8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (Date of earliest event reported): February 7, 2024 (February 7, 2024)

ONEMAIN HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-36129	27-3379612
(State or other jurisdiction of incorporation)	(Commission file number)	(I.R.S. employer identification number)

601 N.W. Second Street, Evansville, IN 47708

(Address of principal executive offices) (Zip code)

(812) 424-8031

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.01 per share	OMF	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 7, 2024, OneMain Holdings, Inc. (the “Company”) issued a press release announcing the Company’s results for its fiscal quarter ended December 31, 2023. A copy of the Company’s press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference in its entirety.

The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, unless expressly set forth as being incorporated by reference into such filing.

Item 7.01 Regulation FD Disclosure.

On February 7, 2024, the Company issued a press release announcing that the Company declared a dividend of $1.00 per share payable on February 23, 2024 to record holders of our common stock as of the close of business on February 20, 2024. A copy of the Company’s press release is attached as Exhibit 99.1 hereto and incorporated herein by reference.

The information in the press release is being furnished, not filed, pursuant to this Item 7.01. Accordingly, the information in the press release will not be incorporated by reference into any registration statement filed by the Company under the Securities Act unless specifically identified therein as being incorporated therein by reference. The furnishing of the information in this Current Report with respect to the press release is not intended to, and does not, constitute a determination or admission by the Company that the information in this Current Report with respect to the press release is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company.

Item 9.01 Financial Statements and Exhibits.

(d)     Exhibits.

Exhibit Number	Description
99.1	Press Release issued February 7, 2024
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			ONEMAIN HOLDINGS, INC.
			(Registrant)
Date:	February 7, 2024	By:	/s/ Micah R. Conrad
			Micah R. Conrad
			Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

ONEMAIN HOLDINGS, INC. REPORTS FOURTH QUARTER 2023 RESULTS

–4Q 2023 Diluted EPS of $1.38

–4Q 2023 C&I adjusted diluted EPS of $1.39

–4Q 2023 Managed receivables of $22.2 billion

–Declared quarterly dividend of $1.00 per share

–Repurchased 531 thousand shares for $20 million in 4Q

New York, NY, February 7, 2024 - OneMain Holdings, Inc. (NYSE: OMF), the leader in offering nonprime consumers responsible access to credit, today reported pretax income of $220 million and net income of $165 million for the fourth quarter of 2023, compared to $233 million and $176 million, respectively, in the prior year quarter. Earnings per diluted share were $1.38 in the fourth quarter of 2023, compared to $1.44 in the prior year quarter.

Net income was $641 million for the full year of 2023, compared to $872 million for the full year of 2022. Earnings per diluted share were $5.32 in the full year of 2023, compared to $7.01 in the prior year.

On February 7, 2024, OneMain declared a quarterly dividend of $1.00 per share, payable on February 23, 2024, to record holders of the Company's common stock as of the close of business on February 20, 2024.

During the quarter, the Company repurchased approximately 531 thousand shares of common stock for $20 million.

“OneMain finished the year very well positioned for the future,” said Doug Shulman, Chairman and CEO of OneMain. “As we enter 2024, we feel very good about the competitive position of the business, management of our credit box, and development of new products that will drive profitable growth in future years.”

The following segment results are reported on a non-GAAP basis. Refer to the required reconciliations of non-GAAP to comparable GAAP measures at the end of this press release.

Consumer and Insurance Segment (“C&I”)

C&I adjusted pretax income was $223 million and adjusted net income was $167 million for the fourth quarter of 2023, compared to $249 million and $186 million, respectively, in the prior year quarter. Adjusted earnings per diluted share were $1.39 for the fourth quarter of 2023, compared to $1.53 in the prior year quarter.

C&I generated adjusted net income of $655 million for the full year of 2023, compared to $904 million in the prior year.

Adjusted earnings per diluted share were $5.43 for the full year 2023, compared to $7.27 in the prior year.

