Financing Receivables (Tables)

3 Months Ended

Mar. 31, 2023

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, 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

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, 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

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

	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

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, 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

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, 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

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, 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

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, 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