NML Variable Annuity Account B

04/29/2026 | Press release | Distributed by Public on 04/29/2026 05:04

Updating Summary Prospectus (Form 497VPU)

Flexible Payment
Variable Annuity (Fee Based Account B)
Issued by The Northwestern Mutual Life Insurance Company through
NML Variable Annuity Account B (the " Separate Account")
Updating Summary Prospectus
May 1, 2026
This Summary Prospectus summarizes key features of the individual flexible payment deferred variable annuity contract (the "Contract") for Individual Retirement Annuities ("IRAs"), Roth IRAs, and Non-Tax Qualified Annuities and Non-Qualified Plans offered to purchasers who pay periodic fees based on assets in lieu of brokerage commissions as compensation for advisory services (Fee-Based Programs). The Contract provides for accumulation of Contract Value through variable and/or fixed options.
The Prospectus for the Contract contains more information about the Contract, including its features, benefits, and risks. You can find the current Prospectus and other information about the Contract, including the annual and semi-annual reports for your underlying Portfolios, online at www.nmprospectus.com. You can also obtain this information at no cost by calling (866) 910-1232 or by sending an email request to [email protected].
Additional information about certain investment products, including variable annuity contracts, has been prepared by the Securities and Exchange Commission's staff and is available at www.Investor.gov.
The Securities and Exchange Commission ("SEC") has not approved or disapproved the Contract or passed upon the adequacy of this Summary Prospectus. Any representation to the contrary is a criminal offense.
 
Table of Contents
 
Page
Glossary of Special Terms
1
Updated Information About Your Contract
3
Important Information You Should Consider About the Contract
4
Appendix A - Investment Options Available Under the Contract
7
Additional Information
12
Glossary of Special Terms
Unless otherwise specified in this prospectus, the words "Northwestern Mutual," "we," "us," "our," and "Company" mean The Northwestern Mutual Life Insurance Company. The words "you" and "your," unless otherwise specified, mean the Contract Owner. We use a number of special terms in this summary prospectus, including the following:
Accumulation Unit-An accounting unit of measure representing the Contract Value, before the date on which Annuity Payments begin, in one or more Divisions of the Separate Account. The related term "Accumulation Unit Value" ("AUV") means the value of a particular Accumulation Unit at a particular time and is analogous to, but not the same as, the share price of a mutual fund.
Annuitant-The person upon whose life the Contract is issued and Contract benefits depend. The Primary Annuitant is the person upon whose life the Contract is initially issued. The Contingent Annuitant is the person who becomes the Annuitant upon the death of the Primary Annuitant. If the Contract is annuitized under a single life income plan, there will be one Annuitant. If the Contract is annuitized under a joint life income plan, there will be two Joint Annuitants.
Annuity Payments-Money we pay under a variable income plan or a fixed income plan during the annuitization phase of the Contract.
Annuity Unit-An accounting unit of measure representing the actuarial value of a variable income plan's interest in a Division of the Separate Account after Annuity Payments begin.
Beneficiary- A person who receives payments under the Contract pursuant to an Income Plan or upon the death of the Annuitant before the Maturity Date provided that the Annuitant was an Owner of the Contract at the time of death.
Company-The Northwestern Mutual Life Insurance Company
Contract-The agreement between you and us described in this variable annuity prospectus. During the accumulation period of the Contract, you may invest money under your Contract and any earnings on your investment will accumulate on a tax-deferred basis. During the annuitization period, you receive periodic payments based largely on the amounts you accumulate, all or a portion of which will be taxable as ordinary income.
Contract Value-The value of your Contract on any Valuation Date is the sum of: (1) the value of your amounts held in the Divisions of the Separate Account on that Valuation Date; and (2) the sum of your amounts allocated to the Guaranteed Account(s), plus credited interest; less (3) any applicable fees and amounts withdrawn or transferred from any Guaranteed Account(s).
Division-A sub-account of the Separate Account, the assets of which are invested exclusively in the shares of one of the Portfolios of the underlying Funds.
