Form 497VPI NML VARIABLE ANNUITY

June 6, 2025 12:37 PM EDT
THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY
SUPPLEMENT TO THE SUMMARY PROSPECTUSES DATED MAY 1, 2025
NML VARIABLE ANNUITY ACCOUNT A
SUPPLEMENT TO THE SUMMARY PROSPECTUSES
FLEXIBLE PAYMENT VARIABLE ANNUITY
INDIVIDUAL FLEXIBLE PAYMENT VARIABLE ANNUITY (FEE-BASED)
NML VARIABLE ANNUITY ACCOUNT B
SUPPLEMENT TO THE SUMMARY PROSPECTUSES
FLEXIBLE PAYMENT VARIABLE ANNUITY
FLEXIBLE PAYMENT VARIABLE ANNUITY (FEE-BASED)
NML VARIABLE ANNUITY ACCOUNT C
SUPPLEMENT TO THE SUMMARY PROSPECTUSES
GROUP COMBINATION ANNUITY
INDIVIDUAL FLEXIBLE PAYMENT VARIABLE ANNUITY (NETWORK EDITION)
This Supplement updates certain information in the most recent initial summary prospectuses and updating summary prospectuses, as applicable, for the above-referenced variable annuity contracts and any supplements to the initial summary prospectuses and updating summary prospectuses (together the “Prospectuses”). You should read this Supplement in conjunction with your Prospectuses. Unless otherwise indicated, all other information included in the Prospectuses remains unchanged and the terms and section headings used in this Supplement have the same meaning as in the Prospectuses. We will send you another copy of any prospectuses or supplements without charge upon request.
The changes described below are effective July 1, 2025. 
On the “Cover Page” of the “Summary Prospectus for New Investors”, the sentence beginning with “Subject to the limitations discussed in the prospectus for the Contract,…” is replaced in its entirety with the sentence below:
Subject to the limitations discussed in the prospectus for the Contract, you may choose to invest amounts in up to 59 Divisions of the Separate Account as well as available fixed options under certain circumstances. Each Division of the Separate Account invests exclusively in shares of a single series of a Fund (i.e., an underlying Portfolio). 
In the “Ongoing Fees and Expenses (annual charges)” section under the “IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT” table, the row “Investment Options (Portfolio company fees and expenses)”is replaced in its entirety with the row shown below:  
 
 
Annual Fee
Minimum
Maximum
 
Investment Options
(Portfolio company fees and
expenses)
0.14%2
2.73%2
 
In the “Fees and Expenses” section, under “Annual Portfolio Operating Expenses”, the table for Annual Portfolio Operating Expenses is removed in its entirety and replaced with the table below:  
 
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%
2.73%
Annual Portfolio Operating Expenses After Contractual Fee Waiver or Reimbursement*
0.14%
2.68%
 
