1. The Financial Strength
of Northwestern Mutual
If you were to become disabled, which company would you want handling your claim?
Of the most prominent companies in the Individual Disability Income Insurance market-
place, The Northwestern Mutual Life Insurance Company (Northwestern Mutual) has
maintained the highest available ratings for insurance financial strength from all major
ratings agencies.
A.M. Fitch Standard
Moody’s
Best Ratings & Poor’s®
Northwestern Mutual A++ AAA Aaa AAA
Guardian/Berkshire A++ AA+ Aa2 AA+
Mass Mutual A++ AAA Aa2 AA+
Metropolitan Life A+ AA- Aa3 AA-
Principal A+ AA- Aa3 A+
Riversource A+ AA- Aa3 AA-
Standard A A+ A1 AA-
State Farm A++ AA+ Aa1 AA
Union Central A A+ DNS AA-
UNUMProvident A- A Baa1 A-
* DNS denotes that this insurer does not have a rating from this company. Source: LIMRA, March 2010.
2009 Ratings Distribution
A.M. Best Co., Inc. Fitch Ratings Moody’s Investors Service Standard & Poor’s®
Financial Strength Ratings Financial Strength Ratings Financial Strength Ratings Financial Strength Ratings
Rating # of Cos. % of Cos. Rating # of Cos. % of Cos. Rating # of Cos. % of Cos. Rating # of Cos. % of Cos.
A++ 23 2.4% AAA 10 3.2% Aaa 6 3.3% AAA 15 4.4%
A+ 110 11.5% AA+ 10 3.2% Aa1 7 3.8% AA+ 14 4.1%
A 232 24.2% AA 32 10.4% Aa2 9 4.9% AA 27 7.8%
A- 280 29.2% AA- 55 17.8% Aa3 35 19.0% AA- 66 19.2%
B++ 135 14.1% A+ 78 25.2% A1 50 27.2% A+ 64 18.6%
B+ 100 10.4% A 53 17.2% A2 26 14.1% A 77 22.4%
B 41 4.3% A- 33 10.7% A3 13 7.1% A- 33 9.6%
B- 14 1.5% BBB+ 14 4.5% Baa1 10 5.4% BBB+ 15 4.4%
C++ 6 0.6% BBB 6 1.9% Baa2 2 1.1% BBB 4 1.2%
C+ 2 0.2% BBB- 11 3.6% Baa3 12 6.5% BBB- 9 2.6%
D 3 0.3% BB+ 5 1.6% Ba1 4 2.2% BB+ 10 2.9%
E 7 0.7% CCC 2 0.6% Ba2 8 4.3% BB 2 0.6%
F 5 0.5% Ba3 1 0.5% B- 6 1.7%
B1 1 0.5% CCC- 1 0.3%
R 1 0.3%
Total 958 100.0% Total 309 100.0% Total 184 100.0% Total 344 100.0%
These distributions include ratings of U.S. and Canadian life-health companies. The ratings are as of August 1, 2009. The distributions do not include
ratings of property-liability companies, and do not include categories with zero companies.
Ratings are for The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM) and Northwestern Long Term Care Insurance Company, a
subsidiary of NM. Third party ratings are a measure of a company’s relative financial strength but do not apply to the performance of a variable annuity or
a variable life insurance underlying separate account.
continued...
26-4183 (0108) (REV 0310)

2. Financial Strength
A.M. Moody’s
Best Co., Inc. Fitch Ratings Standard & Poor’s®
www.fitchratings.com Investors Service www.standardandpoors.com
www.ambest.com www.moodys.com
Superior Exceptionally Strong Exceptional Extremely Strong
A++ AAA Aaa AAA, AAApi*
A+
Very Strong Excellent Very Strong
Excellent
AA+ Aa1 AA+
A
AA Aa2 AA, AApi*
A-
AA- Aa3 AA-
Strong Good Strong
Very Good
A+ A1 A+
B++
A A2 A, Api*
B+
A- A3 A-
Good Adequate Good
Fair/Marginal
BBB+ Baa1 BBB+
B, B-
BBB Baa2 BBB, BBBpi*
C++, C+
BBB- Baa3 BBB-
Marginal to
Weak/Poor Moderately/Very Weak Questionable/Lowest Extremely Weak
C, C-, D BB+ to C Ba1 to C BB+ to CC
BBpi* to CCpi*
*pi – Designates ratings for companies that did not actually request ratings.
What the financial rating agencies have said about us:
The rating also recognizes the loyalty and productivity of the Northwestern Mutual Financial Network,
its exclusive distribution system, as well as the competitive advantages derived from historically favor-
able investment, expense, persistency and mortality experience in its core business lines.
– Company Report, A.M. Best, July 2008
Northwestern Mutual has a very strong commitment to serving its policyowners, and writes primarily
business that provides risk sharing with its customers through dividend-paying products. Its branding and
consumer marketing is tightly linked with its participating product focus and commitment to policy owner
value and financial strength.
– Moody’s Investors Service, April 2009
The company’s very strong operating fundamentals reflect favorable underwriting results and invest-
ment margins, excellent policyowner persistency, and expense efficiency. The company maintains strong
discipline in its home office expenses and has a general agency distribution system with almost no fixed
expenses, encouraging strong field productivity and high degree of expense efficiency.
– Standard & Poor’s, July 2009
Northwestern Mutual’s sales force is highly productive and is particularly successful in the individual
and estate markets. The productivity and growth of the sales force is key to continued expansion of
Northwestern Mutual’s life insurance sales.
– Fitch Ratings, July 2008
The Northwestern Mutual Life
Insurance Company • Milwaukee, WI
www.northwesternmutual.com
26-4183 (0108) (REV 0310)