Northwestern Mutual has a mutual structure that allows it to focus solely on its customers rather than shareholders. As a mutual company, profits are returned to policyholders in the form of dividends rather than going to shareholders. This mutual structure provides advantages for policyholders like equitable treatment, improvements to existing policies at no additional cost, and a long-term investment approach. Northwestern Mutual's mutual structure and customer-focused values have enabled it to remain financially strong and earn recognition as one of the best life insurers in the country for over 150 years.

1. our Mutual advantage

2. Of all the reasons policyowners and clients value
Northwestern Mutual as their partner on the path
to financial security, one is paramount. It’s often
called the company’s “mutual advantage.”

3. Northwestern Mutual did not invent “mutuality.”
Over time, however, and continuing today, our company
has become what many point to as the pre-eminent
example of the power inherent in the mutual form of
corporate governance.
Indeed, Northwestern Mutual offers dramatic evidence that a company governed by mutual
values can be, in its field, best in the nation. During the period that FORTUNE magazine
conducted its “definitive report card on corporate reputations,” Northwestern Mutual was
the only company to lead its industry as one of America’s Most Admired Companies® for
25 consecutive years.1
The mutual structure of Northwestern Mutual allows the company to act differently than
most publicly traded stock companies, which typically must split their focus between
customers and shareholders.
In the typical stock company, profits As a mutual, Northwestern Mutual
go to shareholders. In contrast, has no shareholders. The company
Northwestern Mutual is more like a focuses solely and directly on
cooperative. After setting aside a safe its customers.
margin for reserves and surplus each
year, the company returns what would
otherwise be “profits” to its participating policyowners in the form of dividends. In other
words, our mutual structure brings into alignment the interests of both policyowners and
company. For policyowners, that’s an enormous “mutual advantage.”
There are others. As a mutual, the company is free to employ a long-term investment
approach within its general account investment portfolio, rather than following an approach
focused on meeting quarterly expectations. As a strategy, long-term investing has served us
well in all economic environments. Respected experts praise the company’s mutual structure
and values as underpinning an “extremely strong competitive position” within the U.S. life
insurance industry2—one in which Northwestern Mutual focuses on helping its
policyowners and clients achieve financial security.
As practiced by Northwestern Mutual, however, mutuality extends well beyond these basic
mutual advantages. The benefits of our mutuality are manifested in four key values:
• Doing what’s right for policyowners and other clients
• Building long-term relationships to meet client needs
• Building and preserving financial strength
• Offering world-class products and expert guidance that serve changing needs
over a lifetime
We invite you to explore these values on the following pages, to see how our brand of
mutuality sets us apart. We believe you will find it to be … a mutual advantage.
1
FORTUNE® magazine survey, “America’s Most Admired Companies,” March 17, 2008
2
Standard & Poor’s, March 23, 2010

4. More than a Century and a Half of
Doing the Right Thing for Policyowners
Our steadfast dedication to doing the right special or improved benefits—benefits not
thing for policyowners is as old as the available to current policyowners.
company itself. Since our beginnings in 1857,
generations of company leaders have tested Such an approach is not the practice
the merits of corporate decisions against only at Northwestern Mutual, where all
one standard: “Is what we’re doing in the policyowners are treated equitably.
best long-term interest of our policyowners?” This guiding principle extends to all areas:
pricing, underwriting, claims, dividend
It’s an uncompromising focus on the payouts, and more.
customer, one that embraces a strong belief in
fairness—equitable treatment for all. Equitable treatment at work
As our life and disability insurance
Equitable treatment for all
products are enhanced or improved,
Elsewhere in the life insurance industry, our current policyowners are invited to
inequitable treatment of policyowners share in the new benefits at no charge,
has become commonplace. To attract new whenever possible and practical. The same
customers, many companies have offered is true of policies offered by Northwestern
Long Term Care Insurance Company.
2
|
“… It (is) …. pre-eminently the policyowner’s “Our beliefs are not the easy way—
company.” but we think they are the right way. We do
– Executive Committee of the not propose to change our philosophy of
Board of Trustees, 1888 mutuality and fairness to all policyowner-
members. This company is different.”
– Francis Ferguson, President and CEO,
Northwestern Mutual, 1973
“The company is a mutual organization in the
strictest and best sense … This is a company
operated by the policyholders and for the best “Northwestern Mutual executives use a simple
interests of the policyholders.” yardstick to measure every business venture,
– Examination of the Wisconsin every business decision, every contract:
Insurance Department, 1905 Is it in the best interest of the 2.8 million
policyowners …?”
– Best’s Review, 1999