Management runs the business based on C&I capital generation, which it defines as C&I adjusted net income excluding the after-tax change in C&I allowance for finance receivable losses while still considering the current period C&I net charge-offs. C&I capital generation was $191 million for the fourth quarter 2023, compared to $229 million in the prior year quarter. The decline was driven by higher net charge-offs and interest expense, partially offset by an increase in interest income in the current quarter compared to the prior year period.

Managed receivables, which includes loans serviced for our whole loan sale partners, were $22.2 billion at December 31, 2023, up 7% from $20.8 billion at December 31, 2022.

Personal loan originations totaled $3.0 billion in the fourth quarter of 2023, down 13% from $3.5 billion in the prior year quarter.

Interest income in the fourth quarter of 2023 was $1.2 billion, up 6% from $1.1 billion in the prior year quarter, reflecting higher average net finance receivables, partially offset by a lower portfolio yield.

Personal loan yield was 22.1% in the fourth quarter of 2023, down from 22.3% in the prior year quarter, reflecting impacts from the current macroeconomic environment.

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The provision for finance receivable losses was $446 million in the fourth quarter of 2023, up $42 million compared to the prior year period. During the fourth quarter of 2023, the allowance for finance receivable losses increased $31 million, driven by growth in receivables.

C&I Select Delinquency and Loss Ratios	December 31, 2023		September 30, 2023		December 31, 2022
Personal loans:
30+ days delinquency ratio	6.16	%	5.55	%	5.80	%
90+ days delinquency ratio	2.88	%	2.57	%	2.74	%
30-89 days delinquency ratio	3.28	%	2.98	%	3.07	%
Net charge-offs	7.70	%	6.68	%	6.88	%

Operating expense for the fourth quarter of 2023 was $382 million, up 4% from $367 million in the prior year quarter reflecting continued investment in the business.

Funding and Liquidity

As of December 31, 2023, the Company had principal debt balances outstanding of $20.1 billion, 58% of which was secured. The Company had $1.0 billion of cash and cash equivalents, which included $148 million of cash and cash equivalents held at regulated insurance subsidiaries or for other operating activities that are unavailable for general corporate purposes.

Cash and cash equivalents, together with the Company’s $1.3 billion of undrawn committed capacity from an unsecured corporate revolver, $6.4 billion of undrawn committed capacity under revolving conduit facilities, and $8.4 billion of unencumbered receivables, provides significant liquidity resources.

Conference Call & Webcast Information

OneMain management will host a conference call and webcast to discuss the Company's results, outlook, and related matters at 9:00 am Eastern Time on Wednesday, February 7, 2024. Both the call and webcast are open to the general public. The general public is invited to listen to the call by dialing 800-579-2568 (U.S. domestic) or 785-424-1619 (international), and using conference ID 44662, or via a live audio webcast through the Investor Relations section of the OneMain Financial website at http://investor.onemainfinancial.com. For those unable to listen to the live broadcast, a replay will be available on our website after the event. An investor presentation will be available on the Investor Relations page of the OneMain Financial website prior to the start of the conference call.

About OneMain Holdings, Inc.

OneMain Financial (NYSE: OMF) is the leader in offering nonprime consumers responsible access to credit and is dedicated to improving the financial well-being of hardworking Americans. We empower our customers to solve today’s problems and reach a better financial future through personalized solutions available online and in 1,400 locations across 44 states. OneMain is committed to making a positive impact on the people and the communities we serve. For additional information, please visit www.OneMainFinancial.com.

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Use of Non-GAAP Financial Measures

We report the operating results of Consumer and Insurance using the Segment Accounting Basis, which (i) reflects our allocation methodologies for interest expense and operating costs, to reflect the manner in which we assess our business results and (ii) excludes the impact of applying purchase accounting (eliminates premiums/discounts on our finance receivables and long-term debt at acquisition, as well as the amortization/accretion in future periods). Consumer and Insurance adjusted pretax income (loss), Consumer and Insurance adjusted net income (loss), and Consumer and Insurance adjusted earnings (loss) per diluted share are key performance measures used to evaluate the performance of our business. Consumer and Insurance adjusted pretax income (loss) represents income (loss) before income taxes on a Segment Accounting Basis and excludes regulatory settlements, net gain or loss resulting from repurchases and repayments of debt, and other items and strategic activities, which include direct costs associated with COVID-19, restructuring charges and the expense associated with cash-settled stock-based awards. We believe these non-GAAP financial measures are useful in assessing the profitability of our segment.

