
	Commercial Loans		Consumer Loans		Total
	(in millions)


Balance, January 1, 2022	$	47	$	3	$	50
Provisions	(2)		—		(2)



Balance, March 31, 2022	$	45	$	3	$	48


	Commercial Loans		Consumer Loans		Total
	(in millions)


Balance, January 1, 2021	$	66	$	2	$	68
Provisions	—		1		1
Charge-offs	(1)		—		(1)

Balance, March 31, 2021	$	65	$	3	$	68

Accrued interest on commercial loans was $12 million and $13 million as of March 31, 2022 and December 31, 2021, respectively, and is recorded in Receivables and excluded from the amortized cost basis of commercial loans.

During the three months ended March 31, 2022 and 2021, the Company purchased nil and $13 million, respectively, of syndicated loans, and sold nil and $4 million, respectively, of syndicated loans.

During the three months ended March 31, 2022 and 2021, the Company purchased $1 million and $2 million, respectively, of residential mortgage loans. The allowance for credit losses for residential mortgage loans was not material as of both March 31, 2022 and 2021.

Nonperforming loans were $8 million and $9 million as of March 31, 2022 and December 31, 2021, respectively. All other loans were considered to be performing.

The Company reviews the credit worthiness of the borrower and the performance of the underlying properties in order to determine the risk of loss on commercial mortgage loans. Loan-to-value ratio is the primary credit quality indicator included in this review.

Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates when credit risk changes. Commercial mortgage loans which management has assigned its highest risk rating were less than 1% of total commercial mortgage loans as of both March 31, 2022 and December 31, 2021. Loans with the highest risk rating represent distressed loans which the Company has identified as impaired or expects to become delinquent or enter into foreclosure within the next six months. Total commercial mortgage loans past due were nil as of March 31, 2022 and December 31, 2021, respectively.

The tables below present the amortized cost basis of commercial mortgage loans by the year of origination and loan-to-value ratio :


	March 31, 2022
Loan-to-Value Ratio	2022		2021		2020		2019		2018		Prior		Total
	(in millions)
> 100%	$	—	$	—	$	—	$	11	$	10	$	15	$	36
80% - 100%	—		9		—		26		2		39		76
60% - 80%	21		99		66		48		22		164		420
40% - 60%	17		81		30		87		63		478		756
< 40%	4		14		26		2		71		529		646
Total	$	42	$	203	$	122	$	174	$	168	$	1,225	$	1,934


	December 31, 2021
Loan-to-Value Ratio	2021		2020		2019		2018		2017		Prior		Total
	(in millions)
> 100%	$	—	$	—	$	20	$	10	$	—	$	29	$	59
80% - 100%	9		2		9		2		—		29		51
60% - 80%	142		80		60		23		61		138		504
40% - 60%	42		33		86		74		57		401		693
< 40%	11		8		48		6		58		478		609
Total	$	204	$	123	$	223	$	115	$	176	$	1,075	$	1,916

Loan-to-value ratio is based on income and expense data provided by borrowers at least annually and long-term capitalization rate assumptions based on property type.

In addition, the Company reviews the concentrations of credit risk by region and property type. Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows:


	Loans				Percentage
	March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021
	(in millions)
East North Central	$	205	$	194	11	%	10	%
East South Central	56		57		3		3
Middle Atlantic	121		122		6		6
Mountain	118		119		6		6
New England	27		28		1		2
Pacific	637		627		33		33
South Atlantic	503		497		26		26
West North Central	139		141		7		7
West South Central	128		131		7		7
	1,934		1,916		100	%	100	%
Less: allowance for credit losses	12		12
Total	$	1,922	$	1,904


	Loans				Percentage
	March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021
	(in millions)
Apartments	$	512	$	496	26	%	26	%
Hotel	15		14		1		1
Industrial	321		319		17		17
Mixed use	67		68		3		3
Office	266		271		14		14
Retail	617		617		32		32
Other	136		131		7		7
	1,934		1,916		100	%	100	%
Less: allowance for credit losses	12		12
Total	$	1,922	$	1,904

The recorded investment in syndicated loans as of March 31, 2022 and December 31, 2021 was $146 million and $149 million, respectively. The Company’s syndicated loan portfolio is diversified across industries and issuers. Total syndicated loans past due were nil as of March 31, 2022 and December 31, 2021. The Company assigns an internal risk rating to each syndicated loan in its portfolio ranging from 1 through 5, with 5 reflecting the lowest quality.


