September 3, 2019

VIA EDGAR

Securities and Exchange Commission

Division of Investment Management

100 F Street, NE

Washington, DC 20549

RE:	Northwestern Mutual Variable Life Account
		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 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, 2019 has been transmitted to policy owners as required by Rule 30e-2 under the 1940 Act.

The following semi-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	09/03/2019	811-03990
Fidelity VIP Mid Cap Portfolio	0000927384	08/26/2019	811-07205
Fidelity VIP Contrafund Portfolio	0000831016	08/26/2019	811-05511
Neuberger Berman Sustainable Equity Portfolio	0000736913	08/26/2019	811-04255
Russell Investment Funds	0000824036	08/22/2019	811-05371
Credit Suisse Trust Commodity Return Strategy Portfolio	0000941568	08/27/2019	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

The Northwestern Mutual Life Insurance Company
Get less paper. See how inside.
Variable Life Semi-Annual Reports
June 30, 2019
Northwestern Mutual Variable Life Account Northwestern Mutual Variable Life Account II
Optimized to contain one or more of the following:*
Northwestern Mutual Series Fund, Inc. Fidelity® VIP Mid Cap Portfolio Service Class 2 Fidelity® VIP Contrafund® Portfolio Service Class 2 Neuberger Berman AMT Sustainable Equity Portfolio Russell Investment Funds
Russell Investment Funds – LifePoints® Variable Target Portfolio Series Credit Suisse Trust Commodity Return Strategy Portfolio
*See Table of Contents for more information and a list of Prospectus supplements and/or shareholder documents, if any, included herein.
Beginning on or after January 1, 2021 as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Funds’ shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports from us at (888) 455-2232 option 4, free of charge. Instead, your Fund annual and semi-annual reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report for each Fund. Your election to receive shareholder reports in paper will apply to all future reports for all Funds available under your policy or contract.
If you already elected to receive shareholder reports electronically, you will not be affected by this change, will continue to receive reports electronically and you need not take any action. You may elect to receive shareholder reports (and other communications) electronically by following the instructions on the inside cover of this report.
NorthwesternMutual.com
90-1899 (0786) (REV 0819)

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How to get more information

Information on the Internet: 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	229 pages
Fidelity® VIP Mid Cap Portfolio - Semi-Annual Report	26 pages
(This report follows the end of the Northwestern Mutual Series Fund, Inc.)
Fidelity® VIP Contrafund® Portfolio - Semi-Annual Report	28 pages
(This report follows the end of the Fidelity® VIP Mid Cap Portfolio)
Neuberger Berman AMT Sustainable Equity Portfolio - Semi-Annual Report	24 pages
(This report follows the end of the Fidelity® VIP Contrafund® Portfolio)
Russell Investment Funds - Semi-Annual Report	190 pages
(This report follows the end of the Neuberger Berman AMT Sustainable Equity Portfolio)
Russell Investment Funds - LifePoints® Variable Target Portfolio Series - Semi-Annual Report	100 pages
(This report follows the end of the Russell Investment Funds)
Credit Suisse Trust Commodity Return Strategy Portfolio - Semi-Annual Report	36 pages
(This report follows the end of the Russell Investment Funds - LifePoints® Variable Target Portfolio Series)
Northwestern Mutual Variable Life Account Financial Statements	32 pages
Northwestern Mutual Variable Life Account II Financial Statements	32 pages
Prospectus Supplements and Shareholder Notices	20 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, 2018

Northwestern Mutual Variable Life Account

Financial Statements

Northwestern Mutual Variable Life Account

Table of Contents

Statements of Assets and Liabilities	1
Statements of Operations	9
Statements of Changes on Net Assets	12
Notes to Financial Statements	22

Statements of Assets and Liabilities

Northwestern Mutual Variable Life Account

December 31, 2018

(in thousands, except accumulation values)

		Growth Stock Division		Focused Appreciation Division		Large Cap Core Stock Division		Large Cap Blend Division		Index 500 Stock Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	444,428	$	181,347	$	255,566	$	11,780	$	1,326,711
Fidelity Variable Insurance Products Fund		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		7		6		177		-		-
Total Assets		444,435		181,353		255,743		11,780		1,326,711
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		-		-		-		350
Due to Participants		-		-		-		-		-
Total Liabilities		-		-		-		-		350
Total Net Assets	$	444,435	$	181,353	$	255,743	$	11,780	$	1,326,361
Net Assets:
Variable Life Policies Issued Before October 11, 1995
Policyowners’ Equity	$	37,577	$	11,337	$	27,120	$	527	$	175,032
Northwestern Mutual Equity		350		92		321		6		1,488
Variable CompLife Policies Issued Between October 11, 1995 and December 31, 2008 (2)
Policyowners’ Equity		384,765		148,462		214,372		10,331		1,068,626
Northwestern Mutual Equity		6,059		2,574		3,554		155		16,006
Variable Executive Life Policies Issued Between March 2, 1998 and December 31, 2008 (3)
Policyowners’ Equity		7,071		4,645		4,919		316		22,263
Variable Joint Life Policies Issued Between December 10, 1998 and December 31, 2008 (4)
Policyowners’ Equity		8,613		14,243		5,457		445		42,946
Total Net Assets	$	444,435	$	181,353	$	255,743	$	11,780	$	1,326,361
(1)  Investments, at cost	$	389,522	$	156,444	$	267,781	$	12,042	$	886,655
Mutual Fund Shares Held		161,376		70,645		194,643		10,768		289,107
(2)  Accumulation Unit Value	$	5.301752	$	4.844807	$	3.583452	$	1.969452	$	5.818234
Units Outstanding		73,716		31,175		60,814		5,325		186,419
(3)  Accumulation Unit Value	$	74.477290	$	52.188290	$	49.869208	$	17.140701	$	135.776139
Units Outstanding		95		89		99		18		164
(4)  Accumulation Unit Value	$	74.477290	$	52.188290	$	49.869208	$	17.140701	$	135.776139
Units Outstanding		116		273		109		26		316

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

Statements of Assets and Liabilities

Northwestern Mutual Variable Life Account

December 31, 2018

(in thousands, except accumulation values)

	Large Company Value Division		Domestic Equity Division		Equity Income Division		Mid Cap Growth Stock Division		Index 400 Stock Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	12,935	$	197,660	$	119,126	$	445,412	$	308,934
Fidelity Variable Insurance Products Fund		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		-		30		69		247		165
Total Assets		12,935		197,690		119,195		445,659		309,099
Liabilities:
Due to Northwestern Mutual Life Insurance Company		2		-		-		-		-
Due to Participants		-		-		-		-		-
Total Liabilities		2		-		-		-		-
Total Net Assets	$	12,933	$	197,690	$	119,195	$	445,659	$	309,099
Net Assets:
Variable Life Policies Issued Before October 11, 1995
Policyowners’ Equity	$	1,084	$	16,809	$	9,632	$	59,767	$	15,453
Northwestern Mutual Equity		11		152		83		718		142
Variable CompLife Policies Issued Between October 11, 1995 and December 31, 2008 (2)
Policyowners’ Equity		11,100		167,120		100,298		367,607		270,247
Northwestern Mutual Equity		179		3,076		1,689		6,049		4,343
Variable Executive Life Policies Issued Between March 2, 1998 and December 31, 2008 (3)
Policyowners’ Equity		-		4,746		3,269		4,292		9,070
Variable Joint Life Policies Issued Between December 10, 1998 and December 31, 2008 (4)
Policyowners’ Equity		559		5,787		4,224		7,226		9,844
Total Net Assets	$	12,933	$	197,690	$	119,195	$	445,659	$	309,099
(1)  Investments, at cost	$	14,986	$	141,417	$	112,878	$	509,637	$	289,609
Mutual Fund Shares Held		14,533		127,605		77,759		165,519		178,060
(2)  Accumulation Unit Value	$	1.837071	$	2.678096	$	2.967059	$	4.100122	$	4.530052
Units Outstanding		6,140		63,551		34,373		91,132		60,615
(3)  Accumulation Unit Value	$	15.732361	$	29.152607	$	31.961107	$	116.184426	$	52.678316
Units Outstanding		-		163		102		37		172
(4)  Accumulation Unit Value	$	15.732361	$	29.152607	$	31.961107	$	116.184426	$	52.678316
Units Outstanding		36		198		132		62		187

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

Statements of Assets and Liabilities

Northwestern Mutual Variable Life Account

December 31, 2018

(in thousands, except accumulation values)

	Mid Cap Value Division		Small Cap Growth Stock Division		Index 600 Stock Division		Small Cap Value Division		International Growth Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	63,533	$	257,635	$	40,260	$	175,102	$	95,342
Fidelity Variable Insurance Products Fund		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		29		42		12		33		17
Total Assets		63,562		257,677		40,272		175,135		95,359
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		-		-		-		-
Due to Participants		-		-		-		-		-
Total Liabilities		-		-		-		-		-
Total Net Assets	$	63,562	$	257,677	$	40,272	$	175,135	$	95,359
Net Assets:
Variable Life Policies Issued Before October 11, 1995
Policyowners’ Equity	$	4,829	$	11,208	$	3,261	$	13,557	$	4,375
Northwestern Mutual Equity		44		106		30		125		51
Variable CompLife Policies Issued Between October 11, 1995 and December 31, 2008 (2)
Policyowners’ Equity		54,791		231,314		33,862		151,144		82,733
Northwestern Mutual Equity		968		4,014		496		2,747		1,607
Variable Executive Life Policies Issued Between March 2, 1998 and December 31, 2008 (3)
Policyowners’ Equity		1,265		4,035		1,261		1,858		2,963
Variable Joint Life Policies Issued Between December 10, 1998 and December 31, 2008 (4)
Policyowners’ Equity		1,665		7,000		1,362		5,704		3,630
Total Net Assets	$	63,562	$	257,677	$	40,272	$	175,135	$	95,359
(1)  Investments, at cost	$	68,257	$	231,383	$	42,811	$	165,476	$	89,398
Mutual Fund Shares Held		44,491		109,819		32,029		85,666		68,395
(2)  Accumulation Unit Value	$	3.540449	$	4.315234	$	1.978237	$	3.823467	$	1.971431
Units Outstanding		15,749		54,532		17,368		40,249		42,781
(3)  Accumulation Unit Value	$	38.138006	$	57.505467	$	22.378619	$	41.620093	$	21.459907
Units Outstanding		33		70		56		45		138
(4)  Accumulation Unit Value	$	38.138006	$	57.505467	$	22.378619	$	41.620093	$	21.459907
Units Outstanding		44		122		61		137		169

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

Statements of Assets and Liabilities

Northwestern Mutual Variable Life Account

December 31, 2018

(in thousands, except accumulation values)

	Research International Core Division		International Equity Division		Emerging Markets Equity Division		Government Money Market Division		Short-Term Bond Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	36,025	$	489,986	$	56,882	$	154,604	$	24,893
Fidelity Variable Insurance Products Fund		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		1		-		-		8		-
Total Assets		36,026		489,986		56,882		154,612		24,893
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		26		58		-		-
Due to Participants		-		-		-		82		-
Total Liabilities		-		26		58		82		-
Total Net Assets	$	36,026	$	489,960	$	56,824	$	154,530	$	24,893
Net Assets:
Variable Life Policies Issued Before October 11, 1995
Policyowners’ Equity	$	2,080	$	55,516	$	2,869	$	11,943	$	2,575
Northwestern Mutual Equity		22		762		33		149		26
Variable CompLife Policies Issued Between October 11, 1995 and December 31, 2008 (2)
Policyowners’ Equity		30,296		404,525		48,890		117,881		16,689
Northwestern Mutual Equity		514		7,217		803		2,903		237
Variable Executive Life Policies Issued Between March 2, 1998 and December 31, 2008 (3)
Policyowners’ Equity		1,498		8,763		1,869		14,644		793
Variable Joint Life Policies Issued Between December 10, 1998 and December 31, 2008 (4)
Policyowners’ Equity		1,616		13,177		2,360		7,010		4,573
Total Net Assets	$	36,026	$	489,960	$	56,824	$	154,530	$	24,893
(1)  Investments, at cost	$	38,123	$	551,713	$	59,199	$	154,604	$	24,981
Mutual Fund Shares Held		40,844		310,118		60,513		154,604		24,145
(2)  Accumulation Unit Value	$	1.139564	$	3.301503	$	0.880106	$	1.545924	$	1.043226
Units Outstanding		27,037		124,713		56,463		78,131		16,223
(3)  Accumulation Unit Value	$	11.053328	$	5.155553	$	10.668771	$	42.522150	$	12.818134
Units Outstanding		135		1,700		175		346		62
(4)  Accumulation Unit Value	$	11.053328	$	5.155553	$	10.668771	$	42.522150	$	12.818134
Units Outstanding		146		2,556		221		165		357

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

Statements of Assets and Liabilities

Northwestern Mutual Variable Life Account

December 31, 2018

(in thousands, except accumulation 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 fair value (1)
Northwestern Mutual Series Fund, Inc	$	243,053	$	10,664	$	10,811	$	107,393	$	41,877
Fidelity Variable Insurance Products Fund		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		-		3		-		-		-
Total Assets		243,053		10,667		10,811		107,393		41,877
Liabilities:
Due to Northwestern Mutual Life Insurance Company		42		-		-		5		-
Due to Participants		-		-		-		-		-
Total Liabilities		42		-		-		5		-
Total Net Assets	$	243,011	$	10,667	$	10,811	$	107,388	$	41,877
Net Assets:
Variable Life Policies Issued Before October 11, 1995
Policyowners’ Equity	$	19,845	$	627	$	552	$	7,586	$	2,456
Northwestern Mutual Equity		241		8		6		81		24
Variable CompLife Policies Issued Between October 11, 1995 and December 31, 2008 (2)
Policyowners’ Equity		193,922		9,755		8,540		91,189		36,430
Northwestern Mutual Equity		3,699		147		136		1,542		592
Variable Executive Life Policies Issued Between March 2, 1998 and December 31, 2008 (3)
Policyowners’ Equity		14,652		66		421		4,598		450
Variable Joint Life Policies Issued Between December 10, 1998 and December 31, 2008 (4)
Policyowners’ Equity		10,652		64		1,156		2,392		1,925
Total Net Assets	$	243,011	$	10,667	$	10,811	$	107,388	$	41,877
(1)  Investments, at cost	$	250,953	$	11,509	$	11,126	$	110,607	$	42,876
Mutual Fund Shares Held		198,248		10,569		10,170		156,322		39,997
(2)  Accumulation Unit Value	$	2.809628	$	1.423026	$	1.080225	$	3.851321	$	1.334721
Units Outstanding		70,337		6,959		8,032		24,078		27,737
(3)  Accumulation Unit Value	$	226.413644	$	20.262648	$	14.354000	$	51.690668	$	18.535667
Units Outstanding		65		3		29		89		24
(4)  Accumulation Unit Value	$	226.413644	$	20.262648	$	14.354000	$	51.690668	$	18.535667
Units Outstanding		47		3		81		46		104

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

Statements of Assets and Liabilities

Northwestern Mutual Variable Life Account

December 31, 2018

(in thousands, except accumulation values)

	Balanced Division		Asset Allocation Division		Fidelity VIP Mid Cap Division		Fidelity VIP Contrafund Division		AMT Sustainable Equity Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	347,387	$	48,347	$	-	$	-	$	-
Fidelity Variable Insurance Products Fund		-		-		158,825		41,920		-
Neuberger Berman Advisers Management Trust		-		-		-		-		5,072
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		-		-		211		-		1
Total Assets		347,387		48,347		159,036		41,920		5,073
Liabilities:
Due to Northwestern Mutual Life Insurance Company		38		6		-		2		-
Due to Participants		-		-		-		-		-
Total Liabilities		38		6		-		2		-
Total Net Assets	$	347,349	$	48,341	$	159,036	$	41,918	$	5,073
Net Assets:
Variable Life Policies Issued Before October 11, 1995
Policyowners’ Equity	$	158,494	$	6,814	$	13,055	$	3,123	$	343
Northwestern Mutual Equity		1,360		73		124		29		3
Variable CompLife Policies Issued Between October 11, 1995 and December 31, 2008 (2)
Policyowners’ Equity		169,374		37,857		134,945		35,898		3,719
Northwestern Mutual Equity		3,233		693		2,488		562		69
Variable Executive Life Policies Issued Between March 2, 1998 and December 31, 2008 (3)
Policyowners’ Equity		7,795		982		2,912		634		239
Variable Joint Life Policies Issued Between December 10, 1998 and December 31, 2008 (4)
Policyowners’ Equity		7,093		1,922		5,512		1,672		700
Total Net Assets	$	347,349	$	48,341	$	159,036	$	41,918	$	5,073
(1)  Investments, at cost	$	360,136	$	50,569	$	166,427	$	44,105	$	5,173
Mutual Fund Shares Held		255,432		44,113		5,436		1,339		223
(2)  Accumulation Unit Value	$	3.764026	$	2.207402	$	4.497777	$	1.866274	$	1.815096
Units Outstanding		45,857		17,464		30,556		19,537		2,087
(3)  Accumulation Unit Value	$	209.277798	$	24.028105	$	48.449732	$	20.573795	$	19.872228
Units Outstanding		37		41		60		31		12
(4)  Accumulation Unit Value	$	209.277798	$	24.028105	$	48.449732	$	20.573795	$	19.872228
Units Outstanding		34		80		114		81		35

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

Statements of Assets and Liabilities

Northwestern Mutual Variable Life Account

December 31, 2018

(in thousands, except accumulation values)

	U.S. Strategic Equity Division		U.S. Small Cap Equity Division		International Developed Markets Division		Strategic Bond Division		Global Real Estate Securities Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	-	$	-	$	-	$	-	$	-
Fidelity Variable Insurance Products Fund		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		195,809		91,302		116,075		81,601		161,131
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		21		18		2		11		19
Total Assets		195,830		91,320		116,077		81,612		161,150
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		-		-		-		-
Due to Participants		-		-		-		-		-
Total Liabilities		-		-		-		-		-
Total Net Assets	$	195,830	$	91,320	$	116,077	$	81,612	$	161,150
Net Assets:
Variable Life Policies Issued Before October 11, 1995
Policyowners’ Equity	$	8,793	$	4,984	$	6,577	$	4,802	$	8,682
Northwestern Mutual Equity		79		50		82		70		91
Variable CompLife Policies Issued Between October 11, 1995 and December 31, 2008 (2)
Policyowners’ Equity		167,623		78,872		98,057		61,425		139,723
Northwestern Mutual Equity		3,089		1,561		1,823		1,210		2,696
Variable Executive Life Policies Issued Between March 2, 1998 and December 31, 2008 (3)
Policyowners’ Equity		8,919		2,964		6,126		10,991		4,116
Variable Joint Life Policies Issued Between December 10, 1998 and December 31, 2008 (4)
Policyowners’ Equity		7,327		2,889		3,412		3,114		5,842
Total Net Assets	$	195,830	$	91,320	$	116,077	$	81,612	$	161,150
(1)  Investments, at cost	$	229,451	$	102,321	$	130,751	$	85,436	$	171,816
Mutual Fund Shares Held		14,924		7,698		11,561		8,103		12,097
(2)  Accumulation Unit Value	$	1.943977	$	2.610168	$	1.724712	$	2.271363	$	4.477782
Units Outstanding		87,816		30,815		57,911		27,576		31,805
(3)  Accumulation Unit Value	$	22.064057	$	30.385277	$	19.124827	$	24.693685	$	48.615288
Units Outstanding		404		98		320		445		85
(4)  Accumulation Unit Value	$	22.064057	$	30.385277	$	19.124827	$	24.693685	$	48.615288
Units Outstanding		332		95		178		126		120

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

Statements of Assets and Liabilities

Northwestern Mutual Variable Life Account

December 31, 2018

(in thousands, except accumulation values)

