Financing Receivables (Tables)

12 Months Ended

Dec. 31, 2022

Financing Receivables

Rollforward of allowance for credit losses

The following table presents a rollforward of 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.

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
	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

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

	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

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:

	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

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:

	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

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:

	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

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:

	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