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Financing Receivables (Tables)

3 Months Ended

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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Tabular disclosure of allowance for credit loss on financing receivable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-11B

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
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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

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