2025 Annual Report

People are our purpose

Northwestern Mutual continued to thrive in 2025, delivering results that enabled us to start 2026 from a position of strength and with great momentum. We entered the new year with record surplus to navigate the unexpected, $2.5 trillion insurance in force, more than $400 billion in client assets in our Wealth business, and our largest-ever national network of trusted advisor teams that are committed to serving our policyowners and clients.

While the numbers in this report are important measures of our performance, we never forget that they are a means to achieving our ultimate purpose—to secure and strengthen the financial futures for you, your loved ones, and millions of your fellow policyowners. This purpose drives all we do at Northwestern Mutual, and I'd like to highlight three ways this purpose was realized in 2025.

First, we helped provide multi-generational financial security to even more clients and grew our base of policyowners. At Northwestern Mutual, we help deliver financial security through our trusted advisors, who develop personalized financial plans that bring together risk management and wealth management solutions tailored to our clients' needs. This approach is distinct in financial services, helping to deliver better financial outcomes and the peace of mind to focus on what matters most in life.

Second, we again led the industry in long-term product value delivered to our policyowners. We announced an expected 2026 dividend payout of $9.2 billion, a figure that is more than three times our nearest competitor. In fact, just the total increase in our dividend payouts over the past three years nearly equals the entire 2025 dividend payout of our closest peer. These dividends reflect consistently excellent fundamentals and our enduring commitment to providing you with superior long-term value.

Third, we grew our financial strength, the foundation that supports the promises we've made to our policyowners. The four major rating agencies once again awarded Northwestern Mutual the highest financial strength ratings available to any U.S. life insurer. This unquestioned financial strength provides real advantages, enabling us to thrive through economic uncertainty and seize opportunities to deliver greater policyowner value. Most importantly, this financial strength helps ensure that we will be there to keep the promises that are foundational to your financial plans.

In summary, our financial strength remains unsurpassed in the industry, defined by the unparalleled value we deliver to policyowners—because your success is our greatest achievement.

Thank you for placing your trust in Northwestern Mutual. We'll continue to work hard every day to earn it.

Timothy J. Gerend

Chairman, President, and Chief Executive Officer

Rising retail investments leader

Northwestern Mutual is a top-five independent broker-dealer by revenue and among the fastest growing in the U.S.⁷ In 2025, sales by the company's retail investment business reached a record $69 billion, which drove annual net cash flow of $22 billion and demonstrates that people are turning to Northwestern Mutual's expert advisors to both protect against risk and manage their wealth. This strong net cash flow and favorable equity market returns contributed to an increase of more than 20% in total retail investment client assets, finishing the year at its highest-ever level, over $400 billion.