We also use Consumer and Insurance pretax capital generation and Consumer and Insurance capital generation, non-GAAP financial measures, as a key performance measure of our segment. Consumer and Insurance pretax capital generation represents Consumer and Insurance adjusted pretax income, as discussed above, and excludes the change in our Consumer and Insurance allowance for finance receivable losses in the period while still considering the Consumer and Insurance net charge-offs incurred during the period. Consumer and Insurance capital generation represents the after-tax effect of Consumer and Insurance pretax capital generation. We believe that these non-GAAP measures are useful in assessing the capital created in the period impacting the overall capital adequacy of the Company. We believe that the Company’s reserves, combined with its equity, represent the Company's loss absorption capacity.

We utilize these non-GAAP measures in evaluating our performance. Additionally, these non-GAAP measures are consistent with the performance goals established in OMH’s executive compensation program. These non-GAAP financial measures should be considered supplemental to, but not as a substitute for or superior to, income (loss) before income taxes, net income, or other measures of financial performance prepared in accordance with GAAP.

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This document contains summarized information concerning the Company and its business, operations, financial performance and trends. No representation is made that the information in this document is complete. For additional financial, statistical and business related information see the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission (the “SEC”), as well as the Company’s other reports filed with the SEC from time to time, which are or will be available in the Investor Relations section of the OneMain Financial website (www.omf.com) and the SEC's website (www.sec.gov).

Cautionary Note Regarding Forward-Looking Statements

This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements preceded by, followed by or that otherwise include the words “anticipates,” “appears,” “assumes,” “believes,” “can,” “continues,” “could,” “estimates,” “expects,” “forecasts,” “foresees,” “goal,” “intends,” “likely,” “objective,” “plans,” “projects,” “target,” “trend,” “remains,” and similar expressions or future or conditional verbs such as “could,” “may,” “might,” “should,” “will” or “would” are intended to identify forward-looking statements, but these words are not the exclusive means of identifying forward-looking statements.

Forward-looking statements are not statements of historical fact but instead represent only management’s current beliefs regarding future events, objectives, goals, projections, strategies, performance, and future plans, and underlying assumptions and other statements related thereto. You should not place undue reliance on these forward-looking statements. By their nature, forward-looking statements are subject to risks, uncertainties, assumptions and other important factors that may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward-looking statements. Important factors that could cause actual results, performance, or achievements to differ materially from those expressed in or implied by forward-looking statements include, without limitation, the following: adverse changes and volatility in general economic conditions, including the interest rate environment and the financial markets; the sufficiency of our allowance for finance receivable losses; increased levels of unemployment and personal bankruptcies; the current inflationary environment and related trends affecting our customers; natural or accidental events such as earthquakes, hurricanes, pandemics, floods or wildfires affecting our customers, collateral, or our facilities; a failure in or breach of our information, operational or security systems or infrastructure or those of third parties, including as a result of cyber incidents, war or other disruptions; the adequacy of our credit risk scoring models; geopolitical risks, including recent geopolitical actions outside the U.S.; adverse changes in our ability to attract and retain employees or key executives; increased competition or adverse changes in customer responsiveness to our distribution channels or products; changes in federal, state, or local laws, regulations, or regulatory policies and practices or increased regulatory scrutiny of our business or industry; risks associated with our insurance operations; the costs and effects of any actual or alleged violations of any federal, state, or local laws, rules or regulations; the costs and effects of any fines, penalties, judgments, decrees, orders, inquiries, investigations, subpoenas, or enforcement or other proceedings of any governmental or quasi-governmental agency or authority; our substantial indebtedness and our continued ability to access the capital markets and maintain adequate current sources of funds to satisfy our cash flow requirements; our ability to comply with all of our covenants; the effects of any downgrade of our debt ratings by credit rating agencies; and other risks and uncertainties described in the “Risk Factors” and “Management’s Discussion and Analysis” sections of the Company’s most recent Form 10-K filed with the SEC and in the Company’s other filings with the SEC from time to time.