5. Throughout the years, the company has
offered several life insurance enhancements
to existing policyowners—because doing so
serves the best interests of our policyowners.
One program alone offered life insurance
policyowners $4.5 billion of additional
insurance at no increase in premium.
A recognized distinction
Forbes magazine acknowledged the unusual
nature of our commitment: “The tactics of
Milwaukee-based Northwestern Mutual are
a little bit unconventional. It has a habit of
attracting new customers by giving away
money to old ones.”3 n
3
Forbes, “Shopping for Life,” February 22, 1988
| 3
“We believe mutuality provides Northwestern “We believe mutuality is at the center of
Mutual with great competitive advantage Northwestern Mutual’s success. We found
and is one of the factors that has enabled a near obsessive focus on the long term to
the company to remain financially strong deliver the ‘promise’ to all policyowners.”
and to keep decisions focused on longer- – Report of the Policyowners’
Examining Committee, 2004
term implications (rather than on reported
quarterly earnings).”
– Report of the Policyowners’ “… Northwestern Mutual has been able to stay
Examining Committee, 2001
the course, true to its founding principles and
with policyowners’ interest as its guiding light.”
“A commitment to policyholders and the mutual – Report of the Policyowners’
Examining Committee, 2006
structure are key aspects of Northwestern
Mutual’s strategy. These principles underlie
the company’s emphasis on efficiency, “Simply put, most mutual companies have more
personalized ‘high-touch’ service and and better quality capital to absorb unexpected
competitive dividends to policyholders.” shocks—a vital distinguishing factor in today’s
– Standard & Poor’s, 2009 challenging economy.”
– Revenge of the Mutuals, Special Comment
Moody’s Investors Service, August 2009

6. The Benefits of Taking the Long-term View
Steady, stable, superior value is commonly ranked as a leader in customer
satisfaction. Again this year, we lead the
Policyowners receive steady, stable, and
industry among U.S. life insurers.4
excellent value, in part because of the long-
term investment strategy we employ in our
So satisfied are policyowners that they not
general account investment portfolio. Long-
only keep their policies, they return for more.
term investments typically outperform short-
In a typical year, existing customers account
term investments. In addition, focusing on
for more than half of our life insurance sales.5
long-term strategies gives us flexibility in
selecting investments and asset classes while
The comment we so often hear from
minimizing short-term risk and volatility. clients who have watched the cash value
of their policies grow over the years:
It’s an approach that has worked. It’s the
reason that we pay far more individual life “I wish I had bought more back then.”
insurance dividends each year than any other
company. In 2010, we will pay $4.7 billion in The same mutual principles that protect our
total individual life insurance dividends: financial strength and stability also provide
policyowner value. We have paid outstanding
• $4.3 billion in dividends on participating dividends6 year after year, decade after decade.
permanent life insurance policies; In fact, we have paid dividends every year
since 1872, no matter the economic climate.
• $225 million in dividends on individual
4
| disability income insurance policies; We work hard to secure customer loyalty:
through our quality products, excellent value,
• $8 million in dividends to long-term care
policyowners through our subsidiary, consistent financial strength, and prudent yet
Northwestern Long Term Care Insurance productive investment practices—as well as
Company. through enduring customer relationships.
Customer loyalty that leads the industry Lifetime customer relationships
Our mutual business practices and the value It’s often said that we have what many others in
they deliver create extraordinary loyalty our industry hope to create—lasting relationships
among our policyowners. Northwestern Mutual built on confidence and trust.
These relationships begin with our well-trained
“For our part, we have never lost sight network of financial representatives and the
of our need for financial strength— financial specialists who help them meet each
and never will. We will continue to client’s individual needs.
build on a strength that is manifested
in our industry-leading dividend We have long been committed to
maintaining and building our field force
payment and our exceptionally
of financial representatives who make
healthy surplus.”
– John Schlifske, Chairman & CEO,
this profession their lifelong career.
Northwestern Mutual, 2010
4
American Customer Satisfaction Index, February 2010. Produced by the Ross School of Business at the University of
Michigan, the American Society for Quality and the international consulting firm CFI Group.
5
Source: Northwestern Mutual
6
Neither the existence nor the amount of the dividend is guaranteed and is limited to ordinary and group life insurance
dividends. For a fuller explanation of dividends, see back cover.

