Financing Receivables (Tables)

6 Months Ended

Jun. 30, 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		3		4
Charge-offs	(1)		(1)		(2)
Balance at June 30, 2023	$	54	$	7	$	61
Balance at January 1, 2022	$	47	$	3	$	50
Provisions	2		1		3
Charge-offs	—		(1)		(1)
Balance at June 30, 2022	$	49	$	3	$	52

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
	June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
	(in millions)
East North Central	$	195	$	201	11	%	11	%
East South Central	52		54		3		3
Middle Atlantic	114		114		6		6
Mountain	134		129		7		7
New England	22		23		1		1
Pacific	640		638		35		34
South Atlantic	451		479		25		25
West North Central	116		120		6		6
West South Central	119		124		6		7
	1,843		1,882		100	%	100	%
Less: allowance for credit losses	11		11
Total	$	1,832	$	1,871

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

	Loans				Percentage
	June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
	(in millions)
Apartments	$	489	$	495	27	%	26	%
Hotel	14		14		1		1
Industrial	309		321		17		17
Mixed use	67		66		4		4
Office	250		259		13		14
Retail	575		594		31		31
Other	139		133		7		7
	1,843		1,882		100	%	100	%
Less: allowance for credit losses	11		11
Total	$	1,832	$	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:

	June 30, 2023
Loan-to-Value Ratio	2023		2022		2021		2020		2019		Prior		Total
	(in millions)
> 100%	$	—	$	—	$	—	$	—	$	2	$	23	$	25
80% - 100%	—		5		—		2		11		53		71
60% - 80%	16		27		8		14		41		122		228
40% - 60%	4		47		133		54		70		395		703
< 40%	7		32		51		41		82		603		816
Total	$	27	$	111	$	192	$	111	$	206	$	1,196	$	1,843

	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:

	June 30, 2023
Internal Risk Rating	2023		2022		2021		2020		2019		Prior		Total
	(in millions)
Risk 5	$	—	$	1	$	—	$	—	$	—	$	—	$	1
Risk 4	—		—		—		1		2		1		4
Risk 3	—		—		8		1		2		13		24
Risk 2	—		8		19		6		11		23		67
Risk 1	5		5		9		4		9		26		58
Total	$	5	$	14	$	36	$	12	$	24	$	63	$	154

	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:

	June 30, 2023
Termination Status	2023		2022		2021		2020		2019		Prior		Total
	(in millions)
Active	$	191	$	336	$	163	$	120	$	91	$	194	$	1,095
Terminated	—		—		1		2		2		6		11
Total	$	191	$	336	$	164	$	122	$	93	$	200	$	1,106

	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:

	June 30, 2023		December 31, 2022
	(in millions)
> 800	$	30	$	32
750 - 799	27		27
700 - 749	28		28
650 - 699	17		17
< 650	7		6
Total	$	109	$	110