	LifePoints Moderate Strategy Division		LifePoints Balanced Strategy Division		LifePoints Growth Strategy Division		LifePoints Equity Growth Strategy Division		Credit Suisse Trust Commodity Return Strategy Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	-	$	-	$	-	$	-	$	-
Fidelity Variable Insurance Products Fund		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		6,715		19,322		21,008		11,600		-
Credit Suisse Trust		-		-		-		-		20,034
Due from Northwestern Mutual Life Insurance Company		-		11		3		-		2
Total Assets		6,715		19,333		21,011		11,600		20,036
Liabilities:
Due to Northwestern Mutual Life Insurance Company		1		-		-		3		-
Due to Participants		-		-		-		-		-
Total Liabilities		1		-		-		3		-
Total Net Assets	$	6,714	$	19,333	$	21,011	$	11,597	$	20,036
Net Assets:
Variable Life Policies Issued Before October 11, 1995
Policyowners’ Equity	$	1,833	$	4,333	$	4,585	$	1,405	$	471
Northwestern Mutual Equity		14		51		40		14		8
Variable CompLife Policies Issued Between October 11, 1995 and December 31, 2008 (2)
Policyowners’ Equity		4,752		14,287		15,732		9,149		17,290
Northwestern Mutual Equity		89		269		332		206		337
Variable Executive Life Policies Issued Between March 2, 1998 and December 31, 2008 (3)
Policyowners’ Equity		25		22		8		-		994
Variable Joint Life Policies Issued Between December 10, 1998 and December 31, 2008 (4)
Policyowners’ Equity		1		371		314		823		936
Total Net Assets	$	6,714	$	19,333	$	21,011	$	11,597	$	20,036
(1)  Investments, at cost	$	7,284	$	22,220	$	23,783	$	12,808	$	26,452
Mutual Fund Shares Held		725		2,223		2,398		1,422		5,773
(2)  Accumulation Unit Value	$	1.281521	$	1.335190	$	1.368685	$	1.401615	$	4.724979
Units Outstanding		3,778		10,901		11,737		6,674		3,730
(3)  Accumulation Unit Value	$	15.741887	$	15.421524	$	14.739598	$	13.779890	$	4.432602
Units Outstanding		2		1		1		-		224
(4)  Accumulation Unit Value	$	15.741887	$	15.421524	$	14.739598	$	13.779890	$	4.432602
Units Outstanding		-		24		21		60		211

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

Statements of Operations

Northwestern Mutual Variable Life Account

For the Year Ended December 31, 2018

(in thousands)

	Growth Stock Division			Focused Appreciation Division			Large Cap Core Stock Division			Large Cap Blend Division			Index 500 Stock Division
Income:
Dividend income	$	3,399		$	954		$	4,286		$	96		$	23,355
Expenses:
Mortality and expense risk charges		2,137			806			1,251			53			6,373
Taxes		21			6			15			-			99
Total expenses		2,158			812			1,266			53			6,472
Net investment income (loss)		1,241			142			3,020			43			16,883
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		12,027			4,548			8,075			253			43,371
Realized gain distribution		52,065			5,268			82,153			600			13,822
Realized gains (losses)		64,092			9,816			90,228			853			57,193
Change in unrealized appreciation/(depreciation) of investments during the period		(60,587	)		(14,420	)		(110,692	)		(1,427	)		(142,220	)
Net increase (decrease) in net assets resulting from operations	$	4,746		$	(4,462	)	$	(17,444	)	$	(531	)	$	(68,144	)
	Large Company Value Division			Domestic Equity Division			Equity Income Division			Mid Cap Growth Stock Division			Index 400 Stock Division
Income:
Dividend income	$	239		$	3,739		$	2,648		$	690		$	3,929
Expenses:
Mortality and expense risk charges		59			929			565			2,306			1,528
Taxes		1			9			6			35			9
Total expenses		60			938			571			2,341			1,537
Net investment income (loss)		179			2,801			2,077			(1,651	)		2,392
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		(76	)		5,995			4,506			8,184			4,928
Realized gain distribution		1,028			7,401			9,949			86,007			23,067
Realized gains (losses)		952			13,396			14,455			94,191			27,995
Change in unrealized appreciation/(depreciation) of investments during the period		(2,319	)		(22,403	)		(29,347	)		(129,136	)		(71,107	)
Net increase (decrease) in net assets resulting from operations	$	(1,188	)	$	(6,206	)	$	(12,815	)	$	(36,596	)	$	(40,720	)
	Mid Cap Value Division			Small Cap Growth Stock Division			Index 600 Stock Division			Small Cap Value Division			International Growth Division
Income:
Dividend income	$	1,184		$	-		$	620		$	1,080		$	1,507
Expenses:
Mortality and expense risk charges		324			1,363			187			904			456
Taxes		3			7			2			8			3
Total expenses		327			1,370			189			912			459
Net investment income (loss)		857			(1,370	)		431			168			1,048
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		3,666			4,023			437			4,899			(434	)
Realized gain distribution		6,834			25,536			1,858			15,472			-
Realized gains (losses)		10,500			29,559			2,295			20,371			(434	)
Change in unrealized appreciation/(depreciation) of investments during the period		(21,062	)		(62,947	)		(7,277	)		(46,873	)		(13,290	)
Net increase (decrease) in net assets resulting from operations	$	(9,705	)	$	(34,758	)	$	(4,551	)	$	(26,334	)	$	(12,676	)

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

Statements of Operations

Northwestern Mutual Variable Life Account

For the Year Ended December 31, 2018

(in thousands)

	Research International Core Division			International Equity Division			Emerging Markets Equity Division			Government Money Market Division			Short-Term Bond Division
Income:
Dividend income	$	662		$	14,217		$	794		$	2,280		$	370
Expenses:
Mortality and expense risk charges		167			2,501			255			590			86
Taxes		1			33			2			6			1
Total expenses		168			2,534			257			596			87
Net investment income (loss)		494			11,683			537			1,684			283
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		873			10,324			332			-			(5	)
Realized gain distribution		-			-			-			-			-
Realized gains (losses)		873			10,324			332			-			(5	)
Change in unrealized appreciation/(depreciation) of investments during the period		(7,190	)		(114,245	)		(10,179	)		-			(32	)
Net increase (decrease) in net assets resulting from operations	$	(5,823	)	$	(92,238	)	$	(9,310	)	$	1,684		$	246
	Select Bond Division			Long-Term U.S. Government Bond Division			Inflation Protection Division			High Yield Bond Division			Multi-Sector Bond Division
Income:
Dividend income	$	5,466		$	184		$	225		$	6,109		$	1,311
Expenses:
Mortality and expense risk charges		988			41			42			481			180
Taxes		11			-			-			4			1
Total expenses		999			41			42			485			181
Net investment income (loss)		4,467			143			183			5,624			1,130
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		(500	)		(192	)		(54	)		1,386			(322	)
Realized gain distribution		-			213			-			-			-
Realized gains (losses)		(500	)		21			(54	)		1,386			(322	)
Change in unrealized appreciation/(depreciation) of investments during the period		(5,612	)		(344	)		(456	)		(10,507	)		(1,526	)
Net increase (decrease) in net assets resulting from operations	$	(1,645	)	$	(180	)	$	(327	)	$	(3,497	)	$	(718	)
	Balanced Division			Asset Allocation Division			Fidelity VIP Mid Cap Division			Fidelity VIP Contrafund Division			AMT Sustainable Equity Division
Income:
Dividend income	$	8,752		$	1,054		$	773		$	203		$	28
Expenses:
Mortality and expense risk charges		1,685			228			832			197			20
Taxes		87			4			8			2			-
Total expenses		1,772			232			840			199			20
Net investment income (loss)		6,980			822			(67	)		4			8
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		(1,006	)		1,131			1,711			1,105			174
Realized gain distribution		8,154			1,426			16,791			3,867			316
Realized gains (losses)		7,148			2,557			18,502			4,972			490
Change in unrealized appreciation/(depreciation) of investments during the period		(28,103	)		(6,009	)		(46,600	)		(8,106	)		(858	)
Net increase (decrease) in net assets resulting from operations	$	(13,975	)	$	(2,630	)	$	(28,165	)	$	(3,130	)	$	(360	)

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

Statements of Operations

Northwestern Mutual Variable Life Account

For the Year Ended December 31, 2018

(in thousands)

	U.S. Strategic Equity Division			U.S. Small Cap Equity Division			International Developed Markets Division			Strategic Bond Division
Income:
Dividend income	$	2,609		$	512		$	2,288		$	1,746
Expenses:
Mortality and expense risk charges		949			469			559			313
Taxes		5			3			4			3
Total expenses		954			472			563			316
Net investment income (loss)		1,655			40			1,725			1,430
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		4,399			922			(262	)		(392	)
Realized gain distribution		41,499			17,528			10,439			-
Realized gains (losses)		45,898			18,450			10,177			(392	)
Change in unrealized appreciation/(depreciation) of investments during the period		(69,035	)		(31,125	)		(32,739	)		(2,093	)
Net increase (decrease) in net assets resulting from operations	$	(21,482	)	$	(12,635	)	$	(20,837	)	$	(1,055	)

	Global Real Estate Securities Division			LifePoints Moderate Strategy Division			LifePoints Balanced Strategy Division
Income:
Dividend income	$	7,710		$	311		$	1,145
Expenses:
Mortality and expense risk charges		733			31			98
Taxes		5			1			3
Total expenses		738			32			101
Net investment income (loss)		6,972			279			1,044
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		(4,846	)		94			(191	)
Realized gain distribution		203			65			599
Realized gains (losses)		(4,643	)		159			408
Change in unrealized appreciation/(depreciation) of investments during the period		(12,985	)		(778	)		(3,007	)
Net increase (decrease) in net assets resulting from operations	$	(10,656	)	$	(340	)	$	(1,555	)
	LifePoints Growth Strategy Division			LifePoints Equity Growth Strategy Division			Credit Suisse Trust Commodity Return Strategy Division
Income:
Dividend income	$	1,163		$	644		$	545
Expenses:
Mortality and expense risk charges		108			56			89
Taxes		2			1			-
Total expenses		110			57			89
Net investment income (loss)		1,053			587			456
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		132			211			(1,287	)
Realized gain distribution		895			582			-
Realized gains (losses)		1,027			793			(1,287	)
Change in unrealized appreciation/(depreciation) of investments during the period		(4,085	)		(2,664	)		(1,879	)
Net increase (decrease) in net assets resulting from operations	$	(2,005	)	$	(1,284	)	$	(2,710	)

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

Statements of Changes in Net Assets

Northwestern Mutual Variable Life Account

(in thousands)

	Growth Stock Division						Focused Appreciation Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	1,241		$	1,825		$	142		$	528
Net realized gains (losses)		64,092			28,171			9,816			5,699
Net change in unrealized appreciation/(depreciation)		(60,587	)		59,092			(14,420	)		40,771
Net increase (decrease) in net assets resulting from operations		4,746			89,088			(4,462	)		46,998
Policy Transactions:
Policy owners’ net payments		13,937			14,122			4,583			4,657
Policy loans, surrenders and death benefits		(21,009	)		(19,169	)		(11,287	)		(8,218	)
Mortality and other (net)		(8,792	)		(8,079	)		(3,579	)		(3,177	)
Transfers from other divisions or sponsor		58,975			52,007			25,055			31,248
Transfers to other divisions or sponsor		(58,640	)		(54,330	)		(20,918	)		(25,934	)
Net increase (decrease) in net assets resulting from contract transactions		(15,529	)		(15,449	)		(6,146	)		(1,424	)
Net increase (decrease) in net assets		(10,783	)		73,639			(10,608	)		45,574
Net Assets:
Beginning of period		455,218			381,579			191,961			146,387
End of period	$	444,435		$	455,218		$	181,353		$	191,961
Units issued during the period		5,955			5,874			3,512			4,444
Units redeemed during the period		(8,021	)		(8,613	)		(4,514	)		(5,605	)
Net units issued (redeemed) during period		(2,066	)		(2,739	)		(1,002	)		(1,161	)
	Large Cap Core Stock Division						Large Cap Blend Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	3,020		$	3,472		$	43		$	56
Net realized gains (losses)		90,228			6,417			853			728
Net change in unrealized appreciation/(depreciation)		(110,692	)		46,331			(1,427	)		1,130
Net increase (decrease) in net assets resulting from operations		(17,444	)		56,220			(531	)		1,914
Policy Transactions:
Policy owners’ net payments		10,089			9,693			341			369
Policy loans, surrenders and death benefits		(13,157	)		(11,940	)		(151	)		(527	)
Mortality and other (net)		(5,567	)		(5,310	)		(206	)		(189	)
Transfers from other divisions or sponsor		22,385			17,187			2,148			2,987
Transfers to other divisions or sponsor		(23,397	)		(17,449	)		(2,294	)		(1,663	)
Net increase (decrease) in net assets resulting from contract transactions		(9,647	)		(7,819	)		(162	)		977
Net increase (decrease) in net assets		(27,091	)		48,401			(693	)		2,891
Net Assets:
Beginning of period		282,834			234,433			12,473			9,582
End of period	$	255,743		$	282,834		$	11,780		$	12,473
Units issued during the period		4,859			4,939			739			1,486
Units redeemed during the period		(6,968	)		(6,540	)		(913	)		(1,012	)
Net units issued (redeemed) during period		(2,109	)		(1,601	)		(174	)		474

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

Statements of Changes in Net Assets

Northwestern Mutual Variable Life Account

(in thousands)

	Index 500 Stock Division						Large Company Value Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	16,883		$	17,731		$	179		$	210
Net realized gains (losses)		57,193			42,287			952			419
Net change in unrealized appreciation/(depreciation)		(142,220	)		193,671			(2,319	)		696
Net increase (decrease) in net assets resulting from operations		(68,144	)		253,689			(1,188	)		1,325
Policy Transactions:
Policy owners’ net payments		41,240			39,146			350			518
Policy loans, surrenders and death benefits		(65,216	)		(56,230	)		(637	)		(661	)
Mortality and other (net)		(26,188	)		(24,654	)		(224	)		(208	)
Transfers from other divisions or sponsor		151,145			158,572			3,036			2,869
Transfers to other divisions or sponsor		(152,092	)		(147,117	)		(1,901	)		(3,155	)
Net increase (decrease) in net assets resulting from contract transactions		(51,111	)		(30,283	)		624			(637	)
Net increase (decrease) in net assets		(119,255	)		223,406			(564	)		688
Net Assets:
Beginning of period		1,445,616			1,222,210			13,497			12,809
End of period	$	1,326,361		$	1,445,616		$	12,933		$	13,497
Units issued during the period		14,562			16,264			1,364			1,382
Units redeemed during the period		(19,653	)		(20,332	)		(1,279	)		(1,581	)
Net units issued (redeemed) during period		(5,091	)		(4,068	)		85			(199	)
	Domestic Equity Division						Equity Income Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	2,801		$	2,470		$	2,077		$	2,278
Net realized gains (losses)		13,396			9,484			14,455			9,059
Net change in unrealized appreciation/(depreciation)		(22,403	)		14,099			(29,347	)		7,487
Net increase (decrease) in net assets resulting from operations		(6,206	)		26,053			(12,815	)		18,824
Policy Transactions:
Policy owners’ net payments		6,415			6,730			4,203			4,353
Policy loans, surrenders and death benefits		(12,413	)		(9,757	)		(5,313	)		(5,009	)
Mortality and other (net)		(3,960	)		(3,780	)		(2,335	)		(2,334	)
Transfers from other divisions or sponsor		21,717			27,917			34,468			38,396
Transfers to other divisions or sponsor		(25,575	)		(33,174	)		(34,845	)		(40,748	)
Net increase (decrease) in net assets resulting from contract transactions		(13,816	)		(12,064	)		(3,822	)		(5,342	)
Net increase (decrease) in net assets		(20,022	)		13,989			(16,637	)		13,482
Net Assets:
Beginning of period		217,712			203,723			135,832			122,350
End of period	$	197,690		$	217,712		$	119,195		$	135,832
Units issued during the period		5,155			6,339			4,265			4,806
Units redeemed during the period		(8,605	)		(10,251	)		(5,114	)		(6,453	)
Net units issued (redeemed) during period		(3,450	)		(3,912	)		(849	)		(1,647	)

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

Statements of Changes in Net Assets

Northwestern Mutual Variable Life Account

(in thousands)

	Mid Cap Growth Stock Division						Index 400 Stock Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	(1,651	)	$	(949	)	$	2,392		$	2,212
Net realized gains (losses)		94,191			6,637			27,995			26,053
Net change in unrealized appreciation/(depreciation)		(129,136	)		78,700			(71,107	)		20,618
Net increase (decrease) in net assets resulting from operations		(36,596	)		84,388			(40,720	)		48,883
Policy Transactions:
Policy owners’ net payments		17,537			17,576			9,209			9,483
Policy loans, surrenders and death benefits		(24,391	)		(20,861	)		(15,038	)		(14,406	)
Mortality and other (net)		(9,604	)		(9,273	)		(5,839	)		(5,811	)
Transfers from other divisions or sponsor		29,379			33,793			76,431			78,492
Transfers to other divisions or sponsor		(32,361	)		(38,600	)		(73,087	)		(80,407	)
Net increase (decrease) in net assets resulting from contract transactions		(19,440	)		(17,365	)		(8,324	)		(12,649	)
Net increase (decrease) in net assets		(56,036	)		67,023			(49,044	)		36,234
Net Assets:
Beginning of period		501,695			434,672			358,143			321,909
End of period	$	445,659		$	501,695		$	309,099		$	358,143
Units issued during the period		6,492			7,380			6,152			6,533
Units redeemed during the period		(9,716	)		(10,834	)		(7,499	)		(8,817	)
Net units issued (redeemed) during period		(3,224	)		(3,454	)		(1,347	)		(2,284	)
	Mid Cap Value Division						Small Cap Growth Stock Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	857		$	778		$	(1,370	)	$	(926	)
Net realized gains (losses)		10,500			5,350			29,559			4,596
Net change in unrealized appreciation/(depreciation)		(21,062	)		2,073			(62,947	)		50,595
Net increase (decrease) in net assets resulting from operations		(9,705	)		8,201			(34,758	)		54,265
Policy Transactions:
Policy owners’ net payments		2,287			2,112			9,056			9,211
Policy loans, surrenders and death benefits		(3,069	)		(3,530	)		(14,175	)		(13,306	)
Mortality and other (net)		(1,343	)		(1,407	)		(5,314	)		(5,072	)
Transfers from other divisions or sponsor		8,528			14,442			40,892			34,943
Transfers to other divisions or sponsor		(11,576	)		(15,864	)		(43,375	)		(37,523	)
Net increase (decrease) in net assets resulting from contract transactions		(5,173	)		(4,247	)		(12,916	)		(11,747	)
Net increase (decrease) in net assets		(14,878	)		3,954			(47,674	)		42,518
Net Assets:
Beginning of period		78,440			74,486			305,351			262,833
End of period	$	63,562		$	78,440		$	257,677		$	305,351
Units issued during the period		1,450			2,539			4,737			4,953
Units redeemed during the period		(2,544	)		(3,600	)		(6,887	)		(7,213	)
Net units issued (redeemed) during period		(1,094	)		(1,061	)		(2,150	)		(2,260	)

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

Statements of Changes in Net Assets

Northwestern Mutual Variable Life Account

(in thousands)

	Index 600 Stock Division						Small Cap Value Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	431		$	500		$	168		$	694
Net realized gains (losses)		2,295			1,852			20,371			15,404
Net change in unrealized appreciation/(depreciation)		(7,277	)		1,773			(46,873	)		5,468
Net increase (decrease) in net assets resulting from operations		(4,551	)		4,125			(26,334	)		21,566
Policy Transactions:
Policy owners’ net payments		1,116			1,177			6,343			6,134
Policy loans, surrenders and death benefits		(1,412	)		(1,052	)		(8,910	)		(9,568	)
Mortality and other (net)		(738	)		(587	)		(3,530	)		(3,527	)
Transfers from other divisions or sponsor		21,687			20,664			10,025			14,289
Transfers to other divisions or sponsor		(14,489	)		(16,216	)		(14,096	)		(17,189	)
Net increase (decrease) in net assets resulting from contract transactions		6,164			3,986			(10,168	)		(9,861	)
Net increase (decrease) in net assets		1,613			8,111			(36,502	)		11,705
Net Assets:
Beginning of period		38,659			30,548			211,637			199,932
End of period	$	40,272		$	38,659		$	175,135		$	211,637
Units issued during the period		5,520			5,491			3,086			4,279
Units redeemed during the period		(3,139	)		(3,821	)		(5,013	)		(6,388	)
Net units issued (redeemed) during period		2,381			1,670			(1,927	)		(2,109	)
	International Growth Division						Research International Core Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	1,048		$	883		$	494		$	431
Net realized gains (losses)		(434	)		(834	)		873			646
Net change in unrealized appreciation/(depreciation)		(13,290	)		24,534			(7,190	)		6,821
Net increase (decrease) in net assets resulting from operations		(12,676	)		24,583			(5,823	)		7,898
Policy Transactions:
Policy owners’ net payments		4,950			4,868			86			1,193
Policy loans, surrenders and death benefits		(5,145	)		(5,220	)		(1,390	)		(1,709	)
Mortality and other (net)		(1,970	)		(1,874	)		(667	)		(558	)
Transfers from other divisions or sponsor		20,586			32,206			18,677			28,660
Transfers to other divisions or sponsor		(20,386	)		(28,132	)		(13,904	)		(22,992	)
Net increase (decrease) in net assets resulting from contract transactions		(1,965	)		1,848			2,802			4,594
Net increase (decrease) in net assets		(14,641	)		26,431			(3,021	)		12,492
Net Assets:
Beginning of period		110,000			83,569			39,047			26,555
End of period	$	95,359		$	110,000		$	36,026		$	39,047
Units issued during the period		6,321			8,345			7,195			9,549
Units redeemed during the period		(6,934	)		(7,295	)		(5,422	)		(5,621	)
Net units issued (redeemed) during period		(613	)		1,050			1,773			3,928

