September 4, 2015

VIA EDGAR

Securities and Exchange Commission

Division of Investment Management

100 F Street, NE

Washington, DC 20549

RE: Northwestern Mutual Variable Life Account I

EDGAR CIK No. 0000742277; File No. 811-3989

Northwestern Mutual Variable Life Account II

EDGAR CIK No. 0001359314; File No. 811-21933

Dear Sir or Madam:

On behalf of Northwestern Mutual Life Insurance Company and Northwestern Mutual Variable Life Account I and Account II, (“Registrants” or the “Accounts”) we hereby submit, pursuant to Rule 30b2-1 under the Investment Company Act of 1940 (the “1940 Act”), that the Accounts’ semi-annual report for the period ending June 30, 2015 has been transmitted to policy owners as required by Rule 30e-2 under the 1940 Act.

The following annual reports were filed with the Commission via EDGAR on the date indicated below and are incorporated herein by reference:

Underlying Investment Company	CIK No.	Date Filed	Registration   No.
Northwestern Mutual Series Fund, Inc.	0000742212	09/04/2015	811-03990
Fidelity VIP Mid Cap Portfolio	0000927384	08/24/2015	811-07205
Fidelity VIP Contrafund Portfolio	0000831016	08/24/2015	811-05511
Neuberger Berman Socially Responsive Portfolio	0000736913	08/31/2015	811-04255
Russell Investment Funds	0000824036	08/21/2015	811-05371
Russell Investment Funds – Life Points Variable Target Portfolio Series	0000824036	08/21/2015	811-05371
Credit Suisse Trust Commodity Return Strategy Portfolio	0000941568	09/01/2015	811-07261

Some of the investment companies above (or series thereof) may not be available under every policy offered by a Registrant.

This filing will also include any other materials required to be filed, if any.

Please direct any questions or comments regarding this filing to the undersigned at 414-665-2418.

Sincerely,

/s/ Barbara Courtney

Barbara Courtney

Director – Mutual Fund Accounting

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To obtain current performance information and information about Northwestern Mutual, visit us on our website. You can also visit us at our customer service section from our website for information on policy values and current fund performance. This site also allows you to view past confirmation and policy statements, as well as transfer funds online. To sign up for this service please call 1-866-424-2609 between 7:00 a.m. – 6:00 p.m. Central Time Monday – Friday. Your Northwestern Mutual Financial Representative is also available to answer any questions you have about your variable life insurance policy or any of our products.

For inforce policy service on Variable CompLife and Variable Whole Life, please call 1-866-424-2609, between 7:00 a.m. – 6:00 p.m. Central Time Monday – Friday.

For inforce policy service on Variable Executive Life, Variable Joint Life, Custom Variable Universal Life, Executive Variable Universal Life, and Survivorship Variable Universal Life, please call 1-866-464-3800, between 7:30 a.m. – 5:00 p.m. Central Time Monday – Friday.

Contents

Northwestern Mutual Series Fund, Inc. - Semi-Annual Report	208 pages
Fidelity® VIP Mid Cap Portfolio - Semi-Annual Report	21 pages
(This report follows the end of the Northwestern Mutual Series Fund, Inc.)
Fidelity® VIP Contrafund® Portfolio - Semi-Annual Report	23 pages
(This report follows the end of the Fidelity® VIP Mid Cap Portfolio)
Neuberger Berman AMT Socially Responsive Portfolio - Semi-Annual Report	22 pages
(This report follows the end of the Fidelity® VIP Contrafund® Portfolio)
Russell Investment Funds - Semi-Annual Report	146 pages
(This report follows the end of the Neuberger Berman AMT Socially Responsive Portfolio)
Russell Investment Funds - LifePoints® Variable Target Portfolio Series - Semi-Annual Report	66 pages
(This report follows the end of the Russell Investment Funds)
Credit Suisse Trust Commodity Return Strategy Portfolio - Semi-Annual Report	38 pages
(This report follows the end of the Russell Investment Funds - LifePoints® Variable Target Portfolio Series)
Northwestern Mutual Variable Life Account Financial Statements	33 pages
Northwestern Mutual Variable Life Account II Financial Statements	33 pages
Prospectus Supplements	17 pages

The performance data quoted represents past performance. Past performance is historical and does not guarantee future performance. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance information visit www.northwesternmutual.com.

Annual Report December 31, 2014

Northwestern Mutual Variable Life Account

Financial Statements

Northwestern Mutual Variable Life Account Financial Statements

Table of Contents

Northwestern Mutual Variable Life Account
Statements of Assets and Liabilities	1
Statements of Operations	9
Statements of Changes in Net Assets	13
Notes to Financial Statements	23
Report of Independent Registered Public Accounting Firm	31

Northwestern Mutual Variable Life Account

Statements of Assets and Liabilities

December 31, 2014

(in thousands, except accumulation unit values)

	Growth Stock Division		Focused Appreciation Division		Large Cap Core Stock Division		Large Cap Blend Division		Index 500 Stock Division
Assets:
Investments, at value (1)
Northwestern Mutual Series Fund, Inc.	$	386,880	$	122,803	$	244,071	$	8,194	$	1,122,451
Fidelity Variable Insurance Products		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		45		-		-		-		-
Total Assets		386,925		122,803		244,071		8,194		1,122,451
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		8		28		2		56
Due to Participants		-		-		-		-		-
Total Liabilities		-		8		28		2		56
Total Net Assets	$	386,925	$	122,795	$	244,043	$	8,192	$	1,122,395
Net Assets:
Variable Life Policies Issued:
Before October 11, 1995
Policyowners’ Equity	$	34,459	$	7,639	$	27,147	$	402	$	156,204
Northwestern Mutual Equity		455		81		421		4		1,761
Variable CompLife Policies Issued Between October 11, 1995 and December 31, 2008 (2)
Policyowners’ Equity		329,431		104,279		200,779		7,165		883,779
Northwestern Mutual Equity		8,108		3,028		5,077		167		21,214
Variable Executive Life Policies Issued Between March 2, 1998 and December 31, 2008 (3)
Policyowners’ Equity		6,969		3,877		5,715		340		22,363
Variable Joint Life Policies Issued Between December 10, 1998 and December 31, 2008 (4)
Policyowners’ Equity		7,503		3,891		4,904		114		37,074
Total Net Assets	$	386,925	$	122,795	$	244,043	$	8,192	$	1,122,395
(1) Investments, at cost	$	275,260	$	88,344	$	175,468	$	6,917	$	762,545
Mutual Fund Shares Held		134,567		46,622		147,654		7,290		282,307
(2) Accumulation Unit Value	$	3.949121	$	3.141534	$	2.981972	$	1.577743	$	4.519180
Units Outstanding		85,472		34,157		69,034		4,647		200,257
(3) Accumulation Unit Value	$	54.488126	$	33.238141	$	40.759702	$	13.487127	$	103.583087
Units Outstanding		128		117		140		25		216
(4) Accumulation Unit Value	$	54.488126	$	33.238141	$	40.759702	$	13.487127	$	103.583087
Units Outstanding		138		117		120		8		358

The Accompanying Notes are an Integral Part of the Financial Statements. 1

Northwestern Mutual Variable Life Account

Statements of Assets and Liabilities

December 31, 2014

(in thousands, except accumulation unit values)

	Large Company Value Division		Domestic Equity Division		Equity Income Division		Mid Cap Growth Stock Division		Index 400 Stock Division
Assets:
Investments, at value (1)
Northwestern Mutual Series Fund, Inc.	$	11,443	$	190,761	$	123,136	$	465,335	$	290,566
Fidelity Variable Insurance Products		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		23		13		13		-		30
Total Assets		11,466		190,774		123,149		465,335		290,596
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		-		-		29		-
Due to Participants		-		-		-		-		-
Total Liabilities		-		-		-		29		-
Total Net Assets	$	11,466	$	190,774	$	123,149	$	465,306	$	290,596
Net Assets:
Variable Life Policies Issued:
Before October 11, 1995
Policyowners’ Equity	$	829	$	17,427	$	10,182	$	66,729	$	14,890
Northwestern Mutual Equity		5		208		123		955		157
Variable CompLife Policies Issued Between October 11, 1995 and December 31, 2008 (2)
Policyowners’ Equity		9,883		157,668		101,498		376,623		252,644
Northwestern Mutual Equity		224		4,545		2,658		9,236		6,244
Variable Executive Life Policies Issued Between March 2, 1998 and December 31, 2008 (3)
Policyowners’ Equity		19		4,302		4,368		4,457		7,342
Variable Joint Life Policies Issued Between December 10, 1998 and December 31, 2008 (4)
Policyowners’ Equity		506		6,624		4,320		7,306		9,319
Total Net Assets	$	11,466	$	190,774	$	123,149	$	465,306	$	290,596
(1) Investments, at cost	$	10,157	$	132,350	$	88,589	$	399,363	$	212,838
Mutual Fund Shares Held		9,976		132,289		69,490		136,903		148,248
(2) Accumulation Unit Value	$	1.648404	$	2.146602	$	2.579506	$	3.689747	$	3.817251
Units Outstanding		6,131		75,568		40,378		104,577		67,822
(3) Accumulation Unit Value	$	13.865219	$	22.950784	$	27.291728	$	102.693582	$	43.598907
Units Outstanding		1		187		160		43		168
(4) Accumulation Unit Value	$	13.865219	$	22.950784	$	27.291728	$	102.693582	$	43.598907
Units Outstanding		37		289		158		71		214

The Accompanying Notes are an Integral Part of the Financial Statements. 2

Northwestern Mutual Variable Life Account

Statements of Assets and Liabilities

December 31, 2014

(in thousands, except accumulation unit values)

	Mid Cap Value Division		Small Cap Growth Stock Division		Index 600 Stock Division		Small Cap Value Division		International Growth Division
Assets:
Investments, at value (1)
Northwestern Mutual Series Fund, Inc.	$	60,345	$	255,432	$	20,247	$	174,576	$	90,806
Fidelity Variable Insurance Products		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		5		-		1		-		-
Total Assets		60,350		255,432		20,248		174,576		90,806
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		29		-		23		3
Due to Participants		-		-		-		-		-
Total Liabilities		-		29		-		23		3
Total Net Assets	$	60,350	$	255,403	$	20,248	$	174,553	$	90,803
Net Assets:
Variable Life Policies Issued:
Before October 11, 1995
Policyowners’ Equity	$	4,262	$	11,971	$	2,167	$	13,587	$	4,166
Northwestern Mutual Equity		47		134		25		164		63
Variable CompLife Policies Issued Between October 11, 1995 and December 31, 2008 (2)
Policyowners’ Equity		51,344		225,037		16,611		146,621		76,999
Northwestern Mutual Equity		1,449		5,986		402		4,084		2,305
Variable Executive Life Policies Issued Between March 2, 1998 and December 31, 2008 (3)
Policyowners’ Equity		1,186		4,375		695		3,388		4,023
Variable Joint Life Policies Issued Between December 10, 1998 and December 31, 2008 (4)
Policyowners’ Equity		2,062		7,900		348		6,709		3,247
Total Net Assets	$	60,350	$	255,403	$	20,248	$	174,553	$	90,803
(1) Investments, at cost	$	43,941	$	201,781	$	20,992	$	121,939	$	91,074
Mutual Fund Shares Held		34,074		102,378		17,380		73,229		67,514
(2) Accumulation Unit Value	$	3.042400	$	3.633783	$	1.587514	$	3.191481	$	1.832844
Units Outstanding		17,353		63,577		10,717		47,222		43,268
(3) Accumulation Unit Value	$	32.189353	$	47.561777	$	17.638780	$	34.121874	$	19.596007
Units Outstanding		37		92		39		99		205
(4) Accumulation Unit Value	$	32.189353	$	47.561777	$	17.638780	$	34.121874	$	19.596007
Units Outstanding		64		166		20		197		166

The Accompanying Notes are an Integral Part of the Financial Statements. 3

Northwestern Mutual Variable Life Account

Statements of Assets and Liabilities

December 31, 2014

(in thousands, except accumulation unit values)

	Research International Core Division		International Equity Division		Emerging Markets Equity Division		Money Market Division		Short-Term Bond Division
Assets:
Investments, at value (1)
Northwestern Mutual Series Fund, Inc.	$	20,847	$	525,038	$	34,818	$	166,462	$	13,390
Fidelity Variable Insurance Products		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		13		80		25		10		2
Total Assets		20,860		525,118		34,843		166,472		13,392
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		-		-		-		-
Due to Participants		-		-		-		648		-
Total Liabilities		-		-		-		648		-
Total Net Assets	$	20,860	$	525,118	$	34,843	$	165,824	$	13,392
Net Assets:
Variable Life Policies Issued:
Before October 11, 1995
Policyowners’ Equity	$	1,357	$	63,071	$	1,619	$	11,807	$	1,192
Northwestern Mutual Equity		31		1,014		30		219		14
Variable CompLife Policies Issued Between October 11, 1995 and December 31, 2008 (2)
Policyowners’ Equity		17,065		422,389		28,641		116,846		10,874
Northwestern Mutual Equity		450		11,264		690		4,733		309
Variable Executive Life Policies Issued Between March 2, 1998 and December 31, 2008 (3)
Policyowners’ Equity		1,351		12,793		2,527		12,485		243
Variable Joint Life Policies Issued Between December 10, 1998 and December 31, 2008 (4)
Policyowners’ Equity		606		14,587		1,336		19,734		760
Total Net Assets	$	20,860	$	525,118	$	34,843	$	165,824	$	13,392
(1) Investments, at cost	$	19,767	$	500,388	$	37,634	$	166,462	$	13,420
Mutual Fund Shares Held		23,111		295,963		37,600		166,462		13,026
(2) Accumulation Unit Value	$	1.071981	$	3.229216	$	0.849119	$	1.538686	$	1.010036
Units Outstanding		16,338		134,291		34,542		79,015		11,073
(3) Accumulation Unit Value	$	10.212438	$	4.952849	$	10.109813	$	41.568533	$	12.188479
Units Outstanding		132		2,583		250		316		20
(4) Accumulation Unit Value	$	10.212438	$	4.952849	$	10.109813	$	41.568533	$	12.188479
Units Outstanding		59		2,945		132		475		62

The Accompanying Notes are an Integral Part of the Financial Statements. 4

Northwestern Mutual Variable Life Account

Statements of Assets and Liabilities

December 31, 2014

(in thousands, except accumulation unit values)

	Select Bond Division		Long-Term U.S. Government Bond Division		Inflation Protection Division		High Yield Bond Division		Multi-Sector Bond Division
Assets:
Investments, at value (1)
Northwestern Mutual Series Fund, Inc.	$	248,596	$	6,936	$	8,559	$	106,148	$	26,344
Fidelity Variable Insurance Products		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		19		8		-		6		-
Total Assets		248,615		6,944		8,559		106,154		26,344
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		-		-		-		-
Due to Participants		-		-		-		-		-
Total Liabilities		-		-		-		-		-
Total Net Assets	$	248,615	$	6,944	$	8,559	$	106,154	$	26,344
Net Assets:
Variable Life Policies Issued:
Before October 11, 1995
Policyowners’ Equity	$	23,802	$	451	$	755	$	7,436	$	1,474
Northwestern Mutual Equity		380		4		7		107		19
Variable CompLife Policies Issued Between October 11, 1995 and December 31, 2008 (2)
Policyowners’ Equity		183,351		6,316		6,501		87,915		22,751
Northwestern Mutual Equity		5,320		159		159		2,280		625
Variable Executive Life Policies Issued Between March 2, 1998 and December 31, 2008 (3)
Policyowners’ Equity		25,648		14		441		5,169		395
Variable Joint Life Policies Issued Between December 10, 1998 and December 31, 2008 (4)
Policyowners’ Equity		10,114		-		696		3,247		1,080
Total Net Assets	$	248,615	$	6,944	$	8,559	$	106,154	$	26,344
(1) Investments, at cost	$	246,963	$	6,395	$	9,042	$	102,000	$	26,878
Mutual Fund Shares Held		196,208		6,199		7,782		147,223		24,280
(2) Accumulation Unit Value	$	2.671248	$	1.371509	$	1.065002	$	3.335950	$	1.169486
Units Outstanding		70,630		4,721		6,254		27,038		19,988
(3) Accumulation Unit Value	$	211.428447	$	19.181310	$	13.899486	$	43.976216	$	15.951947
Units Outstanding		121		1		32		118		25
(4) Accumulation Unit Value	$	211.428447	$	19.181310	$	13.899486	$	43.976216	$	15.951947
Units Outstanding		48		-		50		74		68

The Accompanying Notes are an Integral Part of the Financial Statements. 5

Northwestern Mutual Variable Life Account

Statements of Assets and Liabilities

December 31, 2014

(in thousands, except accumulation unit values)

	Balanced Division		Asset Allocation Division		Fidelity VIP Mid Cap Division		Fidelity VIP Contrafund Division		Neuberger Berman AMT Socially Responsive Division
Assets:
Investments, at value (1)
Northwestern Mutual Series Fund, Inc.	$	360,231	$	47,340	$	-	$	-	$	-
Fidelity Variable Insurance Products		-		-		175,277		37,759		-
Neuberger Berman Advisers Management Trust		-		-		-		-		4,590
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		3		-		37		-		-
Total Assets		360,234		47,340		175,314		37,759		4,590
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		1		-		2		-
Due to Participants		-		-		-		-		-
Total Liabilities		-		1		-		2		-
Total Net Assets	$	360,234	$	47,339	$	175,314	$	37,757	$	4,590
Net Assets:
Variable Life Policies Issued:
Before October 11, 1995
Policyowners’ Equity	$	162,634	$	6,025	$	15,323	$	2,620	$	298
Northwestern Mutual Equity		1,669		81		170		26		4
Variable CompLife Policies Issued Between October 11, 1995 and December 31, 2008 (2)
Policyowners’ Equity		177,262		36,817		143,081		31,509		3,469
Northwestern Mutual Equity		4,757		1,066		4,173		755		89
Variable Executive Life Policies Issued Between March 2, 1998 and December 31, 2008 (3)
Policyowners’ Equity		7,198		1,102		6,119		1,788		236
Variable Joint Life Policies Issued Between December 10, 1998 and December 31, 2008 (4)
Policyowners’ Equity		6,714		2,248		6,448		1,059		494
Total Net Assets	$	360,234	$	47,339	$	175,314	$	37,757	$	4,590
(1) Investments, at cost	$	361,987	$	42,120	$	143,230	$	29,443	$	3,680
Mutual Fund Shares Held		243,235		39,615		4,758		1,029		192
(2) Accumulation Unit Value	$	3.329658	$	1.916252	$	4.048702	$	1.547371	$	1.513495
Units Outstanding		54,667		19,769		36,371		20,851		2,351
(3) Accumulation Unit Value	$	181.830315	$	20.487411	$	42.835362	$	16.754369	$	16.275087
Units Outstanding		40		54		143		107		14
(4) Accumulation Unit Value	$	181.830315	$	20.487411	$	42.835362	$	16.754369	$	16.275087
Units Outstanding		37		110		151		63		30

The Accompanying Notes are an Integral Part of the Financial Statements. 6

Northwestern Mutual Variable Life Account

Statements of Assets and Liabilities

December 31, 2014

(in thousands, except accumulation unit values)

	Russell Multi-Style Equity Division		Russell Aggressive Equity Division		Russell Non-U.S. Division		Russell Core Bond Division		Russell Global Real Estate Securities Division
Assets:
Investments, at value (1)
Northwestern Mutual Series Fund, Inc.	$	-	$	-	$	-	$	-	$	-
Fidelity Variable Insurance Products		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		213,356		104,712		121,463		86,900		175,393
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		6		-		13		-		-
Total Assets		213,362		104,712		121,476		86,900		175,393
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		7		-		9		19
Due to Participants		-		-		-		-		-
Total Liabilities		-		7		-		9		19
Total Net Assets	$	213,362	$	104,705	$	121,476	$	86,891	$	175,374
Net Assets:
Variable Life Policies Issued:
Before October 11, 1995
Policyowners’ Equity	$	9,427	$	7,060	$	7,525	$	5,478	$	10,267
Northwestern Mutual Equity		113		80		114		111		122
Variable CompLife Policies Issued Between October 11, 1995 and December 31, 2008 (2)
Policyowners’ Equity		178,429		88,540		100,170		62,217		148,325
Northwestern Mutual Equity		5,045		2,510		2,847		1,822		4,275
Variable Executive Life Policies Issued Between March 2, 1998 and December 31, 2008 (3)
Policyowners’ Equity		11,656		3,409		6,695		13,488		6,013
Variable Joint Life Policies Issued Between December 10, 1998 and December 31, 2008 (4)
Policyowners’ Equity		8,692		3,106		4,125		3,775		6,372
Total Net Assets	$	213,362	$	104,705	$	121,476	$	86,891	$	175,374
(1) Investments, at cost	$	166,648	$	89,475	$	120,475	$	85,014	$	168,520
Mutual Fund Shares Held		11,781		6,751		10,525		8,152		11,222
(2) Accumulation Unit Value	$	1.621079	$	2.373801	$	1.633987	$	2.180310	$	4.188148
Units Outstanding		113,181		38,357		63,046		29,371		36,437
(3) Accumulation Unit Value	$	18.071559	$	27.141282	$	17.795979	$	23.281628	$	44.660949
Units Outstanding		645		126		376		579		135
(4) Accumulation Unit Value	$	18.071559	$	27.141282	$	17.795979	$	23.281628	$	44.660949
Units Outstanding		481		114		232		162		143

The Accompanying Notes are an Integral Part of the Financial Statements. 7

Northwestern Mutual Variable Life Account

Statements of Assets and Liabilities

December 31, 2014

(in thousands, except accumulation unit values)

