject to discretionary withdrawal</u> | 2199 | 2162 | 5385 | 5472 | 7584 | 7634 |
|  Total gross group annuities | 2199 | 2162 | 5396 | 5486 | 7595 | 7648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance ceded |  |  |  |  |  |  |
|  Total net group annuities | $2199 | $2162 | $5396 | $5486 | $7595 | $7648 |
|  **Deposit-Type Contracts** |  |  |  |  |  |  |
|  <u>Subject to discretionary withdrawal</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; - with market value adjustment | $419 | $314 | $- | $- | $419 | $314 |
| &nbsp;&nbsp;&nbsp;&nbsp; - at fair value |  |  | 32 | 30 | 32 | 30 |
|  Total with market value adjustment or at fair value | 419 | 314 | 32 | 30 | 451 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp; - at book value without adjustment | 2829 | 3153 |  |  | 2829 | 3153 |
|  <u>Not subject to discretionary withdrawal</u> | 12550 | 9605 |  |  | 12550 | 9605 |
|  Total gross deposit-type contracts | 15798 | 13072 | 32 | 30 | 15830 | 13102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance ceded |  |  |  |  |  |  |
|  Total net deposit-type contracts | $15798 | $13072 | $32 | $30 | $15830 | $13102 |
|  Total annuity reserves and deposit funds | $32187 | $27991 | $27644 | $26988 | $59831 | $54979 |

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

Of the individual annuity reserves at book value less surrender charge of 5% or more noted above, the Company expects that $3 million of those reserves will have less than a 5% surrender charge and be reported with the amounts at book value without adjustment in 2025.

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, 2024 and 2023.

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2024 | 2023 |
|  | (in millions) | (in millions) |
|  <u>From Life, Accident & Health Annual Statement:</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Annuities | $14412 | $13078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supplementary contracts with life contingencies | 1977 | 1841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit-type contracts | 15798 | 13072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal net annuity reserves | 32187 | 27991 |
|  <u>From Separate Accounts Annual Statement:</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Annuities | 27331 | 26690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supplementary contracts | 281 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other contract deposit funds | 32 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal net annuity reserves | 27644 | 26988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined Total | $59831 | $54979 |

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

**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, 2024 and 2023 were as follows:

---

| | | |
|:---|:---|:---|
|  | For the years ended | For the years ended |
|  | December 31, | December 31, |
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023  |
|  | (in millions) | (in millions) |
|  Balance at January 1 | $5944 | $5528 |
|  Incurred related to: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current year | 1156 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior years | (50) | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total incurred | 1106 | 1253 |
|  Paid related to: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current year | (54) | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior years | (827) | (787) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total paid | (881) | (837) |
|  Balance at December 31 | $6169 | $5944 |

---

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, 2024 and 2023, reserves required as a result of AAT were as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  | (in millions) | (in millions) |
|  Annuities and deposit funds | $50 | $50 |
|  Life insurance |  |  |
|  Total reserves | $50 | $50 |

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

**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 $1,819 million and $1,565 million at December 31, 2024 and 2023, 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, 2024 and 2023 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2023 |
|  | Gross | Net | Gross | Net |
|  | (in millions) | (in millions) | (in millions) | (in millions) |
|  Ordinary new business | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 |
|  Ordinary renewal | 3536 | 2856 | 3431 | 2778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred and uncollected premiums | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3882 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3070 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3797 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3010 |

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

**7.** **Separate Accounts** 

Separate account liabilities at December 31, 2024 and 2023 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, |
|  | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
|  | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
|  Separate account reserves | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12696 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10973 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27644 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26988 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40340 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37961 |
|  Non-policy liabilities |  |  |  |  | 332 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total separate account liabilities |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40672 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38216 |

---

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, 2024 and 2023.

Premiums and other considerations received from variable annuity and variable life insurance policyowners were $1.6 billion and $1.5 billion for the years ended December 31, 2024 and 2023, 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, 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;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 |
|  | (in millions) | (in millions) | (in millions) |
|  <u>From Separate Account Annual Statement:</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers to separate accounts | $1657 | $1557 | $1670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers from separate accounts | (3156) | (2564) | (2160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers from separate accounts | $(1499) | $(1007) | $(490) |

---

**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, 2024 and 2023 and does not expect to make a contribution to the plans during 2025.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

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 remain 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.

**Benefit Plan Assets** 

Aggregate plan assets of the defined benefit pension plans and postretirement benefit plans at December 31, 2024 and 2023, 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;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &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) | (in millions) | (in millions) | (in millions) |
|  Fair value of plan assets at January 1 | $5364 | $4996 | $70 | $76 |
|  Changes in plan assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual return on plan assets | 128 | 560 | 2 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual plan benefits paid | (205) | (192) | (13) | (11) |
|  Fair value of plan assets at December 31 | $5287 | $5364 | $59 | $70 |

---

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.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

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, 2024 and 2023 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Target<br>Allocation | Target<br>Allocation | Actual<br>Allocation | Actual<br>Allocation |
|  | &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;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
| &nbsp;&nbsp; Bonds | 73% | 73% | 72% | 73% |
| &nbsp;&nbsp; Equity investments | 26% | 26% | 27% | 26% |
| &nbsp;&nbsp; Other investments | 1% | 1% | 1% | 1% |
| &nbsp;&nbsp; Total assets | 100% | 100% | 100% | 100% |

---

At each of December 31, 2024 and 2023, other investments were comprised of cash and short-term investments.

**Benefit Plan Obligations** 

Aggregate projected benefit obligations (PBOs) of the defined benefit pension plans and postretirement benefit plans at December 31, 2024 and 2023 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;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &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) | (in millions) | (in millions) | (in millions) |
|  Projected benefit obligation at January 1 | $5673 | $5247 | $457 | $457 |
|  Changes in benefit obligation: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service cost of benefits earned | 205 | 192 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest cost on projected obligations | 267 | 255 | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Projected gross plan benefits paid | (223) | (214) | (25) | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Experience (gains)/losses | (491) | 193 | (39) | 1 |
|  Projected benefit obligation at December 31 | $5431 | $5673 | $418 | $457 |

---

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 $5.2 billion and $5.4 billion for the years ended December 31, 2024 and 2023, respectively. Experience (gains)/losses for each of the years ended December 31, 2024 and 2023 primarily reflect the impact of changes in the PBO discount rate.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

**Benefit Plan Assumptions** 

The assumptions used in estimating the projected benefit obligations at December 31, 2024 and 2023 and the net periodic benefit cost for the years ended December 31, 2024, 2023 and 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Defined Benefit Plans | Defined Benefit Plans | Postretirement Benefit Plans | Postretirement Benefit Plans |
|  | &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;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  Projected benefit obligation: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Weighted average discount rate | 5.49% | 4.80% | 5.47% | 4.79% |
| &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 | 5.46% | 4.78% | 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;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &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;2022 |
|  Net periodic benefit cost: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Weighted average discount rate | 4.80% | 5.00% | 2.77% | 4.79% | 4.98% | 2.72% |
| &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% | 6.00% | 5.25% | 6.25% | 6.00% | 5.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash balance plan interest crediting rate | 4.78% | 4.99% | 3.00% | n/a | n/a | n/a |

---

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;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  Assumed annual increase | 5.00% | 5.00% |
|  Ultimate rate of annual increase | 5.00% | 5.00% |
|  Year in which ultimate rate is reached | 2025 | 2024 |

---

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.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

**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, 2024 and 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &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) | (in millions) | (in millions) | (in millions) |
|  Fair value of plan assets | $5287 | $5364 | $59 | $69 |
|  Projected benefit obligation | 5431 | 5673 | 418 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Funded status | (144) | (309) | (359) | (388) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nonadmitted asset | (953) | (853) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial statement liability | $(1097) | $(1162) | $(359) | $(388) |

---

The PBO for defined benefit plans above included $1,097 million and $1,162 million related to unfunded non-qualified plans at December 31, 2024 and 2023, respectively. In the aggregate, the fair value of qualified defined benefit plan assets represented 122% and 119% of the projected benefit obligations of these plans at December 31, 2024 and 2023, respectively.

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.