Fund-A Fund is registered under the Investment Company Act of 1940 (the "1940 Act") as an open-end management investment company or as a unit investment trust, or is not required to be registered under the 1940 Act. A Fund is available as an investment option under the Contract. The assets of each of the Divisions of the Separate Account are used to purchase shares of the corresponding Portfolio of a Fund.
General Account-All assets of the Company, other than those held in the Separate Account or in other separate accounts that have been or may be established by the Company.
Guaranteed Interest Fund-A fixed investment option under the Contract, supported by the assets held in the Company's General Account, that has a one-year term.
Income Plan-An optional method of receiving the death benefit, maturity benefit, surrender proceeds or withdrawal proceeds of an insurance policy or annuity contract generally through a series of periodic payments. An Income Plan may also be known as a "payment plan."
Investment Professional-Someone you select to provide you with brokerage service or investment advice with respect to amounts you invest under your Contract who either is registered as a broker-dealer under the Securities Exchange Act of 1934 or as an investment adviser under the Investment Advisers Act of 1940 directly (or by association with another person), or who provides such service or advice under an exemption from the Investment Advisers Act of 1940.
Maturity Date-The date, stated on the specifications page of the Contract, on which Purchase Payments must cease and Annuity Payments become payable. The maximum Maturity Date is stated on the specifications page of the Contract and may not be changed.
Northwestern Mutual-The Northwestern Mutual Life Insurance Company
Owner-The person with the sole right to exercise all rights and privileges under the Contract, except as the Contract otherwise provides.
Account B (Fee Based) Prospectus
1
Portfolio-A series of a Fund available for investment under the Contract which corresponds to a particular Division of the Separate Account.
Prospectus-The full statutory prospectus for the Contract.
Purchase Payments-Money you give us to apply to your Contract. The related term "Net Purchase Payment" refers to Purchase Payments after all applicable deductions.
Required Minimum Distribution ("RMD")-A minimum amount that the federal tax law generally requires be withdrawn from certain tax-qualified annuities each year.
Separate Account-The account the Company has established pursuant to Wisconsin law for those assets that, although belonging to the Company, are reserved for you and other owners of variable annuity contracts supported by the Separate Account.
Summary Prospectus-The summary version of the Contract, which summarizes key information found in the Prospectus for the Contract.
Valuation Date-Any day on which the New York Stock Exchange ("NYSE") is open for trading and any other day we are required under the 1940 Act to value assets of a Division of the Separate Account.
Account B (Fee Based) Prospectus
2
Updated Information About Your Contract
The information in this section of the Updating Summary Prospectus is a summary of certain Contract features that have changed since your Prospectus dated July 1, 2025. This may not reflect all of the changes that have occurred since you entered into your Contract .
 
Certain charges in the Annual Portfolio Operating Expenses table have been updated to reflect current minimum and maximum total operating expenses for the portfolios as follows: 
Minimum
Maximum
Annual Portfolio Operating Expenses (expenses deducted from Portfolio assets, including management fees,
distribution (12b-1) fees, and other expenses as a percentage of average Portfolio assets)
0.14%
2.50%
Annual Portfolio Operating Expenses After Contractual Fee Waiver or Reimbursement*
0.14%
2.45%
*
The "Annual Portfolio Operating Expenses After Contractual Fee Waiver or Reimbursement" line in the above table shows the minimum and maximum fees and expenses as of December 31, 2025 charged by all of the Portfolios after taking into account contractual fee waiver or reimbursement arrangements in place. Those contractual arrangements are designed to reduce total Annual Portfolio Operating Expenses and will continue for at least one year from the date of this prospectus.
 
Appendix A - Investment Options Available Under the Contract has been updated to reflect the following changes to the available Portfolios and the addition of a fixed investment options section:
Portfolio & Trust Name Changes 
The name of the Sustainable Equity Portfolio has changed to "Quality Equity Portfolio".
The name of the Active/Passive All Equity Portfolio has changed to "Active/Passive Very Aggressive Portfolio".