	Russell LifePoints Moderate Strategy Division		Russell LifePoints Balanced Strategy Division		Russell LifePoints Growth Strategy Division		Russell LifePoints Equity Growth Strategy Division		Credit Suisse Trust Commodity Return Strategy Division
Assets:
Investments, at value (1)
Northwestern Mutual Series Fund, Inc.	$	-	$	-	$	-	$	-	$	-
Fidelity Variable Insurance Products		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		3,327		17,114		20,167		8,766		-
Credit Suisse Trust		-		-		-		-		15,925
Due from Northwestern Mutual Life Insurance Company		-		3		-		-		9
Total Assets		3,327		17,117		20,167		8,766		15,934
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		-		41		4		-
Due to Participants		-		-		-		-		-
Total Liabilities		-		-		41		4		-
Total Net Assets	$	3,327	$	17,117	$	20,126	$	8,762	$	15,934
Net Assets:
Variable Life Policies Issued:
Before October 11, 1995
Policyowners’ Equity	$	974	$	2,522	$	3,131	$	776	$	435
Northwestern Mutual Equity		11		36		44		11		9
Variable CompLife Policies Issued Between October 11, 1995 and December 31, 2008 (2)
Policyowners’ Equity		2,194		13,835		16,181		7,070		13,370
Northwestern Mutual Equity		75		381		499		201		380
Variable Executive Life Policies Issued Between March 2, 1998 and December 31, 2008 (3)
Policyowners’ Equity		49		6		1		-		1,126
Variable Joint Life Policies Issued Between December 10, 1998 and December 31, 2008 (4)
Policyowners’ Equity		24		337		270		704		614
Total Net Assets	$	3,327	$	17,117	$	20,126	$	8,762	$	15,934
(1) Investments, at cost	$	3,345	$	16,353	$	18,697	$	7,789	$	19,073
Mutual Fund Shares Held		318		1,646		2,003		927		3,051
(2) Accumulation Unit Value	$	1.179226	$	1.222287	$	1.235139	$	1.258221	$	6.387246
Units Outstanding		1,924		11,631		13,504		5,778		2,153
(3) Accumulation Unit Value	$	14.227181	$	13.866173	$	13.064429	$	12.149681	$	5.885213
Units Outstanding		3		-		-		-		191
(4) Accumulation Unit Value	$	14.227181	$	13.866173	$	13.064429	$	12.149681	$	5.885213
Units Outstanding		2		24		21		58		104

The Accompanying Notes are an Integral Part of the Financial Statements. 8

Northwestern Mutual Variable Life Account

Statements of Operations

For the Year Ended December 31, 2014

(in thousands)

	Growth Stock Division		Focused Appreciation Division		Large Cap Core Stock Division		Large Cap Blend Division		Index 500 Stock Division
Income:
Dividend income	$	2,222	$	23	$	3,583	$	3	$	16,996
Expenses:
Mortality and expense risk charges		1,638		487		1,040		31		4,559
Taxes		17		4		14		-		75
Total Expenses		1,655		491		1,054		31		4,634
Net investment income (loss)		567		(468)		2,529		(28)		12,362
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		6,541		3,222		4,482		299		12,668
Realized gain distributions		35,938		11,724		21,530		282		13,243
Realized gains (losses)		42,479		14,946		26,012		581		25,911
Change in unrealized appreciation/(depreciation) of investments during the period		(12,180)		(4,410)		(9,983)		284		91,365
Net increase (decrease) in net assets resulting from operations	$	30,866	$	10,068	$	18,558	$	837	$	129,638
	Large Company Value Division		Domestic Equity Division		Equity Income Division		Mid Cap Growth Stock Division		Index 400 Stock Division
Income:
Dividend income	$	-	$	3,097	$	1,487	$	1,592	$	2,803
Expenses:
Mortality and expense risk charges		37		770		504		1,981		1,201
Taxes		-		8		5		32		7
Total Expenses		37		778		509		2,013		1,208
Net investment income (loss)		(37)		2,319		978		(421)		1,595
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		346		2,166		1,875		5,594		7,262
Realized gain distributions		444		-		3,559		87,466		13,440
Realized gains (losses)		790		2,166		5,434		93,060		20,702
Change in unrealized appreciation/(depreciation) of investments during the period		284		18,290		1,702		(57,841)		2,033
Net increase (decrease) in net assets resulting from operations	$	1,037	$	22,775	$	8,114	$	34,798	$	24,330

The Accompanying Notes are an Integral Part of the Financial Statements. 9

Northwestern Mutual Variable Life Account

Statements of Operations

For the Year Ended December 31, 2014

(in thousands)

	Mid Cap Value Division		Small Cap Growth Stock Division		Index 600 Stock Division		Small Cap Value Division		International Growth Division
Income:
Dividend income	$	544	$	-	$	284	$	628	$	1,261
Expenses:
Mortality and expense risk charges		233		1,044		79		752		401
Taxes		2		6		1		7		2
Total Expenses		235		1,050		80		759		403
Net investment income (loss)		309		(1,050)		204		(131)		858
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		454		4,487		674		4,982		(636)
Realized gain distributions		4,586		27,451		3,169		4,529		-
Realized gains (losses)		5,040		31,938		3,843		9,511		(636)
Change in unrealized appreciation/(depreciation) of investments during the period		2,912		(11,529)		(3,135)		(9,904)		(4,954)
Net increase (decrease) in net assets resulting from operations	$	8,261	$	19,359	$	912	$	(524)	$	(4,732)
	Research International Core Division		International Equity Division		Emerging Markets Equity Division		Money Market Division		Short-Term Bond Division
Income:
Dividend income	$	300	$	10,956	$	216	$	119	$	73
Expenses:
Mortality and expense risk charges		84		2,477		139		628		50
Taxes		1		35		1		7		1
Total Expenses		85		2,512		140		635		51
Net investment income (loss)		215		8,444		76		(516)		22
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		431		8,002		193		-		9
Realized gain distributions		128		38,609		12		-		-
Realized gains (losses)		559		46,611		205		-		9
Change in unrealized appreciation/(depreciation) of investments during the period		(2,302)		(108,669)		(2,705)		-		(46)
Net increase (decrease) in net assets resulting from operations	$	(1,528)	$	(53,614)	$	(2,424)	$	(516)	$	(15)

The Accompanying Notes are an Integral Part of the Financial Statements. 10

Northwestern Mutual Variable Life Account

Statements of Operations

For the Year Ended December 31, 2014

(in thousands)

	Select Bond Division		Long-Term U.S. Government Bond Division		Inflation Protection Division		High Yield Bond Division		Multi-Sector Bond Division
Income:
Dividend income	$	4,970	$	113	$	46	$	5,505	$	660
Expenses:
Mortality and expense risk charges		956		25		34		456		105
Taxes		12		-		-		4		1
Total Expenses		968		25		34		460		106
Net investment income (loss)		4,002		88		12		5,045		554
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		1,331		(267)		(273)		839		141
Realized gain distributions		-		-		83		-		-
Realized gains (losses)		1,331		(267)		(190)		839		141
Change in unrealized appreciation/(depreciation) of investments during the period		7,009		1,340		415		(5,047)		(116)
Net increase (decrease) in net assets resulting from operations	$	12,342	$	1,161	$	237	$	837	$	579
	Balanced Division		Asset Allocation Division		Fidelity VIP Mid Cap Division		Fidelity VIP Contrafund Division		Neuberger Berman AMT Socially Responsive Division
Income:
Dividend income	$	8,291	$	1,018	$	33	$	269	$	16
Expenses:
Mortality and expense risk charges		1,614		196		722		142		17
Taxes		82		3		8		1		-
Total Expenses		1,696		199		730		143		17
Net investment income (loss)		6,595		819		(697)		126		(1)
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		(2,721)		450		1,455		1,634		351
Realized gain distributions		28,444		4,184		4,047		749		-
Realized gains (losses)		25,723		4,634		5,502		2,383		351
Change in unrealized appreciation/(depreciation) of investments during the period		(14,678)		(3,302)		4,538		1,090		66
Net increase (decrease) in net assets resulting from operations	$	17,640	$	2,151	$	9,343	$	3,599	$	416

The Accompanying Notes are an Integral Part of the Financial Statements. 11

Northwestern Mutual Variable Life Account

Statements of Operations

For the Year Ended December 31, 2014

(in thousands)

	Russell Multi-Style Equity Division		Russell Aggressive Equity Division		Russell Non-U.S. Division		Russell Core Bond Division		Russell Global Real Estate Securities Division
Income:
Dividend income	$	2,398	$	264	$	2,536	$	1,312	$	5,490
Expenses:
Mortality and expense risk charges		837		441		532		311		701
Taxes		5		3		4		3		5
Total Expenses		842		444		536		314		706
Net investment income (loss)		1,556		(180)		2,000		998		4,784
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		6,219		1,779		966		319		1,408
Realized gain distributions		28,069		10,016		-		1,675		7,337
Realized gains (losses)		34,288		11,795		966		1,994		8,745
Change in unrealized appreciation/(depreciation) of investments during the period		(13,926)		(10,588)		(9,202)		1,207		8,524
Net increase (decrease) in net assets resulting from operations	$	21,918	$	1,027	$	(6,236)	$	4,199	$	22,053
	Russell LifePoints Moderate Strategy Division		Russell LifePoints Balanced Strategy Division		Russell LifePoints Growth Strategy Division		Russell LifePoints Equity Growth Strategy Division		Credit Suisse Trust Commodity Return Strategy Division
Income:
Dividend income	$	86	$	483	$	583	$	283	$	-
Waiver Income		-		-		-		-		2
Total Income		86		483		583		283		2
Expenses:
Mortality and expense risk charges		12		70		86		36		71
Taxes		-		1		2		-		-
Total Expenses		12		71		88		36		71
Less waived fees		-		-		-		-		(14)
Net Expenses		12		71		88		36		57
Net investment income (loss)		74		412		495		247		(55)
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		58		379		303		99		73
Realized gain distributions		41		298		424		139		-
Realized gains (losses)		99		677		727		238		73
Change in unrealized appreciation/(depreciation) of investments during the period		(60)		(489)		(624)		(229)		(3,407)
Net increase (decrease) in net assets resulting from operations	$	113	$	600	$	598	$	256	$	(3,389)

The Accompanying Notes are an Integral Part of the Financial Statements. 12

Northwestern Mutual Variable Life Account

Statements of Changes in Net Assets

(in thousands)

	Growth Stock Division					Focused Appreciation Division
	Year Ended December 31, 2014		Year Ended December 31, 2013			Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	567	$	761			$(468)	$	59
Net realized gains (losses)		42,479		26,883			14,946		2,826
Net change in unrealized appreciation/(depreciation)		(12,180)		69,866			(4,410)		23,435
Net increase (decrease) in net assets resulting from operations		30,866		97,510			10,068		26,320
Policy Transactions:
Policyowners’ net payments		16,464		17,907			5,808		6,168
Policy loans, surrenders and death benefits		(19,999)		(20,110)			(5,800)		(6,020)
Mortality and other (net)		(7,770)		(7,299)			(2,453)		(2,289)
Transfers from other divisions		35,723		18,642			11,837		11,303
Transfers to other divisions		(36,524)		(23,073)			(13,051)		(15,183)
Net increase (decrease) in net assets resulting from policy transactions		(12,106)		(13,933	)		(3,659)		(6,021)
Net increase (decrease) in net assets		18,760		83,577			6,409		20,299
Net Assets:
Beginning of period		368,165		284,588			116,386		96,087
End of period	$	386,925	$	368,165		$	122,795	$	116,386
Units issued during the period		7,930		9,982			4,304		5,521
Units redeemed during the period		(11,049)		(13,965)			(5,205)		(7,158)
Net units issued (redeemed) during period		(3,119)		(3,983)			(901)		(1,637)
	Large Cap Core Stock Division					Large Cap Blend Division
	Year Ended December 31, 2014		Year Ended December 31, 2013			Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	2,529	$	1,528		$	(28)	$	29
Net realized gains (losses)		26,012		1,581			581		429
Net change in unrealized appreciation/(depreciation)		(9,983)		49,353			284		829
Net increase (decrease) in net assets resulting from operations		18,558		52,462			837		1,287
Policy Transactions:
Policyowners’ net payments		11,922		12,566			300		213
Policy loans, surrenders and death benefits		(13,603)		(14,423)			(125)		(178)
Mortality and other (net)		(5,313)		(5,144)			(132)		(92)
Transfers from other divisions		19,392		9,870			2,725		2,754
Transfers to other divisions		(20,795)		(13,352)			(1,570)		(1,442)
Net increase (decrease) in net assets resulting from policy transactions		(8,397)		(10,483)			1,198		1,255
Net increase (decrease) in net assets		10,161		41,979			2,035		2,542
Net Assets:
Beginning of period		233,882		191,903			6,157		3,615
End of period	$	244,043	$	233,882		$	8,192	$	6,157
Units issued during the period		7,017		7,972			1,722		1,532
Units redeemed during the period		(9,376)		(11,575)			(919)		(680)
Net units issued (redeemed) during period		(2,359)		(3,603)			803		852

The Accompanying Notes are an Integral Part of the Financial Statements. 13

Northwestern Mutual Variable Life Account

Statements of Changes in Net Assets

(in thousands)

	Index 500 Stock Division				Large Company Value Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	12,362	$	12,463	$	(37)	$	79
Net realized gains (losses)		25,911		23,308		790		493
Net change in unrealized appreciation/(depreciation)		91,365		208,382		284		870
Net increase (decrease) in net assets resulting from operations		129,638		244,153		1,037		1,442
Policy Transactions:
Policyowners’ net payments		45,360		46,553		320		122
Policy loans, surrenders and death benefits		(52,593)		(56,088)		(50)		(218)
Mortality and other (net)		(21,250)		(19,846)		(161)		(98)
Transfers from other divisions		113,171		84,237		4,781		4,785
Transfers to other divisions		(100,733)		(75,741)		(2,046)		(1,560)
Net increase (decrease) in net assets resulting from policy transactions		(16,045)		(20,885)		2,844		3,031
Net increase (decrease) in net assets		113,593		223,268		3,881		4,473
Net Assets:
Beginning of period		1,008,802		785,534		7,585		3,112
End of period	$	1,122,395	$	1,008,802	$	11,466	$	7,585
Units issued during the period		21,063		25,004		2,862		3,218
Units redeemed during the period		(23,844)		(29,019)		(937)		(1,274)
Net units issued (redeemed) during period		(2,781)		(4,015)		1,925		1,944
	Domestic Equity Division				Equity Income Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	2,319	$	1,953	$	978	$	1,001
Net realized gains (losses)		2,166		(43)		5,434		674
Net change in unrealized appreciation/(depreciation)		18,290		42,071		1,702		25,112
Net increase (decrease) in net assets resulting from operations		22,775		43,981		8,114		26,787
Policy Transactions:
Policyowners’ net payments		8,391		8,611		5,464		5,510
Policy loans, surrenders and death benefits		(8,458)		(8,618)		(5,448)		(4,783)
Mortality and other (net)		(3,777)		(3,511)		(2,389)		(2,324)
Transfers from other divisions		14,632		10,450		36,104		28,760
Transfers to other divisions		(15,246)		(13,084)		(36,775)		(26,171)
Net increase (decrease) in net assets resulting from policy transactions		(4,458)		(6,152)		(3,044)		992
Net increase (decrease) in net assets		18,317		37,829		5,070		27,779
Net Assets:
Beginning of period		172,457		134,628		118,079		90,300
End of period	$	190,774	$	172,457	$	123,149	$	118,079
Units issued during the period		8,598		10,133		6,746		8,784
Units redeemed during the period		(10,287)		(12,440)		(7,617)		(8,263)
Net units issued (redeemed) during period		(1,689)		(2,307)		(871)		521

The Accompanying Notes are an Integral Part of the Financial Statements. 14

Northwestern Mutual Variable Life Account

Statements of Changes in Net Assets

(in thousands)

	Mid Cap Growth Stock Division				Index 400 Stock Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)		$          (421)		$          (591)	$	1,595	$	1,599
Net realized gains (losses)		93,060		18,432		20,702		13,514
Net change in unrealized appreciation/(depreciation)		(57,841)		73,842		2,033		54,212
Net increase (decrease) in net assets resulting from operations		34,798		91,683		24,330		69,325
Policy Transactions:
Policyowners’ net payments		21,515		22,196		11,385		10,729
Policy loans, surrenders and death benefits		(25,248)		(27,277)		(16,132)		(13,987)
Mortality and other (net)		(9,424)		(9,230)		(5,305)		(4,925)
Transfers from other divisions		20,093		19,133		62,611		39,075
Transfers to other divisions		(25,349)		(22,182)		(65,706)		(34,548)
Net increase (decrease) in net assets resulting from policy transactions		(18,413)		(17,360)		(13,147)		(3,656)
Net increase (decrease) in net assets		16,385		74,323		11,183		65,669
Net Assets:
Beginning of period		448,921		374,598		279,413		213,744
End of period	$	465,306	$	448,921	$	290,596	$	279,413
Units issued during the period		9,212		11,187		7,642		9,937
Units redeemed during the period		(13,457)		(15,991)		(10,817)		(10,904)
Net units issued (redeemed) during period		(4,245)		(4,804)		(3,175)		(967)
	Mid Cap Value Division				Small Cap Growth Stock Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	309	$	247		$        (1,050)	$	127
Net realized gains (losses)		5,040		349		31,938		4,094
Net change in unrealized appreciation/(depreciation)		2,912		11,079		(11,529)		64,636
Net increase (decrease) in net assets resulting from operations		8,261		11,675		19,359		68,857
Policy Transactions:
Policyowners’ net payments		2,735		2,710		11,123		12,154
Policy loans, surrenders and death benefits		(2,854)		(2,883)		(14,024)		(12,997)
Mortality and other (net)		(1,152)		(1,022)		(4,833)		(4,569)
Transfers from other divisions		9,848		7,488		30,350		17,758
Transfers to other divisions		(7,824)		(5,963)		(33,208)		(19,635)
Net increase (decrease) in net assets resulting from policy transactions		753		330		(10,592)		(7,289)
Net increase (decrease) in net assets		9,014		12,005		8,767		61,568
Net Assets:
Beginning of period		51,336		39,331		246,636		185,068
End of period	$	60,350	$	51,336	$	255,403	$	246,636
Units issued during the period		3,304		3,228		6,914		8,260
Units redeemed during the period		(3,043)		(3,212)		(9,629)		(10,665)
Net units issued (redeemed) during period		261		16		(2,715)		(2,405)

The Accompanying Notes are an Integral Part of the Financial Statements. 15

Northwestern Mutual Variable Life Account

Statements of Changes in Net Assets

(in thousands)

	Index 600 Stock Division				Small Cap Value Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014			Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	204	$	440	$	(131)		$	1,186
Net realized gains (losses)		3,843		940		9,511			4,507
Net change in unrealized appreciation/(depreciation)		(3,135)		2,223		(9,904)			38,712
Net increase (decrease) in net assets resulting from operations		912		3,603		(524	)		44,405
Policy Transactions:
Policyowners’ net payments		863		585		8,132			8,638
Policy loans, surrenders and death benefits		(587)		(410)		(9,054)			(8,717)
Mortality and other (net)		(339)		(208)		(3,385)			(3,495)
Transfers from other divisions		8,942		11,460		14,172			16,147
Transfers to other divisions		(6,362)		(4,417)		(19,575)			(16,164)
Net increase (decrease) in net assets resulting from policy transactions		2,517		7,010		(9,710)			(3,591)
Net increase (decrease) in net assets		3,429		10,613		(10,234)			40,814
Net Assets:
Beginning of period		16,819		6,206		184,787			143,973
End of period	$	20,248	$	16,819	$	174,553		$	184,787
Units issued during the period		4,295		6,483		5,119			7,449
Units redeemed during the period		(2,892)		(2,020)		(7,567)			(8,471)
Net units issued (redeemed) during period		1,403		4,463		(2,448)			(1,022)
	International Growth Division				Research International Core Division
	Year Ended December 31,2014		Year Ended December 31,2013		Year Ended December 31,2014			Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	858	$	885	$	215		$	(44)
Net realized gains (losses)		(636)		(650)		559			236
Net change in unrealized appreciation/(depreciation)		(4,954)		15,636		(2,302)			2,435
Net increase (decrease) in net assets resulting from operations		(4,732)		15,871		(1,528)			2,627
Policy Transactions:
Policyowners’ net payments		5,660		6,264		905			874
Policy loans, surrenders and death benefits		(4,599)		(5,244)		(1,050)			(196)
Mortality and other (net)		(1,984)		(1,942)		(390)			(316)
Transfers from other divisions		17,644		15,020		9,476			8,888
Transfers to other divisions		(19,217)		(14,779)		(5,722)			(4,941)
Net increase (decrease) in net assets resulting from policy transactions		(2,496)		(681)		3,219			4,309
Net increase (decrease) in net assets		(7,228)		15,190		1,691			6,936
Net Assets:
Beginning of period		98,031		82,841		19,169			12,233
End of period	$	90,803	$	98,031	$	20,860		$	19,169
Units issued during the period		7,159		7,831		5,563			6,065
Units redeemed during the period		(8,179)		(7,964)		(3,140)			(2,347)
Net units issued (redeemed) during period		(1,020)		(133)		2,423			3,718

The Accompanying Notes are an Integral Part of the Financial Statements. 16

Northwestern Mutual Variable Life Account

Statements of Changes in Net Assets

(in thousands)