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

Statements of Changes in Net Assets

Northwestern Mutual Variable Life Account

(in thousands)

	International Equity Division						Emerging Markets Equity Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	11,683		$	10,745		$	537		$	271
Net realized gains (losses)		10,324			8,591			332			5
Net change in unrealized appreciation/(depreciation)		(114,245	)		88,760			(10,179	)		11,518
Net increase (decrease) in net assets resulting from operations		(92,238	)		108,096			(9,310	)		11,794
Policy Transactions:
Policy owners’ net payments		23,063			22,619			1,930			1,988
Policy loans, surrenders and death benefits		(28,576	)		(26,854	)		(2,694	)		(1,637	)
Mortality and other (net)		(10,349	)		(10,810	)		(1,003	)		(843	)
Transfers from other divisions or sponsor		50,395			53,850			18,352			21,668
Transfers to other divisions or sponsor		(50,468	)		(51,059	)		(13,322	)		(9,330	)
Net increase (decrease) in net assets resulting from contract transactions		(15,935	)		(12,254	)		3,263			11,846
Net increase (decrease) in net assets		(108,173	)		95,842			(6,047	)		23,640
Net Assets:
Beginning of period		598,133			502,291			62,871			39,231
End of period	$	489,960		$	598,133		$	56,824		$	62,871
Units issued during the period		17,875			19,724			14,904			18,232
Units redeemed during the period		(21,014	)		(22,314	)		(11,451	)		(7,276	)
Net units issued (redeemed) during period		(3,1391	)		(2,590	)		3,453			10,956
	Government Money Market Division						Short-Term Bond Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	1,684		$	313		$	283		$	201
Net realized gains (losses)		-			1			(5	)		29
Net change in unrealized appreciation/(depreciation)		-			-			(32	)		(26	)
Net increase (decrease) in net assets resulting from operations		1,684			314			246			204
Policy Transactions:
Policy owners’ net payments		46,736			50,425			361			813
Policy loans, surrenders and death benefits		(24,887	)		(22,644	)		(1,997	)		(2,762	)
Mortality and other (net)		(4,202	)		(4,595	)		(402	)		(366	)
Transfers from other divisions or sponsor		168,804			120,861			15,225			11,997
Transfers to other divisions or sponsor		(181,455	)		(161,310	)		(11,029	)		(7,802	)
Net increase (decrease) in net assets resulting from contract transactions		4,996			(17,263	)		2,158			1,880
Net increase (decrease) in net assets		6,680			(16,949	)		2,404			2,084
Net Assets:
Beginning of period		147,850			164,799			22,489			20,405
End of period	$	154,530		$	147,850		$	24,893		$	22,489
Units issued during the period		71,692			60,150			7,297			6,683
Units redeemed during the period		(70,154	)		(66,766	)		(6,867	)		(6,977	)
Net units issued (redeemed) during period		1,538			(6,616	)		430			(294	)

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

Statements of Changes in Net Assets

Northwestern Mutual Variable Life Account

(in thousands)

	Select Bond Division						Long-Term U.S. Government Bond Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	4,467		$	4,166		$	143		$	134
Net realized gains (losses)		(500	)		3,813			21			180
Net change in unrealized appreciation/(depreciation)		(5,612	)		(249	)		(344	)		386
Net increase (decrease) in net assets resulting from operations		(1,645	)		7,730			(180	)		700
Policy Transactions:
Policy owners’ net payments		9,372			10,351			515			485
Policy loans, surrenders and death benefits		(14,848	)		(13,959	)		(253	)		(542	)
Mortality and other (net)		(4,331	)		(4,602	)		(179	)		(192	)
Transfers from other divisions or sponsor		116,263			142,616			2,807			3,781
Transfers to other divisions or sponsor		(113,554	)		(139,500	)		(1,923	)		(3,946	)
Net increase (decrease) in net assets resulting from contract transactions		(7,098	)		(5,094	)		967			(414	)
Net increase (decrease) in net assets		(8,743	)		2,636			787			286
Net Assets:
Beginning of period		251,754			249,118			9,880			9,594
End of period	$	243,011		$	251,754		$	10,667		$	9,880
Units issued during the period		9,361			10,246			2,372			2,897
Units redeemed during the period		(9,851	)		(10,256	)		(1,691	)		(3,156	)
Net units issued (redeemed) during period		(490	)		(10	)		681			(259	)
	Inflation Protection Division						High Yield Bond Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	183		$	30		$	5,624		$	5,784
Net realized gains (losses)		(54	)		15			1,386			610
Net change in unrealized appreciation/(depreciation)		(456	)		272			(10,507	)		703
Net increase (decrease) in net assets resulting from operations		(327	)		317			(3,497	)		7,097
Policy Transactions:
Policy owners’ net payments		415			441			3,957			3,693
Policy loans, surrenders and death benefits		(551	)		(573	)		(5,367	)		(5,620	)
Mortality and other (net)		(177	)		(173	)		(2,165	)		(2,200	)
Transfers from other divisions or sponsor		6,764			6,417			24,915			26,064
Transfers to other divisions or sponsor		(5,806	)		(4,923	)		(26,822	)		(23,509	)
Net increase (decrease) in net assets resulting from contract transactions		645			1,189			(5,482	)		(1,572	)
Net increase (decrease) in net assets		318			1,506			(8,979	)		5,525
Net Assets:
Beginning of period		10,493			8,987			116,367			110,842
End of period	$	10,811		$	10,493		$	107,388		$	116,367
Units issued during the period		2,425			2,968			2,661			3,295
Units redeemed during the period		(2,082	)		(2,079	)		(3,784	)		(3,700	)
Net units issued (redeemed) during period		343			889			(1,123	)		(405	)

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

Statements of Changes in Net Assets

Northwestern Mutual Variable Life Account

(in thousands)

	Multi-Sector Bond Division						Balanced Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	1,130		$	1,288		$	6,980		$	6,230
Net realized gains (losses)		(322	)		(159	)		7,148			9,992
Net change in unrealized appreciation/(depreciation)		(1,526	)		1,618			(28,103	)		22,907
Net increase (decrease) in net assets resulting from operations		(718	)		2,747			(13,975	)		39,129
Policy Transactions:
Policy owners’ net payments		1,268			1,422			14,159			12,816
Policy loans, surrenders and death benefits		(1,995	)		(2,784	)		(21,756	)		(16,343	)
Mortality and other (net)		(758	)		(674	)		(8,811	)		(8,474	)
Transfers from other divisions or sponsor		9,930			11,111			78,836			85,933
Transfers to other divisions or sponsor		(6,231	)		(4,418	)		(76,177	)		(85,391	)
Net increase (decrease) in net assets resulting from contract transactions		2,214			4,657			(13,749	)		(11,459	)
Net increase (decrease) in net assets		1,496			7,404			(27,724	)		27,670
Net Assets:
Beginning of period		40,381			32,977			375,073			347,403
End of period	$	41,877		$	40,381		$	347,349		$	375,073
Units issued during the period		6,890			8,081			4,613			4,803
Units redeemed during the period		(5,784	)		(4,765	)		(5,946	)		(6,304	)
Net units issued (redeemed) during period		1,106			3,316			(1,333	)		(1,501	)
	Asset Allocation Division						Fidelity VIP Mid Cap Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	822		$	824		$	(67	)	$	112
Net realized gains (losses)		2,557			2,912			18,502			9,071
Net change in unrealized appreciation/(depreciation)		(6,009	)		2,897			(46,600	)		24,016
Net increase (decrease) in net assets resulting from operations		(2,630	)		6,633			(28,165	)		33,199
Policy Transactions:
Policy owners’ net payments		1,681			2,103			6,023			6,627
Policy loans, surrenders and death benefits		(3,546	)		(1,595	)		(8,185	)		(7,622	)
Mortality and other (net)		(1,139	)		(1,083	)		(3,349	)		(3,324	)
Transfers from other divisions or sponsor		3,121			4,161			16,837			18,461
Transfers to other divisions or sponsor		(2,746	)		(1,514	)		(19,693	)		(21,758	)
Net increase (decrease) in net assets resulting from contract transactions		(2,629	)		2,072			(8,367	)		(7,616	)
Net increase (decrease) in net assets		(5,259	)		8,705			(36,532	)		25,583
Net Assets:
Beginning of period		53,600			44,895			195,568			169,985
End of period	$	48,341		$	53,600		$	159,036		$	195,568
Units issued during the period		1,830			2,351			2,663			3,183
Units redeemed during the period		(2,431	)		(1,802	)		(3,823	)		(4,373	)
Net units issued (redeemed) during period		(601	)		549			(1,160	)		(1,190	)

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

Statements of Changes in Net Assets

Northwestern Mutual Variable Life Account

(in thousands)

	Fidelity VIP Contrafund Division						AMT Sustainable Equity Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	4		$	146		$	8		$	7
Net realized gains (losses)		4,972			3,448			490			429
Net change in unrealized appreciation/(depreciation)		(8,106	)		4,354			(858	)		412
Net increase (decrease) in net assets resulting from operations		(3,130	)		7,948			(360	)		848
Policy Transactions:
Policy owners’ net payments		1,371			1,185			197			197
Policy loans, surrenders and death benefits		(1,572	)		(1,923	)		(159	)		(127	)
Mortality and other (net)		(779	)		(721	)		(88	)		(86	)
Transfers from other divisions or sponsor		7,341			7,393			2,036			1,543
Transfers to other divisions or sponsor		(6,171	)		(7,235	)		(1,840	)		(1,975	)
Net increase (decrease) in net assets resulting from contract transactions		190			(1,301	)		146			(448	)
Net increase (decrease) in net assets		(2,940	)		6,647			(214	)		400
Net Assets:
Beginning of period		44,858			38,211			5,287			4,887
End of period	$	41,918		$	44,858		$	5,073		$	5,287
Units issued during the period		3,067			3,439			490			397
Units redeemed during the period		(3,030	)		(3,965	)		(448	)		(695	)
Net units issued (redeemed) during period		37			(526	)		42			(298	)
	U.S. Strategic Equity Division						U.S. Small Cap Equity Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	1,655		$	1,324		$	40		$	(255	)
Net realized gains (losses)		45,898			26,476			18,450			8,160
Net change in unrealized appreciation/(depreciation)		(69,035	)		12,183			(31,125	)		6,712
Net increase (decrease) in net assets resulting from operations		(21,482	)		39,983			(12,635	)		14,617
Policy Transactions:
Policy owners’ net payments		6,575			6,438			3,467			3,902
Policy loans, surrenders and death benefits		(10,381	)		(12,624	)		(5,554	)		(5,175	)
Mortality and other (net)		(3,961	)		(3,898	)		(2,013	)		(1,955	)
Transfers from other divisions or sponsor		12,877			11,013			11,935			10,586
Transfers to other divisions or sponsor		(18,307	)		(15,389	)		(14,339	)		(11,898	)
Net increase (decrease) in net assets resulting from contract transactions		(13,197	)		(14,460	)		(6,504	)		(4,540	)
Net increase (decrease) in net assets		(34,679	)		25,523			(19,139	)		10,077
Net Assets:
Beginning of period		230,509			204,986			110,459			100,382
End of period	$	195,830		$	230,509		$	91,320		$	110,459
Units issued during the period		5,660			6,824			2,779			3,090
Units redeemed during the period		(9,925	)		(13,296	)		(4,468	)		(4,483	)
Net units issued (redeemed) during period		(4,265	)		(6,472	)		(1,689	)		(1,393	)

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

Statements of Changes in Net Assets

Northwestern Mutual Variable Life Account

(in thousands)

	International Developed Markets Division						Strategic Bond Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	1,725		$	2,918		$	1,430		$	843
Net realized gains (losses)		10,177			4,273			(392	)		106
Net change in unrealized appreciation/(depreciation)		(32,739	)		20,702			(2,093	)		2,024
Net increase (decrease) in net assets resulting from operations		(20,837	)		27,893			(1,055	)		2,973
Policy Transactions:
Policy owners’ net payments		5,326			5,149			2,957			3,523
Policy loans, surrenders and death benefits		(7,412	)		(6,448	)		(5,622	)		(5,976	)
Mortality and other (net)		(2,403	)		(2,462	)		(1,602	)		(1,706	)
Transfers from other divisions or sponsor		19,698			20,376			32,671			29,681
Transfers to other divisions or sponsor		(19,767	)		(19,187	)		(31,917	)		(28,628	)
Net increase (decrease) in net assets resulting from contract transactions		(4,558	)		(2,572	)		(3,513	)		(3,106	)
Net increase (decrease) in net assets		(25,395	)		25,321			(4,568	)		(133	)
Net Assets:
Beginning of period		141,472			116,151			86,180			86,313
End of period	$	116,077		$	141,472		$	81,612		$	86,180
Units issued during the period		6,537			8,086			4,833			5,623
Units redeemed during the period		(7,759	)		(9,137	)		(5,716	)		(6,536	)
Net units issued (redeemed) during period		(1,222	)		(1,051	)		(883	)		(913	)
	Global Real Estate Securities Division						LifePoints Moderate Strategy Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	6,972		$	5,547		$	279		$	110
Net realized gains (losses)		(4,643	)		(152	)		159			59
Net change in unrealized appreciation/(depreciation)		(12,985	)		13,204			(778	)		351
Net increase (decrease) in net assets resulting from operations		(10,656	)		18,599			(340	)		520
Policy Transactions:
Policy owners’ net payments		7,050			6,894			(313	)		263
Policy loans, surrenders and death benefits		(8,018	)		(8,987	)		(393	)		(178	)
Mortality and other (net)		(3,170	)		(3,193	)		(157	)		(120	)
Transfers from other divisions or sponsor		21,601			22,200			2,196			1,327
Transfers to other divisions or sponsor		(24,752	)		(25,065	)		(1,239	)		(27	)
Net increase (decrease) in net assets resulting from contract transactions		(7,289	)		(8,151	)		94			1,265
Net increase (decrease) in net assets		(17,945	)		10,448			(246	)		1,785
Net Assets:
Beginning of period		179,095			168,647			6,960			5,175
End of period	$	161,150		$	179,095		$	6,714		$	6,960
Units issued during the period		3,342			3,595			1,702			1,076
Units redeemed during the period		(4,677	)		(5,174	)		(2,321	)		(174	)
Net units issued (redeemed) during period		(1,335	)		(1,579	)		(619	)		902

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

Statements of Changes in Net Assets

Northwestern Mutual Variable Life Account

(in thousands)

	LifePoints Balanced Strategy Division						LifePoints Growth Strategy Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	1,044		$	407		$	1,053		$	557
Net realized gains (losses)		408			1,049			1,027			854
Net change in unrealized appreciation/(depreciation)		(3,007	)		814			(4,085	)		1,449
Net increase (decrease) in net assets resulting from operations		(1,555	)		2,270			(2,005	)		2,860
Policy Transactions:
Policy owners’ net payments		764			907			830			763
Policy loans, surrenders and death benefits		(1,976	)		(515	)		(451	)		(1,120	)
Mortality and other (net)		(460	)		(478	)		(432	)		(394	)
Transfers from other divisions or sponsor		1,488			2,852			2,538			2,181
Transfers to other divisions or sponsor		(1,423	)		(1,311	)		(1,608	)		(1,710	)
Net increase (decrease) in net assets resulting from contract transactions		(1,607	)		1,455			877			(280	)
Net increase (decrease) in net assets		(3,162	)		3,725			(1,128	)		2,580
Net Assets:
Beginning of period		22,495			18,770			22,139			19,559
End of period	$	19,333		$	22,495		$	21,011		$	22,139
Units issued during the period		1,597			2,297			1,737			2,013
Units redeemed during the period		(2,163	)		(1,601	)		(1,825	)		(2,473	)
Net units issued (redeemed) during period		(566	)		696			(88	)		(460	)
	LifePoints Equity Growth Strategy Division						Credit Suisse Trust Commodity Return Strategy Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	587		$	360		$	456		$	1,757
Net realized gains (losses)		793			391			(1,287	)		(1,637	)
Net change in unrealized appreciation/(depreciation)		(2,664	)		1,127			(1,879	)		106
Net increase (decrease) in net assets resulting from operations		(1,284	)		1,878			(2,710	)		226
Policy Transactions:
Policy owners’ net payments		404			498			836			1,149
Policy loans, surrenders and death benefits		(358	)		(321	)		(840	)		(881	)
Mortality and other (net)		(225	)		(204	)		(390	)		(339	)
Transfers from other divisions or sponsor		739			1,099			8,169			8,957
Transfers to other divisions or sponsor		(1,009	)		(443	)		(6,151	)		(6,968	)
Net increase (decrease) in net assets resulting from contract transactions		(449	)		629			1,624			1,918
Net increase (decrease) in net assets		(1,733	)		2,507			(1,086	)		2,144
Net Assets:
Beginning of period		13,330			10,823			21,122			18,978
End of period	$	11,597		$	13,330		$	20,036		$	21,122
Units issued during the period		853			762			1,928			2,110
Units redeemed during the period		(1,026	)		(705	)		(1,608	)		(1,759	)
Net units issued (redeemed) during period		(173	)		57			320			351

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

Notes to Financial Statements

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” or “sponsor”) 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 Fund, 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 Funds should be read in conjunction with the financial statements of the Divisions. Each Division of the account indirectly bears exposure to the market, credit and liquidity risks of the Funds 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 policyowners existing at that date will continue to be recorded by the Account.

On May 1, 2018, the Neuberger Berman AMT Socially Responsive Division was renamed the AMT Sustainable Equity Division.

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, 2018, all of the Account’s investments are identified as Level 1 securities for valuation purposes under the Fair Value Measurement Topic of the FASB Accounting Standards Codification. Level 1 fair value is determined by unadjusted quoted prices in active markets for identical securities or derivatives. Level 2 fair value is determined by other significant observable inputs (including quoted prices for similar securities). Level 3 fair value is determined by significant unobservable inputs (including the Account’s own assumptions in determining fair value). There were no transfers between levels during the year. All changes in fair value are recorded as change in unrealized appreciation/(depreciation) of investments during the period in the statements of operations of the applicable Division.

C. Investment Income, Securities Transactions and Policy Dividends – Transactions in the Funds’ shares are accounted for on the trade date. The basis for determining cost on sale of the Funds’ shares is identified cost. Dividend income and distributions of net realized gains from the Funds are recorded on the ex-date of the dividends. Dividends and distributions received are reinvested in additional shares of the respective portfolios of the Funds. The Policies are eligible to receive policy dividends from Northwestern Mutual. Any policy dividends reinvested in the Account are reflected in Policyowners’ net payments in the accompanying financial statements.

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 Measurement Topic of the FASB Accounting Standards Codification.

