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v3.25.1

Financing Receivables (Tables) | 3 Months Ended
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Mar. 31, 2025
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, 2025 | $ | 45 |  |  | $ | 9 |  |  | $ | 54 |
Provisions | (9) |  |  | 2 |  |  | (7) |
Charge-offs | — |  |  | (1) |  |  | (1) |
Balance at March 31, 2025 | $ | 36 |  |  | $ | 10 |  |  | $ | 46 |
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 |
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 year of origination and loan-to-value ratio:
|  | March 31, 2025
Loan-to-Value Ratio |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
| (in millions)
> 100% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 15 |  |  | $ | 15 |
80% - 100% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 57 |  |  | 57 |
60% - 80% |  | 17 |  |  | 83 |  |  | 35 |  |  | 18 |  |  | 6 |  |  | 126 |  |  | 285 |
40% - 60% |  | 36 |  |  | 89 |  |  | 30 |  |  | 40 |  |  | 72 |  |  | 387 |  |  | 654 |
< 40% |  | 13 |  |  | 15 |  |  | 7 |  |  | 47 |  |  | 100 |  |  | 751 |  |  | 933 |
Total |  | $ | 66 |  |  | $ | 187 |  |  | $ | 72 |  |  | $ | 105 |  |  | $ | 178 |  |  | $ | 1,336 |  |  | $ | 1,944 |
|  | 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 |
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, 2025 |  | December 31, 2024 | March 31, 2025 |  | December 31, 2024
(in millions) |  |  |  |
East North Central | $ | 189 |  |  | $ | 185 |  |  | 10 | % |  | 10 | %
East South Central | 45 |  |  | 45 |  |  | 2 |  |  | 2 |
Middle Atlantic | 133 |  |  | 133 |  |  | 7 |  |  | 7 |
Mountain | 168 |  |  | 157 |  |  | 9 |  |  | 8 |
New England | 29 |  |  | 30 |  |  | 1 |  |  | 2 |
Pacific | 642 |  |  | 633 |  |  | 33 |  |  | 33 |
South Atlantic | 501 |  |  | 489 |  |  | 26 |  |  | 26 |
West North Central | 117 |  |  | 119 |  |  | 6 |  |  | 6 |
West South Central | 120 |  |  | 111 |  |  | 6 |  |  | 6 |
Total | $ | 1,944 |  |  | $ | 1,902 |  |  | 100 | % |  | 100 | %
Concentrations of credit risk of commercial mortgage loans by property type were as follows:
| Loans |  | Percentage
March 31, 2025 |  | December 31, 2024 | March 31, 2025 |  | December 31, 2024
(in millions) |  |  |  |
Apartments | $ | 552 |  |  | $ | 522 |  |  | 28 | % |  | 27 | %
Hotel | 33 |  |  | 33 |  |  | 2 |  |  | 2 |
Industrial | 359 |  |  | 362 |  |  | 18 |  |  | 19 |
Mixed use | 69 |  |  | 68 |  |  | 4 |  |  | 4 |
Office | 216 |  |  | 219 |  |  | 11 |  |  | 11 |
Retail | 547 |  |  | 546 |  |  | 28 |  |  | 29 |
Other | 168 |  |  | 152 |  |  | 9 |  |  | 8 |
Total | $ | 1,944 |  |  | $ | 1,902 |  |  | 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, 2025
Internal Risk Rating |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
| (in millions)
Risk 5 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Risk 4 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 2 |
Risk 3 |  | 5 |  |  | 1 |  |  | 1 |  |  | — |  |  | 2 |  |  | 1 |  |  | 10 |
Risk 2 |  | 6 |  |  | 22 |  |  | 5 |  |  | — |  |  | 3 |  |  | 8 |  |  | 44 |
Risk 1 |  | 3 |  |  | 21 |  |  | 6 |  |  | — |  |  | — |  |  | 1 |  |  | 31 |
Total |  | $ | 14 |  |  | $ | 44 |  |  | $ | 12 |  |  | $ | — |  |  | $ | 5 |  |  | $ | 12 |  |  | $ | 87 |
|  | 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 |
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, 2025
Termination Status |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
| (in millions)
Active |  | $ | 191 |  |  | $ | 348 |  |  | $ | 335 |  |  | $ | 250 |  |  | $ | 113 |  |  | $ | 207 |  |  | $ | 1,444 |
Terminated |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 2 |  |  | 8 |  |  | 12 |
Total |  | $ | 191 |  |  | $ | 348 |  |  | $ | 335 |  |  | $ | 252 |  |  | $ | 115 |  |  | $ | 215 |  |  | $ | 1,456 |
|  | 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 |
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, 2025
2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
(in millions)
> 810 | $ | 1 |  |  | $ | 9 |  |  | $ | 9 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 24 |
780 - 809 | 11 |  |  | 86 |  |  | 56 |  |  | 28 |  |  | 7 |  |  | 6 |  |  | 194 |
740 - 779 | 10 |  |  | 66 |  |  | 75 |  |  | 24 |  |  | 7 |  |  | 4 |  |  | 186 |
720 - 739 | 2 |  |  | 18 |  |  | 14 |  |  | 5 |  |  | 5 |  |  | — |  |  | 44 |
700 - 719 | 1 |  |  | 8 |  |  | 8 |  |  | 5 |  |  | 3 |  |  | 1 |  |  | 26 |
< 699 | — |  |  | 7 |  |  | 7 |  |  | 3 |  |  | 3 |  |  | — |  |  | 20 |
Total | $ | 25 |  |  | $ | 194 |  |  | $ | 169 |  |  | $ | 67 |  |  | $ | 27 |  |  | $ | 12 |  |  | $ | 494 |
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 |
The table below presents the concentrations of credit risk of residential mortgage loans by U.S. region:
| Loans |  | Percentage
| March 31, 2025 |  | December 31, 2024 |  | March 31, 2025 |  | December 31, 2024
(in millions) |  |  |  |
Minnesota | $ | 304 |  |  | $ | 284 |  |  | 62 | % |  | 61 | %
Other U.S. States | 190 |  |  | 182 |  |  | 38 |  |  | 39 |
Total | $ | 494 |  |  | $ | 466 |  |  | 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 | March 31, 2025 |  | December 31, 2024
(in millions)
> 800 | $ | 34 |  |  | $ | 38 |
750 - 799 | 30 |  |  | 32 |
700 - 749 | 27 |  |  | 29 |
650 - 699 | 16 |  |  | 16 |
< 650 | 8 |  |  | 8 |
Total | $ | 115 |  |  | $ | 123 |

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-29 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-5 + Details
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