	International Equity Division				Emerging Markets Equity Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	8,444	$	9,490	$	76	$	86
Net realized gains (losses)		46,611		5,177		205		407
Net change in unrealized appreciation/(depreciation)		(108,669)		88,525		(2,705)		(1,882)
Net increase (decrease) in net assets resulting from operations		(53,614)		103,192		(2,424)		(1,389)
Policy Transactions:
Policyowners’ net payments		27,749		29,876		1,734		2,064
Policy loans, surrenders and death benefits		(28,999)		(32,280)		(1,721)		(1,883)
Mortality and other (net)		(11,126)		(11,521)		(568)		(470)
Transfers from other divisions		79,349		55,104		16,865		19,420
Transfers to other divisions		(81,497)		(55,596)		(9,497)		(8,757)
Net increase (decrease) in net assets resulting from policy transactions		(14,524)		(14,417)		6,813		10,374
Net increase (decrease) in net assets		(68,138)		88,775		4,389		8,985
Net Assets:
Beginning of period		593,256		504,481		30,454		21,469
End of period	$	525,118	$	593,256	$	34,843	$	30,454
Units issued during the period		26,270		24,658		12,600		17,287
Units redeemed during the period		(29,614)		(28,508)		(6,703)		(7,400)
Net units issued (redeemed) during period		(3,344)		(3,850)		5,897		9,887
	Money Market Division				Short-Term Bond Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	(516)	$	(471)	$	22	$	(21)
Net realized gains (losses)		-		-		9		1
Net change in unrealized appreciation/(depreciation)		-		-		(46)		39
Net increase (decrease) in net assets resulting from operations		(516)		(471)		(15)		19
Policy Transactions:
Policyowners’ net payments		52,008		64,763		562		371
Policy loans, surrenders and death benefits		(25,101)		(27,725)		(876)		(715)
Mortality and other (net)		(5,089)		(5,466)		(239)		(187)
Transfers from other divisions		147,165		137,550		6,927		7,512
Transfers to other divisions		(172,809)		(168,425)		(3,549)		(3,378)
Net increase (decrease) in net assets resulting from policy transactions		(3,826)		697		2,825		3,603
Net increase (decrease) in net assets		(4,342)		226		2,810		3,622
Net Assets:
Beginning of period		170,166		169,940		10,582		6,960
End of period	$	165,824	$	170,166	$	13,392	$	10,582
Units issued during the period		80,985		82,988		5,788		6,713
Units redeemed during the period		(83,425)		(85,306)		(3,709)		(3,532)
Net units issued (redeemed) during period		(2,440)		(2,318)		2,079		3,181

The Accompanying Notes are an Integral Part of the Financial Statements. 17

Northwestern Mutual Variable Life Account

Statements of Changes in Net Assets

(in thousands)

	Select Bond Division				Long-Term U.S. Government Bond Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	4,002	$	4,830	$	88	$	(28)
Net realized gains (losses)		1,331		5,751		(267)		(718)
Net change in unrealized appreciation/(depreciation)		7,009		(17,205)		1,340		(211)
Net increase (decrease) in net assets resulting from operations		12,342		(6,624)		1,161		(957)
Policy Transactions:
Policyowners’ net payments		13,249		14,540		169		410
Policy loans, surrenders and death benefits		(15,378)		(15,249)		(561)		(444)
Mortality and other (net)		(5,015)		(5,078)		(118)		(135)
Transfers from other divisions		141,385		104,940		4,423		3,693
Transfers to other divisions		(142,710)		(115,861)		(3,006)		(5,624)
Net increase (decrease) in net assets resulting from policy transactions		(8,469)		(16,708)		907		(2,100)
Net increase (decrease) in net assets		3,873		(23,332)		2,068		(3,057)
Net Assets:
Beginning of period		244,742		268,074		4,876		7,933
End of period	$	248,615	$	244,742	$	6,944	$	4,876
Units issued during the period		11,439		13,625		3,636		3,165
Units redeemed during the period		(14,176)		(19,051)		(2,891)		(3,839)
Net units issued (redeemed) during period		(2,737)		(5,426)		745		(674)
	Inflation Protection Division				High Yield Bond Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	12	$	69	$	5,045	$	5,475
Net realized gains (losses)		(190)		79		839		1,291
Net change in unrealized appreciation/(depreciation)		415		(1,087)		(5,047)		(1,181)
Net increase (decrease) in net assets resulting from operations		237		(939)		837		5,585
Policy Transactions:
Policyowners’ net payments		331		362		5,119		5,387
Policy loans, surrenders and death benefits		(554)		(581)		(5,438)		(6,064)
Mortality and other (net)		(168)		(203)		(2,233)		(2,185)
Transfers from other divisions		4,580		6,912		22,054		17,601
Transfers to other divisions		(4,455)		(7,633)		(21,223)		(19,556)
Net increase (decrease) in net assets resulting from policy transactions		(266)		(1,143)		(1,721)		(4,817)
Net increase (decrease) in net assets		(29)		(2,082)		(884)		768
Net Assets:
Beginning of period		8,588		10,670		107,038		106,270
End of period	$	8,559	$	8,588	$	106,154	$	107,038
Units issued during the period		2,743		3,546		4,029		4,777
Units redeemed during the period		(3,104)		(4,629)		(4,473)		(5,884)
Net units issued (redeemed) during period		(361)		(1,083)		(444)		(1,107)

The Accompanying Notes are an Integral Part of the Financial Statements. 18

Northwestern Mutual Variable Life Account

Statements of Changes in Net Assets

(in thousands)

	Multi-Sector Bond Division				Balanced Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	554	$	682	$	6,595	$	10,036
Net realized gains (losses)		141		430		25,723		11,919
Net change in unrealized appreciation/(depreciation)		(116)		(1,610)		(14,678)		15,646
Net increase (decrease) in net assets resulting from operations		579		(498)		17,640		37,601
Policy Transactions:
Policyowners’ net payments		1,133		1,197		15,639		16,344
Policy loans, surrenders and death benefits		(1,196)		(1,082)		(18,704)		(23,536)
Mortality and other (net)		(490)		(443)		(8,527)		(8,291)
Transfers from other divisions		7,315		11,363		96,430		56,503
Transfers to other divisions		(2,915)		(7,491)		(96,270)		(55,676)
Net increase (decrease) in net assets resulting from policy transactions		3,847		3,544		(11,432)		(14,656)
Net increase (decrease) in net assets		4,426		3,046		6,208		22,945
Net Assets:
Beginning of period		21,918		18,872		354,026		331,081
End of period	$	26,344	$	21,918	$	360,234	$	354,026
Units issued during the period		6,278		10,007		6,850		7,120
Units redeemed during the period		(3,523)		(7,378)		(7,513)		(9,043)
Net units issued (redeemed) during period		2,755		2,629		(663)		(1,923)
	Asset Allocation Division				Fidelity VIP Mid Cap Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	819	$	1,217	$	(697)	$	(212)
Net realized gains (losses)		4,634		98		5,502		19,927
Net change in unrealized appreciation/(depreciation)		(3,302)		4,990		4,538		24,808
Net increase (decrease) in net assets resulting from operations		2,151		6,305		9,343		44,523
Policy Transactions:
Policyowners’ net payments		2,317		2,050		8,187		8,242
Policy loans, surrenders and death benefits		(3,446)		(2,883)		(8,634)		(7,592)
Mortality and other (net)		(1,076)		(998)		(3,449)		(3,211)
Transfers from other divisions		5,593		2,953		23,763		18,005
Transfers to other divisions		(3,034)		(2,166)		(23,345)		(18,902)
Net increase (decrease) in net assets resulting from policy transactions		354		(1,044)		(3,478)		(3,458)
Net increase (decrease) in net assets		2,505		5,261		5,865		41,065
Net Assets:
Beginning of period		44,834		39,573		169,449		128,384
End of period	$	47,339	$	44,834	$	175,314	$	169,449
Units issued during the period		3,856		3,078		4,874		5,829
Units redeemed during the period		(3,257)		(3,864)		(5,743)		(6,607)
Net units issued (redeemed) during period		599		(786)		(869)		(778)

The Accompanying Notes are an Integral Part of the Financial Statements. 19

Northwestern Mutual Variable Life Account

Statements of Changes in Net Assets

(in thousands)

	Fidelity VIP Contrafund Division				Neuberger Berman AMT Socially Responsive Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	126	$	129	$	(1)	$	13
Net realized gains (losses)		2,383		878		351		150
Net change in unrealized appreciation/(depreciation)		1,090		5,939		66		738
Net increase (decrease) in net assets resulting from operations		3,599		6,946		416		901
Policy Transactions:
Policyowners’ net payments		1,314		1,438		212		145
Policy loans, surrenders and death benefits		(1,620)		(805)		(260)		(264)
Mortality and other (net)		(623)		(464)		(83)		(58)
Transfers from other divisions		14,008		13,079		1,721		3,541
Transfers to other divisions		(10,466)		(8,883)		(2,064)		(1,300)
Net increase (decrease) in net assets resulting from policy transactions		2,613		4,365		(474)		2,064
Net increase (decrease) in net assets		6,212		11,311		(58)		2,965
Net Assets:
Beginning of period		31,545		20,234		4,648		1,683
End of period	$	37,757	$	31,545	$	4,590	$	4,648
Units issued during the period		6,279		7,574		721		1,645
Units redeemed during the period		(4,977)		(4,208)		(729)		(483)
Net units issued (redeemed) during period		1,302		3,366		(8)		1,162
	Russell Multi-Style Equity Division				Russell Aggressive Equity Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	1,556	$	1,459	$	(180)	$	10
Net realized gains (losses)		34,288		16,263		11,795		8,774
Net change in unrealized appreciation/(depreciation)		(13,926)		32,859		(10,588)		22,279
Net increase (decrease) in net assets resulting from operations		21,918		50,581		1,027		31,063
Policy Transactions:
Policyowners’ net payments		8,630		9,168		4,861		4,980
Policy loans, surrenders and death benefits		(12,629)		(12,936)		(5,309)		(6,040)
Mortality and other (net)		(4,081)		(3,942)		(2,109)		(2,093)
Transfers from other divisions		11,926		8,571		10,675		8,683
Transfers to other divisions		(13,990)		(11,935)		(13,697)		(8,074)
Net increase (decrease) in net assets resulting from policy transactions		(10,144)		(11,074)		(5,579)		(2,544)
Net increase (decrease) in net assets		11,774		39,507		(4,552)		28,519
Net Assets:
Beginning of period		201,588		162,081		109,257		80,738
End of period	$	213,362	$	201,588	$	104,705	$	109,257
Units issued during the period		10,643		12,565		4,270		5,419
Units redeemed during the period		(15,679)		(19,240)		(6,216)		(6,849)
Net units issued (redeemed) during period		(5,036)		(6,675)		(1,946)		(1,430)

The Accompanying Notes are an Integral Part of the Financial Statements. 20

Northwestern Mutual Variable Life Account

Statements of Changes in Net Assets

(in thousands)

	Russell Non-U.S. Division				Russell Core Bond Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	2,000	$	1,936	$	998	$	968
Net realized gains (losses)		966		306		1,994		1,375
Net change in unrealized appreciation/(depreciation)		(9,202)		21,730		1,207		(3,998)
Net increase (decrease) in net assets resulting from operations		(6,236)		23,972		4,199		(1,655)
Policy Transactions:
Policyowners’ net payments		6,830		7,255		4,153		4,661
Policy loans, surrenders and death benefits		(7,968)		(8,105)		(6,576)		(8,529)
Mortality and other (net)		(2,611)		(2,626)		(1,855)		(1,898)
Transfers from other divisions		13,509		9,902		27,291		20,129
Transfers to other divisions		(16,209)		(11,904)		(26,330)		(26,632)
Net increase (decrease) in net assets resulting from policy transactions		(6,449)		(5,478)		(3,317)		(12,269)
Net increase (decrease) in net assets		(12,685)		18,494		882		(13,924)
Net Assets:
Beginning of period		134,161		115,667		86,009		99,933
End of period	$	121,476	$	134,161	$	86,891	$	86,009
Units issued during the period		7,389		8,807		5,632		6,210
Units redeemed during the period		(9,611)		(11,348)		(6,927)		(9,484)
Net units issued (redeemed) during period		(2,222)		(2,541)		(1,295)		(3,274)
	Russell Global Real Estate Securities Division				Russell LifePoints Moderate Strategy Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	4,784	$	5,671	$	74	$	27
Net realized gains (losses)		8,745		6,143		99		92
Net change in unrealized appreciation/(depreciation)		8,524		(6,967)		(60)		9
Net increase (decrease) in net assets resulting from operations		22,053		4,847		113		128
Policy Transactions:
Policyowners’ net payments		8,395		9,046		130		78
Policy loans, surrenders and death benefits		(9,064)		(9,485)		(344)		(13)
Mortality and other (net)		(3,414)		(3,214)		(61)		(35)
Transfers from other divisions		26,051		26,695		2,416		1,188
Transfers to other divisions		(25,918)		(23,189)		(1,078)		(1,334)
Net increase (decrease) in net assets resulting from policy transactions		(3,950)		(147)		1,063		(116)
Net increase (decrease) in net assets		18,103		4,700		1,176		12
Net Assets:
Beginning of period		157,271		152,571		2,151		2,139
End of period	$	175,374	$	157,271	$	3,327	$	2,151
Units issued during the period		5,216		6,665		1,288		868
Units redeemed during the period		(5,822)		(6,714)		(875)		(857)
Net units issued (redeemed) during period		(606)		(49)		413		11

The Accompanying Notes are an Integral Part of the Financial Statements. 21

Northwestern Mutual Variable Life Account

Statements of Changes in Net Assets

(in thousands)

	Russell LifePoints Balanced Strategy Division				Russell LifePoints Growth Strategy Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	412	$	226	$	495	$	272
Net realized gains (losses)		677		465		727		320
Net change in unrealized appreciation/(depreciation)		(489)		706		(624)		1,551
Net increase (decrease) in net assets resulting from operations		600		1,397		598		2,143
Policy Transactions:
Policyowners’ net payments		606		487		945		784
Policy loans, surrenders and death benefits		(551)		(1,053)		(520)		(1,411)
Mortality and other (net)		(327)		(257)		(416)		(350)
Transfers from other divisions		3,729		6,035		3,850		5,316
Transfers to other divisions		(1,666)		(1,556)		(1,067)		(1,091)
Net increase (decrease) in net assets resulting from policy transactions		1,791		3,656		2,792		3,248
Net increase (decrease) in net assets		2,391		5,053		3,390		5,391
Net Assets:
Beginning of period		14,726		9,673		16,736		11,345
End of period	$	17,117	$	14,726	$	20,126	$	16,736
Units issued during the period		3,484		4,776		3,362		4,260
Units redeemed during the period		(1,773)		(1,999)		(1,578)		(1,823)
Net units issued (redeemed) during period		1,711		2,777		1,784		2,437
	Russell LifePoints Equity Growth Strategy Division				Credit Suisse Trust Commodity Return Strategy Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Period November 15 to December 31, 2013
Operations:
Net investment income (loss)	$	247	$	153	$	(55)	$	(6)
Net realized gains (losses)		238		120		73		1
Net change in unrealized appreciation/(depreciation)		(229)		954		(3,407)		259
Net increase (decrease) in net assets resulting from operations		256		1,227		(3,389)		254
Policy Transactions:
Policyowners’ net payments		504		439		1,235		146
Policy loans, surrenders and death benefits		(337)		235		(858)		21
Mortality and other (net)		(153)		(133)		(322)		(33)
Transfers from other divisions		320		1,755		10,338		15,625
Transfers to other divisions		(52)		(670)		(6,635)		(448)
Net increase (decrease) in net assets resulting from policy transactions		282		1,626		3,758		15,311
Net increase (decrease) in net assets		538		2,853		369		15,565
Net Assets:
Beginning of period		8,224		5,371		15,565		-
End of period	$	8,762	$	8,224	$	15,934	$	15,565
Units issued during the period		631		2,161		1,557		2,038
Units redeemed during the period		(423)		(746)		(1,072)		(75)
Net units issued (redeemed) during period		208		1,415		485		1,963

The Accompanying Notes are an Integral Part of the Financial Statements. 22

Northwestern Mutual Variable Life Account

Notes to Financial Statements

December 31, 2014

1. Organization

Northwestern Mutual Variable Life Account (“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”) used to fund variable life insurance policies (“the Policies”).

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, 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 Portfolios should be read in conjunction with the financial statements and footnotes of the Divisions. Each Division of the account indirectly bears exposure to the market credit and liquidity risks of the Portfolio in which it invests.

New sales of the Policies which invest in the Account were discontinued for Variable CompLife, Variable Executive Life, and Variable Joint Life policies in 2008, Variable Life was discontinued in 1995. However, premium payments made by policy owners existing at that date will continue to be recorded by the Account.

On September 18, 2013, the Securities Exchange Commission approved an application from Northwestern Mutual on behalf of the Account permitting Northwestern Mutual to automatically transfer all remaining policy values in the Northwestern Mutual Commodities Return Strategy Division to the Credit Suisse Trust Commodity Return Strategy Division. The transfer was executed on November 15, 2013 and is included in the Statement of Changes in Net Assets as part of the transfers from other divisions or sponsor line item. Additionally, Northwestern Mutual will periodically reimburse policyowners for the additional operating expenses of the Credit Suisse Trust Commodity Return Strategy Division. Refer to note 4 - Expenses and Related Party Transactions footnote.

2. Significant Accounting Policies

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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets for use in estimates. Actual results could differ from those estimates.

B. Investment Valuation – The shares are valued at the Funds’ offering and redemption prices per share. As of December 31, 2014, all of the Account’s investments are identified as Level 1 securities for valuation purposes under the Fair Value Measurement Topic of the FASB Accounting Standards Codification. Level 1 securities are valued at fair value as determined by quoted prices in active markets for identical securities. 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.

C. Investment Income, Securities Transactions and Policy 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 recorded on the ex–date of the dividends. Dividends and distributions received are reinvested in additional shares of the respective portfolios of the Funds. The Policies are eligible to receive policy dividends from Northwestern Mutual. Any dividends reinvested in the Account are reflected in Policyowners’ net payments in the accompanying financial statements.

23

Northwestern Mutual Variable Life Account

Notes to Financial Statements

December 31, 2014

2. Significant Accounting Policies (continued)

D. Due to Participants – Upon notification of death of the policyowner, a liability is recorded and is included in Due to Participants in the accompanying financial statements. This liability is identified as Level 1 for valuation purposes under the Fair Value Measurements and Disclosures Topic of the FASB Accounting Standards Codification.

E. Taxes – Northwestern Mutual is taxed as a “life insurance company” under the Internal Revenue Code. The Policies, which are funded in the Account, are taxed as part of the operations of Northwestern Mutual. The Policies provide that a charge for taxes may be made against the assets of the Account. Currently, for Variable Life policies issued before October 11, 1995, Northwestern Mutual charges the Account at an annual rate of 0.05% of the Account’s net assets and reserves the right to increase, decrease or eliminate the charge for taxes in the future. Currently, for Variable CompLife policies issued on or after October 11, 1995, Variable Executive Life policies issued on or after March 2, 1998, and Variable Joint Life policies issued on or after December 10, 1998, there is no charge being made against the assets of the Account for federal income taxes, but Northwestern Mutual reserves the right to charge for taxes in the future.

E. Premium Payments – For Variable Life and Variable CompLife policies, the Account is credited for the policyowners’ net annual premiums at the respective policy anniversary dates regardless of when policyowners actually pay their premiums. Northwestern Mutual’s equity represents any unpaid portion of net annual premiums.

3. Purchases and Sales of Investments

Purchases and sales of the Funds’ shares for the year ended December 31, 2014 were as follows: (in thousands)

Division	Purchases		Sales
Growth Stock	$	55,464	$        31,124
Focused Appreciation		19,717	12,105
Large Cap Core Stock		37,711	22,048
Large Cap Blend		2,757	1,303
Index 500 Stock		92,649	83,060
Large Company Value		5,192	1,970
Domestic Equity		14,668	16,794
Equity Income		15,161	13,664
Mid Cap Growth Stock		106,630	38,010
Index 400 Stock		31,691	29,843
Mid Cap Value		12,727	7,082
Small Cap Growth Stock		40,851	25,017
Index 600 Stock		9,918	4,030
Small Cap Value		13,896	19,168
International Growth		9,757	11,391
Research International Core		6,258	2,697
International Equity		79,250	46,780
Emerging Markets Equity		11,024	4,143
Money Market		70,081	73,901
Short-Term Bond		6,783	3,937
Select Bond		29,006	33,398
Long-Term U.S. Government Bond		4,571	3,582
Inflation Protection		3,021	3,189
High Yield Bond		14,694	11,377
Multi-Sector Bond		7,817	3,414
Balanced		56,956	33,870

24

Northwestern Mutual Variable Life Account

Notes to Financial Statements

December 31, 2014

3. Purchases and Sales of Investments (continued)

Division	Purchases		Sales
Asset Allocation	$	11,992	$    6,639
Fidelity VIP Mid Cap		16,467	16,626
Fidelity VIP Contrafund		9,140	5,652
Neuberger Berman AMT Socially Responsive		1,071	1,545
Russell Multi-Style Equity		40,600	21,122
Russell Aggressive Equity		17,084	12,976
Russell Non-U.S.		10,617	15,083
Russell Core Bond		12,137	12,771
Russell Global Real Estate Securities		25,936	17,744
Russell LifePoints Moderate Strategy		2,678	1,500
Russell LifePoints Balanced Strategy		5,533	3,033
Russell LifePoints Growth Strategy		5,751	1,998
Russell LifePoints Equity Growth Strategy		1,149	479
Credit Suisse Trust Commodity Return Strategy		7,174	3,475

4. Expenses and Related Party Transactions

A deduction for mortality and expense risks is paid to Northwestern Mutual. Mortality risk is the risk that insureds may not live as long as estimated. Expense risk is the risk that expenses of issuing and administering the Policies may exceed the estimated costs.

For Variable Life and Variable CompLife policies, the deduction is determined daily at an annual rate of 0.50% and 0.45%, respectively, of the net assets of the Account. These charges are reflected as a reduction in invested assets and are included in Mortality and expense risk charges in the accompanying financial statements.

A deduction for the mortality and expense risks for Variable Executive Life policies is determined monthly at an annual rate of 0.48% of the amount invested in the Account for the Policy for the first ten Policy years, and 0.05% thereafter for policies with the Cash Value Amendment, or 0.03% thereafter for the policies without the Cash Value Amendment. A deduction for the mortality and expense risks for Variable Joint Life policies is determined monthly at an annual rate of 0.00% of the amount invested in the Account. Additional Variable Joint Life mortality and expense risks deductions are determined annually and are paid to Northwestern Mutual for the first ten Policy years based on the age of the insured individuals at the time the policy was issued.