The name of the Commodity Return Strategy Portfolio has changed to "Cantor Fitzgerald Commodity Return Strategy Portfolio" and the name of the Portfolio's trust has changed from "Credit Suisse Trust" to "Cantor Fitzgerald Variable Insurance Trust".
Investment Adviser and Sub-Adviser Changes
Putnam Investment Management, LLC has replaced Delaware Investments Fund Advisers as the sub-adviser for the Domestic Equity Portfolio.
O'Connor Alternative Investments, LLC has replaced UBS Asset Management (Americas) LLC as the investment adviser for the Cantor Fitzgerald Commodity Return Strategy Portfolio.
Portfolio Expenses Change
The Current Expenses for the Emerging Markets Equity Portfolio (as set forth on Appendix A hereto) have changed from 0.89% to 0.79%.
Fixed Investment Options
A new section entitled "Fixed Account Investment Options Available Under the Contract" describing the fixed investment options, including their respective terms and minimum guaranteed interest rates, has been added to Appendix A.
Account B (Fee Based) Prospectus
3
Important Information You Should Consider About the Contract 
FEES, EXPENSES, AND ADJUSTMENTS
Cross-Reference(s)
to Location in
Prospectus
Are There Charges
or Adjustments for
Early Withdrawals?
No. If you withdraw amounts or surrender your Contract, you will not be
assessed a surrender charge.
Fee and Expense
Tables - Contract
Fees and Expenses
Are There
Transaction
Charges?
Yes. You may be charged for other transactions, such as tax-related charges, as
well as charges for expedited delivery or wire transfers.
Charges
Are There Ongoing
Fees and Expenses?
Yes. The table below describes the fees and expenses that you may pay each
year, depending on the Investment Options and optional benefits you choose.
The fees and expenses do not reflect any advisory fees paid to your Investment
Professional from Contract Value or other assets of the owner. If such charges
were reflected, the fees and expenses would be higher. Please refer to your
Contract specifications page for information about the specific fees you will pay
each year based on the options you have elected.
Fee and Expense
Tables - Contract
Fees and Expenses,
Range of Annual
Portfolio Operating
Expenses, and
Examples
Annual Fee
Minimum
Maximum
Base Contract
0.32%1
0.32%1
Investment Options
(Portfolio company fees and expenses)
0.14%2
2.50%2
Optional Benefits Available
for an Additional Charge (for single optional
benefit if elected)
0.10%3
0.40%3
1 As a percentage of average total net assets attributable to the Contract for
the fiscal year ended December 31, 2025.
2 As a percentage of Portfolio assets.
3 As a percentage of the entire benefit.
Account B (Fee Based) Prospectus
4
FEES, EXPENSES, AND ADJUSTMENTS
Cross-Reference(s)
to Location in
Prospectus
Because your Contract is customizable, the choices you make affect how much
you will pay. To help you understand the cost of owning your Contract, the
following table shows the lowest and highest cost you could pay each year,
based on current charges. This estimate assumes that you do not take
withdrawals from the Contract, which could add surrender charges that
substantially increase costs. Although your actual costs may be higher or lower
than those shown below, based on these assumptions, your costs would be as
follows:
LOWEST ANNUAL COST
$4401
HIGHEST ANNUAL COST
$3,7651
Assumes:
●Investment of $100,000
●5% annual appreciation
●Least expensive combination of Contract
Classes and Portfolio fees and expenses
●No optional benefits
●No sales charges or advisory fees
●No additional Purchase Payments,
transfers or withdrawals
Assumes:
●Investment of $100,000
●5% annual appreciation
●Most expensive combination
of Contract Classes and
Portfolio fees and expenses
●No sales charges or advisory
fees
●No additional Purchase
Payments, transfers or
withdrawals
1 The lowest and highest dollar amount of fees that would be assessed, based
on the assumptions described in the tabular presentation above, for each of
the first 10 Contract years.
RISKS
Is There A Risk of
Loss from Poor
Performance?
Yes. You can lose money by investing in the Contract.
The Investment
Options
Is This a Short-Term
Investment?