The liquidity runway scenario disclosed in the press release is based on management’s estimates and assumptions for internal strategic planning purposes and does not constitute guidance or financial projections and should not be regarded or relied on as such.

If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. You should specifically consider the factors identified in this document that could cause actual results to differ before making an investment decision to purchase our securities. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us.

Forward looking statements included in this document speak only as of the date on which they were made. We undertake no obligation to update or revise any forward-looking statements, whether written or oral, to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events or the non-occurrence of anticipated events, whether as a result of new information, future developments or otherwise, except as required by law.

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OneMain Holdings, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
	Quarter Ended										Fiscal Year
(unaudited, $ in millions, except per share amounts)	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		2023		2022
Interest income	$	1,187	$	1,167	$	1,117	$	1,094	$	1,122	$	4,564	$	4,435
Interest expense	(270)		(267)		(244)		(239)		(231)		(1,019)		(892)
Net interest income	917		900		873		855		891		3,545		3,543
Provision for finance receivable losses	(446)		(410)		(479)		(385)		(404)		(1,721)		(1,402)
Net interest income after provision for finance receivable losses	471		490		394		470		487		1,824		2,141
Insurance	113		113		112		111		111		448		445
Investment	32		32		27		25		22		116		61
Gain on sales of finance receivables	10		11		13		17		13		52		63
Net loss on repurchases and repayments of debt	(1)		—		—		—		(1)		—		(27)
Other	32		29		33		24		24		119		87
Total other revenues	186		185		185		177		169		735		629
Operating expenses	(388)		(381)		(397)		(365)		(384)		(1,530)		(1,457)
Insurance policy benefits and claims	(49)		(48)		(44)		(47)		(39)		(189)		(158)
Total other expenses	(437)		(429)		(441)		(412)		(423)		(1,719)		(1,615)
Income before income taxes	220		246		138		235		233		840		1,155
Income taxes	(55)		(52)		(35)		(56)		(57)		(199)		(283)
Net income	$	165	$	194	$	103	$	179	$	176	$	641	$	872
Weighted average number of diluted shares	120.1		120.8		120.6		121.0		121.9		120.6		124.4
Diluted EPS	$	1.38	$	1.61	$	0.85	$	1.48	$	1.44	$	5.32	$	7.01
Book value per basic share	$	26.60	$	25.86	$	25.39	$	25.55	$	24.91	$	26.60	$	24.91
Return on assets	2.7%		3.2%		1.8%		3.2%		3.1%		2.7%		3.9%
Change in allowance for finance receivable losses	$	(31)	$	(57)	$	(94)	$	(3)	$	(56)	$	(185)	$	(216)
Net charge-offs	(415)		(353)		(385)		(382)		(348)		(1,536)		(1,186)
Provision for finance receivable losses	$	(446)	$	(410)	$	(479)	$	(385)	$	(404)	$	(1,721)	$	(1,402)

Note:	Quarters may not sum to fiscal year due to rounding.
	On January 1, 2023, the Company adopted ASU 2018-12, Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts. In accordance with this standard, the Company has recast its prior period financial information to reflect the effects of the adoption.