Aggregate defined benefit pension and postretirement plan surplus impacts were as follows for the years ended December 31, 2024 and 2023:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;asset  | Net experience <br> gains (losses) | Prior service <br> (costs) credits |
|  | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
|  Balance at January 1 | $(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 |

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2023 | For the year ended December 31, 2023 | For the year ended December 31, 2023 | For the year ended December 31, 2023 | For the year ended December 31, 2023 |
|  | 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> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 January 1 | $(863) | $90 | $241 | $20 | $160 |
| Amortization from surplus into net periodic benefit cost | 36 | (25) | (30) | (1) | (12) |
| Changes in plan assets and benefit obligations recognized in surplus | 50 |  |  | (7) |  |
|  Balance at December 31 | $(777) | $65 | $211 | $12 | $148 |

---

**Benefit Plan Costs** 

The components of net periodic benefit cost for the years ended December 31, 2024, 2023 and 2022 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Defined Benefit Plans | Defined Benefit Plans | Defined Benefit Plans | Postretirement Benefit<br>Plans | Postretirement Benefit<br>Plans | Postretirement Benefit<br>Plans |
|  | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 |
|  | <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 | $205 | $192 | $240 | $5 | $5 | $8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest cost on projected obligations | 267 | 255 | 173 | 20 | 21 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of experience losses | 29 | 36 | 34 | (1) | (1) | 4 |
| &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 | (6) | (31) | (16) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expected return on plan assets | (329) | (294) | (337) | (4) | (5) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net periodic benefit cost (credit) | $141 | $133 | $69 | $8 | $8 | $8 |

---

The expected benefit payments by the defined benefit plans and the postretirement benefit plans for the years 2025 through 2034 are as follows:

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| | | |
|:---|:---|:---|
|  | Defined<br>Benefit Plans | Postretirement<br>Benefit Plans |
|  | <br> (in millions) | <br> (in millions) |
| 2025 | $228 | $26 |
| 2026 | 285 | 26 |
| 2027 | 294 | 26 |
| 2028 | 302 | 26 |
| 2029 | 312 | 25 |
| 2030-2034 | 1699 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $3120 | $258 |

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

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, 2024, 2023 and 2022, the Company expensed total contributions to these plans of $40 million, $39 million and $37 million, respectively. In lieu of making matching contributions to the employee 401(k) plan in 2024, 2023 and 2022, 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, 2024 and 2023, the net amount due from NLTC under this agreement was $53 million and $48 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, 2024 and 2023. The Company does not have any reinsurance contracts that are subject to Actuarial Guideline 48.

The effects of reinsurance on premium revenue and total benefits for the years ended December 31, 2024, 2023 and 2022 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;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 |
|  | (in millions) | (in millions) | (in millions) |
| &nbsp;&nbsp; Direct premium revenue | $23532 | $22213 | $22500 |
| &nbsp;&nbsp; Premiums assumed | 905 | 866 | 840 |
| &nbsp;&nbsp; Premiums ceded | (1119) | (1076) | (1052) |
| &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;23318 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22003 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22288 |
| &nbsp;&nbsp; Direct benefit expense | $24738 | $23564 | $23494 |
| &nbsp;&nbsp; Benefits assumed | 1116 | 1017 | 771 |
| &nbsp;&nbsp; Benefits ceded | (805) | (797) | (824) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total benefits  | $25049 | $23784 | $23441 |

---

In addition, the Company received $111 million, $115 million and $120 million in allowances from reinsurers for reimbursement of commissions and other expenses on ceded business for the years ended December 31, 2024, 2023 and 2022, respectively. These amounts are reported in other income in the statutory statements of operations. For the years ended December 31, 2024, 2023 and 2022, the Company incurred $121 million, $113 million and $116 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, 2024 and 2023 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.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

**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 Investment Holdings, LLC | 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 |
| NMU Holdings, LLC & subsidiaries |  |

---

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 components of current income tax expense (benefit) in the statutory statements of operations for the years ended December 31, 2024, 2023 and 2022 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; 2024  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022  |
|  | (in millions) | (in millions) | (in millions) |
| &nbsp;&nbsp; Tax payable on ordinary income | $290 | $220 | $154 |
| &nbsp;&nbsp; Low income housing tax credits | (167) | (167) | (161) |
| &nbsp;&nbsp; Other tax credits | (221) | (48) | (133) |
| &nbsp;&nbsp; Change in contingent tax liabilities |  |  | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total current tax expense (benefit) | $(98) | $5 | $(160) |

---

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 $(250) million, $(613) million and $(819) million was included in net IMR deferrals for the years ended December 31, 2024, 2023 and 2022, respectively. In addition, net realized capital gains and losses as reported in the statutory statements of operations included current tax expense of $59 million, $142 million and $171 million for the years ended December 31, 2024, 2023 and 2022, respectively.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

The table below shows how the Company's income tax expense or benefit for the years ended December 31, 2024, 2023 and 2022 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;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 |
|  | (in millions) | (in millions) | (in millions) |
| &nbsp;&nbsp; Provision computed at statutory rate | $(141) | $(433) | $(626) |
| &nbsp;&nbsp; <u>Adjustments to the statutory rate:</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subsidiary distributions | (216) | (376) | (282) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax credits | (241) | (247) | (296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of IMR | 58 | 13 | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends received deduction | (50) | (41) | (44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee benefits | 9 | 5 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred adjustments | 85 | (94) | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 12 | 98 | (27) |
| &nbsp;&nbsp; Total statutory income tax (benefit) | $(484) | $(1075) | $(1265) |
| &nbsp;&nbsp; Federal income tax (benefit) expense reported on the statutory statements of operations | $(98) | $5 | $(160) |
| &nbsp;&nbsp; Capital gains tax (benefit), net of IMR transfers | (191) | (472) | (648) |
| &nbsp;&nbsp; Change in net deferred tax assets | (195) | (608) | (457) |
|  | $(484) | $(1075) | $(1265) |

---

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 $(391) million, $0 million and $135 million to (from) the IRS during the years ended December 31, 2024, 2023 and 2022, 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 2024, 2023 and 2022 that are available for recoupment are $1 million, $0 million and $1 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 Code.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

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, 2024 and 2023 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 | 2023 |
|  | (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, 2024 and 2023.

The Inflation Reduction Act created a new corporate minimum tax (CAMT) effective for calendar year taxpayers January 1, 2023. The company is an applicable reporting entity and the accompanying statutory financial statements include an estimated impact of the CAMT of zero for years ended December 31, 2024 and 2023.

The components of net deferred tax assets reported in the statutory statements of financial position at December 31, 2024 and 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, | December 31, | |
|  | &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 | &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 | $1468 | $1362 | $106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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 | 785 | 651 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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 | 2107 | 1968 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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 | 531 | 545 | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&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 | 180 | 265 | (85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&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 | 20 | 21 | (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; Other<br>| 132  | 149  | (17 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 5223 | 4961 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>|  | 333 | (333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>| 5223 | 4628 | 595 |
| &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 | 1618 | 1480 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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 | 729 | 776 | (47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>| 2347 | 2256 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | $2876 | $2372 | $504 |

---

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, 2024 and 2023.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

Significant components of the calculation of net admitted deferred tax assets at December 31, 2024 and 2023 were as follows (in millions):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | | | |
|  | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** |<br> **Ordinary** | **Change**<br> **Capital** |<br> **Total** |
| Gross deferred tax assets | $4438 | $785 | $5223 | $4310 | $651 | $4961 | $128 | $134 | $262 |
| Statutory valuation allowance adjustment |  |  |  |  |  |  |  |  |  |
| Adjusted gross deferred tax assets | 4438 | 785 | 5223 | 4310 | 651 | 4961 | 128 | 134 | 262 |
| Deferred tax assets nonadmitted |  |  |  | 333 |  | 333 | (333) |  | (333) |
| Subtotal net admitted deferred tax asset | 4438 | 785 | 5223 | 3977 | 651 | 4628 | 461 | 134 | 595 |
| Deferred tax liabilities | 729 | 1618 | 2347 | 776 | 1480 | 2256 | (47) | 138 | 91 |
| Net admitted deferred tax asset/ (liability) | $3709 | $(833) | $2876 | $3201 | $(829) | $2372 | $508 | $(4) | $504 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **Change** | **Change** | **Change** |
|  | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** |
| Federal income taxes paid in prior years recoverable through loss carrybacks | $- | $- | $- | $- | $121 | $121 | $- | $(121) | $(121) |
| 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) | 2582 | 312 | 2894 | 2078 | 173 | 2251 | $504 | $139 | $643 |
| Adjusted gross deferred tax assets (excluding the amount of deferred tax assets offset by gross deferred tax liabilities) | 1856 | 473 | 2329 | 1900 | 356 | 2256 | $(44) | $117 | $73 |
| Total deferred tax assets admitted as the result of application of SSAP No. 101 | $4438 | $785 | $5223 | $3978 | $650 | $4628 | $460 | $135 | $595 |
| a. Adjusted gross deferred tax assets expected to be realized following the balance sheet date |  |  | $2894 |  |  | $2251 |  |  | $643 |
| b. Adjusted gross deferred tax assets allowed per limitation threshold |  |  | $4328 |  |  | $4186 |  |  | $142 |
| Ratio percentage used to determine recovery period and threshold limitation amount |  |  | 1058% |  |  | 1031% |  |  |  |
| Amount of adjusted capital and surplus used to determine recovery period and threshold limitation |  |  | $28855 |  |  | $27908 |  |  |  |

---

Refinement of reversal patterns resulted in additional deferred tax assets (DTAs) to be admitted for the year ended December 31, 2024. The impact was not material to net admitted DTAs.