7. Rooted in the Northwestern Mutual “Thank you for the fine job you are doing
culture, our representatives— during these difficult times. You have my
100% support.”
• Develop lifetime clients, not one-time -- South Dakota policyowner, 2010
customers;
• Identify each client’s long-term needs to help
people build sound plans aimed at ensuring “Keep up the good work. [You’re] what other
financial security. insurance companies wish they were. ”
-- Florida policyowner, 2010
Our representatives work exclusively for
Northwestern Mutual. They share our values.
A long history of listening to customers “The Policyowners’ Examining Committee
is an extraordinary thing. I don’t know of
For more than a century, we have any company, insurance or not, that opens
listened to our policyowners. We still do.
up its entire shop, in intimate detail,
Our Policyowners’ Examining Committee
to its customers. The ultimate winners
is unique in our industry.
are the policyowners.”
Since 1907, our Board of Trustees has – George Dickerman, Policyowner,
Former Trustee and former member,
annually named a group of three to five
policyowners to produce an independent
and unrestricted evaluation of company
Policyowners’ Examining Committee,
Chairman (Retired) Spalding Sports Worldwide | 5
operations, management, and strategic plans.
We publish the committee’s report each year
“Over the years, we have always thought
in our Annual Report. Read the entire report
in terms of the individual rather than the
at www.northwesternmutual.com.
mass and have consciously built toward
Over the years, these reports have kept us a personal relationship between the
sensitive to customer needs and prompted policyholder, the agent, and the company.”
important improvements in company – Edmund Fitzgerald, President and CEO,
structure and operations. n Northwestern Mutual, 1958

8. Maintaining Financial Strength
Our mutuality sets us apart financially. We are built to withstand
the good times and bad.
On a basic level, of course, financial strength is an obligation. It arises
from our commitment to policyowners, from the personal security
they entrust with us. Company founders pioneered a culture of scrupulous
responsibility for policyowner funds—to keep long-term financial promises.
“… consistently receives the highest marks from rating
agencies, which means it is fiscally strong enough to
outlast you.”
– Worth magazine, Editor’s Choice Award, July/August 2002
Very few companies receive the best possible ratings from the four major
rating agencies for insurance financial strength, let alone during the most
trying economic times. These important third-party perspectives on our
current financial strength validate Northwestern Mutual as a proven pillar
of strength and consistency.
6
| Our approach to mutuality, including our long-term investment strategy
and tight focus on operating fundamentals, helps us maintain the best
possible insurance financial strength ratings.
Financial Strength Ratings
A.M. Best A++ (Superior)
Fitch Ratings AAA (Exceptionally Strong)
Moody’s Aaa (Exceptional)
Standard & Poor’s AAA (Extremely Strong)
A.M. Best (March 2010), Fitch Ratings (May 2010), Moody’s (March 2010),
Standard & Poor’s (March 2010). Third-party ratings are subject to change.
Ratings are for Northwestern Mutual Life Insurance Company and
Northwestern Long Term Care Insurance Company. n

9. “Northwestern Mutual’s Aaa insurance
financial strength rating is based upon
the company’s exceptional franchise in
individual participating life insurance, which
is demonstrated by its excellent persistency,
mortality, and expense management, as well
as by its solid capitalization.”
– Moody’s Investors Service, 2010
“Northwestern Mutual has developed an
excellent risk-management culture that
places extreme importance on financial
security, with a mission that emphasizes
policyowner safety over size.”
– Standard & Poor’s, 2009
“If you find a client with an existing
Northwestern Mutual Life policy, simply
insist on retention of that policy. | 7
Northwestern Mutual is, by quite a margin,
the best. So it was in 1955 when I went
into the business. So it will likely be long
after I’m dead.”
– James Hunt, Consumer Federation of America website
(www.consumerfed.org) September 2001
“Everything we do must be done wisely.
We won’t invest unless we can do it prudently.
We won’t grow unless it’s by our values.
And we may not follow the industry if we see
opportunity differently. We remain financially
strong because we make good decisions.
And because we’re financially strong, it gives
us the power to avoid poor decisions.”
– Ed Zore, Chairman and CEO, Northwestern Mutual, 2009

