10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT

OF 1934

For the quarterly period ended March 31, 2024

OR

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

ACT OF 1934

For the transition period from to

Commission file number

001-36129 (OneMain Holdings, Inc.)

001-06155 (OneMain Finance Corporation)

ONEMAIN HOLDINGS, INC.

ONEMAIN FINANCE CORPORATION

(Exact name of registrant as specified in its charter)

Delaware (OneMain Holdings, Inc.)	27-3379612
Indiana (OneMain Finance Corporation)	35-0416090
(State of incorporation)	(I.R.S. Employer Identification No.)

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)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

OneMain Holdings, Inc.:
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
OneMain Finance Corporation: None

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

OneMain Holdings, Inc.                     Yes ☑ No ☐

OneMain Finance Corporation                     Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

OneMain Holdings, Inc.                     Yes ☑ No ☐

OneMain Finance Corporation                     Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

OneMain Holdings, Inc.:
Large accelerated filer	☑	Accelerated filer	☐	Non-accelerated filer	☐	Smaller reporting company	☐	Emerging growth company	☐
OneMain Finance Corporation:
Large accelerated filer	☐	Accelerated filer	☐	Non-accelerated filer	☑	Smaller reporting company	☐	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.

OneMain Holdings, Inc.                  ☐

OneMain Finance Corporation                  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

OneMain Holdings, Inc.                 Yes ☐ No ☑

OneMain Finance Corporation                 Yes ☐ No ☑

At April 23, 2024, there were 119,808,695 shares of OneMain Holdings, Inc’s common stock, $0.01 par value, outstanding.

At April 23, 2024, there were 10,160,021 shares of OneMain Finance Corporation’s common stock, $0.50 par value, outstanding.

2

TABLE OF CONTENTS

GLOSSARY		4
PART I — FINANCIAL INFORMATION
Item 1.	Financial Statements of OneMain Holdings, Inc. and Subsidiaries (Unaudited):
	Condensed Consolidated Balance Sheets	6
	Condensed Consolidated Statements of Operations	7
	Condensed Consolidated Statements of Comprehensive Income	8
	Condensed Consolidated Statements of Shareholders’ Equity	9
	Condensed Consolidated Statements of Cash Flows	10
	Financial Statements of OneMain Finance Corporation and Subsidiaries (Unaudited):
	Condensed Consolidated Balance Sheets	11
	Condensed Consolidated Statements of Operations	12
	Condensed Consolidated Statements of Comprehensive Income	13
	Condensed Consolidated Statements of Shareholder’s Equity	14
	Condensed Consolidated Statements of Cash Flows	15
	Notes to the Condensed Consolidated Financial Statements	16
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	39
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	60
Item 4.	Controls and Procedures	61
	Controls and Procedures of OneMain Holdings, Inc.	61
	Controls and Procedures of OneMain Finance Corporation	61
PART II — OTHER INFORMATION
Item 1.	Legal Proceedings	62
Item 1A.	Risk Factors	62
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	62
Item 3.	Defaults Upon Senior Securities	62
Item 4.	Mine Safety Disclosures	62
Item 5.	Other Information	62
Item 6.	Exhibit Index	63
SIGNATURES
	OneMain Holdings, Inc. Signature	64
	OneMain Finance Corporation Signature	65

3

GLOSSARY

Terms and abbreviations used in this report are defined below.

Term or Abbreviation	Definition
30-89 Delinquency ratio	net finance receivables 30-89 days past due as a percentage of net finance receivables
ABS	asset-backed securities
Adjusted pretax income (loss)	a non-GAAP financial measure used by management as a key performance measure of our segment
AETR	annual effective tax rate
AHL	American Health and Life Insurance Company, an insurance subsidiary of OneMain Financial Holdings, LLC
Annual Report	the Annual Report on Form 10-K of OMH and OMFC for the fiscal year ended December 31, 2023, filed with the SEC on February 13, 2024
ASC	Accounting Standards Codification
ASU	Accounting Standards Update
ASU 2022-02	The accounting standard issued by FASB in March of 2022, Financial Instruments - Credit Losses: Troubled Debt Restructurings and Vintage Disclosures
Auto finance	financing at the point of purchase through a network of auto dealerships
Average daily debt balance	average of debt for each day in the period
Average net receivables	average of net finance receivables for each day in the period
Base Indenture	indenture, dated as of December 3, 2014, by and between OMFC and Wilmington Trust, National Association, as trustee, and guaranteed by OMH
Board	the OMH Board of Directors
C&I	Consumer and Insurance
CDO	collateralized debt obligations
CMBS	commercial mortgage-backed securities
Consumer loans	consist of personal loans and auto finance
Exchange Act	Securities Exchange Act of 1934, as amended
FASB	Financial Accounting Standards Board
Foursight	Foursight Capital LLC
GAAP	generally accepted accounting principles in the United States of America
GAP	guaranteed asset protection
Gross charge-off ratio	annualized gross charge-offs as a percentage of average net receivables
Gross finance receivables	the unpaid principal balance of our consumer loans. For precompute personal loans, unpaid principal balance is the gross contractual payments less the unaccreted balance of unearned finance charges. Credit card gross finance receivables equal the unpaid principal balance, billed interest, and fees
Indenture	the Base Indenture, together with all subsequent Supplemental Indentures
Junior Subordinated Debenture	$350 million aggregate principal amount of 60-year junior subordinated debt issued by OMFC under an indenture dated January 22, 2007, by and between OMFC and Deutsche Bank Trust Company, as trustee, and guaranteed by OMH
KBRA	Kroll Bond Rating Agency, Inc.
Managed receivables	consist of our C&I net finance receivables and finance receivables serviced for our whole loan sale partners
Modified finance receivables	finance receivable contractually modified, subsequent to the adoption of ASU 2022-02 on January 1, 2023, as a result of the borrower’s financial difficulties
Moody’s	Moody’s Investors Service, Inc.
Net charge-off ratio	annualized net charge-offs as a percentage of average net receivables
Net finance receivables	gross finance receivables plus deferred origination costs. Consumer loans also include accrued finance charges and fees and exclude unearned fees
Net interest income	interest income less interest expense

4

Term or Abbreviation	Definition
ODART	OneMain Direct Auto Receivables Trust
OMFC	OneMain Finance Corporation
OMFCT	OneMain Financial Credit Card Trust
OMFIT	OneMain Financial Issuance Trust
OMH	OneMain Holdings, Inc.
OneMain	OneMain Holdings, Inc. and OneMain Finance Corporation, collectively with their subsidiaries
Open accounts	consist of credit card accounts that are not charged-off or closed accounts with a zero balance as of period end
Other securities	primarily consist of equity securities and those securities for which the fair value option was elected. Other securities recognize unrealized gains and losses in investment revenues
Personal loans	loans secured by titled collateral or unsecured and offered through our branch network, central operations, or digital platform
Pretax capital generation	a non-GAAP financial measure used by management as a key performance measure of our segment, defined as C&I adjusted pretax income (loss) excluding the change in C&I allowance for finance receivable losses
Private Secured Term Funding	$350 million aggregate principal amount of debt collateralized by our consumer loans issued on April 25, 2022
Purchase volume	consists of credit card purchase transactions in the period, including cash advances, net of returns
Recovery ratio	annualized recoveries on net charge-offs as a percentage of average net receivables
RMBS	residential mortgage-backed securities
S&P	S&P Global Ratings
SEC	U.S. Securities and Exchange Commission
Securities Act	Securities Act of 1933, as amended
Segment Accounting Basis	a basis used to report the operating results of our C&I segment and our Other components, which reflects our allocation methodologies for certain costs and excludes the impact of applying purchase accounting
SpringCastle Portfolio	loans the Company previously owned and now services on behalf of a third party
Supplemental Indentures	collectively, the following supplements to the Base Indenture: Fifth Supplemental Indenture, dated as of March 12, 2018; Sixth Supplemental Indenture, dated as of May 11, 2018; Eighth Supplemental Indenture, dated as of May 9, 2019; Ninth Supplemental Indenture, dated as of November 7, 2019; Eleventh Supplemental Indenture, dated as of December 17, 2020; Twelfth Supplemental Indenture, dated as of June 22, 2021; Thirteenth Supplemental Indenture, dated as of August 11, 2021; Fourteenth Supplemental Indenture, dated June 20, 2023; Fifteenth Supplemental Indenture, dated June 22, 2023; and Sixteenth Supplemental Indenture, dated as of December 13, 2023
Triton	Triton Insurance Company, an insurance subsidiary of OneMain Financial Holdings, LLC
Unearned finance charges	the amount of interest that is capitalized at time of origination on a precompute loan that will be earned over the remaining contractual life of the loan
Unencumbered receivables	unencumbered unpaid principal balance of our consumer 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
Unsecured corporate revolver	unsecured revolver with a maximum borrowing capacity of $1.3 billion, payable and due on October 25, 2026
Unsecured Notes	the notes, on a senior unsecured basis, issued by OMFC and guaranteed by OMH
VIEs	variable interest entities
VFN	variable funding note
Weighted average interest rate	annualized interest expense as a percentage of average debt
XBRL	eXtensible Business Reporting Language
Yield	annualized finance charges as a percentage of average net receivables

5

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(dollars in millions, except par value amount)	March 31, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	831	$	1,014
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.6 billion and $1.7 billion in 2024, respectively, and $1.6 billion and $1.8 billion in 2023, respectively)	1,691		1,719
Net finance receivables (includes loans of consolidated VIEs of $12.6 billion in 2024 and $12.8 billion in 2023)	21,083		21,349
Unearned insurance premium and claim reserves	(749)		(771)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.4 billion in 2024 and 2023)	(2,454)		(2,480)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses	17,880		18,098
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $576 million in 2024 and $523 million in 2023)	599		534
Goodwill	1,437		1,437
Other intangible assets	259		260
Other assets	1,211		1,232
Total assets	$	23,908	$	24,294
Liabilities and Shareholders’ Equity
Long-term debt (includes debt of consolidated VIEs of $11.4 billion in 2024 and $11.6 billion in 2023)	$	19,520	$	19,813
Insurance claims and policyholder liabilities	597		615
Deferred and accrued taxes	34		9
Other liabilities (includes other liabilities of consolidated VIEs of $26 million in 2024 and 2023)	543		671
Total liabilities	20,694		21,108
Contingencies (Note 12)
Shareholders’ equity:
Common stock, par value $0.01 per share; 2,000,000,000 shares authorized, 119,877,252 and 119,757,277 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	1		1
Additional paid-in capital	1,718		1,715
Accumulated other comprehensive loss	(91)		(87)
Retained earnings	2,318		2,285
Treasury stock, at cost; 15,475,531 and 15,383,804 shares at March 31, 2024 and December 31, 2023, respectively	(732)		(728)
Total shareholders’ equity	3,214		3,186
Total liabilities and shareholders’ equity	$	23,908	$	24,294

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

6

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)

	Three Months Ended March 31,
(dollars in millions, except per share amounts)	2024		2023
Interest income	$	1,173	$	1,094
Interest expense	277		239
Net interest income	896		855
Provision for finance receivable losses	431		385
Net interest income after provision for finance receivable losses	465		470
Other revenues:
Insurance	112		111
Investment	32		25
Gain on sales of finance receivables	6		17
Other	30		24
Total other revenues	180		177
Other expenses:
Salaries and benefits	224		212
Other operating expenses	167		153
Insurance policy benefits and claims	50		47
Total other expenses	441		412
Income before income taxes	204		235
Income taxes	49		56
Net income	$	155	$	179
Share Data:
Weighted average number of shares outstanding:
Basic	119,829,174		120,765,661
Diluted	120,244,669		120,969,891
Earnings per share:
Basic	$	1.29	$	1.48
Diluted	$	1.29	$	1.48

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

7

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

	Three Months Ended March 31,
(dollars in millions)	2024		2023
Net income	$	155	$	179
Other comprehensive income (loss):
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities	(8)		24
Foreign currency translation adjustments	(4)		—
Changes in discount rate for insurance claims and policyholder liabilities	7		4
Other	—		(3)
Income tax effect:
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities	2		(5)
Foreign currency translation adjustments	1		—
Changes in discount rate for insurance claims and policyholder liabilities	(2)		(1)
Other comprehensive income (loss), net of tax	(4)		19
Comprehensive income	$	151	$	198

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

8

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Shareholders’ Equity (Unaudited)

	OneMain Holdings, Inc. Shareholders’ Equity
(dollars in millions)	Common Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Treasury Stock		Total Shareholders’ Equity
Three Months Ended March 31, 2024
Balance, January 1, 2024	$	1	$	1,715	$	(87)	$	2,285	$	(728)	$	3,186
Common stock repurchased	—		—		—		—		(5)		(5)
Treasury stock issued	—		—		—		—		1		1
Share-based compensation expense, net of forfeitures	—		11		—		—		—		11
Withholding tax on share-based compensation	—		(8)		—		—		—		(8)
Other comprehensive loss	—		—		(4)		—		—		(4)
Cash dividends (a)	—		—		—		(122)		—		(122)
Net income	—		—		—		155		—		155
Balance, March 31, 2024	$	1	$	1,718	$	(91)	$	2,318	$	(732)	$	3,214
Three Months Ended March 31, 2023
Balance, January 1, 2023	$	1	$	1,689	$	(127)	$	2,119	$	(667)	$	3,015
Net impact of adoption of ASU 2022-02 (b)	—		—		—		12		—		12
Balance, January 1, 2023 (post-adoption)	1		1,689		(127)		2,131		(667)		3,027
Common stock repurchased	—		—		—		—		(27)		(27)
Treasury stock issued	—		—		—		—		1		1
Share-based compensation expense, net of forfeitures	—		12		—		—		—		12
Withholding tax on share-based compensation	—		(8)		—		—		—		(8)
Other comprehensive income	—		—		19		—		—		19
Cash dividends (a)	—		—		—		(122)		—		(122)
Net income	—		—		—		179		—		179
Balance, March 31, 2023	$	1	$	1,693	$	(108)	$	2,188	$	(693)	$	3,081
(a) Cash dividends declared were $1.00 per share during the three months ended March 31, 2024 and 2023.
(b) As a result of the adoption of ASU 2022-02, we recorded a one-time cumulative increase to retained earnings, net of tax. See Note 3 of the Notes to the Consolidated Financial Statements in Part II - Item 8 of our Annual Report for additional information on the adoption of ASU 2022-02.

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

9

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (Unaudited)

	Three Months Ended March 31,
(dollars in millions)	2024		2023
Cash flows from operating activities
Net income	$	155	$	179
Reconciling adjustments:
Provision for finance receivable losses	431		385
Depreciation and amortization	66		61
Deferred income tax charge	15		9
Share-based compensation expense, net of forfeitures	11		12
Gain on sales of finance receivables	(6)		(17)
Other	(1)		(1)
Cash flows due to changes in other assets and other liabilities	(113)		(66)
Net cash provided by operating activities	558		562
Cash flows from investing activities
Net principal originations and purchases of finance receivables	(345)		(432)
Proceeds from sales of finance receivables	117		200
Available-for-sale securities purchased	(64)		(44)
Available-for-sale securities called, sold, and matured	78		88
Other securities purchased	(4)		(2)
Other securities called, sold, and matured	5		2
Other, net	(20)		(16)
Net cash used for investing activities	(233)		(204)
Cash flows from financing activities
Proceeds from issuance and borrowings of long-term debt, net of issuance costs	(6)		843
Repayments and repurchases of long-term debt	(303)		(928)
Cash dividends	(122)		(123)
Common stock repurchased	(5)		(27)
Treasury stock issued	1		1
Withholding tax on share-based compensation	(8)		(8)
Net cash used for financing activities	(443)		(242)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents	(118)		116
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period	1,548		959
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period	$	1,430	$	1,075
Supplemental cash flow information
Cash and cash equivalents	$	831	$	544
Restricted cash and restricted cash equivalents	599		531
Total cash and cash equivalents and restricted cash and restricted cash equivalents	$	1,430	$	1,075

Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

10

ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(dollars in millions, except par value amount)	March 31, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	812	$	1,011
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.6 billion and $1.7 billion in 2024, respectively, and $1.6 billion and $1.8 billion in 2023, respectively)	1,691		1,719
Net finance receivables (includes loans of consolidated VIEs of $12.6 billion in 2024 and $12.8 billion in 2023)	21,083		21,349
Unearned insurance premium and claim reserves	(749)		(771)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.4 billion in 2024 and 2023)	(2,454)		(2,480)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses	17,880		18,098
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash     equivalents of consolidated VIEs of $576 million in 2024 and $523 million in 2023)	599		534
Goodwill	1,437		1,437
Other intangible assets	259		260
Other assets	1,211		1,230
Total assets	$	23,889	$	24,289
Liabilities and Shareholder’s Equity
Long-term debt (includes debt of consolidated VIEs of $11.4 billion in 2024 and $11.6 billion in 2023)	$	19,520	$	19,813
Insurance claims and policyholder liabilities	597		615
Deferred and accrued taxes	35		9
Other liabilities (includes other liabilities of consolidated VIEs of $26 million in 2024 and 2023)	543		672
Total liabilities	20,695		21,109
Contingencies (Note 12)
Shareholder’s equity:
Common stock, par value $0.50 per share; 25,000,000 shares authorized, 10,160,021 shares issued     and outstanding at March 31, 2024 and December 31, 2023	5		5
Additional paid-in capital	1,962		1,959
Accumulated other comprehensive loss	(91)		(87)
Retained earnings	1,318		1,303
Total shareholder’s equity	3,194		3,180
Total liabilities and shareholder’s equity	$	23,889	$	24,289

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

11

ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)

	Three Months Ended March 31,
(dollars in millions)	2024		2023
Interest income	$	1,173	$	1,094
Interest expense	277		239
Net interest income	896		855
Provision for finance receivable losses	431		385
Net interest income after provision for finance receivable losses	465		470
Other revenues:
Insurance	112		111
Investment	32		25
Gain on sales of finance receivables	6		17
Other	30		24
Total other revenues	180		177
Other expenses:
Salaries and benefits	224		212
Other operating expenses	167		153
Insurance policy benefits and claims	50		47
Total other expenses	441		412
Income before income taxes	204		235
Income taxes	49		56
Net income	$	155	$	179

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

12

ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

	Three Months Ended March 31,
(dollars in millions)	2024		2023
Net income	$	155	$	179
Other comprehensive income (loss):
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities	(8)		24
Foreign currency translation adjustments	(4)		—
Changes in discount rate for insurance claims and policyholder liabilities	7		4
Other	—		(3)
Income tax effect:
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities	2		(5)
Foreign currency translation adjustments	1		—
Changes in discount rate for insurance claims and policyholder liabilities	(2)		(1)
Other comprehensive income (loss), net of tax	(4)		19
Comprehensive income	$	151	$	198

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

13

ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Shareholder’s Equity (Unaudited)

	OneMain Finance Corporation Shareholder's Equity
(dollars in millions)	Common Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Total Shareholder’s Equity
Three Months Ended March 31, 2024
Balance, January 1, 2024	$	5	$	1,959	$	(87)	$	1,303	$	3,180
Share-based compensation expense, net of forfeitures	—		11		—		—		11
Withholding tax on share-based compensation	—		(8)		—		—		(8)
Other comprehensive loss	—		—		(4)		—		(4)
Cash dividends	—		—		—		(140)		(140)
Net income	—		—		—		155		155
Balance, March 31, 2024	$	5	$	1,962	$	(91)	$	1,318	$	3,194
Three Months Ended March 31, 2023
Balance, January 1, 2023	$	5	$	1,933	$	(127)	$	1,193	$	3,004
Net impact of adoption of ASU 2022-02 *	—		—		—		12		12
Balance, January 1, 2023 (post-adoption)	5		1,933		(127)		1,205		3,016
Share-based compensation expense, net of forfeitures	—		12		—		—		12
Withholding tax on share-based compensation	—		(8)		—		—		(8)
Other comprehensive income	—		—		19		—		19
Cash dividends	—		—		—		(150)		(150)
Net income	—		—		—		179		179
Balance, March 31, 2023	$	5	$	1,937	$	(108)	$	1,234	$	3,068
* As a result of the adoption of ASU 2022-02, we recorded a one-time cumulative increase to retained earnings, net of tax. See Note 3 of the Notes to the Consolidated Financial Statements in Part II - Item 8 of our Annual Report for additional information on the adoption of ASU 2022-02.

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

14

ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (Unaudited)

	Three Months Ended March 31,
(dollars in millions)	2024		2023
Cash flows from operating activities
Net income	$	155	$	179
Reconciling adjustments:
Provision for finance receivable losses	431		385
Depreciation and amortization	66		61
Deferred income tax charge	15		9
Share-based compensation expense, net of forfeitures	11		12
Gain on sales of finance receivables	(6)		(17)
Other	(1)		(1)
Cash flows due to changes in other assets and other liabilities	(114)		(66)
Net cash provided by operating activities	557		562
Cash flows from investing activities
Net principal originations and purchases of finance receivables	(345)		(432)
Proceeds from sales of finance receivables	117		200
Available-for-sale securities purchased	(64)		(44)
Available-for-sale securities called, sold, and matured	78		88
Other securities purchased	(4)		(2)
Other securities called, sold, and matured	5		2
Other, net	(21)		(16)
Net cash used for investing activities	(234)		(204)
Cash flows from financing activities
Proceeds from issuance and borrowings of long-term debt, net of issuance costs	(6)		843
Repayments and repurchases of long-term debt	(303)		(928)
Cash dividends	(140)		(152)
Withholding tax on share-based compensation	(8)		(8)
Net cash used for financing activities	(457)		(245)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents	(134)		113
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period	1,545		951
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period	$	1,411	$	1,064
Supplemental cash flow information
Cash and cash equivalents	$	812	$	533
Restricted cash and restricted cash equivalents	599		531
Total cash and cash equivalents and restricted cash and restricted cash equivalents	$	1,411	$	1,064

Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

15

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements

March 31, 2024

1. Business and Basis of Presentation

OneMain Holdings, Inc. (“OMH”), and its wholly owned direct subsidiary, OneMain Finance Corporation (“OMFC”) are financial services holding companies whose subsidiaries engage in the consumer finance and insurance businesses.

The results of OMFC are consolidated into the results of OMH. Due to the nominal differences between OMFC and OMH, content throughout this filing relates to both OMH and OMFC, except where otherwise indicated. OMH and OMFC are referred to in this report, collectively with their subsidiaries, whether directly or indirectly owned, as “the Company,” “OneMain,” “we,” “us,” or “our.”

BASIS OF PRESENTATION

We prepared our condensed consolidated financial statements using generally accepted accounting principles in the United States of America (“GAAP”). These statements are unaudited. The year-end condensed balance sheet data was derived from our audited financial statements but does not include all disclosures required by GAAP. The statements include the accounts of OMH, its wholly owned subsidiaries, and variable interest entities (“VIEs”) in which we hold a controlling financial interest and for which we are considered to be the primary beneficiary as of the financial statement date.