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

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

3. Purchases and Sales of Investments

Purchases and sales of the Funds’ shares for the year ended December 31, 2018 were as follows (amounts in thousands):

Fund Name	Purchases		Sales
Growth Stock Division	$	74,775	$	36,995
Focused Appreciation Division		22,381		23,119
Large Cap Core Stock Division		98,798		23,510
Large Cap Blend Division		2,271		1,802
Index 500 Stock Division		92,552		112,496
Large Company Value Division		4,250		2,419
Domestic Equity Division		19,488		23,121
Equity Income Division		21,229		13,074
Mid Cap Growth Stock Division		105,245		40,558
Index 400 Stock Division		43,417		26,499
Mid Cap Value Division		11,551		9,054
Small Cap Growth Stock Division		38,783		27,582
Index 600 Stock Division		13,374		4,924
Small Cap Value Division		24,352		18,887
International Growth Division		10,981		11,919

22

Notes to Financial Statements

Fund Name	Purchases		Sales
Research International Core Division	$	8,429	$	5,126
International Equity Division		42,760		47,021
Emerging Markets Equity Division		13,013		9,148
Government Money Market Division		64,568		58,551
Short-Term Bond Division		8,902		6,452
Select Bond Division		24,997		27,546
Long-Term U.S. Government Bond Division		3,489		2,167
Inflation Protection Bond Division		2,777		1,951
High Yield Bond Division		11,432		11,296
Multi-Sector Bond Division		9,333		5,985
Balanced Division		32,773		31,317
Asset Allocation Division		6,242		6,623
Fidelity VIP Mid Cap Division		26,130		17,988
Fidelity VIP Contrafund Division		9,588		5,524
AMT Sustainable Equity Division		1,267		797
U.S. Strategic Equity Division		50,515		20,623
U.S. Small Cap Equity Division		23,358		12,331
International Developed Markets Division		20,801		13,214
Strategic Bond Division		9,843		11,934
Global Real Estate Securities Division		16,003		16,169
LifePoints Moderate Strategy Division		3,442		3,005
LifePoints Balanced Strategy Division		4,050		4,025
LifePoints Growth Strategy Division		5,463		2,637
LifePoints Equity Growth Strategy Division		2,423		1,704
Credit Suisse Trust Commodity Return Strategy Division		5,084		3,000

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 other in the accompanying financial statements.

A deduction for the mortality and expense risks for Variable Executive Life policies is determined monthly at an annual rate of 0.48% of the amount invested in the Account for the Policy for the first ten Policy years, and 0.05% thereafter for policies with the Cash Value Amendment, or 0.03% thereafter for the policies without the Cash Value Amendment.

A deduction for the mortality and expense risks for Variable Joint Life policies is determined monthly at an annual rate of 0.00% of the amount invested in the Account. Additional Variable Joint Life mortality and expense risks deductions are determined annually and are paid to Northwestern Mutual for the first ten Policy years based on the age of the insured individuals at the time the policy was issued.

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

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

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.

23

Notes to Financial Statements

5. Financial Highlights

	As of the respective period end date:									For the respective period ended:
	Units Outstanding (000’s)		Unit Value, Lowest to Highest					Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio, Lowest to Highest (1)		Total Return Lowest to Highest (1)
Growth Stock Division
2018		73,927	$	5.301752	to	$	74.477290	$	444,435		0.70	%		0.00% to 0.55%		0.70	%	to	1.26	%
2017		75,993		5.259578	to		73.551913		455,218		0.86			0.00 to 0.55		23.59		to	24.27
2016		78,732		4.251519	to		59.189518		381,579		0.87			0.00 to 0.55		1.91		to	2.47
2015		82,582		4.167790	to		57.763945		392,702		0.74			0.00 to 0.55		5.43		to	6.01
2014		85,738		3.949121	to		54.488126		386,925		0.59			0.00 to 0.55		8.43		to	9.02
Focused Appreciation Division
2018		31,537	$	4.844807	to	$	52.188290	$	181,353		0.49	%		0.00% to 0.55%		(2.87	)%	to	(2.34	)%
2017		32,539		4.983314	to		53.438372		191,961		0.72			0.00 to 0.55		32.89		to	33.62
2016		33,700		3.746116	to		39.992151		146,387		0.24			0.00 to 0.55		5.30		to	5.87
2015		34,234		3.554167	to		37.773111		138,660		0.00			0.00 to 0.55		13.02		to	13.64
2014		34,391		3.141534	to		33.238141		122,795		0.02			0.00 to 0.55		8.84		to	9.43
Large Cap Core Stock Division
2018		61,022	$	3.583452	to	$	49.869208	$	255,743		1.51	%		0.00% to 0.55%		(6.55	)%	to	(6.04	)%
2017		63,131		3.831001	to		53.073917		282,834		1.76			0.00 to 0.55		24.19		to	24.87
2016		64,732		3.081784	to		42.503832		234,433		2.16			0.00 to 0.55		6.98		to	7.57
2015		67,126		2.877770	to		39.512372		228,494		2.14			0.00 to 0.55		(3.59	)	to	(3.06	)
2014		71,653		2.759081	to		37.544148		233,882		1.15			0.00 to 0.55		27.88		to	28.58
Large Cap Blend Division
2018		5,369	$	1.969452	to	$	17.140701	$	11,780		0.78	%		0.00% to 0.55%		(4.53	)%	to	(4.00	)%
2017		5,549		2.060897	to		17.855817		12,473		0.92			0.00 to 0.55		18.38		to	19.02
2016		5,069		1.739254	to		15.001832		9,582		1.06			0.00 to 0.55		13.36		to	13.99
2015		5,414		1.532727	to		13.161232		8,934		0.93			0.00 to 0.55		(2.95	)	to	(2.42	)
2014		4,680		1.577743	to		13.487127		8,192		0.04			0.00 to 0.55		11.96		to	12.58
Index 500 Stock Division
2018		186,899	$	5.818234	to	$	135.776139	$	1,326,361		1.60	%		0.00% to 0.55%		(5.10	)%	to	(4.58	)%
2017		191,990		6.124794	to		142.286114		1,445,616		1.76			0.00 to 0.55		20.85		to	21.52
2016		196,058		5.062909	to		117.092375		1,222,210		1.85			0.00 to 0.55		11.12		to	11.73
2015		198,438		4.551560	to		104.794845		1,113,211		1.70			0.00 to 0.55		0.62		to	1.17
2014		200,831		4.519180	to		103.583087		1,122,395		1.60			0.00 to 0.55		12.84		to	13.46
Large Company Value Division
2018		6,176	$	1.837071	to	$	15.732361	$	12,933		1.78	%		0.00% to 0.55%		(8.43	)%	to	(7.92	)%
2017		6,091		2.004205	to		17.086312		13,497		2.00			0.00 to 0.55		10.49		to	11.10
2016		6,290		1.812084	to		15.379433		12,809		1.71			0.00 to 0.55		14.73		to	15.36
2015		5,877		1.577867	to		13.331635		10,525		1.62			0.00 to 0.55		(4.37	)	to	(3.85	)
2014		6,169		1.648404	to		13.865219		11,466		0.00			0.00 to 0.55		12.41		to	13.03
Domestic Equity Division
2018		63,912	$	2.678096	to	$	29.152607	$	197,690		1.74	%		0.00% to 0.55%		(3.34	)%	to	(2.81	)%
2017		67,362		2.768059	to		29.996128		217,712		1.62			0.00 to 0.55		13.16		to	13.78
2016		71,274		2.443831	to		26.364364		203,723		1.86			0.00 to 0.55		14.35		to	14.98
2015		73,953		2.135000	to		22.929503		183,664		1.82			0.00 to 0.55		(0.64	)	to	(0.09	)
2014		76,044		2.146602	to		22.950784		190,774		1.70			0.00 to 0.55		13.25		to	13.87
Equity Income Division
2018		34,607	$	2.967059	to	$	31.961107	$	119,195		2.01	%		0.00% to 0.55%		(9.84	)%	to	(9.35	)%
2017		35,456		3.287847	to		35.257091		135,832		2.20			0.00 to 0.55		15.61		to	16.24
2016		37,103		2.841098	to		30.330455		122,350		2.03			0.00 to 0.55		18.52		to	19.17
2015		38,972		2.394831	to		25.451821		109,208		1.69			0.00 to 0.55		(7.25	)	to	(6.74	)
2014		40,696		2.579506	to		27.291728		123,149		1.23			0.00 to 0.55		6.84		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.

24

Notes to Financial Statements

5. Financial Highlights

	As of the respective period end date:									For the respective period ended:
	Units Outstanding (000’s)		Unit Value, Lowest to Highest					Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio, Lowest to Highest (1)		Total Return Lowest to Highest (1)
Mid Cap Growth Stock Division
2018		91,231	$	4.100122	to	$	116.184426	$	445,659		0.13	%		0.00% to 0.55%		(7.89	)%	to	(7.38	)%
2017		94,455		4.446849	to		125.441587		501,695		0.25			0.00 to 0.55		19.63		to	20.29
2016		97,909		3.713373	to		104.283373		434,672		0.19			0.00 to 0.55		0.28		to	0.83
2015		101,666		3.699378	to		103.425002		450,936		0.04			0.00 to 0.55		0.16		to	0.71
2014		104,691		3.689747	to		102.693582		465,306		0.36			0.00 to 0.55		7.90		to	8.49
Index 400 Stock Division
2018		60,974	$	4.530052	to	$	52.678316	$	309,099		1.11	%		0.00% to 0.55%		(11.82	)%	to	(11.33	)%
2017		62,321		5.132177	to		59.411237		358,143		1.07			0.00 to 0.55		15.33		to	15.96
2016		64,605		4.445732	to		51.235085		321,909		1.15			0.00 to 0.55		19.72		to	20.38
2015		66,515		3.709654	to		42.560713		275,417		1.08			0.00 to 0.55		(2.92	)	to	(2.38	)
2014		68,204		3.817251	to		43.598907		290,596		0.98			0.00 to 0.55		8.82		to	9.42
Mid Cap Value Division
2018		15,826	$	3.540449	to	$	38.138006	$	63,562		1.60	%		0.00% to 0.55%		(13.33	)%	to	(12.85	)%
2017		16,920		4.080949	to		43.762109		78,440		1.44			0.00 to 0.55		11.20		to	11.81
2016		17,981		3.666285	to		39.139970		74,486		1.68			0.00 to 0.55		22.56		to	23.23
2015		17,077		2.988550	to		31.761925		57,463		1.64			0.00 to 0.55		(1.87	)	to	(1.33	)
2014		17,454		3.042400	to		32.189353		60,350		0.99			0.00 to 0.55		16.05		to	16.69
Small Cap Growth Stock Division
2018		54,724	$	4.315234	to	$	57.505467	$	257,677		0.00	%		0.00% to 0.55%		(12.19	)%	to	(11.71	)%
2017		56,874		4.909491	to		65.129570		305,351		0.11			0.00 to 0.55		20.94		to	21.61
2016		59,134		4.055279	to		53.557262		262,833		0.23			0.00 to 0.55		11.64		to	12.25
2015		61,830		3.628992	to		47.712811		246,246		0.11			0.00 to 0.55		(0.23	)	to	0.32
2014		63,835		3.633783	to		47.561777		255,403		0.00			0.00 to 0.55		8.06		to	8.66
Index 600 Stock Division
2018		17,485	$	1.978237	to	$	22.378619	$	40,272		1.41	%		0.00% to 0.55%		(9.28	)%	to	(8.78	)%
2017		15,104		2.178475	to		24.532713		38,659		1.86			0.00 to 0.55		12.31		to	12.93
2016		13,434		1.937744	to		21.724279		30,548		0.58			0.00 to 0.55		25.43		to	26.12
2015		11,625		1.543293	to		17.224563		20,831		0.00			0.00 to 0.55		(2.88	)	to	(2.35	)
2014		10,776		1.587514	to		17.638780		20,248		1.53			0.00 to 0.55		4.76		to	5.34
Small Cap Value Division
2018		40,431	$	3.823467	to	$	41.620093	$	175,135		0.53	%		0.00% to 0.55%		(13.21	)%	to	(12.73	)%
2017		42,358		4.400993	to		47.690780		211,637		0.77			0.00 to 0.55		11.04		to	11.65
2016		44,467		3.959369	to		42.713658		199,932		0.93			0.00 to 0.55		31.67		to	32.39
2015		45,429		3.004079	to		32.262868		156,881		0.68			0.00 to 0.55		(5.97	)	to	(5.45	)
2014		47,518		3.191481	to		34.121874		174,553		0.36			0.00 to 0.55		(0.33	)	to	0.22
International Growth Division
2018		43,088	$	1.971431	to	$	21.459907	$	95,359		1.40	%		0.00% to 0.55%		(11.76	)%	to	(11.28	)%
2017		43,701		2.232113	to		24.188049		110,000		1.30			0.00 to 0.55		29.32		to	30.03
2016		42,651		1.724317	to		18.601991		83,569		1.15			0.00 to 0.55		(3.93	)	to	(3.41	)
2015		43,639		1.832844	to		19.596007		90,803		1.30			0.00 to 0.55		(5.04	)	to	(4.52	)
2014		44,659		1.928280	to		20.524033		98,031		1.40			0.00 to 0.55		19.15		to	19.81
Research International Core Division
2018		27,318	$	1.139564	to	$	11.053328	$	36,026		1.66	%		0.00% to 0.55%		(14.14	)%	to	(13.66	)%
2017		25,545		1.325886	to		12.802534		39,047		1.68			0.00 to 0.55		27.51		to	28.21
2016		21,617		1.038788	to		9.985604		26,555		1.77			0.00 to 0.55		(1.66	)	to	(1.12	)
2015		20,383		1.055308	to		10.098885		24,504		2.05			0.00 to 0.55		(1.65	)	to	(1.11	)
2014		16,529		1.071981	to		10.212438		20,860		1.45			0.00 to 0.55		(7.22	)	to	(6.71	)

(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.

25

Notes to Financial Statements

5. Financial Highlights

	As of the respective period end date:									For the respective period ended:
	Units Outstanding (000’s)		Unit Value, Lowest to Highest					Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio, Lowest to Highest (1)	Total Return Lowest to Highest (1)
International Equity Division
2018		128,969	$	3.301503	to	$	5.155553	$	489,960		2.50	%	0.00% to 0.55%		(15.87	)%	to	(15.41	)%
2017		132,108		3.920448	to		6.094491		598,133		2.35		0.00 to 0.55		21.63		to	22.30
2016		134,698		3.220087	to		4.983406		502,291		2.14		0.00 to 0.55		2.33		to	2.89
2015		137,889		3.143590	to		4.843231		502,646		2.95		0.00 to 0.55		(2.75	)	to	(2.21	)
2014		139,819		3.229216	to		4.952849		525,118		1.91		0.00 to 0.55		(9.30	)	to	(8.80	)
Emerging Markets Equity Division
2018		56,859	$	0.880106	to	$	10.668771	$	56,824		1.31	%	0.00% to 0.55%		(14.23	)%	to	(13.75	)%
2017		53,406		1.025080	to		12.370178		62,871		0.92		0.00 to 0.55		27.14		to	27.84
2016		42,450		0.805449	to		9.676365		39,231		0.72		0.00 to 0.55		8.47		to	9.06
2015		39,847		0.741823	to		8.872116		34,756		0.88		0.00 to 0.55		(12.72	)	to	(12.24	)
2014		34,924		0.849119	to		10.109813		34,843		0.63		0.00 to 0.55		(6.76	)	to	(6.25	)
Government Money Market Division
2018		78,642	$	1.545924	to	$	42.522150	$	154,530		1.53	%	0.00% to 0.55%		0.97	%	to	1.53	%
2017		77,104		1.529296	to		41.875417		147,850		0.59		0.00 to 0.55		0.05		to	0.60
2016		83,720		1.527011	to		41.625993		164,799		0.12		0.00 to 0.55		(0.42	)	to	0.13
2015		79,683		1.531914	to		41.572750		171,148		0.01		0.00 to 0.55		(0.54	)	to	0.01
2014		79,806		1.538686	to		41.568533		165,824		0.07		0.00 to 0.55		(0.48	)	to	0.07
Short-Term Bond Division
2018		16,642	$	1.043226	to	$	12.818134	$	24,893		1.54	%	0.00% to 0.55%		0.81	%	to	1.36	%
2017		16,212		1.033965	to		12.646732		22,489		1.28		0.00 to 0.55		0.78		to	1.33
2016		16,506		1.025038	to		12.481062		20,405		1.19		0.00 to 0.55		1.12		to	1.67
2015		12,538		1.012734	to		12.275717		15,742		0.71		0.00 to 0.55		0.17		to	0.72
2014		11,155		1.010036	to		12.188479		13,392		0.60		0.00 to 0.55		0.00	(2)	to	0.38
Select Bond Division
2018		70,449	$	2.809628	to	$	226.413644	$	243,011		2.25	%	0.00% to 0.55%		(0.76	)%	to	(0.21	)%
2017		70,939		2.828365	to		226.897252		251,754		2.07		0.00 to 0.55		3.02		to	3.58
2016		70,949		2.742774	to		219.047810		249,118		1.94		0.00 to 0.55		2.49		to	3.06
2015		70,587		2.673382	to		212.549665		243,197		1.50		0.00 to 0.55		(0.02	)	to	0.53
2014		70,799		2.671248	to		211.428447		248,615		2.02		0.00 to 0.55		4.99		to	5.56
Long-Term U.S Government Bond Division
2018		6,965	$	1.423026	to	$	20.262648	$	10,667		2.02	%	0.00% to 0.55%		(2.58	)%	to	(2.04	)%
2017		6,284		1.459300	to		20.685508		9,880		1.86		0.00 to 0.55		7.69		to	8.28
2016		6,543		1.353810	to		19.104481		9,594		1.87		0.00 to 0.55		0.54		to	1.09
2015		5,671		1.345254	to		18.898765		8,101		2.11		0.00 to 0.55		(2.01	)	to	(1.47	)
2014		4,722		1.371509	to		19.181310		6,944		2.01		0.00 to 0.55		23.05		to	23.73
Inflation Protection Division
2018		8,142	$	1.080225	to	$	14.354000	$	10,811		2.09	%	0.00% to 0.55%		(3.14	)%	to	(2.61	)%
2017		7,799		1.114216	to		14.738894		10,493		0.69		0.00 to 0.55		3.01		to	3.58
2016		6,910		1.080563	to		14.229840		8,987		1.23		0.00 to 0.55		4.11		to	4.68
2015		6,372		1.036853	to		13.593038		7,975		2.34		0.00 to 0.55		(2.74	)	to	(2.20	)
2014		6,336		1.065002	to		13.899486		8,559		0.52		0.00 to 0.55		2.57		to	3.14
High Yield Bond Division
2018		24,213	$	3.851321	to	$	51.690668	$	107,388		5.42	%	0.00% to 0.55%		(3.24	)%	to	(2.71	)%
2017		25,336		3.976385	to		53.128855		116,367		5.44		0.00 to 0.55		6.30		to	6.88
2016		25,741		3.737039	to		49.707921		110,842		5.33		0.00 to 0.55		13.97		to	14.60
2015		26,563		3.275752	to		43.377037		100,914		4.53		0.00 to 0.55		(1.90	)	to	(1.36	)
2014		27,230		3.335950	to		43.976216		106,154		5.04		0.00 to 0.55		0.62		to	1.18

(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.

(2) Ratio is less than 0.005%.

