
	Commercial Loans		Consumer Loans		Total
	(in millions)


Balance at January 1, 2023	$	54	$	5	$	59
Provisions	(1)		2		1
Charge-offs	(1)		—		(1)


Balance at March 31, 2023	$	52	$	7	$	59



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



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

As of March 31, 2023 and December 31, 2022, accrued interest on commercial loans was $17 million, and is recorded in Receivables and excluded from the amortized cost basis of commercial loans.

During the three months ended March 31, 2023 and 2022, the Company purchased $1 million and nil, respectively, of syndicated loans, and sold $1 million and nil, respectively, of syndicated loans.

During the three months ended March 31, 2023 and 2022, the Company purchased $43 million and $1 million, respectively, of residential mortgage loans, and sold nil and nil, respectively, of residential mortgage loans. The allowance for credit losses for residential mortgage loans was not material as of both March 31, 2023 and December 31, 2022.

Nonperforming loans were $12 million and $11 million as of March 31, 2023 and December 31, 2022, 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, 2023 and December 31, 2022. 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 March 31, 2023 and December 31, 2022, 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, 2023
Loan-to-Value Ratio	2023		2022		2021		2020		2019		Prior		Total
	(in millions)
> 100%	$	—	$	—	$	—	$	2	$	2	$	41	$	45
80% - 100%	—		7		6		2		19		38		72
60% - 80%	12		38		61		17		41		101		270
40% - 60%	3		33		101		56		89		464		746
< 40%	—		33		27		35		58		575		728
Total	$	15	$	111	$	195	$	112	$	209	$	1,219	$	1,861


	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

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. For the three months ended March 31, 2023, the Company did not have any write-offs of commercial mortgage loans.

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, 2023		December 31, 2022		March 31, 2023		December 31, 2022
	(in millions)
East North Central	$	199	$	201	11	%	11	%
East South Central	53		54		3		3
Middle Atlantic	114		114		6		6
Mountain	135		129		7		7
New England	23		23		1		1
Pacific	633		638		34		34
South Atlantic	465		479		25		25
West North Central	118		120		6		6
West South Central	121		124		7		7
	1,861		1,882		100	%	100	%
Less: allowance for credit losses	11		11
Total	$	1,850	$	1,871


	Loans				Percentage
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
	(in millions)
Apartments	$	489	$	495	26	%	26	%
Hotel	14		14		1		1
Industrial	310		321		17		17
Mixed use	68		66		3		4
Office	256		259		14		14
Retail	581		594		31		31
Other	143		133		8		7
	1,861		1,882		100	%	100	%
Less: allowance for credit losses	11		11
Total	$	1,850	$	1,871

The investment in syndicated loans as of March 31, 2023 and December 31, 2022 was $165 million and $175 million, respectively. The Company’s syndicated loan portfolio is diversified across industries and issuers. There were no syndicated loans past due as of both March 31, 2023 and December 31, 2022. 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. For the three months ended March 31, 2023, the Company did not have any write-offs of syndicated loans.


	March 31, 2023
Internal Risk Rating	2023		2022		2021		2020		2019		Prior		Total
	(in millions)
Risk 5	$	—	$	1	$	—	$	—	$	—	$	2	$	3
Risk 4	—		—		—		1		2		—		3
Risk 3	—		—		8		1		3		12		24
Risk 2	—		9		21		6		11		27		74
Risk 1	1		4		9		4		9		34		61
Total	$	1	$	14	$	38	$	12	$	25	$	75	$	165


	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

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 $7 million and $6 million as of March 31, 2023 and December 31, 2022, respectively. The write-offs of advisor loans was not material for the three months ended March 31, 2023.


	March 31, 2023
Termination Status	2023		2022		2021		2020		2019		Prior		Total
	(in millions)
Active	$	108	$	346	$	170	$	127	$	95	$	213	$	1,059
Terminated	—		—		1		1		3		6		11
Total	$	108	$	346	$	171	$	128	$	98	$	219	$	1,070


	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

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, 2023 and December 31, 2022.


	March 31, 2023		December 31, 2022
	(in millions)
> 800	$	28	$	32
750 - 799	26		27
700 - 749	27		28
650 - 699	17		17
< 650	6		6
Total	$	104	$	110

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 $1.1 billion and $1.2 billion as of March 31, 2023 and December 31, 2022, respectively. 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, 2023 and December 31, 2022, there was no allowance for credit losses on margin loans.

The pledged asset lines of credit balance was $546 million and $589 million as of March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022, there was no allowance for credit losses on pledged asset lines of credit.

Deposit receivables were $7.1 billion and $7.4 billion as of March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022.