10. How the Building Blocks of Mutuality Work
We are able to offer policyowners superior Therefore, the average company has that
value because, as a mutual company, we much less to return in dividends.
diligently monitor our business practices in four
vital areas: The chart below represents an industry study
• Mortality that compares the “mortality” rate of
Northwestern Mutual and 20 of its major
• Expenses competitors over a period of years. It includes all
• Customer Loyalty ages and the best classes of smokers and non-
smokers, the vast majority of our policyowners.
• Portfolio Management
The chart shows that our policyowners tend to
live longer—producing a mortality experience
These building blocks lay the groundwork for a
about 35 percent better than the inter-
mutual company and create advantages for our
company average.
customers. As you’ll see in the four sections that
follow, we excel in these areas—and frequently
We credit our superiority in this area to a field
surpass the industry averages by a wide margin.
force that seeks out people who live responsibly
and to a medical and underwriting staff
exceptionally skilled in assessing health risks.
Superior mortality results
Why is this important? Because the average This is only one building block that contributes
company pays proportionately more in death to the long-term value we offer policyowners.
8
| benefits than Northwestern Mutual does.
Society of Actuaries | Intercompany Mortality Study
All Ages, Select Period. Because the average
company pays
Intercompany Average Northwestern Mutual
SOA Intercompany Mortality Study
proportionately more
All Ages, Select Period, Excludes 9/11 in death benefits than
160
160 Northwestern Mutual
Mortality Ratio (Using 1975-80 Basic Table)
does, the average
140
140
company has that
much less to return in
Mortality Ratio (using the 1975-80 Basic Table)
120
120
dividends to surviving
100
100
policyowners.
80
80
60
60
40
40
20
20
0
0 69-74 71-76
73- 75- 77- 79- 81- 83- 85- 87- 89- 91- 93- 95- 97- 99- 01- 03-
69- 71- 73-78 75-80 77-82 79-84 81-86 83-88 85-90 87-92 89-94 91-96 93-98 95-00 97-02 99-04 01-06 03-08
74 76 78 80 82 84 86 Average 90 92 Northwestern Mutual 00 02 04 06 08
Intercompany
88 94 96 98
SOURCE: Society of Actuaries Intercompany Mortality Studies
For Internal or Financial Representative use only, Not for use with the general public
(5-year Periods)
Source: Society of Actuaries Intercompany Mortality Studies
Prepared and calculated by The Northwestern Mutual Life Insurance Company, Milwaukee, WI.
Intercompany Average data is currently available only through 2005.

11. “Thanks Northwestern Mutual for being
Keeping expenses low who you are—dependable, sound,
trustworthy. In these times of economic
Taken together, our careful approach to uncertainty, it is nice to have at least one
managing expenses and our favorable place where I am sure my principal is safe.”
claims experience account for more than
– Alabama policyowner, 2010
one-half of the total dividends to be paid
during 2010. “The company has a long-held reputation
for safety, stability, and performance
Our vigilance in keeping costs down has during difficult times ...”
been a hallmark of ours for decades and – Business Management magazine, 2008
gives us a strong competitive advantage
today. It’s another important factor that “Our character means 108 years of
contributes to the value we offer clients. adherence to principles and practices that
have produced outstanding results. Our
The chart below makes this case by record of quality performance and integrity
comparing the expenses on our principal gives this company unique character.”
product line with the industry average.
– Donald Slichter, President and CEO,
We consistently spend about one-third less on Northwestern Mutual, 1965
expenses than other companies. These savings
can contribute to dividend and surplus,
providing more value to policyowners.
| 9
Ordinary Life Expenses as Percent of Premium*
Company** 2005 2007 2009
Northwestern Mutual 18% 17% 18%
Ameriprise Financial Group 33 34 20
Manulife Financial (1) 27 29 22
Guardian Life 25 24 23
AXA Financial Group (2) 26 32 23
Genworth Financial Group 32 25 25
State Farm Life Group 28 25 24
Principal Life Group 28 28 25
New York Life Group 28 28 26
Prudential of America Group 24 26 26
Lincoln National Group 29 30 27
Mass Mutual Financial Group 24 25 28
AEGON USA, Inc 25 22 28
Metropolitan Life and Affiliated Companies (3) 25 28 28
Industry Average 25 23 26
* Direct premiums measured at 100%, excluding dividends to additions.
** Family data
(1) Primary Companies – John Hancock, John Hancock USA
(2) Primary Companies – Equitable, MONY
(3) Primary Companies – Metropolitan Life, New England, General American, Travelers
Source: SNL Financial
Prepared and calculated by The Northwestern Mutual Life Insurance Company, Milwaukee, WI