26

Notes to Financial Statements

5. Financial Highlights

	As of the respective period end date:									For the respective period ended:
	Units Outstanding (000’s)		Unit Value, Lowest to Highest					Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio, Lowest to Highest (1)		Total Return Lowest to Highest (1)
Multi-Sector Bond Division
2018		27,865	$	1.334721	to	$	18.535667	$	41,877		3.12	%		0.00% to 0.55%		(1.84	)%	to	(1.30	)%
2017		26,759		1.358433	to		18.780164		40,381		3.85			0.00 to 0.55		7.79		to	8.38
2016		23,443		1.258995	to		17.327635		32,977		4.53			0.00 to 0.55		10.48		to	11.09
2015		21,624		1.138400	to		15.597729		27,546		5.58			0.00 to 0.55		(2.76	)	to	(2.22	)
2014		20,081		1.169486	to		15.951947		26,344		2.65			0.00 to 0.55		2.68		to	3.25
Balanced Division
2018		45,928	$	3.764026	to	$	209.277798	$	347,349		2.37	%		0.00% to 0.55%		(3.98	)%	to	(3.45	)%
2017		47,261		3.916267	to		216.761163		375,073		2.19			0.00 to 0.55		11.37		to	11.98
2016		48,762		3.512832	to		193.563662		347,403		2.26			0.00 to 0.55		6.00		to	6.58
2015		53,304		3.310708	to		181.609174		345,035		1.97			0.00 to 0.55		(0.67	)	to	(0.12	)
2014		54,744		3.329658	to		181.830315		360,234		2.31			0.00 to 0.55		4.99		to	5.56
Asset Allocation Division
2018		17,585	$	2.207402	to	$	24.028105	$	48,341		1.99	%		0.00% to 0.55%		(5.40	)%	to	(4.88	)%
2017		18,186		2.331046	to		25.259678		53,600		2.07			0.00 to 0.55		14.25		to	14.87
2016		17,637		2.038314	to		21.988973		44,895		2.37			0.00 to 0.55		7.20		to	7.79
2015		18,489		1.899554	to		20.400265		44,291		1.92			0.00 to 0.55		(0.97	)	to	(0.43	)
2014		19,933		1.916252	to		20.487411		47,339		2.15			0.00 to 0.55		4.57		to	5.15
Fidelity VIP Mid Cap Division
2018		30,730	$	4.497777	to	$	48.449732	$	159,036		0.40	%		0.00% to 0.55%		(15.24	)%	to	(14.77	)%
2017		31,890		5.301232	to		56.847028		195,568		0.49			0.00 to 0.55		19.88		to	20.54
2016		33,080		4.417776	to		47.161926		169,985		0.32			0.00 to 0.55		11.31		to	11.92
2015		34,908		3.964922	to		42.137819		162,700		0.25			0.00 to 0.55		(2.17	)	to	(1.63	)
2014		36,665		4.048702	to		42.835362		175,314		0.02			0.00 to 0.55		5.45		to	6.03
Fidelity VIP Contrafund Division
2018		19,649	$	1.866274	to	$	20.573795	$	41,918		0.44	%		0.00% to 0.55%		(7.15	)%	to	(6.64	)%
2017		19,612		2.008049	to		22.036922		44,858		0.77			0.00 to 0.55		20.92		to	21.59
2016		20,138		1.658952	to		18.124509		38,211		0.62			0.00 to 0.55		7.14		to	7.73
2015		22,441		1.546836	to		16.824006		39,557		0.82			0.00 to 0.55		(0.13	)	to	0.42
2014		21,021		1.547371	to		16.754369		37,757		0.78			0.00 to 0.55		11.04		to	11.65
AMT Sustainable Equity Division
2018		2,134	$	1.815096	to	$	19.872228	$	5,073		0.51	%		0.00% to 0.55%		(6.23	)%	to	(5.72	)%
2017		2,092		1.933853	to		21.076980		5,287		0.51			0.00 to 0.55		17.78		to	18.43
2016		2,390		1.640254	to		17.797220		4,887		0.71			0.00 to 0.55		9.26		to	9.86
2015		2,413		1.499733	to		16.199640		4,514		0.57			0.00 to 0.55		(1.01	)	to	(0.46	)
2014		2,395		1.513495	to		16.275087		4,590		0.37			0.00 to 0.55		9.78		to	10.38
U.S. Strategic Equity Division
2018		88,552	$	1.943977	to	$	22.064057	$	195,830		1.15	%		0.00% to 0.55%		(10.14	)%	to	(9.64	)%
2017		92,817		2.161152	to		24.418364		230,509		1.02			0.00 to 0.55		20.14		to	20.80
2016		99,289		1.797106	to		20.214494		204,986		1.04			0.00 to 0.55		10.03		to	10.64
2015		108,402		1.631656	to		18.271298		203,098		0.82			0.00 to 0.55		0.55		to	1.11
2014		114,307		1.621079	to		18.071559		213,362		1.16			0.00 to 0.55		11.09		to	11.70
U.S. Small Cap Equity Division
2018		31,008	$	2.610168	to	$	30.385277	$	91,320		0.47	%		0.00% to 0.55%		(12.45	)%	to	(11.97	)%
2017		32,697		2.978626	to		34.518205		110,459		0.18			0.00 to 0.55		14.85		to	15.48
2016		34,090		2.590944	to		29.891437		100,382		0.83			0.00 to 0.55		18.01		to	18.66
2015		36,650		2.193357	to		25.191084		91,739		0.67			0.00 to 0.55		(7.69	)	to	(7.19	)
2014		38,597		2.373801	to		27.141282		104,705		0.25			0.00 to 0.55		1.00		to	1.56

(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.

27

Notes to Financial Statements

5. Financial Highlights

	As of the respective period end date:									For the respective period ended:
	Units Outstanding (000’s)		Unit Value, Lowest to Highest					Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio, Lowest to Highest (1)		Total Return Lowest to Highest (1)
International Developed Markets Division
2018		58,409	$	1.724712	to	$	19.124827	$	116,077		1.72	%		0.00% to 0.55%		(15.34	)%	to	(14.87	)%
2017		59,631		2.035246	to		22.466466		141,472		2.65			0.00 to 0.55		24.29		to	24.98
2016		60,682		1.635824	to		17.976751		116,151		3.23			0.00 to 0.55		1.80		to	2.36
2015		62,803		1.605290	to		17.562157		117,670		1.15			0.00 to 0.55		(1.85	)	to	(1.31	)
2014		63,654		1.633987	to		17.795979		121,476		1.95			0.00 to 0.55		(4.97	)	to	(4.45	)
Strategic Bond Division
2018		28,147	$	2.271363	to	$	24.693685	$	81,612		2.12	%		0.00% to 0.55%		(1.35	)%	to	(0.81	)%
2017		29,030		2.300337	to		24.895915		86,180		1.35			0.00 to 0.55		3.30		to	3.86
2016		29,943		2.224732	to		23.970161		86,313		1.59			0.00 to 0.55		2.54		to	3.10
2015		29,943		2.167486	to		23.248775		85,576		2.39			0.00 to 0.55		(0.69	)	to	(0.14	)
2014		30,112		2.180310	to		23.281628		86,877		1.55			0.00 to 0.55		4.88		to	5.45
Global Real Estate Securities Division
2018		32,010	$	4.477782	to	$	48.615288	$	161,150		4.49	%		0.00% to 0.55%		(6.24	)%	to	(5.73	)%
2017		33,345		4.771257	to		51.568102		179,095		3.63			0.00 to 0.55		11.19		to	11.80
2016		34,924		4.286703	to		46.124107		168,647		4.49			0.00 to 0.55		2.46		to	3.02
2015		36,412		4.179747	to		44.771967		172,160		1.64			0.00 to 0.55		(0.30	)	to	0.25
2014		36,715		4.188148	to		44.660949		175,388		3.26			0.00 to 0.55		14.12		to	14.75
LifePoints Moderate Strategy Division
2018		3,780	$	1.281521	to	$	15.741887	$	6,714		4.57	%		0.00% to 0.55%		(5.44	)%	to	(4.92	)%
2017		4,399		1.353996	to		16.557145		6,960		2.27			0.00 to 0.55		9.29		to	9.88
2016		3,497		1.237730	to		15.067752		5,175		3.65			0.00 to 0.55		7.16		to	7.75
2015		2,175		1.153913	to		13.984420		3,256		2.55			0.00 to 0.55		(2.24	)	to	(1.71	)
2014		1,929		1.179226	to		14.227181		3,327		3.33			0.00 to 0.55		4.28		to	4.85
LifePoints Balanced Strategy Division
2018		10,926	$	1.335190	to	$	15.421524	$	19,333		5.36	%		0.00% to 0.55%		(7.31	)%	to	(6.80	)%
2017		11,492		1.439016	to		16.545882		22,495		2.36			0.00 to 0.55		11.39		to	12.00
2016		10,796		1.290626	to		14.773443		18,770		3.30			0.00 to 0.55		8.46		to	9.05
2015		11,511		1.188804	to		13.546956		17,506		2.20			0.00 to 0.55		(2.84	)	to	(2.30	)
2014		11,655		1.222287	to		13.866173		17,117		2.98			0.00 to 0.55		4.04		to	4.61
LifePoints Growth Strategy Division
2018		11,759	$	1.368685	to	$	14.739598	$	21,011		4.93	%		0.00% to 0.55%		(8.55	)%	to	(8.05	)%
2017		11,847		1.495208	to		16.029490		22,139		3.19			0.00 to 0.55		15.02		to	15.65
2016		12,307		1.298639	to		13.860030		19,559		2.92			0.00 to 0.55		9.13		to	9.73
2015		13,267		1.188862	to		12.631574		19,036		1.81			0.00 to 0.55		(3.84	)	to	(3.31	)
2014		13,525		1.235139	to		13.064429		20,126		3.03			0.00 to 0.55		3.19		to	3.76
LifePoints Equity Growth Strategy Division
2018		6,734	$	1.401615	to	$	13.779890	$	11,597		4.92	%		0.00% to 0.55%		(9.95	)%	to	(9.45	)%
2017		6,907		1.554985	to		15.218716		13,330		3.38			0.00 to 0.55		16.91		to	17.55
2016		6,850		1.328754	to		12.946453		10,823		2.95			0.00 to 0.55		10.24		to	10.85
2015		6,000		1.204105	to		11.679451		8,824		1.53			0.00 to 0.55		(4.40	)	to	(3.87	)
2014		5,836		1.258221	to		12.149681		8,762		3.29			0.00 to 0.55		2.92		to	3.48
Credit Suisse Trust Commodity Return Strategy Division
2018		4,165	$	4.432602	to	$	4.724979	$	20,036		2.52	%		0.00% to 0.55%		(12.14	)%	to	(11.66	)%
2017		3,845		5.017461	to		5.372638		21,122		9.04			0.00 to 0.55		0.96		to	1.52
2016		3,494		4.942479	to		5.316102		18,978		0.00			0.00 to 0.55		11.41		to	12.02
2015		3,059		4.412123	to		4.767003		14,882		0.00			0.00 to 0.55		(25.44	)	to	(25.03	)
2014		2,448		5.885213	to		6.387246		15,934		0.00			0.00 to 0.55		(17.39	)	to	(16.94	)

(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.

28

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of The Northwestern Mutual Life Insurance Company and

the Policyowners of Northwestern Mutual Variable Life Account

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the Divisions of Northwestern Mutual Variable Life Account indicated in the table below as of December 31, 2018, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Divisions in the Northwestern Mutual Variable Life Account as of December 31, 2018, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.

Growth Stock Division (1)	Mid Cap Value Division (1)	Select Bond Division (1)	U.S. Strategic Equity Division (1)
Focused Appreciation Division (1)	Small Cap Growth Stock Division (1)	Long-Term U.S. Government Bond Division (1)	U.S. Small Cap Equity Division (1)
Large Cap Core Stock Division (1)	Index 600 Stock Division (1)	Inflation Protection Division (1)	International Developed Markets Division (1)
Large Cap Blend Division (1)	Small Cap Value Division (1)	High Yield Bond Division (1)	Strategic Bond Division (1)
Index 500 Stock Division (1)	International Growth Division (1)	Multi-Sector Bond Division (4)	Global Real Estate Securities Division (1)
Large Company Value Division (1)	Research International Core Division (1)	Balanced Division (1)	LifePoints Moderate Strategy Division (1)
Domestic Equity Division (1)	International Equity Division (1)	Asset Allocation Division (1)	LifePoints Balanced Strategy Division (1)
Equity Income Division (1)	Emerging Markets Equity Division (1)	Fidelity VIP Mid Cap Division (1)	LifePoints Growth Strategy Division (1)
Mid Cap Growth Stock Division (1)	Government Money Market Division (1)	Fidelity VIP Contrafund Division (1)	LifePoints Equity Growth Strategy Division (1)
Index 400 Stock Division (1)	Short-Term Bond Division (1)	AMT Sustainable Equity Division (1)	Credit Suisse Trust Commodity Return Strategy Division (1)
(1)   Statement of operations for the year ended December 31, 2018 and statement of changes in net assets for the years ended December 31, 2018 and 2017

Basis for Opinions

These financial statements are the responsibility of The Northwestern Mutual Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the Divisions in the Northwestern Mutual Variable Life Account based on our audits. We are a public

29

accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the Divisions in the Northwestern Mutual Variable Life Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2018 by correspondence with the underlying registered investment companies. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Milwaukee, Wisconsin

April 26, 2019

We have served as the auditor of one or more of the Divisions in Northwestern Mutual Variable Life Account since 1984.

30   .

Annual Report December 31, 2018

Northwestern Mutual Variable Life Account II

Financial Statements

Northwestern Mutual Variable Life Account II

Table of Contents

Statements of Assets and Liabilities	1
Statements of Operations	9
Statements of Changes on Net Assets	12
Notes to Financial Statements	22

Statements of Assets and Liabilities

Northwestern Mutual Variable Life Account II

December 31, 2018

(in thousands, except accumulation unit values)

		Growth Stock Division		Focused Appreciation Division		Large Cap Core Stock Division		Large Cap Blend Division			Index 500 Stock Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	9,427	$	15,761	$	6,137	$	1,940		$	76,276
Fidelity Variable Insurance Products Fund		-		-		-		-			-
Neuberger Berman Advisers Management Trust		-		-		-		-			-
Russell Investment Funds		-		-		-		-			-
Credit Suisse Trust		-		-		-		-			-
Due from Northwestern Mutual Life Insurance Company		1		-		1		-			21
Total Assets		9,428		15,761		6,138		1,940			76,297
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		-		-		-			-
Due to Participants		-		-		-		-			-
Total Liabilities		-		-		-		-			-
Total Net Assets	$	9,428	$	15,761	$	6,138	$	1,940		$	76,297
Net Assets:
Custom Variable Universal Life Policies Issued On or After January 31, 2007 (2)
Policyowners’ Equity	$	4,344	$	13,696	$	3,250	$	1,760		$	60,558
Executive Variable Universal Life Policies Issued On or After January 31, 2007 (3)
Policyowners’ Equity		4,893		1,252		2,387		2			9,935
Survivorship Variable Universal Life Policies Issued On or After January 31, 2007 (4)
Policyowners’ Equity		191		813		501		178			5,804
Total Net Assets	$	9,428	$	15,761	$	6,138	$	1,940		$	76,297
(1)     Investments, at cost	$	9,897	$	15,238	$	7,691	$	1,981		$	74,163
Mutual Fund Shares Held		3,423		6,140		4,674		1,773			16,622
(2)     Accumulation Unit Value	$	74.477290	$	52.188290	$	49.869208	$	17.140701		$	135.776139
Units Outstanding		58		262		65		103			446
(3)     Accumulation Unit Value	$	74.477290	$	52.188290	$	49.869208	$	17.140701		$	135.776139
Units Outstanding		66		24		48		-	(1)		73
(4)     Accumulation Unit Value	$	74.477290	$	52.188290	$	49.869208	$	17.140701		$	135.776139
Units Outstanding		3		16		10		10			43

(1) Amount is less than one thousand.

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

Statements of Assets and Liabilities

Northwestern Mutual Variable Life Account II

December 31, 2018

(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 fair value (1)
Northwestern Mutual Series Fund, Inc	$	1,408	$	14,732	$	11,142	$	4,375	$	20,237
Fidelity Variable Insurance Products Fund		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		1		-		1		1		-
Total Assets		1,409		14,732		11,143		4,376		20,237
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		2		-		-		11
Due to Participants		-		-		-		-		-
Total Liabilities		-		2		-		-		11
Total Net Assets	$	1,409	$	14,730	$	11,143	$	4,376	$	20,226
Net Assets:
Custom Variable Universal Life Policies Issued On or After January 31, 2007 (2)
Policyowners’ Equity	$	933	$	11,326	$	9,093	$	3,063	$	17,036
Executive Variable Universal Life Policies Issued On or After January 31, 2007 (3)
Policyowners’ Equity		390		2,714		1,463		1,109		2,438
Survivorship Variable Universal Life Policies Issued On or After January 31, 2007 (4)
Policyowners’ Equity		86		690		587		204		752
Total Net Assets	$	1,409	$	14,730	$	11,143	$	4,376	$	20,226
(1)     Investments, at cost	$	1,611	$	14,161	$	12,565	$	5,149	$	22,797
Mutual Fund Shares Held		1,582		9,511		7,273		1,626		11,664
(2)     Accumulation Unit Value	$	15.732361	$	29.152607	$	31.961107	$	116.184426	$	52.678316
Units Outstanding		59		389		284		26		324
(3)     Accumulation Unit Value	$	15.732361	$	29.152607	$	31.961107	$	116.184426	$	52.678316
Units Outstanding		25		93		46		10		46
(4)     Accumulation Unit Value	$	15.732361	$	29.152607	$	31.961107	$	116.184426	$	52.678316
Units Outstanding		5		24		18		2		14

(1) Amount is less than one thousand.

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

Statements of Assets and Liabilities

Northwestern Mutual Variable Life Account II

December 31, 2018

(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 fair value (1)
Northwestern Mutual Series Fund, Inc	$	9,134	$	8,319	$	9,931	$	7,315	$	16,409
Fidelity Variable Insurance Products Fund		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		1		-		-		-		-
Total Assets		9,135		8,319		9,931		7,315		16,409
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		-		13		-		1
Due to Participants		-		-		-		-		-
Total Liabilities		-		-		13		-		1
Total Net Assets	$	9,135	$	8,319	$	9,918	$	7,315	$	16,408
Net Assets:
Custom Variable Universal Life Policies Issued On or After January 31, 2007 (2)
Policyowners’ Equity	$	6,747	$	5,710	$	7,561	$	6,462	$	15,188
Executive Variable Universal Life Policies Issued On or After January 31, 2007 (3)
Policyowners’ Equity		1,682		2,191		2,131		493		427
Survivorship Variable Universal Life Policies Issued On or After January 31, 2007 (4)
Policyowners’ Equity		706		418		226		360		793
Total Net Assets	$	9,135	$	8,319	$	9,918	$	7,315	$	16,408
(1)     Investments, at cost	$	10,882	$	9,167	$	10,671	$	8,311	$	16,568
Mutual Fund Shares Held		6,397		3,546		7,900		3,579		11,771
(2)     Accumulation Unit Value	$	38.138006	$	57.505467	$	22.378619	$	41.620093	$	21.459907
Units Outstanding		177		99		338		155		708
(3)     Accumulation Unit Value	$	38.138006	$	57.505467	$	22.378619	$	41.620093	$	21.459907
Units Outstanding		44		38		95		12		20
(4)     Accumulation Unit Value	$	38.138006	$	57.505467	$	22.378619	$	41.620093	$	21.459907
Units Outstanding		19		7		10		9		37

(1) Amount is less than one thousand.

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

Statements of Assets and Liabilities

Northwestern Mutual Variable Life Account II

December 31, 2018

(in thousands, except accumulation unit values)

		Research International Core Division		International Equity Division		Emerging Markets Equity Division		Government Money Market Division			Short- Term Bond Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	13,282	$	31,147	$	19,149	$	15,941		$	2,344
Fidelity Variable Insurance Products Fund		-		-		-		-			-
Neuberger Berman Advisers Management Trust		-		-		-		-			-
Russell Investment Funds		-		-		-		-			-
Credit Suisse Trust		-		-		-		-			-
Due from Northwestern Mutual Life Insurance Company		-		1		-		22			48
Total Assets		13,282		31,148		19,149		15,963			2,392
Liabilities:
Due to Northwestern Mutual Life Insurance Company		2		-		1		-			-
Due to Participants		-		-		-		13			-
Total Liabilities		2		-		1		13			-
Total Net Assets	$	13,280	$	31,148	$	19,148	$	15,950		$	2,392
Net Assets:
Custom Variable Universal Life Policies Issued On or After January 31, 2007 (2)
Policyowners’ Equity	$	10,946	$	25,512	$	17,677	$	9,078		$	1,699
Executive Variable Universal Life Policies Issued On or After January 31, 2007 (3)
Policyowners’ Equity		955		4,284		418		6,866			285
Survivorship Variable Universal Life Policies Issued On or After January 31, 2007 (4)
Policyowners’ Equity		1,379		1,352		1,053		6			408
Total Net Assets	$	13,280	$	31,148	$	19,148	$	15,950		$	2,392
(1)     Investments, at cost	$	14,230	$	35,021	$	19,598	$	15,941		$	2,350
Mutual Fund Shares Held		15,059		19,713		20,372		15,941			2,274
(2)     Accumulation Unit Value	$	11.053328	$	5.155553	$	10.668771	$	42.522150		$	12.818134
Units Outstanding		990		4,949		1,657		214			133
(3)     Accumulation Unit Value	$	11.053328	$	5.155553	$	10.668771	$	42.522150		$	12.818134
Units Outstanding		86		831		39		161			22
(4)     Accumulation Unit Value	$	11.053328	$	5.155553	$	10.668771	$	42.522150		$	12.818134
Units Outstanding		125		262		99		-	(1)		32

(1) Amount is less than one thousand.

