
	Commercial Loans		Consumer Loans		Total
	(in millions)


Balance at January 1, 2025	$	45	$	9	$	54
Provisions	(7)		4		(3)
Charge-offs	(1)		(3)		(4)
Recoveries	—		1		1

Balance at September 30, 2025	$	37	$	11	$	48



Balance at January 1, 2024	$	54	$	9	$	63
Provisions	(4)		3		(1)
Charge-offs	(3)		(3)		(6)


Balance at September 30, 2024	$	47	$	9	$	56

As of September 30, 2025 and December 31, 2024, accrued interest on commercial loans was $21 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 September 30, 2025 and 2024, the Company purchased $4 million and nil, respectively, of syndicated loans, and sold $3 million and $1 million, respectively, of syndicated loans. During the nine months ended September 30, 2025 and 2024, the Company purchased $21 million and $7 million, respectively, of syndicated loans, and sold $7 million and $5 million, respectively, of syndicated loans.

During the three months ended September 30, 2025 and 2024, the Company purchased $135 million and $42 million, respectively, of residential mortgage loans. During the nine months ended September 30, 2025 and 2024, the Company purchased $251 million and $152 million, respectively, of residential mortgage loans.

Nonperforming loans were $12 million and $13 million as of September 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 September 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 September 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:


	September 30, 2025
Loan-to-Value Ratio	2025		2024		2023		2022		2021		Prior		Total
	(in millions)
> 100%	$	—	$	—	$	—	$	—	$	—	$	15	$	15
80% - 100%	—		—		—		—		—		56		56
60% - 80%	56		83		18		12		—		81		250
40% - 60%	102		87		42		27		70		349		677
< 40%	37		15		11		65		102		765		995
Total	$	195	$	185	$	71	$	104	$	172	$	1,266	$	1,993


	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 nine months ended September 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
	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
	(in millions)
East North Central	$	187	$	185	9	%	10	%
East South Central	45		45		2		2
Middle Atlantic	120		133		6		7
Mountain	169		157		8		8
New England	35		30		2		2
Pacific	667		633		34		33
South Atlantic	538		489		27		26
West North Central	114		119		6		6
West South Central	118		111		6		6
Total	$	1,993	$	1,902	100	%	100	%


	Loans				Percentage
	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
	(in millions)
Apartments	$	579	$	522	29	%	27	%
Hotel	40		33		2		2
Industrial	396		362		20		19
Mixed use	76		68		4		4
Office	195		219		10		11
Retail	530		546		26		29
Other	177		152		9		8
Total	$	1,993	$	1,902	100	%	100	%

The investment in syndicated loans as of September 30, 2025 and December 31, 2024 was $87 million and $92 million, respectively. The Company’s syndicated loan portfolio is diversified across industries and issuers. There were no syndicated loans past due as of both September 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 nine months ended September 30, 2025, write-offs of syndicated loans were not material.


	September 30, 2025
Internal Risk Rating	2025		2024		2023		2022		2021		Prior		Total
	(in millions)
Risk 5	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Risk 4	—		—		—		—		—		1		1
Risk 3	8		1		1		—		—		—		10
Risk 2	12		17		5		—		4		4		42
Risk 1	14		15		5		—		—		—		34
Total	$	34	$	33	$	11	$	—	$	4	$	5	$	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

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 September 30, 2025 and December 31, 2024. For the nine months ended September 30, 2025, write-offs of advisor loans were not material.


	September 30, 2025
Termination Status	2025		2024		2023		2022		2021		Prior		Total
	(in millions)
Active	$	443	$	327	$	297	$	225	$	91	$	160	$	1,543
Terminated	—		—		—		1		2		8		11
Total	$	443	$	327	$	297	$	226	$	93	$	168	$	1,554


	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 $7 million and $4 million as of September 30, 2025 and December 31, 2024, respectively. For the nine months ended September 30, 2025, write-offs of residential mortgage loans were not material.


FICO Score	September 30, 2025
	2025		2024		2023		2022		2021		Prior		Total
	(in millions)
> 810	$	15	$	8	$	6	$	2	$	2	$	1	$	34
780 - 809	103		83		53		26		7		5		277
740 - 779	74		62		72		22		7		4		241
720 - 739	17		17		14		5		4		—		57
700 - 719	11		8		8		5		3		1		36
< 699	7		7		6		3		3		—		26
Total	$	227	$	185	$	159	$	63	$	26	$	11	$	671


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
	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
	(in millions)
Minnesota	$	394	$	284	59	%	61	%
Other U.S. States	277		182		41		39








Total	$	671	$	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 September 30, 2025 and December 31, 2024.


FICO Score	September 30, 2025		December 31, 2024
	(in millions)
> 800	$	34	$	38
750 - 799	30		32
700 - 749	27		29
650 - 699	15		16
< 650	9		8
Total	$	115	$	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 September 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 September 30, 2025 and December 31, 2024, there was no allowance for credit losses on margin loans.

The pledged asset lines of credit balance was $952 million and $737 million as of September 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 September 30, 2025 and December 31, 2024, there was no allowance for credit losses on pledged asset lines of credit.

Deposit receivables were $5.5 billion and $5.8 billion as of September 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 September 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 nine months ended September 30, 2025 and 2024.