No. The Contract is not a short-term investment and is not appropriate for you
if you need ready access to cash. It is intended for retirement and long-term
savings. Your Contract Value will be reduced if you withdraw money and
withdrawals may be subject to income taxes and tax penalties or other
unfavorable treatment.
The Investment
Options - Fixed
Options
 
The Contract -
Generally
What Are the Risks
Associated with the
Investment
Options?
Investment in the Contract is subject to the risk of poor investment
performance and can vary depending on the performance of the investment
options ( Portfolios) and fixed account options you choose. Each Portfolio
(including any fixed account investment options) will have its own unique risks.
You should review these investment options before making an investment
decision.
The Investment
Options
What Are the Risks
Related to the
Insurance
Company?
Investment in the Contract is subject to the risks related to the Insurance
Company ( Northwestern Mutual), and any obligations (including under any
fixed account investment options), guarantees, or benefits are subject to the
claims-paying ability of Northwestern Mutual. More information about
Northwestern Mutual, including its financial strength ratings, is available upon
request by calling (888) 455-2232.
The Company
Account B (Fee Based) Prospectus
5
RESTRICTIONS
Cross-Reference(s)
to Location in
Prospectus
Are There
Restrictions on the
Investment
Options?
Yes. Transfer requests involving the fixed account options are subject to special
restrictions, including individual state law restrictions as to availability or
amounts. These options are available only during the accumulation phase of
your Contract and after your initial investment may be subject to limits on
additional amounts, including minimum required investments or maximum
limits on total amounts. Transfers out of these fixed options are also subject to
specific limitations.
 
Transfers among Divisions are subject to the Contract's short-term and
excessive trading policies.
 
Under certain circumstances Northwestern Mutual reserves the right to
remove a Portfolio or substitute another Portfolio for such Portfolio.
The Investment
Options - Fixed
Options and The
Contract -Purchase
Payments Under the
Contract
(Guaranteed
Account Investment
Minimums and
Maximums)
The Investment
Options (Short Term
and Excessive
Trading)
Contract Owner
Services
(Substitution of
Portfolio Shares and
Other Changes)
Are There Any
Restrictions on
Contract Benefits?
Yes. Optional benefits may be subject to additional charges that may vary by
issue age, are not available for all issue ages, must be elected at issue and
cannot be added once it is removed or expires.
 
If you elect to withdraw the advisory fee from your Contract Value, the
withdrawal will reduce the death benefit and may be subject to federal and
state income taxes and a 10% federal penalty tax.
The Contract -
Death Benefit
(Enhanced Death
Benefit Examples)
TAXES
What Are the
Contract's Tax
Implications?
You should consult with a tax professional to determine the tax implications of
an investment in, and payments received under, the Contract. There is no
additional tax benefit if the Contract is purchased through a tax-qualified plan
or individual retirement account (IRA). Withdrawals (and some distributions)
will generally be subject to ordinary income tax rates, and may be subject to
penalties.
Federal Income
Taxes
CONFLICTS OF INTEREST
How Are
Investment
Professionals
Compensated?
The Contract is sold exclusively through financial representatives of
Northwestern Mutual's affiliated broker-dealer, who are compensated with a
portion of the asset-based fee paid by the client, and Northwestern Mutual
may share revenue it earns on the Contract with its affiliated broker-dealer.
These financial representatives may have a financial incentive to offer or
recommend the Contract over other investments.
Additional
Information -The
Distributor
Should I Exchange
My Contract?
Some financial representatives may have a financial incentive to offer a new
contract in place of the one you already own. You should only exchange an
existing contract if you determine, after comparing the features, fees and risks
of both contracts, and any fees or penalties to terminate the existing contract,
that it is preferable to purchase the new Contract rather than continue to own
an existing contract.
Additional
Information -The
Distributor
Account B (Fee Based) Prospectus
6
Appendix A - Investment Options Available Under the Contract
Portfolios Available Under the Contract
The following is a list of Portfolios available under the Contract. More information about the Portfolios is available in the prospectuses for the Portfolios, which may be amended from time to time and can be found online at www.nmprospectus.com. You can also request this information at no cost by calling (866) 910-1232 or by sending an email request to [email protected].