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

Statements of Assets and Liabilities

Northwestern Mutual Variable Life Account II

December 31, 2018

(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 fair value (1)
Northwestern Mutual Series Fund, Inc	$	23,676	$	678	$	3,726	$	11,390	$	12,522
Fidelity Variable Insurance Products Fund		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		1		-		-		-		-
Total Assets		23,677		678		3,726		11,390		12,522
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		-		-		-		-
Due to Participants		-		-		-		-		-
Total Liabilities		-		-		-		-		-
Total Net Assets	$	23,677	$	678	$	3,726	$	11,390	$	12,522
Net Assets:
Custom Variable Universal Life Policies Issued On or After January 31, 2007 (2)
Policyowners’ Equity	$	17,276	$	231	$	2,755	$	9,539	$	11,490
Executive Variable Universal Life Policies Issued On or After January 31, 2007 (3)
Policyowners’ Equity		5,846		26		866		1,682		730
Survivorship Variable Universal Life Policies Issued On or After January 31, 2007 (4)
Policyowners’ Equity		555		421		105		169		302
Total Net Assets	$	23,677	$	678	$	3,726	$	11,390	$	12,522
(1)     Investments, at cost	$	24,284	$	683	$	3,832	$	12,136	$	12,765
Mutual Fund Shares Held		19,312		673		3,505		16,578		11,960
(2)     Accumulation Unit Value	$	226.413644	$	20.262648	$	14.354000	$	51.690668	$	18.535667
Units Outstanding		76		11		192		185		620
(3)     Accumulation Unit Value	$	226.413644	$	20.262648	$	14.354000	$	51.690668	$	18.535667
Units Outstanding		26		1		60		33		39
(4)     Accumulation Unit Value	$	226.413644	$	20.262648	$	14.354000	$	51.690668	$	18.535667
Units Outstanding		2		21		7		3		16

(1) Amount is less than one thousand.

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

Statements of Assets and Liabilities

Northwestern Mutual Variable Life Account II

December 31, 2018

(in thousands, except accumulation unit values)

	Balanced Division		Asset Allocation Division		Fidelity VIP Mid Cap Division		Fidelity VIP Contrafund Division		AMT Sustainable Equity Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	6,448	$	1,011	$	-	$	-	$	-
Fidelity Variable Insurance Products Fund		-		-		12,145		11,052		-
Neuberger Berman Advisers Management Trust		-		-		-		-		6,733
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		-		-		-		-		-
Total Assets		6,448		1,011		12,145		11,052		6,733
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		-		-		1		2
Due to Participants		-		-		-		-		-
Total Liabilities		-		-		-		1		2
Total Net Assets	$	6,448	$	1,011	$	12,145	$	11,051	$	6,731
Net Assets:
Custom Variable Universal Life Policies Issued On or After January 31, 2007 (2)
Policyowners’ Equity	$	2,529	$	504	$	8,933	$	9,735	$	6,149
Executive Variable Universal Life Policies Issued On or After January 31, 2007 (3)
Policyowners’ Equity		3,374		406		2,502		269		186
Survivorship Variable Universal Life Policies Issued On or After January 31, 2007 (4)
Policyowners’ Equity		545		101		710		1,047		396
Total Net Assets	$	6,448	$	1,011	$	12,145	$	11,051	$	6,731
(1)     Investments, at cost	$	6,791	$	1,092	$	13,811	$	11,923	$	7,094
Mutual Fund Shares Held		4,741		922		416		353		297
(2)     Accumulation Unit Value	$	209.277798	$	24.028105	$	48.449732	$	20.573795	$	19.872228
Units Outstanding		12		21		184		473		309
(3)     Accumulation Unit Value	$	209.277798	$	24.028105	$	48.449732	$	20.573795	$	19.872228
Units Outstanding		16		17		52		13		9
(4)     Accumulation Unit Value	$	209.277798	$	24.028105	$	48.449732	$	20.573795	$	19.872228
Units Outstanding		3		4		15		51		20

(1) Amount is less than one thousand.

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

Statements of Assets and Liabilities

Northwestern Mutual Variable Life Account II

December 31, 2018

(in thousands, except accumulation unit values)

	U.S. Strategic Equity Division		U.S. Small Cap Equity Division		International Developed Markets Division		Strategic Bond Division		Global Real Estate Securities Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	-	$	-	$	-	$	-	$	-
Fidelity Variable Insurance Products Fund		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		3,548		2,200		6,264		7,082		16,200
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		-		-		-		-		-
Total Assets		3,548		2,200		6,264		7,082		16,200
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		-		-		-		1
Due to Participants		-		-		-		-		-
Total Liabilities		-		-		-		-		1
Total Net Assets	$	3,548	$	2,200	$	6,264	$	7,082	$	16,199
Net Assets:
Custom Variable Universal Life Policies Issued On or After January 31, 2007 (2)
Policyowners’ Equity	$	3,077	$	1,662	$	4,838	$	5,503	$	14,018
Executive Variable Universal Life Policies Issued On or After January 31, 2007 (3)
Policyowners’ Equity		444		337		1,367		1,277		1,138
Survivorship Variable Universal Life Policies Issued On or After January 31, 2007 (4)
Policyowners’ Equity		27		201		59		302		1,043
Total Net Assets	$	3,548	$	2,200	$	6,264	$	7,082	$	16,199
(1)     Investments, at cost	$	4,534	$	2,777	$	7,360	$	7,262	$	17,965
Mutual Fund Shares Held		270		185		624		703		1,216
(2)     Accumulation Unit Value	$	22.064057	$	30.385277	$	19.124827	$	24.693685	$	48.615288
Units Outstanding		139		55		253		223		288
(3)     Accumulation Unit Value	$	22.064057	$	30.385277	$	19.124827	$	24.693685	$	48.615288
Units Outstanding		20		11		71		52		23
(4)     Accumulation Unit Value	$	22.064057	$	30.385277	$	19.124827	$	24.693685	$	48.615288
Units Outstanding		1		7		3		12		21

(1) Amount is less than one thousand.

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

Statements of Assets and Liabilities

Northwestern Mutual Variable Life Account II

December 31, 2018

(in thousands, except accumulation unit values)

	LifePoints Moderate Strategy Division		LifePoints Balanced Strategy Division		LifePoints Growth Strategy Division		LifePoints Equity Growth Strategy Division		Credit Suisse Trust Commodity Return Strategy Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	-	$	-	$	-	$	-	$	-
Fidelity Variable Insurance Products Fund		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		94		1,621		2,256		423		-
Credit Suisse Trust		-		-		-		-		7,663
Due from Northwestern Mutual Life Insurance Company		-		-		-		-		-
Total Assets		94		1,621		2,256		423		7,663
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		-		-		-		-
Due to Participants		-		-		-		-		-
Total Liabilities		-		-		-		-		-
Total Net Assets	$	94	$	1,621	$	2,256	$	423	$	7,663
Net Assets:
Custom Variable Universal Life Policies Issued On or After January 31, 2007 (2)
Policyowners’ Equity	$	55	$	1,036	$	1,803	$	423	$	7,162
Executive Variable Universal Life Policies Issued On or After January 31, 2007 (3)
Policyowners’ Equity		39		585		162		-		210
Survivorship Variable Universal Life Policies Issued On or After January 31, 2007 (4)
Policyowners’ Equity		-		-		291		-		291
Total Net Assets	$	94	$	1,621	$	2,256	$	423	$	7,663
(1)    Investments, at cost	$	103	$	1,838	$	2,526	$	480	$	9,153
Mutual Fund Shares Held		10		187		258		52		2,208
(2)    Accumulation Unit Value	$	15.741887	$	15.421524	$	14.739598	$	13.779890	$	4.432602
Units Outstanding		4		67		122		31		1,616
(3)    Accumulation Unit Value	$	15.741887	$	15.421524	$	14.739598	$	13.779890	$	4.432602
Units Outstanding		2		38		11		-		47
(4)    Accumulation Unit Value	$	15.741887	$	15.421524	$	14.739598	$	13.779890	$	4.432602
Units Outstanding		-		-		20		-		66

(1) Amount is less than one thousand.

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

Statements of Operations

Northwestern Mutual Variable Life Account II

For the Year Ended December 31, 2018

(in thousands)

	Growth Stock Division			Focused Appreciation Division			Large Cap Core Stock Division			Large Cap Blend Division			Index 500 Stock Division
Income:
Dividend income	$	72		$	82		$	101		$	16		$	1,216
Net investment income (loss)		72			82			101			16			1,216
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		167			276			103			55			2,095
Realized gain distribution		1,097			455			1,937			99			720
Realized gains (losses)		1,264			731			2,040			154			2,815
Change in unrealized appreciation/(depreciation) of investments during the period		(1,249	)		(1,215	)		(2,542	)		(255	)		(8,101	)
Net increase (decrease) in net assets resulting from operations	$	87		$	(402	)	$	(401	)	$	(85	)	$	(4,070	)
	Large Company Value Division			Domestic Equity Division			Equity Income Division			Mid Cap Growth Stock Division			Index 400 Stock Division
Income:
Dividend income	$	24		$	258		$	249		$	7		$	233
Net investment income (loss)		24			258			249			7			233
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		(14	)		196			234			90			267
Realized gain distribution		102			511			934			813			1,365
Realized gains (losses)		88			707			1,168			903			1,632
Change in unrealized appreciation/(depreciation) of investments during the period		(238	)		(1,452	)		(2,587	)		(1,260	)		(4,450	)
Net increase (decrease) in net assets resulting from operations	$	(126	)	$	(487	)	$	(1,170	)	$	(350	)	$	(2,585	)
	Mid Cap Value Division			Small Cap Growth Stock Division			Index 600 Stock Division			Small Cap Value Division			International Growth Division
Income:
Dividend income	$	153		$	-		$	141		$	43		$	237
Net investment income (loss)		153			-			141			43			237
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		56			296			194			129			233
Realized gain distribution		885			804			422			612			-
Realized gains (losses)		941			1,100			616			741			233
Change in unrealized appreciation/(depreciation) of investments during the period		(2,395	)		(2,288	)		(1,875	)		(1,829	)		(2,441	)
Net increase (decrease) in net assets resulting from operations	$	(1,301	)	$	(1,188	)	$	(1,118	)	$	(1,045	)	$	(1,971	)

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

Statements of Operations

Northwestern Mutual Variable Life Account II

For the Year Ended December 31, 2018

(in thousands)

	Research International Core Division			International Equity Division			Emerging Markets Equity Division			Government Money Market Division			Short-Term Bond Division
Income:
Dividend income	$	215		$	839		$	245		$	200		$	38
Net investment income (loss)		215			839			245			200			38
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		82			266			65			-			(3	)
Realized gain distribution		-			-			-			-			-
Realized gains (losses)		82			266			65			-			(3	)
Change in unrealized appreciation/(depreciation) of investments during the period		(2,228	)		(6,450	)		(2,866	)		-			(2	)
Net increase (decrease) in net assets resulting from operations	$	(1,931	)	$	(5,345	)	$	(2,556	)	$	200		$	33
	Select Bond Division			Long-Term U.S. Government Bond Division			Inflation Protection Division			High Yield Bond Division			Multi-Sector Bond Division
Income:
Dividend income	$	534		$	17		$	71		$	619		$	356
Net investment income (loss)		534			17			71			619			356
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		(142	)		(17	)		(6	)		(39	)		(30	)
Realized gain distribution		-			19			-			-			-
Realized gains (losses)		(142	)		2			(6	)		(39	)		(30	)
Change in unrealized appreciation/(depreciation) of investments during the period		(404	)		(7	)		(153	)		(890	)		(459	)
Net increase (decrease) in net assets resulting from operations	$	(12	)	$	12		$	(88	)	$	(310	)	$	(133	)
	Balanced Division			Asset Allocation Division			Fidelity VIP Mid Cap Division			Fidelity VIP Contrafund Division			AMT Sustainable Equity Division
Income:
Dividend income	$	153		$	22		$	57		$	50		$	33
Net investment income (loss)		153			22			57			50			33
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		1			10			46			94			92
Realized gain distribution		143			30			1,166			792			373
Realized gains (losses)		144			40			1,212			886			465
Change in unrealized appreciation/(depreciation) of investments during the period		(511	)		(121	)		(3,345	)		(1,772	)		(937	)
Net increase (decrease) in net assets resulting from operations	$	(214	)	$	(59	)	$	(2,076	)	$	(836	)	$	(439	)

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

Statements of Operations

Northwestern Mutual Variable Life Account II

For the Year Ended December 31, 2018

(in thousands)

	U.S. Strategic Equity Division			U.S. Small Cap Equity Division			International Developed Markets Division			Strategic Bond Division
Income:
Dividend income	$	47		$	12		$	117		$	136
Net investment income (loss)		47			12			117			136
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		45			19			71			(33	)
Realized gain distribution		740			418			530			-
Realized gains (losses)		785			437			601			(33	)
Change in unrealized appreciation/(depreciation) of investments during the period		(1,205	)		(753	)		(1,776	)		(126	)
Net increase (decrease) in net assets resulting from operations	$	(373	)	$	(304	)	$	(1.058	)	$	(23	)

	Global Real Estate Securities Division			LifePoints Moderate Strategy Division			LifePoints Balanced Strategy Division
Income:
Dividend income	$	699		$	5		$	90
Net investment income (loss)		699			5			90
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		17			(2	)		(8	)
Realized gain distribution		19			1			29
Realized gains (losses)		36			(1	)		21
Change in unrealized appreciation/(depreciation) of investments during the period		(1,644	)		(10	)		(233	)
Net increase (decrease) in net assets resulting from operations	$	(909	)	$	(6	)	$	(122	)

	LifePoints Growth Strategy Division			LifePoints Equity Growth Strategy Division			Credit Suisse Trust Commodity Return Strategy Division
Income:
Dividend income	$	122		$	24		$	191
Net investment income (loss)		122			24			191
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		(2	)		3			(435	)
Realized gain distribution		88			21			-
Realized gains (losses)		86			24			(435	)
Change in unrealized appreciation/(depreciation) of investments during the period		(401	)		(100	)		(743	)
Net increase (decrease) in net assets resulting from operations	$	(193	)	$	(52	)	$	(987	)

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

Statements of Changes in Net Assets

Northwestern Mutual Variable Life Account II

(in thousands)

	Growth Stock Division						Focused Appreciation Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	72		$	68		$	82		$	96
Net realized gains (losses)		1,264			322			731			317
Net change in unrealized appreciation/(depreciation)		(1,249	)		1,265			(1,215	)		3,296
Net increase (decrease) in net assets resulting from operations		87			1,655			(402	)		3,709
Policy Transactions:
Policy owners’ net payments		791			624			2,358			2,024
Policy loans, surrenders and death benefits		(344	)		(225	)		(640	)		(494	)
Mortality and other (net)		(265	)		(247	)		(613	)		(568	)
Transfers from other divisions or sponsor		49,870			41,365			29,722			24,354
Transfers to other divisions or sponsor		(49,627	)		(40,754	)		(29,635	)		(25,566	)
Net increase (decrease) in net assets resulting from contract transactions		425			763			1,192			(250	)
Net increase (decrease) in net assets		512			2,418			790			3,459
Net Assets:
Beginning of period		8,916			6,498			14,971			11,512
End of period	$	9,428		$	8,916		$	15,761		$	14,971
Units issued during the period		648			698			592			596
Units redeemed during the period		(643	)		(686	)		(570	)		(604	)
Net units issued (redeemed) during period		5			12			22			(8	)
	Large Cap Core Stock Division						Large Cap Blend Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	101		$	96		$	16		$	18
Net realized gains (losses)		2,040			137			154			151
Net change in unrealized appreciation/(depreciation)		(2,542	)		905			(255	)		179
Net increase (decrease) in net assets resulting from operations		(401	)		1,138			(85	)		348
Policy Transactions:
Policy owners’ net payments		658			585			189			265
Policy loans, surrenders and death benefits		(280	)		(92	)		(45	)		(108	)
Mortality and other (net)		(196	)		(177	)		(62	)		(62	)
Transfers from other divisions or sponsor		17,082			13,528			2,062			2,101
Transfers to other divisions or sponsor		(16,999	)		(12,159	)		(2,354	)		(2,049	)
Net increase (decrease) in net assets resulting from contract transactions		265			1,685			(210	)		147
Net increase (decrease) in net assets		(136	)		2,823			(295	)		495
Net Assets:
Beginning of period		6,274			3,451			2,235			1,740
End of period	$	6,138		$	6,274		$	1,940		$	2,235
Units issued during the period		334			297			127			169
Units redeemed during the period		(330	)		(259	)		(139	)		(160	)
Net units issued (redeemed) during period		4			38			(12	)		9

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

Statements of Changes in Net Assets

Northwestern Mutual Variable Life Account II

(in thousands)

	Index 500 Stock Division						Large Company Value Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	1,216		$	874		$	24		$	20
Net realized gains (losses)		2,815			2,006			88			34
Net change in unrealized appreciation/(depreciation)		(8,101	)		6,772			(238	)		43
Net increase (decrease) in net assets resulting from operations		(4,070	)		9,652			(126	)		97
Policy Transactions:
Policy owners’ net payments		15,249			8,450			303			185
Policy loans, surrenders and death benefits		(1,568	)		(1,332	)		(43	)		(31	)
Mortality and other (net)		(3,071	)		(1,900	)		(68	)		(45	)
Transfers from other divisions or sponsor		174,565			132,031			2,068			1,987
Transfers to other divisions or sponsor		(165,002	)		(126,137	)		(1,820	)		(1,867	)
Net increase (decrease) in net assets resulting from contract transactions		20,173			11,112			440			229
Net increase (decrease) in net assets		16,103			20,764			314			326
Net Assets:
Beginning of period		60,194			39,430			1,095			769
End of period	$	76,297		$	60,194		$	1,409		$	1,095
Units issued during the period		1,334			1,181			146			139
Units redeemed during the period		(1,195	)		(1,095	)		(121	)		(125	)
Net units issued (redeemed) during period		139			86			25			14
	Domestic Equity Division						Equity Income Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	258		$	167		$	249		$	219
Net realized gains (losses)		707			420			1,168			674
Net change in unrealized appreciation/(depreciation)		(1,452	)		784			(2,587	)		611
Net increase (decrease) in net assets resulting from operations		(487	)		1,371			(1,170	)		1,504
Policy Transactions:
Policy owners’ net payments		2,772			1,691			1,497			1,474
Policy loans, surrenders and death benefits		(576	)		(337	)		(518	)		(198	)
Mortality and other (net)		(685	)		(459	)		(414	)		(416	)
Transfers from other divisions or sponsor		37,070			31,492			31,165			28,726
Transfers to other divisions or sponsor		(35,826	)		(29,230	)		(30,453	)		(29,524	)
Net increase (decrease) in net assets resulting from contract transactions		2,755			3,157			1,277			62
Net increase (decrease) in net assets		2,268			4,528			107			1,566
Net Assets:
Beginning of period		12,462			7,934			11,036			9,470
End of period	$	14,730		$	12,462		$	11,143		$	11,036
Units issued during the period		1,316			1,392			988			971
Units redeemed during the period		(1,225	)		(1,278	)		(954	)		(969	)
Net units issued (redeemed) during period		91			114			34			2

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

Statements of Changes in Net Assets

Northwestern Mutual Variable Life Account II

(in thousands)

	Mid Cap Growth Stock Division						Index 400 Stock Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	7		$	11		$	233		$	167
Net realized gains (losses)		903			(50	)		1,632			1,350
Net change in unrealized appreciation/(depreciation)		(1,260	)		850			(4,450	)		796
Net increase (decrease) in net assets resulting from operations		(350	)		811			(2,585	)		2,313
Policy Transactions:
Policy owners’ net payments		556			483			3,921			2,504
Policy loans, surrenders and death benefits		(118	)		(229	)		(1,074	)		(492	)
Mortality and other (net)		(167	)		(162	)		(857	)		(584	)
Transfers from other divisions or sponsor		17,934			20,275			62,443			51,585
Transfers to other divisions or sponsor		(18,637	)		(19,850	)		(59,317	)		(50,938	)
Net increase (decrease) in net assets resulting from contract transactions		(432	)		517			5,116			2,075
Net increase (decrease) in net assets		(782	)		1,328			2,531			4,388
Net Assets:
Beginning of period		5,158			3,830			17,695			13,307
End of period	$	4,376		$	5,158		$	20,226		$	17,695
Units issued during the period		146			185			1,177			1,031
Units redeemed during the period		(148	)		(182	)		(1,090	)		(994	)
Net units issued (redeemed) during period		(2	)		3			87			37
	Mid Cap Value Division						Small Cap Growth Stock Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	153		$	106		$	-		$	7
Net realized gains (losses)		941			351			1,100			166
Net change in unrealized appreciation/(depreciation)		(2,395	)		364			(2,288	)		1,139
Net increase (decrease) in net assets resulting from operations		(1,301	)		821			(1,188	)		1,312
Policy Transactions:
Policy owners’ net payments		1,927			1,287			1,534			992
Policy loans, surrenders and death benefits		(410	)		(221	)		(397	)		(235	)
Mortality and other (net)		(470	)		(348	)		(394	)		(283	)
Transfers from other divisions or sponsor		28,842			23,122			30,281			22,459
Transfers to other divisions or sponsor		(27,882	)		(22,572	)		(29,563	)		(21,619	)
Net increase (decrease) in net assets resulting from contract transactions		2,007			1,268			1,461			1,314
Net increase (decrease) in net assets		706			2,089			273			2,626
Net Assets:
Beginning of period		8,429			6,340			8,046			5,420
End of period	$	9,135		$	8,429		$	8,319		$	8,046
Units issued during the period		719			683			485			413
Units redeemed during the period		(672	)		(652	)		(465	)		(390	)
Net units issued (redeemed) during period		47			31			20			23