12. “As it happens, Northwestern Mutual, Customer satisfaction — our customers keep
the master of loyalty, is also famous for what they buy
its careful cost management … yet all of
Satisfied policyowners are loyal—they keep what they
Northwestern Mutual’s savings would not have purchased. In the insurance world, this is called
sustain superior production if they weren’t “persistency.”
reinvested in the delivery of superior value
to customers and agents, earning their We lead the industry in “persistency,” and that’s
loyalty in the process.” important to you.
– Frederick Reichheld, “The Loyalty Effect,” 1996 • Persistency is perhaps the truest measure of customer
satisfaction—people voting with their dollars, so to
“A commandment that flows from our credo speak.
is a policy of aggressive fairness. We treat • Persistency acts as an indicator: that the products “fit.”
all of our policyowners with the same They were properly bought and sold in the first place.
thorough respect.”
– Donald J. Schuenke, President and CEO, Persistency benefits the company in two ways. First,
Northwestern Mutual, 1988 incoming premiums create a steady cash flow that adds
to our investment portfolio. Second, retaining clients
“Our company has embraced mutuality for gives us a larger base over which to spread expenses.
143 years. But ironically, today, as more Both can contribute to the dividend payout, resulting in
and more companies abandon the mutual greater value for our policyowners.
form, the advantage of mutuality is finally
In the insurance industry, the “lapse ratio” is the
getting its rightful attention. We like being
10
| a mutual company.”
inverse of persistency. Policies lapse when people stop
paying their premiums. The latest available data show
– James D. Ericson, President and CEO,
Northwestern Mutual’s annual life insurance lapse ratio
Northwestern Mutual, 2000
is almost half the industry average. Persistency and lapse
ratios are two sides of the same coin.
The Power of Our Portfolio
How we manage our general account investment
portfolio is the final building block of superior value.
Our investment goal is well-defined: to perform well
both in good times and in bad.
• We invest in all the major asset classes and market
sectors, maintaining a diversified portfolio that
blends fixed income and equity investments.
• We seize opportunities when we invest and are
value-oriented in our investment approach.
• We take a long-term perspective, but when prudent,
we can invest more aggressively with portions
of the portfolio.
This strategy has enabled us to maximize total returns
with reduced volatility. To learn more about how
we invest to create additional value for policyowners
(pie chart at right), visit northwesternmutual.com |
About Us | Investment Information | The Power of
the Portfolio.7 n

13. Lapse Ratio by Amount, Combining New Business & In-Force Business
Company* 2005 2007 2009
Northwestern Mutual 3.6 3.6 4.5
Metropolitan Life & Affiliated Companies (3) 5.9 4.8 4.5
Genworth 4.3 5.0 5.9
MassMutual Financial Group 5.1 4.5 5.9
Lincoln National Corp 6.6 6.5 6.6
New York Life Group 5.5 5.6 6.5
Prudential of America Group 5.2 5.4 6.3
Guardian Life 6.0 5.9 6.5
Principal Life Insurance Company 5.4 5.5 6.5
Ameriprise 4.7 5.1 6.3
AXA (2) 7.2 5.4 6.8
John Hancock / ManuLife (ManuLife Financial Group) (1) 5.5 6.1 7.6
State Farm Group 6.1 6.8 7.6
AEGON USA, Inc. 7.5 6.5 9.1
Industry Average 6.6 6.4 7.3
* Family data
(1) Primary Companies – John Hancock, John Hancock USA
(2) Primary Companies – Equitable, MONY
(3) Primary Companies – Metropolitan Life, New England, General American, Travelers
Source: SNL Financial
| 11
Prepared and calculated by The Northwestern Mutual Life Insurance Company, Milwaukee, WI
Portfolio Composition
Portfolio Composition
Portfolio Composition
December 31, 2009 | Total Managed Assets: $131.6 Billion (Statement Value)
Fixed Income:Income: 88%
Fixed 88%
Equities: Equities: 12%
12%
Public Bonds and Preferred Stock 54% 3% 2% 2%
Public Bonds and Preferred Stock 54% 4% 3%
Private Bonds and Preferred Stock 17% 5% 4%
Private Bonds and Preferred Stock 17% 5%
Mortgage Loans 15%
15% 54%
Mortgage Loans 15% & Subsidiaries 5%
Private Equities
Private Equities & Subsidiaries 5%
Real Estate Equities 4% 15% 54%
Real Estate Equities 4% 3%
Public Common Stock 17%
Money Market 2%
Public Common Stock 3% 17%
Money Market 2%
Source: Northwestern Mutual Investment Report
7
Available upon request, Northwestern Mutual’s brochure, “The Power of the Portfolio,”
contains a fuller explanation of the investment portfolio.

