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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How to get more information
Information on the Internet: www.northwesternmutual.com
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 - |
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
Northwestern Mutual Variable Life Account | ||||
1 | ||||
9 | ||||
13 | ||||
23 | ||||
31 |
Northwestern Mutual Variable Life Account
Statements of Assets and Liabilities
December 31, 2014
(in thousands, except accumulation unit values)
Growth Stock |
Focused Appreciation Division |
Large Cap Core Stock Division |
Large Cap Blend Division |
Index 500 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 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 |
Russell Aggressive Equity Division |
Russell Non-U.S. |
Russell Core Bond Division |
Russell Global Real |
||||||||||||||||
|
|
|||||||||||||||||||
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 |
Russell Aggressive Equity Division |
Russell Non-U.S. |
Russell Core Bond |
Russell Global Real |
||||||||||||||||
|
|
|||||||||||||||||||
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 2014 |
Year Ended 2013 |
Year Ended 2014 |
Year Ended 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 2014 |
Year Ended 2013 |
Year Ended 2014 |
Year Ended 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 2014 |
Year Ended 2013 |
Year Ended 2014 |
Year Ended 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 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 Accounts 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 exdate 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 Accounts 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 Mutuals 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 insureds 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 (000s) |
Unit Value, Lowest to Highest |
Net Assets (000s) |
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 (000s) |
Unit Value, Lowest to Highest |
Net Assets (000s) |
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 (000s) |
Unit Value, Lowest to Highest |
Net Assets (000s) |
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 (000s) |
Unit Value, Lowest to Highest |
Net Assets (000s) |
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 Companys 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 |
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Assets: |
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Investments, at value (1) |
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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 | |||||||||||||||
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Total Assets |
5,571 | 7,919 | 3,210 | 1,395 | 25,625 | |||||||||||||||
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Liabilities: |
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Due to Northwestern Mutual Life Insurance Company |
1 | - | 1 | - | - | |||||||||||||||
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Total Liabilities |
1 | - | 1 | - | - | |||||||||||||||
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Total Net Assets |
$ | 5,570 | $ | 7,919 | $ | 3,209 | $ | 1,395 | $ | 25,625 | ||||||||||
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Net Assets: |
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Custom Variable Universal Life Policies Issued |
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Policyowners Equity |
$ | 2,422 | $ | 6,765 | $ | 2,207 | $ | 1,346 | $ | 17,291 | ||||||||||
Executive Variable Universal Life Policies Issued |
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Policyowners Equity |
3,067 | 919 | 977 | 1 | 7,075 | |||||||||||||||
Survivorship Variable Universal Life Policies Issued |
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Policyowners Equity |
81 | 235 | 25 | 48 | 1,259 | |||||||||||||||
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Total Net Assets |
$ | 5,570 | $ | 7,919 | $ | 3,209 | $ | 1,395 | $ | 25,625 | ||||||||||
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(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 |
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Assets: |
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Investments, at value (1) |
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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 | - | - | |||||||||||||||
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Total Assets |
284 | 4,623 | 6,156 | 2,546 | 8,127 | |||||||||||||||
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Liabilities: |
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Due to Northwestern Mutual Life Insurance Company |
- | - | - | - | - | |||||||||||||||
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Total Liabilities |
- | - | - | - | - | |||||||||||||||
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Total Net Assets |
$ | 284 | $ | 4,623 | $ | 6,156 | $ | 2,546 | $ | 8,127 | ||||||||||
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Net Assets: |
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Custom Variable Universal Life Policies Issued |
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Policyowners Equity |
$ | 271 | $ | 3,957 | $ | 4,662 | $ | 1,912 | $ | 6,747 | ||||||||||
Executive Variable Universal Life Policies Issued |
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Policyowners Equity |
13 | 593 | 1,270 | 631 | 1,166 | |||||||||||||||
Survivorship Variable Universal Life Policies Issued |
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Policyowners Equity |
- | 73 | 224 | 3 | 214 | |||||||||||||||