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

Statements of Changes in Net Assets

Northwestern Mutual Variable Life Account II

(in thousands)

	Index 600 Stock Division						Small Cap Value Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	141		$	131		$	43		$	54
Net realized gains (losses)		616			338			741			517
Net change in unrealized appreciation/(depreciation)		(1,875	)		413			(1,829	)		222
Net increase (decrease) in net assets resulting from operations		(1,118	)		882			(1,045	)		793
Policy Transactions:
Policy owners’ net payments		1,856			988			1,094			1,067
Policy loans, surrenders and death benefits		(242	)		(183	)		(424	)		(230	)
Mortality and other (net)		(400	)		(252	)		(311	)		(278	)
Transfers from other divisions or sponsor		32,992			24,919			14,454			12,079
Transfers to other divisions or sponsor		(31,182	)		(24,472	)		(14,331	)		(12,237	)
Net increase (decrease) in net assets resulting from contract transactions		3,024			1,000			482			401
Net increase (decrease) in net assets		1,906			1,882			(563	)		1,194
Net Assets:
Beginning of period		8,012			6,130			7,878			6,684
End of period	$	9,918		$	8,012		$	7,315		$	7,878
Units issued during the period		1,399			1,346			336			315
Units redeemed during the period		(1,283	)		(1,300	)		(325	)		(307	)
Net units issued (redeemed) during period		116			46			11			8
	International Growth Division						Research International Core Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	237		$	157		$	215		$	143
Net realized gains (losses)		233			174			82			146
Net change in unrealized appreciation/(depreciation)		(2,441	)		2,605			(2,228	)		1,739
Net increase (decrease) in net assets resulting from operations		(1,971	)		2,936			(1,931	)		2,028
Policy Transactions:
Policy owners’ net payments		3,452			2,238			2,994			1,970
Policy loans, surrenders and death benefits		(689	)		(559	)		(405	)		(440	)
Mortality and other (net)		(773	)		(592	)		(703	)		(491	)
Transfers from other divisions or sponsor		32,159			30,655			33,864			30,378
Transfers to other divisions or sponsor		(30,378	)		(28,980	)		(30,772	)		(29,760	)
Net increase (decrease) in net assets resulting from contract transactions		3,771			2,762			4,978			1,657
Net increase (decrease) in net assets		1,800			5,698			3,047			3,685
Net Assets:
Beginning of period		14,608			8,910			10,233			6,548
End of period	$	16,408		$	14,608		$	13,280		$	10,233
Units issued during the period		1,550			1,709			3,053			3,227
Units redeemed during the period		(1,388	)		(1,585	)		(2,651	)		(3,084	)
Net units issued (redeemed) during period		162			124			402			143

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

Statements of Changes in Net Assets

Northwestern Mutual Variable Life Account II

(in thousands)

	International Equity Division						Emerging Markets Equity Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	839		$	619		$	245		$	116
Net realized gains (losses)		266			28			65			6
Net change in unrealized appreciation/(depreciation)		(6,450	)		4,187			(2,866	)		2,723
Net increase (decrease) in net assets resulting from operations		(5,345	)		4,834			(2,556	)		2,845
Policy Transactions:
Policy owners’ net payments		6,197			3,881			4,378			2,706
Policy loans, surrenders and death benefits		(1,291	)		(704	)		(765	)		(323	)
Mortality and other (net)		(1,265	)		(1,002	)		(893	)		(616	)
Transfers from other divisions or sponsor		76,709			64,309			32,578			22,716
Transfers to other divisions or sponsor		(74,892	)		(59,803	)		(29,492	)		(20,303	)
Net increase (decrease) in net assets resulting from contract transactions		5,458			6,681			5,806			4,180
Net increase (decrease) in net assets		113			11,515			3,250			7,025
Net Assets:
Beginning of period		31,035			19,520			15,898			8,873
End of period	$	31,148		$	31,035		$	19,148		$	15,898
Units issued during the period		14,408			12,891			3,332			2,419
Units redeemed during the period		(13,458	)		(11,716	)		(2,822	)		(2,051	)
Net units issued (redeemed) during period		950			1,175			510			368
	Government Money Market Division						Short-Term Bond Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	200		$	83		$	38		$	16
Net realized gains (losses)		-			-			(3	)		-
Net change in unrealized appreciation/(depreciation)		-			-			(2	)		(3	)
Net increase (decrease) in net assets resulting from operations		200			83			33			13
Policy Transactions:
Policy owners’ net payments		42,716			32,394			233			201
Policy loans, surrenders and death benefits		(693	)		(2,801	)		(109	)		(52	)
Mortality and other (net)		(812	)		(711	)		(74	)		(55	)
Transfers from other divisions or sponsor		70,301			55,032			3,564			2,276
Transfers to other divisions or sponsor		(108,891	)		(84,695	)		(2,674	)		(1,776	)
Net increase (decrease) in net assets resulting from contract transactions		2,621			(781	)		940			594
Net increase (decrease) in net assets		2,821			(698	)		973			607
Net Assets:
Beginning of period		13,129			13,827			1,419			812
End of period	$	15,950		$	13,129		$	2,392		$	1,419
Units issued during the period		2,936			2,526			306			211
Units redeemed during the period		(2,875	)		(2,545	)		(231	)		(164	)
Net units issued (redeemed) during period		61			(19	)		75			47

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

Statements of Changes in Net Assets

Northwestern Mutual Variable Life Account II

(in thousands)

	Select Bond Division						Long-Term U.S. Government Bond Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	534		$	402		$	17		$	5
Net realized gains (losses)		(142	)		226			2			(9	)
Net change in unrealized appreciation/(depreciation)		(404	)		(9	)		(7	)		25
Net increase (decrease) in net assets resulting from operations		(12	)		619			12			21
Policy Transactions:
Policy owners’ net payments		3,473			2,383			74			90
Policy loans, surrenders and death benefits		(993	)		(855	)		(154	)		(209	)
Mortality and other (net)		(907	)		(789	)		(18	)		(20	)
Transfers from other divisions or sponsor		95,211			101,102			870			842
Transfers to other divisions or sponsor		(94,387	)		(98,222	)		(372	)		(711	)
Net increase (decrease) in net assets resulting from contract transactions		2,397			3,619			400			(8	)
Net increase (decrease) in net assets		2,385			4,238			412			13
Net Assets:
Beginning of period		21,292			17,054			266			253
End of period	$	23,677		$	21,292		$	678		$	266
Units issued during the period		460			506			55			50
Units redeemed during the period		(449	)		(491	)		(35	)		(50	)
Net units issued (redeemed) during period		11			15			20			-
	Inflation Protection Division						High Yield Bond Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	71		$	18		$	619		$	574
Net realized gains (losses)		(6	)		7			(39	)		31
Net change in unrealized appreciation/(depreciation)		(153	)		61			(890	)		67
Net increase (decrease) in net assets resulting from operations		(88	)		86			(310	)		672
Policy Transactions:
Policy owners’ net payments		605			479			1,579			1,511
Policy loans, surrenders and death benefits		(373	)		(62	)		(650	)		(300	)
Mortality and other (net)		(63	)		(111	)		(375	)		(349	)
Transfers from other divisions or sponsor		9,949			7,480			30,072			28,851
Transfers to other divisions or sponsor		(9,235	)		(6,728	)		(30,118	)		(28,524	)
Net increase (decrease) in net assets resulting from contract transactions		883			1,058			508			1,189
Net increase (decrease) in net assets		795			1,144			198			1,861
Net Assets:
Beginning of period		2,931			1,787			11,192			9,331
End of period	$	3,726		$	2,931		$	11,390		$	11,192
Units issued during the period		747			609			607			651
Units redeemed during the period		(687	)		(536	)		(597	)		(628	)
Net units issued (redeemed) during period		60			73			10			23

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

Statements of Changes in Net Assets

Northwestern Mutual Variable Life Account II

(in thousands)

	Multi-Sector Bond Division						Balanced Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	356		$	344		$	153		$	118
Net realized gains (losses)		(30	)		14			144			154
Net change in unrealized appreciation/(depreciation)		(459	)		290			(511	)		336
Net increase (decrease) in net assets resulting from operations		(133	)		648			(214	)		608
Policy Transactions:
Policy owners’ net payments		2,290			1,689			580			392
Policy loans, surrenders and death benefits		(479	)		(304	)		(152	)		(63	)
Mortality and other (net)		(481	)		(351	)		(163	)		(152	)
Transfers from other divisions or sponsor		19,749			14,803			46,011			45,827
Transfers to other divisions or sponsor		(18,600	)		(13,072	)		(45,503	)		(44,987	)
Net increase (decrease) in net assets resulting from contract transactions		2,479			2,765			773			1,017
Net increase (decrease) in net assets		2,346			3,413			559			1,625
Net Assets:
Beginning of period		10,176			6,763			5,889			4,264
End of period	$	12,522		$	10,176		$	6,448		$	5,889
Units issued during the period		1,227			953			234			230
Units redeemed during the period		(1,093	)		(802	)		(231	)		(223	)
Net units issued (redeemed) during period		134			151			3			7
	Asset Allocation Division						Fidelity VIP Mid Cap Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	22		$	14		$	57		$	63
Net realized gains (losses)		40			31			1,212			753
Net change in unrealized appreciation/(depreciation)		(121	)		48			(3,345	)		1,583
Net increase (decrease) in net assets resulting from operations		(59	)		93			(2,076	)		2,399
Policy Transactions:
Policy owners’ net payments		218			96			1,518			1,525
Policy loans, surrenders and death benefits		(45	)		(6	)		(477	)		(356	)
Mortality and other (net)		(34	)		(27	)		(467	)		(449	)
Transfers from other divisions or sponsor		1,288			1,198			41,682			35,195
Transfers to other divisions or sponsor		(1,135	)		(1,165	)		(41,719	)		(36,678	)
Net increase (decrease) in net assets resulting from contract transactions		292			96			537			(763	)
Net increase (decrease) in net assets		233			189			(1,539	)		1,636
Net Assets:
Beginning of period		778			589			13,684			12,048
End of period	$	1,011		$	778		$	12,145		$	13,684
Units issued during the period		59			57			750			826
Units redeemed during the period		(48	)		(53	)		(739	)		(841	)
Net units issued (redeemed) during period		11			4			11			(15	)

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

Statements of Changes in Net Assets

Northwestern Mutual Variable Life Account II

(in thousands)

	Fidelity VIP Contrafund Division						AMT Sustainable Equity Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	50		$	59		$	33		$	26
Net realized gains (losses)		886			429			465			255
Net change in unrealized appreciation/(depreciation)		(1,772	)		802			(937	)		477
Net increase (decrease) in net assets resulting from operations		(836	)		1,290			(439	)		758
Policy Transactions:
Policy owners’ net payments		2,668			1,764			1,833			1,432
Policy loans, surrenders and death benefits		(341	)		(172	)		(420	)		(127	)
Mortality and other (net)		(619	)		(413	)		(418	)		(303	)
Transfers from other divisions or sponsor		21,723			14,819			15,667			10,759
Transfers to other divisions or sponsor		(20,332	)		(13,768	)		(15,183	)		(10,387	)
Net increase (decrease) in net assets resulting from contract transactions		3,099			2,230			1,479			1,374
Net increase (decrease) in net assets		2,263			3,520			1,040			2,132
Net Assets:
Beginning of period		8,788			5,268			5,691			3,559
End of period	$	11,051		$	8,788		$	6,731		$	5,691
Units issued during the period		1,116			884			892			674
Units redeemed during the period		(977	)		(776	)		(823	)		(605	)
Net units issued (redeemed) during period		139			108			69			69
	U.S. Strategic Equity Division						U.S. Small Cap Equity Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	47		$	34		$	12		$	4
Net realized gains (losses)		785			445			437			256
Net change in unrealized appreciation/(depreciation)		(1,205	)		157			(753	)		56
Net increase (decrease) in net assets resulting from operations		(373	)		636			(304	)		316
Policy Transactions:
Policy owners’ net payments		291			251			194			176
Policy loans, surrenders and death benefits		(132	)		(54	)		(46	)		(92	)
Mortality and other (net)		(106	)		(104	)		(79	)		(78	)
Transfers from other divisions or sponsor		10,157			7,613			7,305			6,458
Transfers to other divisions or sponsor		(10,165	)		(7,522	)		(7,360	)		(6,252	)
Net increase (decrease) in net assets resulting from contract transactions		45			184			14			212
Net increase (decrease) in net assets		(328	)		820			(290	)		528
Net Assets:
Beginning of period		3,876			3,056			2,490			1,962
End of period	$	3,548		$	3,876		$	2,200		$	2,490
Units issued during the period		424			357			217			212
Units redeemed during the period		(423	)		(349	)		(216	)		(206	)
Net units issued (redeemed) during period		1			8			1			6

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

Statements of Changes in Net Assets

Northwestern Mutual Variable Life Account II

(in thousands)

	International Developed Markets Division						Strategic Bond Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	117		$	146		$	136		$	64
Net realized gains (losses)		601			265			(33	)		(38	)
Net change in unrealized appreciation/(depreciation)		(1,776	)		743			(126	)		153
Net increase (decrease) in net assets resulting from operations		(1,058	)		1,154			(23	)		179
Policy Transactions:
Policy owners’ net payments		970			633			1,066			874
Policy loans, surrenders and death benefits		(187	)		(155	)		(321	)		(121	)
Mortality and other (net)		(229	)		(183	)		(284	)		(236	)
Transfers from other divisions or sponsor		14,228			11,082			19,936			12,605
Transfers to other divisions or sponsor		(13,696	)		(11,187	)		(18,435	)		(12,782	)
Net increase (decrease) in net assets resulting from contract transactions		1,086			190			1,962			340
Net increase (decrease) in net assets		28			1,344			1,939			519
Net Assets:
Beginning of period		6,236			4,892			5,143			4,624
End of period	$	6,264		$	6,236		$	7,082		$	5,143
Units issued during the period		713			600			877			565
Units redeemed during the period		(663	)		(594	)		(796	)		(551	)
Net units issued (redeemed) during period		50			6			81			14
	Global Real Estate Securities Division						LifePoints Moderate Strategy Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	699		$	465		$	5		$	4
Net realized gains (losses)		36			265			(1	)		10
Net change in unrealized appreciation/(depreciation)		(1,644	)		598			(10	)		4
Net increase (decrease) in net assets resulting from operations		(909	)		1,328			(6	)		18
Policy Transactions:
Policy owners’ net payments		2,993			2,210			25			36
Policy loans, surrenders and death benefits		(600	)		(316	)		(72	)		(42	)
Mortality and other (net)		(710	)		(541	)		(11	)		(18	)
Transfers from other divisions or sponsor		34,264			25,998			130			248
Transfers to other divisions or sponsor		(32,878	)		(24,461	)		(129	)		(269	)
Net increase (decrease) in net assets resulting from contract transactions		3,069			2,890			(57	)		(45	)
Net increase (decrease) in net assets		2,160			4,218			(63	)		(27	)
Net Assets:
Beginning of period		14,039			9,821			157			184
End of period	$	16,199		$	14,039		$	94		$	157
Units issued during the period		759			615			10			18
Units redeemed during the period		(699	)		(556	)		(13	)		(21	)
Net units issued (redeemed) during period		60			59			(3	)		(3	)

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

Statements of Changes in Net Assets

Northwestern Mutual Variable Life Account II

(in thousands)

	LifePoints Balanced Strategy Division						LifePoints Growth Strategy Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	90		$	21		$	122		$	64
Net realized gains (losses)		21			40			86			52
Net change in unrealized appreciation/(depreciation)		(233	)		36			(401	)		158
Net increase (decrease) in net assets resulting from operations		(122	)		97			(193	)		274
Policy Transactions:
Policy owners’ net payments		140			115			270			730
Policy loans, surrenders and death benefits		-			(7	)		(9	)		(6	)
Mortality and other (net)		(33	)		(28	)		(67	)		(67	)
Transfers from other divisions or sponsor		2,287			1,253			3,291			3,197
Transfers to other divisions or sponsor		(1,637	)		(1,191	)		(3,320	)		(3,360	)
Net increase (decrease) in net assets resulting from contract transactions		757			142			165			494
Net increase (decrease) in net assets		635			239			(28	)		768
Net Assets:
Beginning of period		986			747			2,284			1,516
End of period	$	1,621		$	986		$	2,256		$	2,284
Units issued during the period		151			87			227			526
Units redeemed during the period		(106	)		(78	)		(217	)		(493	)
Net units issued (redeemed) during period		45			9			10			33
	LifePoints Equity Growth Strategy Division						Credit Suisse Trust Commodity Return Strategy Division
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	24		$	17		$	191		$	517
Net realized gains (losses)		24			10			(435	)		(188	)
Net change in unrealized appreciation/(depreciation)		(100	)		50			(743	)		(184	)
Net increase (decrease) in net assets resulting from operations		(52	)		77			(987	)		145
Policy Transactions:
Policy owners’ net payments		93			112			1,890			1,398
Policy loans, surrenders and death benefits		-			-			(329	)		(146	)
Mortality and other (net)		(26	)		(35	)		(410	)		(293	)
Transfers from other divisions or sponsor		177			329			15,426			11,161
Transfers to other divisions or sponsor		(340	)		(315	)		(14,919	)		(10,270	)
Net increase (decrease) in net assets resulting from contract transactions		(96	)		91			1,658			1,850
Net increase (decrease) in net assets		(148	)		168			671			1,995
Net Assets:
Beginning of period		571			403			6,992			4,997
End of period	$	423		$	571		$	7,663		$	6,992
Units issued during the period		38			32			3,654			2,771
Units redeemed during the period		(45	)		(25	)		(3,317	)		(2,389	)
Net units issued (redeemed) during period		(7	)		7			337			382

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

Notes to Financial Statements

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” or “sponsor”) 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 Fund, 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 Funds should be read in conjunction with the financial statements of the Divisions. Each Division of the account indirectly bears exposure to the market, credit and liquidity risks of the Funds in which it invests.

On May 1,2018, the Neuberger Berman AMT Socially Responsive Division was renamed the AMT Sustainable Equity Division.

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, 2018, all of the Account’s investments are identified as Level 1 securities for valuation purposes under the Fair Value Measurement Topic of the FASB Accounting Standards Codification. Level 1 fair value is determined by unadjusted quoted prices in active markets for identical securities or derivatives. Level 2 fair value is determined by other significant observable inputs (including quoted prices for similar securities). Level 3 fair value is determined by significant unobservable inputs (including the Account’s own assumptions in determining fair value). There were no transfers between levels during the year. All changes in fair value are recorded as change in unrealized appreciation/(depreciation) of investments during the period in the statements of operations of the applicable Division.

C. Investment Income, Securities Transactions and Policy Dividends – Transactions in the Funds’ shares are accounted for on the trade date. The basis for determining cost on sale of the Funds’ shares is identified cost. Dividend income and distributions of net realized gains from the Funds are recorded on the ex-date of the dividends. Dividends and distributions received are reinvested in additional shares of the respective portfolios of the Funds. The Policies are eligible to receive policy dividends from Northwestern Mutual. Any policy dividends reinvested in the Account are reflected in Policyowners’ net payments in the accompanying financial statements.

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 Measurement 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. 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.

