
	Commercial Loans		Consumer Loans		Total
	(in millions)


Balance at January 1, 2025	$	45	$	9	$	54
Provisions	(8)		3		(5)
Charge-offs	—		(2)		(2)


Balance at June 30, 2025	$	37	$	10	$	47



Balance at January 1, 2024	$	54	$	9	$	63
Provisions	(5)		2		(3)
Charge-offs	(2)		(1)		(3)


Balance at June 30, 2024	$	47	$	10	$	57

As of June 30, 2025 and December 31, 2024, accrued interest on commercial loans was $22 million and $20 million, respectively, and is recorded in Receivables and excluded from the amortized cost basis of commercial loans.

During the three months ended June 30, 2025 and 2024, the Company purchased $13 million and $7 million, respectively, of syndicated loans, and sold $1 million and $4 million, respectively, of syndicated loans. During the six months ended June 30, 2025 and 2024, the Company purchased $17 million and $7 million, respectively, of syndicated loans, and sold $4 million of syndicated loans.

During the three months ended June 30, 2025 and 2024, the Company purchased $76 million and $74 million, respectively, of residential mortgage loans. During the six months ended June 30, 2025 and 2024, the Company purchased $116 million and $110 million, respectively, of residential mortgage loans.

Nonperforming loans were $12 million and $13 million as of June 30, 2025 and December 31, 2024, 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 June 30, 2025 and December 31, 2024. 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 June 30, 2025 and December 31, 2024.

The tables below present the amortized cost basis of commercial mortgage loans by year of origination and loan-to-value ratio:


	June 30, 2025
Loan-to-Value Ratio	2025		2024		2023		2022		2021		Prior		Total
	(in millions)
> 100%	$	—	$	—	$	—	$	—	$	—	$	16	$	16
80% - 100%	—		—		—		—		—		59		59
60% - 80%	29		83		19		12		—		92		235
40% - 60%	60		88		42		27		74		345		636
< 40%	32		15		11		66		101		799		1,024
Total	$	121	$	186	$	72	$	105	$	175	$	1,311	$	1,970


	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

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 six months ended June 30, 2025, 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
	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
	(in millions)
East North Central	$	187	$	185	10	%	10	%
East South Central	47		45		2		2
Middle Atlantic	131		133		7		7
Mountain	170		157		9		8
New England	29		30		1		2
Pacific	655		633		33		33
South Atlantic	515		489		26		26
West North Central	118		119		6		6
West South Central	118		111		6		6
Total	$	1,970	$	1,902	100	%	100	%


	Loans				Percentage
	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
	(in millions)
Apartments	$	566	$	522	29	%	27	%
Hotel	41		33		2		2
Industrial	375		362		19		19
Mixed use	69		68		4		4
Office	213		219		11		11
Retail	537		546		27		29
Other	169		152		8		8
Total	$	1,970	$	1,902	100	%	100	%

The investment in syndicated loans as of both June 30, 2025 and December 31, 2024 was $92 million. The Company’s syndicated loan portfolio is diversified across industries and issuers. There were no syndicated loans past due as of both June 30, 2025 and December 31, 2024. 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 six months ended June 30, 2025, write-offs of syndicated loans were not material.


	June 30, 2025
Internal Risk Rating	2025		2024		2023		2022		2021		Prior		Total
	(in millions)
Risk 5	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Risk 4	—		—		—		—		—		2		2
Risk 3	6		3		1		—		—		—		10
Risk 2	8		24		5		—		4		8		49
Risk 1	5		21		5		—		—		—		31
Total	$	19	$	48	$	11	$	—	$	4	$	10	$	92


	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

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 as of both June 30, 2025 and December 31, 2024. For the six months ended June 30, 2025, write-offs of advisor loans were not material.


	June 30, 2025
Termination Status	2025		2024		2023		2022		2021		Prior		Total
	(in millions)
Active	$	315	$	336	$	322	$	239	$	106	$	183	$	1,501
Terminated	—		—		—		1		2		8		11
Total	$	315	$	336	$	322	$	240	$	108	$	191	$	1,512


	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

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 $3 million and $4 million as of June 30, 2025 and December 31, 2024, respectively. For the six months ended June 30, 2025, write-offs of residential mortgage loans were not material.


FICO Score	June 30, 2025
	2025		2024		2023		2022		2021		Prior		Total
	(in millions)
> 810	$	7	$	9	$	7	$	2	$	2	$	1	$	28
780 - 809	44		84		54		27		7		5		221
740 - 779	28		62		73		24		7		4		198
720 - 739	7		18		14		5		4		—		48
700 - 719	7		9		8		5		3		1		33
< 699	3		7		7		3		3		—		23
Total	$	96	$	189	$	163	$	66	$	26	$	11	$	551


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


	Loans				Percentage
	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
	(in millions)
Minnesota	$	328	$	284	60	%	61	%
Other U.S. States	223		182		40		39








Total	$	551	$	466	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 June 30, 2025 and December 31, 2024.


FICO Score	June 30, 2025		December 31, 2024
	(in millions)
> 800	$	35	$	38
750 - 799	30		32
700 - 749	27		29
650 - 699	16		16
< 650	8		8
Total	$	116	$	123

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 $1.2 billion and $1.1 billion as of June 30, 2025 and December 31, 2024, respectively. The Company monitors collateral supporting margin loans and requests additional collateral when necessary in order to mitigate the risk of loss. As of both June 30, 2025 and December 31, 2024, there was no allowance for credit losses on margin loans.

The pledged asset lines of credit balance was $864 million and $737 million as of June 30, 2025 and December 31, 2024, 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 June 30, 2025 and December 31, 2024, there was no allowance for credit losses on pledged asset lines of credit.

Deposit receivables were $5.6 billion and $5.8 billion as of June 30, 2025 and December 31, 2024, 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 June 30, 2025 and December 31, 2024.

Modifications of financing receivables with borrowers experiencing financial difficulty by the Company were not material for the three and six months ended June 30, 2025 and 2024.