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OneMain Holdings, Inc.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
	As of
(unaudited, $ in millions)	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022
Assets
Cash and cash equivalents	$	1,014	$	1,190	$	1,021	$	544	$	498
Investment securities	1,719		1,635		1,710		1,786		1,800
Net finance receivables	21,349		21,067		20,510		19,809		19,986
Unearned insurance premium and claim reserves	(771)		(772)		(761)		(740)		(749)
Allowance for finance receivable losses	(2,480)		(2,449)		(2,392)		(2,298)		(2,311)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses	18,098		17,846		17,357		16,771		16,926
Restricted cash and restricted cash equivalents	534		580		532		531		461
Goodwill	1,437		1,437		1,437		1,437		1,437
Other intangible assets	260		260		260		261		261
Other assets	1,232		1,198		1,194		1,113		1,154
Total assets	$	24,294	$	24,146	$	23,511	$	22,443	$	22,537
Liabilities and Shareholders’ Equity
Long-term debt	$	19,813	$	19,851	$	19,195	$	18,206	$	18,281
Insurance claims and policyholder liabilities	615		599		616		615		620
Deferred and accrued taxes	9		6		5		22		5
Other liabilities	671		581		637		519		616
Total liabilities	21,108		21,037		20,453		19,362		19,522
Common stock	1		1		1		1		1
Additional paid-in capital	1,715		1,706		1,702		1,693		1,689
Accumulated other comprehensive income (loss)	(87)		(129)		(114)		(108)		(127)
Retained earnings	2,285		2,240		2,168		2,188		2,119
Treasury stock	(728)		(709)		(699)		(693)		(667)
Total shareholders’ equity	3,186		3,109		3,058		3,081		3,015
Total liabilities and shareholders’ equity	$	24,294	$	24,146	$	23,511	$	22,443	$	22,537

Note: On January 1, 2023, the Company adopted ASU 2018-12, Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts. In accordance with this standard, the Company has recast its prior period financial information to reflect the effects of the adoption.

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OneMain Holdings, Inc.
CONSOLIDATED KEY FINANCIAL METRICS (UNAUDITED)
	As of
(unaudited, $ in millions)	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022
Liquidity
Cash and cash equivalents	$	1,014	$	1,190	$	1,021	$	544	$	498
Cash and cash equivalents unavailable for general corporate purposes	148		169		196		177		147
Unencumbered receivables	8,427		7,715		8,577		8,574		9,407
Undrawn conduit facilities	6,399		6,175		6,175		6,075		6,125
Undrawn corporate revolver	1,325		1,250		1,250		1,250		1,250
Drawn conduit facilities	1		—		—		100		50
Net adjusted debt	$	18,775	$	18,658	$	18,198	$	17,667	$	17,758
Total Shareholders' equity	$	3,186	$	3,109	$	3,058	$	3,081	$	3,015
Goodwill	(1,437)		(1,437)		(1,437)		(1,437)		(1,437)
Other intangible assets	(260)		(260)		(260)		(261)		(261)
Junior subordinated debt	172		172		172		172		172
Adjusted tangible common equity	1,661		1,584		1,533		1,555		1,489
Allowance for finance receivable losses, net of tax (1)	1,860		1,837		1,794		1,724		1,733
Adjusted capital	$	3,521	$	3,421	$	3,327	$	3,279	$	3,222
Net leverage (net adjusted debt to adjusted capital)	5.3x		5.5x		5.5x		5.4x		5.5x

Note:	On January 1, 2023, the Company adopted ASU 2018-12, Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts. In accordance with this standard, the Company has recast its prior period financial information to reflect the effects of the adoption.
(1)	Income taxes assume a 25% tax rate.