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Total Net Assets |
$ | 284 | $ | 4,623 | $ | 6,156 | $ | 2,546 | $ | 8,127 | ||||||||||
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(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 |
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Assets: |
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Investments, at value (1) |
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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 | |||||||||||||||
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Total Assets |
4,616 | 3,833 | 2,081 | 6,405 | 5,142 | |||||||||||||||
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Liabilities: |
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Due to Northwestern Mutual Life Insurance Company |
- | - | - | - | - | |||||||||||||||
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Total Liabilities |
- | - | - | - | - | |||||||||||||||
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Total Net Assets |
$ | 4,616 | $ | 3,833 | $ | 2,081 | $ | 6,405 | $ | 5,142 | ||||||||||
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Net Assets: |
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Custom Variable Universal Life Policies Issued |
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Policyowners Equity |
$ | 2,238 | $ | 2,700 | $ | 1,995 | $ | 3,996 | $ | 4,803 | ||||||||||
Executive Variable Universal Life Policies Issued |
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Policyowners Equity |
2,307 | 1,006 | 16 | 2,318 | 124 | |||||||||||||||
Survivorship Variable Universal Life Policies Issued |
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Policyowners Equity |
71 | 127 | 70 | 91 | 215 | |||||||||||||||
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Total Net Assets |
$ | 4,616 | $ | 3,833 | $ | 2,081 | $ | 6,405 | $ | 5,142 | ||||||||||
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(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 |
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Assets: |
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Investments, at value (1) |
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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 | |||||||||||||||
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Total Assets |
2,856 | 14,084 | 4,611 | 5,866 | 256 | |||||||||||||||
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Liabilities: |
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Due to Northwestern Mutual Life Insurance Company |
- | - | - | - | - | |||||||||||||||
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Total Liabilities |
- | - | - | - | - | |||||||||||||||
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Total Net Assets |
$ | 2,856 | $ | 14,084 | $ | 4,611 | $ | 5,866 | $ | 256 | ||||||||||
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Net Assets: |
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Custom Variable Universal Life Policies Issued |
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Policyowners Equity |
$ | 2,397 | $ | 10,166 | $ | 4,072 | $ | 3,100 | $ | 223 | ||||||||||
Executive Variable Universal Life Policies Issued |
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Policyowners Equity |
364 | 3,647 | 419 | 2,699 | 33 | |||||||||||||||
Survivorship Variable Universal Life Policies Issued |
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Policyowners Equity |
95 | 271 | 120 | 67 | - | |||||||||||||||
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Total Net Assets |
$ | 2,856 | $ | 14,084 | $ | 4,611 | $ | 5,866 | $ | 256 | ||||||||||
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(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 |
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Assets: |
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Investments, at value (1) |
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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 | |||||||||||||||
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Total Assets |
10,700 | 174 | 1,226 | 5,885 | 3,000 | |||||||||||||||
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Liabilities: |
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Due to Northwestern Mutual Life Insurance Company |
- | - | - | - | - | |||||||||||||||
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Total Liabilities |
- | - | - | - | - | |||||||||||||||
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Total Net Assets |
$ | 10,700 | $ | 174 | $ | 1,226 | $ | 5,885 | $ | 3,000 | ||||||||||
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Net Assets: |
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Custom Variable Universal Life Policies Issued |
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Policyowners Equity |
$ | 7,607 | $ | 154 | $ | 1,174 | $ | 5,210 | $ | 2,894 | ||||||||||
Executive Variable Universal Life Policies Issued |
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Policyowners Equity |
2,925 | 20 | 34 | 607 | 53 | |||||||||||||||
Survivorship Variable Universal Life Policies Issued |
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Policyowners Equity |
168 | - | 18 | 68 | 53 | |||||||||||||||
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Total Net Assets |
$ | 10,700 | $ | 174 | $ | 1,226 | $ | 5,885 | $ | 3,000 | ||||||||||
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(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 |
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Assets: |
