Financing Receivables (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Financing Receivables |
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| 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, 2023 | $ | 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 | | | Provisions | (3) | | | 5 | | | 2 | | | Charge-offs | (1) | | | (4) | | | (5) | | | Recoveries | — | | | 1 | | | 1 | | | | | | | | Balance at December 31, 2025 | $ | 41 | | | $ | 11 | | | $ | 52 | |
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| 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, | 2025 | | 2024 | 2025 | | 2024 | | (in millions) | | | | | East North Central | $ | 185 | | | $ | 185 | | | 9 | % | | 10 | % | | East South Central | 51 | | | 45 | | | 3 | | | 2 | | | Middle Atlantic | 126 | | | 133 | | | 6 | | | 7 | | | Mountain | 168 | | | 157 | | | 8 | | | 8 | | | New England | 35 | | | 30 | | | 2 | | | 2 | | | Pacific | 696 | | | 633 | | | 34 | | | 33 | | | South Atlantic | 552 | | | 489 | | | 27 | | | 26 | | | West North Central | 110 | | | 119 | | | 5 | | | 6 | | | West South Central | 116 | | | 111 | | | 6 | | | 6 | | | Total | $ | 2,039 | | | $ | 1,902 | | | 100 | % | | 100 | % | | | | | | | | | | |
Concentrations of credit risk of commercial mortgage loans by property type were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Loans | | Percentage | | December 31, | | December 31, | 2025 | | 2024 | | 2025 | | 2024 | | (in millions) | | | | | | Apartments | $ | 600 | | | $ | 522 | | | 29 | % | | 27 | % | | Hotel | 40 | | | 33 | | | 2 | | | 2 | | | Industrial | 404 | | | 362 | | | 20 | | | 19 | | | Mixed use | 83 | | | 68 | | | 4 | | | 4 | | | Office | 190 | | | 219 | | | 9 | | | 11 | | | Retail | 528 | | | 546 | | | 26 | | | 29 | | | Other | 194 | | | 152 | | | 10 | | | 8 | | | Total | $ | 2,039 | | | $ | 1,902 | | | 100 | % | | 100 | % | | | | | | | | | | |
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| Commercial Loans | Commercial mortgage loans |
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| Financing Receivables |
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| 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, 2025 | | Loan-to-Value Ratio | | 2025 | | 2024 | | 2023 | | 2022 | | 2021 | | Prior | | Total | | (in millions) | | > 100% | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 15 | | | $ | 15 | | | 80% - 100% | | — | | | — | | | — | | | — | | | — | | | 56 | | | 56 | | | 60% - 80% | | 83 | | | 82 | | | 18 | | | 12 | | | — | | | 103 | | | 298 | | | 40% - 60% | | 129 | | | 87 | | | 42 | | | 26 | | | 62 | | | 339 | | | 685 | | | < 40% | | 45 | | | 15 | | | 11 | | | 65 | | | 108 | | | 741 | | | 985 | | | Total | | $ | 257 | | | $ | 184 | | | $ | 71 | | | $ | 103 | | | $ | 170 | | | $ | 1,254 | | | $ | 2,039 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | |
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| Commercial Loans | Syndicated loans |
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| Financing Receivables |
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| 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, 2025 | | Internal Risk Rating | | 2025 | | 2024 | | 2023 | | 2022 | | 2021 | | Prior | | Total | | (in millions) | | Risk 5 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Risk 4 | | — | | | — | | | — | | | — | | | — | | | 1 | | | 1 | | | Risk 3 | | 7 | | | 1 | | | 1 | | | — | | | — | | | — | | | 9 | | | Risk 2 | | 11 | | | 15 | | | 3 | | | — | | | 3 | | | 3 | | | 35 | | | Risk 1 | | 14 | | | 15 | | | 5 | | | — | | | — | | | — | | | 34 | | | Total | | $ | 32 | | | $ | 31 | | | $ | 9 | | | $ | — | | | $ | 3 | | | $ | 4 | | | $ | 79 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | |
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| Commercial Loans | Loans to financial advisors |
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| Financing Receivables |
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| 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, 2025 | | Termination Status | | 2025 | | 2024 | | 2023 | | 2022 | | 2021 | | Prior | | Total | | (in millions) | | Active | | $ | 637 | | | $ | 309 | | | $ | 280 | | | $ | 215 | | | $ | 79 | | | $ | 142 | | | $ | 1,662 | | | Terminated | | — | | | 1 | | | — | | | 1 | | | 1 | | | 8 | | | 11 | | | Total | | $ | 637 | | | $ | 310 | | | $ | 280 | | | $ | 216 | | | $ | 80 | | | $ | 150 | | | $ | 1,673 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | |
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| Consumer Loans | Residential mortgage loans |
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| Financing Receivables |
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| 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, 2025 | 2025 | | 2024 | | 2023 | | 2022 | | 2021 | | Prior | | Total | | (in millions) | > 810 | $ | 23 | | | $ | 8 | | | $ | 7 | | | $ | 2 | | | $ | 2 | | | $ | 1 | | | $ | 43 | | 780 - 809 | 177 | | | 76 | | | 50 | | | 22 | | | 7 | | | 5 | | | 337 | | 740 - 779 | 128 | | | 56 | | | 62 | | | 22 | | | 7 | | | 4 | | | 279 | | 720 - 739 | 29 | | | 17 | | | 13 | | | 4 | | | 4 | | | — | | | 67 | | 700 - 719 | 16 | | | 8 | | | 8 | | | 5 | | | 3 | | | 1 | | | 41 | | < 699 | 14 | | | 6 | | | 6 | | | 3 | | | 3 | | | — | | | 32 | | | Total | $ | 387 | | | $ | 171 | | | $ | 146 | | | $ | 58 | | | $ | 26 | | | $ | 11 | | | $ | 799 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | | December 31, | | December 31, | 2025 | | 2024 | | 2025 | | 2024 | | (in millions) | | | | | Minnesota | $ | 420 | | | $ | 284 | | | 53 | % | | 61 | % | Other U.S. States | 379 | | | 182 | | | 47 | | | 39 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | $ | 799 | | | $ | 466 | | | 100 | % | | 100 | % |
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| Consumer Loans | Credit card receivables |
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| Financing Receivables |
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| 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, | 2025 | | 2024 | | (in millions) | | > 800 | $ | 39 | | | $ | 38 | | | 750 - 799 | 31 | | | 32 | | | 700 - 749 | 27 | | | 29 | | | 650 - 699 | 16 | | | 16 | | | < 650 | 9 | | | 8 | | | Total | $ | 122 | | | $ | 123 | |
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