<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by Broadridge Transform (tm) - http://www.broadridge.com -->
<!-- Created: Fri Aug 14 20:18:02 UTC 2026 -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <loc xlink:type="locator" xlink:label="ck0000914245_PutnamVTInternationalValueFundMember" xlink:href="ck0000914245-20260818.xsd#ck0000914245_PutnamVTInternationalValueFundMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0000914245_PutnamVTInternationalValueFundMember_lbl" xml:lang="en-US">Putnam VT International Value Fund [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ck0000914245_PutnamVTInternationalValueFundMember" xlink:to="ck0000914245_PutnamVTInternationalValueFundMember_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ck0000914245_PutnamVTInternationalValueFundMember_lbl0" xml:lang="en-US">Putnam VTInternational Value Fund Member</label>
<!-- [WMV7][DSrvgz2znijB5M2HadZS/YDU5Y8oK2lzlGHvkSJs5jlNhO0rs9YjrD4ocIdf3YU55pO6kyzL2BbuPdryqWO0lQQ7CKCWn0ygJIkWewxaEyjL7aoL6nuSjTUZa0sXrTTM2f/iN+7EClS1nRmfdAypempgMMl25emZcdjU/DVUhKDAXX6ymOAcrjA9FvEaWvXCyn0IqUNcG3zyf03UDL9LAk93OUp5OWZpq6RBqQUD7sEN5Hekdw3Gs32z6nE4Oo1qml0S4MYEVRwx8Uk5LtuvwVPyY5VeT6/wXy/TEZ0vdgqpjAcO93AGoNh2/48agLhXoOBNdjMJuD1EBveXmBslN7CewcTwCkVUJnT0OOFXrPPSYeFVd1Z9JM0oGz1jjJpuiZc1AVB5t4ae8NObbTKKk6+eI0NEEb/kUTdynDCG] CSR-->
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ck0000914245_PutnamVTInternationalValueFundMember" xlink:to="ck0000914245_PutnamVTInternationalValueFundMember_lbl0"/>
  </labelLink>
</linkbase>