In “Appendix A”, the list of “Portfolios Available under Your Contract” is removed in its entirety and replaced with the table below: 
Investment Objective
Portfolio
Adviser/
Sub-adviser (if applicable)
Current Expenses
Average Annual
Total Returns
(as of 12/31/2024)
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
37.82%
14.77%
13.44%
Long-term growth of
capital
Focused Appreciation
Portfolio2
MSA/Loomis, Sayles &
Company, L.P.
0.61%1
34.43%
18.22%
16.94%
Long-term growth of
capital and income
Large Cap Core Stock
Portfolio2
MSA/Wellington
Management Company LLP
0.43%1
22.16%
13.86%
11.88%
Long-term growth of
capital and income
Large Cap Blend
Portfolio2
MSA/J.P. Morgan Investment
Management, Inc.
0.72%1
23.86%
10.92%
10.22%
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
24.75%
14.30%
12.86%
Long-term growth of
capital; income is a
secondary objective
Large Company Value
Portfolio2
MSA/American Century
Investment Management,
Inc.
0.75%1
10.69%
7.46%
7.58%
Long-term growth of
capital and income
Domestic Equity
Portfolio2
MSA/Delaware Investments
Fund Advisers, a series of
Macquarie Investment
Management Business Trust
0.50%1
7.07%
5.90%
7.40%
Long-term growth of
capital and income
Equity Income Portfolio2
MSA/T. Rowe Price
Associates, Inc
0.57%1
11.88%
8.60%
8.40%
Long-term growth of
capital
Mid Cap Growth Stock
Portfolio2
MSA/J.P. Morgan Investment
Management, Inc.
0.54%1
8.21%
5.55%
7.03%
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
13.63%
10.07%
9.41%
Long-term growth of
capital; current income is
a secondary objective
Mid Cap Value Portfolio2
MSA/American Century
Investment Management,
Inc.
0.72%1
8.65%
7.42%
8.15%
Long-term growth of
capital
Small Cap Growth Stock
Portfolio2
MSA/Wellington
Management Company LLP
0.56%
13.18%
5.89%
8.12%
Investment results that
approximate the
performance of the
Standard & Poor’s
SmallCap 600® Index
Index 600 Stock
Portfolio2
MSA/Northern Trust
Investments, Inc.
0.27%
8.43%
8.01%
8.61%
Long-term growth of
capital
Small Cap Value
Portfolio2
MSA/T. Rowe Price
Investment Management,
Inc.
0.87%1
10.36%
6.59%
7.77%
Long-term growth of
capital
International Growth
Portfolio2
MSA/FIAM LLC
0.61%1
5.30%
5.96%
7.03%
Capital appreciation
Research International
Core Portfolio2
MSA/Massachusetts
Financial Services Company
0.72%1
3.25%
4.20%
5.48%
Long-term growth of
capital and income
International Equity
Portfolio2
MSA/Dodge & Cox
0.68%
3.94%
2.81%
3.02%
Capital appreciation
Emerging Markets Equity
Portfolio2
MSA/abrdn Investments
Limited
0.89%1
4.02%
0.12%
2.50%
Investment Objective
Portfolio
Adviser/
Sub-adviser (if applicable)
Current Expenses
Average Annual
Total Returns
(as of 12/31/2024)
1 Year
5 Year
10 Year
Maximum current income
to the extent consistent
with liquidity and stability
of capital3
Government Money
Market Portfolio2
MSA/BlackRock Advisors, LLC
0.33%1
4.99%
2.28%
1.56%
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%
5.04%
1.92%
1.90%
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
1.76%
0.09%
1.57%
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
2.68%1
-5.78%
-5.29%
-0.93%
Pursue total return using
a strategy that seeks to
protect against U.S.
inflation
Inflation Managed
Portfolio2(“Inflation
Protection Portfolio”
until 9/30/2025)
MSA/American Century
Investment Management,
Inc.
0.45%1
1.96%
1.50%
1.95%
High current income and
capital appreciation
High Yield Bond
Portfolio2
MSA/Federated Investment
Management Company
0.46%
6.38%
3.71%
4.95%
Maximum total return,
consistent with prudent
investment management
Multi-Sector Bond
Portfolio2
MSA/Pacific Investment
Management Company LLC
0.75%1
6.42%
0.93%
3.33%
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
0.55%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
0.47%1
7.43%
4.76%
5.53%
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
0.53%1
9.72%
6.17%
6.72%
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
0.64%1
N/A
N/A
N/A
Long-term growth of
capital
Active/Passive All Equity
Portfolio2
MSA
0.66%1
N/A
N/A
N/A
Growth of capital
American Funds® IS
Growth Fund - Class 1A4
Capital Research and
Management Company
(CRMC)
0.59%
31.61%
18.83%
N/A
Investment Objective
Portfolio
Adviser/
Sub-adviser (if applicable)
Current Expenses
Average Annual