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OneMain Holdings, Inc.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)
	Quarter Ended										Fiscal Year
(unaudited, $ in millions)	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		2023		2022
Consumer & Insurance	$	220	$	250	$	138	$	236	$	244	$	845	$	1,169
Other	(1)		(4)		—		(1)		(1)		(6)		—
Segment to GAAP adjustment	1		—		—		—		(10)		1		(14)
Income before income taxes - GAAP basis	$	220	$	246	$	138	$	235	$	233	$	840	$	1,155
Consumer & Insurance pretax income	$	220	$	250	$	138	$	236	$	244	$	845	$	1,169
Regulatory settlements	2		—		24		—		—		26		—
Net loss on repurchases and repayments of debt (1)	—		—		—		—		—		—		26
Other (2)	1		2		—		—		5		3		11
Consumer & Insurance adjusted pretax income (non-GAAP)	$	223	$	252	$	162	$	236	$	249	$	874	$	1,206
Reconciling items (3)	$	(2)	$	(2)	$	(24)	$	—	$	(15)	$	(28)	$	(51)
Consumer & Insurance	$	21,349	$	21,068	$	20,511	$	19,810	$	19,987	$	21,349	$	19,987
Segment to GAAP adjustment	—		(1)		(1)		(1)		(1)		—		(1)
Net finance receivables - GAAP basis	$	21,349	$	21,067	$	20,510	$	19,809	$	19,986	$	21,349	$	19,986
Consumer & Insurance	$	2,480	$	2,449	$	2,392	$	2,298	$	2,315	$	2,480	$	2,315
Segment to GAAP adjustment	—		—		—		—		(4)		—		(4)
Allowance for finance receivable losses - GAAP basis	$	2,480	$	2,449	$	2,392	$	2,298	$	2,311	$	2,480	$	2,311

Note:	Quarters may not sum to fiscal year due to rounding.
	On January 1, 2023, the Company adopted ASU 2018-12, Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts. In accordance with this standard, the Company has recast its prior period financial information to reflect the effects of the adoption.
(1)	Amounts differ from those presented on "Consolidated Statements of Operations (Unaudited)" page as a result of purchase accounting adjustments that are not applicable on a segment accounting basis.
(2)	Includes strategic activities and other items.
(3)	Reconciling items consist of Segment to GAAP adjustment and the adjustments to Pretax income – segment accounting basis for C&I and Other. The adjustments to Other adjusted pretax income (loss) are not disclosed in the table above due to immateriality.

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OneMain Holdings, Inc.
CONSUMER & INSURANCE SEGMENT (UNAUDITED) (Non-GAAP)
	Quarter Ended										Fiscal Year
(unaudited, in millions, except per share amounts)	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		2023		2022
Interest income	$	1,186	$	1,166	$	1,115	$	1,092	$	1,121	$	4,559	$	4,429
Interest expense	(271)		(265)		(242)		(238)		(230)		(1,015)		(886)
Net interest income	915		901		873		854		891		3,544		3,543
Provision for finance receivable losses	(446)		(410)		(479)		(385)		(404)		(1,721)		(1,399)
Net interest income after provision for finance receivable losses	469		491		394		469		487		1,823		2,144
Insurance	113		113		112		111		111		448		445
Investment	32		32		27		25		22		116		61
Gain on sales of finance receivables	10		11		13		17		13		52		63
Other	30		26		30		23		22		111		75
Total other revenues	185		182		182		176		168		727		644
Operating expenses	(382)		(373)		(370)		(362)		(367)		(1,487)		(1,424)
Insurance policy benefits and claims	(49)		(48)		(44)		(47)		(39)		(189)		(158)
Total other expenses	(431)		(421)		(414)		(409)		(406)		(1,676)		(1,582)
Adjusted pretax income (non-GAAP)	223		252		162		236		249		874		1,206
Income taxes (1)	(56)		(63)		(40)		(59)		(63)		(219)		(302)
Adjusted net income (non-GAAP)	$	167	$	189	$	122	$	177	$	186	$	655	$	904
Weighted average number of diluted shares	120.1		120.8		120.6		121.0		121.9		120.6		124.4
C&I adjusted diluted EPS	$	1.39	$	1.57	$	1.01	$	1.46	$	1.53	$	5.43	$	7.27

Note:	Quarters may not sum to fiscal year due to rounding.
	On January 1, 2023, the Company adopted ASU 2018-12, Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts. In accordance with this standard, the Company has recast its prior period financial information to reflect the effects of the adoption.
(1)	Income taxes assume a 25% tax rate.