Additional mortality costs are deducted from the Policies annually for Variable Life and Variable CompLife policies, and monthly for Variable Executive Life and Variable Joint Life policies, and are paid to Northwestern Mutual to cover the cost of providing insurance protection. For Variable Life and Variable CompLife policies, this cost is actuarially calculated based upon the insured’s age, the 1980 Commissioners Standard Ordinary Mortality Table and the amount of insurance provided under the policy. For Variable Executive Life and Variable Joint Life policies, the cost reflects expected mortality costs based upon actual experience.

Certain deductions are also made from the annual, single or other premiums before amounts are allocated to the Account. These deductions are for sales load, administrative expenses, taxes and a risk charge for the guaranteed minimum death benefit among other charges which are detailed in the Prospectus.

25

Northwestern Mutual Variable Life Account

Notes to Financial Statements

December 31, 2014

4. Expenses and Related Party Transactions (continued)

Mortality and expense risks deductions for Variable Executive Life and Variable Joint Life policies, as well as the noted additional mortality costs and other deductions for each of the products are reflected as a reduction in units and are included in Mortality and other in the accompanying financial statements.

The net operating expenses of the Credit Suisse Trust Commodity Return Strategy Portfolio are limited to 1.05% of average net assets through November 15, 2015 by Credit Suisse Trust and Credit Suisse Asset Management, LLC. Pursuant to the substitution order of the Securities and Exchange Commission, effective November 15, 2013 through November 15, 2015, Northwestern Mutual will periodically reimburse policyowners to the extent the net operating expenses of the Credit Suisse Trust Commodity Return Strategy Portfolio exceed that of the fee waiver agreement of 0.95% of the Northwestern Mutual Commodities Return Strategy Portfolio which was in place at the time of the substitution.

26

Northwestern Mutual Variable Life Account

Notes to Financial Statements

December 31, 2014

5. Financial Highlights

(For a unit outstanding during the period)

	As of the respective period end date:									For the respective period ended:
Division	Units Outstanding (000’s)		Unit Value, Lowest to Highest					Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio, Lowest to Highest(1)					Total Return, Lowest to Highest(1)
Growth Stock
Year Ended 12/31/14		85,738	$	3.949121	to	$	54.488126	$	386,925		0.59	%		0.00	%	to    0.55	%		8.43	%	to	9.02	%
Year Ended 12/31/13		88,857		3.638539	to		49.977915		368,165		0.68			0.00		to    0.55			35.12		to	35.86
Year Ended 12/31/12		92,840		2.690097	to		36.785012		284,588		0.57			0.00		to    0.55			12.32		to	12.94
Year Ended 12/31/11		97,893		2.392591	to		32.569595		269,305		0.78			0.00		to    0.55			(1.84	)	to	(1.30	)
Year Ended 12/31/10		101,987		2.434967	to		32.998214		288,701		0.82			0.00		to    0.55			11.76		to	12.37
Focused Appreciation
Year Ended 12/31/14		34,391	$	3.141534	to	$	33.238141	$	122,795		0.02	%		0.00	%	to    0.55	%		8.84	%	to	9.43	%
Year Ended 12/31/13		35,292		2.883615	to		30.372615		116,386		0.48			0.00		to    0.55			28.30		to	29.01
Year Ended 12/31/12		36,929		2.245328	to		23.543734		96,087		0.27			0.00		to    0.55			19.48		to	20.14
Year Ended 12/31/11		39,237		1.877354	to		19.596705		85,938		0.18			0.00		to    0.55			(6.61	)	to	(6.10	)
Year Ended 12/31/10		41,221		2.008299	to		20.869750		97,863		0.00			0.00		to    0.55			8.73		to	9.33
Large Cap Core Stock
Year Ended 12/31/14		69,294	$	2.981972	to	$	40.759702	$	244,043		1.49	%		0.00	%	to    0.55	%		7.97	%	to	8.56	%
Year Ended 12/31/13		71,653		2.759081	to		37.544148		233,882		1.15			0.00		to    0.55			27.88		to	28.58
Year Ended 12/31/12		75,256		2.155410	to		29.198468		191,903		1.20			0.00		to    0.55			11.02		to	11.63
Year Ended 12/31/11		78,553		1.939589	to		26.156583		182,605		1.14			0.00		to    0.55			(1.75	)	to	(1.21	)
Year Ended 12/31/10		80,904		1.972165	to		26.477036		192,996		1.20			0.00		to    0.55			12.29		to	12.91
Large Cap Blend
Year Ended 12/31/14		4,680	$	1.577743	to	$	13.487127	$	8,192		0.04	%		0.00	%	to    0.55	%		11.96	%	to	12.58	%
Year Ended 12/31/13		3,877		1.407785	to		11.980322		6,157		0.99			0.00		to    0.55			30.14		to	30.86
Year Ended 12/31/12		3,025		1.080633	to		9.155103		3,615		0.92			0.00		to    0.55			14.57		to	15.20
Period Ended 12/31/11 (2)		3,204		0.942304	to		7.947227		3,113		2.05			0.00		to    0.55			(5.82	)	to	(5.56	)
Index 500 Stock
Year Ended 12/31/14		200,831	$	4.519180	to	$	103.583087	$	1,122,395		1.60	%		0.00	%	to    0.55	%		12.84	%	to	13.46	%
Year Ended 12/31/13		203,612		4.001083	to		91.297175		1,008,802		1.82			0.00		to    0.55			31.33		to	32.05
Year Ended 12/31/12		207,627		3.043500	to		69.136117		785,534		1.77			0.00		to    0.55			15.12		to	15.76
Year Ended 12/31/11		214,351		2.641136	to		59.726031		713,800		1.66			0.00		to    0.55			1.39		to	1.95
Year Ended 12/31/10		220,539		2.602259	to		58.583796		730,891		2.02			0.00		to    0.55			14.27		to	14.89
Large Company Value
Year Ended 12/31/14		6,169	$	1.648404	to	$	13.865219	$	11,466		0.00	%		0.00	%	to    0.55	%		12.41	%	to	13.03	%
Year Ended 12/31/13		4,244		1.464939	to		12.266796		7,585		1.75			0.00		to    0.55			30.57		to	31.29
Year Ended 12/31/12		2,300		1.120811	to		9.343226		3,112		1.90			0.00		to    0.55			15.83		to	16.47
Period Ended 12/31/11 (2)		2,622		0.966635	to		8.021755		2,593		4.57			0.00		to    0.55			(3.38	)	to	(3.12	)
Domestic Equity
Year Ended 12/31/14		76,044	$	2.146602	to	$	22.950784	$	190,774		1.70	%		0.00	%	to    0.55	%		13.25	%	to	13.87	%
Year Ended 12/31/13		77,733		1.893569	to		20.154766		172,457		1.68			0.00		to    0.55			33.29		to	34.03
Year Ended 12/31/12		80,040		1.419182	to		15.037814		134,628		2.16			0.00		to    0.55			13.72		to	14.35
Year Ended 12/31/11		88,764		1.246743	to		13.151218		131,130		2.09			0.00		to    0.55			0.36		to	0.91
Year Ended 12/31/10		90,355		1.241092	to		13.033112		134,632		2.28			0.00		to    0.55			13.99		to	14.62
Equity Income
Year Ended 12/31/14		40,696	$	2.579506	to	$	27.291728	$	123,149		1.23	%		0.00	%	to    0.55	%		6.84	%	to	7.43	%
Year Ended 12/31/13		41,567		2.411872	to		25.403806		118,079		1.36			0.00		to    0.55			29.23		to	29.94
Year Ended 12/31/12		41,046		1.864547	to		19.550985		90,300		1.53			0.00		to    0.55			16.59		to	17.23
Year Ended 12/31/11		40,660		1.597678	to		16.677245		76,853		1.50			0.00		to    0.55			(1.46	)	to	(0.92	)
Year Ended 12/31/10		38,980		1.619759	to		16.832155		73,840		1.70			0.00		to    0.55			14.70		to	15.33
Mid Cap Growth Stock
Year Ended 12/31/14		104,691	$	3.689747	to	$	102.693582	$	465,306		0.36	%		0.00	%	to    0.55	%		7.90	%	to	8.49	%
Year Ended 12/31/13		108,936		3.416219	to		94.654719		448,921		0.31			0.00		to    0.55			24.85		to	25.53
Year Ended 12/31/12		113,740		2.733618	to		75.402575		374,598		0.12			0.00		to    0.55			11.35		to	11.97
Year Ended 12/31/11		121,498		2.452507	to		67.344023		358,497		0.23			0.00		to    0.55			(6.69	)	to	(6.18	)
Year Ended 12/31/10		127,814		2.625759	to		71.778944		404,074		0.28			0.00		to    0.55			23.18		to	23.86

(1) 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. Returns are not annualized for periods less than one year.

(2) Divisions commenced operations on June 30, 2011.

27

Northwestern Mutual Variable Life Account

Notes to Financial Statements

December 31, 2014

	As of the respective period end date:									For the respective period ended:
Division	Units Outstanding (000’s)		Unit Value, Lowest to Highest					Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio, Lowest to Highest(1)					Total Return, Lowest to Highest(1)
Index 400 Stock
Year Ended 12/31/14		68,204	$	3.817251	to	$	43.598907	$	290,596		0.98	%		0.00	%	to    0.55	%		8.82	%	to	9.42	%
Year Ended 12/31/13		71,379		3.504450	to		39.846886		279,413		1.06			0.00		to    0.55			32.44		to	33.16
Year Ended 12/31/12		72,346		2.643527	to		29.923387		213,744		0.91			0.00		to    0.55			17.00		to	17.64
Year Ended 12/31/11		77,580		2.257202	to		25.435391		195,635		0.86			0.00		to    0.55			(2.46	)	to	(1.92	)
Year Ended 12/31/10		80,664		2.311836	to		25.934506		208,521		1.09			0.00		to    0.55			25.60		to	26.29
Mid Cap Value
Year Ended 12/31/14		17,454	$	3.042400	to	$	32.189353	$	60,350		0.99	%		0.00	%	to    0.55	%		16.05	%	to	16.69	%
Year Ended 12/31/13		17,193		2.618947	to		27.585004		51,336		0.96			0.00		to    0.55			29.53		to	30.24
Year Ended 12/31/12		17,177		2.019864	to		21.179677		39,331		1.34			0.00		to    0.55			15.93		to	16.57
Year Ended 12/31/11		18,430		1.740555	to		18.168731		37,334		1.74			0.00		to    0.55			(1.15	)	to	(0.61	)
Year Ended 12/31/10		19,018		1.759035	to		18.279525		39,839		1.41			0.00		to    0.55			19.27		to	19.93
Small Cap Growth Stock
Year Ended 12/31/14		63,835	$	3.633783	to	$	47.561777	$	255,403		0.00	%		0.00	%	to    0.55	%		8.06	%	to	8.66	%
Year Ended 12/31/13		66,550		3.359376	to		43.773190		246,636		0.49			0.00		to    0.55			37.84		to	38.60
Year Ended 12/31/12		68,955		2.434726	to		31.582975		185,068		0.00			0.00		to    0.55			8.88		to	9.48
Year Ended 12/31/11		74,363		2.233915	to		28.847575		183,624		0.35			0.00		to    0.55			(3.31	)	to	(2.78	)
Year Ended 12/31/10		78,328		2.308077	to		29.671998		201,112		0.75			0.00		to    0.55			25.16		to	25.85
Index 600 Stock
Year Ended 12/31/14		10,776	$	1.587514	to	$	17.638780	$	20,248		1.53	%		0.00	%	to    0.55	%		4.76	%	to	5.34	%
Year Ended 12/31/13		9,373		1.513818	to		16.744685		16,819		4.29			0.00		to    0.55			39.90		to	40.67
Year Ended 12/31/12		4,910		1.081019	to		11.903891		6,206		3.11			0.00		to    0.55			15.16		to	15.80
Period Ended 12/31/11 (2)		1,384		0.937768	to		10.280016		1,719		2.07			0.00		to    0.55			(6.27	)	to	(6.01	)
Small Cap Value
Year Ended 12/31/14		47,518	$	3.191481	to	$	34.121874	$	174,553		0.36	%		0.00	%	to    0.55	%		(0.33	)%	to	0.22	%
Year Ended 12/31/13		49,966		3.198795	to		34.046809		184,787		1.14			0.00		to    0.55			31.04		to	31.76
Year Ended 12/31/12		50,988		2.438620	to		25.839588		143,973		0.37			0.00		to    0.55			15.69		to	16.33
Year Ended 12/31/11		55,277		2.105813	to		22.212770		134,980		0.60			0.00		to    0.55			(1.90	)	to	(1.36	)
Year Ended 12/31/10		57,649		2.144514	to		22.519799		144,009		1.09			0.00		to    0.55			21.28		to	21.95
International Growth
Year Ended 12/31/14		43,639	$	1.832844	to	$	19.596007	$	90,803		1.30	%		0.00	%	to    0.55	%		(5.04	)%	to	(4.52	)%
Year Ended 12/31/13		44,659		1.928280	to		20.524033		98,031		1.40			0.00		to    0.55			19.15		to	19.81
Year Ended 12/31/12		44,792		1.616718	to		17.130842		82,841		1.33			0.00		to    0.55			17.34		to	17.99
Year Ended 12/31/11		48,394		1.376437	to		14.519220		76,140		1.13			0.00		to    0.55			(13.64	)	to	(13.17	)
Year Ended 12/31/10		49,762		1.592294	to		16.720938		94,974		0.92			0.00		to    0.55			15.79		to	16.43
Research International Core
Year Ended 12/31/13		16,529	$	1.071981	to	$	10.212438	$	20,860		1.45	%		0.00	%	to    0.55	%		(7.22	)%	to	(6.71	)%
Year Ended 12/31/13		14,106		1.154295	to		10.947312		19,169		0.13			0.00		to    0.55			18.27		to	18.92
Year Ended 12/31/12		10,388		0.975017	to		9.205651		12,233		1.72			0.00		to    0.55			16.12		to	16.76
Period Ended 12/31/11 (2)		3,559		0.838851	to		7.884380		3,688		4.07			0.00		to    0.55			(16.16	)	to	(15.93	)
International Equity
Year Ended 12/31/14		139,819	$	3.229216	to	$	4.952849	$	525,118		1.91	%		0.00	%	to    0.55	%		(9.30	)%	to	(8.80	)%
Year Ended 12/31/13		143,163		3.556947	to		5.431053		593,256		2.19			0.00		to    0.55			20.71		to	21.38
Year Ended 12/31/12		147,013		2.943691	to		4.474566		504,481		2.59			0.00		to    0.55			20.85		to	21.52
Year Ended 12/31/11		154,709		2.433405	to		3.682261		438,760		2.10			0.00		to    0.55			(10.59	)	to	(10.10	)
Year Ended 12/31/10		159,931		2.718891	to		4.095847		508,723		3.01			0.00		to    0.55			7.08		to	7.67
Emerging Markets Equity
Year Ended 12/31/14		34,924	$	0.849119	to	$	10.109813	$	34,843		0.63	%		0.00	%	to    0.55	%		(6.76	)%	to	(6.25	)%
Year Ended 12/31/13		29,027		0.909813	to		10.783888		30,454		0.75			0.00		to    0.55			(5.67	)	to	(5.15	)
Year Ended 12/31/12		19,140		0.963548	to		11.369632		21,469		0.15			0.00		to    0.55			18.18		to	18.83
Period Ended 12/31/11 (2)		7,995		0.814525	to		9.567929		7,498		2.54			0.00		to    0.55			(18.59	)	to	(18.36	)
Money Market
Year Ended 12/31/14		79,806	$	1.538686	to	$	41.568533	$	165,824		0.07	%		0.00	%	to    0.55	%		(0.48	)%	to	0.07	%
Year Ended 12/31/13		82,246		1.544536	to		41.539003		170,166		0.10			0.00		to    0.55			(0.45	)	to	0.10
Year Ended 12/31/12		84,564		1.549943	to		41.497953		169,940		0.14			0.00		to    0.55			(0.41	)	to	0.15
Year Ended 12/31/11		85,415		1.554696	to		41.437528		166,908		0.14			0.00		to    0.55			(0.41	)	to	0.14
Year Ended 12/31/10		86,934		1.559508	to		41.380226		169,116		0.29			0.00		to    0.55			(0.25	)	to	0.29

(1) 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. Returns are not annualized for periods less than one year.

(2) Divisions commenced operations on June 30, 2011.

28

Northwestern Mutual Variable Life Account

Notes to Financial Statements

December 31, 2014

	As of the respective period end date:									For the respective period ended:
Division	Units Outstanding (000’s)		Unit Value, Lowest to Highest					Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio, Lowest to Highest(1)					Total Return, Lowest to Highest(1)
Short-Term Bond
Year Ended 12/31/14		11,155	$	1.010036	to	$	12.188479	$	13,392		0.60	%		0.00	%	to    0.55	%		(0.17)	%	to	0.385	%
Year Ended 12/31/13		9,076		1.010673	to		12.142453		10,582		0.17			0.00		to    0.55			0.00 (4)		to	0.55
Year Ended 12/31/12		5,895		1.009629	to		12.076410		6,960		1.43			0.00		to    0.55			1.51		to	2.07
Period Ended 12/31/11 (2)		3,159		0.993622	to		11.832025		3,681		4.36			0.00		to    0.55			(0.69	)	to	(0.42	)
Select Bond
Year Ended 12/31/14		70,799	$	2.671248	to	$	211.428447	$	248,615		2.02	%		0.00	%	to    0.55	%		4.99	%	to	5.56	%
Year Ended 12/31/13		73,536		2.541856	to		200.286369		244,742		2.31			0.00		to    0.55			(2.69	)	to	(2.16	)
Year Ended 12/31/12		78,962		2.609587	to		204.702189		268,074		2.69			0.00		to    0.55			4.39		to	4.96
Year Ended 12/31/11		77,091		2.497424	to		195.021673		251,418		3.32			0.00		to    0.55			6.58		to	7.16
Year Ended 12/31/10		78,164		2.341027	to		181.992325		238,805		3.75			0.00		to    0.55			6.00		to	6.59
Long-Term U.S Government Bond
Year Ended 12/31/14		4,722	$	1.371509	to	$	19.181310	$	6,944		2.01	%		0.00	%	to    0.55	%		23.05	%	to	23.73	%
Year Ended 12/31/13		3,977		1.113443	to		15.502339		4,876		0.02			0.00		to    0.55			(13.75	)	to	(13.27	)
Year Ended 12/31/12		4,651		1.289646	to		17.875038		7,933		1.85			0.00		to    0.55			3.18		to	3.75
Period Ended 12/31/11 (2)		3,537		1.248644	to		17.228764		6,776		8.82			0.00		to    0.55			24.80		to	25.15
Inflation Protection
Year Ended 12/31/14		6,336	$	1.065002	to	$	13.899486	$	8,559		1.08	%		0.00	%	to    0.55	%		2.57	%	to	3.14	%
Year Ended 12/31/13		6,697		1.037245	to		13.476716		8,588		1.08			0.00		to    0.55			(8.83	)	to	(8.33	)
Year Ended 12/31/12		7,780		1.136621	to		14.701699		10,670		2.68			0.00		to    0.55			6.76		to	7.35
Period Ended 12/31/11 (2)		3,641		1.063572	to		13.694886		4,815		0.03			0.00		to    0.55			6.30		to	6.60
High Yield Bond
Year Ended 12/31/14		27,230	$	3.335950	to	$	43.976216	$	106,154		5.04	%		0.00	%	to    0.55	%		0.62	%	to	1.18	%
Year Ended 12/31/13		27,674		3.312039	to		43.465300		107,038		5.57			0.00		to    0.55			5.26		to	5.84
Year Ended 12/31/12		28,781		3.143457	to		41.068270		106,270		6.24			0.00		to    0.55			13.26		to	13.89
Year Ended 12/31/11		29,124		2.772582	to		36.059875		94,728		6.97			0.00		to    0.55			4.02		to	4.59
Year Ended 12/31/10		29,475		2.662698	to		34.475967		92,381		7.13			0.00		to    0.55			13.93		to	14.56
Multi-Sector Bond
Year Ended 12/31/14		20,081	$	1.169486	to	$	15.951947	$	26,344		2.65	%		0.00	%	to    0.55	%		2.68	%	to	3.25	%
Year Ended 12/31/13		17,326		1.137785	to		15.449941		21,918		3.56			0.00		to    0.55			(2.12	)	to	(1.58	)
Year Ended 12/31/12		14,697		1.161278	to		15.698283		18,872		0.46			0.00		to    0.55			14.31		to	14.94
Period Ended 12/31/11 (2)		4,150		1.014872	to		13.657358		4,850		16.21			0.00		to    0.55			1.44		to	1.71
Balanced
Year Ended 12/31/14		54,744	$	3.329658	to	$	181.830315	$	360,234		2.31	%		0.00	%	to    0.55	%		4.99	%	to	5.56	%
Year Ended 12/31/13		55,407		3.168393	to		172.248875		354,026		3.38			0.00		to    0.55			11.47		to	12.08
Year Ended 12/31/12		57,330		2.839508	to		153.677764		331,081		0.23			0.00		to    0.55			9.09		to	9.69
Year Ended 12/31/11		61,456		2.600265	to		140.096515		318,825		2.75			0.00		to    0.55			1.55		to	2.11
Year Ended 12/31/10		63,195		2.557927	to		137.200077		323,249		2.12			0.00		to    0.55			11.34		to	11.96
Asset Allocation
Year Ended 12/31/14		19,933	$	1.916252	to	$	20.487411	$	47,339		2.15	%		0.00	%	to    0.55	%		4.57	%	to	5.15	%
Year Ended 12/31/13		19,334		1.830603	to		19.484028		44,834		3.32			0.00		to    0.55			16.03		to	16.67
Year Ended 12/31/12		20,120		1.576122	to		16.700324		39,573		0.23			0.00		to    0.55			10.41		to	11.02
Year Ended 12/31/11		22,441		1.426114	to		15.042893		39,577		2.41			0.00		to    0.55			(0.62	)	to	(0.08	)
Year Ended 12/31/10		22,865		1.433617	to		15.054442		40,860		2.92			0.00		to    0.55			12.39		to	13.01
Fidelity VIP Mid Cap
Year Ended 12/31/14		36,665	$	4.048702	to	$	42.835362	$	175,314		0.02	%		0.00	%	to    0.55	%		5.45	%	to	6.03	%
Year Ended 12/31/13		37,534		3.835558	to		40.398542		169,449		0.28			0.00		to    0.55			35.13		to	35.87
Year Ended 12/31/12		38,312		2.835677	to		29.733518		128,384		0.39			0.00		to    0.55			13.93		to	14.56
Year Ended 12/31/11		40,656		2.486413	to		25.953961		120,934		0.02			0.00		to    0.55			(11.34	)	to	(10.85	)
Year Ended 12/31/10		41,434		2.801620	to		29.113348		140,666		0.13			0.00		to    0.55			27.87		to	28.57
Fidelity VIP Contrafund
Year Ended 12/31/14		21,021	$	1.547371	to	$	16.754369	$	37,757		0.78	%		0.00	%	to    0.55	%		11.04	%	to	11.65	%
Year Ended 12/31/13		19,719		1.392090	to		15.005573		31,545		0.90			0.00		to    0.55			30.24		to	30.95
Year Ended 12/31/12		16,353		1.067828	to		11.458810		20,234		1.49			0.00		to    0.55			15.50		to	16.14
Period Ended 12/31/11 (2)		5,922		0.923581	to		9.866342		6,530		2.81			0.00		to    0.55			(7.69	)	to	(7.43	)

(1) 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. Returns are not annualized for periods less than one year.

