
	Commercial Loans		Consumer Loans		Total
	(in millions)


Balance at January 1, 2024	$	54	$	9	$	63
Provisions	(2)		1		(1)
Charge-offs	(1)		(1)		(2)


Balance at March 31, 2024	$	51	$	9	$	60



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


Balance at March 31, 2023	$	52	$	7	$	59

As of both March 31, 2024 and December 31, 2023, accrued interest on commercial loans was $19 million and is recorded in Receivables and excluded from the amortized cost basis of commercial loans.

During the three months ended March 31, 2024 and 2023, the Company purchased nil and $1 million, respectively, of syndicated loans, and sold nil and $1 million, respectively, of syndicated loans.

During the three months ended March 31, 2024 and 2023, the Company purchased $36 million and $43 million, respectively, of residential mortgage loans.

Nonperforming loans were $12 million as of both March 31, 2024 and December 31, 2023. 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 March 31, 2024 and December 31, 2023. 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 March 31, 2024 and December 31, 2023.

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


	March 31, 2024
Loan-to-Value Ratio	2024		2023		2022		2021		2020		Prior		Total
	(in millions)
> 100%	$	—	$	—	$	—	$	—	$	—	$	24	$	24
80% - 100%	—		—		5		—		—		60		65
60% - 80%	28		59		26		6		15		129		263
40% - 60%	3		8		46		133		42		386		618
< 40%	—		10		32		48		51		726		867
Total	$	31	$	77	$	109	$	187	$	108	$	1,325	$	1,837


	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

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 three months ended March 31, 2024, 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
	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
	(in millions)
East North Central	$	191	$	189	10	%	10	%
East South Central	47		52		3		3
Middle Atlantic	113		112		6		6
Mountain	146		138		8		8
New England	27		28		1		2
Pacific	619		624		34		34
South Atlantic	466		465		25		25
West North Central	107		109		6		6
West South Central	121		115		7		6
Total	$	1,837	$	1,832	100	%	100	%


	Loans				Percentage
	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
	(in millions)
Apartments	$	483	$	485	26	%	26	%
Hotel	19		13		1		1
Industrial	313		317		17		17
Mixed use	64		64		4		4
Office	233		241		13		13
Retail	573		561		31		31
Other	152		151		8		8
Total	$	1,837	$	1,832	100	%	100	%

The investment in syndicated loans as of March 31, 2024 and December 31, 2023 was $138 million and $145 million, respectively. The Company’s syndicated loan portfolio is diversified across industries and issuers. There were no syndicated loans past due as of March 31, 2024 and syndicated loans past due were not material as of December 31, 2023. 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 three months ended March 31, 2024, write-offs of syndicated loans were not material.


	March 31, 2024
Internal Risk Rating	2024		2023		2022		2021		2020		Prior		Total
	(in millions)
Risk 5	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Risk 4	—		—		—		—		1		2		3
Risk 3	—		2		—		12		2		10		26
Risk 2	12		20		1		13		3		12		61
Risk 1	5		14		2		12		3		12		48
Total	$	17	$	36	$	3	$	37	$	9	$	36	$	138


	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

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, the unpaid balances generally 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 as of both March 31, 2024 and December 31, 2023. For the three months ended March 31, 2024, write-offs of advisor loans were not material.


	March 31, 2024
Termination Status	2024		2023		2022		2021		2020		Prior		Total
	(in millions)
Active	$	120	$	386	$	299	$	144	$	99	$	215	$	1,263
Terminated	—		—		1		1		3		7		12
Total	$	120	$	386	$	300	$	145	$	102	$	222	$	1,275


	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

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 $3 million and $2 million as of March 31, 2024 and December 31, 2023, respectively. For the three months ended March 31, 2024, write-offs of residential mortgage loans were not material.


FICO Score	March 31, 2024
	2024		2023		2022		2021		2020		Total
	(in millions)
> 810	$	—	$	10	$	3	$	2	$	1	$	16
780 - 809	14		64		29		8		6		121
740 - 779	8		85		26		8		5		132
720 - 739	3		16		6		4		—		29
700 - 719	—		8		5		4		1		18
< 699	2		8		3		3		—		16
Total	$	27	$	191	$	72	$	29	$	13	$	332


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


	Loans				Percentage
	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
	(in millions)
Minnesota	$	200	$	178	60	%	59	%
Other U.S. States	132		122		40		41








Total	$	332	$	300	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% of total credit card receivables as of both March 31, 2024 and December 31, 2023.


FICO Score	March 31, 2024		December 31, 2023
	(in millions)
> 800	$	30	$	32
750 - 799	26		28
700 - 749	30		30
650 - 699	19		19
< 650	8		8
Total	$	113	$	117

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 $1.0 billion and $1.1 billion as of March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023, there was no allowance for credit losses on margin loans.

The pledged asset lines of credit balance was $563 million and $537 million as of March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023, there was no allowance for credit losses on pledged asset lines of credit.

Deposit receivables were $6.3 billion and $6.5 billion as of March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023.

Modifications of financing receivables with borrowers experiencing financial difficulty by the Company were not material for the three months ended March 31, 2024 and 2023.