	March 31, 2022
Internal Risk Rating	2022		2021		2020		2019		2018		Prior		Total
	(in millions)
Risk 5	$	1	$	—	$	—	$	—	$	—	$	—	$	1
Risk 4	—		—		—		—		—		3		3
Risk 3	—		4		—		9		5		12		30
Risk 2	—		15		6		7		7		32		67
Risk 1	—		5		1		3		12		24		45
Total	$	1	$	24	$	7	$	19	$	24	$	71	$	146


	December 31, 2021
Internal Risk Rating	2021		2020		2019		2018		2017		Prior		Total
	(in millions)
Risk 5	$	—	$	—	$	1	$	—	$	—	$	—	$	1
Risk 4	—		—		—		—		1		2		3
Risk 3	—		—		4		5		5		6		20
Risk 2	15		4		12		10		18		12		71
Risk 1	8		3		3		11		16		13		54
Total	$	23	$	7	$	20	$	26	$	40	$	33	$	149

The Company offers loans to financial advisors for transitional cost assistance. Repayment of the loan is highly dependent on the retention of the financial advisor. In the event a financial advisor is no longer affiliated with the Company, any unpaid balances become immediately due. Accordingly, the primary risk factor for advisor loans is termination status. The allowance for credit losses related to loans to advisors that have terminated their relationship with the Company was $5 million as of both March 31, 2022 and December 31, 2021.


	March 31, 2022
Termination Status	2022		2021		2020		2019		2018		Prior		Total
	(in millions)
Active	$	40	$	131	$	142	$	114	$	86	$	212	$	725
Terminated	—		—		1		1		—		6		8
Total	$	40	$	131	$	143	$	115	$	86	$	218	$	733


	December 31, 2021
Termination Status	2021		2020		2019		2018		2017		Prior		Total
	(in millions)
Active	$	136	$	147	$	119	$	89	$	116	$	113	$	720
Terminated	1		1		—		—		—		6		8
Total	$	137	$	148	$	119	$	89	$	116	$	119	$	728

The credit cards are co-branded with Ameriprise Financial, Inc. and issued to the Company’s customers by a third party. FICO scores and delinquency rates are the primary credit quality indicators for the credit card portfolio. Delinquency rates are measured based on the number of days past due. Credit card receivables over 30 days past due were 1% of total credit card receivables as of both March 31, 2022 and December 31, 2021.


	March 31, 2022		December 31, 2021
	(in millions)
> 800	$	28	$	30
750 - 799	23		24
700 - 749	23		25
650 - 699	14		14
< 650	5		5
Total	$	93	$	98

Policy loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to policy loans, there is no allowance for credit losses.

The margin loans balance was $1.2 billion as of both March 31, 2022 and December 31, 2021. The Company monitors collateral supporting margin loans and requests additional collateral when necessary in order to mitigate the risk of loss. As of both March 31, 2022 and December 31, 2021, the allowance for credit losses on margin loans was not material.

The pledged asset lines of credit balance was $520 million and $467 million as of March 31, 2022 and December 31, 2021, respectively. The Company monitors collateral supporting pledged asset lines of credit and requests additional collateral when necessary in order to mitigate the risk of loss. As of March 31, 2022 and December 31, 2021, there was no allowance for credit losses on pledged asset lines of credit.

Deposit receivables were $7.8 billion and $7.9 billion as of March 31, 2022 and December 31, 2021, respectively. Deposit receivables are fully collateralized by the fair value of the assets held in trusts. Based on management’s evaluation of the nature of the underlying assets and the potential for changes in the collateral value, there was no allowance for credit losses for the deposit receivables as of March 31, 2022 and December 31, 2021.