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, 2022	$	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
Provisions	(5)		3		(2)
Charge-offs	(4)		(4)		(8)
Recoveries	—		1		1

Balance at December 31, 2024	$	45	$	9	$	54

As of December 31, 2024 and 2023, accrued interest on commercial loans was $20 million and $19 million, respectively, and is recorded in Receivables and excluded from the amortized cost basis of commercial loans.

During the years ended December 31, 2024, 2023 and 2022, the Company purchased $7 million, $21 million and $67 million, respectively, of syndicated loans, and sold $6 million, $4 million and $1 million, respectively, of syndicated loans.

During the years ended December 31, 2024, 2023 and 2022, the Company purchased $212 million, $202 million and $72 million, respectively, of residential mortgage loans.

Nonperforming loans were $13 million and $12 million as of December 31, 2024 and 2023, 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, 2024 and 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 December 31, 2024 and 2023.


	December 31, 2024
Loan-to-Value Ratio	2024		2023		2022		2021		2020		Prior		Total
	(in millions)
> 100%	$	—	$	—	$	—	$	—	$	—	$	15	$	15
80% - 100%	—		—		—		—		10		48		58
60% - 80%	86		44		18		9		5		130		292
40% - 60%	87		22		39		69		41		348		606
< 40%	15		10		48		102		50		706		931
Total	$	188	$	76	$	105	$	180	$	106	$	1,247	$	1,902


	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 year ended December 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
	December 31,				December 31,
	2024		2023		2024		2023
	(in millions)
East North Central	$	185	$	189	10	%	10	%
East South Central	45		52		2		3
Middle Atlantic	133		112		7		6
Mountain	157		138		8		8
New England	30		28		2		2
Pacific	633		624		33		34
South Atlantic	489		465		26		25
West North Central	119		109		6		6
West South Central	111		115		6		6
Total	$	1,902	$	1,832	100	%	100	%


	Loans				Percentage
	December 31,				December 31,
	2024		2023		2024		2023
	(in millions)
Apartments	$	522	$	485	27	%	26	%
Hotel	33		13		2		1
Industrial	362		317		19		17
Mixed use	68		64		4		4
Office	219		241		11		13
Retail	546		561		29		31
Other	152		151		8		8
Total	$	1,902	$	1,832	100	%	100	%

The investment in syndicated loans as of December 31, 2024 and 2023 was $92 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 December 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 year ended December 31, 2024, write-offs of syndicated loans were not material.


	December 31, 2024
Internal Risk Rating	2024		2023		2022		2021		2020		Prior		Total
	(in millions)
Risk 5	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Risk 4	—		—		—		—		—		2		2
Risk 3	1		1		—		8		1		1		12
Risk 2	29		5		—		3		—		8		45
Risk 1	22		6		—		3		2		—		33
Total	$	52	$	12	$	—	$	14	$	3	$	11	$	92


	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 $6 million and $7 million as of December 31, 2024 and 2023, respectively. For the year ended December 31, 2024, write-offs of advisor loans were not material.


	December 31, 2024
Termination Status	2024		2023		2022		2021		2020		Prior		Total
	(in millions)
Active	$	358	$	351	$	261	$	121	$	82	$	150	$	1,323
Terminated	—		—		2		2		2		6		12
Total	$	358	$	351	$	263	$	123	$	84	$	156	$	1,335


	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 $4 million and $2 million as of December 31, 2024 and 2023, respectively. For the year end December 31, 2024, write-offs of residential mortgage loans were not material.


FICO Score	December 31, 2024
	2024		2023		2022		2021		2020		Total
	(in millions)
> 810	$	5	$	9	$	2	$	2	$	1	$	19
780 - 809	84		56		28		7		6		181
740 - 779	64		77		25		7		5		178
720 - 739	17		15		5		5		—		42
700 - 719	9		8		5		3		1		26
< 699	7		7		3		3		—		20
Total	$	186	$	172	$	68	$	27	$	13	$	466


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
	December 31,				December 31,
	2024		2023		2024		2023
	(in millions)
Minnesota	$	284	$	178	61	%	59	%
Other U.S. States	182		122		39		41








Total	$	466	$	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 December 31, 2024 and 2023.


FICO Score	December 31,
	2024		2023
	(in millions)
> 800	$	38	$	32
750 - 799	32		28
700 - 749	29		30
650 - 699	16		19
< 650	8		8
Total	$	123	$	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 $1.1 billion as of both December 31, 2024 and 2023. 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, 2024 and 2023, there was no allowance for credit losses on margin loans.

The pledged asset lines of credit balance was $737 million and $537 million as of December 31, 2024 and 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 December 31, 2024 and 2023, there was no allowance for credit losses on pledged asset lines of credit.

Deposit receivables were $5.8 billion and $6.5 billion as of December 31, 2024 and 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 December 31, 2024 and 2023.

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