All gross deferred tax liabilities have been recognized at December 31, 2024 and 2023. The Company did not employ tax planning strategies in its valuation allowance assessment at December 31, 2024 and 2023. 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, 2024. The Company did not employ tax planning strategies in its determination of any net admitted DTAs at December 31, 2023. At December 31, 2024 and 2023, the percentage of ordinary character net DTAs admitted as a result of tax planning strategies was 4% and 0%, respectively.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

**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 $8.7 billion and $7.9 billion at December 31, 2024 and 2023, 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, 2024.

**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 14 years at December 31, 2024.

The following is a summary of the guarantees provided by the Company that were outstanding at December 31, 2024 and 2023, including both the maximum potential exposure under the guarantees and the financial statement liability reported based on fair value of the guarantees.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
| &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<br>payments |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial <br>statement<br>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 | $93 |  | $9 | $119 |  | $1 |
| &nbsp;&nbsp; Guarantees of real estate obligations | 552 |  | 6 | 497 |  | 5 |
| &nbsp;&nbsp; Guarantees issued on behalf of wholly-owned subsidiaries | 47 |  |  | 62 |  |  |
| &nbsp;&nbsp; Guarantees on behalf of field loan support program | 100 |  |  | 74 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total guarantees | $792 |  | $15 | $752 |  | $6 |

---

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

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.

**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, NM 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 most recently amended in 2020 to extend the length of the agreement through December 31, 2025 and increase the aggregate capital contribution limit from $200 million to $300 million. The Company contributed $15 million of capital to NLTC in each of the years ended December 31, 2024 and 2023. The Company has contributed a total of $260 million to NLTC through December 31, 2024. The Company reported a payable to NLTC of $73 million and $62 million at December 31, 2024 and 2023, 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, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 | 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 | $1379 | 6.063% | 3/30/2040 |
|  2017 Notes | 9/26/2017 | 1200 | 1198 | 46 | 323 | 3.850% | 9/30/2047 |
|  2019 Notes | 9/20/2019 | 1347 | 1171 | 49 | 246 | 3.625% | 9/30/2059 |
|  2021 Notes | 3/22/2021 | 900 | 897 | 31 | 117 | 3.450% | 3/30/2051 |
|  | Total | $4671 | $4491 | $200 | $2065 |  |  |

---

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 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 and 2021 notes) and 0.25% (2010 and 2019 notes). The entire amount of the 2017, 2019, and 2021 notes are redeemable, at par, in the event of certain defined tax events.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

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. The Company is not aware of any single investor that holds 10% or more of the 2010, 2017, 2019, or 2021 notes, with the exception of Nippon Life Insurance Company of Japan, which held $250 million in principal amount of the 2010 notes at December 31, 2024.

**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.

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

For financial instruments included in the scope of SSAP 100R, the statement value and fair value at December 31, 2024 and 2023 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and short-term investments | 8052 | 8052 | 1211 | 6841 |  |  |
|  Separate account assets | 40672 | 40672 | 36774 | 2584 | 776 | 538 |
|  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 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | | | 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 | $191692 | $179471 | $3785 | $155552 | $20134 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | 53361 | 49097 |  |  | 49097 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common and preferred stocks | 2337 | 2340 | 1473 | 392 | 475 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Policy loans | 19003 | 19003 |  |  | 19003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other investments | 1657 | 2076 |  | 1936 | 140 |  |
|  Cash and short-term investments | 8826 | 8826 | 1562 | 7264 |  |  |
|  Separate account assets | 38216 | 38216 | 34183 | 2705 | 777 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp; General account liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment-type insurance reserves | $14605 | $13797 | $- | $- | $13797 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities for repurchase agreements | 2492 | 2492 |  | 2492 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | 283 | 551 |  | 551 |  |  |
|  Separate account liabilities | 38216 | 38216 | 34183 | 2705 | 777 | 551 |

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

**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 corporate bonds, municipal bonds and structured 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 are 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 and residual tranches. The surplus note instruments 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.

------

##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

**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, 2024 and 2023.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Quoted prices in<br>active markets<br>for 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 |

---

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | Quoted prices in<br>active markets<br>for 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) | (in millions) | (in millions) | (in millions) | (in millions) |
|  General account: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | $21 | $- | $219 | $- | $240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common and preferred stocks | 1472 | 1 | 475 |  | 1948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money market mutual funds | 1391 |  |  |  | 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments |  | 456 | 120 |  | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities |  | 128 |  |  | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total general account | $2884 | $585 | $814 | $- | $4283 |
| &nbsp;&nbsp; Separate accounts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual fund investments | $32726 | $- | $- | $- | $32726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other benefit plan assets/liabilities | 23 | 24 | 6 | 3 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension and postretirement assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 501 | 2626 | 133 |  | 3260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common and preferred stock | 810 |  | 63 | 548 | 1421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and short-term securities | 33 | 46 |  |  | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets/liabilities | 90 | 9 | 575 |  | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal pension and postretirement assets | 1434 | 2681 | 771 | 548 | 5434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total separate accounts | $34183 | $2705 | $777 | $551 | $38216 |

---

During 2024 and 2023, 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, 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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; Purchases | 104 | 14 | 120 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | (82) | (16) | (16) | (136) |
| &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 |

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Notes to the Statutory Financial Statements** 

**December 31, 2024, 2023 and 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| For the year ended December 31, 2023 | 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains/(losses) | 32 | (33) |  | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gains/(losses) | (60) | (27) | (8) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuances |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 68 | 21 | 90 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | (100) | (2) |  | (119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Settlements |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net discount/premium | 2 | (2) |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers into Level 3 |  | 207 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers out of Level 3 |  |  |  | (1) |
| &nbsp;&nbsp; Fair value, end of period | $475 | $219 | $120 | $777 |

---

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.

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##### [**Table of Contents**](#toc)
**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, 2024 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, 2024 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, 2025

------

##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Selected Statutory Financial Data** 

**As of and for the year ended December 31, 2024** 

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 | $137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other bonds (unaffiliated) | 8887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds of affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks (unaffiliated) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks of affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks (unaffiliated) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks of affiliates | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | 2327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premium notes, policy loans and liens | 1327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash on hand and on deposit | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-term investments | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other investments | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Derivative instruments | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aggregate write-ins for investment income | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross investment income | $15257 |
|  Real Estate Owned - Book Value less Encumbrances | $2791 |
|  Mortgage Loans - Book Value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Farm mortgages | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential mortgages | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgages | 57077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total mortgage loans | $57078 |
|  Mortgage Loans by Standing - Book Value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Good standing | $56999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Good standing with restructured terms |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest overdue more than 90 days, not in foreclosure |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreclosure in process | 79 |
|  Other Long Term Assets - Statement Value | $28738 |
|  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 | $551 |

---

------

##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Selected Statutory Financial Data** 

**As of and for the year ended December 31, 2024** 

---

| | |
|:---|:---|
|  | (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 | $21360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over 1 year through 5 years | 68893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over 5 years through 10 years | 52753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over 10 years through 20 years | 27641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over 20 years | 37459 |
| &nbsp;&nbsp;&nbsp;&nbsp; No Maturity Date | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total by Maturity | $208385 |
|  Bonds by NAIC Designation - Statement Value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NAIC 1 | $123351 |
| &nbsp;&nbsp;&nbsp;&nbsp; NAIC 2 | 72271 |
| &nbsp;&nbsp;&nbsp;&nbsp; NAIC 3 | 5903 |
| &nbsp;&nbsp;&nbsp;&nbsp; NAIC 4 | 3863 |
| &nbsp;&nbsp;&nbsp;&nbsp; NAIC 5 | 2602 |
| &nbsp;&nbsp;&nbsp;&nbsp; NAIC 6 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total by NAIC Designation | $208385 |
|  Total Bonds Publicly Traded | $116671 |
|  Total Bonds Privately Placed | $91714 |
|  Preferred stocks - Statement Value | $613 |
|  Common stocks - Market Value | $2727 |
|  Short Term Investments - Book Value | $2638 |
|  Options, Caps & Floors Owned - Statement Value | $412 |
|  Options, Caps & Floors Written and In Force - Statement Value | $— |
|  Collar, Swap & Forward Agreements Open - Statement Value | $1227 |
|  Futures Contracts Open - Current Value | $— |
|  Cash on deposit | $49 |
|  Life Insurance In Force: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit life | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Group life | $8255 |

