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Financing Receivables (Tables)

12 Months Ended

Dec. 31, 2024

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, 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

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,
			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		%

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

			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		%

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 year of origination and loan-to-value ratio:

						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

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, 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

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, 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

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, 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

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

			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		%

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,
			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

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