We eliminated all material intercompany accounts and transactions. We made judgments, estimates, and assumptions that affect amounts reported in our condensed consolidated financial statements and disclosures of contingent assets and liabilities. In management’s opinion, the condensed consolidated financial statements include the normal, recurring adjustments necessary for a fair statement of results. Actual results could differ from our estimates. We evaluated the effects of and the need to disclose events that occurred subsequent to the balance sheet date.

The condensed consolidated financial statements in this report should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report. We follow the same significant accounting policies for our interim reporting except for the new accounting pronouncements subsequently adopted and disclosed in Note 2. To conform to the 2024 presentation, we reclassified certain items in prior periods of our condensed consolidated financial statements.

2. Recent Accounting Pronouncements

ACCOUNTING PRONOUNCEMENTS TO BE ADOPTED

Segment Reporting

In November of 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires annual and interim disclosure of significant segment expenses and other segment items. The amendments in this ASU will become effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a retrospective basis to all prior periods presented in the financial statements. We are currently evaluating the impact of the standard on our segment disclosures.

Income Taxes

In December of 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregated information in the rate reconciliation and income taxes paid disclosures. The amendments in this ASU will become effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis, with retrospective application allowed. We are currently evaluating the impact of the standard on our income tax disclosures.

We do not believe that any accounting pronouncements issued, but not yet effective, would have a material impact on our consolidated financial statements or disclosures, if adopted.

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3. Finance Receivables

Our finance receivables consist of consumer loans and credit cards. Consumer loans include personal loans and auto finance. Personal loans are non-revolving, with a fixed rate, have fixed terms generally between three and six years, and are secured by automobiles, other titled collateral, or are unsecured. Auto finance includes automobile retail installment contracts originated through our dealership network. Auto finance receivables are non-revolving, with a fixed rate, have fixed terms generally between three and six years, and are secured by automobiles. Credit cards are open-ended, revolving, with a fixed rate, and are unsecured.

Components of our net finance receivables were as follows:

	Consumer Loans
(dollars in millions)	Personal Loans		Auto Finance		Total Consumer Loans		Credit Cards		Total
March 31, 2024
Gross finance receivables *	$	19,575	$	843	$	20,418	$	377	$	20,795
Unearned fees	(217)		(16)		(233)		—		(233)
Accrued finance charges and fees	310		8		318		—		318
Deferred origination costs	186		8		194		9		203
Total	$	19,854	$	843	$	20,697	$	386	$	21,083
December 31, 2023
Gross finance receivables *	$	19,977	$	744	$	20,721	$	322	$	21,043
Unearned fees	(223)		(13)		(236)		—		(236)
Accrued finance charges and fees	326		7		333		—		333
Deferred origination costs	194		7		201		8		209
Total	$	20,274	$	745	$	21,019	$	330	$	21,349

* Consumer loan gross finance receivables equal the unpaid principal balance. For precompute personal loans, unpaid principal balance is the gross contractual payments less the unaccreted balance of unearned finance charges. Credit card gross finance receivables equal the unpaid principal balance, billed interest, and fees.

WHOLE LOAN SALE TRANSACTIONS

We have whole loan sale flow agreements with third parties, with current terms of less than two years, in which we agreed to sell a remaining total of $630 million gross receivables of newly originated unsecured personal loans along with any associated accrued interest. These unsecured personal loans are derecognized from our balance sheet at the time of sale. We service the personal loans sold and are entitled to a servicing fee and other fees commensurate with the services performed as part of the agreements. The gain on sales and servicing fees are recorded in Other revenues in our condensed consolidated statements of operations. We sold $110 million and $180 million of gross finance receivables during the three months ended March 31, 2024 and 2023, respectively. The gain on the sales were $6 million and $17 million during the three months ended March 31, 2024 and 2023, respectively.

CREDIT QUALITY INDICATOR

We consider the delinquency status of our finance receivables as our key credit quality indicator. We monitor the delinquency of our finance receivable portfolio, including the migration between the delinquency buckets and changes in the delinquency trends to manage our exposure to credit risk in the portfolio.

When consumer loans are 60 days contractually past due, we consider these accounts to be at an increased risk for loss and move collection of these accounts to our central collection operations. We consider our consumer loans to be nonperforming at 90 days or more contractually past due, at which point we stop accruing finance charges and reverse finance charges previously accrued. For our personal loans, we reversed net accrued finance charges of $41 million and $37 million during the three months ended March 31, 2024 and 2023, respectively. For auto finance, reversed net accrued finance charges were immaterial during the three months ended March 31, 2024 and 2023.

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Finance charges recognized from the contractual interest portion of payments received on nonaccrual personal loans and auto finance loans were immaterial during the three months ended March 31, 2024 and 2023. All consumer loans in nonaccrual status are considered in our estimate of allowance for finance receivable losses.

We accrue finance charges and fees on credit cards until charge-off at 180 days contractually past due, at which point we reverse finance charges and fees previously accrued. For credit cards, net accrued finance charges and fees reversed were immaterial during the three months ended March 31, 2024 and 2023.

The following tables below are a summary of our personal loans by the year of origination and number of days delinquent:

(dollars in millions)	2024		2023		2022		2021		2020		Prior		Total
March 31, 2024
Performing
Current	$	2,212	$	8,615	$	4,822	$	2,089	$	622	$	368	$	18,728
30-59 days past due	2		118		111		61		19		15		326
60-89 days past due	—		80		76		41		12		10		219
Total performing	2,214		8,813		5,009		2,191		653		393		19,273
Nonperforming (Nonaccrual)
90+ days past due	—		183		221		118		34		25		581
Total	$	2,214	$	8,996	$	5,230	$	2,309	$	687	$	418	$	19,854
Gross charge-offs *	$	—	$	115	$	223	$	119	$	33	$	23	$	513

* Represents gross charge-offs for the three months ended March 31, 2024.

(dollars in millions)	2023		2022		2021		2020		2019		Prior		Total
December 31, 2023
Performing
Current	$	9,759	$	5,527	$	2,454	$	776	$	376	$	114	$	19,006
30-59 days past due	113		153		88		27		16		7		404
60-89 days past due	74		104		59		17		10		4		268
Total performing	9,946		5,784		2,601		820		402		125		19,678
Nonperforming (Nonaccrual)
90+ days past due	125		259		143		40		21		8		596
Total	$	10,071	$	6,043	$	2,744	$	860	$	423	$	133	$	20,274
Gross charge-offs *	$	—	$	136	$	198	$	59	$	34	$	14	$	441

* Represents gross charge-offs for the three months ended March 31, 2023.

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The following tables below are a summary of our auto finance loans by the year of origination and number of days delinquent:

(dollars in millions)	2024		2023		2022		2021		2020		Prior		Total
March 31, 2024
Performing
Current	$	163	$	441	$	181	$	30	$	1	$	—	$	816
30-59 days past due	—		5		5		1		—		—		11
60-89 days past due	—		3		2		1		—		—		6
Total performing	163		449		188		32		1		—		833
Nonperforming (Nonaccrual)
90+ days past due	—		4		5		1		—		—		10
Total	$	163	$	453	$	193	$	33	$	1	$	—	$	843
Gross charge-offs *	$	—	$	3	$	5	$	1	$	—	$	—	$	9

* Represents gross charge-offs for the three months ended March 31, 2024.

(dollars in millions)	2023		2022		2021		2020		2019		Prior		Total
December 31, 2023
Performing
Current	$	480	$	203	$	34	$	2	$	—	$	—	$	719
30-59 days past due	4		6		2		—		—		—		12
60-89 days past due	2		3		—		—		—		—		5
Total performing	486		212		36		2		—		—		736
Nonperforming (Nonaccrual)
90+ days past due	3		5		1		—		—		—		9
Total	$	489	$	217	$	37	$	2	$	—	$	—	$	745
Gross charge-offs *	$	—	$	3	$	1	$	—	$	—	$	—	$	4

* Represents gross charge-offs for the three months ended March 31, 2023.

The following is a summary of credit cards by number of days delinquent:

(dollars in millions)	March 31, 2024		December 31, 2023
Current	$	343	$	297
30-59 days past due	10		9
60-89 days past due	9		7
90+ days past due	24		17
Total	$	386	$	330

There were no credit cards that were converted to term loans at March 31, 2024 or December 31, 2023.

UNFUNDED LENDING COMMITMENTS

Our unfunded lending commitments consist of the unused credit card lines, which are unconditionally cancellable. We do not anticipate that all of our customers will access their entire available line at any given point in time. The unused credit card lines totaled $263 million and $223 million at March 31, 2024 and December 31, 2023, respectively.

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MODIFIED FINANCE RECEIVABLES TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY

We make modifications to our finance receivables to assist borrowers who are experiencing financial difficulty and when we modify the contractual terms for economic or other reasons related to the borrower’s financial difficulties, we classify that receivable as a modified finance receivable. The following tables below represent information regarding modified finance receivables to borrowers experiencing financial difficulty on or after January 1, 2023, the effective date of ASU 2022-02.

The period-end carrying value of finance receivables modified during the period were as follows:

	Three Months Ended March 31,
	2024						2023
(dollars in millions)	Personal Loans			Auto  Finance			Personal Loans			Auto  Finance
Interest rate reduction and term extension	$	156		$	5		$	125		$	1
Interest rate reduction and principal forgiveness	119			—			96			—
Total modifications to borrowers experiencing financial difficulties	$	275		$	5		$	221		$	1
Modifications as a percent of net finance receivables by class	1.38		%	0.56		%	1.15		%	0.33		%

The financial effect of modifications made during the period were as follows:

	Three Months Ended March 31,
	2024						2023
(dollars in millions)	Personal Loans			Auto Finance			Personal Loans			Auto Finance
Net finance receivables
Weighted-average interest rate reduction	17.56		%	11.16		%	21.38		%	12.56		%
Weighted-average term extension (months)	25			28			19			20
Principal/interest forgiveness	$	11		$	—		$	11		$	—

The performance of finance receivables modified within the previous 12 months by delinquency status was as follows:

	March 31, 2024*				March 31, 2023
(dollars in millions)	Personal Loans		Auto Finance		Personal Loans		Auto Finance
Current	$	611	$	7	$	158	$	1
30-59 days past due	55		1		27		—
60-89 days past due	44		—		14		—
90+ days past due	105		1		22		—
Total	$	815	$	9	$	221	$	1

* Excludes $55 million of personal loan receivables and $1 million of auto finance receivables that were modified and subsequently charged off within the previous 12 months.

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The period-end carrying value of finance receivables that defaulted during the period to cause the receivable to be considered nonperforming (90 days or more contractually past due) and had been modified within the 12 months preceding the default were as follows:

	Three Months Ended March 31, 2024
(dollars in millions)	Personal Loans		Auto  Finance
Interest rate reduction and term extension	$	44	$	1
Interest rate reduction and principal forgiveness	16		—
Total *	$	60	$	1

*    There were no modified finance receivables for which there was a default during the three months ended March 31, 2023 to cause the modified finance receivable to be considered nonperforming (90 days or more past due).

4. Allowance for Finance Receivable Losses

We establish an allowance for finance receivable losses through the provision for finance receivable losses. We evaluate our finance receivable portfolio by the level of contractual delinquency in the portfolio, specifically in the late-stage delinquency buckets and inclusive of the migration of the finance receivables through the delinquency buckets. We estimate and record an allowance for finance receivable losses to cover the expected lifetime credit losses on our finance receivables. Our allowance for finance receivable losses may fluctuate based upon changes in portfolio growth, credit quality, and economic conditions.

Our methodology to estimate expected credit losses uses recent macroeconomic forecasts, which include forecasts for unemployment. We leverage projections from various industry leading providers. We also consider inflationary pressures, consumer confidence levels, and elevated interest rates that may continue to impact the economic outlook. At March 31, 2024, our economic forecast used a reasonable and supportable period of 12 months. The decrease in our allowance for finance receivable losses for the three months ended March 31, 2024 was driven by a seasonal decline in net finance receivables. We may experience further changes to the macroeconomic assumptions within our forecast, as well as changes to our loan loss performance outlook, both of which could lead to further changes in our allowance for finance receivable losses, allowance ratio, and provision for finance receivable losses.

Changes in the allowance for finance receivable losses were as follows:

(dollars in millions)	Consumer Loans		Credit Cards		Total
Three Months Ended March 31, 2024
Balance at beginning of period	$	2,415	$	65	$	2,480
Provision for finance receivable losses	406		25		431
Charge-offs	(522)		(12)		(534)
Recoveries	77		—		77
Balance at end of period	$	2,376	$	78	$	2,454
Three Months Ended March 31, 2023
Balance at beginning of period	$	2,290	$	21	$	2,311
Impact of adoption of ASU 2022-02 *	(16)		—		(16)
Provision for finance receivable losses	377		8		385
Charge-offs	(445)		(6)		(451)
Recoveries	69		—		69
Balance at end of period	$	2,275	$	23	$	2,298

*    As a result of the adoption of ASU 2022-02, we recorded a one-time adjustment to the allowance for finance receivable losses. See Notes 3, 4, and 5 of the Notes to the Consolidated Financial Statements in Part II - Item 8 of our Annual Report for additional information on the adoption of ASU 2022-02.

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5. Investment Securities

AVAILABLE-FOR-SALE SECURITIES

Cost/amortized cost, allowance for credit losses, unrealized gains and losses, and fair value of fixed maturity available-for-sale securities by type were as follows:

(dollars in millions)	Cost/ Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
March 31, 2024*
Fixed maturity available-for-sale securities:
U.S. government and government sponsored entities	$	19	$	—	$	(1)	$	18
Obligations of states, municipalities, and political subdivisions	72		—		(6)		66
Commercial paper	21		—		—		21
Non-U.S. government and government sponsored entities	161		—		(7)		154
Corporate debt	1,149		4		(83)		1,070
Mortgage-backed, asset-backed, and collateralized:
RMBS	204		—		(24)		180
CMBS	36		—		(3)		33
CDO/ABS	81		—		(5)		76
Total	$	1,743	$	4	$	(129)	$	1,618
December 31, 2023*
Fixed maturity available-for-sale securities:
U.S. government and government sponsored entities	$	18	$	—	$	(1)	$	17
Obligations of states, municipalities, and political subdivisions	72		—		(6)		66
Commercial paper	14		—		—		14
Non-U.S. government and government sponsored entities	172		1		(6)		167
Corporate debt	1,160		4		(79)		1,085
Mortgage-backed, asset-backed, and collateralized:
RMBS	202		—		(22)		180
CMBS	36		—		(3)		33
CDO/ABS	91		—		(6)		85
Total	$	1,765	$	5	$	(123)	$	1,647

*    The allowance for credit losses related to our investment securities as of March 31, 2024 and 2023 was immaterial.

Interest receivables reported in Other assets in our condensed consolidated balance sheets totaled $14 million as of March 31, 2024 and December 31, 2023. There were no material amounts reversed from investment revenue for available-for-sale securities for the three months ended March 31, 2024 and 2023.

22

Fair value and unrealized losses on available-for-sale securities by type and length of time in a continuous unrealized loss position without an allowance for credit losses were as follows:

	Less Than 12 Months				12 Months or Longer				Total
(dollars in millions)	Fair Value		Unrealized Losses *		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
March 31, 2024
U.S. government and government sponsored entities	$	4	$	—	$	11	$	(1)	$	15	$	(1)
Obligations of states, municipalities, and political subdivisions	2		—		61		(6)		63		(6)
Commercial paper	21		—		—		—		21		—
Non-U.S. government and government sponsored entities	26		—		96		(7)		122		(7)
Corporate debt	60		—		885		(83)		945		(83)
Mortgage-backed, asset-backed, and collateralized:
RMBS	5		—		152		(24)		157		(24)
CMBS	—		—		33		(3)		33		(3)
CDO/ABS	4		—		54		(5)		58		(5)
Total	$	122	$	—	$	1,292	$	(129)	$	1,414	$	(129)
December 31, 2023
U.S. government and government sponsored entities	$	1	$	—	$	11	$	(1)	$	12	$	(1)
Obligations of states, municipalities, and political subdivisions	2		—		62		(6)		64		(6)
Commercial paper	14		—		—		—		14		—
Non-U.S. government and government sponsored entities	22		—		97		(6)		119		(6)
Corporate debt	15		—		925		(79)		940		(79)
Mortgage-backed, asset-backed, and collateralized:
RMBS	5		—		152		(22)		157		(22)
CMBS	2		—		32		(3)		34		(3)
CDO/ABS	1		—		62		(6)		63		(6)
Total	$	62	$	—	$	1,341	$	(123)	$	1,403	$	(123)

*    Unrealized losses on certain available-for-sale securities were less than $1 million and, therefore, were not quantified in the table above.

On a lot basis, we had 2,036 and 1,984 investment securities in an unrealized loss position at March 31, 2024 and December 31, 2023, respectively. We do not consider the unrealized losses to be credit-related, as these unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase. Additionally, as of March 31, 2024, there were no credit impairments on investment securities that we intend to sell. We do not have plans to sell any of the remaining investment securities with unrealized losses as of March 31, 2024, and we believe it is more likely than not that we would not be required to sell such investment securities before recovery of their amortized cost.

We continue to monitor unrealized loss positions for potential credit impairments. During the three months ended March 31, 2024 and 2023, there were no material credit impairments related to our investment securities. Therefore, there were no material additions or reductions in the allowance for credit losses (impairments recognized or reversed in earnings) on credit impaired available-for-sale securities for the three months ended March 31, 2024 and 2023.

The proceeds of available-for-sale securities sold or redeemed during the three months ended March 31, 2024 and 2023 totaled $19 million and $26 million, respectively. The net realized gains and losses were immaterial during the three months ended March 31, 2024 and 2023.

23

Contractual maturities of fixed-maturity available-for-sale securities at March 31, 2024 were as follows:

(dollars in millions)	Fair Value		Amortized Cost
Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:
Due in 1 year or less	$	156	$	157
Due after 1 year through 5 years	575		598
Due after 5 years through 10 years	476		529
Due after 10 years	122		138
Mortgage-backed, asset-backed, and collateralized securities	289		321
Total	$	1,618	$	1,743

Actual maturities may differ from contractual maturities since issuers and borrowers may have the right to call or prepay obligations. We may sell investment securities before maturity for general corporate and working capital purposes and to achieve certain investment strategies.

The fair value of securities on deposit with third parties totaled $512 million and $524 million at March 31, 2024 and December 31, 2023, respectively.

OTHER SECURITIES

The fair value of other securities by type was as follows:

(dollars in millions)	March 31, 2024		December 31, 2023
Fixed maturity other securities:
Bonds	$	22	$	22
Preferred stock	15		16
Common stock	36		34
Total	$	73	$	72

Net unrealized gains and losses on other securities held were immaterial for the three months ended March 31, 2024 and 2023. Net realized gains and losses on other securities sold or redeemed were immaterial for the three months ended March 31, 2024 and 2023.

Other securities primarily consist of equity securities and those securities for which the fair value option was elected. We report net unrealized and realized gains and losses on other securities held, sold, or redeemed in Other revenue - investment.

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6. Long-term Debt

Principal maturities of long-term debt by type of debt at March 31, 2024 were as follows:

	Senior Debt
(dollars in millions)	Securitizations		Private Secured Term Funding		Revolving Conduit Facilities			Unsecured Notes (a)		Junior Subordinated Debt (a)			Total
Interest rates (b)	0.87%-7.52%		6.35%		6.81		%	3.50%-9.00%		7.33		%
Remainder of 2024	$	—	$	—	$	—		$	—	$	—		$	—
2025	—		—		—			1,110		—			1,110
2026	—		—		—			1,600		—			1,600
2027	—		—		—			750		—			750
2028	—		—		—			1,350		—			1,350
2029-2067	—		—		—			3,182		350			3,532
Secured (c)	11,112		350		1			—		—			11,463
Total principal maturities	$	11,112	$	350	$	1		$	7,992	$	350		$	19,805
Total carrying amount	$	11,069	$	350	$	1		$	7,928	$	172		$	19,520
Debt issuance costs (d)	(39)		—		—			(60)		—			(99)

(a) Pursuant to the Base Indenture, the Supplemental Indentures, and the Guaranty Agreements, OMH agreed to fully and unconditionally guarantee, on a senior unsecured basis, payments of principal, premium and interest on the Unsecured Notes and Junior Subordinated Debenture. The OMH guarantees of OMFC’s long-term debt are subject to customary release provisions.

(b) The interest rates shown are the range of contractual rates in effect at March 31, 2024.

(c) Securitizations, private secured term funding, and borrowings under the revolving conduit facilities are not included in the above maturities by period due to their variable monthly repayments, which may result in pay-off prior to the stated maturity date. See Note 7 for further information on our long-term debt associated with securitizations, private secured term funding, and revolving conduit facilities.

(d) Debt issuance costs are reported as a direct deduction from long-term debt, with the exception of debt issuance costs associated with our revolving conduit facilities, credit card revolving variable funding note (“VFN”) facilities, and unsecured corporate revolver, which totaled $38 million at March 31, 2024 and are reported in Other assets in our condensed consolidated balance sheets.

UNSECURED CORPORATE REVOLVER

At March 31, 2024, the total maximum borrowing capacity of our unsecured corporate revolver was $1.3 billion. The corporate revolver has a five-year term beginning October 25, 2021, during which draws and repayments may occur. Any outstanding principal balance is due and payable on October 25, 2026. At March 31, 2024, no amounts were drawn under this facility.

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7. Variable Interest Entities

CONSOLIDATED VIES

We have transferred finance receivables to VIEs for asset-backed financing transactions and include the assets and liabilities in our condensed consolidated financial statements because we are the primary beneficiary of each VIE. We account for these asset-backed debt obligations as securitized borrowings.

See Note 2 and Note 9 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for more detail regarding VIEs.

We parenthetically disclose on our condensed consolidated balance sheets the VIE’s assets that can only be used to settle the VIE’s obligations and liabilities when its creditors have no recourse against the primary beneficiary’s general credit. The carrying amounts of consolidated VIE assets and liabilities associated with our securitization trusts, private secured term funding, revolving conduit facilities, and credit card revolving VFN facilities were as follows:

(dollars in millions)	March 31, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	3	$	2
Net finance receivables	12,641		12,780
Allowance for finance receivable losses	1,429		1,428
Restricted cash and restricted cash equivalents	576		523
Other assets	36		32
Liabilities
Long-term debt	$	11,420	$	11,579
Other liabilities	27		27

Other than the retained subordinate and residual interests in our consolidated VIEs, we are under no further obligation than is otherwise noted herein, either contractually or implicitly, to provide financial support to these entities. Consolidated interest expense related to our VIEs totaled $138 million and $101 million during the three months ended March 31, 2024 and 2023, respectively.

SECURITIZED BORROWINGS

Each of our outstanding securitizations contain a revolving period ranging from two to seven years during which no principal payments are required to be made on the related asset-backed notes. The indentures governing our securitized borrowings contain early amortization events and events of default, that, if triggered, may result in the acceleration of the obligation to pay principal and interest on the related asset-backed notes.

