Financing Receivables (Tables)

9 Months Ended

Sep. 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	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

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
	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

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

	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

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:

	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

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:

	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

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:

	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

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:

	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