3. Purchases and Sales of Investments

Purchases and sales of the Funds’ shares for the year ended December 31, 2018 were as follows (amounts in thousands):

Fund Name	Purchases		Sales
Growth Stock Division	$	3,294	$	1,708
Focused Appreciation Division		4,486		2,753
Large Cap Core Stock Division		3,185		884
Large Cap Blend Division		434		529
Index 500 Stock Division		35,576		13,484
Large Company Value Division		834		266
Domestic Equity Division		5,660		2,132
Equity Income Division		4,611		2,153
Mid Cap Growth Stock Division		1,945		1,556
Index 400 Stock Division		10,013		3,269
Mid Cap Value Division		4,782		1,723
Small Cap Growth Stock Division		4,414		2,147
Index 600 Stock Division		5,358		1,750
Small Cap Value Division		2,662		1,512
International Growth Division		6,794		2,783
Research International Core Division		7,031		1,836
International Equity Division		11,879		5,578
Emerging Markets Equity Division		8,888		2,836
Government Money Market Division		55,062		52,297
Short-Term Bond Division		1,450		519
Select Bond Division		8,421		5,451
Long-Term U.S. Government Bond Division		685		247
Inflation Protection Bond Division		1,760		806
High Yield Bond Division		3,834		2,696
Multi-Sector Bond Division		4,823		1,968

22

Notes to Financial Statements

Fund Name	Purchases		Sales
Balanced Division	$	2,272	$	1,203
Asset Allocation Division		596		252
Fidelity VIP Mid Cap Division		3,822		2,058
Fidelity VIP Contrafund Division		5,671		1,720
AMT Sustainable Equity Division		3,390		1,496
U.S. Strategic Equity Division		1,257		420
U.S. Small Cap Equity Division		854		412
International Developed Markets Division		2,841		1,100
Strategic Bond Division		3,541		1,434
Global Real Estate Securities Division		6,526		2,714
LifePoints Moderate Strategy Division		40		90
LifePoints Balanced Strategy Division		1,019		142
LifePoints Growth Strategy Division		724		349
LifePoints Equity Growth Strategy Division		274		326
Credit Suisse Trust Commodity Return Strategy Division		3,470		1,602

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. There were no deductions for the mortality and expense risks in the Northwestern Mutual Variable Life Account II during the 2018 calendar year.

23

Notes to Financial Statements

5. Financial Highlights

	As of the respective period end date:						For the respective period ended:
	Units Outstanding (000’s)		Unit Value, Lowest to Highest		Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio(1)			Total Return(1)
Growth Stock Division
2018		127	$	74.477290	$	9,428		0.72	%		0.00	%		1.26	%
2017		122		73.551913		8,916		0.87			0.00			24.27
2016		110		59.189518		6,498		0.89			0.00			2.47
2015		102		57.763945		5,867		0.74			0.00			6.01
2014		101		54.488126		5,570		0.61			0.00			9.02
Focused Appreciation Division
2018		302	$	52.188290	$	15,761		0.51	%		0.00	%		(2.34	)%
2017		280		53.438372		14,971		0.73			0.00			33.62
2016		288		39.992151		11,512		0.24			0.00			5.87
2015		260		37.773111		9,866		0.00			0.00			13.64
2014		239		33.238141		7,919		0.02			0.00			9.43
Large Cap Core Stock Division
2018		123	$	49.869208	$	6,138		1.54	%		0.00	%		(6.04	)%
2017		119		53.073917		6,274		1.80			0.00			24.87
2016		81		42.503832		3,451		2.16			0.00			7.57
2015		85		39.512372		3,346		2.16			0.00			(3.06	)
2014		69		37.544148		2,627		1.14			0.00			28.58
Large Cap Blend Division
2018		113	$	17.140701	$	1,940		0.79	%		0.00	%		(4.00	)%
2017		125		17.855817		2,235		0.91			0.00			19.02
2016		116		15.001832		1,740		1.09			0.00			13.99
2015		104		13.161232		1,369		0.88			0.00			(2.42	)
2014		104		13.487127		1,395		0.04			0.00			12.58
Index 500 Stock Division
2018		562	$	135.776139	$	76,297		1.66	%		0.00	%		(4.58	)%
2017		423		142.286114		60,194		1.74			0.00			21.52
2016		337		117.092375		39,430		1.82			0.00			11.73
2015		291		104.794845		30,414		1.71			0.00			1.17
2014		247		103.583087		25,625		1.58			0.00			13.46
Large Company Value Division
2018		89	$	15.732361	$	1,409		1.78	%		0.00	%		(7.92	)%
2017		64		17.086312		1,095		2.09			0.00			11.10
2016		50		15.379433		769		2.06			0.00			15.36
2015		26		13.331635		343		1.71			0.00			(3.85	)
2014		21		13.865219		284		0.00			0.00			13.03
Domestic Equity Division
2018		506	$	29.152607	$	14,730		1.81	%		0.00	%		(2.81	)%
2017		415		29.996128		12,462		1.65			0.00			13.78
2016		301		26.364364		7,934		1.97			0.00			14.98
2015		222		22.929503		5,133		1.85			0.00			(0.09	)
2014		201		22.950784		4,623		1.73			0.00			13.87
Equity Income Division
2018		348	$	31.961107	$	11,143		2.10	%		0.00	%		(9.35	)%
2017		314		35.257091		11,036		2.23			0.00			16.24
2016		312		30.330455		9,470		1.97			0.00			19.17
2015		326		25.451821		8,299		1.79			0.00			(6.74	)
2014		226		27.291728		6,156		1.26			0.00			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.

24

Notes to Financial Statements

5. Financial Highlights

	As of the respective period end date:						For the respective period ended:
	Units Outstanding (000’s)		Unit Value, Lowest to Highest		Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio(1)			Total Return(1)
Mid Cap Growth Stock Division
2018		38	$	116.184426	$	4,376		0.13	%		0.00	%		(7.38	)%
2017		40		125.441587		5,158		0.24			0.00			20.29
2016		36		104.283373		3,830		0.26			0.00			0.83
2015		26		103.425002		2,769		0.04			0.00			0.71
2014		25		102.693582		2,546		0.35			0.00			8.49
Index 400 Stock Division
2018		384	$	52.678316	$	20,226		1.15	%		0.00	%		(11.33	)%
2017		297		59.411237		17,695		1.07			0.00			15.96
2016		260		51.235085		13,307		1.14			0.00			20.38
2015		221		42.560713		9,385		1.08			0.00			(2.38	)
2014		187		43.598907		8,127		1.05			0.00			9.42
Mid Cap Value Division
2018		240	$	38.138006	$	9,135		1.65	%		0.00	%		(12.85	)%
2017		193		43.762109		8,429		1.46			0.00			11.81
2016		162		39.139970		6,340		1.91			0.00			23.23
2015		143		31.761925		4,534		1.58			0.00			(1.33	)
2014		144		32.189353		4,616		1.01			0.00			16.69
Small Cap Growth Stock Division
2018		144	$	57.505467	$	8,319		0.00	%		0.00	%		(11.71	)%
2017		124		65.129570		8,046		0.11			0.00			21.61
2016		101		53.557262		5,420		0.24			0.00			12.25
2015		85		47.712811		4,071		0.11			0.00			0.32
2014		81		47.561777		3,833		0.00			0.00			8.66
Index 600 Stock Division
2018		443	$	22.378619	$	9,918		1.43	%		0.00	%		(8.78	)%
2017		327		24.532713		8,012		1.89			0.00			12.93
2016		281		21.724279		6,130		0.63			0.00			26.12
2015		164		17.224563		2,807		0.00			0.00			(2.35	)
2014		118		17.638780		2,081		1.71			0.00			5.34
Small Cap Value Division
2018		176	$	41.620093	$	7,315		0.52	%		0.00	%		(12.73	)%
2017		165		47.690780		7,878		0.78			0.00			11.65
2016		157		42.713658		6,684		0.84			0.00			32.39
2015		202		32.262868		6,547		0.69			0.00			(5.45	)
2014		188		34.121874		6,405		0.37			0.00			0.22
International Growth Division
2018		765	$	21.459907	$	16,408		1.45	%		0.00	%		(11.28	)%
2017		603		24.188049		14,608		1.30			0.00			30.03
2016		479		18.601991		8,910		1.19			0.00			(3.41	)
2015		262		19.596007		5,142		1.30			0.00			(4.52	)
2014		201		20.524033		4,123		1.41			0.00			19.81
Research International Core Division
2018		1,201	$	11.053328	$	13,280		1.73	%		0.00	%		(13.66	)%
2017		799		12.802534		10,233		1.67			0.00			28.21
2016		656		9.985604		6,548		1.92			0.00			(1.12	)
2015		422		10.098885		4,259		2.15			0.00			(1.11	)
2014		280		10.212438		2,856		1.52			0.00			(6.71	)

(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.

25

Notes to Financial Statements

5. Financial Highlights

	As of the respective period end date:						For the respective period ended:
	Units Outstanding (000’s)		Unit Value, Lowest to Highest		Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio(1)			Total Return(1)
International Equity Division
2018		6,042	$	5.155553	$	31,148		2.58	%		0.00	%		(15.41	)%
2017		5,092		6.094491		31,035		2.43			0.00			22.30
2016		3,917		4.983406		19,520		1.19			0.00			(3.41	)
2015		3,497		4.843231		16,935		2.98			0.00			(2.21	)
2014		2,845		4.952849		14,084		1.94			0.00			(8.80	)
Emerging Markets Equity Division
2018		1,795	$	10.668771	$	19,148		1.40	%		0.00	%		(13.75	)%
2017		1,285		12.370178		15,898		0.92			0.00			27.84
2016		919		9.676365		8,873		0.72			0.00			9.06
2015		717		8.872116		6,344		0.90			0.00			(12.24	)
2014		456		10.109813		4,611		0.66			0.00			(6.25	)
Government Money Market Division
2018		375	$	42.522150	$	15,950		1.55	%		0.00	%		1.53	%
2017		314		41.875417		13,129		0.59			0.00			0.60
2016		333		41.625993		13,827		0.12			0.00			0.13
2015		201		41.572750		8,216		0.01			0.00			0.01
2014		142		41.568533		5,866		0.07			0.00			0.07
Short-Term Bond Division
2018		187	$	12.818134	$	2,392		1.79	%		0.00	%		1.36	%
2017		112		12.646732		1,419		1.33			0.00			1.33
2016		66		12.481062		812		1.18			0.00			1.67
2015		57		12.275717		703		0.79			0.00			0.72
2014		21		12.188479		256		0.77			0.00			0.38
Select Bond Division
2018		104	$	226.413644	$	23,677		2.34	%		0.00	%		(0.21	)%
2017		93		226.897252		21,292		2.11			0.00			3.58
2016		78		219.047810		17,054		2.05			0.00			3.06
2015		56		212.549665		11,845		1.54			0.00			0.53
2014		51		211.428447		10,700		2.08			0.00			5.56
Long-Term U.S Government Bond Division
2018		33	$	20.262648	$	678		2.58	%		0.00	%		(2.04	)%
2017		13		20.685508		266		1.72			0.00			8.28
2016		12		19.104481		253		1.95			0.00			1.09
2015		10		18.898765		202		2.38			0.00			(1.47	)
2014		9		19.181310		174		1.75			0.00			23.73
Inflation Protection Division
2018		259	$	14.354000	$	3,726		2.21	%		0.00	%		(2.61	)%
2017		199		14.738894		2,931		0.72			0.00			3.58
2016		125		14.229840		1,787		1.15			0.00			4.68
2015		96		13.593038		1,316		2.32			0.00			(2.20	)
2014		87		13.899486		1,226		0.56			0.00			3.14
High Yield Bond Division
2018		221	$	51.690668	$	11,390		5.46	%		0.00	%		(2.71	)%
2017		211		53.128855		11,192		5.51			0.00			6.88
2016		187		49.707921		9,331		5.50			0.00			14.60
2015		170		43.377037		7,376		4.80			0.00			(1.36	)
2014		134		43.976216		5,885		4.74			0.00			1.18

(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.

26

Notes to Financial Statements

5. Financial Highlights

	As of the respective period end date:						For the respective period ended:
	Units Outstanding (000’s)		Unit Value, Lowest to Highest		Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio(1)			Total Return(1)
Multi-Sector Bond Division
2018		675	$	18.535667	$	12,522		3.14	%		0.00	%		(1.30	)%
2017		541		18.780164		10,176		3.98			0.00			8.38
2016		392		17.327635		6,763		4.89			0.00			11.09
2015		250		15.597729		3,876		5.61			0.00			(2.22	)
2014		187		15.951947		3,000		2.74			0.00			3.25
Balanced Division
2018		31	$	209.277798	$	6,448		2.36	%		0.00	%		(3.45	)%
2017		28		216.761163		5,889		2.16			0.00			11.98
2016		20		193.563662		4,264		2.25			0.00			6.58
2015		16		181.609174		3,115		2.00			0.00			(0.12	)
2014		15		181.830315		2,819		2.30			0.00			5.56
Asset Allocation Division
2018		42	$	24.028105	$	1,011		2.35	%		0.00	%		(4.88	)%
2017		31		25.259678		778		2.08			0.00			14.87
2016		27		21.988973		589		2.50			0.00			7.79
2015		24		20.400265		494		1.72			0.00			(0.43	)
2014		22		20.487411		470		2.40			0.00			5.15
Fidelity VIP Mid Cap Division
2018		251	$	48.449732	$	12,145		0.41	%		0.00	%		(14.77	)%
2017		240		56.847028		13,684		0.50			0.00			20.54
2016		256		47.161926		12,048		0.32			0.00			11.92
2015		246		42.137819		10,348		0.27			0.00			(1.63	)
2014		225		42.835362		9,641		0.02			0.00			6.03
Fidelity VIP Contrafund Division
2018		537	$	20.573795	$	11,051		0.47	%		0.00	%		(6.64	)%
2017		398		22.036922		8,788		0.84			0.00			21.59
2016		291		18.124509		5,268		0.68			0.00			7.73
2015		236		16.824006		3,957		0.97			0.00			0.42
2014		145		16.754369		2,432		0.90			0.00			11.65
AMT Sustainable Equity Division
2018		338	$	19.872228	$	6,731		0.50	%		0.00	%		(5.72	)%
2017		269		21.076980		5,691		0.57			0.00			18.43
2016		199		17.797220		3,559		0.76			0.00			9.86
2015		146		16.199640		2,376		0.64			0.00			(0.46	)
2014		97		16.275087		1,573		0.43			0.00			10.38
U.S. Strategic Equity Division
2018		160	$	22.064057	$	3,548		1.15	%		0.00	%		(9.64	)%
2017		159		24.418364		3,876		1.01			0.00			20.80
2016		151		20.214494		3,056		1.03			0.00			10.64
2015		156		18.271298		2,862		0.81			0.00			1.11
2014		165		18.071559		2,989		1.14			0.00			11.70
U.S. Small Cap Equity Division
2018		73	$	30.385277	$	2,200		0.47	%		0.00	%		(11.97	)%
2017		72		34.518205		2,490		0.17			0.00			15.48
2016		65		29.891437		1,962		0.83			0.00			18.66
2015		72		25.191084		1,827		0.67			0.00			(7.19	)
2014		70		27.141282		1,902		0.25			0.00			1.56

(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.

27

Notes to Financial Statements

5. Financial Highlights

	As of the respective period end date:						For the respective period ended:
	Units Outstanding (000’s)		Unit Value, Lowest to Highest		Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio(1)			Total Return(1)
International Developed Markets Division
2018		327	$	19.124827	$	6,264		1.77	%		0.00	%		(14.87	)%
2017		277		22.466466		6,236		2.75			0.00			24.98
2016		272		17.976751		4,892		3.17			0.00			2.36
2015		234		17.562157		4,106		1.06			0.00			(1.31	)
2014		196		17.795979		3,482		1.91			0.00			(4.45	)
Strategic Bond Division
2018		287	$	24.693685	$	7,082		2.15	%		0.00	%		(0.81	)%
2017		206		24.895915		5,143		1.34			0.00			3.86
2016		193		23.970161		4,624		1.60			0.00			3.10
2015		195		23.248775		4,526		2.44			0.00			(0.14	)
2014		166		23.281628		3,851		1.47			0.00			5.45
Global Real Estate Securities Division
2018		332	$	48.615288	$	16,199		4.49	%		0.00	%		(5.73	)%
2017		272		51.568102		14,039		3.91			0.00			11.80
2016		213		46.124107		9,821		4.73			0.00			3.02
2015		179		44.771967		8,027		1.65			0.00			0.25
2014		149		44.660949		6,654		3.39			0.00			14.75
LifePoints Moderate Strategy Division
2018		6	$	15.741887	$	94		3.80	%		0.00	%		(4.92	)%
2017		9		16.557145		157		2.12			0.00			9.88
2016		12		15.067752		184		3.95			0.00			7.75
2015		10		13.984420		144		3.14			0.00			(1.71	)
2014		7		14.227181		103		2.98			0.00			4.85
LifePoints Balanced Strategy Division
2018		105	$	15.421524	$	1,621		6.44	%		0.00	%		(6.80	)%
2017		60		16.545882		986		2.46			0.00			12.00
2016		50		14.773443		747		3.41			0.00			9.05
2015		48		13.546956		650		2.32			0.00			(2.30	)
2014		30		13.866173		420		2.93			0.00			4.61
LifePoints Growth Strategy Division
2018		153	$	14.739598	$	2,256		5.28	%		0.00	%		(8.05	)%
2017		143		16.029490		2,284		3.26			0.00			15.65
2016		110		13.860030		1,516		3.41			0.00			9.73
2015		60		12.631574		751		1.94			0.00			(3.31	)
2014		48		13.064429		617		3.44			0.00			3.76
LifePoints Equity Growth Strategy Division
2018		31	$	13.779890	$	423		4.51	%		0.00	%		(9.45	)%
2017		38		15.218716		571		3.51			0.00			17.55
2016		31		12.946453		403		3.01			0.00			10.85
2015		25		11.679451		290		1.57			0.00			(3.87	)
2014		17		12.149681		214		3.73			0.00			3.48
Credit Suisse Trust Commodity Return Strategy Division
2018		1,729	$	4.432602	$	7,663		2.47	%		0.00	%		(11.66	)%
2017		1,392		5.017461		6,992		8.90			0.00			1.52
2016		1,013		4.942479		4,997		0.00			0.00			12.02
2015		624		4.412123		2,742		0.00			0.00			(25.03	)
2014		346		5.885213		2,040		0.00			0.00			(16.94	)

(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.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of The Northwestern Mutual Life Insurance Company and the Policyowners of Northwestern Mutual Variable Life Account II

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the Divisions of Northwestern Mutual Variable Life Account II indicated in the table below as of December 31, 2018, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Divisions in the Northwestern Mutual Variable Life Account II as of December 31, 2018, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.

Growth Stock Division (1)	Mid Cap Value Division (1)	Select Bond Division (1)	U.S. Strategic Equity Division (1)
Focused Appreciation Division (1)	Small Cap Growth Stock Division (1)	Long-Term U.S. Government Bond Division (1)	U.S. Small Cap Equity Division (1)
Large Cap Core Stock Division (1)	Index 600 Stock Division (1)	Inflation Protection Division (1)	International Developed Markets Division (1)
Large Cap Blend Division (1)	Small Cap Value Division (1)	High Yield Bond Division (1)	Strategic Bond Division (1)
Index 500 Stock Division (1)	International Growth Division (1)	Multi-Sector Bond Division (4)	Global Real Estate Securities Division (1)
Large Company Value Division (1)	Research International Core Division (1)	Balanced Division (1)	LifePoints Moderate Strategy Division (1)
Domestic Equity Division (1)	International Equity Division (1)	Asset Allocation Division (1)	LifePoints Balanced Strategy Division (1)
Equity Income Division (1)	Emerging Markets Equity Division (1)	Fidelity VIP Mid Cap Division (1)	LifePoints Growth Strategy Division (1)
Mid Cap Growth Stock Division (1)	Government Money Market Division (1)	Fidelity VIP Contrafund Division (1)	LifePoints Equity Growth Strategy Division (1)
Index 400 Stock Division (1)	Short-Term Bond Division (1)	AMT Sustainable Equity Division (1)	Credit Suisse Trust Commodity Return Strategy Division (1)
(1)   Statement of operations for the year ended December 31, 2018 and statement of changes in net assets for the years ended December 31, 2018 and 2017

Basis for Opinions

These financial statements are the responsibility of The Northwestern Mutual Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the

29

Divisions in the Northwestern Mutual Variable Life Account II based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the Divisions in the Northwestern Mutual Variable Life Account II in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2018 by correspondence with the underlying registered investment companies. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Milwaukee, Wisconsin

April 26, 2019

We have served as the auditor of one or more of the Divisions in Northwestern Mutual Variable Life Account II since 2007.

30

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

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

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

720 East Wisconsin Avenue, Milwaukee, WI 53202-4797, 1-866-664-7737, member FINRA and SIPC.

NorthwesternMutual.com

90-1899 (0786) (REV 0819)