(2) Divisions commenced operations on June 30, 2011.

(4) Ratio is less than 0.005%.

29

Northwestern Mutual Variable Life Account

Notes to Financial Statements

December 31, 2014

	As of the respective period end date:									For the respective period ended:
Division	Units Outstanding (000’s)		Unit Value, Lowest to Highest					Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio, Lowest to Highest(1)					Total Return, Lowest to Highest(1)
Neuberger Berman AMT Socially Responsive
Year Ended 12/31/14		2,395	$	1.513495	to	$	16.275087	$	4,590		0.37	%		0.00	%	to    0.55	%		9.78	%	to	10.38	%
Year Ended 12/31/13		2,403		1.377320	to		14.744385		4,648		0.79			0.00		to    0.55			36.85		to	37.60
Year Ended 12/31/12		1,241		1.005443	to		10.715212		1,683		0.25			0.00		to    0.55			10.37		to	10.98
Period Ended 12/31/11 (2)		606		0.910063	to		9.655117		688		0.90			0.00		to    0.55			(9.04	)	to	(8.79	)
Russell Multi-Style Equity
Year Ended 12/31/14		114,307	$	1.621079	to	$	18.071559	$	213,362		1.16	%		0.00	%	to    0.55	%		11.09	%	to	11.70	%
Year Ended 12/31/13		119,343		1.457823	to		16.178812		201,588		1.21			0.00		to    0.55			32.19		to	32.92
Year Ended 12/31/12		126,018		1.101694	to		12.171877		162,081		1.12			0.00		to    0.55			15.05		to	15.69
Year Ended 12/31/11		139,483		0.956587	to		10.521100		157,923		0.97			0.00		to    0.55			(2.08	)	to	(1.55	)
Year Ended 12/31/10		145,784		0.975990	to		10.686543		173,508		0.91			0.00		to    0.55			15.82		to	16.46
Russell Aggressive Equity
Year Ended 12/31/14		38,597	$	2.373801	to	$	27.141282	$	104,705		0.25	%		0.00	%	to    0.55	%		1.00	%	to	1.56	%
Year Ended 12/31/13		40,543		2.347887	to		26.724835		109,257		0.43			0.00		to    0.55			39.24		to	40.00
Year Ended 12/31/12		41,973		1.684569	to		19.088862		80,738		1.07			0.00		to    0.55			15.20		to	15.84
Year Ended 12/31/11		46,544		1.460862	to		16.479338		77,885		0.49			0.00		to    0.55			(4.72	)	to	(4.20	)
Year Ended 12/31/10		48,091		1.531783	to		17.202203		85,253		0.47			0.00		to    0.55			24.20		to	24.88
Russell Non-U.S.
Year Ended 12/31/14		63,654	$	1.633987	to	$	17.795979	$	121,476		1.95	%		0.00	%	to    0.55	%		(4.97)	%	to	(4.45)	%
Year Ended 12/31/13		65,876		1.717753	to		18.624500		134,161		2.00			0.00		to    0.55			21.24		to	21.91
Year Ended 12/31/12		68,417		1.415380	to		15.277391		115,667		1.77			0.00		to    0.55			19.16		to	19.81
Year Ended 12/31/11		74,999		1.186647	to		12.750860		107,050		1.66			0.00		to    0.55			(13.36	)	to	(12.88	)
Year Ended 12/31/10		77,992		1.368210	to		14.635995		131,861		0.93			0.00		to    0.55			10.81		to	11.42
Russell Core Bond
Year Ended 12/31/14		30,112	$	2.180310	to	$	23.281628	$	86,891		1.55	%		0.00	%	to    0.55	%		4.88	%	to	5.45	%
Year Ended 12/31/13		31,407		2.076847	to		22.077570		86,009		1.44			0.00		to    0.55			(1.99	)	to	(1.45	)
Year Ended 12/31/12		34,681		2.116915	to		22.402721		99,933		2.33			0.00		to    0.55			7.78		to	8.38
Year Ended 12/31/11		34,913		1.962151	to		20.671320		96,920		3.19			0.00		to    0.55			4.11		to	4.68
Year Ended 12/31/10		34,612		1.882787	to		19.746605		98,149		3.79			0.00		to    0.55			9.42		to	10.02
Russell Global Real Estate Securities
Year Ended 12/31/14		36,715	$	4.188148	to	$	44.660949	$	175,374		3.26	%		0.00	%	to    0.55	%		14.12	%	to	14.75	%
Year Ended 12/31/13		37,321		3.666253	to		38.920595		157,271		4.00			0.00		to    0.55			3.08		to	3.65
Year Ended 12/31/12		37,370		3.553123	to		37.550773		152,571		5.00			0.00		to    0.55			26.86		to	27.56
Year Ended 12/31/11		38,799		2.798128	to		29.438654		124,861		2.25			0.00		to    0.55			(7.56	)	to	(7.05	)
Year Ended 12/31/10		39,697		3.023867	to		31.671345		139,710		2.23			0.00		to    0.55			22.25		to	22.92
Russell LifePoints Moderate Strategy
Year Ended 12/31/14		1,929	$	1.179226	to	$	14.227181	$	3,327		3.33	%		0.00	%	to    0.55	%		4.28	%	to	4.85	%
Year Ended 12/31/13		1,516		1.129701	to		13.568584		2,151		1.69			0.00		to    0.55			6.20		to	6.79
Year Ended 12/31/12		1,505		1.062654	to		12.706153		2,139		3.29			0.00		to    0.55			10.46		to	11.07
Period Ended 12/31/11 (2)		320		0.961095	to		11.440046		332		3.14			0.00		to    0.55			(3.94	)	to	(3.67	)
Russell LifePoints Balanced Strategy
Year Ended 12/31/14		11,655	$	1.222287	to	$	13.866173	$	17,117		2.98	%		0.00	%	to    0.55	%		4.04	%	to	4.61	%
Year Ended 12/31/13		9,944		1.173673	to		13.255096		14,726		2.18			0.00		to    0.55			11.81		to	12.43
Year Ended 12/31/12		7,167		1.048620	to		11.789785		9,673		2.60			0.00		to    0.55			12.34		to	12.96
Period Ended 12/31/11 (2)		3,296		0.932549	to		10.437591		4,082		3.47			0.00		to    0.55			(6.79	)	to	(6.53	)
Russell LifePoints Growth Strategy
Year Ended 12/31/14		13,525	$	1.235139	to	$	13.064429	$	20,126		3.03	%		0.00	%	to    0.55	%		3.19	%	to	3.76	%
Year Ended 12/31/13		11,741		1.195791	to		12.591524		16,736		2.32			0.00		to    0.55			15.92		to	16.56
Year Ended 12/31/12		9,304		1.030529	to		10.802768		11,345		2.26			0.00		to    0.55			13.59		to	14.22
Period Ended 12/31/11 (2)		1,932		0.906329	to		9.458077		3,034		3.58			0.00		to    0.55			(9.41	)	to	(9.16	)
Russell LifePoints Equity Growth Strategy
Year Ended 12/31/14		5,836	$	1.258221	to	$	12.149681	$	8,762		3.29	%		0.00	%	to    0.55	%		2.92	%	to	3.48	%
Year Ended 12/31/13		5,628	$	1.221337	to	$	11.740704	$	8,224		2.59			0.00		to    0.55			19.16		to	19.81
Year Ended 12/31/12		4,213		1.023971	to		9.799317		5,371		1.87			0.00		to    0.55			15.04		to	15.68
Period Ended 12/31/11 (2)		1,131		0.889198	to		8.471141		1,453		3.08			0.00		to    0.55			(11.12	)	to	(10.88	)
Credit Suisse Trust Commodity Return Strategy
Year Ended 12/31/14		2,448	$	5.885213	to	$	6.387246	$	15,934		0.00	%		0.00	%	to    0.55	%		(17.39)	%	to	(16.94)	%
Period Ended 12/31/13 (3)		1,963		7.085099	to		7.724122		15,565		0.00			0.00		to    0.55			1.72		to	1.79

(1) 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. Returns are not annualized for periods less than one year.

(2) Divisions commenced operations on June 30, 2011.

(3) Division commenced operations on November 15, 2013.

30

Report of Independent Registered Public Accounting Firm

To The Northwestern Mutual Life Insurance Company Board of Trustees and

Policyowners of the Northwestern Mutual Variable Life Account

In our opinion, the accompanying statements of assets and liabilities and the related statements of operations and of changes in net assets present fairly, in all material respects, the financial position of the Northwestern Mutual Variable Life Account and its Growth Stock Division, Focused Appreciation Division, Large Cap Core Stock Division, Large Cap Blend Division, Index 500 Stock Division, Large Company Value Division, Domestic Equity Division, Equity Income Division, Mid Cap Growth Stock Division, Index 400 Stock Division, Mid Cap Value Division, Small Cap Growth Stock Division, Index 600 Stock Division, Small Cap Value Division, International Growth Division, Research International Core Division, International Equity Division, Emerging Markets Equity Division, Money Market Division, Short-Term Bond Division, Select Bond Division, Long-Term U.S. Government Bond Division, Inflation Protection Division, High Yield Bond Division, Multi-Sector Bond Division, Balanced Division, Asset Allocation Division, Fidelity VIP Mid Cap Division, Fidelity VIP Contrafund Division, Neuberger Berman AMT Socially Responsive Division, Russell Multi-Style Equity Division, Russell Aggressive Equity Division, Russell Non-U.S. Division, Russell Core Bond Division, Russell Global Real Estate Securities Division, Russell LifePoints Moderate Strategy Division, Russell LifePoints Balanced Strategy Division, Russell LifePoints Growth Strategy Division, Russell LifePoints Equity Growth Strategy Division, Credit Suisse Trust Commodity Return Strategy Division, at December 31, 2014, and the results of their operations and the changes in their net assets for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of The Northwestern Mutual Life Insurance Company’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of investments owned at December 31, 2014 by correspondence with Northwestern Mutual Series Fund, Inc., Fidelity Variable Insurance Products, Neuberger Berman Advisers Management Trust, the Russell Investment Funds and Credit Suisse Trust, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Milwaukee, Wisconsin

April 27, 2015

31

Annual Report December 31, 2014

Northwestern Mutual Variable Life Account II

Financial Statements

Northwestern Mutual Variable Life Account II

Statements of Assets and Liabilities

December 31, 2014

(in thousands, except accumulation unit values)

	Growth Stock Division		Focused Appreciation Division		Large Cap Core Stock Division		Large Cap Blend Division		Index 500 Stock Division
Assets:
Investments, at value (1)
Northwestern Mutual Series Fund, Inc.	$	5,571	$	7,916	$	3,210	$	1,395	$	25,610
Fidelity Variable Insurance Products		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		-		3		-		-		15
Total Assets		5,571		7,919		3,210		1,395		25,625
Liabilities:
Due to Northwestern Mutual Life Insurance Company		1		-		1		-		-
Total Liabilities		1		-		1		-		-
Total Net Assets	$	5,570	$	7,919	$	3,209	$	1,395	$	25,625
Net Assets:
Custom Variable Universal Life Policies Issued On or After January 31, 2007 (2)
Policyowners’ Equity	$	2,422	$	6,765	$	2,207	$	1,346	$	17,291
Executive Variable Universal Life Policies Issued On or After January 31, 2007 (3)
Policyowners’ Equity		3,067		919		977		1		7,075
Survivorship Variable Universal Life Policies Issued On or After January 31, 2007 (4)
Policyowners’ Equity		81		235		25		48		1,259
Total Net Assets	$	5,570	$	7,919	$	3,209	$	1,395	$	25,625
(1) Investments, at cost	$	5,274	$	6,517	$	2,787	$	1,191	$	21,302
Mutual Fund Shares Held		1,938		3,005		1,942		1,241		6,441
(2) Accumulation Unit Value	$	54.488126	$	33.238141	$	40.759702	$	13.487127	$	103.583087
Units Outstanding		44		204		54		100		167
(3) Accumulation Unit Value	$	54.488126	$	33.238141	$	40.759702	$	13.487127	$	103.583087
Units Outstanding		56		28		24		-		68
(4) Accumulation Unit Value	$	54.488126	$	33.238141	$	40.759702	$	13.487127	$	103.583087
Units Outstanding		1		7		1		4		12

The Accompanying Notes are an Integral Part of the Financial Statements. 1

Northwestern Mutual Variable Life Account II

Statements of Assets and Liabilities

December 31, 2014

(in thousands, except accumulation unit values)

	Large Company Value Division		Domestic Equity Division		Equity Income Division		Mid Cap Growth Stock Division		Index 400 Stock Division
Assets:
Investments, at value (1)
Northwestern Mutual Series Fund, Inc.	$	284	$	4,612	$	6,155	$	2,546	$	8,127
Fidelity Variable Insurance Products		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		-		11		1		-		-
Total Assets		284		4,623		6,156		2,546		8,127
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		-		-		-		-
Total Liabilities		-		-		-		-		-
Total Net Assets	$	284	$	4,623	$	6,156	$	2,546	$	8,127
Net Assets:
Custom Variable Universal Life Policies Issued On or After January 31, 2007 (2)
Policyowners’ Equity	$	271	$	3,957	$	4,662	$	1,912	$	6,747
Executive Variable Universal Life Policies Issued On or After January 31, 2007 (3)
Policyowners’ Equity		13		593		1,270		631		1,166
Survivorship Variable Universal Life Policies Issued On or After January 31, 2007 (4)
Policyowners’ Equity		-		73		224		3		214
Total Net Assets	$	284	$	4,623	$	6,156	$	2,546	$	8,127
(1) Investments, at cost	$	273	$	3,320	$	5,193	$	2,501	$	6,997
Mutual Fund Shares Held		247		3,199		3,474		749		4,147
(2) Accumulation Unit Value	$	13.865219	$	22.950784	$	27.291728	$	102.693582	$	43.598907
Units Outstanding		20		172		171		19		155
(3) Accumulation Unit Value	$	13.865219	$	22.950784	$	27.291728	$	102.693582	$	43.598907
Units Outstanding		1		26		47		6		27
(4) Accumulation Unit Value	$	13.865219	$	22.950784	$	27.291728	$	102.693582	$	43.598907
Units Outstanding		-		3		8		-		5

The Accompanying Notes are an Integral Part of the Financial Statements. 2

Northwestern Mutual Variable Life Account II

Statements of Assets and Liabilities

December 31, 2014

(in thousands, except accumulation unit values)

	Mid Cap Value Division		Small Cap Growth Stock Division		Index 600 Stock Division		Small Cap Value Division		International Growth Division
Assets:
Investments, at value (1)
Northwestern Mutual Series Fund, Inc.	$	4,615	$	3,833	$	2,081	$	6,404	$	5,136
Fidelity Variable Insurance Products		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		1		-		-		1		6
Total Assets		4,616		3,833		2,081		6,405		5,142
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		-		-		-		-
Total Liabilities		-		-		-		-		-
Total Net Assets	$	4,616	$	3,833	$	2,081	$	6,405	$	5,142
Net Assets:
Custom Variable Universal Life Policies Issued On or After January 31, 2007 (2)
Policyowners’ Equity	$	2,238	$	2,700	$	1,995	$	3,996	$	4,803
Executive Variable Universal Life Policies Issued On or After January 31, 2007 (3)
Policyowners’ Equity		2,307		1,006		16		2,318		124
Survivorship Variable Universal Life Policies Issued On or After January 31, 2007 (4)
Policyowners’ Equity		71		127		70		91		215
Total Net Assets	$	4,616	$	3,833	$	2,081	$	6,405	$	5,142
(1) Investments, at cost	$	3,732	$	3,228	$	2,164	$	5,437	$	4,780
Mutual Fund Shares Held		2,606		1,536		1,786		2,686		3,819
(2) Accumulation Unit Value	$	32.189353	$	47.561777	$	17.638780	$	34.121874	$	19.596007
Units Outstanding		70		57		113		117		245
(3) Accumulation Unit Value	$	32.189353	$	47.561777	$	17.638780	$	34.121874	$	19.596007
Units Outstanding		72		21		1		68		6
(4) Accumulation Unit Value	$	32.189353	$	47.561777	$	17.638780	$	34.121874	$	19.596007
Units Outstanding		2		3		4		3		11

The Accompanying Notes are an Integral Part of the Financial Statements. 3

Northwestern Mutual Variable Life Account II

Statements of Assets and Liabilities

December 31, 2014

(in thousands, except accumulation unit values)

	Research International Core Division		International Equity Division		Emerging Markets Equity Division		Money Market Division		Short-Term Bond Division
Assets:
Investments, at value (1)
Northwestern Mutual Series Fund, Inc.	$	2,853	$	14,080	$	4,608	$	5,738	$	255
Fidelity Variable Insurance Products		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		3		4		3		128		1
Total Assets		2,856		14,084		4,611		5,866		256
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		-		-		-		-
Total Liabilities		-		-		-		-		-
Total Net Assets	$	2,856	$	14,084	$	4,611	$	5,866	$	256
Net Assets:
Custom Variable Universal Life Policies Issued On or After January 31, 2007 (2)
Policyowners’ Equity	$	2,397	$	10,166	$	4,072	$	3,100	$	223
Executive Variable Universal Life Policies Issued On or After January 31, 2007 (3)
Policyowners’ Equity		364		3,647		419		2,699		33
Survivorship Variable Universal Life Policies Issued On or After January 31, 2007 (4)
Policyowners’ Equity		95		271		120		67		-
Total Net Assets	$	2,856	$	14,084	$	4,611	$	5,866	$	256
(1) Investments, at cost	$	2,893	$	14,542	$	4,934	$	5,738	$	256
Mutual Fund Shares Held		3,163		7,937		4,976		5,738		248
(2) Accumulation Unit Value	$	10.212438	$	4.952849	$	10.109813	$	41.568533	$	12.188479
Units Outstanding		235		2,054		403		75		18
(3) Accumulation Unit Value	$	10.212438	$	4.952849	$	10.109813	$	41.568533	$	12.188479
Units Outstanding		36		736		41		65		3
(4) Accumulation Unit Value	$	10.212438	$	4.952849	$	10.109813	$	41.568533	$	12.188479
Units Outstanding		9		55		12		2		-

The Accompanying Notes are an Integral Part of the Financial Statements. 4

Northwestern Mutual Variable Life Account II

Statements of Assets and Liabilities

December 31, 2014

(in thousands, except accumulation unit values)

	Select Bond Division		Long-Term U.S. Government Bond Division		Inflation Protection Division		High Yield Bond Division		Multi-Sector Bond Division
Assets:
Investments, at value (1)
Northwestern Mutual Series Fund, Inc.	$	10,687	$	174	$	1,224	$	5,884	$	2,998
Fidelity Variable Insurance Products		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		13		-		2		1		2
Total Assets		10,700		174		1,226		5,885		3,000
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		-		-		-		-
Total Liabilities		-		-		-		-		-
Total Net Assets	$	10,700	$	174	$	1,226	$	5,885	$	3,000
Net Assets:
Custom Variable Universal Life Policies Issued On or After January 31, 2007 (2)
Policyowners’ Equity	$	7,607	$	154	$	1,174	$	5,210	$	2,894
Executive Variable Universal Life Policies Issued On or After January 31, 2007 (3)
Policyowners’ Equity		2,925		20		34		607		53
Survivorship Variable Universal Life Policies Issued On or After January 31, 2007 (4)
Policyowners’ Equity		168		-		18		68		53
Total Net Assets	$	10,700	$	174	$	1,226	$	5,885	$	3,000
(1) Investments, at cost	$	10,711	$	167	$	1,241	$	6,134	$	3,090
Mutual Fund Shares Held		8,435		156		1,112		8,161		2,763
(2) Accumulation Unit Value	$	211.428447	$	19.181310	$	13.899486	$	43.976216	$	15.951947
Units Outstanding		36		8		84		118		181
(3) Accumulation Unit Value	$	211.428447	$	19.181310	$	13.899486	$	43.976216	$	15.951947
Units Outstanding		14		1		2		14		3
(4) Accumulation Unit Value	$	211.428447	$	19.181310	$	13.899486	$	43.976216	$	15.951947
Units Outstanding		1		-		1		2		3

