Financing Receivables (Tables)

3 Months Ended

Mar. 31, 2022

Financing Receivables

Rollforward of allowance for credit losses

The following tables present a rollforward of the allowance for credit losses:

	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

Schedule of concentrations of credit risk of loans 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

Concentrations of credit risk of commercial mortgage loans by property type were as follows:

	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

Commercial Loans | Commercial mortgage loans

Financing Receivables

Schedule of amortized cost basis of loans and credit quality information

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

Commercial Loans | Syndicated loans

Financing Receivables

Schedule of amortized cost basis of loans and credit quality information

The tables below present the amortized cost basis of syndicated loans by origination year and internal risk rating:

	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

Commercial Loans | Loans to financial advisors

Financing Receivables

Schedule of amortized cost basis of loans and credit quality information

The tables below present the amortized cost basis of advisor loans by origination year and termination status:

	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

Consumer Loans | Credit card receivables

Financing Receivables

Schedule of amortized cost basis of loans and credit quality information

The table below presents the amortized cost basis of credit card receivables by FICO score:

	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