---

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Selected Statutory Financial Data** 

**As of and for the year ended December 31, 2024** 

---

| | |
|:---|:---|
|  | (in millions) |
|  Amount of Accidental Death Insurance in |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Force Under Ordinary Policies | $4207 |
|  Life Insurance Policies with Disability Provisions In Force |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit life | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Group life | $7193 |
|  Supplementary Contracts In Force: |  |
|  Ordinary - Not Involving Life Contingencies: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount on deposit | $2292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income payable | $82 |
|  Ordinary - Involving Life Contingencies |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income payable | $172 |
|  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 | $675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred - fully paid account balance | $661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred - not fully paid - account balance | $22821 |
|  Annuities - Group: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount of income payable | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fully paid account balance | $962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Not fully paid - account balance | $6633 |
|  Accident and Health Insurance - Premiums In Force: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Group | $124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | $1496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit | $— |

---

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Selected Statutory Financial Data** 

**As of and for the year ended December 31, 2024** 

---

| | |
|:---|:---|
|  | (in millions) |
|  Deposit Funds and Dividend Accumulations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit funds - account balance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend accumulations - account balance | $52 |
|  Claim Payments - 2024: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Group Accident and Health |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Year Ended December 31, 2024: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Accident and Health: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | $49 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | $136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | $102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | $83 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | $60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior | $425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other coverages that use developmental methods to calculate |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Claims Reserves: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior | $— |

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##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Investment Risk Interrogatories** 

**As of and for the year ended December 31, 2024** 

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. | $337652 |

---

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) | <u>Admitted Assets</u> |
| 2.01 | Exelon Corp | Bonds, Stocks, TCI | $1056 | 0.3% |
| 2.02  | Southern Co | Bonds, Stocks, TCI | $1035 | 0.3% |
| 2.03 | Unitedhealth Group Inc | 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;1010 | 0.3% |
| 2.04 | Duke Energy Corp | Bonds, Stocks | $990 | 0.3% |
| 2.05 | Bank Of America Corp | Bonds, Stocks | $974 | 0.3% |
| 2.06 | Berkshire Hathaway—Utility | Bonds | $929 | 0.3% |
| 2.07 | Sempra Energy | Bonds, Stocks | $894 | 0.3% |
| 2.08 | Enbridge Inc | Bonds | $891 | 0.3% |
| 2.09 | Dte Energy Co | Bonds, Stocks, TCI | $843 | 0.3% |
| 2.10 | Elevance Health Inc | Bonds, Stocks | $763 | 0.2% |

---

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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123351 | 36.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1% |
|  NAIC-2 | $72271 | 21.4% | NAIC-2 | $186 | 0.1% |
|  NAIC-3 | $5903 | 1.7% | NAIC-3 | $0 | —% |
|  NAIC-4 | $3863 | 1.1% | NAIC-4 | $0 | —% |
|  NAIC-5 | $2602 | 0.8% | NAIC-5 | $51 | —% |
|  NAIC-6 | $395 | 0.1% | NAIC-6 | $13 | —% |

---

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;33626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.0% |
| 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.

------

##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Investment Risk Interrogatories** 

**As of and for the year ended December 31, 2024** 

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;29797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8% |
| 5.02 | NAIC-2 | $3580 | 1.1% |
| 5.03 | NAIC-3 or below | $249 | 0.1% |

---

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;12088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6% |
| 6.02  | AUSTRALIA | $5823 | 1.7% |
|  | Countries designated NAIC-2 |  |  |
| 6.03 | MEXICO | $850 | 0.3% |
| 6.04 | INDONESIA | $563 | 0.2% |
|  | Countries designated NAIC – 3 or below: |  |  |
| 6.05 | SOUTH AFRICA | $149 | 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;&nbsp;&nbsp;&nbsp;&nbsp;162 | &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;&nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0% |
| 8.02 | Countries designated NAIC-2 | $— | 0.0% |
| 8.03 | Countries designated NAIC-3 or below | $— | 0.0% |

---

------

##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Investment Risk Interrogatories** 

**As of and for the year ended December 31, 2024** 

9. Two largest unhedged foreign currency exposures to a single country, categorized by the country's NAIC
sovereign designation:

---

| | | | |
|:---|:---|:---|:---|
|  |  | 1 | 2 |
|  | Countries designated NAIC – 1: | (in millions) | |
| 9.01 | 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;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0% |
| 9.02  | IRELAND | $63 | 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;674 | 0.2% |
| 10.02 | HEATHROW FUNDING LTD | 2 | $527 | 0.2% |
| 10.03 | CHANEL LTD | 1 | $481 | 0.2% |
| 10.04 | HSBC HOLDINGS PLC | 2 | $471 | 0.2% |
| 10.05 | PFIZER INC | 1 | $464 | 0.1% |
| 10.06 | SCOTTISH MORTGAGE INVESTMENT | 1 | $447 | 0.1% |
| 10.07 | QUADGAS HOLDINGS TOPCO LIMITED | 2 | $444 | 0.1% |
| 10.08 | BANCO SANTANDER SA | 2 | $436 | 0.1% |
| 10.09 | UNIVERSITY OF EDINBURGH | 1 | $394 | 0.1% |
| 10.10 | SUMITOMO MITSUI FINANCIAL GR | 2 | $394 | 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 ()

------

##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Investment Risk Interrogatories** 

**As of and for the year ended December 31, 2024** 

---

| | | | |
|:---|:---|:---|:---|
|  | 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;15939 | 4.7% |
| 13.03 NML REAL ESTATE HOLDINGS LLC | $1243 | 0.4% |
| 13.04 NMC PRIV EQUITY PARTNERS LP | $644 | 0.2% |
| 13.05 ARES PATHFINDER CORE FUND LP | $520 | 0.2% |
| 13.06 QOZ HOLDING COMPANY, LLC | $478 | 0.1% |
| 13.07 NORTHWESTERN LONG TERM CARE | $283 | 0.1% |
| 13.08 NORTHWOODS CONSOLIDATED | $278 | 0.1% |
| 13.09 NM WEALTH MANAGEMENT CO | $268 | 0.1% |
| 13.10 NMIS LLC | $223 | 0.1% |
| 13.11 OAKTREE OPPORTUNITIES FUND XI | $220 | 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% |

---

------

##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Investment Risk Interrogatories** 

**As of and for the year ended December 31, 2024** 

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 | $438 | 0.1% |
| 16.03 | Commercial | $309 | 0.1% |
| 16.04 | Commercial | $300 | 0.1% |
| 16.05 | Commercial | $295 | 0.1% |
| 16.06 | Commercial | $286 | 0.1% |
| 16.07 | Commercial | $265 | 0.1% |
| 16.08 | Commercial | $259 | 0.1% |
| 16.09 | Commercial | $259 | 0.1% |
| 16.10 | Commercial | $250 | 0.1% |
| 16.11 | Commercial | $250 | 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 | $2933 | 0.9% |
| 16.13 | Mortgage loans over 90 days past due | $— | — % |
| 16.14 | Mortgage loans in the process of foreclosure | $79 | 0.0% |
| 16.15 | Mortgage loans foreclosed | $— | — % |
| 16.16 | Restructured mortgage loans | $— | — % |

---

------

##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Investment Risk Interrogatories** 

**As of and for the year ended December 31, 2024** 

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% | $1 | 0.0% | $1163 | 0.3% | $— | —% |
| 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;— | —% | $511 | 0.2% | $— | —% |
| 17.03 81 to 90% | $— | —% | $1234 | 0.4% | $— | —% |
| 17.04 71 to 80% | $— | —% | $3422 | 1.0% | $— | —% |
| 17.05 below 71% | $— | —% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50747 | 15.0% | $&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;— | —% |

---

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 | $— | —% |

---

------

##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Investment Risk Interrogatories** 

**As of and for the year ended December 31, 2024** 

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;3208 | 1.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2483 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2946 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3254 |
| 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 | $348 | 0.1% | $317 | $346 | $349 |
| 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 | $21 | 0.0% | $21 | $19 | $20 |
| 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 | $152 | 0.0% | $265 | $218 | $161 |
| 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 | $— | —% | $— | $— | $— |