The current expenses and performance information below reflects fees and expenses of the Portfolios, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Portfolio's past performance is not necessarily an indication of future performance. 
Investment Objective
Portfolio and Adviser/Sub-adviser (if applicable)
Current Expenses
Average Annual
Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
Long-term growth of
capital; current income is
a secondary objective
Growth Stock Portfolio2
Mason Street Advisors, LLC
(MSA)/T. Rowe Price
Associates, Inc
0.42%1
19.40%
11.99%
14.80%
Long-term growth of
capital
Focused Appreciation
Portfolio2
MSA/Loomis, Sayles &
Company, L.P.
0.58%1
14.91%
14.89%
17.07%
Long-term growth of
capital and income
Large Cap Core Stock
Portfolio2
MSA/Wellington
Management Company LLP
0.43%1
16.59%
12.70%
13.96%
Long-term growth of
capital and income
Large Cap Blend
Portfolio2
MSA/J.P. Morgan Investment
Management, Inc.
0.70%1
14.34%
11.77%
11.98%
Investment results that
approximate the
performance of the
Standard & Poor's 500®
Composite Stock Price
Index
Index 500 Stock
Portfolio2
MSA/BlackRock Advisors, LLC
0.19%1
17.64%
14.19%
14.58%
Long-term growth of
capital; income is a
secondary objective
Large Company Value
Portfolio2
MSA/American Century
Investment Management,
Inc.
0.74%1
14.58%
9.85%
9.48%
Long-term growth of
capital and income
Domestic Equity
Portfolio2
MSA/Putnam Investment
Management, LLC
0.50%1
14.43%
8.63%
8.87%
Long-term growth of
capital and income
Equity Income Portfolio2
MSA/T. Rowe Price
Associates, Inc
0.57%1
14.48%
11.31%
10.64%
Long-term growth of
capital
Mid Cap Growth Stock
Portfolio2
MSA/J.P. Morgan Investment
Management, Inc.
0.54%1
8.32%
2.51%
7.81%
Investment results that
approximate the
performance of the
Standard & Poor's
MidCap 400® Stock Price
Index
Index 400 Stock
Portfolio2
MSA/Northern Trust
Investments, Inc.
0.24%1
7.24%
8.85%
10.44%
Long-term growth of
capital; current income is
a secondary objective
Mid Cap Value Portfolio2
MSA/American Century
Investment Management,
Inc.
0.71%1
9.16%
8.96%
9.25%
Long-term growth of
capital
Small Cap Growth Stock
Portfolio2
MSA/Wellington
Management Company LLP
0.56%
6.93%
1.29%
8.82%
Investment results that
approximate the
performance of the
Standard & Poor's
SmallCap 600® Index
Index 600 Stock
Portfolio2
MSA/Northern Trust
Investments, Inc.
0.26%
5.78%
6.98%
9.48%
Account B (Fee Based) Prospectus
7
Investment Objective
Portfolio and Adviser/Sub-adviser (if applicable)
Current Expenses
Average Annual
Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
Long-term growth of
capital
Small Cap Value
Portfolio2
MSA/T. Rowe Price
Investment Management,
Inc.
0.87%1
7.41%
6.22%
9.15%
Long-term growth of
capital
International Growth
Portfolio2
MSA/FIAM LLC
0.61%1
18.70%
6.11%
9.07%
Capital appreciation
Research International
Core Portfolio2
MSA/Massachusetts
Financial Services Company
0.58%1
22.98%
5.89%
7.81%
Long-term growth of
capital and income
International Equity
Portfolio2
MSA/Dodge & Cox
0.68%1
38.35%
10.31%
6.65%
Capital appreciation
Emerging Markets Equity
Portfolio2
MSA/abrdn Investments
Limited
0.78%1
34.19%
1.26%
6.95%
Maximum current income
to the extent consistent
with liquidity and stability
of capital3
Government Money
Market Portfolio2
MSA/BlackRock Advisors, LLC
0.33%
4.03%
3.03%
1.96%
Provide as high a level of
current income as is
consistent with prudent
investment risk
Short-Term Bond
Portfolio2
MSA/T. Rowe Price
Associates, Inc.