The Accompanying Notes are an Integral Part of the Financial Statements. 5

Northwestern Mutual Variable Life Account II

Statements of Assets and Liabilities

December 31, 2014

(in thousands, except accumulation unit values)

	Balanced Division		Asset Allocation Division		Fidelity VIP Mid Cap Division		Fidelity VIP Contrafund Division		Neuberger Berman AMT Socially Responsive Division
Assets:
Investments, at value (1)
Northwestern Mutual Series Fund, Inc.	$	2,819	$	470	$	-	$	-	$	-
Fidelity Variable Insurance Products		-		-		9,639		2,429		-
Neuberger Berman Advisers Management Trust		-		-		-		-		1,574
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		-		-		2		3		-
Total Assets		2,819		470		9,641		2,432		1,574
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		-		-		-		1
Total Liabilities		-		-		-		-		1
Total Net Assets	$	2,819	$	470	$	9,641	$	2,432	$	1,573
Net Assets:
Custom Variable Universal Life Policies Issued On or After January 31, 2007 (2)
Policyowners’ Equity	$	976	$	295	$	6,796	$	2,286	$	1,478
Executive Variable Universal Life Policies Issued On or After January 31, 2007 (3)
Policyowners’ Equity		1,410		111		2,589		42		21
Survivorship Variable Universal Life Policies Issued On or After January 31, 2007 (4)
Policyowners’ Equity		433		64		256		104		74
Total Net Assets	$	2,819	$	470	$	9,641	$	2,432	$	1,573
(1) Investments, at cost	$	2,901	$	468	$	8,741	$	2,057	$	1,349
Mutual Fund Shares Held		1,904		393		262		66		66
(2) Accumulation Unit Value	$	181.830315	$	20.487411	$	42.835362	$	16.754369	$	16.275087
Units Outstanding		5		14		159		137		91
(3) Accumulation Unit Value	$	181.830315	$	20.487411	$	42.835362	$	16.754369	$	16.275087
Units Outstanding		8		5		60		2		1
(4) Accumulation Unit Value	$	181.830315	$	20.487411	$	42.835362	$	16.754369	$	16.275087
Units Outstanding		2		3		6		6		5

The Accompanying Notes are an Integral Part of the Financial Statements. 6

Northwestern Mutual Variable Life Account II

Statements of Assets and Liabilities

December 31, 2014

(in thousands, except accumulation unit values)

	Russell Multi-Style Equity Division		Russell Aggressive Equity Division		Russell Non-U.S. Division		Russell Core Bond Division		Russell Global Real Estate Securities Division
Assets:
Investments, at value (1)
Northwestern Mutual Series Fund, Inc.	$	-	$	-	$	-	$	-	$	-
Fidelity Variable Insurance Products		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		2,989		1,902		3,484		3,848		6,653
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		-		-		-		3		1
Total Assets		2,989		1,902		3,484		3,851		6,654
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		-		2		-		-
Total Liabilities		-		-		2		-		-
Total Net Assets	$	2,989	$	1,902	$	3,482	$	3,851	$	6,654
Net Assets:
Custom Variable Universal Life Policies Issued On or After January 31, 2007 (2)
Policyowners’ Equity	$	2,525	$	1,540	$	2,832	$	2,247	$	5,943
Executive Variable Universal Life Policies Issued On or After January 31, 2007 (3)
Policyowners’ Equity		440		359		617		1,451		508
Survivorship Variable Universal Life Policies Issued On or After January 31, 2007 (4)
Policyowners’ Equity		24		3		33		153		203
Total Net Assets	$	2,989	$	1,902	$	3,482	$	3,851	$	6,654
(1) Investments, at cost	$	2,572	$	1,697	$	3,143	$	3,868	$	6,284
Mutual Fund Shares Held		165		123		302		361		426
(2) Accumulation Unit Value	$	18.071559	$	27.141282	$	17.795979	$	23.281628	$	44.660949
Units Outstanding		140		57		159		97		133
(3) Accumulation Unit Value	$	18.071559	$	27.141282	$	17.795979	$	23.281628	$	44.660949
Units Outstanding		24		13		35		62		11
(4) Accumulation Unit Value	$	18.071559	$	27.141282	$	17.795979	$	23.281628	$	44.660949
Units Outstanding		1		-		2		7		5

The Accompanying Notes are an Integral Part of the Financial Statements. 7

Northwestern Mutual Variable Life Account II

Statements of Assets and Liabilities

December 31, 2014

(in thousands, except accumulation unit values)

	Russell LifePoints Moderate Strategy Division		Russell LifePoints Balanced Strategy Division		Russell LifePoints Growth Strategy Division		Russell LifePoints Equity Growth Strategy Division		Credit Suisse Trust Commodity Return Strategy Division
Assets:
Investments, at value (1)
Northwestern Mutual Series Fund, Inc.	$	-	$	-	$	-	$	-	$	-
Fidelity Variable Insurance Products		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		103		420		617		214		-
Credit Suisse Trust		-		-		-		-		2,038
Due from Northwestern Mutual Life Insurance Company		-		-		-		-		2
Total Assets		103		420		617		214		2,040
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		-		-		-		-
Total Liabilities		-		-		-		-		-
Total Net Assets	$	103	$	420	$	617	$	214	$	2,040
Net Assets:
Custom Variable Universal Life Policies Issued On or After January 31, 2007 (2)
Policyowners’ Equity	$	100	$	412	$	570	$	211	$	1,977
Executive Variable Universal Life Policies Issued On or After January 31, 2007 (3)
Policyowners’ Equity		-		3		-		-		13
Survivorship Variable Universal Life Policies Issued On or After January 31, 2007 (4)
Policyowners’ Equity		3		5		47		3		50
Total Net Assets	$	103	$	420	$	617	$	214	$	2,040
(1) Investments, at cost	$	104	$	412	$	611	$	214	$	2,416
Mutual Fund Shares Held		10		40		61		23		390
(2) Accumulation Unit Value	$	14.227181	$	13.866173	$	13.064429	$	12.149681	$	5.885213
Units Outstanding		7		30		44		17		336
(3) Accumulation Unit Value	$	14.227181	$	13.866173	$	13.064429	$	12.149681	$	5.885213
Units Outstanding		-		-		-		-		2
(4) Accumulation Unit Value	$	14.227181	$	13.866173	$	13.064429	$	12.149681	$	5.885213
Units Outstanding		-		-		4		-		8

The Accompanying Notes are an Integral Part of the Financial Statements. 8

Northwestern Mutual Variable Life Account II

Statements of Operations

For the Year Ended December 31, 2014

(in thousands)

	Growth Stock Division		Focused Appreciation Division		Large Cap Core Stock Division		Large Cap Blend Division		Index 500 Stock Division
Income:
Dividend income	$	29	$	1	$	43	$	1	$	335
Net investment income (loss)		29		1		43		1		335
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		522		105		105		63		1,211
Realized gain distributions		475		710		260		52		261
Realized gains (losses)		997		815		365		115		1,472
Change in unrealized appreciation/(depreciation) of investments during the period		(629)		(144)		(176)		43		899
Net increase (decrease) in net assets resulting from operations	$	397	$	672	$	232	$	159	$	2,706
	Large Company Value Division		Domestic Equity Division		Equity Income Division		Mid Cap Growth Stock Division		Index 400 Stock Division
Income:
Dividend income	$	-	$	76	$	75	$	8	$	79
Net investment income (loss)		-		76		75		8		79
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		29		276		367		108		200
Realized gain distributions		16		-		179		456		380
Realized gains (losses)		45		276		546		564		580
Change in unrealized appreciation/(depreciation) of investments during the period		(12)		227		(178)		(390)		11
Net increase (decrease) in net assets resulting from operations	$	33	$	579	$	443	$	182	$	670

The Accompanying Notes are an Integral Part of the Financial Statements. 9

Northwestern Mutual Variable Life Account II

Statements of Operations

For the Year Ended December 31, 2014

(in thousands)

	Mid Cap Value Division		Small Cap Growth Stock Division		Index 600 Stock Division		Small Cap Value Division		International Growth Division
Income:
Dividend income	$	39	$	-	$	29	$	22	$	62
Net investment income (loss)		39		-		29		22		62
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		42		166		46		157		66
Realized gain distributions		332		390		323		157		-
Realized gains (losses)		374		556		369		314		66
Change in unrealized appreciation/(depreciation) of investments during the period		188		(249)		(285)		(299)		(357)
Net increase (decrease) in net assets resulting from operations	$	601	$	307	$	113	$	37	$	(229)
	Research International Core Division		International Equity Division		Emerging Markets Equity Division		Money Market Division		Short-Term Bond Division
Income:
Dividend income	$	35	$	276	$	25	$	4	$	2
Net investment income (loss)		35		276		25		4		2
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		28		347		(3)		-		1
Realized gain distributions		15		973		1		-		-
Realized gains (losses)		43		1,320		(2)		-		1
Change in unrealized appreciation/(depreciation) of investments during the period		(271)		(2,958)		(304)		-		(2)
Net increase (decrease) in net assets resulting from operations	$	(193)	$	(1,362)	$	(281)	$	4	$	1

The Accompanying Notes are an Integral Part of the Financial Statements. 10

Northwestern Mutual Variable Life Account II

Statements of Operations

For the Year Ended December 31, 2014

(in thousands)

	Select Bond Division		Long-Term U.S. Government Bond Division		Inflation Protection Division		High Yield Bond Division		Multi-Sector Bond Division
Income:
Dividend income	$	204	$	2	$	6	$	271	$	71
Net investment income (loss)		204		2		6		271		71
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		(81)		1		(17)		130		1
Realized gain distributions		-		-		10		-		-
Realized gains (losses)		(81)		1		(7)		130		1
Change in unrealized appreciation/(depreciation) of investments during the period		395		17		21		(336)		(12)
Net increase (decrease) in net assets resulting from operations	$	518	$	20	$	20	$	65	$	60
	Balanced Division		Asset Allocation Division		Fidelity VIP Mid Cap Division		Fidelity VIP Contrafund Division		Neuberger Berman AMT Socially Responsive Division
Income:
Dividend income	$	74	$	10	$	2	$	17	$	5
Net investment income (loss)		74		10		2		17		5
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		54		17		138		30		21
Realized gain distributions		255		43		196		48		-
Realized gains (losses)		309		60		334		78		21
Change in unrealized appreciation/(depreciation) of investments during the period		(213)		(49)		200		120		103
Net increase (decrease) in net assets resulting from operations	$	170	$	21	$	536	$	215	$	129

The Accompanying Notes are an Integral Part of the Financial Statements. 11

Northwestern Mutual Variable Life Account II

Statements of Operations

For the Year Ended December 31, 2014

(in thousands)

	Russell Multi-Style Equity Division		Russell Aggressive Equity Division		Russell Non-U.S. Division		Russell Core Bond Division		Russell Global Real Estate Securities Division
Income:
Dividend income	$	33	$	5	$	66	$	45	$	200
Net investment income (loss)		33		5		66		45		200
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		101		113		73		2		100
Realized gain distributions		393		178		-		74		279
Realized gains (losses)		494		291		73		76		379
Change in unrealized appreciation/(depreciation) of investments during the period		(203)		(262)		(298)		36		201
Net increase (decrease) in net assets resulting from operations	$	324	$	34	$	(159)	$	157	$	780
	Russell LifePoints Moderate Strategy Division		Russell LifePoints Balanced Strategy Division		Russell LifePoints Growth Strategy Division		Russell LifePoints Equity Growth Strategy Division		Credit Suisse Trust Commodity Return Strategy Division
Income:
Dividend income	$	3	$	12	$	17	$	6	$	-
Waiver income		-		-		-		-		2
Net investment income (loss)		3		12		17		6		2
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		-		12		4		-		(3)
Realized gain distributions		2		8		11		3		-
Realized gains (losses)		2		20		15		3		(3)
Change in unrealized appreciation/(depreciation) of investments during the period		-		(15)		(15)		(5)		(399)
Net increase (decrease) in net assets resulting from operations	$	5	$	17	$	17	$	4	$	(400)

The Accompanying Notes are an Integral Part of the Financial Statements. 12

Northwestern Mutual Variable Life Account II

Statements of Changes in Net Assets

(in thousands)

	Growth Stock Division				Focused Appreciation Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	29	$	27	$	1	$	23
Net realized gains (losses)		997		588		815		142
Net change in unrealized appreciation/(depreciation)		(629)		590		(144)		1,088
Net increase (decrease) in net assets resulting from operations		397		1,205		672		1,253
Policy Transactions:
Policyowners’ net payments		466		493		1,307		945
Policy loans, surrenders and death benefits		(248)		(585)		(149)		(279)
Mortality and other (net)		(192)		(184)		(346)		(263)
Transfers from other divisions		29,879		20,533		10,471		7,875
Transfers to other divisions		(28,991)		(20,544)		(9,947)		(7,494)
Net increase (decrease) in net assets resulting from policy transactions		914		(287)		1,336		784
Net increase (decrease) in net assets		1,311		918		2,008		2,037
Net Assets:
Beginning of period		4,259		3,341		5,911		3,874
End of period	$	5,570	$	4,259	$	7,919	$	5,911
Units issued during the period		622		515		407		352
Units redeemed during the period		(605)		(521)		(363)		(322)
Net units issued (redeemed) during period		17		(6)		44		30
	Large Cap Core Stock Division				Large Cap Blend Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	43	$	26	$	1	$	9
Net realized gains (losses)		365		85		115		50
Net change in unrealized appreciation/(depreciation)		(176)		454		43		147
Net increase (decrease) in net assets resulting from operations		232		565		159		206
Policy Transactions:
Policyowners’ net payments		465		540		319		203
Policy loans, surrenders and death benefits		(157)		(106)		(17)		(8)
Mortality and other (net)		(165)		(145)		(50)		(39)
Transfers from other divisions		9,099		3,933		1,480		1,325
Transfers to other divisions		(8,892)		(4,057)		(1,554)		(1,156)
Net increase (decrease) in net assets resulting from policy transactions		350		165		178		325
Net increase (decrease) in net assets		582		730		337		531
Net Assets:
Beginning of period		2,627		1,897		1,058		527
End of period	$	3,209	$	2,627	$	1,395	$	1,058
Units issued during the period		250		136		147		145
Units redeemed during the period		(240)		(132)		(131)		(115)
Net units issued (redeemed) during period		10		4		16		30

The Accompanying Notes are an Integral Part of the Financial Statements. 13

Northwestern Mutual Variable Life Account II

Statements of Changes in Net Assets

(in thousands)

	Index 500 Stock Division				Large Company Value Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	335	$	264	$	-	$	3
Net realized gains (losses)		1,472		1,084		45		7
Net change in unrealized appreciation/(depreciation)		899		2,541		(12)		20
Net increase (decrease) in net assets resulting from operations		2,706		3,889		33		30
Policy Transactions:
Policyowners’ net payments		2,793		2,654		102		79
Policy loans, surrenders and death benefits		(617)		(808)		(80)		(1)
Mortality and other (net)		(706)		(543)		(25)		(12)
Transfers from other divisions		63,608		49,707		440		171
Transfers to other divisions		(60,395)		(47,477)		(378)		(127)
Net increase (decrease) in net assets resulting from policy transactions		4,683		3,533		59		110
Net increase (decrease) in net assets		7,389		7,422		92		140
Net Assets:
Beginning of period		18,236		10,814		192		52
End of period	$	25,625	$	18,236	$	284	$	192
Units issued during the period		718		729		42		24
Units redeemed during the period		(670)		(686)		(37)		(14)
Net units issued (redeemed) during period		48		43		5		10
	Domestic Equity Division				Equity Income Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	76	$	57	$	75	$	58
Net realized gains (losses)		276		197		546		151
Net change in unrealized appreciation/(depreciation)		227		735		(178)		855
Net increase (decrease) in net assets resulting from operations		579		989		443		1,064
Policy Transactions:
Policyowners’ net payments		814		665		1,061		664
Policy loans, surrenders and death benefits		(175)		(255)		(99)		(158)
Mortality and other (net)		(235)		(203)		(276)		(193)
Transfers from other divisions		7,999		5,251		25,624		19,302
Transfers to other divisions		(8,329)		(5,320)		(25,585)		(18,831)
Net increase (decrease) in net assets resulting from policy transactions		74		138		725		784
Net increase (decrease) in net assets		653		1,127		1,168		1,848
Net Assets:
Beginning of period		3,970		2,843		4,988		3,140
End of period	$	4,623	$	3,970	$	6,156	$	4,988
Units issued during the period		436		363		1,123		899
Units redeemed during the period		(432)		(356)		(1,093)		(863)
Net units issued (redeemed) during period		4		7		30		36

The Accompanying Notes are an Integral Part of the Financial Statements. 14

Northwestern Mutual Variable Life Account II

Statements of Changes in Net Assets

(in thousands)

	Mid Cap Growth Stock Division				Index 400 Stock Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	8	$	8	$	79	$	51
Net realized gains (losses)		564		219		580		285
Net change in unrealized appreciation/(depreciation)		(390)		290		11		962
Net increase (decrease) in net assets resulting from operations		182		517		670		1,298
Policy Transactions:
Policyowners’ net payments		414		371		1,227		1,049
Policy loans, surrenders and death benefits		(132)		(90)		(194)		(204)
Mortality and other (net)		(122)		(131)		(304)		(235)
Transfers from other divisions		7,183		6,056		27,928		13,053
Transfers to other divisions		(7,523)		(5,833)		(27,151)		(12,527)
Net increase (decrease) in net assets resulting from policy transactions		(180)		373		1,506		1,136
Net increase (decrease) in net assets		2		890		2,176		2,434
Net Assets:
Beginning of period		2,544		1,654		5,951		3,517
End of period	$	2,546	$	2,544	$	8,127	$	5,951
Units issued during the period		82		76		716		420
Units redeemed during the period		(84)		(71)		(679)		(388)
Net units issued (redeemed) during period		(2)		5		37		32
	Mid Cap Value Division				Small Cap Growth Stock Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	39	$	27	$	-	$	14
Net realized gains (losses)		374		152		556		218
Net change in unrealized appreciation/(depreciation)		188		511		(249)		661
Net increase (decrease) in net assets resulting from operations		601		690		307		893
Policy Transactions:
Policyowners’ net payments		586		387		420		473
Policy loans, surrenders and death benefits		(33)		(376)		(170)		(370)
Mortality and other (net)		(151)		(112)		(161)		(144)
Transfers from other divisions		14,334		10,966		12,039		6,743
Transfers to other divisions		(13,838)		(10,546)		(11,753)		(6,808)
Net increase (decrease) in net assets resulting from policy transactions		898		319		375		(106)
Net increase (decrease) in net assets		1,499		1,009		682		787
Net Assets:
Beginning of period		3,117		2,108		3,151		2,364
End of period	$	4,616	$	3,117	$	3,833	$	3,151
Units issued during the period		570		481		292		216
Units redeemed during the period		(539)		(468)		(283)		(219)
Net units issued (redeemed) during period		31		13		9		(3)

The Accompanying Notes are an Integral Part of the Financial Statements. 15

Northwestern Mutual Variable Life Account II

Statements of Changes in Net Assets

(in thousands)

	Index 600 Stock Division				Small Cap Value Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	29	$	40	$	22	$	50
Net realized gains (losses)		369		72		314		255
Net change in unrealized appreciation/(depreciation)		(285)		190		(299)		873
Net increase (decrease) in net assets resulting from operations		113		302		37		1,178
Policy Transactions:
Policyowners’ net payments		409		324		786		671
Policy loans, surrenders and death benefits		(29)		(4)		(103)		(468)
Mortality and other (net)		(74)		(45)		(239)		(195)
Transfers from other divisions		2,647		1,809		21,198		17,407
Transfers to other divisions		(2,366)		(1,417)		(20,444)		(16,976)
Net increase (decrease) in net assets resulting from policy transactions		587		667		1,198		439
Net increase (decrease) in net assets		700		969		1,235		1,617
Net Assets:
Beginning of period		1,381		412		5,170		3,553
End of period	$	2,081	$	1,381	$	6,405	$	5,170
Units issued during the period		187		165		734		635
Units redeemed during the period		(151)		(118)		(698)		(620)
Net units issued (redeemed) during period		36		47		36		15
	International Growth Division				Research International Core Division
	Year Ended December 31,2014		Year Ended December 31,2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	62	$	50	$	35	$	2
Net realized gains (losses)		66		98		43		16
Net change in unrealized appreciation/(depreciation)		(357)		495		(271)		182
Net increase (decrease) in net assets resulting from operations		(229)		643		(193)		200
Policy Transactions:
Policyowners’ net payments		1,106		829		731		354
Policy loans, surrenders and death benefits		(211)		(444)		(21)		(32)
Mortality and other (net)		(265)		(205)		(138)		(73)
Transfers from other divisions		8,241		7,922		7,407		3,327
Transfers to other divisions		(7,623)		(7,526)		(6,624)		(2,728)
Net increase (decrease) in net assets resulting from policy transactions		1,248		576		1,355		848
Net increase (decrease) in net assets		1,019		1,219		1,162		1,048
Net Assets:
Beginning of period		4,123		2,904		1,694		646
End of period	$	5,142	$	4,123	$	2,856	$	1,694
Units issued during the period		484		523		800		375
Units redeemed during the period		(423)		(492)		(674)		(291)
Net units issued (redeemed) during period		61		31		126		84

The Accompanying Notes are an Integral Part of the Financial Statements. 16

Northwestern Mutual Variable Life Account II

Statements of Changes in Net Assets

(in thousands)