---

------

##### [**Table of Contents**](#toc)
**The Northwestern Mutual Life Insurance Company** 

**Summary Investment Schedule** 

**December 31, 2024** 

**(in millions)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Investment Categories | Gross Investment <br>Holdings:<br>Amount | Gross Investment <br>Holdings:<br>Percentage of<br>Column 1 Line<br>13 | 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<br>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>13 |
| Long-Term Bonds (Schedule D, Part 1): U.S. governments | $4228 | 1.31% | $4228 | $– $| 4228 | 1.31% |
| Long-Term Bonds (Schedule D, Part 1): All other governments | 3606 | 1.11% | 3606 | – | 3606 | 1.11% |
| Long-Term Bonds (Schedule D, Part 1): U.S. states, territories and possessions, etc. guaranteed | 938 | 0.29% | 938 | – | 938 | 0.29% |
| Long-Term Bonds (Schedule D, Part 1): U.S. political subdivisions of states, territories, and possessions, guaranteed | 293 | 0.09% | 293 | – | 293 | 0.09% |
| Long-Term Bonds (Schedule D, Part 1): U.S. special revenue and special assessment obligations, etc. non-guaranteed | 20142 | 6.22% | 20142 | – | 20142 | 6.22% |
| Long-Term Bonds (Schedule D, Part 1): Industrial and miscellaneous | 166339 | 51.35% | 166339 | – | 166339 | 51.39% |
| Long-Term Bonds (Schedule D, Part 1): Hybrid securities | 681 | 0.21% | 681 | – | 681 | 0.21% |
| Long-Term Bonds (Schedule D, Part 1): Parent, subsidiaries and affiliates |  | 0.00% |  | – |  | 0.00% |
| Long-Term Bonds (Schedule D, Part 1): SVO identified funds | 280 | 0.09% | 280 | – | 280 | 0.09% |
| Long-Term Bonds (Schedule D, Part 1): Unaffiliated bank loans | 4987 | 1.54% | 4987 | – | 4987 | 1.54% |
| Long-Term Bonds (Schedule D, Part 1): Unaffiliated certificates of deposit | 50 | 0.02% | 50 | – | 50 | 0.02% |
| Long-Term Bonds (Schedule D, Part 1): Total long-term bonds | 201544 | 62.22% | 201544 | – | 201544 | 62.26% |
| Preferred stocks (Schedule D, Part 2, Section 1): Industrial and miscellaneous (Unaffiliated) | 613 | 0.19% | 613 | – | 613 | 0.19% |
| Preferred stocks (Schedule D, Part 2, Section 1): Parent, subsidiaries and affiliates |  | 0.00% |  | – |  | 0.00% |
| Preferred stocks (Schedule D, Part 2, Section 1): Total preferred stocks | 613 | 0.19% | 613 | – | 613 | 0.19% |
| Common stocks (Schedule D, Part 2, Section 2): Industrial and miscellaneous Publicly traded (Unaffiliated) | 1426 | 0.44% | 1426 | – | 1426 | 0.44% |
| Common stocks (Schedule D, Part 2, Section 2): Industrial and miscellaneous Other (Unaffiliated) | 407 | 0.13% | 407 | – | 407 | 0.13% |
| Common stocks (Schedule D, Part 2, Section 2): Parent, subsidiaries and affiliates Publicly traded |  | 0.00% |  | – |  | 0.00% |
| Common stocks (Schedule D, Part 2, Section 2): Parent, subsidiaries and affiliates Other | 551 | 0.17% | 551 | – | 551 | 0.17% |
| Common stocks (Schedule D, Part 2, Section 2): Mutual funds |  | 0.00% |  | – |  | 0.00% |
| Common stocks (Schedule D, Part 2, Section 2): Unit investment trusts |  | 0.00% |  | – |  | 0.00% |
| Common stocks (Schedule D, Part 2, Section 2): Closed-end funds |  | 0.00% |  | – |  | 0.00% |
| Common stocks (Schedule D, Part 2, Section 2): Exchange traded funds | 344 | 0.11% | 344 | – | 344 | 0.11% |
| Common stocks (Schedule D, Part 2, Section 2): Total common stocks | 2727 | 0.84% | 2727 | – | 2727 | 0.84% |
| Mortgage loans (Schedule B): Farm mortgages |  | 0.00% |  | – |  | 0.00% |
| Mortgage loans (Schedule B): Residential mortgages | 1 | 0.00% | 1 | – | 1 | 0.00% |
| Mortgage loans (Schedule B): Commercial mortgages | 56401 | 17.41% | 56401 | – | 56401 | 17.42% |
| Mortgage loans (Schedule B): Mezzanine real estate loans | 676 | 0.21% | 676 | – | 676 | 0.21% |
| Mortgage loans (Schedule B): Total mortgage loans | 57078 | 17.62% | 57078 | – | 57078 | 17.63% |
| Real estate (Schedule A): Properties occupied by company | 696 | 0.21% | 696 | – | 696 | 0.21% |
| Real estate (Schedule A): Properties held for production of income | 2095 | 0.65% | 2095 | – | 2095 | 0.65% |
| Real estate (Schedule A): Properties held for sale |  | 0.00% |  | – |  | 0.00% |
| Real estate (Schedule A): Total real estate | 2791 | 0.86% | 2791 | – | 2791 | 0.86% |
| Cash, cash equivalents and short-term investments: Cash (Schedule E, Part 1) | 49 | 0.02% | 49 | – | 49 | 0.02% |
| Cash, cash equivalents and short-term investments: Cash equivalents (Schedule E, Part 2) | 5364 | 1.66% | 5364 | – | 5364 | 1.66% |
| Cash, cash equivalents and short-term investments: Short-term investments (Schedule DA) | 2638 | 0.81% | 2638 | – | 2638 | 0.82% |
| Cash, cash equivalents and short-term investments: Total cash, cash equivalents and short-term investments | 8052 | 2.49% | 8052 | – | 8052 | 2.49% |
| Contract loans | 20041 | 6.19% | 20039 | – | 20039 | 6.19% |
| Derivatives (Schedule DB) | 1849 | 0.57% | 1849 | – | 1849 | 0.57% |
| Other invested assets (Schedule BA) | 28939 | 8.93% | 28738 | – | 28738 | 8.88% |
| Receivables for securities | 92 | 0.03% | 92 | – | 92 | 0.03% |
| Securities Lending (Schedule DL, Part 1) |  | 0.00% |  | – |  | 0.00% |
| Other invested assets (Page 2, Line 11) | 187 | 0.06% | 187 | – | 187 | 0.06% |
| Total invested assets | 323912 | 100.00% | 323709 | – | 323709 | 100.00% |

---

------

##### [**Table of Contents**](#toc)
PART C <br>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: <br>Statements of Assets and Liabilities as of the end of the most recent fiscal year <br>Statements of Operations as of the end of the most recent fiscal year <br>Statements of Changes in Net Assets for each of the two most recent fiscal years <br>Notes to Financial Statements <br>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: <br>Consolidated Statement of Financial Position at the end of each of the most recent two fiscal years <br>Consolidated Statement of Operations for each of the three most recent fiscal years <br>Consolidated Statement of Changes in Surplus for each of the three most recent fiscal years <br>Consolidated Statement of Cash Flows for each of the most recent three fiscal years <br>Notes to Consolidated Statutory Financial Statements <br>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 Contract, <br> RR.V.A. FB. (1106), including Sex Distinct Payment Rate <br> Tables<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(4)(a)(1) to Form N-4 Pre-Effective</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312506035578/dex99b4a.htm)<br> [<u>Amendment No. 1 for NML Variable Annuity Account A,</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312506035578/dex99b4a.htm)<br> [<u>File No. 333-133380, filed on August 8, 2006</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312506035578/dex99b4a.htm)<br>|
| (d)(2) | &nbsp;&nbsp;&nbsp; Form of Amendment to Qualify Contract as Tax-Exempt <br> Trust and Permit Contributions to Qualify as Charitable <br> Deduction, RR.V.NIMCRUT.(1106)<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(4)(a)(1) to Form N-4 Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312507036888/dex99b4a1.htm)<br> [<u>Amendment No. 11 for NML Variable Annuity Account</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312507036888/dex99b4a1.htm)<br> [<u>B, File No. 333-33232, filed on February 22, 2007</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312507036888/dex99b4a1.htm)<br>|
| (d)(3) | &nbsp;&nbsp;&nbsp; Form of Flexible Payment Variable Annuity Contract, <br> RR.V.B.MSNST.(0704) and Amendment of Contract to <br> 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/72176/000119312504073735/dex99b4a.txt)<br> [<u>No. 5 for NML Variable Annuity Account B, File No.</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312504073735/dex99b4a.txt)<br> [<u>333-33232, filed on April 29, 2004</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312504073735/dex99b4a.txt)<br>|
| (d)(4) | &nbsp;&nbsp;&nbsp; Variable Annuity Contract RR.V.A.B.MSNST.(0704) <br> Payment 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/72176/000119312504073735/dex99b4b.txt)<br> [<u>No. 5 for NML Variable Annuity Account B, File No.</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312504073735/dex99b4b.txt)<br> [<u>333-33232, filed on April 30, 2004</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312504073735/dex99b4b.txt)<br>|
| (d)(5) | &nbsp;&nbsp;&nbsp; Form of Flexible Payment Variable Annuity Contract, <br> RR.V.B.MSNST.(0803) and Amendment of Contract to <br> 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/72176/000119312505088462/dex99b4a1.htm)<br> [<u>Amendment No. 7 for NML Variable Annuity Account B,</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088462/dex99b4a1.htm)<br> [<u>File No. 333-33232, filed on April 28, 2005</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088462/dex99b4a1.htm)<br>|
| (d)(6) | &nbsp;&nbsp;&nbsp; Variable Annuity Contract RR.V.A.B.MSNST.(0803) <br> Payment Rate Tables (sex distinct)<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(4)(b)(1) to Form N-4 Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088462/dex99b4b1.htm)<br> [<u>Amendment No. 7 for NML Variable Annuity Account B,</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088462/dex99b4b1.htm)<br> [<u>File No. 333-33232, filed on April 28, 2005</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088462/dex99b4b1.htm)<br>|