0.40%
5.70%
2.20%
2.40%
Provide as high a level of
total return consistent
with prudent investment
risk; a secondary
objective is to seek
preservation of
shareholders' capital
Select Bond Portfolio2
MSA/Allspring Global
Investments, LLC
0.31%1
7.45%
-0.19%
2.25%
Maximum total return,
consistent with
preservation of capital
and prudent investment
management
Long-Term U.S.
Government Bond
Portfolio2
MSA/Pacific Investment
Management Company LLC
2.45%1
6.15%
-7.18%
-0.19%
Pursue total return using
a strategy that seeks to
protect against U.S.
inflation
Inflation Managed
Portfolio2 (formerly
"Inflation Protection
Portfolio")
MSA/American Century
Investment Management,
Inc.
0.46%1
6.51%
0.92%
2.82%
High current income and
capital appreciation
High Yield Bond
Portfolio2
MSA/Federated Investment
Management Company
0.46%
8.49%
4.06%
5.95%
Maximum total return,
consistent with prudent
investment management
Multi-Sector Bond
Portfolio2
MSA/Pacific Investment
Management Company LLC
0.75%1
10.00%
1.66%
4.56%
Realize as high a level of
total return as is
consistent with
conservative investment
risk, through income and
secondarily through
capital appreciation
Active/Passive
Conservative Portfolio2
MSA
0.54%1
N/A
N/A
N/A
Realize as high a level of
total return as is
consistent with
reasonable investment
risk through appreciation
and income
Active/Passive Balanced
Portfolio2 (formerly
"Balanced Portfolio")
MSA
0.44%1
12.19%
4.71%
6.76%
Realize as high a level of
total return as is
consistent with moderate
investment risk through
appreciation and
secondarily through
income
Active/Passive Moderate
Portfolio2(formerly
"Asset Allocation
Portfolio")
MSA
0.49%1
14.46%
6.36%
8.21%
Account B (Fee Based) Prospectus
8
Investment Objective
Portfolio and Adviser/Sub-adviser (if applicable)
Current Expenses
Average Annual
Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
Realize as high a level of
total return as is
consistent with aggressive
investment risk, primarily
through appreciation and
some income
Active/Passive
Aggressive Portfolio2
MSA
0.60%1
N/A
N/A
N/A
Long-term growth of
capital
Active/Passive Very
Aggressive Portfolio2
(formerly "Active/Passive
All Equity Portfolio")
MSA
0.63%1
N/A
N/A
N/A
Growth of capital
American Funds® IS
Growth Fund - Class 1A4
Capital Research and
Management Company
(CRMC)
0.58%
20.24%
13.37%
N/A
Long-term growth of
capital
American Funds® IS
Global Growth Fund -
Class 1A4
CRMC
0.65%1
21.63%
8.24%
N/A
Long-term capital
appreciation
American Funds® IS New
World Fund® - Class 1A4
CRMC
0.82%1
28.27%
5.32%
N/A
Provide as high a level of
current income as is
consistent with the
preservation of capital
American Funds® IS The
Bond Fund of America® -
Class 1A4
CRMC
0.47%1
7.24%
-0.14%
N/A
Provide, over the long
term, a high level of total
return consistent with
prudent investment
management
American Funds® IS
Capital World Bond
Fund® - Class 1A4
CRMC
0.73%
9.31%
-2.50%
N/A
Provide a high level of
current income; a
secondary objective is
capital appreciation
American Funds® IS
American High-Income
Trust® - Class 1A4
CRMC
0.62%1
8.19%
5.59%
N/A
Seek to match the
performance of the MSCI
EAFE Index in U.S. dollars
with net dividends as
closely as possible before
deduction of fund
expenses
BlackRock International
Index V.I. Fund - Class I5
BlackRock Advisors, LLC
0.27%1
31.37%
8.88%
8.18%
Maximize total return,
consistent with income
generation and prudent
investment management
BlackRock Total Return
V.I. Fund - Class I5
BlackRock Advisors, LLC/
BlackRock International
Limited & BlackRock
(Singapore) Limited
0.43%1
8.00%
-0.37%
2.18%
Total return
Cantor Fitzgerald
Commodity Return