CREDIT CARD REVOLVING VFN FACILITIES

We have transferred credit card gross finance receivables to a master trust, OneMain Financial Credit Card Trust (“OMFCT”), and we continue to service and administer the credit cards. As of March 31, 2024, OMFCT was the issuing entity for two credit card revolving VFN facilities by way of certain indenture supplements and note purchase agreements with a total maximum borrowing capacity of $300 million. Each credit card revolving VFN facility has a revolving period during which time no principal payments are required, but may be made without penalty, followed by a subsequent amortization period. Principal balances of outstanding notes, if any, are due and payable in full over periods ranging up to six years as of March 31, 2024. Amounts drawn on these credit card revolving VFN facilities are secured and collateralized by credit card gross finance receivables.

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PRIVATE SECURED TERM FUNDING

At March 31, 2024, an aggregate amount of $350 million was outstanding under the private secured term funding collateralized by our consumer loans. No principal payments are required to be made until after April 25, 2025, followed by a subsequent one-year amortization period, at the expiration of which the outstanding principal amount is due and payable.

REVOLVING CONDUIT FACILITIES

We had access to 16 revolving conduit facilities with a total maximum borrowing capacity of $6.4 billion as of March 31, 2024. Our conduit facilities contain revolving periods during which time no principal payments are required, but may be made without penalty, followed by a subsequent amortization period. Principal balances of outstanding loans, if any, are due and payable in full over periods ranging up to nine years as of March 31, 2024. Amounts drawn on these facilities are collateralized by our consumer loans.

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8. Insurance

Changes in the reserve for unpaid claims and loss adjustment expenses (net of reinsurance recoverables) on our short-duration insurance contracts:

	At or for the Three Months Ended March 31,
(dollars in millions)	2024		2023
Balance at beginning of period	$	108	$	93
Less reinsurance recoverables	(3)		(3)
Net balance at beginning of period	105		90
Additions for losses and loss adjustment expenses incurred to:
Current year	52		42
Prior years *	(5)		(1)
Total	47		41
Reductions for losses and loss adjustment expenses paid related to:
Current year	(15)		(12)
Prior years	(32)		(27)
Total	(47)		(39)
Net balance at end of period	105		92
Plus reinsurance recoverables	3		3
Balance at end of period	$	108	$	95

*    At March 31, 2024, there was a redundancy in the prior years’ net reserves due to favorable development of collateral protection claims during the period. At March 31, 2023, there was a redundancy in the prior years’ net reserves, due to favorable development of credit disability claims during the period.

LIABILITY FOR FUTURE POLICY BENEFITS

The present value of expected net premiums on long-duration insurance contracts were as follows:

	At or for the Three Months Ended March 31,
	2024				2023
(dollars in millions)	Term and  Whole Life		Accidental Death and Disability Protection		Term and  Whole Life		Accidental Death and Disability Protection
Balance at beginning of period	$	217	$	41	$	252	$	48
Effect of cumulative changes in discount rate assumptions (beginning of period)	(5)		—		(8)		—
Beginning balance at original discount rate	212		41		244		48
Effect of actual variances from expected experience	(8)		—		(2)		—
Adjusted balance at beginning of period	204		41		242		48
Interest accretion	3		—		6		—
Net premiums collected	(7)		(1)		(7)		(2)
Ending balance at original discount rate	200		40		241		46
Effect of changes in discount rate assumptions	—		(1)		5		—
Balance at ending of period	$	200	$	39	$	246	$	46

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The present value of expected future policy benefits on long-duration insurance contracts were as follows:

	At or for the Three Months Ended March 31,
	2024				2023
(dollars in millions)	Term and Whole Life		Accidental Death and Disability Protection		Term and Whole Life		Accidental Death and Disability Protection
Balance at beginning of period	$	435	$	113	$	483	$	126
Effect of cumulative changes in discount rate assumptions (beginning of period)	(12)		—		(17)		(1)
Beginning balance at original discount rate	423		113		466		125
Effect of actual variances from expected experience	(9)		(1)		1		(1)
Adjusted balance at beginning of period	414		112		467		124
Net issuances	1		—		1		—
Interest accretion	5		1		9		3
Benefit payments	(13)		(4)		(16)		(4)
Ending balance at original discount rate	407		109		461		123
Effect of changes in discount rate assumptions	3		(2)		12		—
Balance at ending of period	$	410	$	107	$	473	$	123

The net liability for future policy benefits on long-duration insurance contracts were as follows:

	At or for the Three Months Ended March 31,
	2024				2023
(dollars in millions)	Term and Whole Life		Accidental Death and Disability Protection		Term and Whole Life		Accidental Death and Disability Protection
Net liability for future policy benefits	$	210	$	68	$	227	$	77
Deferred profit liability	13		51		15		54
Total net liability for future policy benefits	$	223	$	119	$	242	$	131

The weighted-average duration of the liability for future policy benefits was 8 years at March 31, 2024 and March 31, 2023.

The following table reconciles the net liability for future policy benefits to Insurance claims and policyholder liabilities in the condensed consolidated balance sheets:

	At or for the Three Months Ended March 31,
(dollars in millions)	2024		2023
Term and whole life	$	223	$	242
Accidental death and disability protection	119		131
Other*	255		242
Total	$	597	$	615

*    Other primarily includes reserves for short-duration contracts that are payable to third-party beneficiaries.

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The undiscounted and discounted expected future gross premiums and expected future benefits and expenses for our long-duration insurance contracts were as follows:

	At or for the Three Months Ended March 31,
	2024				2023
(dollars in millions)	Term and Whole Life		Accidental Death and Disability Protection		Term and Whole Life		Accidental Death and Disability Protection
Expected future gross premiums:
Undiscounted	$	411	$	142	$	466	$	159
Discounted	293		101		326		114
Expected future benefit payments:
Undiscounted	582		162		670		181
Discounted	410		107		473		123

The revenue and interest accretion related to our long-duration insurance contracts recognized in the condensed consolidated statements of operations were as follows:

	At or for the Three Months Ended March 31,
	2024				2023
(dollars in millions)	Term and Whole Life		Accidental Death and Disability Protection		Term and Whole Life		Accidental Death and Disability Protection
Gross premiums or assessments	$	13	$	5	$	11	$	5
Interest accretion	$	3	$	1	$	3	$	3

The expected and actual experience for mortality, morbidity, and lapses of the liability for future policy benefits were as follows:

	At or for the Three Months Ended March 31,
	2024				2023
	Term and Whole Life		Accidental Death and Disability Protection		Term and Whole Life		Accidental Death and Disability Protection
Mortality/Morbidity:
Expected	0.37	%	0.01	%	0.39	%	0.01	%
Actual	0.38	%	0.01	%	0.31	%	0.01	%
Lapses:
Expected	4.68	%	1.96	%	3.18	%	2.24	%
Actual	3.35	%	2.51	%	1.67	%	0.34	%

The weighted-average interest rates for the liability of future policy benefits for our long-duration insurance contracts were as follows:

	At or for the Three Months Ended March 31,
	2024				2023
	Term and Whole Life		Accidental Death and Disability Protection		Term and Whole Life		Accidental Death and Disability Protection
Interest accretion rate	5.28	%	4.87	%	5.26	%	4.86	%
Current discount rate	5.33	%	5.35	%	5.07	%	5.06	%

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9. Capital Stock and Earnings Per Share (OMH Only)

CAPITAL STOCK

OMH has two classes of authorized capital stock: preferred stock and common stock. OMFC has two classes of authorized capital stock: special stock and common stock. OMH and OMFC may issue preferred stock and special stock, respectively, in one or more series. The OMH Board of Directors and the OMFC Board of Directors determine the dividend, liquidation, redemption, conversion, voting, and other rights prior to issuance.

Changes in OMH shares of common stock issued and outstanding were as follows:

	Three Months Ended March 31,
	2024	2023
Balance at beginning of period	119,757,277	121,042,125
Common stock issued	211,702	207,403
Common stock repurchased	(108,685)	(683,384)
Treasury stock issued	16,958	21,070
Balance at end of period	119,877,252	120,587,214

EARNINGS PER SHARE (OMH ONLY)

The computation of earnings per share was as follows:

	Three Months Ended March 31,
(dollars in millions, except per share data)	2024		2023
Numerator (basic and diluted):
Net income	$	155	$	179
Denominator:
Weighted average number of shares outstanding (basic)	119,829,174		120,765,661
Effect of dilutive securities *	415,495		204,230
Weighted average number of shares outstanding (diluted)	120,244,669		120,969,891
Earnings per share:
Basic	$	1.29	$	1.48
Diluted	$	1.29	$	1.48

* We have excluded weighted-average unvested restricted stock units totaling 728,403 and 1,543,976 for the three months ended March 31, 2024 and 2023, respectively, from the fully-diluted earnings per share calculations as these shares would be anti-dilutive, which could impact the earnings per share calculation in the future.

Basic earnings per share is computed by dividing net income by the weighted-average number of shares outstanding during each period. Diluted earnings per share is computed based on the weighted-average number of shares outstanding plus the effect of potentially dilutive shares outstanding during the period using the treasury stock method. The potentially dilutive shares represent outstanding unvested restricted stock units.

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10. Accumulated Other Comprehensive Income (Loss)

Changes, net of tax, in Accumulated other comprehensive income (loss) were as follows:

(dollars in millions)	Unrealized Gains (Losses) Available-for-Sale Securities (a)		Retirement Plan Liabilities Adjustments		Foreign Currency Translation Adjustments		Changes in discount rate for insurance claims and policyholder liabilities		Other (b)		Total Accumulated Other Comprehensive Income (Loss)
Three Months Ended March 31, 2024
Balance at beginning of period	$	(93)	$	(8)	$	(2)	$	(5)	$	21	$	(87)
Other comprehensive income (loss) before reclassifications	(6)		—		(3)		5		—		(4)
Balance at end of period	$	(99)	$	(8)	$	(5)	$	—	$	21	$	(91)
Three Months Ended March 31, 2023
Balance at beginning of period	$	(131)	$	(8)	$	(5)	$	(8)	$	25	$	(127)
Other comprehensive income (loss) before reclassifications	19		—		—		3		(3)		19
Balance at end of period	$	(112)	$	(8)	$	(5)	$	(5)	$	22	$	(108)

(a) There were no material amounts related to available-for-sale debt securities for which an allowance for credit losses was recorded during the three months ended March 31, 2024 and 2023.

(b) Other primarily includes changes in the fair value of our mark-to-market derivative instruments that have been designated as cash flow hedges.

Reclassification adjustments from Accumulated other comprehensive income (loss) to the applicable line item on our condensed consolidated statements of operations were immaterial for the three months ended March 31, 2024 and 2023.

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11. Income Taxes

We had a net deferred tax asset of $463 million and $477 million at March 31, 2024 and December 31, 2023, respectively.

We follow the guidance of ASC 740, Income Taxes, for interim reporting of income taxes under which we calculate an estimated annual effective tax rate (“AETR”) and apply the AETR to our year-to-date income (loss) before income taxes. In addition, we recognize any discrete items as they occur.

The effective tax rate for the three months ended March 31, 2024 was 24.1%, compared to 24.0% for the same period in 2023. The effective tax rate for the three months ended March 31, 2024 and 2023 differed from the federal statutory rate of 21% primarily due to the effect of state income taxes.

We are under examination by various states for the years 2017 to 2021. Management believes it has adequately provided for taxes for such years.

Our gross unrecognized tax benefits, including related interest and penalties, totaled $11 million at March 31, 2024 and December 31, 2023. We accrue interest related to uncertain tax positions in income tax expense. The amount of any change in the balance of uncertain tax liabilities over the next 12 months is not expected to be material to our condensed consolidated financial statements.

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12. Contingencies

LEGAL CONTINGENCIES

In the normal course of business, we have been named, from time to time, as defendants in various legal actions, including arbitrations, class actions, and other litigation arising in connection with our activities. Some of the actual or threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. Additionally, we are, from time to time, in the normal course of business, subject to inquiries and investigations by federal, state and local governmental authorities regarding our products and our operations. These inquiries and investigations may result in fines, restitution or other penalties, including injunctive relief that may result in restrictions on our business. While we will continue to evaluate legal actions to determine whether a loss is reasonably possible or probable and is reasonably estimable, there can be no assurance that material losses will not be incurred from pending, threatened or future litigation, investigations, examinations, or other claims.

We contest liability and/or the amount of damages, as appropriate, in each pending matter. Where available information indicates that it is probable that a liability had been incurred at the date of the condensed consolidated financial statements and we can reasonably estimate the amount of that loss, we accrue the estimated loss by a charge to income. In many actions, however, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to estimate the amount of any loss. In addition, even where loss is reasonably possible or an exposure to loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, it is not always possible to reasonably estimate the size of the possible loss or range of loss.

For certain legal actions, we cannot reasonably estimate such losses, particularly for actions that are in their early stages of development or where plaintiffs seek substantial or indeterminate damages. Numerous issues may need to be resolved, including through potentially lengthy discovery and determination of important factual matters, and by addressing novel or unsettled legal questions relevant to the actions in question, before a loss or additional loss or range of loss or range of additional loss can be reasonably estimated for any given action.

For certain other legal actions, we can estimate reasonably possible losses, additional losses, ranges of loss or ranges of additional loss in excess of amounts accrued, but do not believe, based on current knowledge and after consultation with counsel, that such losses will have a material adverse effect on our condensed consolidated financial statements as a whole.

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13. Segment Information

At March 31, 2024, Consumer and Insurance (“C&I”) is our only reportable segment. The remaining components (which we refer to as “Other”) consist of our liquidating SpringCastle Portfolio servicing activity and our non-originating legacy operations, which primarily include our liquidating real estate loans.

The accounting policies of the C&I segment are the same as those disclosed in Note 2 and Note 17 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report.

The following tables present information about C&I and Other, as well as reconciliations to the condensed consolidated financial statement amounts.

(dollars in millions)	Consumer and Insurance		Other		Segment to GAAP Adjustment		Consolidated Total
Three Months Ended March 31, 2024
Interest income	$	1,172	$	1	$	—	$	1,173
Interest expense	276		1		—		277
Provision for finance receivable losses	431		—		—		431
Net interest income after provision for finance receivable losses	465		—		—		465
Other revenues	178		2		—		180
Other expenses	440		2		(1)		441
Income (loss) before income tax expense (benefit)	$	203	$	—	$	1	$	204
Assets	$	22,672	$	18	$	1,218	$	23,908
Three Months Ended March 31, 2023
Interest income	$	1,092	$	1	$	1	$	1,094
Interest expense	238		—		1		239
Provision for finance receivable losses	385		—		—		385
Net interest income after provision for finance receivable losses	469		1		—		470
Other revenues	176		1		—		177
Other expenses	409		3		—		412
Income before income tax expense	$	236	$	(1)	$	—	$	235
Assets	$	21,199	$	30	$	1,214	$	22,443

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14. Fair Value Measurements

The accounting policies of our fair value measurements are the same as those disclosed in Note 2 and Note 18 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report.

The following table presents the carrying amounts and estimated fair values of our financial instruments and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:

	Fair Value Measurements Using						Total Fair Value		Total Carrying Value
(dollars in millions)	Level 1		Level 2		Level 3
March 31, 2024
Assets
Cash and cash equivalents	$	807	$	24	$	—	$	831	$	831
Investment securities	55		1,633		3		1,691		1,691
Net finance receivables, less allowance for finance receivable losses	—		—		20,293		20,293		18,629
Restricted cash and restricted cash equivalents	596		3		—		599		599
Other assets *	—		—		39		39		28
Liabilities
Long-term debt	$	—	$	19,224	$	—	$	19,224	$	19,520
December 31, 2023
Assets
Cash and cash equivalents	$	1,014	$	—	$	—	$	1,014	$	1,014
Investment securities	54		1,662		3		1,719		1,719
Net finance receivables, less allowance for finance receivable losses	—		—		20,490		20,490		18,869
Restricted cash and restricted cash equivalents	534		—		—		534		534
Other assets *	—		—		40		40		29
Liabilities
Long-term debt	$	—	$	19,457	$	—	$	19,457	$	19,813

*Other assets at March 31, 2024 and December 31, 2023 primarily consists of finance receivables held for sale.

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FAIR VALUE MEASUREMENTS — RECURRING BASIS

The following tables present information about our assets measured at fair value on a recurring basis and indicates the fair value hierarchy based on the levels of inputs we utilized to determine such fair value:

	Fair Value Measurements Using						Total Carried At Fair Value
(dollars in millions)	Level 1		Level 2		Level 3
March 31, 2024
Assets
Cash equivalents in mutual funds	$	99	$	—	$	—	$	99
Cash equivalents in securities	—		24		—		24
Investment securities:
Available-for-sale securities
U.S. government and government sponsored entities	—		18		—		18
Obligations of states, municipalities, and political subdivisions	—		66		—		66
Commercial paper	—		21		—		21
Non-U.S. government and government sponsored entities	—		154		—		154
Corporate debt	6		1,063		1		1,070
RMBS	—		180		—		180
CMBS	—		33		—		33
CDO/ABS	—		76		—		76
Total available-for-sale securities	6		1,611		1		1,618
Other securities
Bonds:
Corporate debt	—		4		—		4
CDO/ABS	—		18		—		18
Total bonds	—		22		—		22
Preferred stock	15		—		—		15
Common stock	34		—		2		36
Total other securities	49		22		2		73
Total investment securities	55		1,633		3		1,691
Restricted cash equivalents in mutual funds	580		—		—		580
Restricted cash equivalents in securities	—		3		—		3
Total	$	734	$	1,660	$	3	$	2,397

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	Fair Value Measurements Using						Total Carried At Fair Value
(dollars in millions)	Level 1		Level 2		Level 3
December 31, 2023
Assets
Cash equivalents in mutual funds	$	97	$	—	$	—	$	97
Investment securities:
Available-for-sale securities
U.S. government and government sponsored entities	—		17		—		17
Obligations of states, municipalities, and political subdivisions	—		66		—		66
Commercial paper	—		14		—		14
Non-U.S. government and government sponsored entities	—		167		—		167
Corporate debt	6		1,078		1		1,085
RMBS	—		180		—		180
CMBS	—		33		—		33
CDO/ABS	—		85		—		85
Total available-for-sale securities	6		1,640		1		1,647
Other securities
Bonds:
Corporate debt	—		4		—		4
CDO/ABS	—		18		—		18
Total bonds	—		22		—		22
Preferred stock	16		—		—		16
Common stock	32		—		2		34
Total other securities	48		22		2		72
Total investment securities	54		1,662		3		1,719
Restricted cash equivalents in mutual funds	525		—		—		525
Total	$	676	$	1,662	$	3	$	2,341

Due to the insignificant activity within the Level 3 assets during the three months ended March 31, 2024 and 2023, we have omitted the additional disclosures relating to the changes in Level 3 assets measured at fair value on a recurring basis and the quantitative information about Level 3 unobservable inputs.

FAIR VALUE MEASUREMENTS — NON-RECURRING BASIS

We measure the fair value of certain assets on a non-recurring basis when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Net impairment charges recorded on assets measured at fair value on a non-recurring basis were immaterial during the three months ended March 31, 2024 and 2023.

FAIR VALUE MEASUREMENTS — VALUATION METHODOLOGIES AND ASSUMPTIONS

See Note 18 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for information regarding our methods and assumptions used to estimate fair value.

15. Subsequent Events

On April 1, 2024, we completed our previously announced acquisition of all of the outstanding common stock of Foursight Capital LLC (“Foursight”), a wholly owned subsidiary of Jefferies Financial Group, Inc. Foursight is an automobile finance company that purchases and services automobile retail installment contracts. Contracts are sourced through an extensive network of auto dealers. As of March 31, 2024, Foursight had approximately $900 million of auto loan receivables. We are currently in the process of completing the purchase accounting, which will be disclosed in subsequent filings.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

An index to our management’s discussion and analysis follows:

Topic	Page
Forward-Looking Statements	40
Overview	42
Recent Developments and Outlook	43
Results of Operations	45
Segment Results	49
Credit Quality	52
Liquidity and Capital Resources	54
Critical Accounting Policies and Estimates	60
Recent Accounting Pronouncements	60
Seasonality	60

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Forward-Looking Statements

This report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but instead represent only management’s current beliefs regarding future events. 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. We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. We do not undertake any obligation to update or revise these forward-looking statements to reflect events or circumstances after the date of this report 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. Forward-looking statements include, without limitation, statements concerning future plans, objectives, goals, projections, strategies, events, or performance, and underlying assumptions and other statements related thereto. Statements preceded by, followed by or that otherwise include the words “anticipates,” “appears,” “assumes,” “believes,” “can,” “continues,” “could,” “estimates,” “expects,” “forecasts,” “foresees,” “goals,” “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. 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; and

•the effects of any downgrade of our debt ratings by credit rating agencies.

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We also direct readers to the other risks and uncertainties discussed in Part I - Item 1A. “Risk Factors” included in our Annual Report and in other documents we file with the SEC.

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 report and in the documents we file with the SEC that could cause actual results to differ before making an investment decision to purchase our securities and should not place undue reliance on any of our forward-looking statements. 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.

41

Overview

We offer consumer loans, which consist of personal loans and auto finance, credit cards, and other products to help customers meet everyday needs and take steps to improve their financial well-being. We service the loans that we originate and retain on our balance sheet, as well as loans owned by third parties on their behalf in connection with our whole loan sale program and legacy businesses. In connection with our offerings, our insurance subsidiaries offer our consumer loan customers optional credit and non-credit insurance and other optional products. We also offer two credit cards, BrightWay and BrightWay+, which are designed to reward customers for responsible credit activity, such as consistent on-time payments. We strive to meet our customers at their preferred channel and to deliver a seamless customer experience through our digital platforms, distribution partnerships, or working with our expert team members at more than 1,300 locations in 44 states.

OUR PRODUCTS

Our product offerings include:

•Personal Loans — We offer personal loans through our branch network, central operations, digital affiliates, and our website, www.onemainfinancial.com, to customers who need timely access to cash. Our personal loans are non-revolving, with a fixed rate, have fixed terms generally between three and six years, and are secured by automobiles, other titled collateral, or are unsecured. At March 31, 2024, we had approximately 2.3 million personal loans totaling $19.9 billion of net finance receivables, of which 49% were secured by titled property, compared to approximately 2.4 million personal loans totaling $20.3 billion of net finance receivables, of which 48% were secured by titled property at December 31, 2023. We also service personal loans for our whole loan sale partners.

•Auto Finance — We offer secured auto financing originated through our dealership network. The loans are non-revolving, with a fixed rate, have fixed terms generally between three and six years. At March 31, 2024, we had approximately 62 thousand auto finance loans totaling $843 million of net finance receivables, compared to approximately 54 thousand auto finance loans totaling $745 million of net finance receivables at December 31, 2023.

