Financing Receivables (Tables)

3 Months Ended

Mar. 31, 2024

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, 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

Commercial 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:

	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

Commercial Loans | Commercial mortgage loans

Financing Receivables

Schedule of amortized cost basis of loans and credit quality information

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	%

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

	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	%

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:

	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

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:

	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

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	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

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	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

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

	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	%