---

------

---

| | | |
|:---|:---|:---|
| **Exhibit** | **Description** | **Filed Herewith/Incorporated Herein By Reference To** |
| (d)(7) | Enhanced Death Benefit Rider, VA.EDB.(0803)  | &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(4)(c) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312506083107/dex99b4c.htm)<br> [<u>No. 7 for NML Variable Annuity Account B, File No.</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312506083107/dex99b4c.htm)<br> [<u>333-33232, filed on April 28, 2005</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312506083107/dex99b4c.htm)<br>|
| (d)(8) | &nbsp;&nbsp;&nbsp; Flexible Payment Variable Annuity Contract, <br> RR.V.B.MSNST. (032000), including Amendment to <br> Qualify as an Annuity for non-tax qualified business (sex <br> neutral)<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit B(4)(a) to Form N-4 Registration Statement for</u>](https://www.sec.gov/Archives/edgar/data/72176/0000950124-00-001525-index.html)<br> [<u>NML Variable Annuity Account B, File No. 333-33232,</u>](https://www.sec.gov/Archives/edgar/data/72176/0000950124-00-001525-index.html)<br> [<u>filed on March 24, 2000</u>](https://www.sec.gov/Archives/edgar/data/72176/0000950124-00-001525-index.html)<br>|
| (d)(9) | &nbsp;&nbsp;&nbsp; Variable Annuity Contract Payment Rate Tables, <br> RR.V.A.B.MSNST. (032000), included in Exhibit B(4)(a) <br> above (sex distinct)<br>| &nbsp;&nbsp;&nbsp; [<u>Exhibit B(4)(b) to Form N-4 Registration Statement for</u>](https://www.sec.gov/Archives/edgar/data/72176/000095012400001525/0000950124-00-001525.txt)<br> [<u>NML Variable Annuity Account B, File No. 333-33232,</u>](https://www.sec.gov/Archives/edgar/data/72176/000095012400001525/0000950124-00-001525.txt)<br> [<u>filed on March 24, 2000</u>](https://www.sec.gov/Archives/edgar/data/72176/000095012400001525/0000950124-00-001525.txt)<br>|
| (d)(10) | Enhanced Death Benefit Rider, VA.EDB.(032000) | &nbsp;&nbsp;&nbsp; [<u>Exhibit B(4)(c) to Form N-4 Registration Statement for</u>](https://www.sec.gov/Archives/edgar/data/72176/000095012400001525/0000950124-00-001525.txt)<br> [<u>NML Variable Annuity Account B, File No. 333-33232,</u>](https://www.sec.gov/Archives/edgar/data/72176/000095012400001525/0000950124-00-001525.txt)<br> [<u>filed on March 24, 2000</u>](https://www.sec.gov/Archives/edgar/data/72176/000095012400001525/0000950124-00-001525.txt)<br>|
| (d)(11) | Waiver of Withdrawal Charge, VA.WWC.(032000) | &nbsp;&nbsp;&nbsp; [<u>Exhibit B(4)(d) to Form N-4 Registration Statement for</u>](https://www.sec.gov/Archives/edgar/data/72176/000095012400001525/0000950124-00-001525.txt)<br> [<u>NML Variable Annuity Account B, File No. 333-33232,</u>](https://www.sec.gov/Archives/edgar/data/72176/000095012400001525/0000950124-00-001525.txt)<br> [<u>filed on March 24, 2000</u>](https://www.sec.gov/Archives/edgar/data/72176/000095012400001525/0000950124-00-001525.txt)<br>|
| (d)(12) | &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 Registration Statement</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312514162977/d687342dex99b4h3.htm)<br> [<u>for NML Variable Annuity Account B, File No. 002-</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312514162977/d687342dex99b4h3.htm)<br> [<u>29240, filed on April 28, 2014</u>](https://www.sec.gov/Archives/edgar/data/790162/000119312514162977/d687342dex99b4h3.htm)<br>|
| (e) | Form of Application (0300)  | &nbsp;&nbsp;&nbsp; [<u>Exhibit (b)(5)(1) to Form N-4 Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088462/dex99b51.htm)<br> [<u>No. 7 for NML Variable Annuity Account B, File No.</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088462/dex99b51.htm)<br> [<u>333-33232, filed on April 28, 2005</u>](https://www.sec.gov/Archives/edgar/data/72176/000119312505088462/dex99b51.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-index.html)<br> [<u>Amendment No. 52 for NML Variable Annuity Account</u>](https://www.sec.gov/Archives/edgar/data/790162/0000950124-95-003703-index.html)<br> [<u>B, File No. 2-29240, filed on November 13, 1995</u>](https://www.sec.gov/Archives/edgar/data/790162/0000950124-95-003703-index.html)<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>|

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| | | |
|:---|:---|:---|
| **Exhibit** | **Description** | **Filed Herewith/Incorporated Herein By Reference To** |
| (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>|
| (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/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)(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>|

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| | | |
|:---|:---|:---|
| **Exhibit** | **Description** | **Filed Herewith/Incorporated Herein By Reference To** |
| (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>|
| (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) | Power of Attorney | &nbsp;&nbsp;&nbsp; [<u>Exhibit (j)(1) to Form N-6 Post-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525026807/d919803dex99jg.htm)<br> [<u>12 for Northwestern Mutual Variable Life Account II, File</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525026807/d919803dex99jg.htm)<br> [<u>No.333-230143, filed on February 14, 2025</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525026807/d919803dex99jg.htm)<br>|

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| | | |
|:---|:---|:---|
| **Exhibit** | **Description** | **Filed Herewith/Incorporated Herein By Reference To** |
| (j)(2) | 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)(3) | &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)(4) | &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>](d940402dex99k.htm) |
| (l) | Consent of PricewaterhouseCoopers LLP  | [<u>Filed herewith</u>](d940402dex99l.htm) |
| (m) | Not applicable |  |
| (n) | Not applicable |  |
| (o) | Not applicable |  |

---

Item 28. <u>Directors and Officers of the Depositor</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 June 1, 2025** 

---

| | |
|:---|:---|
| **Name** | **Address** |
| **Anne F. Ackerley** | &nbsp;&nbsp; Senior Advisor - BlackRock (Retirement Group) <br> BlackRock<br> 50 Hudson Yards<br> New York, NY 10001<br>|
| **Nicholas E. Brathwaite** | &nbsp;&nbsp; Founding Managing Partner<br> Celesta Capital<br> One California Street, Ste 1750<br> San Francisco, CA 94111<br>|
| **Timothy J. Gerend** | &nbsp;&nbsp; Chairman, President & Chief Executive Officer <br> Northwestern Mutual<br> 720 E. Wisconsin Avenue<br> Milwaukee, WI 53202<br>|
| **P. Russell Hardin** | &nbsp;&nbsp; Retired President<br> Robert W. Woodruff Foundation<br> 191 Peachtree Street NE, Suite 3540<br> Atlanta, GA 30303<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>|
| **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>|