9

OneMain Holdings, Inc.
CONSUMER & INSURANCE SEGMENT METRICS (UNAUDITED)
	Quarter Ended															Fiscal Year
(unaudited, $ in millions)	Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			2023			2022
Net finance receivables - personal loans	$	21,019		$	20,836		$	20,352		$	19,688		$	19,880		$	21,019		$	19,880
Net finance receivables - credit cards	330			232			159			122			107			330			107
Net finance receivables	$	21,349		$	21,068		$	20,511		$	19,810		$	19,987		$	21,349		$	19,987
Allowance for finance receivable losses	$	2,480		$	2,449		$	2,392		$	2,298		$	2,315		$	2,480		$	2,315
Allowance ratio	11.62		%	11.62		%	11.66		%	11.60		%	11.58		%	11.62		%	11.58		%
Net finance receivables	21,349			21,068			20,511			19,810			19,987			21,349			19,987
Finance receivables serviced for our whole loan sale partners	882			864			849			839			766			882			766
Managed receivables	$	22,231		$	21,932		$	21,360		$	20,649		$	20,753		$	22,231		$	20,753
Average net finance receivables - personal loans	$	20,980		$	20,640		$	19,999		$	19,767		$	19,803		$	20,347		$	19,377
Average net finance receivables - credit cards	281			193			137			115			92			181			65
Average net receivables	21,261			20,833			20,136			19,882			19,895			20,528			19,442
Average receivables serviced for our whole loan sale partners	881			864			852			812			734			852			610
Average managed receivables	$	22,142		$	21,697		$	20,988		$	20,694		$	20,629		$	21,380		$	20,052

Note: Ratios may not sum due to rounding.

10

OneMain Holdings, Inc.
CONSUMER & INSURANCE KEY METRICS (UNAUDITED) (Non-GAAP)
	Quarter Ended										Fiscal Year
(unaudited, in millions)	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		2023		2022
Adjusted pretax income (non-GAAP)	$	223	$	252	$	162	$	236	$	249	$	874	$	1,206
Provision for finance receivable losses	446		410		479		385		404		1,721		1,399
Net charge-offs	(415)		(353)		(385)		(382)		(348)		(1,536)		(1,186)
Change in C&I allowance for finance receivable losses (non-GAAP)	31		57		94		3		56		185		213
Pretax capital generation (non-GAAP)	254		309		256		239		305		1,059		1,419
Capital generation, net of tax(1) (non-GAAP)	$	191	$	232	$	192	$	179	$	229	$	794	$	1,064
C&I average net receivables	$	21,261	$	20,833	$	20,136	$	19,882	$	19,895	$	20,528	$	19,442
Capital generation return on receivables (non-GAAP)	3.6%		4.4%		3.8%		3.7%		4.6%		3.9%		5.5%

Note:	Consumer & Insurance financial information is presented on an adjusted Segment Accounting Basis. Amounts may not sum to fiscal year due to rounding.
	On January 1, 2023, the Company adopted ASU 2018-12, Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts. In accordance with this standard, the Company has recast its prior period financial information to reflect the effects of the adoption.
(1)	Income taxes assume a 25% rate.

11

OneMain Holdings, Inc.
CONSUMER & INSURANCE PERSONAL LOANS METRICS (UNAUDITED)
	Quarter Ended														Fiscal Year
(unaudited, $ in millions)	Dec 31, 2023		Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			2023			2022
Gross charge-offs	$	468	$	410		$	446		$	445		$	402		$	1,768		$	1,431
Recoveries	(60)		(63)			(67)			(69)			(58)			(258)			(252)
Net charge-offs	$	408	$	347		$	379		$	376		$	344		$	1,510		$	1,179
Gross charge-off ratio	8.82%		7.89		%	8.94		%	9.14		%	8.05		%	8.69		%	7.39		%
Recovery ratio	(1.13%)		(1.21		%)	(1.34		%)	(1.42		%)	(1.17		%)	(1.27		%)	(1.30		%)
Net charge-off ratio	7.70%		6.68		%	7.60		%	7.72		%	6.88		%	7.42		%	6.09		%
Average net receivables	$	20,980	$	20,640		$	19,999		$	19,767		$	19,803		$	20,346		$	19,377
Yield	22.1%		22.2%			22.2%			22.3%			22.3%			22.2%			22.8%
Origination volume	$	3,014	$	3,278		$	3,742		$	2,817		$	3,473		$	12,851		$	13,879
30+ delinquency	$	1,294	$	1,156		$	1,036		$	1,042		$	1,154		$	1,294		$	1,154
90+ delinquency	$	605	$	535		$	474		$	534		$	544		$	605		$	544
30-89 delinquency	$	689	$	621		$	562		$	508		$	610		$	689		$	610
30+ delinquency ratio	6.16%		5.55		%	5.09		%	5.29		%	5.80		%	6.16		%	5.80		%
90+ delinquency ratio	2.88%		2.57		%	2.33		%	2.72		%	2.74		%	2.88		%	2.74		%
30-89 delinquency ratio	3.28%		2.98		%	2.76		%	2.58		%	3.07		%	3.28		%	3.07		%

