Financing receivables are comprised of commercial loans, consumer loans and deposit receivables. See Note 2 for information regarding the Company’s accounting policies related to financing receivables and the allowance for credit losses.


	Commercial Loans		Consumer Loans		Total
	(in millions)


Balance at January 1, 2021	$	66	$	2	$	68
Provisions	(13)		2		(11)
Charge-offs	(8)		(2)		(10)
Recoveries	—		1		1
Other	2		—		2
Balance at December 31, 2021	47		3		50
Provisions	10		3		13
Charge-offs	(3)		(1)		(4)


Balance at December 31, 2022	54		5		59
Provisions	2		6		8
Charge-offs	(2)		(2)		(4)


Balance at December 31, 2023	$	54	$	9	$	63

The decrease in the allowance for credit losses provision for commercial loans in 2021 reflected the sale of certain commercial mortgage loans and syndicated loans in conjunction with the fixed deferred and payout annuity reinsurance transaction in 2021.

As of December 31, 2023 and 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.

There were no commercial mortgage loans sold for the years ended December 31, 2023 and 2022. During the year ended December 31, 2021, the Company sold $746 million of commercial mortgage loans.

During the years ended December 31, 2023, 2022 and 2021, the Company purchased $21 million, $67 million and $37 million, respectively, of syndicated loans, and sold $4 million, $1 million and $354 million, respectively, of syndicated loans.

During the years ended December 31, 2023, 2022 and 2021, the Company purchased $202 million, $72 million and $33 million, respectively, of residential mortgage loans.

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


	December 31, 2023
Loan-to-Value Ratio	2023		2022		2021		2020		2019		Prior		Total
	(in millions)
> 100%	$	—	$	—	$	—	$	—	$	2	$	22	$	24
80% - 100%	—		5		—		2		11		50		68
60% - 80%	59		26		6		14		40		106		251
40% - 60%	8		47		133		53		70		348		659
< 40%	10		32		49		40		80		619		830
Total	$	77	$	110	$	188	$	109	$	203	$	1,145	$	1,832


	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 year ended December 31, 2023, write-offs of commercial mortgage loans were not material.

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
	December 31,				December 31,
	2023		2022		2023		2022
	(in millions)
East North Central	$	189	$	201	10	%	11	%
East South Central	52		54		3		3
Middle Atlantic	112		114		6		6
Mountain	138		129		8		7
New England	28		23		2		1
Pacific	624		638		34		34
South Atlantic	465		479		25		25
West North Central	109		120		6		6
West South Central	115		124		6		7
Total	$	1,832	$	1,882	100	%	100	%


	Loans				Percentage
	December 31,				December 31,
	2023		2022		2023		2022
	(in millions)
Apartments	$	485	$	495	26	%	26	%
Hotel	13		14		1		1
Industrial	317		321		17		17
Mixed use	64		66		4		4
Office	241		259		13		14
Retail	561		594		31		31
Other	151		133		8		7
Total	$	1,832	$	1,882	100	%	100	%

The investment in syndicated loans as of December 31, 2023 and 2022 was $145 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 December 31, 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 year ended December 31, 2023, write-offs of syndicated loans were not material.


	December 31, 2023
Internal Risk Rating	2023		2022		2021		2020		2019		Prior		Total
	(in millions)
Risk 5	$	—	$	1	$	—	$	—	$	—	$	—	$	1
Risk 4	—		—		—		1		2		—		3
Risk 3	2		—		12		2		2		10		28
Risk 2	26		3		17		5		11		2		64
Risk 1	14		5		15		3		10		2		49
Total	$	42	$	9	$	44	$	11	$	25	$	14	$	145


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


	December 31, 2023
Termination Status	2023		2022		2021		2020		2019		Prior		Total
	(in millions)
Active	$	395	$	310	$	151	$	107	$	79	$	157	$	1,199
Terminated	—		2		1		1		4		4		12
Total	$	395	$	312	$	152	$	108	$	83	$	161	$	1,211


	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 Company reviews the credit worthiness of the borrower in order to determine the risk of loss on residential mortgage loans. Geographic location and FICO scores are the primary credit quality indicators included in the model that projects the Company’s risk of credit loss over the life of the residential mortgage loan portfolio. Delinquency rates are measured based on the number of days past due. Residential mortgage loans over 30 days past due were $2 million and $3 million as of December 31, 2023 and 2022, respectively. For the year end December 31, 2023, write-offs of residential mortgage loans were not material.


FICO Score	December 31, 2023
	2023		2022		2021		2020		Total
	(in millions)
> 810	$	9	$	3	$	2	$	—	$	14
780 - 809	65		29		8		6		108
740 - 779	80		26		8		6		120
720 - 739	15		6		4		1		26
700 - 719	8		5		4		1		18
< 699	7		4		3		—		14
Total	$	184	$	73	$	29	$	14	$	300


FICO Score	December 31, 2022
	2022		2021		2020		Total
	(in millions)
> 810	$	2	$	2	$	1	$	5
780 - 809	30		9		7		46
740 - 779	24		9		6		39
720 - 739	5		5		—		10
700 - 719	6		3		1		10
< 699	4		3		—		7
Total	$	71	$	31	$	15	$	117


	Loans				Percentage
	December 31,				December 31,
	2023		2022		2023		2022
	(in millions)
Minnesota	$	178	$	82	59	%	70	%
Other U.S. States	122		35		41		30








Total	$	300	$	117	100	%	100	%

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 December 31, 2023 and 2022, respectively.


FICO Score	December 31,
	2023		2022
	(in millions)
> 800	$	32	$	32
750 - 799	28		27
700 - 749	30		28
650 - 699	19		17
< 650	8		6
Total	$	117	$	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 December 31, 2023 and 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 December 31, 2023 and 2022, there was no allowance for credit losses on margin loans.

The pledged asset lines of credit balance was $537 million and $589 million as of December 31, 2023 and 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 December 31, 2023 and 2022, there was no allowance for credit losses on pledged asset lines of credit.

Deposit receivables were $6.5 billion and $7.4 billion as of December 31, 2023 and 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 December 31, 2023 and 2022.

Modifications of financing receivables with borrowers experiencing financial difficulty by the Company were not material during the year ended December 31, 2023.