---

------

---

| | |
|:---|:---|
| **Name** | **Address** |
| **Randolph W. Melville** | &nbsp;&nbsp; Retired Senior Vice President & General Manager West<br> Frito-Lay North America<br> 7901 Windrose Avenue, Unit 604<br> Plano, TX 75024<br>|
| **Jaime Montemayor** | &nbsp;&nbsp; Chief Digital and Technology Officer<br> General Mills<br> One General Mills Boulevard<br> Minneapolis, MN 55426<br>|
| **Timothy H. Murphy** | &nbsp;&nbsp; Chief Administrative Officer<br> Mastercard<br> 2000 Purchase Street<br> Purchase, NY 10577<br>|
| **Andrew N. Nunemaker** | &nbsp;&nbsp; Chief Executive Officer<br> Groupware Technologies<br> 3230 E. Kenwood Blvd<br> Milwaukee, WI 53211<br>|
| **Anne M. Paradis** | &nbsp;&nbsp; Retired Chief Executive Officer<br> MicroTek, Inc.<br> 72 Reservation Road<br> Sunderland, MA 01375<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>|
| **Ralph A. Weber** | &nbsp;&nbsp; General Counsel<br> Marquette University<br> 1250 W Wisconsin Avenue<br> Milwaukee, WI 53233<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 June 1, 2025** 

---

| | |
|:---|:---|
| **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 |
| **David L. Gordon** | Executive Vice President & Chief Digital & Information 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 |
| **Jeffrey D. Sippel** | Executive Vice President & Chief Strategy Officer |
| **Kamilah D. Williams-Kemp** | Executive Vice President & Chief Product Officer |

---

The business addresses 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 Depositor or Registrant</u>

The subsidiaries of The Northwestern Mutual Life Insurance Company ("Northwestern Mutual"), as of December 31, 2024 are set forth on the following pages. In addition to these subsidiaries, the following separate investment accounts (which include the Registrant) 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, 2024)** 

---

| | | | |
|:---|:---|:---|:---|
| **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 |
| Northwestern Long Term Care Insurance Company<sup>(2)</sup> <br>| Wisconsin | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| &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 |
| Northwestern Mutual Investment Services LLC<sup>(2)</sup> <br>| Wisconsin | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| Northwestern Mutual Wealth Management Company<sup>(2)</sup> <br>| Wisconsin | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| All Other Subsidiaries |  |  |  |
| 1838938 Alberta Ltd<sup>(2)</sup> <br>| Canada | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| 1890 Maple LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| 200 12th Street LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| 720 East LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; Northwestern Mutual <br> Investment Management <br> Company LLC<br>| 100 |
| 777 North Van Buren Apartments LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| 777 North Van Buren Parking LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| 777 North Van Buren Retail LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| AC 2020 NMTC Investor LLC<sup>(2)</sup> <br>| Louisiana | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 99 |
| Amber LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100 |
| Baraboo Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100 |
| Bayridge LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **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 |
| Bell Road Venture Partners LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 90 |
| Bishop Square LLC<sup>(2)</sup> <br>| Delaware | NM BSA LLC | 100 |
| Brandywine Distribution LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| Burgundy LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100 |
| C - Land Fund LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100 |
| Capitol View Joint Venture<sup>(2)</sup> <br>| Tennessee | C-Land Fund LLC | 85 |
| Capitol View JV-D<sup>(2)</sup> <br>| Tennessee | C-Land Fund LLC | 80 |
| Capitol View JV-E<sup>(2)</sup> <br>| Tennessee | C-Land Fund LLC | 70 |
| Cedarstone LLC<sup>(2)</sup> <br>| Delaware | Baraboo Inc | 100 |
| Chateau LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100 |
| Coral Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100 |
| Cortona Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100 |
| Cream City Venture Capital LLC<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 99 |
| Cream City Venture Capital LLC<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; NML Development <br> Corporation<br>| 1 |
| Crosland Greens LLC<sup>(2)</sup> <br>| &nbsp;&nbsp; North <br> Carolina<br>| C-Land Fund LLC | 85 |
| Crown Farm Partners LLC<sup>(2)</sup>  | Maryland | NM Imperial LLC | 99 |
| Crown Farm Partners LLC<sup>(2)</sup>  | Maryland | RE Corp | 1 |
| Dortmund LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100 |
| East Pointe Commons Limited Partnership | Wisconsin | EP Commons LLC | 30 |
| East Pointe Commons Limited Partnership | Wisconsin | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 70 |
| Ellington Residential LLC<sup>(2)</sup> <br>| Maryland | Crown Farm Partners, LLC | 100 |
| EP Commons LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 50 |
| Fairfield Potomac Club LLC<sup>(2)</sup>  | Delaware | NM Imperial LLC | 99 |
| Fairfield Potomac Club LLC<sup>(2)</sup>  | Delaware | RE Corp | 1 |
| FES LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100 |
| 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 |
| Hazel Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100 |
| Higgins Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Legal Entity Name** | &nbsp;&nbsp; **Domestic** <br> **Jurisdiction**<br>| **Owner(s)** | **Owner %** |
| High Street Station Square Pittsburgh I LLC<sup>(2)</sup>  | Delaware | NM Imperial LLC | 89 |
| High Street Station Square Pittsburgh I LLC<sup>(2)</sup>  | Delaware | NM High Street 1 LLC | 11 |
| Hobby Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100 |
| Hollenberg 1 Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100 |
| Iron Key Insurance Services LLC<sup>(2)</sup> <br>| Delaware | Lake Emily Holdings LLC | 100 |
| Lake Emily Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| Lakelands Associates LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 85 |
| Logan Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100 |
| Los Alamitos Corporate Center Joint Venture LLC<sup>(2)</sup>  | California | NM Imperial LLC | 99 |
| Los Alamitos Corporate Center Joint Venture LLC<sup>(2)</sup>  | California | RE Corp | 1 |
| Maroon Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100 |
| Mason & Marshall Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100 |
| MCC Castro Station LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 98.5 |
| Model Portfolios LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100 |
| Network Office Cashiership LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NM Career Distribution <br> Holdings LLC<br>| 100 |
| Nicolet Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100 |
| NM BSA LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100 |
| NM Cancer Center GP LLC<sup>(2)</sup> <br>| Delaware | NM Imperial LLC | 100 |
| NM Career Distribution Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| NM DFW Lewisville LLC<sup>(2)</sup> <br>| Delaware | NM Majestic Holdings LLC | 100 |
| NM Eagle I LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100 |
| NM Gen LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100 |
| NM GP Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| NM Green LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100 |
| NM High Street 1 LLC<sup>(2)</sup>  | Delaware | NM Imperial LLC | 89 |
| NM High Street 1 LLC<sup>(2)</sup>  | Delaware | NM High Street 2 LLC | 11 |
| NM High Street 2 LLC<sup>(2)</sup> <br>| Delaware | NM Imperial LLC | 100 |
| NM Imperial LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100 |
| NM Investment Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100 |
| NM Lion LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **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 |
| NM Neptune LLC<sup>(2)</sup> <br>| Delaware | NM Regal LLC | 100 |
| NM Network Office 135 Insurance Agency LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NM Career Distribution <br> Holdings LLC<br>| 100 |
| NM Pebble Valley LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| NM Pioneer LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| NM QOZ Fund II LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; QOZ Holding Company <br> LLC<br>| 100 |
| NM QOZ Fund III LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; QOZ Holding Company <br> LLC<br>| 100 |
| NM QOZ Fund IV LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; QOZ Holding Company <br> LLC<br>| 100 |
| NM QOZ Fund LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; QOZ Holding Company <br> LLC<br>| 100 |
| NM RE Funds LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100 |
| NM Regal LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100 |
| NM Twin Creeks GP LLC<sup>(2)</sup> <br>| Delaware | NM Imperial LLC | 100 |
| NM Van Buren LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100 |
| NM VI Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| NM-808 West LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| 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 |
| NMC VI GP LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100 |
| NM-Hemlock LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| NM-Jasper LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| NML Development Corporation<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100 |
| NML Real Estate Holdings LLC<sup>(2)</sup> <br>| Wisconsin | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| NML Securities Holdings LLC<sup>(2)</sup> <br>| Wisconsin | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| NMLSP1 LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100 |
| NM-MNO LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NM Career Distribution <br> Holdings LLC<br>| 100 |
| NM-Muse LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| NMPE I GP LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100 |
| NMPE II GP LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Legal Entity Name** | &nbsp;&nbsp; **Domestic** <br> **Jurisdiction**<br>| **Owner(s)** | **Owner %** |
| NMPE III GP LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100 |
| NMPE IV GP LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100 |
| NM-Port Royale LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| NM-Pulse LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| NM-RESA LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| NMRM Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100 |
| NM-SAS LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| NM-Skye LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| NM-Target Distribution Center 1 LLC<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; NM-Target.com Distribution <br> Center LLC<br>| 89 |
| NM-Target Distribution Center 1 LLC<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; NM-Target Distribution <br> Center -2 LLC<br>| 11 |
| NM-Target Distribution Center 2 LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NM-Target.com Distribution <br> Center LLC<br>| 100 |
| NM-Target Distribution Center Property Owner LLC<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; NM-Target.com Distribution <br> Center LLC<br>| 89 |
| NM-Target Distribution Center Property Owner LLC<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; NM-Target Distribution <br> Center -1 LLC<br>| 11 |
| NM-Target.com Distribution Center LLC<sup>(2)</sup> <br>| Delaware | NM Imperial LLC | 100 |
| Northwestern Broadway Plaza LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| 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 |
| Northwestern Mutual Capital Equity GP VII LP<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 50 |
| Northwestern Mutual Capital GP III LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100 |
| Northwestern Mutual Capital GP IV LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100 |
| Northwestern Mutual Capital GP LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100 |
| Northwestern Mutual MU TLD Registry LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| Northwestern Mutual Registry LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| Northwoods Phase I LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| Northwoods Phase II LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| Northwoods Phase III LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| NP Keystone Building 20 LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 91 |
| Osprey Links Golf Course LLC<sup>(2)</sup> <br>| Delaware | Osprey Links LLC | 100 |
| Osprey Links LLC<sup>(2)</sup>  | Delaware | NM Imperial LLC | 99 |
| Osprey Links LLC<sup>(2)</sup>  | Delaware | RE Corp | 1 |
| Plantation Oaks MHC-NM LLC<sup>(2)</sup> <br>| Delaware | NM Imperial LLC | 100 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Legal Entity Name** | &nbsp;&nbsp; **Domestic** <br> **Jurisdiction**<br>| **Owner(s)** | **Owner %** |
| Pompano Property Partners LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 90 |
| QOZ Holding Company LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| RE Corp<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100 |
| Realen Valley Forge Greenes Associates<sup>(2)</sup> <br>| Pennsylvania | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 95.93 |
| Regency NM Johns Creek LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| Russet Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100 |
| Scaleybark Phase I LLC<sup>(2)</sup> <br>| Delaware | C-Land Fund LLC | 85 |
| Scotty LLC<sup>(2)</sup>  | Delaware | Hobby Inc | 8.85 |
| Scotty LLC<sup>(2)</sup>  | Delaware | Maroon Inc | 91.15 |
| Seattle Network Office LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NM Career Distribution <br> Holdings LLC<br>| 100 |
| Seazen GP LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| Seazen Rocky Point LP<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 99.9 |
| Seazen Rocky Point LP<sup>(2)</sup>  | Delaware | Seazen GP LLC | 0.1 |
| Tampa Mariner Street Apts LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 90 |
| Tupelo Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100 |
| Two Con Holdings LLC<sup>(2)</sup> <br>| Delaware | Bishop Square LLC | 100 |
| Two Con LLC<sup>(2)</sup> <br>| Delaware | Two Con Holdings LLC | 100 |
| Two Con SPE LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100 |
| Variable Innovation LLC<sup>(2)</sup> <br>| Delaware | NM VI Holdings LLC | 100 |
| Ventura Lakes MHC-NM LLC<sup>(2)</sup> <br>| Delaware | NM Imperial LLC | 100 |
| Vienna Metro Joint Venture LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 85 |
| Walden OC LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100 |
| Waterside Lanier Venture Partners LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 91 |
| Wells Street LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| Westpark Corporate Center LLC<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 44.5 |
| Westpark Corporate Center LLC<sup>(2)</sup>  | Delaware | NM GP Holdings LLC | 44.5 |
| White Oaks Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100 |
| Wysh Financial LLC<sup>(2)</sup> <br>| Delaware | Wysh Holdings LLC | 100 |
| Wysh Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100 |
| Wysh Insurance Agency LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; Wysh Life and Health <br> Insurance Company<br>| 100 |
| Wysh Life and Health Insurance Company<sup>(2)</sup> <br>| Wisconsin | Wysh Holdings LLC | 100 |

