
	Commercial Loans		Consumer Loans		Total
	(in millions)


Balance at January 1, 2023	$	54	$	5	$	59
Provisions	4		4		8
Charge-offs	(2)		(1)		(3)


Balance at September 30, 2023	$	56	$	8	$	64



Balance at January 1, 2022	$	47	$	3	$	50
Provisions	6		2		8
Charge-offs	—		(1)		(1)


Balance at September 30, 2022	$	53	$	4	$	57

As of September 30, 2023 and December 31, 2022, accrued interest on commercial loans was $19 million and $17 million, respectively, and is recorded in Receivables and excluded from the amortized cost basis of commercial loans.

During the three months ended September 30, 2023 and 2022, the Company purchased $20 million and nil, respectively, of syndicated loans, and sold $1 million and nil, respectively, of syndicated loans. During the nine months ended September 30, 2023 and 2022, the Company purchased $21 million and $57 million, respectively, of syndicated loans, and sold $4 million and $1 million, respectively, of syndicated loans.

During the three months ended September 30, 2023 and 2022, the Company purchased $49 million and $11 million, respectively, of residential mortgage loans. During the nine months ended September 30, 2023 and 2022, the Company purchased $144 million and $34 million, respectively, of residential mortgage loans. The allowance for credit losses for residential mortgage loans was not material as of both September 30, 2023 and December 31, 2022.

Nonperforming loans were $12 million and $11 million as of September 30, 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 September 30, 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 both September 30, 2023 and December 31, 2022.

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


	September 30, 2023
Loan-to-Value Ratio	2023		2022		2021		2020		2019		Prior		Total
	(in millions)
> 100%	$	—	$	—	$	—	$	—	$	2	$	25	$	27
80% - 100%	—		5		—		2		11		50		68
60% - 80%	19		27		6		14		40		117		223
40% - 60%	7		47		134		53		70		372		683
< 40%	9		32		50		41		81		609		822
Total	$	35	$	111	$	190	$	110	$	204	$	1,173	$	1,823


	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 nine months ended September 30, 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
	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
	(in millions)
East North Central	$	192	$	201	11	%	11	%
East South Central	51		54		3		3
Middle Atlantic	113		114		6		6
Mountain	136		129		7		7
New England	22		23		1		1
Pacific	631		638		35		34
South Atlantic	449		479		25		25
West North Central	113		120		6		6
West South Central	116		124		6		7
	1,823		1,882		100	%	100	%
Less: allowance for credit losses	10		11
Total	$	1,813	$	1,871


	Loans				Percentage
	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
	(in millions)
Apartments	$	485	$	495	26	%	26	%
Hotel	13		14		1		1
Industrial	309		321		17		17
Mixed use	66		66		4		4
Office	243		259		13		14
Retail	566		594		31		31
Other	141		133		8		7
	1,823		1,882		100	%	100	%
Less: allowance for credit losses	10		11
Total	$	1,813	$	1,871

The investment in syndicated loans as of September 30, 2023 and December 31, 2022 was $160 million and $175 million, respectively. The Company’s syndicated loan portfolio is diversified across industries and issuers. Syndicated loans past due were not material as of September 30, 2023 and no syndicated loans were past due as of 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 nine months ended September 30, 2023, the Company did not have any write-offs of syndicated loans.


	September 30, 2023
Internal Risk Rating	2023		2022		2021		2020		2019		Prior		Total
	(in millions)
Risk 5	$	—	$	1	$	—	$	—	$	—	$	—	$	1
Risk 4	—		—		—		1		2		—		3
Risk 3	—		—		12		1		2		13		28
Risk 2	14		12		17		3		11		16		73
Risk 1	6		7		11		4		6		21		55
Total	$	20	$	20	$	40	$	9	$	21	$	50	$	160


	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 September 30, 2023 and December 31, 2022, respectively. For the nine months ended September 30, 2023, write-offs of advisor loans were not material.


	September 30, 2023
Termination Status	2023		2022		2021		2020		2019		Prior		Total
	(in millions)
Active	$	327	$	325	$	157	$	114	$	84	$	175	$	1,182
Terminated	—		—		1		2		4		5		12
Total	$	327	$	325	$	158	$	116	$	88	$	180	$	1,194


	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 2% and 1% of total credit card receivables as of September 30, 2023 and December 31, 2022, respectively.


	September 30, 2023		December 31, 2022
	(in millions)
> 800	$	29	$	32
750 - 799	26		27
700 - 749	29		28
650 - 699	18		17
< 650	7		6
Total	$	109	$	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 September 30, 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 September 30, 2023 and December 31, 2022, there was no allowance for credit losses on margin loans.

The pledged asset lines of credit balance was $523 million and $589 million as of September 30, 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 September 30, 2023 and December 31, 2022, there was no allowance for credit losses on pledged asset lines of credit.

Deposit receivables were $6.7 billion and $7.4 billion as of September 30, 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 September 30, 2023 and December 31, 2022.

Modifications of financing receivables with borrowers experiencing financial difficulty by the Company were not material during the three and nine months ended September 30, 2023.