Financing Receivables (Tables)

12 Months Ended

Dec. 31, 2023

Financing Receivables

Rollforward of allowance for credit losses

The following table presents a rollforward of 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

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
	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	%

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

	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	%

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:

	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

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:

	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

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:

	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

Consumer Loans | Residential mortgage loans

Financing Receivables

Schedule of amortized cost basis of loans and credit quality information

The tables below present the amortized cost basis of residential mortgage loans by year of origination and FICO score:

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

The table below presents the concentrations of credit risk of residential mortgage loans by U.S. region:

	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	%

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:

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