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| | | | |
|:---|:---|:---|:---|
| **Legal Entity Name** | &nbsp;&nbsp; **Domestic** <br> **Jurisdiction**<br>| **Owner(s)** | **Owner %** |
| Wysh LLC<sup>(2)</sup> <br>| New York | Wysh Holdings LLC | 100 |

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(1) Certain subsidiaries are omitted on the basis that, considered in the aggregate at year end 2023, 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.

Item 30. <u>Indemnification</u>

(a) That portion of the By-laws of the Depositor, 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

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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 Registrant. 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 June 1, 2025, the directors and officers of NMIS are as follows:

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| | |
|:---|:---|
| Name | Position  |
| Brett Albers | Treasurer, Financial and Operations Principal |
| Laura M. Deaner | Chief Information Security Officer |
| Quentin M. Doll | Director |
| Bradley L. Eull | Secretary |
| Betsy Heisler | Vice President - Risk Products |
| Thomas R. Hendricks | Vice President - Wealth Advisory 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 |
| Mark E. McNulty | NMIS Anti-Money Laundering Officer |
| Alyssa G. Meyer | Senior Director - IPS Oversight and Controls |
| Roderick W. Mikus | Vice President - Operations |
| Alaka S. Mishal | Chief Technology Officer |
| Blaire L. Puls | Variable Investment Product Consultant |
| John C. Roberts | Executive Vice President, Chief Distribution Officer |
| Deborah A. Schultz | Director |
| Justin Stipan | Distribution Performance Principal |
| William H. Taylor | Vice President - Planning and Sales |
| Laila M. Valters | President |
| Becki Williams | Vice President - Advanced Markets |
| Kamilah D. Williams-Kemp | Executive Vice President – New Business |
| Terry R. Young | Assistant Secretary |

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**The address for each director and officer of NMIS is 720 East Wisconsin Avenue, Milwaukee, Wisconsin 53202.**

(c) NMIS, the principal underwriter, received $55,372,462 of commissions and other compensation, directly or indirectly, from Registrant during the last fiscal year for sales of variable annuity contacts, and interests therein, issued in connection with the Registrant.

Item 32. <u>Location of Accounts and Records</u>

All accounts, books or other documents required to be maintained in connection with the Registrant'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 Registrant and pursuant to which total payments of $5,000 or more were made during any of the last three fiscal years.

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Item 34. <u>Fee Representation</u>

The Northwestern Mutual Life Insurance Company hereby represents that 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.

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 Registrant 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 Registrant, 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 June 2, 2025.

NML VARIABLE ANNUITY ACCOUNT B <br> (Registrant)

By THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY (Depositor)

&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 Depositor on June 2, 2025.

THE NORTHWESTERN MUTUAL LIFE <br>INSURANCE COMPANY <br>(Depositor)

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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 below by the following persons in the capacities with the Depositor and on the dates indicated:

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| | | |
|:---|:---|:---|
| **Signature** | **Date** | **Title** |
| /s/ Timothy J. Gerend | June 2, 2025 | &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 | June 2, 2025 | &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 | June 2, 2025 | &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 |

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

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| | |
|:---|:---|
| Signature | Title |
| /s/ Anne F. Ackerley\* | Trustee  |
| Anne F. Ackerley |  |
| /s/ Nicholas E. Brathwaite\* | Trustee  |
| Nicholas E. Brathwaite |  |
| /s/ P. Russell Hardin\* | Trustee |
| P. Russell Hardin |  |
| /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/ Ralph A. Weber\* | Trustee |
| Ralph A. Weber |  |
| /s/ Juan C. Zarate\* | Trustee |
| Juan C. Zarate |  |

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

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| | |
|:---|:---|
| \*By: | /s/ Raymond J. Manista |
|  | &nbsp;&nbsp;&nbsp; Raymond J. Manista, Attorney in fact, pursuant to the Power of Attorney incorporated by reference to [<u>Exhibit (j)(g) to Form N-6 Post-</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525026807/d919803dex99jg.htm)<br> [<u>Effective Amendment No. 12 for Northwestern Mutual Variable Life Account II, File No.333-230143, filed on February 14, 2025</u>](https://www.sec.gov/Archives/edgar/data/1359314/000119312525026807/d919803dex99jg.htm)<br>|

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Each of the signatures is affixed as of June 2, 2025.

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EXHIBIT INDEX <br>EXHIBITS FILED WITH FORM N-4 <br>POST-EFFECTIVE AMENDMENT NO. 33 TO <br>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 <br>FOR <br>NML Variable Annuity Account B

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| | | |
|:---|:---|:---|
| **Exhibit** | **Description** |  |
| (k) | Opinion and Consent of Counsel | Filed herewith |
| (l) | Consent of PricewaterhouseCoopers LLP | Filed herewith |

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## Ex-99.(K)

![](g772028nwmutual_logo.jpg)

Exhibit (k)

June 2, 2025

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. 33 to the Registration Statement on Form N-4 (1933 Act File No. 333-33232) 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

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## Ex-99.(L)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Post-Effective Amendment No. 33 to the Registration Statement on Form N-4 (No. 333-33232) (the "Registration Statement") of our report dated February 17, 2025 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 28, 2025 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>June 2, 2025

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