	International Equity Division				Emerging Markets Equity Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	276	$	244	$	25	$	14
Net realized gains (losses)		1,320		529		(2)		28
Net change in unrealized appreciation/(depreciation)		(2,958)		1,431		(304)		(116)
Net increase (decrease) in net assets resulting from operations		(1,362)		2,204		(281)		(74)
Policy Transactions:
Policyowners’ net payments		2,420		2,198		1,143		705
Policy loans, surrenders and death benefits		(500)		(1,608)		(34)		(38)
Mortality and other (net)		(692)		(581)		(213)		(117)
Transfers from other divisions		53,712		39,903		7,891		4,555
Transfers to other divisions		(52,696)		(38,678)		(6,594)		(3,589)
Net increase (decrease) in net assets resulting from policy transactions		2,244		1,234		2,193		1,516
Net increase (decrease) in net assets		882		3,438		1,912		1,442
Net Assets:
Beginning of period		13,202		9,764		2,699		1,257
End of period	$	14,084	$	13,202	$	4,611	$	2,699
Units issued during the period		11,222		9,376		882		508
Units redeemed during the period		(10,807)		(9,128)		(677)		(367)
Net units issued (redeemed) during period		415		248		205		141
	Money Market Division				Short-Term Bond Division
	Year Ended December 31, 2014		Year Ended December 31,2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	4	$	5	$	2	$	-
Net realized gains (losses)		-		-		1		(2)
Net change in unrealized appreciation/(depreciation)		-		-		(2)		4
Net increase (decrease) in net assets resulting from operations		4		5		1		2
Policy Transactions:
Policyowners’ net payments		15,806		13,804		78		95
Policy loans, surrenders and death benefits		(89)		(233)		(2)		(1)
Mortality and other (net)		(387)		(352)		(18)		(10)
Transfers from other divisions		24,744		21,532		706		301
Transfers to other divisions		(40,902)		(33,006)		(667)		(773)
Net increase (decrease) in net assets resulting from policy transactions		(828)		1,745		97		(388)
Net increase (decrease) in net assets		(824)		1,750		98		(386)
Net Assets:
Beginning of period		6,690		4,940		158		544
End of period	$	5,866	$	6,690	$	256	$	158
Units issued during the period		1,025		1,039		67		34
Units redeemed during the period		(1,044)		(997)		(59)		(66)
Net units issued (redeemed) during period		(19)		42		8		(32)

The Accompanying Notes are an Integral Part of the Financial Statements. 17

Northwestern Mutual Variable Life Account II

Statements of Changes in Net Assets

(in thousands)

	Select Bond Division				Long-Term U.S. Government Bond Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	204	$	182	$	2	$	-
Net realized gains (losses)		(81)		60		1		(53)
Net change in unrealized appreciation/(depreciation)		395		(401)		17		19
Net increase (decrease) in net assets resulting from operations		518		(159)		20		(34)
Policy Transactions:
Policyowners’ net payments		1,469		1,557		21		50
Policy loans, surrenders and death benefits		(383)		(429)		(85)		(1)
Mortality and other (net)		(453)		(399)		(6)		(12)
Transfers from other divisions		47,394		31,299		240		250
Transfers to other divisions		(46,142)		(30,613)		(155)		(444)
Net increase (decrease) in net assets resulting from policy transactions		1,885		1,415		15		(157)
Net increase (decrease) in net assets		2,403		1,256		35		(191)
Net Assets:
Beginning of period		8,297		7,041		139		330
End of period	$	10,700	$	8,297	$	174	$	139
Units issued during the period		246		167		15		18
Units redeemed during the period		(236)		(160)		(15)		(28)
Net units issued (redeemed) during period		10		7		-		(10)
	Inflation Protection Division				High Yield Bond Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	6	$	8	$	271	$	246
Net realized gains (losses)		(7)		(40)		130		13
Net change in unrealized appreciation/(depreciation)		21		(54)		(336)		(16)
Net increase (decrease) in net assets resulting from operations		20		(86)		65		243
Policy Transactions:
Policyowners’ net payments		156		549		1,139		1,060
Policy loans, surrenders and death benefits		(41)		(49)		(6)		(37)
Mortality and other (net)		(39)		(36)		(238)		(194)
Transfers from other divisions		2,754		4,055		14,667		15,806
Transfers to other divisions		(2,252)		(4,620)		(14,948)		(14,860)
Net increase (decrease) in net assets resulting from policy transactions		578		(101)		614		1,775
Net increase (decrease) in net assets		598		(187)		679		2,018
Net Assets:
Beginning of period		628		815		5,206		3,188
End of period	$	1,226	$	628	$	5,885	$	5,206
Units issued during the period		218		332		405		414
Units redeemed during the period		(178)		(340)		(391)		(371)
Net units issued (redeemed) during period		40		(8)		14		43

The Accompanying Notes are an Integral Part of the Financial Statements. 18

Northwestern Mutual Variable Life Account II

Statements of Changes in Net Assets

(in thousands)

	Multi-Sector Bond Division				Balanced Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	71	$	71	$	74	$	84
Net realized gains (losses)		1		36		309		150
Net change in unrealized appreciation/(depreciation)		(12)		(164)		(213)		27
Net increase (decrease) in net assets resulting from operations		60		(57)		170		261
Policy Transactions:
Policyowners’ net payments		658		457		177		307
Policy loans, surrenders and death benefits		(17)		(37)		(127)		(82)
Mortality and other (net)		(120)		(102)		(110)		(104)
Transfers from other divisions		3,510		4,212		33,246		13,697
Transfers to other divisions		(3,170)		(4,082)		(33,281)		(13,401)
Net increase (decrease) in net assets resulting from policy transactions		861		448		(95)		417
Net increase (decrease) in net assets		921		391		75		678
Net Assets:
Beginning of period		2,079		1,688		2,744		2,066
End of period	$	3,000	$	2,079	$	2,819	$	2,744
Units issued during the period		267		325		191		87
Units redeemed during the period		(214)		(298)		(191)		(85)
Net units issued (redeemed) during period		53		27		-		2
	Asset Allocation Division				Fidelity VIP Mid Cap Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	10	$	10	$	2	$	18
Net realized gains (losses)		60		10		334		1,168
Net change in unrealized appreciation/(depreciation)		(49)		30		200		733
Net increase (decrease) in net assets resulting from operations		21		50		536		1,919
Policy Transactions:
Policyowners’ net payments		49		39		1,246		1,030
Policy loans, surrenders and death benefits		(5)		(39)		(271)		(1,025)
Mortality and other (net)		(23)		(20)		(358)		(266)
Transfers from other divisions		707		300		32,888		29,718
Transfers to other divisions		(656)		(276)		(31,932)		(29,131)
Net increase (decrease) in net assets resulting from policy transactions		72		4		1,573		326
Net increase (decrease) in net assets		93		54		2,109		2,245
Net Assets:
Beginning of period		377		323		7,532		5,287
End of period	$	470	$	377	$	9,641	$	7,532
Units issued during the period		38		20		931		975
Units redeemed during the period		(36)		(19)		(893)		(966)
Net units issued (redeemed) during period		2		1		38		9

The Accompanying Notes are an Integral Part of the Financial Statements. 19

Northwestern Mutual Variable Life Account II

Statements of Changes in Net Assets

(in thousands)

	Fidelity VIP Contrafund Division				Neuberger Berman AMT Socially Responsive Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	17	$	11	$	5	$	5
Net realized gains (losses)		78		37		21		14
Net change in unrealized appreciation/(depreciation)		120		230		103		116
Net increase (decrease) in net assets resulting from operations		215		278		129		135
Policy Transactions:
Policyowners’ net payments		602		305		427		168
Policy loans, surrenders and death benefits		(25)		(35)		(17)		(21)
Mortality and other (net)		(127)		(74)		(87)		(36)
Transfers from other divisions		4,049		2,397		2,501		1,288
Transfers to other divisions		(3,678)		(2,072)		(2,237)		(880)
Net increase (decrease) in net assets resulting from policy transactions		821		521		587		519
Net increase (decrease) in net assets		1,036		799		716		654
Net Assets:
Beginning of period		1,396		597		857		203
End of period	$	2,432	$	1,396	$	1,573	$	857
Units issued during the period		305		265		205		120
Units redeemed during the period		(253)		(224)		(166)		(80)
Net units issued (redeemed) during period		52		41		39		40
	Russell Multi-Style Equity Division				Russell Aggressive Equity Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	33	$	26	$	5	$	7
Net realized gains (losses)		494		201		291		176
Net change in unrealized appreciation/(depreciation)		(203)		386		(262)		323
Net increase (decrease) in net assets resulting from operations		324		613		34		506
Policy Transactions:
Policyowners’ net payments		281		383		256		300
Policy loans, surrenders and death benefits		(104)		(103)		(38)		(49)
Mortality and other (net)		(125)		(113)		(97)		(86)
Transfers from other divisions		5,506		3,773		4,710		2,672
Transfers to other divisions		(5,439)		(3,780)		(4,813)		(2,662)
Net increase (decrease) in net assets resulting from policy transactions		119		160		18		175
Net increase (decrease) in net assets		443		773		52		681
Net Assets:
Beginning of period		2,546		1,773		1,850		1,169
End of period	$	2,989	$	2,546	$	1,902	$	1,850
Units issued during the period		349		311		192		131
Units redeemed during the period		(341)		(299)		(191)		(123)
Net units issued (redeemed) during period		8		12		1		8

The Accompanying Notes are an Integral Part of the Financial Statements. 20

Northwestern Mutual Variable Life Account II

Statements of Changes in Net Assets

(in thousands)

	Russell Non-U.S. Division				Russell Core Bond Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	66	$	53	$	45	$	32
Net realized gains (losses)		73		43		76		12
Net change in unrealized appreciation/(depreciation)		(298)		458		36		(77)
Net increase (decrease) in net assets resulting from operations		(159)		554		157		(33)
Policy Transactions:
Policyowners’ net payments		522		507		475		567
Policy loans, surrenders and death benefits		(66)		(112)		(39)		(94)
Mortality and other (net)		(143)		(134)		(166)		(138)
Transfers from other divisions		7,975		5,380		12,173		6,167
Transfers to other divisions		(7,783)		(5,429)		(11,226)		(6,408)
Net increase (decrease) in net assets resulting from policy transactions		505		212		1,217		94
Net increase (decrease) in net assets		346		766		1,374		61
Net Assets:
Beginning of period		3,136		2,370		2,477		2,416
End of period	$	3,482	$	3,136	$	3,851	$	2,477
Units issued during the period		461		359		560		310
Units redeemed during the period		(434)		(346)		(507)		(305)
Net units issued (redeemed) during period		27		13		53		5
	Russell Global Real Estate Securities Division				Russell LifePoints Moderate Strategy Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	200	$	171	$	3	$	1
Net realized gains (losses)		379		365		2		5
Net change in unrealized appreciation/(depreciation)		201		(406)		-		(2)
Net increase (decrease) in net assets resulting from operations		780		130		5		4
Policy Transactions:
Policyowners’ net payments		1,197		979		33		7
Policy loans, surrenders and death benefits		(204)		(370)		7		(40)
Mortality and other (net)		(307)		(246)		(11)		(5)
Transfers from other divisions		12,210		9,104		67		159
Transfers to other divisions		(11,797)		(8,525)		(107)		(46)
Net increase (decrease) in net assets resulting from policy transactions		1,099		942		(11)		75
Net increase (decrease) in net assets		1,879		1,072		(6)		79
Net Assets:
Beginning of period		4,775		3,703		109		30
End of period	$	6,654	$	4,775	$	103	$	109
Units issued during the period		331		293		8		13
Units redeemed during the period		(305)		(269)		(9)		(7)
Net units issued (redeemed) during period		26		24		(1)		6

The Accompanying Notes are an Integral Part of the Financial Statements. 21

Northwestern Mutual Variable Life Account II

Statements of Changes in Net Assets

(in thousands)

	Russell LifePoints Balanced Strategy Division				Russell LifePoints Growth Strategy Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2013
Operations:
Net investment income (loss)	$	12	$	7	$	17	$	5
Net realized gains (losses)		20		15		15		7
Net change in unrealized appreciation/(depreciation)		(15)		16		(15)		17
Net increase (decrease) in net assets resulting from operations		17		38		17		29
Policy Transactions:
Policyowners’ net payments		101		100		167		120
Policy loans, surrenders and death benefits		(1)		-		(17)		-
Mortality and other (net)		(30)		(22)		(37)		(19)
Transfers from other divisions		511		421		449		274
Transfers to other divisions		(609)		(338)		(272)		(183)
Net increase (decrease) in net assets resulting from policy transactions		(28)		161		290		192
Net increase (decrease) in net assets		(11)		199		307		221
Net Assets:
Beginning of period		431		232		310		89
End of period	$	420	$	431	$	617	$	310
Units issued during the period		49		44		51		40
Units redeemed during the period		(51)		(32)		(28)		(23)
Net units issued (redeemed) during period		(2)		12		23		17
	Russell LifePoints Equity Growth Strategy Division				Credit Suisse Trust Commodity Return Strategy Division
	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2014		Period November 15 to December 31, 2013
Operations:
Net investment income (loss)	$	6	$	3	$	2	$	-
Net realized gains (losses)		3		17		(3)		1
Net change in unrealized appreciation/(depreciation)		(5)		2		(399)		21
Net increase (decrease) in net assets resulting from operations		4		22		(400)		22
Policy Transactions:
Policyowners’ net payments		90		58		657		46
Policy loans, surrenders and death benefits		-		(40)		39		(3)
Mortality and other (net)		(21)		(14)		(100)		(9)
Transfers from other divisions		107		270		3,599		1,417
Transfers to other divisions		(81)		(236)		(3,070)		(158)
Net increase (decrease) in net assets resulting from policy transactions		95		38		1,125		1,293
Net increase (decrease) in net assets		99		60		723		1,315
Net Assets:
Beginning of period		115		55		1,315		-
End of period	$	214	$	115	$	2,040	$	1,315
Units issued during the period		16		32		807		217
Units redeemed during the period		(9)		(28)		(725)		(30)
Net units issued (redeemed) during period		7		4		82		187

The Accompanying Notes are an Integral Part of the Financial Statements. 22

Northwestern Mutual Variable Life Account II

Notes to Financial Statements

December 31, 2014

1. Organization

Northwestern Mutual Variable Life Account II (“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”) used to fund variable life insurance policies (“the Policies”).

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, 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 Portfolios should be read in conjunction with the financial statements and footnotes of the Divisions. Each Division of the account indirectly bears exposure to the market, credit and liquidity risks of the Portfolio in which it invests.

On September 18, 2013, the Securities Exchange Commission approved an application from Northwestern Mutual on behalf of the Account permitting Northwestern Mutual to automatically transfer all remaining policy values in the Northwestern Mutual Commodities Return Strategy Division to the Credit Suisse Trust Commodity Return Strategy Division. The transfer was executed on November 15, 2013 and is included in the Statement of Changes in Net Assets as part of the transfers from other divisions or sponsor line item. Additionally, Northwestern Mutual will periodically reimburse policyowners for the additional operating expenses of the Credit Suisse Trust Commodity Return Strategy Division. Refer to note 4 - Expenses and Related Party Transactions footnote.

2. Significant Accounting Policies

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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets for use in estimates. Actual results could differ from those estimates.

B. Investment Valuation – The shares are valued at the Funds’ offering and redemption prices per share. As of December 31, 2014, all of the Account’s investments are identified as Level 1 securities for valuation purposes under the Fair Value Measurement Topic of the FASB Accounting Standards Codification. Level 1 securities are valued at fair value as determined by quoted prices in active markets for identical securities. 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.

C. Investment Income, Securities Transactions and Policy 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 recorded on the ex–date of the dividends. Dividends and distributions received are reinvested in additional shares of the respective portfolios of the Funds. The Policies are eligible to receive policy dividends from Northwestern Mutual. Any dividends reinvested in the Account are reflected in Policyowners’ net payments in the accompanying financial statements.

D. Taxes – Northwestern Mutual is taxed as a “life insurance company” under the Internal Revenue Code. The Policies, which are funded in the Account, are taxed as part of the operations of Northwestern Mutual. Currently, there is no charge being made against the assets of the Account for federal income taxes, but Northwestern Mutual reserves the right to charge for taxes in the future.

23

Northwestern Mutual Variable Life Account II

Notes to Financial Statements

December 31, 2014

3. Purchases and Sales of Investments

Purchases and sales of the Funds’ shares for the year ended December 31, 2014 were as follows: (in thousands)

Division	Purchases		Sales
Growth Stock	$	3,638	$        2,319
Focused Appreciation		3,087	997
Large Cap Core Stock		1,198	605
Large Cap Blend		512	280
Index 500 Stock		10,265	4,996
Large Company Value		265	191
Domestic Equity		1,287	1,148
Equity Income		2,718	1,693
Mid Cap Growth Stock		1,313	1,075
Index 400 Stock		3,962	1,997
Mid Cap Value		1,653	363
Small Cap Growth Stock		1,420	683
Index 600 Stock		1,252	314
Small Cap Value		2,234	841
International Growth		2,061	726
Research International Core		1,807	367
International Equity		6,203	2,778
Emerging Markets Equity		3,078	828
Money Market		21,096	22,041
Short-Term Bond		361	263
Select Bond		5,766	3,741
Long-Term U.S. Government Bond		204	187
Inflation Protection		996	396
High Yield Bond		3,484	2,603
Multi-Sector Bond		1,336	387
Balanced		1,676	1,441
Asset Allocation		237	112
Fidelity VIP Mid Cap		3,251	1,460
Fidelity VIP Contrafund		1,259	348
Neuberger Berman AMT Socially Responsive		855	234
Russell Multi-Style Equity		973	427
Russell Aggressive Equity		666	466
Russell Non-U.S.		1,017	444
Russell Core Bond		1,837	485
Russell Global Real Estate Securities		2,596	1,021
Russell LifePoints Moderate Strategy		103	108
Russell LifePoints Balanced Strategy		140	148
Russell LifePoints Growth Strategy		396	55
Russell LifePoints Equity Growth Strategy		126	22
Credit Suisse Trust Commodity Return Strategy		1,546	396

24

Northwestern Mutual Variable Life Account II

Notes to Financial Statements

December 31, 2014

4. Expenses and Related Party Transactions

A deduction for mortality and expense risks is paid to Northwestern Mutual. Mortality risk is the risk that insureds may not live as long as estimated. Expense risk is the risk that expenses of issuing and administering the Policies may exceed the estimated costs.

A deduction for the mortality and expense risks for Custom Variable Universal Life policies is determined monthly at an annual rate of 0.22% of the amount invested in the Account for the Policy for the first ten Policy years, 0.07% for the next ten Policy years and 0.00% thereafter. A deduction for the mortality and expense risks for Executive Variable Universal Life policies is determined monthly at an annual rate of 0.10% of the amounts invested in the Account for the Policy for the first ten Policy years, and 0.00% thereafter. For Policies without the Surrender of Policy Endorsement, the current charge is assessed monthly at an annual rate of 0.00% of the amount invested in the Account for the Policy. A deduction for the mortality and expense risks for Survivorship Variable Universal Life Policies is determined monthly at an annual rate of 0.00% of the amount invested in the Account for the Policy.

Additional mortality and expense risks deductions are determined annually and are paid to Northwestern Mutual for the first ten Policy years on all Survivorship Variable Universal Life policies based on the age of the insured individuals at the time the policy was issued.

Additional mortality costs are determined monthly and are paid for Northwestern Mutual to cover the cost of providing insurance protection. This cost reflects expected mortality costs based upon actual experience.

Certain deductions are also made from the annual, single or other premiums before amounts are allocated to the Account. These deductions are for sales load, administrative expenses, taxes and a risk charge for the guaranteed death benefit among other charges which are detailed in the Prospectus.

The charges noted are reflected as a reduction in units and are included in Mortality and other in the accompanying financial statements.

The net operating expenses of the Credit Suisse Trust Commodity Return Strategy Portfolio are limited to 1.05% of average net assets through November 15, 2015 by Credit Suisse Trust and Credit Suisse Asset Management, LLC. Pursuant to the substitution order of the Securities and Exchange Commission, effective November 15, 2013 through November 15, 2015, Northwestern Mutual will periodically reimburse policyowners to the extent the net operating expenses of the Credit Suisse Trust Commodity Return Strategy Portfolio exceed that of the fee waiver agreement of 0.95% of the Northwestern Mutual Commodities Return Strategy Portfolio which was in place at the time of the substitution.