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Investments, at value (1) |
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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 | - | |||||||||||||||
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Total Assets |
2,819 | 470 | 9,641 | 2,432 | 1,574 | |||||||||||||||
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Liabilities: |
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Due to Northwestern Mutual Life Insurance Company |
- | - | - | - | 1 | |||||||||||||||
|
|
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Total Liabilities |
- | - | - | - | 1 | |||||||||||||||
|
|
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Total Net Assets |
$ | 2,819 | $ | 470 | $ | 9,641 | $ | 2,432 | $ | 1,573 | ||||||||||
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Net Assets: |
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Custom Variable Universal Life Policies Issued |
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Policyowners Equity |
$ | 976 | $ | 295 | $ | 6,796 | $ | 2,286 | $ | 1,478 | ||||||||||
Executive Variable Universal Life Policies Issued |
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Policyowners Equity |
1,410 | 111 | 2,589 | 42 | 21 | |||||||||||||||
Survivorship Variable Universal Life Policies Issued |
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Policyowners Equity |
433 | 64 | 256 | 104 | 74 | |||||||||||||||
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Total Net Assets |
$ | 2,819 | $ | 470 | $ | 9,641 | $ | 2,432 | $ | 1,573 | ||||||||||
|
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(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 |
Russell Aggressive Equity Division |
Russell Non-U.S. |
Russell Core Bond Division |
Russell Global Real |
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Assets: |
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Investments, at value (1) |
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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 | |||||||||||||||
|
|
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Total Assets |
2,989 | 1,902 | 3,484 | 3,851 | 6,654 | |||||||||||||||
|
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Liabilities: |
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Due to Northwestern Mutual Life Insurance Company |
- | - | 2 | - | - | |||||||||||||||
|
|
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Total Liabilities |
- | - | 2 | - | - | |||||||||||||||
|
|
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Total Net Assets |
$ | 2,989 | $ | 1,902 | $ | 3,482 | $ | 3,851 | $ | 6,654 | ||||||||||
|
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Net Assets: |
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Custom Variable Universal Life Policies Issued |
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Policyowners Equity |
$ | 2,525 | $ | 1,540 | $ | 2,832 | $ | 2,247 | $ | 5,943 | ||||||||||
Executive Variable Universal Life Policies Issued |
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Policyowners Equity |
440 | 359 | 617 | 1,451 | 508 | |||||||||||||||
Survivorship Variable Universal Life Policies Issued |
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Policyowners Equity |
24 | 3 | 33 | 153 | 203 | |||||||||||||||
|
|
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Total Net Assets |
$ | 2,989 | $ | 1,902 | $ | 3,482 | $ | 3,851 | $ | 6,654 | ||||||||||
|
|
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(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 |
||||||||||||||||||||
Policyowners Equity |
$ | 100 | $ | 412 | $ | 570 | $ | 211 | $ | 1,977 | ||||||||||
Executive Variable Universal Life Policies Issued |
||||||||||||||||||||
Policyowners Equity |
- | 3 | - | - | 13 | |||||||||||||||
Survivorship Variable Universal Life Policies Issued |
||||||||||||||||||||
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
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 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 |
Russell Aggressive Equity Division |
Russell Non-U.S. |
Russell Core Bond |
Russell Global Real |
||||||||||||||||
|
|
|||||||||||||||||||
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 2014 |
Year Ended 2013 |
Year Ended 2014 |
Year Ended 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 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 2014 |
Year Ended 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 Division |
|||||||||||||||
|
|
|
|
|||||||||||||
Year Ended December 31, |
Year Ended December 31, 2013 |
Year Ended 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
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 Accounts 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 exdate 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 (000s) |
Unit Value | Net Assets (000s) |
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 (000s) |
Unit Value | Net Assets (000s) |
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 (000s) |
Unit Value | Net Assets (000s) |
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 (000s) |
Unit Value | Net Assets (000s) |
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 (000s) |
Unit Value | Net Assets (000s) |
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
Northwestern Mutual Variable Life Account II | ||||
1 | ||||
9 | ||||
13 | ||||
23 | ||||
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 Companys 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 FINRAs 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)
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