14. Meeting Changing Needs—For Life
Northwestern Mutual’s world-class insurance Our financial representatives
products result from a vision and passion
These financial products are presented to
to be “simply the best” in quality and value.
customers in a coordinated way through
We have always aimed to:
Northwestern Mutual’s network of financial
• Provide superior products representatives who develop enduring
• Avoid fads and gimmicks relationships with clients by providing expert
guidance for a lifetime of financial security.
• Upgrade our policies in both the scope
of coverage and ability to provide better With access to a network of specialists, financial
benefits at lower costs representatives take a holistic approach to
identifying client needs, including:
• Asset and income protection
“This insurance and financial firm has zero • Education funding
new-economy glamour, and that’s just fine.
It’s only gaining market share, boosting • Business needs analysis
sales, and successfully retaining its top- • Investment services
performing sales agents.”
• Employee and executive benefits
– Sales and Marketing Management,
#1 Sales Force: Co-Winner, July 2001 • Retirement solutions
• Estate analysis
12
| In recent decades, policyowners have brought
to us a broader range of financial needs.
And our “mutual advantage” thrives. As we
continue to do what’s right for policyowners,
Northwestern Mutual has answered with we will draw upon the benefits of the culture
more diverse products and services. While and values that have defined our company
keeping our focus on world-class insurance, over time: build long-term relationships to
we’ve also added a careful selection of related meet client needs, build and preserve financial
financial products. strength, and provide expert guidance. n

15. “For our part, we have never lost sight of our
need for financial strength—and never will.
We will continue to build on a strength that is
manifested in our industry-leading dividend
payment and our exceptionally healthy surplus.”
– John Schlifske, Chairman & CEO, Northwestern Mutual, 2010

16. “Fitch believes that Northwestern Mutual’s
mutual status and policyowner dividend
enhances the company’s ability to maintain a
strong capital position and execute on its long-
term investment and financial strategy.”
– Fitch Ratings, June 2009
6
Dividends for Northwestern Mutual policies are distributions of the company’s surplus. They arise when premiums
plus investment income are more than enough to cover company operating expenses (including taxes), claim costs,
guaranteed increases in policy cash values and additions to surplus. Dividends are paid annually to policyowners in
proportion to company earnings on their policies. However, decisions with respect to the determination and allocation
of divisible surplus are at the discretion and sound business judgment of the company’s Board of Trustees. There is no
guaranteed specific method or formula for the determination and allocation of divisible surplus. Accordingly, the
company’s approach is subject to change. Also, there is no guarantee that any dividend will be paid on an individual
policy in any given year.
Securities are offered through Northwestern Mutual Investment Services, LLC, 1-866-664-7737, a wholly-owned
company of Northwestern Mutual, broker-dealer and member FINRA and SIPC.
Northwestern Long Term Care Insurance Company, Milwaukee, WI, (long-term care insurance) is a subsidiary of
Northwestern Mutual.
Charts contained in this brochure
were prepared and calculated by
The Northwestern Mutual Life
Insurance Company, Milwaukee, WI.
The Northwestern Mutual
Life Insurance Company • Milwaukee, WI
www.northwesternmutual.com
19-0185 (1002) (REV 0910)