Total Returns
(as of 12/31/2024)
1 Year
5 Year
10 Year
Long-term growth of
capital
American Funds® IS
Global Growth Fund -
Class 1A4
CRMC
0.66%1
13.67%
9.77%
N/A
Long-term capital
appreciation
American Funds® IS New
World Fund® - Class 1A4
CRMC
0.82%1
6.58%
4.55%
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
0.48%1
1.23%
0.31%
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%
-2.97%
-2.40%
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
0.58%1
9.73%
5.54%
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
3.43%
4.70%
5.14%
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
0.47%1
1.38%
-0.21%
1.42%
Long-term capital
appreciation
Columbia VP Small Cap
Value Fund - Class 16
Columbia Management
Investment Advisers, LLC
0.88%1
8.87%
11.24%
9.24%
Total return
Commodity Return
Strategy Portfolio – Class
27
UBS Asset Management
(Americas) LLC 8
0.80%1
5.12%
N/A
N/A
Long-term growth of
capital
Fidelity® VIP Mid Cap
Portfolio – Initial Class9
Fidelity Management &
Research Company LLC
(FMR)10
0.57%
17.49%
11.34%
9.21%
Long-term capital
appreciation
Fidelity® VIP
ContrafundSM Portfolio –
Initial Class9
FMR10
0.56%
33.79%
17.04%
13.62%
Capital appreciation
Fidelity® VIP Value
Strategies Portfolio -
Initial Class9
FMR10
0.59%
9.40%
12.20%
9.64%
Capital appreciation
Fidelity® VIP Health Care
Portfolio - Initial Class9
FMR10
0.59%
5.14%
5.46%
7.96%
Capital appreciation
Fidelity® VIP Technology
Portfolio - Initial Class9
FMR10
0.57%
35.59%
23.82%
21.93%
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%
1.21%
-0.46%
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.
0.78%
-0.35%
5.89%
4.45%
Investment Objective
Portfolio
Adviser/
Sub-adviser (if applicable)
Current Expenses
Average Annual
Total Returns
(as of 12/31/2024)
1 Year
5 Year
10 Year
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%
10.79%
4.43%
6.14%
High level of current
income
John Hancock Strategic
Income Opportunities
Trust - Series NAV11
John Hancock Variable Trust
Advisers LLC/Manulife
Investment Management
(US) LLC
0.73%1
3.16%
1.81%
2.65%
Long-term growth of
capital by investing
primarily in securities of
companies that meet the
Portfolio’s environmental,
social and governance
criteria
Sustainable Equity
Portfolio12
Neuberger Berman
Investment Advisers LLC
0.89%
25.84%
13.97%
11.44%
Long-term growth of
capital
U.S. Strategic Equity
Fund13
Russell Investment
Management LLC (RIM)14
0.90%1
20.50%
12.42%
11.07%
Long-term growth of
capital
U.S. Small Cap Equity
Fund13
RIM14
1.14%1
8.53%
8.00%
7.31%
Current income and long-
term growth of capital
Global Real Estate
Securities Fund13
RIM14
0.91%
1.42%
-0.20%
2.75%
Long-term growth of
capital
International Developed
Markets Fund13
RIM14
1.03%1
2.78%
4.23%
4.70%
Provide total return
Strategic Bond Fund13
RIM14
0.65%1
0.83%
-0.87%
1.04%
Current income and
moderate long-term
capital appreciation
LifePoints® Variable
Target Portfolio Series
Moderate Strategy
Fund13
RIM14
0.85%1
6.48%
2.86%
3.67%
Above-average long-term
capital appreciation and a
moderate level of current
income
LifePoints® Variable
Target Portfolio Series
Balanced Strategy Fund13
RIM14
0.90%1
9.48%
5.00%
5.15%
High long-term capital
appreciation; and as a
secondary objective,
current income
LifePoints® Variable
Target Portfolio Series
Aggressive Strategy
Fund13
RIM14
0.97%1
11.94%
7.10%
6.50%
High long-term capital
appreciation
LifePoints® Variable
Target Portfolio Series
Equity Aggressive
Strategy Fund13
RIM14
1.00%1
13.09%
7.58%
6.97%
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.
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 Columbia Funds Variable Insurance Trust.
7
A series of Credit Suisse Trust.
8
Effective May 1, 2024, Credit Suisse Asset Management, LLC merged into UBS Asset Management (Americas) LLC (“UBS AM (Americas)”) as the surviving entity, and UBS AM (Americas) became the investment manager to the Portfolio.
9
The Fidelity® VIP Mid Cap Portfolio and the Fidelity® VIP Contrafund® Portfolio are series of Variable Insurance Products Fund III and the Variable Insurance Products Fund II, respectively.
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.
Please retain a copy of this Supplement for future reference.

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