Financing receivables are comprised of commercial loans, consumer loans and deposit receivables. See Note 2 for information regarding the Company’s accounting policies related to financing receivables and the allowance for credit losses.


	Commercial Loans		Consumer Loans		Total
	(in millions)
Balance at December 31, 2019 (1)	$	51	$	—	$	51
Cumulative effect of adoption of current expected credit losses guidance	2		3		5
Balance at January 1, 2020	53		3		56
Provisions	19		2		21
Charge-offs	(6)		(3)		(9)

Balance at December 31, 2020	66		2		68
Provisions	(13)		2		(11)
Charge-offs	(8)		(2)		(10)
Recoveries	—		1		1
Other	2		—		2
Balance at December 31, 2021	47		3		50
Provisions	10		3		13
Charge-offs	(3)		(1)		(4)


Balance at December 31, 2022	$	54	$	5	$	59

(1) Prior to January 1, 2020, the allowance for credit losses was based on an incurred loss model that did not require estimating expected credit losses over the expected life of the asset.

The decrease in the allowance for credit losses provision for commercial loans in 2021 reflected the sale of certain commercial mortgage loans and syndicated loans in conjunction with the fixed deferred and immediate annuity reinsurance transaction in 2021.

As of December 31, 2022 and 2021, accrued interest on commercial loans was $17 million and $13 million, respectively, and is recorded in Receivables and excluded from the amortized cost basis of commercial loans.

There were no commercial mortgage loans sold for the years ended December 31, 2022 and 2020. During the year ended December 31, 2021, the Company sold $746 million of commercial mortgage loans.

During the years ended December 31, 2022, 2021 and 2020, the Company purchased $67 million, $37 million and $173 million, respectively, of syndicated loans, and sold $1 million, $354 million and $17 million, respectively, of syndicated loans.

During the years ended December 31, 2022, 2021 and 2020, the Company purchased $72 million, $33 million and $22 million, respectively, of residential mortgage loans, and sold nil, $1 million and nil, respectively, of residential mortgage loans. The allowance for credit losses for residential mortgage loans was not material as of both December 31, 2022 and 2021.

Nonperforming loans were $11 million and $9 million as of December 31, 2022 and 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 December 31, 2022 and 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. There were no commercial mortgage loans past due as of both December 31, 2022 and 2021.

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


	December 31, 2022
Loan-to-Value Ratio	2022		2021		2020		2019		2018		Prior		Total
	(in millions)
> 100%	$	—	$	—	$	2	$	2	$	3	$	39	$	46
80% - 100%	7		9		2		20		8		29		75
60% - 80%	39		87		17		52		9		107		311
40% - 60%	48		89		69		90		57		435		788
< 40%	18		12		30		46		85		471		662
Total	$	112	$	197	$	120	$	210	$	162	$	1,081	$	1,882


	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
	December 31,				December 31,
	2022		2021		2022		2021
	(in millions)
East North Central	$	201	$	194	11	%	10	%
East South Central	54		57		3		3
Middle Atlantic	114		122		6		6
Mountain	129		119		7		6
New England	23		28		1		2
Pacific	638		627		34		33
South Atlantic	479		497		25		26
West North Central	120		141		6		7
West South Central	124		131		7		7
	1,882		1,916		100	%	100	%
Less: allowance for credit losses	11		12
Total	$	1,871	$	1,904


	Loans				Percentage
	December 31,				December 31,
	2022		2021		2022		2021
	(in millions)
Apartments	$	495	$	496	26	%	26	%
Hotel	14		14		1		1
Industrial	321		319		17		17
Mixed use	66		68		4		3
Office	259		271		14		14
Retail	594		617		31		32
Other	133		131		7		7
	1,882		1,916		100	%	100	%
Less: allowance for credit losses	11		12
Total	$	1,871	$	1,904

The recorded investment in syndicated loans as of December 31, 2022 and 2021 was $175 million and $149 million, respectively. The Company’s syndicated loan portfolio is diversified across industries and issuers. There were no syndicated loans past due as of both December 31, 2022 and 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.


	December 31, 2022
Internal Risk Rating	2022		2021		2020		2019		2018		Prior		Total
	(in millions)
Risk 5	$	1	$	—	$	—	$	—	$	—	$	—	$	1
Risk 4	—		—		—		2		—		2		4
Risk 3	—		9		1		6		5		8		29
Risk 2	8		21		7		12		5		28		81
Risk 1	6		9		4		6		13		22		60
Total	$	15	$	39	$	12	$	26	$	23	$	60	$	175


	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 and practice operations. 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 $6 million and $5 million as of December 31, 2022 and 2021, respectively.


	December 31, 2022
Termination Status	2022		2021		2020		2019		2018		Prior		Total
	(in millions)
Active	$	359	$	178	$	133	$	99	$	76	$	158	$	1,003
Terminated	—		1		1		2		1		5		10
Total	$	359	$	179	$	134	$	101	$	77	$	163	$	1,013


	December 31, 2021
Termination Status	2021		2020		2019		2018		2017		Prior		Total
	(in millions)
Active	$	231	$	184	$	120	$	89	$	116	$	113	$	853
Terminated	1		1		—		—		—		6		8
Total	$	232	$	185	$	120	$	89	$	116	$	119	$	861

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 December 31, 2022 and 2021.


	December 31,
	2022		2021
	(in millions)
> 800	$	32	$	30
750 - 799	27		24
700 - 749	28		25
650 - 699	17		14
< 650	6		5
Total	$	110	$	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 December 31, 2022 and 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 December 31, 2022 and 2021, there was no allowance for credit losses on margin loans.

The pledged asset lines of credit balance was $589 million and $467 million as of December 31, 2022 and 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 both December 31, 2022 and 2021, there was no allowance for credit losses on pledged asset lines of credit.

Deposit receivables were $7.4 billion and $7.9 billion as of December 31, 2022 and 2021, respectively. Deposit receivables are collateralized by the fair value of the assets held in trusts. Based on management’s evaluation of the collateral value relative to the deposit receivables, the allowance for credit losses for deposit receivables was not material as of both December 31, 2022 and 2021.

There were no loans accounted for as a troubled debt restructuring by the Company during the years ended December 31, 2022, 2021 and 2020. There are no commitments to lend additional funds to borrowers whose loans have been restructured.