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1Source: Q3 2019 LIMRA U.S. Retail Individual Life Insurance Sales Report
2Ranking for Northwestern Mutual Investment Services, LLC. Sources: Financial Advisor magazine and InvestmentNews, May 2019.
392% of U.S. adults agreed nothing makes them happier or more confident in life than when their finances are in order. – 2019 Northwestern Mutual Planning & Progress Study
4Source: Q3 2019 LIMRA U.S. Retail Individual Life Insurance Sales Report
5Total dividend payout based on announced estimates. Actual payout is not yet known.
6Ratings are for The Northwestern Mutual Life Insurance Company and Northwestern Long Term Care Insurance Company, as of the most recent review and report by each ratings agency. Ratings are as of 09/19 (Moody's Investors Service), 05/19 (A.M. Best Company), 10/19 (Fitch Ratings), 12/19 (S&P Global Ratings). Ratings are subject to change.
7For J.D. Power 2019 award information, visit jdpower.com/awards.

*Not all Northwestern Mutual representatives are advisors. Only those representatives with the titles "financial advisor" or "wealth management advisor" are credentialed as Northwestern Mutual Wealth Management Company® representatives to provide advisory services.

For HIPAA-covered policies, our separate Notice of Privacy Practices describes how we collect, use and share your protected health information. If you would like a copy of this notice, please contact our privacy and security official at The Northwestern Mutual Life Insurance Company, 720 E. Wisconsin Ave., Milwaukee, WI 53202 | 414-665-6042.

OGBDT and Policyowner Dividends*

In 2019, operating gain before dividends and taxes (OGBDT) and policyowner dividends increased 2% and 6%, respectively.

Our goal is to pay the highest possible dividends while sustaining our unsurpassed financial strength. OGBDT is the amount left over from revenue to fund dividends and surplus after policyowner benefits and expenses have been paid. This reflects our efficiency, what we've paid and reserved for benefits, and the performance of our investments.

*While dividends are reviewed annually and not guaranteed, Northwestern Mutual has paid dividends every year since 1872.

OGBDT and Policyowner Dividends (in billions) Policyowner Dividends OGBDT $0 $ 1 $2 $3 $ 4 $5 $6 $ 7 2 0 1 9 5 2 0 1 8 2 0 1 7 2 0 1 6 2 0 1 5

Total Surplus

We achieved record surplus growth in 2019, with total surplus ending the year at $30.4 billion.*

Surplus is the amount we hold above our policyowner benefit reserves to cover the unexpected, including especially challenging periods.

A strong surplus means you can have confidence that we will remain financially strong through all economic environments. It also gives us the flexibility to invest for greater potential return for policyowners while sustaining unsurpassed financial strength.

* Includes surplus notes and asset valuation reserve.

Total Surplus* (in billions) $0 $5 $ 1 0 $ 1 5 $ 2 0 $25 $30 $35 2 0 1 9 2 0 1 8 2 0 1 7 2 0 1 6 2 0 1 5 Surplus

Insurance Products

"In force"—or, currently active insurance—has been steadily increasing, with our life insurance sales up 10% over last year. And our industry-leading persistency rate indicates high client satisfaction—over 96% of life insurance clients kept their Northwestern Mutual policies in 2019.

Life Insurance In Force (in billions) $0 $ 2 0 0 $ 4 0 0 $ 6 0 0 $800 $ 1 , 0 0 0 $ 1 , 2 0 0 $ 1 , 4 0 0 $ 1 , 6 0 0 $ 1 , 8 0 0 $ 2 , 0 0 0 2 0 1 9 2 0 1 8 2 0 1 7 2 0 1 6 2 0 1 5

Investment Products*

Holistic financial planning includes both insurance and investments, and our investments business surged in 2019. Client investment assets rose 26% in 2019, ending the year at a record high of $161 billion. In fact, we are one of the fastest-growing independent broker-dealers in the United States.

*Investment products and services offered through Northwestern Mutual Investment Services, LLC and Northwestern Mutual Wealth Management Company.

Client Investment Assets (in billions) $ 0 $ 2 0 $ 4 0 $ 6 0 $ 8 0 $ 1 0 0 $ 1 2 0 $ 1 4 0 $ 1 6 0 $ 1 8 0 2 0 1 9 2 0 1 8 2 0 1 7 2 0 1 6 2 0 1 5
A message about COVID–19 show more

The world around us has changed since our 2019 Annual Report was released. Today, we are navigating a global health crisis and its economic impact, and events continue to unfold. The results in this report are even more significant now. They reflect the unsurpassed financial strength and stability of your company and our readiness for this challenging time. Together, we'll navigate what lies ahead – with optimism, confidence, and a long-term view. Thank you for being a policyowner of Northwestern Mutual. hide