•Credit Cards — BrightWay and BrightWay+ credit cards originate through a third-party bank partner from which we purchase the receivable balances. The credit cards are offered across our branch network, through direct mail, and through our digital affiliates. Credit cards are open-ended, revolving, with a fixed rate, and are unsecured. At March 31, 2024, we had approximately 509 thousand open credit card customer accounts, totaling $386 million of net finance receivables, compared to approximately 431 thousand open credit card customer accounts, totaling $330 million of net finance receivables at December 31, 2023.

•Optional Products — We offer our customers optional credit insurance products (life, disability, and involuntary unemployment insurance) and optional non-credit insurance products through both our branch network and our central operations. Credit insurance and non-credit insurance products are provided by our affiliated insurance companies. We offer Guaranteed Asset Protection (“GAP”) coverage as a waiver product or insurance. We also offer optional membership plans from an unaffiliated company.

OUR SEGMENT

At March 31, 2024, Consumer and Insurance (“C&I”) is our only reportable segment, which includes personal loans, auto finance, credit cards, and optional products. At March 31, 2024, we had $22.0 billion of managed receivables due from approximately 3.0 million customer accounts, compared to $22.2 billion of managed receivables due from approximately 3.0 million customer accounts at December 31, 2023.

The remaining components (which we refer to as “Other”) consist of our liquidating SpringCastle Portfolio servicing activity and our non-originating legacy operations, which primarily include our liquidating real estate loans held for sale and reported in Other assets in our condensed consolidated balance sheets. See Note 13 of the Notes to the Condensed Consolidated Financial Statements included in this report for more information about our segment.

42

Recent Developments and Outlook

RECENT DEVELOPMENTS

Acquisition of Foursight Capital LLC

On April 1, 2024, we completed our previously announced acquisition of Foursight Capital LLC (“Foursight”), a wholly owned subsidiary of Jefferies Financial Group, Inc. Foursight is an automobile finance company that purchases and services automobile retail installment contracts. Contracts are sourced through an extensive network of auto dealers. We believe Foursight’s seasoned team, scalable technology, tested credit models, franchise dealer network and loan portfolio will support OneMain’s disciplined expansion into the auto lending business. See Note 15 of the Notes to the Condensed Consolidated Financial Statements included in this report for further information.

Appointments of Chief Operating Officer (“COO”) and Chief Financial Officer (“CFO”)

On February 13, 2024, the Company announced the appointments of Micah R. Conrad as Executive Vice President (“EVP”) and COO and Jeannette E. Osterhout as EVP and CFO, effective March 31, 2024. Mr. Conrad, who has been serving as the Company’s EVP and CFO since March 2019, succeeds Rajive Chadha. Mr. Chadha will continue to serve as a Senior Advisor to the Company until September 15, 2024, after which he will separate from the Company. In connection with Mr. Conrad’s appointment as COO, Ms. Osterhout assumed the role of CFO. Ms. Osterhout has served as the Company’s EVP and Chief Strategy Officer since November 2020.

Appointments of OMFC’s President and Chief Executive Officer (“CEO”) and COO

Effective March 31, 2024, OMFC’s Board of Directors appointed Ms. Osterhout as OMFC’s President and CEO and elected Mr. Conrad as EVP and COO. Ms. Osterhout succeeds Mr. Conrad’s former position as President and CEO of OMFC and Mr. Conrad succeeds Mr. Chadha as EVP and COO of OMFC.

Cash Dividends to OMH’s Common Stockholders

For information regarding the quarterly dividends declared by OMH, see “Liquidity and Capital Resources” under Management’s Discussion and Analysis of Financial Condition and Results of Operations in this report.

43

OUTLOOK

We are actively monitoring the current macroeconomic environment and remain prepared for any developments that may impact our business. Our financial condition and results of operations could be affected by macroeconomic conditions, including changes in unemployment, inflation, interest rates, consumer confidence, and geopolitical actions outside of the U.S. We will continue to incorporate updates to our macroeconomic assumptions, as necessary, which could lead to further adjustments in our allowance for finance receivable losses, allowance ratio, and provision for finance receivable losses.

Our experienced management team remains focused on maintaining a strong balance sheet with a long liquidity runway and adequate capital while maintaining a conservative and disciplined underwriting model. We believe we are well positioned to serve our customers and execute on our strategic priorities, including:

•striving to be the lender of choice for nonprime consumers and improve their financial well-being;

•continuing to grow our receivables through new products and distribution channels;

•maintaining a rigorous underwriting standard with a goal of enhancing credit performance;

•leveraging our scale and cost discipline across the Company to deliver improved operating leverage; and

•maintaining a strong liquidity level with diversified funding sources.

We believe our commitment to closely monitor the macroeconomic environment, retain disciplined underwriting, drive strategic growth initiatives, and maintain a robust balance sheet strengthens our ability to navigate challenges and seize opportunities. As we pursue our key initiatives, we are confident in our ability to increase shareholder value and remain resilient and adaptable to navigate an ever-evolving economic, social, political, and regulatory landscape.

44

Results of Operations

The results of OMFC are consolidated into the results of OMH. Due to the nominal differences between OMFC and OMH, content throughout this section relates only to OMH. See Note 1 of the Notes to the Condensed Consolidated Financial Statements included in this report for further information.

OMH’S CONSOLIDATED RESULTS

See the table below for OMH’s consolidated operating results and selected financial statistics. A further discussion of OMH’s operating results for our operating segment is provided under “Segment Results” below.

	At or for the Three Months Ended March 31,
(dollars in millions, except per share amounts)	2024			2023
Interest income	$	1,173		$	1,094
Interest expense	277			239
Provision for finance receivable losses	431			385
Net interest income after provision for finance receivable losses	465			470
Other revenues	180			177
Other expenses	441			412
Income before income taxes	204			235
Income taxes	49			56
Net income	$	155		$	179
Share Data:
Earnings per share:
Diluted	$	1.29		$	1.48
Selected Financial Statistics *
Total finance receivables:
Net finance receivables	$	21,083		$	19,809
Average net receivables	$	21,267		$	19,881
Gross charge-off ratio	10.12		%	9.21		%
Recovery ratio	(1.46)		%	(1.41)		%
Net charge-off ratio	8.66		%	7.80		%
* See “Glossary” at the beginning of this report for formulas and definitions of our key performance ratios.

45

	At or for the Three Months Ended March 31,
(dollars in millions, except per share amounts)	2024			2023
Selected Financial Statistics *
Personal loans:
Net finance receivables	$	19,854		$	19,229
Origination volume	$	2,354		$	2,704
Number of accounts	2,320,733			2,269,336
Number of accounts originated	230,850			263,370
Auto finance:
Net finance receivables	$	843		$	458
Origination volume	$	168		$	113
Number of accounts	61,911			33,942
Number of accounts originated	10,359			7,302
Consumer loans:
Net finance receivables	$	20,697		$	19,687
Yield	22.12		%	22.27		%
Origination volume	$	2,523		$	2,817
Number of accounts	2,382,644			2,303,278
Number of accounts originated	241,209			270,672
Net charge-off ratio	8.58		%	7.72		%
30-89 Delinquency ratio	2.72		%	2.58		%
Credit cards:
Net finance receivables	$	386		$	122
Purchase volume	$	168		$	53
Number of open accounts	508,608			160,508
Debt balances:
Long-term debt balance	$	19,520		$	18,206
Average daily debt balance	$	19,702		$	18,355

*    See “Glossary” at the beginning of this report for formulas and definitions of our key performance ratios.

46

Comparison of Consolidated Results for Three Months Ended March 31, 2024 and 2023

Interest income increased $79 million or 7% for the three months ended March 31, 2024 when compared to the same period in 2023 due to growth in average net receivables.

Interest expense increased $38 million or 16% for the three months ended March 31, 2024 when compared to the same period in 2023 due to an increase in average debt as we continue to grow the business and a higher average cost of funds.

Provision for finance receivable losses increased $46 million or 12% for the three months ended March 31, 2024 when compared to the same period in 2023 driven by higher net charge-offs, partially offset by reduction in the allowance for finance receivable losses in the current quarter compared to an increase in allowance in the prior period.

Other revenues increased $3 million or 1% for the three months ended March 31, 2024 which remained relatively consistent when compared to the same period in 2023.

Other expenses increased $29 million or 7% for the three months ended March 31, 2024 when compared to the same period in 2023 due to restructuring charges incurred in the current period associated with strategic cost initiatives.

Income taxes decreased $7 million or 13% for the three months ended March 31, 2024 when compared to the same period in 2023 due to lower pretax income.

47

NON-GAAP FINANCIAL MEASURES

Management uses C&I adjusted pretax income (loss), a non-GAAP financial measure, as a key performance measure of our segment. C&I adjusted pretax income (loss) represents income (loss) before income taxes on a Segment Accounting Basis and excludes restructuring charges, net gain or loss resulting from repurchases and repayments of debt, and acquisition-related transaction and integration expenses. Management believes C&I adjusted pretax income (loss) is useful in assessing the profitability of our segment.

Management also uses C&I pretax capital generation, a non-GAAP financial measure, as a key performance measure of our segment. This measure represents C&I adjusted pretax income as discussed above and excludes the change in our C&I allowance for finance receivable losses in the period while still considering the C&I net charge-offs incurred during the period. Management believes that C&I pretax capital generation is useful in assessing the capital created in the period impacting the overall capital adequacy of the Company. Management believes that the Company’s reserves, combined with its equity, represent the Company’s loss absorption capacity.

Management utilizes both C&I adjusted pretax income (loss) and C&I pretax capital generation in evaluating our performance. Additionally, both of these non-GAAP measures are consistent with the performance goals established in OMH’s executive compensation program. C&I adjusted pretax income (loss) and C&I pretax capital generation are non-GAAP financial measures and 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.

OMH’s reconciliations of income before income tax expense on a Segment Accounting Basis to C&I adjusted pretax income (non-GAAP) and C&I pretax capital generation (non-GAAP) were as follows:

	Three Months Ended March 31,
(dollars in millions)	2024		2023
Consumer and Insurance
Income before income taxes - Segment Accounting Basis	$	203	$	236
Adjustments:
Restructuring charges	27		—
Net loss on repurchases and repayments of debt	2		—
Acquisition-related transaction and integration expenses	1		—
Adjusted pretax income (non-GAAP)	233		236
Provision for finance receivable losses	431		385
Net charge-offs	(457)		(382)
Pretax capital generation (non-GAAP)	$	207	$	239

48

Segment Results

The results of OMFC are consolidated into the results of OMH. Due to the nominal differences between OMFC and OMH, content throughout this section relate only to OMH. See Note 1 of the Notes to the Condensed Consolidated Financial Statements included in this report for further information.

See Note 17 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for a description of our segment and methodologies used to allocate revenues and expenses to our C&I segment. See Note 13 of the Notes to the Condensed Consolidated Financial Statements included in this report for reconciliations of segment total to condensed consolidated financial statement amounts.

CONSUMER AND INSURANCE

OMH’s adjusted pretax income and selected financial statistics for C&I on an adjusted Segment Accounting Basis were as follows:

	At or for the Three Months Ended March 31,
(dollars in millions)	2024			2023
Interest income	$	1,172		$	1,092
Interest expense	276			238
Provision for finance receivable losses	431			385
Net interest income after provision for finance receivable losses	465			469
Other revenues	180			176
Other expenses	412			409
Adjusted pretax income (non-GAAP)	$	233		$	236
Selected Financial Statistics *
Total finance receivables:
Net finance receivables	$	21,083		$	19,810
Average net receivables	$	21,267		$	19,882
Gross charge-off ratio	10.12		%	9.21		%
Recovery ratio	(1.46)		%	(1.41)		%
Net charge-off ratio	8.66		%	7.80		%
* See “Glossary” at the beginning of this report for formulas and definitions of our key performance ratios.

49

	At or for the Three Months Ended March 31,
(dollars in millions)	2024			2023
Selected Financial Statistics *
Personal loans:
Net finance receivables	$	19,854		$	19,230
Origination volume	$	2,354		$	2,704
Number of accounts	2,320,733			2,269,336
Number of accounts originated	230,850			263,370
Auto finance:
Net finance receivables	$	843		$	458
Origination volume	$	168		$	113
Number of accounts	61,911			33,942
Number of accounts originated	10,359			7,302
Consumer loans:
Net finance receivables	$	20,697		$	19,688
Yield	22.12		%	22.26		%
Origination volume	$	2,523		$	2,817
Number of accounts	2,382,644			2,303,278
Number of accounts originated	241,209			270,672
Net charge-off ratio	8.58		%	7.72		%
30-89 Delinquency ratio	2.72		%	2.58		%
Credit cards:
Net finance receivables	$	386		$	122
Purchase volume	$	168		$	53
Number of open accounts	508,608			160,508

*    See “Glossary” at the beginning of this report for formulas and definitions of our key performance ratios.

50

Comparison of Adjusted Pretax Income for Three Months Ended March 31, 2024 and 2023

Interest income increased $80 million or 7% for the three months ended March 31, 2024 when compared to the same period in 2023 due to growth in average net receivables.

Interest expense increased $38 million or 16% for the three months ended March 31, 2024 when compared to the same period in 2023 due to an increase in average debt as we continue to grow the business and a higher average cost of funds.

Provision for finance receivable losses increased $46 million or 12% for the three months ended March 31, 2024 when compared to the same period in 2023 driven by higher net charge-offs, partially offset by reduction in the allowance for finance receivable losses in the current quarter compared to an increase in allowance in the prior period.

Other revenues increased $4 million or 3% for the three months ended March 31, 2024 which remained relatively consistent when compared to the same period in 2023.

Other expenses increased $3 million or 1% for the three months ended March 31, 2024 which remained relatively consistent when compared to the same period in 2023.

51

Credit Quality

FINANCE RECEIVABLES

Our net finance receivables, consisting of consumer loans and credit cards, were $21.1 billion at March 31, 2024 and $21.3 billion at December 31, 2023. We consider the delinquency status of our finance receivables as our key credit quality indicator. We monitor the delinquency of our finance receivable portfolio, including the migration between the delinquency buckets and changes in the delinquency trends to manage our exposure to credit risk in the portfolio. Our branch and central operation team members work closely with customers as necessary and offer a variety of borrower assistance programs to help support our customers.

DELINQUENCY

We monitor delinquency trends to evaluate the risk of future credit losses and employ advanced analytical tools to manage performance. Team members are actively engaged in collection activities throughout the early stages of delinquency. We closely track and report the percentage of receivables that are contractually 30-89 days past due as a benchmark of portfolio quality, collections effectiveness, and as a strong indicator of losses in coming quarters.

When consumer loans are contractually 60 days past due, we consider these accounts to be at an increased risk for loss and move collection of these accounts to our central collection operations. Use of our central operations teams for managing late-stage delinquency allows us to apply more advanced collection techniques and tools to drive credit performance and operational efficiencies.

We consider our consumer loans to be nonperforming at 90 days contractually past due, at which point we stop accruing finance charges and reverse finance charges previously accrued. For credit cards, we accrue finance charges and fees until charge-off at 180 days contractually past due, at which point we reverse finance charges and fees previously accrued.

The delinquency information for net finance receivables on a Segment Accounting Basis was as follows:

	Consumer and Insurance
(dollars in millions)	Consumer Loans			Credit Cards
March 31, 2024
Current	$	19,544		$	343
30-89 days past due	562			19
90+ days past due	591			24
Total net finance receivables	$	20,697		$	386
Delinquency ratio
30-89 days past due	2.72		%	4.99		%
30+ days past due	5.57		%	11.28		%
90+ days past due	2.86		%	6.30		%
December 31, 2023
Current	$	19,725		$	297
30-89 days past due	689			16
90+ days past due	605			17
Total net finance receivables	$	21,019		$	330
Delinquency ratio
30-89 days past due	3.28		%	4.93		%
30+ days past due	6.16		%	9.96		%
90+ days past due	2.88		%	5.03		%

52

ALLOWANCE FOR FINANCE RECEIVABLE LOSSES

We estimate and record an allowance for finance receivable losses to cover the expected lifetime credit losses on our finance receivables. Our allowance for finance receivable losses may fluctuate based upon changes in portfolio growth, credit quality, and economic conditions.

Our methodology to estimate expected credit losses uses recent macroeconomic forecasts, which include forecasts for unemployment. We leverage projections from various industry leading providers. We also consider inflationary pressures, consumer confidence levels, and interest rate increases that may continue to impact the economic outlook. At March 31, 2024, our economic forecast used a reasonable and supportable period of 12 months. We may experience further changes to the macroeconomic assumptions within our forecast, as well as changes to our loan loss performance outlook, both of which could lead to further changes in our allowance for finance receivable losses, allowance ratio, and provision for finance receivable losses.

Changes in our allowance for finance receivable losses were as follows:

(dollars in millions)	Consumer and Insurance						Segment to GAAP Adjustment		Consolidated Total
	Consumer Loans			Credit Cards
Three Months Ended March 31, 2024
Balance at beginning of period	$	2,415		$	65		$	—	$	2,480
Provision for finance receivable losses	406			25			—		431
Charge-offs	(522)			(12)			—		(534)
Recoveries	77			—			—		77
Balance at end of period	$	2,376		$	78		$	—	$	2,454
Net finance receivables	$	20,697		$	386		$	—	$	21,083
Allowance ratio	11.48		%	20.21		%	(b)		11.64		%
Three Months Ended March 31, 2023
Balance at beginning of period	$	2,294		$	21		$	(4)	$	2,311
Impact of adoption of ASU 2022-02 (a)	(20)			—			4		(16)
Provision for finance receivable losses	377			8			—		385
Charge-offs	(445)			(6)			—		(451)
Recoveries	69			—			—		69
Balance at end of period	$	2,275		$	23		$	—	$	2,298
Net finance receivables	$	19,688		$	122		$	(1)	$	19,809
Allowance ratio	11.55		%	19.25		%	(b)		11.60		%

(a)    As a result of the adoption of ASU 2022-02, we recorded a one-time adjustment to the allowance for finance receivable losses. See Notes 3, 4, and 5 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for additional information on the adoption of ASU 2022-02.

(b)    Not applicable.

The current delinquency status of our finance receivable portfolio, inclusive of recent borrower performance and loss performance, volume of our modified finance receivable activity, level and recoverability of collateral securing our finance receivable portfolio, and the reasonable and supportable forecast of economic conditions are the primary drivers that can cause fluctuations in our allowance ratio from period to period. We monitor the allowance ratio to ensure we have a sufficient level of allowance for finance receivable losses based on the estimated lifetime expected credit losses in our finance receivable portfolio. The allowance for finance receivable losses as a percentage of net finance receivables increased slightly from the prior year period primarily due to portfolio mix. See Note 4 of the Notes to the Condensed Consolidated Financial Statements included in this report for more information about the changes in the allowance for finance receivable losses.

53

Liquidity and Capital Resources

SOURCES AND USES OF FUNDS

We finance the majority of our operating liquidity and capital needs through a combination of cash flows from operations, secured debt, unsecured debt, borrowings from revolving conduit facilities and credit card revolving VFN facilities, whole loan sales, and equity. We may also utilize other sources in the future. As a holding company, all of the funds generated from our operations are earned by our operating subsidiaries. Our operating subsidiaries’ primary cash needs relate to funding our lending activities, our debt service obligations, our operating expenses, payment of insurance claims, and supporting strategic initiatives.

We have previously purchased portions of our unsecured indebtedness, and we may elect to purchase additional portions of our unsecured indebtedness or securitized borrowings in the future. Future purchases may be made through the open market, privately negotiated transactions with third parties, or pursuant to one or more tender or exchange offers, all of which are subject to terms, prices, and consideration we may determine at our discretion.

During the three months ended March 31, 2024, OMH generated net income of $155 million. OMH’s net cash inflow from operating and investing activities totaled $325 million for the three months ended March 31, 2024. At March 31, 2024, our scheduled interest payments for 2024 totaled $289 million and there were no scheduled principal payments for 2024 on our existing unsecured debt. As of March 31, 2024, we had $8.3 billion of unencumbered receivables.

Based on our estimates and considering the risks and uncertainties of our plans, we believe that we will have adequate liquidity to finance and operate our businesses and repay our obligations as they become due.

OMFC’s Repurchases of Unsecured Debt

From time to time we may purchase portions of our unsecured indebtedness through the open market. During the three months ended March 31, 2024, we repurchased $139 million of our unsecured notes.

OMFC’s Unsecured Corporate Revolver

At March 31, 2024, the borrowing capacity of our corporate revolver was $1.3 billion, and no amounts were drawn.

Securitizations and Borrowings from Revolving Conduit Facilities and Credit Card Revolving VFN Facilities

During the three months ended March 31, 2024, we completed no new consumer loan securitizations and redeemed no consumer loan securitizations. During the three months ended March 31, 2024, we entered into no new revolving conduit facilities. At March 31, 2024, the borrowing capacity of our revolving conduit facilities was $6.4 billion. At March 31, 2024, we had $12.4 billion of consumer loan gross finance receivables pledged as collateral for our securitizations, revolving conduit facilities, and private secured term funding.

Subsequent to March 31, 2024, we issued $1.1 billion principal amount of notes backed by personal loans (“OMFIT 2024-1”). OMFIT 2024-1 has a revolving period of seven years, during which time no principal payments are required to be made.

During the three months ended March 31, 2024, we entered into two credit card revolving VFN facilities. At March 31, 2024, the maximum capacity of our credit card revolving VFN facilities was $300 million. At March 31, 2024, we had $117 million of credit card principal balances held in OMFCT for our credit card revolving VFN facilities.

54

Private Secured Term Funding

At March 31, 2024, an aggregate amount of $350 million was outstanding under the private secured term funding collateralized by our consumer loans. No principal payments are required to be made until after April 25, 2025, followed by a subsequent one-year amortization period at the expiration of which the outstanding principal amount is due and payable.

See Notes 6 and 7 of the Notes to the Condensed Consolidated Financial Statements included in this report for further information on our long-term debt, securitization transactions, private secured term funding, revolving conduit facilities, and credit card revolving VFN facilities.

Credit Ratings

Our credit ratings impact our ability to access capital markets and our borrowing costs. Rating agencies base their ratings on numerous factors, including liquidity, capital adequacy, asset quality, quality of earnings, and the probability of systemic support. Significant changes in these factors could result in different ratings.

The table below outlines OMFC’s long-term corporate debt ratings and outlook by rating agencies:

As of March 31, 2024	Rating	Outlook
S&P	BB	Stable
Moody’s	Ba2	Stable
KBRA	BB+	Positive

Currently, no other entity has a corporate debt rating, though they may be rated in the future.

Stock Repurchased

During the three months ended March 31, 2024, OMH repurchased 108,685 shares of its common stock through its stock repurchase program for an aggregate total of $5 million, including commissions and fees. As of March 31, 2024, OMH held a total of 15,475,531 shares of treasury stock. To provide funding for the OMH stock repurchases, the OMFC Board of Directors authorized dividend payments in the amount of $20 million.

For additional information regarding the shares repurchased, see Item 2. Unregistered Sales of Equity Securities and Use of Proceeds of Part II included in this report.