Note: Consumer & Insurance financial information is presented on a Segment Accounting Basis. Delinquency ratios are calculated as a percentage of C&I personal loan net finance receivables. Amounts may not sum due to rounding.

12

Defined Terms

•Adjusted capital = adjusted tangible common equity + allowance for finance receivable losses (ALLL), net of tax

•Adjusted tangible common equity (TCE) = total shareholders’ equity – goodwill – other intangible assets + junior subordinated debt

•Available cash and cash equivalents = cash and cash equivalents – cash and cash equivalents held at our regulated insurance subsidiaries or is unavailable for general corporate purposes

•Average assets = average of monthly average assets (assets at the beginning and end of each month divided by two) in the period

•Average managed receivables = C&I average net receivables + average receivables serviced for our whole loan sale partners

•C&I adjusted diluted EPS = C&I adjusted net income (non-GAAP) / weighted average diluted shares

•Capital generation = C&I adjusted net income – change in C&I allowance for finance receivable losses, net of tax

•Capital generation return on receivables = annualized capital generation / C&I average net receivables

•Finance receivables serviced for our whole loan sale partners = unpaid principal balance plus accrued interest of loans sold as part of our whole loan sale program

•Managed receivables = C&I net finance receivables + finance receivables serviced for our whole loan sale partners

•Net adjusted debt = long-term debt – junior subordinated debt – available cash and cash equivalents

•Net interest margin = annualized C&I net interest income / C&I average net receivables

•Net leverage = net adjusted debt / adjusted capital

•Opex ratio = annualized C&I operating expenses / average managed receivables

•Other net revenue = other revenues – insurance policy benefits and claims expense

•Pretax capital generation = C&I pretax adjusted net income – change in C&I allowance for finance receivable losses

•Purchase volume = credit card purchase transactions + cash advances – returns

•Return on assets (ROA) = annualized net income / average total assets

•Return on receivables (C&I ROR) = annualized C&I adjusted net income / C&I average net receivables

•Unencumbered receivables = unencumbered unpaid principal balance of our personal loans and credit cards. For precompute personal loans, unpaid principal balance is the gross contractual payments less the unaccreted balance of unearned finance charges. Credit cards exclude billed interest, fees, and closed accounts with balances

13

OneMain Holdings, Inc.

Investor Contact:

Peter R. Poillon, 212-359-2432

Peter.Poillon@omf.com

Media Contact:

Kelly Ogburn, 410-537-9028

Kelly.Ogburn@omf.com

Source: OneMain Holdings, Inc.

14

XML

Cover Page	Feb. 07, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Feb. 07, 2024
Entity Registrant Name	ONEMAIN HOLDINGS, INC.
Entity File Number	001-36129
Entity Tax Identification Number	27-3379612
Entity Address, Address Line One	601 N.W. Second Street
Entity Address, City or Town	Evansville
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	47708
City Area Code	812
Local Phone Number	424-8031
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	OMF
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001584207
Amendment Flag	false
Entity Incorporation, State or Country Code	DE