AM Best Assigns Issuer Credit Rating to The Northwestern Mutual Life Insurance Company’s Funding Agreement-Backed Notes Program

AM Best has assigned a Long-Term Issuer Credit Rating of “aaa” to Northwestern Mutual Global Funding (DE). Concurrently, AM Best has assigned a Long-Term Issue Rating of “aaa” to the $750 million, .375% senior secured notes, due Jan. 14, 2026, issued under Northwestern Mutual Global Funding’s $10.0 billion funding agreement-backed notes program. The outlook assigned to these Credit Ratings (rating) is stable. The ratings of The Northwestern Mutual Life Insurance Company (Northwestern Mutual) and its subsidiary, Northwestern Long Term Care Insurance Company, remain unchanged.

The notes are backed by Northwestern Mutual-issued funding agreements held by Northwestern Mutual Global Funding. The funding agreements are unsecured obligations of Northwestern Mutual and rank pari passu with the claims of policy owners of Northwestern Mutual and superior to the claims of general creditors of Northwestern Mutual.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

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