Cash Dividend to OMH’s Common Stockholders

As of March 31, 2024, the dividend declarations for the current year by the Board were as follows:

Declaration Date	Record Date	Payment Date	Dividend Per Share		Amount Paid
					(in millions)
February 7, 2024	February 20, 2024	February 23, 2024	$	1.00	$	120
Total			$	1.00	$	120

To provide funding for the dividend, OMFC paid dividends of $118 million to OMH during the three months ended March 31, 2024.

On April 30, 2024, OMH declared a dividend of $1.04 per share payable on May 17, 2024 to record holders of OMH’s common stock as of the close of business on May 10, 2024. To provide funding for the OMH dividend, the OMFC Board of Directors authorized a dividend in the amount of up to $125 million payable on or after May 13, 2024.

While OMH intends to pay its minimum quarterly dividend, currently $1.04 per share, for the foreseeable future, all subsequent dividends will be reviewed and declared at the discretion of the Board and will depend on many factors, including our financial condition, earnings, cash flows, capital requirements, level of indebtedness, statutory and contractual restrictions applicable to the payment of dividends, and other considerations that the Board deems relevant. OMH’s dividend payments may change from time to time, and the Board may choose not to continue to declare dividends in the future. See our “Dividend Policy” in Part II - Item 5 included in our Annual Report for further information.

55

Whole Loan Sale Transactions

We have whole loan sale flow agreements with third parties, with current terms of less than two years, in which we agreed to sell a remaining total of $630 million gross receivables of newly originated unsecured personal loans along with any associated accrued interest. During the three months ended March 31, 2024, we sold $110 million of gross finance receivables, compared to $180 million during the three months ended March 31, 2023. See Note 3 of the Notes to the Condensed Consolidated Financial Statements included in this report for further information on the whole loan sale transactions.

LIQUIDITY

OMH’s Operating Activities

Net cash provided by operations of $558 million for the three months ended March 31, 2024 reflected net income of $155 million, the impact of non-cash items including provision for finance receivable losses of $431 million, and an unfavorable change in working capital of $113 million. Net cash provided by operations of $562 million for the three months ended March 31, 2023 reflected net income of $179 million, the impact of non-cash items including provision for finance receivable losses of $385 million, and an unfavorable change in working capital of $66 million.

OMH’s Investing Activities

Net cash used for investing activities of $233 million for the three months ended March 31, 2024 was due to net principal originations and purchases of finance receivables and purchases of available-for-sale and other securities, partially offset by the proceeds from sales of finance receivables and calls, sales, and maturities of available-for-sale and other securities. Net cash used for investing activities of $204 million for the three months ended March 31, 2023 was primarily due to net principal originations and purchases of finance receivables, partially offset by the proceeds from sales of finance receivables.

OMH’s Financing Activities

Net cash used for financing activities of $443 million for the three months ended March 31, 2024 was primarily due to repayments and repurchases of long-term debt and cash dividends paid. Net cash used for financing activities of $242 million for the three months ended March 31, 2023 was primarily due to repayments and repurchases of long-term debt, cash dividends paid, and the cash paid to repurchase common stock, partially offset by the issuance and borrowings of long-term debt.

OMH’s Cash and Investments

At March 31, 2024, we had $831 million of cash and cash equivalents, which included $165 million of cash and cash equivalents held at our regulated insurance subsidiaries or for other operating activities that is unavailable for general corporate purposes.

At March 31, 2024, we had $1.7 billion of investment securities, which are all held as part of our insurance operations and are unavailable for general corporate purposes.

56

Liquidity Risks and Strategies

OMFC’s credit ratings are non-investment grade, which has a significant impact on our cost and access to capital. This, in turn, can negatively affect our ability to manage our liquidity and our ability or cost to refinance our indebtedness. There are numerous risks to our financial results, liquidity, capital raising, and debt refinancing plans, some of which may not be quantified in our current liquidity forecasts. These risks are further described in our “Liquidity and Capital Resources” of Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II - Item 7 included in our Annual Report.

The principal factors that could decrease our liquidity are customer delinquencies and defaults, a decline in customer prepayments, rising interest rates, and a prolonged inability to adequately access capital market funding. We intend to support our liquidity position by utilizing strategies that are further described in our “Liquidity and Capital Resources” of Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II - Item 7 included in our Annual Report. However, it is possible that the actual outcome of one or more of our plans could be materially different than expected or that one or more of our significant judgments or estimates could prove to be materially incorrect.

OUR INSURANCE SUBSIDIARIES

Our insurance subsidiaries are subject to state regulations that limit their ability to pay dividends. AHL and Triton did not pay dividends during the three months ended March 31, 2024. AHL paid an ordinary dividend to OneMain Financial Holdings, LLC of $40 million during the three months ended March 31, 2023. Triton did not pay dividends during the three months ended March 31, 2023. See Note 10 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for further information on these state restrictions and the dividends paid by our insurance subsidiaries in 2023.

OUR DEBT AGREEMENTS

The debt agreements which OMFC and its subsidiaries are a party to include customary terms and conditions, including covenants and representations and warranties. See Note 8 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for more information on the restrictive covenants under OMFC’s debt agreements, as well as the guarantees of OMFC’s long-term debt.

57

Securitized Borrowings

We execute private securitizations under Rule 144A of the Securities Act of 1933, as amended. As of March 31, 2024, our structured financings consisted of the following:

(dollars in millions)	Issue Amount (a)		Initial Collateral Balance		Current Note Amounts Outstanding (a)		Current Collateral Balance (b)		Current Weighted Average Interest Rate		Original Revolving Period
OMFIT 2018-2	$	368	$	381	$	166	$	193	4.20	%	5 years
OMFIT 2019-2	900		947		900		995		3.30	%	7 years
OMFIT 2019-A	789		892		750		892		3.78	%	7 years
OMFIT 2020-2	1,000		1,053		1,000		1,053		2.03	%	5 years
OMFIT 2021-1	850		904		850		904		2.81	%	5 years
OMFIT 2022-S1	600		652		600		652		4.31	%	3 years
OMFIT 2022-2	1,000		1,099		1,000		1,099		5.17	%	2 years
OMFIT 2022-3	979		1,090		796		1,090		6.00	%	2 years
OMFIT 2023-1	825		920		825		920		5.82	%	5 years
OMFIT 2023-2	1,400		1,566		1,400		1,566		6.44	%	3 years
ODART 2019-1	737		750		700		722		3.79	%	5 years
ODART 2021-1	1,000		1,053		775		787		1.01	%	2 years
ODART 2022-1	600		632		600		632		5.09	%	2 years
ODART 2023-1	750		792		750		792		5.63	%	3 years
Total securitizations	$	11,798	$	12,731	$	11,112	$	12,297

(a) Issue Amount includes the retained interest amounts as applicable and the Current Note Amounts Outstanding balances reflect pay-downs subsequent to note issuance and exclude retained interest amounts.

(b) Inclusive of in-process replenishments of collateral for securitized borrowings in a revolving status as of March 31, 2024.

See “Liquidity and Capital Resources - Sources and Uses of Funds - Securitizations and Borrowings from Revolving Conduit Facilities” above for information on the securitization transaction completed subsequent to March 31, 2024.

58

Revolving Conduit Facilities

We had access to 16 revolving conduit facilities with a total borrowing capacity of $6.4 billion as of March 31, 2024:

(dollars in millions)	Advance Maximum Balance		Amount Drawn
OneMain Financial Funding VII, LLC	$	600	$	—
OneMain Financial Auto Funding I, LLC	550		—
Seine River Funding, LLC	550		—
Hudson River Funding, LLC	500		—
OneMain Financial Funding XI, LLC	425		—
OneMain Financial Funding VIII, LLC	400		—
River Thames Funding, LLC	400		—
OneMain Financial Funding X, LLC	400		—
OneMain Financial Funding XII, LLC	400		—
Chicago River Funding, LLC	375		—
Mystic River Funding, LLC	350		—
Thayer Brook Funding, LLC	350		1
Columbia River Funding, LLC	350		—
Hubbard River Funding, LLC	250		—
New River Funding Trust	250		—
St. Lawrence River Funding, LLC	250		—
Total	$	6,400	$	1

Credit Card Revolving VFN Facilities

We also had access to two credit card revolving VFN facilities with a total borrowing capacity of $300 million as of March 31, 2024:

(dollars in millions)	Advance Maximum Balance		Amount Drawn
OneMain Financial Credit Card Trust – Series 2024-VFN1	$	150	$	—
OneMain Financial Credit Card Trust – Series 2024-VFN2	150		—
Total	$	300	$	—

OFF-BALANCE SHEET ARRANGEMENTS

We have no material off-balance sheet arrangements as defined by SEC rules, and we had no material off-balance sheet exposure to losses associated with unconsolidated VIEs at March 31, 2024 or December 31, 2023.

59

Critical Accounting Policies and Estimates

We describe our significant accounting policies used in the preparation of our condensed consolidated financial statements in Note 2 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report. We consider the allowance for finance receivable losses to be a critical accounting policy because it involves critical accounting estimates and a significant degree of management judgment.

There have been no material changes to our critical accounting policies or to our methodologies for deriving critical accounting estimates during the three months ended March 31, 2024.

Recent Accounting Pronouncements

See Note 2 of the Notes to the Condensed Consolidated Financial Statements included in this report for discussion of recently issued accounting pronouncements.

Seasonality

Our consumer loan volume and demand are generally lowest during the first part of the year following the holiday season and as a result of tax refunds, and then increases through the end of the year. Delinquencies follow the same trends, being generally lower during the first part of the year and rising throughout the remainder of the year. These seasonal trends contribute to fluctuations in our operating results and cash needs throughout the year.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

There have been no material changes to our market risk previously disclosed in Part II - Item 7A included in our Annual Report.

60

Item 4. Controls and Procedures.

CONTROLS AND PROCEDURES OF ONEMAIN HOLDINGS, INC.

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are designed to provide reasonable assurance that the information OMH is required to disclose in reports that OMH files or submits under the Exchange Act, is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

As of March 31, 2024, OMH carried out an evaluation of the effectiveness of its disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. This evaluation was conducted under the supervision of, and with the participation of OMH’s management, including the Chief Executive Officer and the Chief Financial Officer. Based on the evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that OMH’s disclosure controls and procedures were effective as of March 31, 2024 to provide the reasonable assurance described above.

Changes in Internal Control over Financial Reporting

There were no changes in OMH’s internal control over financial reporting during the first quarter of 2024 that have materially affected, or are reasonably likely to materially affect, OMH’s internal control over financial reporting.

CONTROLS AND PROCEDURES OF ONEMAIN FINANCE CORPORATION

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are designed to provide reasonable assurance that the information OMFC is required to disclose in reports that OMFC files or submits under the Exchange Act, is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

As of March 31, 2024, OMFC carried out an evaluation of the effectiveness of its disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. This evaluation was conducted under the supervision of, and with the participation of OMFC’s management, including the Chief Executive Officer and the Chief Financial Officer. Based on the evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that OMFC’s disclosure controls and procedures were effective as of March 31, 2024 to provide the reasonable assurance described above.

Changes in Internal Control over Financial Reporting

There were no changes in OMFC’s internal control over financial reporting during the first quarter of 2024 that have materially affected, or are reasonably likely to materially affect, OMFC’s internal control over financial reporting.

61

PART II

Item 1. Legal Proceedings.

See Note 12 of the Notes to the Condensed Consolidated Financial Statements included in this report.

Item 1A. Risk Factors.

In addition to the other information set forth in this report, you should consider the factors discussed in Part I - Item 1A. “Risk Factors” in our Annual Report, which could materially affect our business, financial condition, or future results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

There were no unregistered sales of our common stock during the period covered by this Quarterly Report on Form 10-Q.

Issuer Purchases of Equity Securities

The following table presents information regarding repurchases of our common stock, excluding commissions and fees, during the quarter ended March 31, 2024, based on settlement date:

Period	Total Number of Shares Purchased	Average Price  paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a)	Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (a)
January 1 - January 31	—	$	—	—	$	660,499,429
February 1 - February 29	16,056	46.69		16,056	659,749,718
March 1 - March 31	92,629	48.47		92,629	655,260,337
Total	108,685	$	48.20	108,685

(a)    On February 2, 2022, the Board authorized a $1 billion stock repurchase program, excluding fees, commissions, and other expenses related to the repurchases. The authorization expires on December 31, 2024. The timing, number and share price of any additional shares repurchased will be determined by OMH based on its evaluation of market conditions and other factors and will be made in accordance with applicable securities laws in either the open market or in privately negotiated transactions. OMH is not obligated to purchase any shares under the program, which may be modified, suspended or discontinued at any time.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

During the quarter ended March 31, 2024, no director or officer of the Company adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” each as defined in Item 408(a) of Regulation S-K.

62

Item 6. Exhibit Index.

Exhibit Number	Description
31.1	Rule 13a-14(a)/15d-14(a) Certifications of Principal Executive Officer of OneMain Holdings, Inc.
31.2	Rule 13a-14(a)/15d-14(a) Certifications of the Principal Financial Officer of OneMain Holdings, Inc.
31.3	Rule 13a-14(a)/15d-14(a) Certifications of the Principal Executive Officer of OneMain Finance Corporation
31.4	Rule 13a-14(a)/15d-14(a) Certifications of the Principal Financial Officer of OneMain Finance Corporation
32.1	Section 1350 Certifications of OneMain Holdings, Inc.
32.2	Section 1350 Certifications of OneMain Finance Corporation
101	Interactive data files pursuant to Rule 405 of Regulation S-T, formatted in Inline XBRL:    (i) Condensed Consolidated Balance Sheets,    (ii) Condensed Consolidated Statements of Operations,    (iii) Condensed Consolidated Statements of Comprehensive Income,    (iv) Condensed Consolidated Statements of Shareholder’s Equity,    (v) Condensed Consolidated Statements of Cash Flows, and    (vi) Notes to the Condensed Consolidated Financial Statements.
104	Cover Page Interactive Data File in Inline XBRL format (Included in Exhibit 101).

63

OMH 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 thereunto duly authorized.

		ONEMAIN HOLDINGS, INC.
		(Registrant)
Date:	May 1, 2024	By:	/s/ Jeannette E. Osterhout
			Jeannette E. Osterhout
			Executive Vice President and Chief Financial Officer
			(Duly Authorized Officer and Principal Financial Officer)

64

OMFC 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 thereunto duly authorized.

		ONEMAIN FINANCE CORPORATION
		(Registrant)
Date:	May 1, 2024	By:	/s/ Matthew W. Vaughan
			Matthew W. Vaughan
			Vice President - Senior Managing Director and Chief Financial Officer
			(Duly Authorized Officer and Principal Financial Officer)

65

EX-31.1

Exhibit 31.1

Certifications

I, Douglas H. Shulman, President and Chief Executive Officer, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of OneMain Holdings, Inc. (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 1, 2024
		/s/ Douglas H. Shulman
		Douglas H. Shulman
		President and Chief Executive Officer

EX-31.2

Exhibit 31.2

Certifications

I, Jeannette E. Osterhout, Executive Vice President and Chief Financial Officer, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of OneMain Holdings, Inc. (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 1, 2024
		/s/ Jeannette E. Osterhout
		Jeannette E. Osterhout
		Executive Vice President and Chief Financial Officer
		(Duly Authorized Officer and Principal Financial Officer)

EX-31.3

Exhibit 31.3

Certifications

I, Jeannette E. Osterhout, President and Chief Executive Officer, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of OneMain Finance Corporation (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 1, 2024
		/s/ Jeannette E. Osterhout
		Jeannette E. Osterhout
		President and Chief Executive Officer

EX-31.4

Exhibit 31.4

Certifications

I, Matthew W. Vaughan, Vice President - Senior Managing Director and Chief Financial Officer, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of OneMain Finance Corporation (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 1, 2024
		/s/ Matthew W. Vaughan
		Matthew W. Vaughan
		Vice President - Senior Managing Director and Chief Financial Officer
		(Duly Authorized Officer and Principal Financial Officer)

EX-32.1

Exhibit 32.1

Certifications

In connection with the Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 of OneMain Holdings, Inc. (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of Douglas H. Shulman, President and Chief Executive Officer of the Company, and Jeannette E. Osterhout, Executive Vice President and Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

		/s/ Douglas H. Shulman
		Douglas H. Shulman
		President and Chief Executive Officer
		/s/ Jeannette E. Osterhout
		Jeannette E. Osterhout
		Executive Vice President and Chief Financial Officer
Date:	May 1, 2024

EX-32.2

Exhibit 32.2

Certifications

In connection with the Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 of OneMain Finance Corporation (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of Jeannette E. Osterhout, President and Chief Executive Officer of the Company, and Matthew W. Vaughan, Vice President - Senior Managing Director and Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

		/s/ Jeannette E. Osterhout
		Jeannette E. Osterhout
		President and Chief Executive Officer
		/s/ Matthew W. Vaughan
		Matthew W. Vaughan
		Vice President - Senior Managing Director and Chief Financial Officer
Date:	May 1, 2024

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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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		10,160,021
Entity Central Index Key	0000025598
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2024		Dec. 31, 2023
Assets
Cash and cash equivalents	$ 831		$ 1,014
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.6 billion and $1.7 billion in 2024, respectively, and $1.6 billion and $1.8 billion in 2023, respectively)	1,691		1,719
Net finance receivables (includes loans of consolidated VIEs of $12.6 billion in 2024 and $12.8 billion in 2023)	21,083		21,349
Unearned insurance premium and claim reserves	(749)		(771)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.4 billion in 2024 and 2023)	(2,454)		(2,480)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses	17,880		18,098
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $576 million in 2024 and $523 million in 2023)	599	[1]	534
Goodwill	1,437		1,437
Other intangible assets	259		260
Other assets	1,211		1,232
Total assets	23,908		24,294
Liabilities and Shareholders’ Equity
Long-term debt (includes debt of consolidated VIEs of $11.4 billion in 2024 and $11.6 billion in 2023)	19,520		19,813
Insurance claims and policyholder liabilities	597		615
Deferred and accrued taxes	34		9
Other liabilities (includes other liabilities of consolidated VIEs of $26 million in 2024 and 2023)	543		671
Total liabilities	20,694		21,108
Contingencies (Note 12)
Shareholders’ equity:
Common stock, par value $0.00000001 per share; 2,000 shares authorized, 120 and 120 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	1		1
Additional paid-in capital	1,718		1,715
Accumulated other comprehensive loss	(91)		(87)
Retained earnings	2,318		2,285
Treasury stock, at cost; 15 and 15 shares at March 31, 2024 and December 31, 2023, respectively	(732)		(728)
Total shareholders’ equity	3,214		3,186
Total liabilities and shareholders’ equity	$ 23,908		$ 24,294

[1] Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024		Dec. 31, 2023
Investment securities, fair value	$ 1,618		$ 1,647
Investment securities, amortized cost basis	1,743		1,765
Net finance receivables	21,083		21,349
Financing receivable, allowance for credit loss	2,454		2,480
Restricted cash and restricted cash equivalents	599	[1]	534
Long-term debt	19,520		19,813
Other liabilities	$ 543		$ 671
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000		2,000,000,000
Common stock, shares issued (in shares)	119,877,252		119,757,277
Common stock, shares outstanding (in shares)	119,877,252		119,757,277
Treasury stock at cost (in shares)	15,475,531		15,383,804
Consolidated VIEs
Net finance receivables	$ 12,641		$ 12,780
Financing receivable, allowance for credit loss	1,429		1,428
Restricted cash and restricted cash equivalents	576		523
Long-term debt	11,420		11,579
Other liabilities	$ 26		$ 26

[1] Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Interest income	$ 1,173	$ 1,094
Interest expense	277	239
Net interest income	896	855
Provision for finance receivable losses	431	385
Net interest income after provision for finance receivable losses	465	470
Other revenues:
Insurance	112	111
Investment	32	25
Gain on sales of finance receivables	6	17
Other	30	24
Total other revenues	180	177
Other expenses:
Salaries and benefits	224	212
Other operating expenses	167	153
Insurance policy benefits and claims	50	47
Total other expenses	441	412
Income before income taxes	204	235
Income taxes	49	56
Net income	$ 155	$ 179
Weighted average number of shares outstanding:
Basic (in shares)	119,829,174	120,765,661
Diluted (in shares)	120,244,669	120,969,891
Earnings per share:
Basic (in dollars per share)	$ 1.29	$ 1.48
Diluted (in dollars per share)	$ 1.29	$ 1.48

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Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 155	$ 179
Other comprehensive income (loss):
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities	(8)	24
Foreign currency translation adjustments	(4)	0
Changes in discount rate for insurance claims and policyholder liabilities	7	4
Other	0	(3)
Income tax effect:
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities	2	(5)
Foreign currency translation adjustments	1	0
Changes in discount rate for insurance claims and policyholder liabilities	(2)	(1)
Other comprehensive income (loss), net of tax	(4)	19
Comprehensive income	$ 151	$ 198

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Condensed Consolidated Statements of Shareholder's Equity (Unaudited) - USD ($) $ in Millions		Total	Net impact of adoption of ASU 2022-02	[1]	Cumulative Effect, Period Of Adoption, Adjusted Balance	Common Stock	Common Stock Cumulative Effect, Period Of Adoption, Adjusted Balance	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period Of Adoption, Adjusted Balance	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period Of Adoption, Adjusted Balance	Retained Earnings	Retained Earnings Net impact of adoption of ASU 2022-02	[1]	Retained Earnings Cumulative Effect, Period Of Adoption, Adjusted Balance	Treasury Stock	Treasury Stock Cumulative Effect, Period Of Adoption, Adjusted Balance
Balance at beginning of period at Dec. 31, 2022		$ 3,015	$ 12		$ 3,027	$ 1	$ 1	$ 1,689	$ 1,689	$ (127)	$ (127)	$ 2,119	$ 12		$ 2,131	$ (667)	$ (667)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchased		(27)														(27)
Treasury stock issued		1														1
Share-based compensation expense, net of forfeitures		12						12
Withholding tax on share-based compensation		(8)						(8)
Other comprehensive income (loss)		19								19
Cash dividends	[2]	(122)										(122)
Net income		179										179
Balance at end of period at Mar. 31, 2023		3,081				1		1,693		(108)		2,188				(693)
Balance at beginning of period at Dec. 31, 2023		3,186				1		1,715		(87)		2,285				(728)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchased		(5)														(5)
Treasury stock issued		1														1
Share-based compensation expense, net of forfeitures		11						11
Withholding tax on share-based compensation		(8)						(8)
Other comprehensive income (loss)		(4)								(4)
Cash dividends	[2]	(122)										(122)
Net income		155										155
Balance at end of period at Mar. 31, 2024		$ 3,214				$ 1		$ 1,718		$ (91)		$ 2,318				$ (732)

[1] (b) As a result of the adoption of ASU 2022-02, we recorded a one-time cumulative increase to retained earnings, net of tax. See Note 3 of the Notes to the Consolidated Financial Statements in Part II - Item 8 of our Annual Report for additional information on the adoption of ASU 2022-02.