25

Northwestern Mutual Variable Life Account II

Notes to Financial Statements

December 31, 2014

5. Financial Highlights

(For a unit outstanding during the period)

	As of the respective period end date:						For the respective period ended:
Division	Units Outstanding (000’s)		Unit Value		Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio, Lowest to Highest(1)			Total Return(1)
Growth Stock
Year Ended 12/31/14		101		$54.488126		$5,570		0.61	%		0.00	%		9.02	%
Year Ended 12/31/13		84		49.977915		4,259		0.67			0.00			35.86
Year Ended 12/31/12		90		36.785012		3,341		0.59			0.00			12.94
Year Ended 12/31/11		60		32.569595		1,953		0.80			0.00			(1.30	)
Year Ended 12/31/10		49		32.998214		1,628		0.86			0.00			12.37
Focused Appreciation
Year Ended 12/31/14		239		$33.238141		$7,919		0.02	%		0.00	%		9.43	%
Year Ended 12/31/13		195		30.372615		5,911		0.49			0.00			29.01
Year Ended 12/31/12		165		23.543734		3,874		0.28			0.00			20.14
Year Ended 12/31/11		193		19.596705		3,782		0.18			0.00			(6.10	)
Year Ended 12/31/10		169		20.869750		3,516		0.00			0.00			9.33
Large Cap Core Stock
Year Ended 12/31/14		79		$40.759702		$3,209		1.50	%		0.00	%		8.56	%
Year Ended 12/31/13		69		37.544148		2,627		1.14			0.00			28.58
Year Ended 12/31/12		65		29.198468		1,897		1.29			0.00			11.63
Year Ended 12/31/11		55		26.156583		1,456		1.15			0.00			(1.21	)
Year Ended 12/31/10		50		26.477036		1,331		1.26			0.00			12.91
Large Cap Blend
Year Ended 12/31/14		104		$13.487127		$1,395		0.04	%		0.00	%		12.58	%
Year Ended 12/31/13		88		11.980322		1,058		1.08			0.00			30.86
Year Ended 12/31/12		58		9.155103		527		1.17			0.00			15.20
Period Ended 12/31/11 (2)		14		7.947227		111		2.27			0.00			(5.56	)
Index 500 Stock
Year Ended 12/31/14		247		$103.583087		$25,625		1.58	%		0.00	%		13.46	%
Year Ended 12/31/13		199		91.297175		$18,236		1.84			0.00			32.05
Year Ended 12/31/12		156		69.136117		10,814		1.77			0.00			15.76
Year Ended 12/31/11		118		59.726031		7,036		1.84			0.00			1.95
Year Ended 12/31/10		84		58.583796		4,937		2.07			0.00			14.89
Large Company Value
Year Ended 12/31/14		21		$13.865219		$284		0.00	%		0.00	%		13.03	%
Year Ended 12/31/13		16		12.266796		192		2.04			0.00			31.29
Year Ended 12/31/12		6		9.343226		52		2.32			0.00			16.47
Period Ended 12/31/11 (2)		1		8.021755		10		5.34			0.00			(3.12	)
Domestic Equity
Year Ended 12/31/14		201		$22.950784		$4,623		1.73	%		0.00	%		13.87	%
Year Ended 12/31/13		197		20.154766		3,970		1.65			0.00			34.03
Year Ended 12/31/12		190		15.037814		2,843		2.15			0.00			14.35
Year Ended 12/31/11		194		13.151218		2,548		2.12			0.00			0.91
Year Ended 12/31/10		152		13.033112		1,979		2.36			0.00			14.62
Equity Income
Year Ended 12/31/14		226		$27.291728		$6,156		1.26	%		0.00	%		7.43	%
Year Ended 12/31/13		196		25.403806		4,988		1.37			0.00			29.94
Year Ended 12/31/12		160		19.550985		3,140		1.57			0.00			17.23
Year Ended 12/31/11		152		16.677245		2,540		1.64			0.00			(0.92	)
Year Ended 12/31/10		116		16.832155		1,943		1.69			0.00			15.33
Mid Cap Growth Stock
Year Ended 12/31/14		25		$102.693582		$2,546		0.35	%		0.00	%		8.49	%
Year Ended 12/31/13		27		94.654719		2,544		0.32			0.00			25.53
Year Ended 12/31/12		22		75.402575		1,654		0.12			0.00			11.97
Year Ended 12/31/11		31		67.344023		2,087		0.24			0.00			(6.18	)
Year Ended 12/31/10		28		71.778944		2,002		0.30			0.00			23.86

(1) 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. Returns are not annualized for periods less than one year.

(2) Divisions commenced operations on June 30, 2011.

26

Northwestern Mutual Variable Life Account II

Notes to Financial Statements

December 31, 2014

	As of the respective period end date:						For the respective period ended:
Division	Units Outstanding (000’s)		Unit Value		Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio, Lowest to Highest(1)			Total Return(1)
Index 400 Stock
Year Ended 12/31/14		187		$43.598907		$8,127		1.05	%		0.00	%		9.42	%
Year Ended 12/31/13		150		39.846886		5,951		1.08			0.00			33.16
Year Ended 12/31/12		118		29.923387		3,517		0.92			0.00			17.64
Year Ended 12/31/11		135		25.435391		3,453		0.86			0.00			(1.92	)
Year Ended 12/31/10		96		25.934506		2,488		1.18			0.00			26.29
Mid Cap Value
Year Ended 12/31/14		144		$32.189353		$4,616		1.01	%		0.00	%		16.69	%
Year Ended 12/31/13		113		27.585004		3,117		0.97			0.00			30.24
Year Ended 12/31/12		100		21.179677		2,108		1.46			0.00			16.57
Year Ended 12/31/11		50		18.168731		902		2.35			0.00			(0.61	)
Year Ended 12/31/10		43		18.279525		778		1.29			0.00			19.93
Small Cap Growth Stock
Year Ended 12/31/14		81		$47.561777		$3,833		0.00	%		0.00	%		8.66	%
Year Ended 12/31/13		72		43.773190		3,151		0.49			0.00			38.60
Year Ended 12/31/12		75		31.582975		2,364		0.00			0.00			9.48
Year Ended 12/31/11		72		28.847575		2,054		0.36			0.00			(2.78	)
Year Ended 12/31/10		58		29.671998		1,708		0.84			0.00			25.85
Index 600 Stock
Year Ended 12/31/14		118		$17.638780		$2,081		1.71	%		0.00	%		5.34	%
Year Ended 12/31/13		82		16.744685		1,381		4.36			0.00			40.67
Year Ended 12/31/12		35		11.903891		412		4.14			0.00			15.80
Period Ended 12/31/11 (2)		2		10.280016		21		1.82			0.00			(6.01	)
Small Cap Value
Year Ended 12/31/14		188		$34.121874		$6,405		0.37	%		0.00	%		0.22	%
Year Ended 12/31/13		152		34.046809		5,170		1.14			0.00			31.76
Year Ended 12/31/12		137		25.839588		3,553		0.38			0.00			16.33
Year Ended 12/31/11		125		22.212770		2,779		0.63			0.00			(1.36	)
Year Ended 12/31/10		104		22.519799		2,323		1.11			0.00			21.95
International Growth
Year Ended 12/31/14		262		$19.596007		$5,142		1.30	%		0.00	%		(4.52)	%
Year Ended 12/31/13		201		20.524033		4,123		1.41			0.00			19.81
Year Ended 12/31/12		170		17.130842		2,904		1.36			0.00			17.99
Year Ended 12/31/11		139		14.519220		2,006		1.18			0.00			(13.17	)
Year Ended 12/31/10		94		16.720938		1,575		0.97			0.00			16.43
Research International Core
Year Ended 12/31/14		280		$10.212438		$2,856		1.52	%		0.00	%		(6.71)	%
Year Ended 12/31/13		154		10.947312		1,694		0.14			0.00			18.92
Year Ended 12/31/12		70		9.205651		646		1.83			0.00			16.76
Period Ended 12/31/11 (2)		17		7.884380		135		3.54			0.00			(15.93	)
International Equity
Year Ended 12/31/14		2,845		$4.952849		$14,084		1.94	%		0.00	%		(8.80)	%
Year Ended 12/31/13		2,430		5.431053		13,202		2.15			0.00			21.38
Year Ended 12/31/12		2,182		4.474566		9,764		2.70			0.00			21.52
Year Ended 12/31/11		1,854		3.682261		6,827		2.17			0.00			(10.10	)
Year Ended 12/31/10		1,449		4.095847		5,937		3.12			0.00			7.67
Emerging Markets Equity
Year Ended 12/31/14		456		$10.109813		$4,611		0.66	%		0.00	%		(6.25)	%
Year Ended 12/31/13		251		10.783888		2,699		0.75			0.00			(5.15	)
Year Ended 12/31/12		110		11.369632		1,257		0.15			0.00			18.83
Period Ended 12/31/11 (2)		37		9.567929		355		2.16			0.00			(18.36	)

(1) 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. Returns are not annualized for periods less than one year.

(2) Divisions commenced operations on June 30, 2011.

27

Northwestern Mutual Variable Life Account II

Notes to Financial Statements

December 31, 2014

	As of the respective period end date:						For the respective period ended:
Division	Units Outstanding (000’s)		Unit Value		Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio, Lowest to Highest(1)			Total Return, Lowest to Highest(1)
Money Market
Year Ended 12/31/14		142		$41.568533		$5,866		0.07	%		0.00	%		0.07	%
Year Ended 12/31/13		161		41.539003		6,690		0.09			0.00			0.10
Year Ended 12/31/12		119		41.497953		4,940		0.14			0.00			0.15
Year Ended 12/31/11		89		41.437528		3,715		0.12			0.00			0.14
Year Ended 12/31/10		68		41.380226		2,794		0.29			0.00			0.29
Short-Term Bond
Year Ended 12/31/14		21		$12.188479		$256		0.77	%		0.00	%		0.38	%
Year Ended 12/31/13		13		12.142453		158		0.05			0.00			0.55
Year Ended 12/31/12		45		12.076410		544		1.79			0.00			2.07
Period Ended 12/31/11 (2)		15		11.832025		176		3.05			0.00			(0.42	)
Select Bond
Year Ended 12/31/14		51		$211.428447		$10,700		2.08	%		0.00	%		5.56	%
Year Ended 12/31/13		41		200.286369		8,297		2.40			0.00			(2.16	)
Year Ended 12/31/12		34		204.702189		7,041		2.64			0.00			4.96
Year Ended 12/31/11		26		195.021673		5,127		3.36			0.00			7.16
Year Ended 12/31/10		23		181.992325		4,277		3.93			0.00			6.59
Long-Term U.S Government Bond
Year Ended 12/31/14		9		$19.181310		$174		1.75	%		0.00	%		23.73	%
Year Ended 12/31/13		9		15.502339		139		0.03			0.00			(13.27	)
Year Ended 12/31/12		19		17.875038		330		1.62			0.00			3.75
Period Ended 12/31/11 (2)		-		17.228764		7		5.68			0.00			25.15
Inflation Protection
Year Ended 12/31/14		87		$13.899486		$1,226		0.56	%		0.00	%		3.14	%
Year Ended 12/31/13		47		13.476716		628		0.97			0.00			(8.33	)
Year Ended 12/31/12		55		14.701699		815		2.04			0.00			7.35
Period Ended 12/31/11 (2)		24		13.694886		332		0.04			0.00			6.60
High Yield Bond
Year Ended 12/31/14		134		$43.976216		$5,885		4.74	%		0.00	%		1.18	%
Year Ended 12/31/13		120		43.465300		5,206		5.72			0.00			5.84
Year Ended 12/31/12		77		41.068270		3,188		6.28			0.00			13.89
Year Ended 12/31/11		62		36.059875		2,226		6.99			0.00			4.59
Year Ended 12/31/10		46		34.475967		1,558		7.29			0.00			14.56
Multi-Sector Bond
Year Ended 12/31/14		187		$15.951947		$3,000		2.74	%		0.00	%		3.25	%
Year Ended 12/31/13		134		15.449941		2,079		3.35			0.00			(1.58	)
Year Ended 12/31/12		107		15.698283		1,688		0.42			0.00			14.94
Period Ended 12/31/11 (2)		17		13.657358		238		11.64			0.00			1.71
Balanced
Year Ended 12/31/14		15		$181.830315		$2,819		2.30	%		0.00	%		5.56	%
Year Ended 12/31/13		15		172.248875		2,744		3.49			0.00			12.08
Year Ended 12/31/12		13		153.677764		2,066		1.25			0.00			9.69
Year Ended 12/31/11		9		140.096515		1,413		2.94			0.00			2.11
Year Ended 12/31/10		7		137.200077		1,085		2.32			0.00			11.96
Asset Allocation
Year Ended 12/31/14		22		$20.487411		$470		2.40	%		0.00	%		5.15	%
Year Ended 12/31/13		20		19.484028		377		3.17			0.00			16.67
Year Ended 12/31/12		19		16.700324		323		0.22			0.00			11.02
Year Ended 12/31/11		23		15.042893		344		2.25			0.00			(0.08	)
Year Ended 12/31/10		26		15.054442		386		3.10			0.00			13.01
Fidelity VIP Mid Cap
Year Ended 12/31/14		225		$42.835362		$9,641		0.02	%		0.00	%		6.03	%
Year Ended 12/31/13		187		40.398542		7,532		0.28			0.00			35.87
Year Ended 12/31/12		178		29.733518		5,287		0.42			0.00			14.56
Year Ended 12/31/11		115		25.953961		2,970		0.02			0.00			(10.85	)
Year Ended 12/31/10		89		29.113348		2,616		0.14			0.00			28.57

(1) 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. Returns are not annualized for periods less than one year.

(2) Divisions commenced operations on June 30, 2011.

28

Northwestern Mutual Variable Life Account II

Notes to Financial Statements

December 31, 2014

	As of the respective period end date:								For the respective period ended:
Division	Units Outstanding (000’s)		Unit Value			Net Assets (000’s)			Dividend Income as a % of Average Net Assets			Expense Ratio, Lowest to Highest(1)			Total Return, Lowest to Highest(1)
Fidelity VIP Contrafund
Year Ended 12/31/14		145		$	16.754369		$	2,432		0.90	%		0.00	%		11.65	%
Year Ended 12/31/13		93			15.005573			1,396		1.00			0.00			30.95
Year Ended 12/31/12		52			11.458810			597		1.61			0.00			16.14
Period Ended 12/31/11 (2)		8			9.866342			76		2.07			0.00			(7.43	)
Neuberger Berman AMT Socially Responsive
Year Ended 12/31/14		97		$	16.275087		$	1,573		0.43	%		0.00	%		10.38	%
Year Ended 12/31/13		58			14.744385			857		0.98			0.00			37.60
Year Ended 12/31/12		18			10.715212			203		0.31			0.00			10.98
Period Ended 12/31/11 (2)		6			9.655117			56		1.00			0.00			(8.79	)
Russell Multi-Style Equity
Year Ended 12/31/14		165		$	18.071559		$	2,989		1.14	%		0.00	%		11.70	%
Year Ended 12/31/13		157			16.178812			2,546		1.19			0.00			32.92
Year Ended 12/31/12		145			12.171877			1,773		1.11			0.00			15.69
Year Ended 12/31/11		153			10.521100			1,616		0.94			0.00			(1.55	)
Year Ended 12/31/10		133			10.686543			1,416		0.88			0.00			16.46
Russell Aggressive Equity
Year Ended 12/31/14		70		$	27.141282		$	1,902		0.25	%		0.00	%		1.56	%
Year Ended 12/31/13		69			26.724835			1,850		0.43			0.00			40.00
Year Ended 12/31/12		61			19.088862			1,169		1.10			0.00			15.84
Year Ended 12/31/11		63			16.479338			1,047		0.49			0.00			(4.20	)
Year Ended 12/31/10		47			17.202203			803		0.47			0.00			24.88
Russell Non-U.S.
Year Ended 12/31/14		196		$	17.795979		$	3,482		1.91	%		0.00	%		(4.45	)%
Year Ended 12/31/13		169			18.624500			3,136		1.95			0.00			21.91
Year Ended 12/31/12		156			15.277391			2,370		1.77			0.00			19.81
Year Ended 12/31/11		150			12.750860			1,917		1.54			0.00			(12.88	)
Year Ended 12/31/10		106			14.635995			1,549		0.71			0.00			11.42
Russell Core Bond
Year Ended 12/31/14		166		$	23.281628		$	3,851		1.47	%		0.00	%		5.45	%
Year Ended 12/31/13		113			22.077570			2,477		1.40			0.00			(1.45	)
Year Ended 12/31/12		108			22.402721			2,416		2.29			0.00			8.38
Year Ended 12/31/11		94			20.671320			1,945		3.17			0.00			4.68
Year Ended 12/31/10		65			19.746605			1,277		3.73			0.00			10.02
Russell Global Real Estate Securities
Year Ended 12/31/14		149		$	44.660949		$	6,654		3.39	%		0.00	%		14.75	%
Year Ended 12/31/13		123			38.920595			4,775		3.98			0.00			3.65
Year Ended 12/31/12		99			37.550773			3,703		5.21			0.00			27.56
Year Ended 12/31/11		83			29.438654			2,450		2.18			0.00			(7.05	)
Year Ended 12/31/10		60			31.671345			1,910		2.28			0.00			22.92
Russell LifePoints Moderate Strategy
Year Ended 12/31/14		7		$	14.227181		$	103		2.98	%		0.00	%		4.85	%
Year Ended 12/31/13		8			13.568584			109		2.31			0.00			6.79
Year Ended 12/31/12		2			12.706153			30		2.98			0.00			11.07
Period Ended 12/31/11 (2)		2			11.440046			20		5.02			0.00			(3.67	)
Russell LifePoints Balanced Strategy
Year Ended 12/31/14		30		$	13.866173		$	420		2.93	%		0.00	%		4.61	%
Year Ended 12/31/13		32			13.255096			431		2.31			0.00			12.43
Year Ended 12/31/12		20			11.789785			232		2.75			0.00			12.96
Period Ended 12/31/11 (2)		4			10.437591			40		5.54			0.00			(6.53	)
Russell LifePoints Growth Strategy
Year Ended 12/31/14		48		$	13.064429		$	617		3.44	%		0.00	%		3.76	%
Year Ended 12/31/13		25			12.591524			310		2.56			0.00			16.56
Year Ended 12/31/12		8			10.802768			89		2.28			0.00			14.22
Period Ended 12/31/11 (2)		3			9.458077			32		4.23			0.00			(9.16	)

(1) 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. Returns are not annualized for periods less than one year.

(2) Divisions commenced operations on June 30, 2011.

29

Northwestern Mutual Variable Life Account II

Notes to Financial Statements

December 31, 2014

	As of the respective period end date:								For the respective period ended:
Division	Units Outstanding (000’s)		Unit Value			Net Assets (000’s)			Dividend Income as a % of Average Net Assets			Expense Ratio, Lowest to Highest(1)			Total Return, Lowest to Highest(1)
Russell LifePoints Equity Growth Strategy
Year Ended 12/31/14		17		$	12.149681		$	214		3.73	%		0.00	%		3.48	%
Year Ended 12/31/13		10			11.740704			115		2.12			0.00			19.81
Year Ended 12/31/12		6			9.799317			55		2.10			0.00			15.68
Period Ended 12/31/11 (2)		1			8.471141			8		3.99			0.00			(10.88	)
Credit Suisse Trust Commodity Return Strategy
Year Ended 12/31/14		346		$	5.885213		$	2,040		0.00	%		0.00	%		(16.94	)%
Period Ended 12/31/13 (3)		187			7.085099			1,315		0.00			0.00			1.79

(1) 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. Returns are not annualized for periods less than one year.

(2) Divisions commenced operations on June 30, 2011.

(3) Division commenced operations on November 15, 2013.

30

Northwestern Mutual Variable Life Account II Financial Statements

Table of Contents

Northwestern Mutual Variable Life Account II
Statements of Assets and Liabilities	1
Statements of Operations	9
Statements of Changes in Net Assets	13
Notes to Financial Statements	23
Report of Independent Registered Public Accounting Firm	31

Report of Independent Registered Public Accounting Firm

To The Northwestern Mutual Life Insurance Company Board of Trustees and

Policyowners of the Northwestern Mutual Variable Life Account II

In our opinion, the accompanying statements of assets and liabilities and the related statements of operations and of changes in net assets present fairly, in all material respects, the financial position of the Northwestern Mutual Variable Life Account II and its Growth Stock Division, Focused Appreciation Division, Large Cap Core Stock Division, Large Cap Blend Division, Index 500 Stock Division, Large Company Value Division, Domestic Equity Division, Equity Income Division, Mid Cap Growth Stock Division, Index 400 Stock Division, Mid Cap Value Division, Small Cap Growth Stock Division, Index 600 Stock Division, Small Cap Value Division, International Growth Division, Research International Core Division, International Equity Division, Emerging Markets Equity Division, Money Market Division, Short-Term Bond Division, Select Bond Division, Long-Term U.S. Government Bond Division, Inflation Protection Division, High Yield Bond Division, Multi-Sector Bond Division, Balanced Division, Asset Allocation Division, Fidelity VIP Mid Cap Division, Fidelity VIP Contrafund Division, Neuberger Berman AMT Socially Responsive Division, Russell Multi-Style Equity Division, Russell Aggressive Equity Division, Russell Non-U.S. Division, Russell Core Bond Division, Russell Global Real Estate Securities Division, Russell LifePoints Moderate Strategy Division, Russell LifePoints Balanced Strategy Division, Russell LifePoints Growth Strategy Division, Russell LifePoints Equity Growth Strategy Division, Credit Suisse Trust Commodity Return Strategy Division, at December 31, 2014, and the results of their operations and the changes in their net assets for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of The Northwestern Mutual Life Insurance Company’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of investments owned at December 31, 2014 by correspondence with Northwestern Mutual Series Fund, Inc., Fidelity Variable Insurance Products, Neuberger Berman Advisers Management Trust, the Russell Investment Funds and Credit Suisse Trust, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Milwaukee, Wisconsin

April 27, 2015

31

	PRSRT BPM US POSTAGE PAID NORTHWESTERN MUTUAL
PO BOX 3095 MILWAUKEE Wl 53201-3095

This booklet contains information about the Northwestern Mutual variable insurance products and the variable investment options identified on the front cover. The variable investment options correspond with the investment divisions available under the variable insurance product (“Product”). The information is prepared for Product owners and does not represent an offer of the Product, nor should it be used in connection with any offer, except when accompanied or preceded by the current Product prospectus and the variable investment option prospectuses, which contain detailed information about variable investment option investment objectives and operations, applicable fees, expenses and sales charges. Prospectuses may be obtained by calling the telephone number or visiting the website address listed on the inside of the front cover. You should read and carefully consider this information before you invest or send money. The variable investment option reports are prepared from the books and records of the options. Discussions of investment performance in the reports represent the views of the options’ portfolio managers as of the dates of the reports. They are not guarantees of investment results, nor should they be relied upon as investment advice or indications of current or future trading strategies of the portfolio managers. Portfolio manager views and security holdings are subject to change at any time.

NMIS is a member of Financial Industry Regulatory Authority (FINRA) and in accordance with the Investor Education and Protection Rule, we are providing our clients information regarding FINRA BrokerCheck, a free resource available to investors. An investor brochure describing FINRA BrokerCheck may be obtained online from FINRA’s website at www.finra.org or by contacting the FINRA BrokerCheck Hotline at 800-289-9999.

Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Northwestern Long Term Care Insurance Company, Milwaukee, WI (long-term care insurance) is a subsidiary of NM.

Product Distributor: Northwestern Mutual Investment Services, LLC (NMIS), Suite 600, 611 East Wisconsin Avenue, Milwaukee, WI 53202-4797, 1-866-664-7737, member FINRA and SIPC

www.northwesternmutual.com

90-1899 (0786) (REV 0815)