Strategy Portfolio - Class
26
O'Connor Alternative
Investments, LLC 7
0.80%1
15.68%
10.61%
N/A
Long-term capital
appreciation
Columbia VP Small Cap
Value Discovery Fund -
Class 18 (formerly "VP
Small Cap Value Fund")
Columbia Management
Investment Advisers, LLC
0.91%1
14.99%
12.48%
11.48%
Long-term growth of
capital
Fidelity® VIP Mid Cap
Portfolio - Initial Class9
Fidelity Management &
Research Company LLC
(FMR)10
0.55%
11.75%
10.10%
10.59%
Long-term capital
appreciation
Fidelity® VIP
ContrafundSM Portfolio -
Initial Class9
FMR10
0.54%
21.52%
15.37%
15.78%
Capital appreciation
Fidelity® VIP Value
Strategies Portfolio -
Initial Class9
FMR10
0.59%
7.99%
12.14%
10.82%
Account B (Fee Based) Prospectus
9
Investment Objective
Portfolio and Adviser/Sub-adviser (if applicable)
Current Expenses
Average Annual
Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
Capital appreciation
Fidelity® VIP Health Care
Portfolio - Initial Class9
FMR10
0.59%
14.39%
4.18%
8.75%
Capital appreciation
Fidelity® VIP Technology
Portfolio - Initial Class9
FMR10
0.56%
23.36%
16.83%
23.76%
Seek to provide
investment results that
correspond to the
aggregate price and
interest performance of
debt securities in the
Bloomberg U.S. Aggregate
Bond Index
Fidelity® VIP Bond Index
Portfolio - Initial Class9
FMR 10
0.14%
6.98%
-0.57%
N/A
Long-term growth of
capital
John Hancock Disciplined
Value International Trust
- Series NAV11
John Hancock Variable Trust
Advisers LLC/Boston Partners
Global Investors, Inc.
0.79%
41.02%
12.70%
8.97%
Long-term capital
appreciation and current
income
John Hancock Real Estate
Securities Trust - Series
NAV11
John Hancock Variable Trust
Advisers LLC/Wellington
Management Company LLP
0.76%1
0.63%
5.77%
5.91%
High level of current
income
John Hancock Strategic
Income Opportunities
Trust - Series NAV11
John Hancock Variable Trust
Advisers LLC/Manulife
Investment Management
(US) LLC
0.74%1
7.51%
1.61%
3.26%
Long-term growth of
capital by investing
primarily in securities of
companies that meet the
Portfolio's environmental,
social and governance
criteria
Quality Equity Portfolio12
(formerly "Sustainable
Equity Portfolio")
Neuberger Berman
Investment Advisers LLC
0.87%
13.71%
12.83%
12.94%
Long-term growth of
capital
U.S. Strategic Equity
Fund13
Russell Investment
Management LLC (RIM)14
0.87%1
14.43%
10.66%
12.45%
Long-term growth of
capital
U.S. Small Cap Equity
Fund13
RIM14
1.06%1
8.34%
7.15%
8.98%
Current income and long-
term growth of capital
Global Real Estate
Securities Fund13
RIM14
0.90%
8.59%
2.55%
3.57%
Long-term growth of
capital
International Developed
Markets Fund13
RIM14
0.95%1
28.64%
8.53%
7.51%
Provide total return
Strategic Bond Fund13
RIM14
0.65%1
7.35%
-1.07%
1.77%
Current income and
moderate long-term
capital appreciation
LifePoints® Variable
Target Portfolio Series
Moderate Strategy
Fund13
RIM14
0.83%1
12.24%
3.96%
5.05%
Above-average long-term
capital appreciation and a
moderate level of current
income
LifePoints® Variable
Target Portfolio Series
Balanced Strategy Fund13
RIM14
0.89%1
14.96%
6.39%
6.88%
High long-term capital
appreciation; and as a
secondary objective,
current income
LifePoints® Variable
Target Portfolio Series
Aggressive Strategy
Fund13
RIM14
0.95%1
17.45%
8.56%
8.59%
High long-term capital
appreciation
LifePoints® Variable
Target Portfolio Series
Equity Aggressive
Strategy Fund13
RIM14
0.98%1
18.47%
9.53%
9.23%
1
This reflects an expense reimbursement and/or fee waiver arrangement that is in place and reported in the Portfolio's registration statement. This agreement may be terminated in the future and, therefore, the expense figures shown reflect temporary fee reductions.