[2] (a) Cash dividends declared were $1.00 per share during the three months ended March 31, 2024 and 2023.

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Condensed Consolidated Statements of Shareholder's Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 1.00	$ 1.00

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]
Net income		$ 155	$ 179
Reconciling adjustments:
Provision for finance receivable losses		431	385
Depreciation and amortization		66	61
Deferred income tax charge		15	9
Share-based compensation expense, net of forfeitures		11	12
Gain on sales of finance receivables		(6)	(17)
Other		(1)	(1)
Cash flows due to changes in other assets and other liabilities		(113)	(66)
Net cash provided by operating activities		558	562
Cash flows from investing activities
Net principal originations and purchases of finance receivables		(345)	(432)
Proceeds from sales of finance receivables		117	200
Available-for-sale securities purchased		(64)	(44)
Available-for-sale securities called, sold, and matured		78	88
Other securities purchased		(4)	(2)
Other securities called, sold, and matured		5	2
Other, net		(20)	(16)
Net cash used for investing activities		(233)	(204)
Cash flows from financing activities
Proceeds from issuance and borrowings of long-term debt, net of issuance costs			843
Payments for debt issuance costs		(6)
Repayments of long-term debt		303	928
Cash dividends		(122)	(123)
Common stock repurchased		(5)	(27)
Treasury stock issued		1	1
Withholding tax on share-based compensation		(8)	(8)
Net cash used for financing activities		(443)	(242)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents		(118)	116
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period		1,548	959
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period		1,430	1,075
Supplemental cash flow information
Cash and cash equivalents		831	544
Restricted cash and restricted cash equivalents	[1]	599	531
Total cash and cash equivalents and restricted cash and restricted cash equivalents		$ 1,430	$ 1,075

[1] Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.

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Condensed Consolidated Balance Sheets (Unaudited) - OMFC - USD ($) $ in Millions	Mar. 31, 2024		Dec. 31, 2023
Assets
Cash and cash equivalents	$ 831		$ 1,014
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.6 billion and $1.7 billion in 2024, respectively, and $1.6 billion and $1.8 billion in 2023, respectively)	1,691		1,719
Net finance receivables (includes loans of consolidated VIEs of $12.6 billion in 2024 and $12.8 billion in 2023)	21,083		21,349
Unearned insurance premium and claim reserves	(749)		(771)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.4 billion in 2024 and 2023)	(2,454)		(2,480)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses	17,880		18,098
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $576 million in 2024 and $523 million in 2023)	599	[1]	534
Goodwill	1,437		1,437
Other intangible assets	259		260
Other assets	1,211		1,232
Total assets	23,908		24,294
Liabilities and Shareholders’ Equity
Long-term debt (includes debt of consolidated VIEs of $11.4 billion in 2024 and $11.6 billion in 2023)	19,520		19,813
Insurance claims and policyholder liabilities	597		615
Deferred and accrued taxes	34		9
Other liabilities (includes other liabilities of consolidated VIEs of $26 million in 2024 and 2023)	543		671
Total liabilities	20,694		21,108
Contingencies (Note 12)
Shareholders’ equity:
Common stock, par value $0.50 per share; 25,000,000 shares authorized, 10,160,021 shares issued and outstanding at March 31, 2024 and December 31, 2023	1		1
Additional paid-in capital	1,718		1,715
Accumulated other comprehensive loss	(91)		(87)
Retained earnings	2,318		2,285
Total shareholders’ equity	3,214		3,186
Total liabilities and shareholders’ equity	23,908		24,294
Consolidated VIEs
Assets
Cash and cash equivalents	3		2
Net finance receivables (includes loans of consolidated VIEs of $12.6 billion in 2024 and $12.8 billion in 2023)	12,641		12,780
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.4 billion in 2024 and 2023)	(1,429)		(1,428)
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $576 million in 2024 and $523 million in 2023)	576		523
Other assets	36		32
Liabilities and Shareholders’ Equity
Long-term debt (includes debt of consolidated VIEs of $11.4 billion in 2024 and $11.6 billion in 2023)	11,420		11,579
Other liabilities (includes other liabilities of consolidated VIEs of $26 million in 2024 and 2023)	26		26
OMFC
Assets
Cash and cash equivalents	812		1,011
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.6 billion and $1.7 billion in 2024, respectively, and $1.6 billion and $1.8 billion in 2023, respectively)	1,691		1,719
Net finance receivables (includes loans of consolidated VIEs of $12.6 billion in 2024 and $12.8 billion in 2023)	21,083		21,349
Unearned insurance premium and claim reserves	(749)		(771)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.4 billion in 2024 and 2023)	(2,454)		(2,480)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses	17,880		18,098
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $576 million in 2024 and $523 million in 2023)	599	[2]	534
Goodwill	1,437		1,437
Other intangible assets	259		260
Other assets	1,211		1,230
Total assets	23,889		24,289
Liabilities and Shareholders’ Equity
Long-term debt (includes debt of consolidated VIEs of $11.4 billion in 2024 and $11.6 billion in 2023)	19,520		19,813
Insurance claims and policyholder liabilities	597		615
Deferred and accrued taxes	35		9
Other liabilities (includes other liabilities of consolidated VIEs of $26 million in 2024 and 2023)	543		672
Total liabilities	20,695		21,109
Contingencies (Note 12)
Shareholders’ equity:
Common stock, par value $0.50 per share; 25,000,000 shares authorized, 10,160,021 shares issued and outstanding at March 31, 2024 and December 31, 2023	5		5
Additional paid-in capital	1,962		1,959
Accumulated other comprehensive loss	(91)		(87)
Retained earnings	1,318		1,303
Total shareholders’ equity	3,194		3,180
Total liabilities and shareholders’ equity	23,889		24,289
OMFC | Consolidated VIEs
Assets
Net finance receivables (includes loans of consolidated VIEs of $12.6 billion in 2024 and $12.8 billion in 2023)	12,600		12,800
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.4 billion in 2024 and 2023)	(1,400)		(1,400)
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $576 million in 2024 and $523 million in 2023)	576		523
Liabilities and Shareholders’ Equity
Long-term debt (includes debt of consolidated VIEs of $11.4 billion in 2024 and $11.6 billion in 2023)	11,400		11,600
Other liabilities (includes other liabilities of consolidated VIEs of $26 million in 2024 and 2023)	$ 26		$ 26

[1] Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.

[2] Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - OMFC - USD ($) $ in Millions	Mar. 31, 2024		Dec. 31, 2023
Investment securities, fair value	$ 1,618		$ 1,647
Investment securities, amortized cost basis	1,743		1,765
Net finance receivables	21,083		21,349
Financing receivable, allowance for credit loss	2,454		2,480
Restricted cash and restricted cash equivalents	599	[1]	534
Long-term debt	19,520		19,813
Other liabilities	$ 543		$ 671
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000		2,000,000,000
Common stock, shares issued (in shares)	119,877,252		119,757,277
Common stock, shares outstanding (in shares)	119,877,252		119,757,277
OMFC
Investment securities, fair value	$ 1,600		$ 1,600
Investment securities, amortized cost basis	1,700		1,800
Net finance receivables	21,083		21,349
Financing receivable, allowance for credit loss	2,454		2,480
Restricted cash and restricted cash equivalents	599	[2]	534
Long-term debt	19,520		19,813
Other liabilities	$ 543		$ 672
Common stock, par value (in dollars per share)	$ 0.50		$ 0.50
Common stock, shares authorized (in shares)	25,000,000		25,000,000
Common stock, shares issued (in shares)	10,160,021		10,160,021
Common stock, shares outstanding (in shares)	10,160,021		10,160,021
Consolidated VIEs
Net finance receivables	$ 12,641		$ 12,780
Financing receivable, allowance for credit loss	1,429		1,428
Restricted cash and restricted cash equivalents	576		523
Long-term debt	11,420		11,579
Other liabilities	26		26
Consolidated VIEs | OMFC
Net finance receivables	12,600		12,800
Financing receivable, allowance for credit loss	1,400		1,400
Restricted cash and restricted cash equivalents	576		523
Long-term debt	11,400		11,600
Other liabilities	$ 26		$ 26

[1] Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.

[2] Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.

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Condensed Consolidated Statements of Operations (Unaudited) - OMFC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest income	$ 1,173	$ 1,094
Interest expense	277	239
Net interest income	896	855
Provision for finance receivable losses	431	385
Net interest income after provision for finance receivable losses	465	470
Other revenues:
Insurance	112	111
Investment	32	25
Gain on sales of finance receivables	6	17
Other	30	24
Total other revenues	180	177
Other expenses:
Salaries and benefits	224	212
Other operating expenses	167	153
Insurance policy benefits and claims	50	47
Total other expenses	441	412
Income before income taxes	204	235
Income taxes	49	56
Net income	155	179
OMFC
Interest income	1,173	1,094
Interest expense	277	239
Net interest income	896	855
Provision for finance receivable losses	431	385
Net interest income after provision for finance receivable losses	465	470
Other revenues:
Insurance	112	111
Investment	32	25
Gain on sales of finance receivables	6	17
Other	30	24
Total other revenues	180	177
Other expenses:
Salaries and benefits	224	212
Other operating expenses	167	153
Insurance policy benefits and claims	50	47
Total other expenses	441	412
Income before income taxes	204	235
Income taxes	49	56
Net income	$ 155	$ 179

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Condensed Consolidated Statements of Comprehensive Income (Unaudited) - OMFC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income	$ 155	$ 179
Other comprehensive income (loss):
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities	(8)	24
Foreign currency translation adjustments	(4)	0
Changes in discount rate for insurance claims and policyholder liabilities	7	4
Other	0	(3)
Income tax effect:
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities	2	(5)
Foreign currency translation adjustments	1	0
Changes in discount rate for insurance claims and policyholder liabilities	(2)	(1)
Other comprehensive income (loss), net of tax	(4)	19
Comprehensive income	151	198
OMFC
Net income	155	179
Other comprehensive income (loss):
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities	(8)	24
Foreign currency translation adjustments	(4)	0
Changes in discount rate for insurance claims and policyholder liabilities	7	4
Other	0	(3)
Income tax effect:
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities	2	(5)
Foreign currency translation adjustments	1	0
Changes in discount rate for insurance claims and policyholder liabilities	(2)	(1)
Other comprehensive income (loss), net of tax	(4)	19
Comprehensive income	$ 151	$ 198

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Condensed Consolidated Statements of Shareholder's Equity (Unaudited) - OMFC - USD ($) $ in Millions	Total		Net impact of adoption of ASU 2022-02	[1]	Cumulative Effect, Period Of Adoption, Adjusted Balance	Common Stock	Common Stock Cumulative Effect, Period Of Adoption, Adjusted Balance	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period Of Adoption, Adjusted Balance	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period Of Adoption, Adjusted Balance	Retained Earnings		Retained Earnings Net impact of adoption of ASU 2022-02	[1]	Retained Earnings Cumulative Effect, Period Of Adoption, Adjusted Balance	OMFC	OMFC Net impact of adoption of ASU 2022-02	[2]	OMFC Cumulative Effect, Period Of Adoption, Adjusted Balance	OMFC Common Stock	OMFC Common Stock Cumulative Effect, Period Of Adoption, Adjusted Balance	OMFC Additional Paid-in Capital	OMFC Additional Paid-in Capital Cumulative Effect, Period Of Adoption, Adjusted Balance	OMFC Accumulated Other Comprehensive Income (Loss)	OMFC Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period Of Adoption, Adjusted Balance	OMFC Retained Earnings	OMFC Retained Earnings Net impact of adoption of ASU 2022-02	[2]	OMFC Retained Earnings Cumulative Effect, Period Of Adoption, Adjusted Balance
Balance at beginning of period at Dec. 31, 2022	$ 3,015		$ 12		$ 3,027	$ 1	$ 1	$ 1,689	$ 1,689	$ (127)	$ (127)	$ 2,119		$ 12		$ 2,131	$ 3,004	$ 12		$ 3,016	$ 5	$ 5	$ 1,933	$ 1,933	$ (127)	$ (127)	$ 1,193	$ 12		$ 1,205
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense, net of forfeitures	12							12									12						12
Withholding tax on share-based compensation	(8)							(8)									(8)						(8)
Other comprehensive income (loss)	19									19							19								19
Cash dividends	(122)	[3]										(122)	[3]				(150)										(150)
Net income	179											179					179										179
Balance at end of period at Mar. 31, 2023	3,081					1		1,693		(108)		2,188					3,068				5		1,937		(108)		1,234
Balance at beginning of period at Dec. 31, 2023	3,186					1		1,715		(87)		2,285					3,180				5		1,959		(87)		1,303
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense, net of forfeitures	11							11									11						11
Withholding tax on share-based compensation	(8)							(8)									(8)						(8)
Other comprehensive income (loss)	(4)									(4)							(4)								(4)
Cash dividends	(122)	[3]										(122)	[3]				(140)										(140)
Net income	155											155					155										155
Balance at end of period at Mar. 31, 2024	$ 3,214					$ 1		$ 1,718		$ (91)		$ 2,318					$ 3,194				$ 5		$ 1,962		$ (91)		$ 1,318

[1] (b) As a result of the adoption of ASU 2022-02, we recorded a one-time cumulative increase to retained earnings, net of tax. See Note 3 of the Notes to the Consolidated Financial Statements in Part II - Item 8 of our Annual Report for additional information on the adoption of ASU 2022-02.

[2] * As a result of the adoption of ASU 2022-02, we recorded a one-time cumulative increase to retained earnings, net of tax. See Note 3 of the Notes to the Consolidated Financial Statements in Part II - Item 8 of our Annual Report for additional information on the adoption of ASU 2022-02.

[3] (a) Cash dividends declared were $1.00 per share during the three months ended March 31, 2024 and 2023.

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Condensed Consolidated Statements of Shareholder's Equity (Unaudited) (Parenthetical) - OMFC - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 1.00	$ 1.00

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Condensed Consolidated Statements of Cash Flows (Unaudited) - OMFC - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]
Net income		$ 155	$ 179
Reconciling adjustments:
Provision for finance receivable losses		431	385
Depreciation and amortization		66	61
Deferred income tax charge		15	9
Share-based compensation expense, net of forfeitures		11	12
Gain on sales of finance receivables		(6)	(17)
Other		(1)	(1)
Cash flows due to changes in other assets and other liabilities		(113)	(66)
Net cash provided by operating activities		558	562
Cash flows from investing activities
Net principal originations and purchases of finance receivables		(345)	(432)
Proceeds from sales of finance receivables		117	200
Available-for-sale securities purchased		(64)	(44)
Available-for-sale securities called, sold, and matured		78	88
Other securities purchased		(4)	(2)
Other securities called, sold, and matured		5	2
Other, net		(20)	(16)
Net cash used for investing activities		(233)	(204)
Cash flows from financing activities
Proceeds from issuance and borrowings of long-term debt, net of issuance costs			843
Payments for debt issuance costs		(6)
Repayments and repurchases of long-term debt		(303)	(928)
Cash dividends		(122)	(123)
Withholding tax on share-based compensation		(8)	(8)
Net cash used for financing activities		(443)	(242)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents		(118)	116
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period		1,548	959
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period		1,430	1,075
Supplemental cash flow information
Cash and cash equivalents		831	544
Restricted cash and restricted cash equivalents	[1]	599	531
Total cash and cash equivalents and restricted cash and restricted cash equivalents		1,430	1,075
OMFC
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]
Net income		155	179
Reconciling adjustments:
Provision for finance receivable losses		431	385
Depreciation and amortization		66	61
Deferred income tax charge		15	9
Share-based compensation expense, net of forfeitures		11	12
Gain on sales of finance receivables		(6)	(17)
Other		(1)	(1)
Cash flows due to changes in other assets and other liabilities		(114)	(66)
Net cash provided by operating activities		557	562
Cash flows from investing activities
Net principal originations and purchases of finance receivables		(345)	(432)
Proceeds from sales of finance receivables		117	200
Available-for-sale securities purchased		(64)	(44)
Available-for-sale securities called, sold, and matured		78	88
Other securities purchased		(4)	(2)
Other securities called, sold, and matured		5	2
Other, net		(21)	(16)
Net cash used for investing activities		(234)	(204)
Cash flows from financing activities
Proceeds from issuance and borrowings of long-term debt, net of issuance costs			843
Payments for debt issuance costs		(6)
Repayments and repurchases of long-term debt		(303)	(928)
Cash dividends		(140)	(152)
Withholding tax on share-based compensation		(8)	(8)
Net cash used for financing activities		(457)	(245)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents		(134)	113
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period		1,545	951
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period		1,411	1,064
Supplemental cash flow information
Cash and cash equivalents		812	533
Restricted cash and restricted cash equivalents	[2]	599	531
Total cash and cash equivalents and restricted cash and restricted cash equivalents		$ 1,411	$ 1,064

[1] Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.

[2] Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.

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Business and Basis of Presentation

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business and Basis of Presentation

1. Business and Basis of Presentation

OneMain Holdings, Inc. (“OMH”), and its wholly owned direct subsidiary, OneMain Finance Corporation (“OMFC”) are financial services holding companies whose subsidiaries engage in the consumer finance and insurance businesses.

The results of OMFC are consolidated into the results of OMH. Due to the nominal differences between OMFC and OMH, content throughout this filing relates to both OMH and OMFC, except where otherwise indicated. OMH and OMFC are referred to in this report, collectively with their subsidiaries, whether directly or indirectly owned, as “the Company,” “OneMain,” “we,” “us,” or “our.”

BASIS OF PRESENTATION

We prepared our condensed consolidated financial statements using generally accepted accounting principles in the United States of America (“GAAP”). These statements are unaudited. The year-end condensed balance sheet data was derived from our audited financial statements but does not include all disclosures required by GAAP. The statements include the accounts of OMH, its wholly owned subsidiaries, and variable interest entities (“VIEs”) in which we hold a controlling financial interest and for which we are considered to be the primary beneficiary as of the financial statement date.

We eliminated all material intercompany accounts and transactions. We made judgments, estimates, and assumptions that affect amounts reported in our condensed consolidated financial statements and disclosures of contingent assets and liabilities. In management’s opinion, the condensed consolidated financial statements include the normal, recurring adjustments necessary for a fair statement of results. Actual results could differ from our estimates. We evaluated the effects of and the need to disclose events that occurred subsequent to the balance sheet date.

The condensed consolidated financial statements in this report should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report. We follow the same significant accounting policies for our interim reporting except for the new accounting pronouncements subsequently adopted and disclosed in Note 2. To conform to the 2024 presentation, we reclassified certain items in prior periods of our condensed consolidated financial statements.

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Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2024

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

2. Recent Accounting Pronouncements

ACCOUNTING PRONOUNCEMENTS TO BE ADOPTED

Segment Reporting

In November of 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires annual and interim disclosure of significant segment expenses and other segment items. The amendments in this ASU will become effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a retrospective basis to all prior periods presented in the financial statements. We are currently evaluating the impact of the standard on our segment disclosures.

Income Taxes

In December of 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregated information in the rate reconciliation and income taxes paid disclosures. The amendments in this ASU will become effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis, with retrospective application allowed. We are currently evaluating the impact of the standard on our income tax disclosures.

We do not believe that any accounting pronouncements issued, but not yet effective, would have a material impact on our consolidated financial statements or disclosures, if adopted.

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Finance Receivables

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Finance Receivables

3. Finance Receivables

Our finance receivables consist of consumer loans and credit cards. Consumer loans include personal loans and auto finance. Personal loans are non-revolving, with a fixed rate, have fixed terms generally between three and six years, and are secured by automobiles, other titled collateral, or are unsecured. Auto finance includes automobile retail installment contracts originated through our dealership network. Auto finance receivables are non-revolving, with a fixed rate, have fixed terms generally between three and six years, and are secured by automobiles. Credit cards are open-ended, revolving, with a fixed rate, and are unsecured.

Components of our net finance receivables were as follows:

	Consumer Loans
(dollars in millions)	Personal Loans		Auto Finance		Total Consumer Loans		Credit Cards		Total
March 31, 2024
Gross finance receivables *	$	19,575	$	843	$	20,418	$	377	$	20,795
Unearned fees	(217)		(16)		(233)		—		(233)
Accrued finance charges and fees	310		8		318		—		318
Deferred origination costs	186		8		194		9		203
Total	$	19,854	$	843	$	20,697	$	386	$	21,083
December 31, 2023
Gross finance receivables *	$	19,977	$	744	$	20,721	$	322	$	21,043
Unearned fees	(223)		(13)		(236)		—		(236)
Accrued finance charges and fees	326		7		333		—		333
Deferred origination costs	194		7		201		8		209
Total	$	20,274	$	745	$	21,019	$	330	$	21,349

* Consumer loan gross finance receivables equal the unpaid principal balance. For precompute personal loans, unpaid principal balance is the gross contractual payments less the unaccreted balance of unearned finance charges. Credit card gross finance receivables equal the unpaid principal balance, billed interest, and fees.

WHOLE LOAN SALE TRANSACTIONS

We have whole loan sale flow agreements with third parties, with current terms of less than two years, in which we agreed to sell a remaining total of $630 million gross receivables of newly originated unsecured personal loans along with any associated accrued interest. These unsecured personal loans are derecognized from our balance sheet at the time of sale. We service the personal loans sold and are entitled to a servicing fee and other fees commensurate with the services performed as part of the agreements. The gain on sales and servicing fees are recorded in Other revenues in our condensed consolidated statements of operations. We sold $110 million and $180 million of gross finance receivables during the three months ended March 31, 2024 and 2023, respectively. The gain on the sales were $6 million and $17 million during the three months ended March 31, 2024 and 2023, respectively.

CREDIT QUALITY INDICATOR

We consider the delinquency status of our finance receivables as our key credit quality indicator. We monitor the delinquency of our finance receivable portfolio, including the migration between the delinquency buckets and changes in the delinquency trends to manage our exposure to credit risk in the portfolio.

When consumer loans are 60 days contractually past due, we consider these accounts to be at an increased risk for loss and move collection of these accounts to our central collection operations. We consider our consumer loans to be nonperforming at 90 days or more contractually past due, at which point we stop accruing finance charges and reverse finance charges previously accrued. For our personal loans, we reversed net accrued finance charges of $41 million and $37 million during the three months ended March 31, 2024 and 2023, respectively. For auto finance, reversed net accrued finance charges were immaterial during the three months ended March 31, 2024 and 2023.

Finance charges recognized from the contractual interest portion of payments received on nonaccrual personal loans and auto finance loans were immaterial during the three months ended March 31, 2024 and 2023. All consumer loans in nonaccrual status are considered in our estimate of allowance for finance receivable losses.

We accrue finance charges and fees on credit cards until charge-off at 180 days contractually past due, at which point we reverse finance charges and fees previously accrued. For credit cards, net accrued finance charges and fees reversed were immaterial during the three months ended March 31, 2024 and 2023.

