Financing Receivables (Tables)

9 Months Ended

Sep. 30, 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 at January 1, 2022	$	47	$	3	$	50
Provisions	6		2		8
Charge-offs	—		(1)		(1)
Balance at September 30, 2022	$	53	$	4	$	57

	Commercial Loans		Consumer Loans		Total
	(in millions)
Balance at January 1, 2021	$	66	$	2	$	68
Provisions	(14)		1		(13)
Charge-offs	(6)		(1)		(7)
Recoveries	—		1		1
Other	2		—		2
Balance at September 30, 2021	$	48	$	3	$	51

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
	September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021
	(in millions)
East North Central	$	208	$	194	11	%	10	%
East South Central	55		57		3		3
Middle Atlantic	110		122		6		6
Mountain	132		119		7		6
New England	24		28		1		2
Pacific	639		627		33		33
South Atlantic	496		497		26		26
West North Central	131		141		7		7
West South Central	125		131		6		7
	1,920		1,916		100	%	100	%
Less: allowance for credit losses	12		12
Total	$	1,908	$	1,904

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

	Loans				Percentage
	September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021
	(in millions)
Apartments	$	509	$	496	26	%	26	%
Hotel	14		14		1		1
Industrial	318		319		17		17
Mixed use	66		68		3		3
Office	267		271		14		14
Retail	611		617		32		32
Other	135		131		7		7
	1,920		1,916		100	%	100	%
Less: allowance for credit losses	12		12
Total	$	1,908	$	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:

	September 30, 2022
Loan-to-Value Ratio	2022		2021		2020		2019		2018		Prior		Total
	(in millions)
> 100%	$	—	$	—	$	2	$	2	$	3	$	40	$	47
80% - 100%	2		9		2		20		7		47		87
60% - 80%	35		89		17		52		10		98		301
40% - 60%	40		89		69		91		58		445		792
< 40%	16		12		30		47		86		502		693
Total	$	93	$	199	$	120	$	212	$	164	$	1,132	$	1,920

	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:

	September 30, 2022
Internal Risk Rating	2022		2021		2020		2019		2018		Prior		Total
	(in millions)
Risk 5	$	1	$	—	$	—	$	—	$	—	$	—	$	1
Risk 4	—		—		—		1		—		2		3
Risk 3	—		9		1		7		3		10		30
Risk 2	8		20		7		12		5		35		87
Risk 1	1		8		3		6		13		25		56
Total	$	10	$	37	$	11	$	26	$	21	$	72	$	177

	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:

	September 30, 2022
Termination Status	2022		2021		2020		2019		2018		Prior		Total
	(in millions)
Active	$	162	$	120	$	128	$	104	$	79	$	176	$	769
Terminated	—		1		1		2		1		6		11
Total	$	162	$	121	$	129	$	106	$	80	$	182	$	780

	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:

	September 30, 2022		December 31, 2021
	(in millions)
> 800	$	29	$	30
750 - 799	25		24
700 - 749	26		25
650 - 699	16		14
< 650	5		5
Total	$	101	$	98