2
A series of Northwestern Mutual Series Fund, Inc., for which Mason Street Advisors, LLC (MSA), our wholly-owned company, serves as investment adviser.
Account B (Fee Based) Prospectus
10
3
Although the Government Money Market Portfolio seeks to preserve its value at $1.00 per share, it is possible to lose money by investing in the Government Money Market Portfolio. An investment in a money market portfolio is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any government agency. During extended periods of low interest rates, the yield of a money market portfolio may also become extremely low and possibly negative.
4
A series of American Funds Insurance Series®.
5
The BlackRock International Index V.I. Fund and BlackRock Total Return V.I. Fund are series of BlackRock Variable Series Funds, Inc. and BlackRock Variable Series Funds II, Inc., respectively.
6
A series of Cantor Fitzgerald Variable Insurance Trust (formerly "Credit Suisse Trust").
7
Effective March 31, 2026, O'Connor Alternative Investments, LLC succeeded UBS Asset Management (Americas) LLC as the Portfolio's investment adviser.
8
A series of Columbia Funds Variable Insurance Trust.
9
The Fidelity® VIP Contrafund® Portfolio is a series of Variable Insurance Products Fund II. The Fidelity® VIP Mid Cap Portfolio and Fidelity® VIP Value Strategies Portfolio are each a series of Variable Insurance Products Fund III. The Fidelity® VIP Health Care Portfolio and Fidelity® VIP Technology Portfolio are each a series of Variable Insurance Products Fund IV. The Fidelity® VIP Bond Index Portfolio is a series of Variable Insurance Products Fund V.
10
The following affiliates of Fidelity Management & Research Company also assist with foreign investments for each Portfolio: Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Inc.
11
A series of John Hancock Variable Insurance Trust.
12
A series of Neuberger Berman Advisers Management Trust.
13
A series of Russell Investment Funds.
14
Assets of each Portfolio are invested by one or more investment management organizations researched and recommended by Russell Investment Management LLC, the investment adviser for the Russell Investment Funds.
Fixed Account Investment Options Available Under the Contract
The following is a list of Fixed Options currently available under the Contract. We may change the features of the Fixed Options listed below, offer new Fixed Options, and terminate existing Fixed Options. We will provide you with notice before doing so. See "The Investment Options - Fixed Option(s)" above for more information. 
Name
Term
Minimum Guaranteed Interest Rate
Guaranteed Interest Fund
1 Year
0.50%
Account B (Fee Based) Prospectus
11
Additional Information
More information about the Contract and Separate Account is included in a Statement of Additional Information ("SAI"), which is dated the same day as this Summary Prospectus and the Prospectus, and is available free of charge from The Northwestern Mutual Life Insurance Company. To request a free copy of the Separate Account's SAI, or current annual report, send a written request to Northwestern Mutual, Risk Products Department, Room T10, 720 East Wisconsin Avenue, Milwaukee, WI 53202 or call us at (866) 910-1232. Under certain circumstances you or your Financial Representative may be able to obtain these documents online at www.nmprospectus.com. Reports and other information about the Separate Account are available on the SEC's Internet site at www.sec.gov, or they may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: [email protected].
This Summary Prospectus incorporates by reference the Prospectus for the Contract and the SAI, both dated May 1, 2026, as amended or supplemented.

 
Edgar Contract Identifier C000000099
Account B (Fee Based) Prospectus
12
NML Variable Annuity Account B published this content on April 29, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 29, 2026 at 11:04 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]