The following tables below are a summary of our personal loans by the year of origination and number of days delinquent:

(dollars in millions)	2024		2023		2022		2021		2020		Prior		Total
March 31, 2024
Performing
Current	$	2,212	$	8,615	$	4,822	$	2,089	$	622	$	368	$	18,728
30-59 days past due	2		118		111		61		19		15		326
60-89 days past due	—		80		76		41		12		10		219
Total performing	2,214		8,813		5,009		2,191		653		393		19,273
Nonperforming (Nonaccrual)
90+ days past due	—		183		221		118		34		25		581
Total	$	2,214	$	8,996	$	5,230	$	2,309	$	687	$	418	$	19,854
Gross charge-offs *	$	—	$	115	$	223	$	119	$	33	$	23	$	513

* Represents gross charge-offs for the three months ended March 31, 2024.

(dollars in millions)	2023		2022		2021		2020		2019		Prior		Total
December 31, 2023
Performing
Current	$	9,759	$	5,527	$	2,454	$	776	$	376	$	114	$	19,006
30-59 days past due	113		153		88		27		16		7		404
60-89 days past due	74		104		59		17		10		4		268
Total performing	9,946		5,784		2,601		820		402		125		19,678
Nonperforming (Nonaccrual)
90+ days past due	125		259		143		40		21		8		596
Total	$	10,071	$	6,043	$	2,744	$	860	$	423	$	133	$	20,274
Gross charge-offs *	$	—	$	136	$	198	$	59	$	34	$	14	$	441

* Represents gross charge-offs for the three months ended March 31, 2023.

The following tables below are a summary of our auto finance loans by the year of origination and number of days delinquent:

(dollars in millions)	2024		2023		2022		2021		2020		Prior		Total
March 31, 2024
Performing
Current	$	163	$	441	$	181	$	30	$	1	$	—	$	816
30-59 days past due	—		5		5		1		—		—		11
60-89 days past due	—		3		2		1		—		—		6
Total performing	163		449		188		32		1		—		833
Nonperforming (Nonaccrual)
90+ days past due	—		4		5		1		—		—		10
Total	$	163	$	453	$	193	$	33	$	1	$	—	$	843
Gross charge-offs *	$	—	$	3	$	5	$	1	$	—	$	—	$	9

* Represents gross charge-offs for the three months ended March 31, 2024.

(dollars in millions)	2023		2022		2021		2020		2019		Prior		Total
December 31, 2023
Performing
Current	$	480	$	203	$	34	$	2	$	—	$	—	$	719
30-59 days past due	4		6		2		—		—		—		12
60-89 days past due	2		3		—		—		—		—		5
Total performing	486		212		36		2		—		—		736
Nonperforming (Nonaccrual)
90+ days past due	3		5		1		—		—		—		9
Total	$	489	$	217	$	37	$	2	$	—	$	—	$	745
Gross charge-offs *	$	—	$	3	$	1	$	—	$	—	$	—	$	4

* Represents gross charge-offs for the three months ended March 31, 2023.

The following is a summary of credit cards by number of days delinquent:

(dollars in millions)	March 31, 2024		December 31, 2023
Current	$	343	$	297
30-59 days past due	10		9
60-89 days past due	9		7
90+ days past due	24		17
Total	$	386	$	330

There were no credit cards that were converted to term loans at March 31, 2024 or December 31, 2023.

UNFUNDED LENDING COMMITMENTS

Our unfunded lending commitments consist of the unused credit card lines, which are unconditionally cancellable. We do not anticipate that all of our customers will access their entire available line at any given point in time. The unused credit card lines totaled $263 million and $223 million at March 31, 2024 and December 31, 2023, respectively.

MODIFIED FINANCE RECEIVABLES TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY

We make modifications to our finance receivables to assist borrowers who are experiencing financial difficulty and when we modify the contractual terms for economic or other reasons related to the borrower’s financial difficulties, we classify that receivable as a modified finance receivable. The following tables below represent information regarding modified finance receivables to borrowers experiencing financial difficulty on or after January 1, 2023, the effective date of ASU 2022-02.

The period-end carrying value of finance receivables modified during the period were as follows:

	Three Months Ended March 31,
	2024						2023
(dollars in millions)	Personal Loans			Auto  Finance			Personal Loans			Auto  Finance
Interest rate reduction and term extension	$	156		$	5		$	125		$	1
Interest rate reduction and principal forgiveness	119			—			96			—
Total modifications to borrowers experiencing financial difficulties	$	275		$	5		$	221		$	1
Modifications as a percent of net finance receivables by class	1.38		%	0.56		%	1.15		%	0.33		%

The financial effect of modifications made during the period were as follows:

	Three Months Ended March 31,
	2024						2023
(dollars in millions)	Personal Loans			Auto Finance			Personal Loans			Auto Finance
Net finance receivables
Weighted-average interest rate reduction	17.56		%	11.16		%	21.38		%	12.56		%
Weighted-average term extension (months)	25			28			19			20
Principal/interest forgiveness	$	11		$	—		$	11		$	—

The performance of finance receivables modified within the previous 12 months by delinquency status was as follows:

	March 31, 2024*				March 31, 2023
(dollars in millions)	Personal Loans		Auto Finance		Personal Loans		Auto Finance
Current	$	611	$	7	$	158	$	1
30-59 days past due	55		1		27		—
60-89 days past due	44		—		14		—
90+ days past due	105		1		22		—
Total	$	815	$	9	$	221	$	1

* Excludes $55 million of personal loan receivables and $1 million of auto finance receivables that were modified and subsequently charged off within the previous 12 months.

The period-end carrying value of finance receivables that defaulted during the period to cause the receivable to be considered nonperforming (90 days or more contractually past due) and had been modified within the 12 months preceding the default were as follows:

	Three Months Ended March 31, 2024
(dollars in millions)	Personal Loans		Auto  Finance
Interest rate reduction and term extension	$	44	$	1
Interest rate reduction and principal forgiveness	16		—
Total *	$	60	$	1

*    There were no modified finance receivables for which there was a default during the three months ended March 31, 2023 to cause the modified finance receivable to be considered nonperforming (90 days or more past due).

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Allowance for Finance Receivable Losses

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Allowance for Finance Receivable Losses

4. Allowance for Finance Receivable Losses

We establish an allowance for finance receivable losses through the provision for finance receivable losses. We evaluate our finance receivable portfolio by the level of contractual delinquency in the portfolio, specifically in the late-stage delinquency buckets and inclusive of the migration of the finance receivables through the delinquency buckets. We estimate and record an allowance for finance receivable losses to cover the expected lifetime credit losses on our finance receivables. Our allowance for finance receivable losses may fluctuate based upon changes in portfolio growth, credit quality, and economic conditions.

Our methodology to estimate expected credit losses uses recent macroeconomic forecasts, which include forecasts for unemployment. We leverage projections from various industry leading providers. We also consider inflationary pressures, consumer confidence levels, and elevated interest rates that may continue to impact the economic outlook. At March 31, 2024, our economic forecast used a reasonable and supportable period of 12 months. The decrease in our allowance for finance receivable losses for the three months ended March 31, 2024 was driven by a seasonal decline in net finance receivables. We may experience further changes to the macroeconomic assumptions within our forecast, as well as changes to our loan loss performance outlook, both of which could lead to further changes in our allowance for finance receivable losses, allowance ratio, and provision for finance receivable losses.

Changes in the allowance for finance receivable losses were as follows:

(dollars in millions)	Consumer Loans		Credit Cards		Total
Three Months Ended March 31, 2024
Balance at beginning of period	$	2,415	$	65	$	2,480
Provision for finance receivable losses	406		25		431
Charge-offs	(522)		(12)		(534)
Recoveries	77		—		77
Balance at end of period	$	2,376	$	78	$	2,454
Three Months Ended March 31, 2023
Balance at beginning of period	$	2,290	$	21	$	2,311
Impact of adoption of ASU 2022-02 *	(16)		—		(16)
Provision for finance receivable losses	377		8		385
Charge-offs	(445)		(6)		(451)
Recoveries	69		—		69
Balance at end of period	$	2,275	$	23	$	2,298

*    As a result of the adoption of ASU 2022-02, we recorded a one-time adjustment to the allowance for finance receivable losses. See Notes 3, 4, and 5 of the Notes to the Consolidated Financial Statements in Part II - Item 8 of our Annual Report for additional information on the adoption of ASU 2022-02.

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Investment Securities

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investment Securities

5. Investment Securities

AVAILABLE-FOR-SALE SECURITIES

Cost/amortized cost, allowance for credit losses, unrealized gains and losses, and fair value of fixed maturity available-for-sale securities by type were as follows:

(dollars in millions)	Cost/ Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
March 31, 2024*
Fixed maturity available-for-sale securities:
U.S. government and government sponsored entities	$	19	$	—	$	(1)	$	18
Obligations of states, municipalities, and political subdivisions	72		—		(6)		66
Commercial paper	21		—		—		21
Non-U.S. government and government sponsored entities	161		—		(7)		154
Corporate debt	1,149		4		(83)		1,070
Mortgage-backed, asset-backed, and collateralized:
RMBS	204		—		(24)		180
CMBS	36		—		(3)		33
CDO/ABS	81		—		(5)		76
Total	$	1,743	$	4	$	(129)	$	1,618
December 31, 2023*
Fixed maturity available-for-sale securities:
U.S. government and government sponsored entities	$	18	$	—	$	(1)	$	17
Obligations of states, municipalities, and political subdivisions	72		—		(6)		66
Commercial paper	14		—		—		14
Non-U.S. government and government sponsored entities	172		1		(6)		167
Corporate debt	1,160		4		(79)		1,085
Mortgage-backed, asset-backed, and collateralized:
RMBS	202		—		(22)		180
CMBS	36		—		(3)		33
CDO/ABS	91		—		(6)		85
Total	$	1,765	$	5	$	(123)	$	1,647

*    The allowance for credit losses related to our investment securities as of March 31, 2024 and 2023 was immaterial.

Interest receivables reported in Other assets in our condensed consolidated balance sheets totaled $14 million as of March 31, 2024 and December 31, 2023. There were no material amounts reversed from investment revenue for available-for-sale securities for the three months ended March 31, 2024 and 2023.

Fair value and unrealized losses on available-for-sale securities by type and length of time in a continuous unrealized loss position without an allowance for credit losses were as follows:

	Less Than 12 Months				12 Months or Longer				Total
(dollars in millions)	Fair Value		Unrealized Losses *		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
March 31, 2024
U.S. government and government sponsored entities	$	4	$	—	$	11	$	(1)	$	15	$	(1)
Obligations of states, municipalities, and political subdivisions	2		—		61		(6)		63		(6)
Commercial paper	21		—		—		—		21		—
Non-U.S. government and government sponsored entities	26		—		96		(7)		122		(7)
Corporate debt	60		—		885		(83)		945		(83)
Mortgage-backed, asset-backed, and collateralized:
RMBS	5		—		152		(24)		157		(24)
CMBS	—		—		33		(3)		33		(3)
CDO/ABS	4		—		54		(5)		58		(5)
Total	$	122	$	—	$	1,292	$	(129)	$	1,414	$	(129)
December 31, 2023
U.S. government and government sponsored entities	$	1	$	—	$	11	$	(1)	$	12	$	(1)
Obligations of states, municipalities, and political subdivisions	2		—		62		(6)		64		(6)
Commercial paper	14		—		—		—		14		—
Non-U.S. government and government sponsored entities	22		—		97		(6)		119		(6)
Corporate debt	15		—		925		(79)		940		(79)
Mortgage-backed, asset-backed, and collateralized:
RMBS	5		—		152		(22)		157		(22)
CMBS	2		—		32		(3)		34		(3)
CDO/ABS	1		—		62		(6)		63		(6)
Total	$	62	$	—	$	1,341	$	(123)	$	1,403	$	(123)

*    Unrealized losses on certain available-for-sale securities were less than $1 million and, therefore, were not quantified in the table above.

On a lot basis, we had 2,036 and 1,984 investment securities in an unrealized loss position at March 31, 2024 and December 31, 2023, respectively. We do not consider the unrealized losses to be credit-related, as these unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase. Additionally, as of March 31, 2024, there were no credit impairments on investment securities that we intend to sell. We do not have plans to sell any of the remaining investment securities with unrealized losses as of March 31, 2024, and we believe it is more likely than not that we would not be required to sell such investment securities before recovery of their amortized cost.

We continue to monitor unrealized loss positions for potential credit impairments. During the three months ended March 31, 2024 and 2023, there were no material credit impairments related to our investment securities. Therefore, there were no material additions or reductions in the allowance for credit losses (impairments recognized or reversed in earnings) on credit impaired available-for-sale securities for the three months ended March 31, 2024 and 2023.

The proceeds of available-for-sale securities sold or redeemed during the three months ended March 31, 2024 and 2023 totaled $19 million and $26 million, respectively. The net realized gains and losses were immaterial during the three months ended March 31, 2024 and 2023.

Contractual maturities of fixed-maturity available-for-sale securities at March 31, 2024 were as follows:

(dollars in millions)	Fair Value		Amortized Cost
Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:
Due in 1 year or less	$	156	$	157
Due after 1 year through 5 years	575		598
Due after 5 years through 10 years	476		529
Due after 10 years	122		138
Mortgage-backed, asset-backed, and collateralized securities	289		321
Total	$	1,618	$	1,743

Actual maturities may differ from contractual maturities since issuers and borrowers may have the right to call or prepay obligations. We may sell investment securities before maturity for general corporate and working capital purposes and to achieve certain investment strategies.

The fair value of securities on deposit with third parties totaled $512 million and $524 million at March 31, 2024 and December 31, 2023, respectively.

OTHER SECURITIES

The fair value of other securities by type was as follows:

(dollars in millions)	March 31, 2024		December 31, 2023
Fixed maturity other securities:
Bonds	$	22	$	22
Preferred stock	15		16
Common stock	36		34
Total	$	73	$	72

Net unrealized gains and losses on other securities held were immaterial for the three months ended March 31, 2024 and 2023. Net realized gains and losses on other securities sold or redeemed were immaterial for the three months ended March 31, 2024 and 2023.

Other securities primarily consist of equity securities and those securities for which the fair value option was elected. We report net unrealized and realized gains and losses on other securities held, sold, or redeemed in Other revenue - investment.

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Long-term Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Long-term Debt

6. Long-term Debt

Principal maturities of long-term debt by type of debt at March 31, 2024 were as follows:

	Senior Debt
(dollars in millions)	Securitizations		Private Secured Term Funding		Revolving Conduit Facilities			Unsecured Notes (a)		Junior Subordinated Debt (a)			Total
Interest rates (b)	0.87%-7.52%		6.35%		6.81		%	3.50%-9.00%		7.33		%
Remainder of 2024	$	—	$	—	$	—		$	—	$	—		$	—
2025	—		—		—			1,110		—			1,110
2026	—		—		—			1,600		—			1,600
2027	—		—		—			750		—			750
2028	—		—		—			1,350		—			1,350
2029-2067	—		—		—			3,182		350			3,532
Secured (c)	11,112		350		1			—		—			11,463
Total principal maturities	$	11,112	$	350	$	1		$	7,992	$	350		$	19,805
Total carrying amount	$	11,069	$	350	$	1		$	7,928	$	172		$	19,520
Debt issuance costs (d)	(39)		—		—			(60)		—			(99)

(a) Pursuant to the Base Indenture, the Supplemental Indentures, and the Guaranty Agreements, OMH agreed to fully and unconditionally guarantee, on a senior unsecured basis, payments of principal, premium and interest on the Unsecured Notes and Junior Subordinated Debenture. The OMH guarantees of OMFC’s long-term debt are subject to customary release provisions.

(b) The interest rates shown are the range of contractual rates in effect at March 31, 2024.

(c) Securitizations, private secured term funding, and borrowings under the revolving conduit facilities are not included in the above maturities by period due to their variable monthly repayments, which may result in pay-off prior to the stated maturity date. See Note 7 for further information on our long-term debt associated with securitizations, private secured term funding, and revolving conduit facilities.

(d) Debt issuance costs are reported as a direct deduction from long-term debt, with the exception of debt issuance costs associated with our revolving conduit facilities, credit card revolving variable funding note (“VFN”) facilities, and unsecured corporate revolver, which totaled $38 million at March 31, 2024 and are reported in Other assets in our condensed consolidated balance sheets.

UNSECURED CORPORATE REVOLVER

At March 31, 2024, the total maximum borrowing capacity of our unsecured corporate revolver was $1.3 billion. The corporate revolver has a five-year term beginning October 25, 2021, during which draws and repayments may occur. Any outstanding principal balance is due and payable on October 25, 2026. At March 31, 2024, no amounts were drawn under this facility.

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Variable Interest Entities

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

7. Variable Interest Entities

CONSOLIDATED VIES

We have transferred finance receivables to VIEs for asset-backed financing transactions and include the assets and liabilities in our condensed consolidated financial statements because we are the primary beneficiary of each VIE. We account for these asset-backed debt obligations as securitized borrowings.

See Note 2 and Note 9 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for more detail regarding VIEs.

We parenthetically disclose on our condensed consolidated balance sheets the VIE’s assets that can only be used to settle the VIE’s obligations and liabilities when its creditors have no recourse against the primary beneficiary’s general credit. The carrying amounts of consolidated VIE assets and liabilities associated with our securitization trusts, private secured term funding, revolving conduit facilities, and credit card revolving VFN facilities were as follows:

(dollars in millions)	March 31, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	3	$	2
Net finance receivables	12,641		12,780
Allowance for finance receivable losses	1,429		1,428
Restricted cash and restricted cash equivalents	576		523
Other assets	36		32
Liabilities
Long-term debt	$	11,420	$	11,579
Other liabilities	27		27

Other than the retained subordinate and residual interests in our consolidated VIEs, we are under no further obligation than is otherwise noted herein, either contractually or implicitly, to provide financial support to these entities. Consolidated interest expense related to our VIEs totaled $138 million and $101 million during the three months ended March 31, 2024 and 2023, respectively.

SECURITIZED BORROWINGS

Each of our outstanding securitizations contain a revolving period ranging from two to seven years during which no principal payments are required to be made on the related asset-backed notes. The indentures governing our securitized borrowings contain early amortization events and events of default, that, if triggered, may result in the acceleration of the obligation to pay principal and interest on the related asset-backed notes.

CREDIT CARD REVOLVING VFN FACILITIES

We have transferred credit card gross finance receivables to a master trust, OneMain Financial Credit Card Trust (“OMFCT”), and we continue to service and administer the credit cards. As of March 31, 2024, OMFCT was the issuing entity for two credit card revolving VFN facilities by way of certain indenture supplements and note purchase agreements with a total maximum borrowing capacity of $300 million. Each credit card revolving VFN facility has a revolving period during which time no principal payments are required, but may be made without penalty, followed by a subsequent amortization period. Principal balances of outstanding notes, if any, are due and payable in full over periods ranging up to six years as of March 31, 2024. Amounts drawn on these credit card revolving VFN facilities are secured and collateralized by credit card gross finance receivables.

PRIVATE SECURED TERM FUNDING

At March 31, 2024, an aggregate amount of $350 million was outstanding under the private secured term funding collateralized by our consumer loans. No principal payments are required to be made until after April 25, 2025, followed by a subsequent one-year amortization period, at the expiration of which the outstanding principal amount is due and payable.

REVOLVING CONDUIT FACILITIES

We had access to 16 revolving conduit facilities with a total maximum borrowing capacity of $6.4 billion as of March 31, 2024. Our conduit facilities contain revolving periods during which time no principal payments are required, but may be made without penalty, followed by a subsequent amortization period. Principal balances of outstanding loans, if any, are due and payable in full over periods ranging up to nine years as of March 31, 2024. Amounts drawn on these facilities are collateralized by our consumer loans.

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Insurance

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Insurance

8. Insurance

Changes in the reserve for unpaid claims and loss adjustment expenses (net of reinsurance recoverables) on our short-duration insurance contracts:

	At or for the Three Months Ended March 31,
(dollars in millions)	2024		2023
Balance at beginning of period	$	108	$	93
Less reinsurance recoverables	(3)		(3)
Net balance at beginning of period	105		90
Additions for losses and loss adjustment expenses incurred to:
Current year	52		42
Prior years *	(5)		(1)
Total	47		41
Reductions for losses and loss adjustment expenses paid related to:
Current year	(15)		(12)
Prior years	(32)		(27)
Total	(47)		(39)
Net balance at end of period	105		92
Plus reinsurance recoverables	3		3
Balance at end of period	$	108	$	95

*    At March 31, 2024, there was a redundancy in the prior years’ net reserves due to favorable development of collateral protection claims during the period. At March 31, 2023, there was a redundancy in the prior years’ net reserves, due to favorable development of credit disability claims during the period.

LIABILITY FOR FUTURE POLICY BENEFITS

The present value of expected net premiums on long-duration insurance contracts were as follows:

	At or for the Three Months Ended March 31,
	2024				2023
(dollars in millions)	Term and  Whole Life		Accidental Death and Disability Protection		Term and  Whole Life		Accidental Death and Disability Protection
Balance at beginning of period	$	217	$	41	$	252	$	48
Effect of cumulative changes in discount rate assumptions (beginning of period)	(5)		—		(8)		—
Beginning balance at original discount rate	212		41		244		48
Effect of actual variances from expected experience	(8)		—		(2)		—
Adjusted balance at beginning of period	204		41		242		48
Interest accretion	3		—		6		—
Net premiums collected	(7)		(1)		(7)		(2)
Ending balance at original discount rate	200		40		241		46
Effect of changes in discount rate assumptions	—		(1)		5		—
Balance at ending of period	$	200	$	39	$	246	$	46

The present value of expected future policy benefits on long-duration insurance contracts were as follows:

	At or for the Three Months Ended March 31,
	2024				2023
(dollars in millions)	Term and Whole Life		Accidental Death and Disability Protection		Term and Whole Life		Accidental Death and Disability Protection
Balance at beginning of period	$	435	$	113	$	483	$	126
Effect of cumulative changes in discount rate assumptions (beginning of period)	(12)		—		(17)		(1)
Beginning balance at original discount rate	423		113		466		125
Effect of actual variances from expected experience	(9)		(1)		1		(1)
Adjusted balance at beginning of period	414		112		467		124
Net issuances	1		—		1		—
Interest accretion	5		1		9		3
Benefit payments	(13)		(4)		(16)		(4)
Ending balance at original discount rate	407		109		461		123
Effect of changes in discount rate assumptions	3		(2)		12		—
Balance at ending of period	$	410	$	107	$	473	$	123

The net liability for future policy benefits on long-duration insurance contracts were as follows:

	At or for the Three Months Ended March 31,
	2024				2023
(dollars in millions)	Term and Whole Life		Accidental Death and Disability Protection		Term and Whole Life		Accidental Death and Disability Protection
Net liability for future policy benefits	$	210	$	68	$	227	$	77
Deferred profit liability	13		51		15		54
Total net liability for future policy benefits	$	223	$	119	$	242	$	131

The weighted-average duration of the liability for future policy benefits was 8 years at March 31, 2024 and March 31, 2023.

The following table reconciles the net liability for future policy benefits to Insurance claims and policyholder liabilities in the condensed consolidated balance sheets:

	At or for the Three Months Ended March 31,
(dollars in millions)	2024		2023
Term and whole life	$	223	$	242
Accidental death and disability protection	119		131
Other*	255		242
Total	$	597	$	615

*    Other primarily includes reserves for short-duration contracts that are payable to third-party beneficiaries.

The undiscounted and discounted expected future gross premiums and expected future benefits and expenses for our long-duration insurance contracts were as follows:

	At or for the Three Months Ended March 31,
	2024				2023
(dollars in millions)	Term and Whole Life		Accidental Death and Disability Protection		Term and Whole Life		Accidental Death and Disability Protection
Expected future gross premiums:
Undiscounted	$	411	$	142	$	466	$	159
Discounted	293		101		326		114
Expected future benefit payments:
Undiscounted	582		162		670		181
Discounted	410		107		473		123

The revenue and interest accretion related to our long-duration insurance contracts recognized in the condensed consolidated statements of operations were as follows:

	At or for the Three Months Ended March 31,
	2024				2023
(dollars in millions)	Term and Whole Life		Accidental Death and Disability Protection		Term and Whole Life		Accidental Death and Disability Protection
Gross premiums or assessments	$	13	$	5	$	11	$	5
Interest accretion	$	3	$	1	$	3	$	3

The expected and actual experience for mortality, morbidity, and lapses of the liability for future policy benefits were as follows:

	At or for the Three Months Ended March 31,
	2024				2023
	Term and Whole Life		Accidental Death and Disability Protection		Term and Whole Life		Accidental Death and Disability Protection
Mortality/Morbidity:
Expected	0.37	%	0.01	%	0.39	%	0.01	%
Actual	0.38	%	0.01	%	0.31	%	0.01	%
Lapses:
Expected	4.68	%	1.96	%	3.18	%	2.24	%
Actual	3.35	%	2.51	%	1.67	%	0.34	%

The weighted-average interest rates for the liability of future policy benefits for our long-duration insurance contracts were as follows:

	At or for the Three Months Ended March 31,
	2024				2023
	Term and Whole Life		Accidental Death and Disability Protection		Term and Whole Life		Accidental Death and Disability Protection
Interest accretion rate	5.28	%	4.87	%	5.26	%	4.86	%
Current discount rate	5.33	%	5.35	%	5.07	%	5.06	%

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Capital Stock and Earnings Per Share (OMH Only)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Capital Stock and Earnings Per Share (OMH Only)

9. Capital Stock and Earnings Per Share (OMH Only)

CAPITAL STOCK

OMH has two classes of authorized capital stock: preferred stock and common stock. OMFC has two classes of authorized capital stock: special stock and common stock. OMH and OMFC may issue preferred stock and special stock, respectively, in one or more series. The OMH Board of Directors and the OMFC Board of Directors determine the dividend, liquidation, redemption, conversion, voting, and other rights prior to issuance.

Changes in OMH shares of common stock issued and outstanding were as follows:

	Three Months Ended March 31,
	2024	2023
Balance at beginning of period	119,757,277	121,042,125
Common stock issued	211,702	207,403
Common stock repurchased	(108,685)	(683,384)
Treasury stock issued	16,958	21,070
Balance at end of period	119,877,252	120,587,214

EARNINGS PER SHARE (OMH ONLY)

The computation of earnings per share was as follows:

	Three Months Ended March 31,
(dollars in millions, except per share data)	2024		2023
Numerator (basic and diluted):
Net income	$	155	$	179
Denominator:
Weighted average number of shares outstanding (basic)	119,829,174		120,765,661
Effect of dilutive securities *	415,495		204,230
Weighted average number of shares outstanding (diluted)	120,244,669		120,969,891
Earnings per share:
Basic	$	1.29	$	1.48
Diluted	$	1.29	$	1.48

* We have excluded weighted-average unvested restricted stock units totaling 728,403 and 1,543,976 for the three months ended March 31, 2024 and 2023, respectively, from the fully-diluted earnings per share calculations as these shares would be anti-dilutive, which could impact the earnings per share calculation in the future.

Basic earnings per share is computed by dividing net income by the weighted-average number of shares outstanding during each period. Diluted earnings per share is computed based on the weighted-average number of shares outstanding plus the effect of potentially dilutive shares outstanding during the period using the treasury stock method. The potentially dilutive shares represent outstanding unvested restricted stock units.

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Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

10. Accumulated Other Comprehensive Income (Loss)

Changes, net of tax, in Accumulated other comprehensive income (loss) were as follows:

(dollars in millions)	Unrealized Gains (Losses) Available-for-Sale Securities (a)		Retirement Plan Liabilities Adjustments		Foreign Currency Translation Adjustments		Changes in discount rate for insurance claims and policyholder liabilities		Other (b)		Total Accumulated Other Comprehensive Income (Loss)
Three Months Ended March 31, 2024
Balance at beginning of period	$	(93)	$	(8)	$	(2)	$	(5)	$	21	$	(87)
Other comprehensive income (loss) before reclassifications	(6)		—		(3)		5		—		(4)
Balance at end of period	$	(99)	$	(8)	$	(5)	$	—	$	21	$	(91)
Three Months Ended March 31, 2023
Balance at beginning of period	$	(131)	$	(8)	$	(5)	$	(8)	$	25	$	(127)
Other comprehensive income (loss) before reclassifications	19		—		—		3		(3)		19
Balance at end of period	$	(112)	$	(8)	$	(5)	$	(5)	$	22	$	(108)

(a) There were no material amounts related to available-for-sale debt securities for which an allowance for credit losses was recorded during the three months ended March 31, 2024 and 2023.

(b) Other primarily includes changes in the fair value of our mark-to-market derivative instruments that have been designated as cash flow hedges.

Reclassification adjustments from Accumulated other comprehensive income (loss) to the applicable line item on our condensed consolidated statements of operations were immaterial for the three months ended March 31, 2024 and 2023.

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Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

We had a net deferred tax asset of $463 million and $477 million at March 31, 2024 and December 31, 2023, respectively.

We follow the guidance of ASC 740, Income Taxes, for interim reporting of income taxes under which we calculate an estimated annual effective tax rate (“AETR”) and apply the AETR to our year-to-date income (loss) before income taxes. In addition, we recognize any discrete items as they occur.

The effective tax rate for the three months ended March 31, 2024 was 24.1%, compared to 24.0% for the same period in 2023. The effective tax rate for the three months ended March 31, 2024 and 2023 differed from the federal statutory rate of 21% primarily due to the effect of state income taxes.

We are under examination by various states for the years 2017 to 2021. Management believes it has adequately provided for taxes for such years.

Our gross unrecognized tax benefits, including related interest and penalties, totaled $11 million at March 31, 2024 and December 31, 2023. We accrue interest related to uncertain tax positions in income tax expense. The amount of any change in the balance of uncertain tax liabilities over the next 12 months is not expected to be material to our condensed consolidated financial statements.

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Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Contingencies

12. Contingencies

LEGAL CONTINGENCIES

In the normal course of business, we have been named, from time to time, as defendants in various legal actions, including arbitrations, class actions, and other litigation arising in connection with our activities. Some of the actual or threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. Additionally, we are, from time to time, in the normal course of business, subject to inquiries and investigations by federal, state and local governmental authorities regarding our products and our operations. These inquiries and investigations may result in fines, restitution or other penalties, including injunctive relief that may result in restrictions on our business. While we will continue to evaluate legal actions to determine whether a loss is reasonably possible or probable and is reasonably estimable, there can be no assurance that material losses will not be incurred from pending, threatened or future litigation, investigations, examinations, or other claims.

We contest liability and/or the amount of damages, as appropriate, in each pending matter. Where available information indicates that it is probable that a liability had been incurred at the date of the condensed consolidated financial statements and we can reasonably estimate the amount of that loss, we accrue the estimated loss by a charge to income. In many actions, however, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to estimate the amount of any loss. In addition, even where loss is reasonably possible or an exposure to loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, it is not always possible to reasonably estimate the size of the possible loss or range of loss.

For certain legal actions, we cannot reasonably estimate such losses, particularly for actions that are in their early stages of development or where plaintiffs seek substantial or indeterminate damages. Numerous issues may need to be resolved, including through potentially lengthy discovery and determination of important factual matters, and by addressing novel or unsettled legal questions relevant to the actions in question, before a loss or additional loss or range of loss or range of additional loss can be reasonably estimated for any given action.

For certain other legal actions, we can estimate reasonably possible losses, additional losses, ranges of loss or ranges of additional loss in excess of amounts accrued, but do not believe, based on current knowledge and after consultation with counsel, that such losses will have a material adverse effect on our condensed consolidated financial statements as a whole.

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Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

13. Segment Information

At March 31, 2024, Consumer and Insurance (“C&I”) is our only reportable segment. The remaining components (which we refer to as “Other”) consist of our liquidating SpringCastle Portfolio servicing activity and our non-originating legacy operations, which primarily include our liquidating real estate loans.

The accounting policies of the C&I segment are the same as those disclosed in Note 2 and Note 17 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report.

The following tables present information about C&I and Other, as well as reconciliations to the condensed consolidated financial statement amounts.

(dollars in millions)	Consumer and Insurance		Other		Segment to GAAP Adjustment		Consolidated Total
Three Months Ended March 31, 2024
Interest income	$	1,172	$	1	$	—	$	1,173
Interest expense	276		1		—		277
Provision for finance receivable losses	431		—		—		431
Net interest income after provision for finance receivable losses	465		—		—		465
Other revenues	178		2		—		180
Other expenses	440		2		(1)		441
Income (loss) before income tax expense (benefit)	$	203	$	—	$	1	$	204
Assets	$	22,672	$	18	$	1,218	$	23,908
Three Months Ended March 31, 2023
Interest income	$	1,092	$	1	$	1	$	1,094
Interest expense	238		—		1		239
Provision for finance receivable losses	385		—		—		385
Net interest income after provision for finance receivable losses	469		1		—		470
Other revenues	176		1		—		177
Other expenses	409		3		—		412
Income before income tax expense	$	236	$	(1)	$	—	$	235
Assets	$	21,199	$	30	$	1,214	$	22,443

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Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

14. Fair Value Measurements

The accounting policies of our fair value measurements are the same as those disclosed in Note 2 and Note 18 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report.

The following table presents the carrying amounts and estimated fair values of our financial instruments and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:

	Fair Value Measurements Using						Total Fair Value		Total Carrying Value
(dollars in millions)	Level 1		Level 2		Level 3
March 31, 2024
Assets
Cash and cash equivalents	$	807	$	24	$	—	$	831	$	831
Investment securities	55		1,633		3		1,691		1,691
Net finance receivables, less allowance for finance receivable losses	—		—		20,293		20,293		18,629
Restricted cash and restricted cash equivalents	596		3		—		599		599
Other assets *	—		—		39		39		28
Liabilities
Long-term debt	$	—	$	19,224	$	—	$	19,224	$	19,520
December 31, 2023
Assets
Cash and cash equivalents	$	1,014	$	—	$	—	$	1,014	$	1,014
Investment securities	54		1,662		3		1,719		1,719
Net finance receivables, less allowance for finance receivable losses	—		—		20,490		20,490		18,869
Restricted cash and restricted cash equivalents	534		—		—		534		534
Other assets *	—		—		40		40		29
Liabilities
Long-term debt	$	—	$	19,457	$	—	$	19,457	$	19,813

*Other assets at March 31, 2024 and December 31, 2023 primarily consists of finance receivables held for sale.

FAIR VALUE MEASUREMENTS — RECURRING BASIS

The following tables present information about our assets measured at fair value on a recurring basis and indicates the fair value hierarchy based on the levels of inputs we utilized to determine such fair value:

	Fair Value Measurements Using						Total Carried At Fair Value
(dollars in millions)	Level 1		Level 2		Level 3
March 31, 2024
Assets
Cash equivalents in mutual funds	$	99	$	—	$	—	$	99
Cash equivalents in securities	—		24		—		24
Investment securities:
Available-for-sale securities
U.S. government and government sponsored entities	—		18		—		18
Obligations of states, municipalities, and political subdivisions	—		66		—		66
Commercial paper	—		21		—		21
Non-U.S. government and government sponsored entities	—		154		—		154
Corporate debt	6		1,063		1		1,070
RMBS	—		180		—		180
CMBS	—		33		—		33
CDO/ABS	—		76		—		76
Total available-for-sale securities	6		1,611		1		1,618
Other securities
Bonds:
Corporate debt	—		4		—		4
CDO/ABS	—		18		—		18
Total bonds	—		22		—		22
Preferred stock	15		—		—		15
Common stock	34		—		2		36
Total other securities	49		22		2		73
Total investment securities	55		1,633		3		1,691
Restricted cash equivalents in mutual funds	580		—		—		580
Restricted cash equivalents in securities	—		3		—		3
Total	$	734	$	1,660	$	3	$	2,397

	Fair Value Measurements Using						Total Carried At Fair Value
(dollars in millions)	Level 1		Level 2		Level 3
December 31, 2023
Assets
Cash equivalents in mutual funds	$	97	$	—	$	—	$	97
Investment securities:
Available-for-sale securities
U.S. government and government sponsored entities	—		17		—		17
Obligations of states, municipalities, and political subdivisions	—		66		—		66
Commercial paper	—		14		—		14
Non-U.S. government and government sponsored entities	—		167		—		167
Corporate debt	6		1,078		1		1,085
RMBS	—		180		—		180
CMBS	—		33		—		33
CDO/ABS	—		85		—		85
Total available-for-sale securities	6		1,640		1		1,647
Other securities
Bonds:
Corporate debt	—		4		—		4
CDO/ABS	—		18		—		18
Total bonds	—		22		—		22
Preferred stock	16		—		—		16
Common stock	32		—		2		34
Total other securities	48		22		2		72
Total investment securities	54		1,662		3		1,719
Restricted cash equivalents in mutual funds	525		—		—		525
Total	$	676	$	1,662	$	3	$	2,341

Due to the insignificant activity within the Level 3 assets during the three months ended March 31, 2024 and 2023, we have omitted the additional disclosures relating to the changes in Level 3 assets measured at fair value on a recurring basis and the quantitative information about Level 3 unobservable inputs.

FAIR VALUE MEASUREMENTS — NON-RECURRING BASIS

We measure the fair value of certain assets on a non-recurring basis when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Net impairment charges recorded on assets measured at fair value on a non-recurring basis were immaterial during the three months ended March 31, 2024 and 2023.

FAIR VALUE MEASUREMENTS — VALUATION METHODOLOGIES AND ASSUMPTIONS

See Note 18 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for information regarding our methods and assumptions used to estimate fair value.

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Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent Events

On April 1, 2024, we completed our previously announced acquisition of all of the outstanding common stock of Foursight Capital LLC (“Foursight”), a wholly owned subsidiary of Jefferies Financial Group, Inc. Foursight is an automobile finance company that purchases and services automobile retail installment contracts. Contracts are sourced through an extensive network of auto dealers. As of March 31, 2024, Foursight had approximately $900 million of auto loan receivables. We are currently in the process of completing the purchase accounting, which will be disclosed in subsequent filings.

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 155	$ 179

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Business and Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION

We prepared our condensed consolidated financial statements using generally accepted accounting principles in the United States of America (“GAAP”). These statements are unaudited. The year-end condensed balance sheet data was derived from our audited financial statements but does not include all disclosures required by GAAP.

CONSOLIDATION

The statements include the accounts of OMH, its wholly owned subsidiaries, and variable interest entities (“VIEs”) in which we hold a controlling financial interest and for which we are considered to be the primary beneficiary as of the financial statement date.We eliminated all material intercompany accounts and transactions.

USE OF ESTIMATES

We made judgments, estimates, and assumptions that affect amounts reported in our condensed consolidated financial statements and disclosures of contingent assets and liabilities. In management’s opinion, the condensed consolidated financial statements include the normal, recurring adjustments necessary for a fair statement of results. Actual results could differ from our estimates. We evaluated the effects of and the need to disclose events that occurred subsequent to the balance sheet date.

ACCOUNTING PRONUNCEMENTS TO BE ADOPTED

ACCOUNTING PRONOUNCEMENTS TO BE ADOPTED

Segment Reporting

In November of 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires annual and interim disclosure of significant segment expenses and other segment items. The amendments in this ASU will become effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a retrospective basis to all prior periods presented in the financial statements. We are currently evaluating the impact of the standard on our segment disclosures.

Income Taxes

In December of 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregated information in the rate reconciliation and income taxes paid disclosures. The amendments in this ASU will become effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis, with retrospective application allowed. We are currently evaluating the impact of the standard on our income tax disclosures.

We do not believe that any accounting pronouncements issued, but not yet effective, would have a material impact on our consolidated financial statements or disclosures, if adopted.

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Finance Receivables (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Schedule of components of net finance receivables by type

Components of our net finance receivables were as follows:

	Consumer Loans
(dollars in millions)	Personal Loans		Auto Finance		Total Consumer Loans		Credit Cards		Total
March 31, 2024
Gross finance receivables *	$	19,575	$	843	$	20,418	$	377	$	20,795
Unearned fees	(217)		(16)		(233)		—		(233)
Accrued finance charges and fees	310		8		318		—		318
Deferred origination costs	186		8		194		9		203
Total	$	19,854	$	843	$	20,697	$	386	$	21,083
December 31, 2023
Gross finance receivables *	$	19,977	$	744	$	20,721	$	322	$	21,043
Unearned fees	(223)		(13)		(236)		—		(236)
Accrued finance charges and fees	326		7		333		—		333
Deferred origination costs	194		7		201		8		209
Total	$	20,274	$	745	$	21,019	$	330	$	21,349

* Consumer loan gross finance receivables equal the unpaid principal balance. For precompute personal loans, unpaid principal balance is the gross contractual payments less the unaccreted balance of unearned finance charges. Credit card gross finance receivables equal the unpaid principal balance, billed interest, and fees.

Summary of net finance receivables by type and by days delinquent

The following tables below are a summary of our personal loans by the year of origination and number of days delinquent:

(dollars in millions)	2024		2023		2022		2021		2020		Prior		Total
March 31, 2024
Performing
Current	$	2,212	$	8,615	$	4,822	$	2,089	$	622	$	368	$	18,728
30-59 days past due	2		118		111		61		19		15		326
60-89 days past due	—		80		76		41		12		10		219
Total performing	2,214		8,813		5,009		2,191		653		393		19,273
Nonperforming (Nonaccrual)
90+ days past due	—		183		221		118		34		25		581
Total	$	2,214	$	8,996	$	5,230	$	2,309	$	687	$	418	$	19,854
Gross charge-offs *	$	—	$	115	$	223	$	119	$	33	$	23	$	513

* Represents gross charge-offs for the three months ended March 31, 2024.

(dollars in millions)	2023		2022		2021		2020		2019		Prior		Total
December 31, 2023
Performing
Current	$	9,759	$	5,527	$	2,454	$	776	$	376	$	114	$	19,006
30-59 days past due	113		153		88		27		16		7		404
60-89 days past due	74		104		59		17		10		4		268
Total performing	9,946		5,784		2,601		820		402		125		19,678
Nonperforming (Nonaccrual)
90+ days past due	125		259		143		40		21		8		596
Total	$	10,071	$	6,043	$	2,744	$	860	$	423	$	133	$	20,274
Gross charge-offs *	$	—	$	136	$	198	$	59	$	34	$	14	$	441

* Represents gross charge-offs for the three months ended March 31, 2023.

The following tables below are a summary of our auto finance loans by the year of origination and number of days delinquent:

(dollars in millions)	2024		2023		2022		2021		2020		Prior		Total
March 31, 2024
Performing
Current	$	163	$	441	$	181	$	30	$	1	$	—	$	816
30-59 days past due	—		5		5		1		—		—		11
60-89 days past due	—		3		2		1		—		—		6
Total performing	163		449		188		32		1		—		833
Nonperforming (Nonaccrual)
90+ days past due	—		4		5		1		—		—		10
Total	$	163	$	453	$	193	$	33	$	1	$	—	$	843
Gross charge-offs *	$	—	$	3	$	5	$	1	$	—	$	—	$	9

* Represents gross charge-offs for the three months ended March 31, 2024.

(dollars in millions)	2023		2022		2021		2020		2019		Prior		Total
December 31, 2023
Performing
Current	$	480	$	203	$	34	$	2	$	—	$	—	$	719
30-59 days past due	4		6		2		—		—		—		12
60-89 days past due	2		3		—		—		—		—		5
Total performing	486		212		36		2		—		—		736
Nonperforming (Nonaccrual)
90+ days past due	3		5		1		—		—		—		9
Total	$	489	$	217	$	37	$	2	$	—	$	—	$	745
Gross charge-offs *	$	—	$	3	$	1	$	—	$	—	$	—	$	4

* Represents gross charge-offs for the three months ended March 31, 2023.

The following is a summary of credit cards by number of days delinquent:

(dollars in millions)	March 31, 2024		December 31, 2023
Current	$	343	$	297
30-59 days past due	10		9
60-89 days past due	9		7
90+ days past due	24		17
Total	$	386	$	330

Schedule of information regarding Modified Finance Receivables

The period-end carrying value of finance receivables modified during the period were as follows:

	Three Months Ended March 31,
	2024						2023
(dollars in millions)	Personal Loans			Auto  Finance			Personal Loans			Auto  Finance
Interest rate reduction and term extension	$	156		$	5		$	125		$	1
Interest rate reduction and principal forgiveness	119			—			96			—
Total modifications to borrowers experiencing financial difficulties	$	275		$	5		$	221		$	1
Modifications as a percent of net finance receivables by class	1.38		%	0.56		%	1.15		%	0.33		%

The financial effect of modifications made during the period were as follows:

	Three Months Ended March 31,
	2024						2023
(dollars in millions)	Personal Loans			Auto Finance			Personal Loans			Auto Finance
Net finance receivables
Weighted-average interest rate reduction	17.56		%	11.16		%	21.38		%	12.56		%
Weighted-average term extension (months)	25			28			19			20
Principal/interest forgiveness	$	11		$	—		$	11		$	—

The performance of finance receivables modified within the previous 12 months by delinquency status was as follows:

	March 31, 2024*				March 31, 2023
(dollars in millions)	Personal Loans		Auto Finance		Personal Loans		Auto Finance
Current	$	611	$	7	$	158	$	1
30-59 days past due	55		1		27		—
60-89 days past due	44		—		14		—
90+ days past due	105		1		22		—
Total	$	815	$	9	$	221	$	1

* Excludes $55 million of personal loan receivables and $1 million of auto finance receivables that were modified and subsequently charged off within the previous 12 months.

The period-end carrying value of finance receivables that defaulted during the period to cause the receivable to be considered nonperforming (90 days or more contractually past due) and had been modified within the 12 months preceding the default were as follows:

	Three Months Ended March 31, 2024
(dollars in millions)	Personal Loans		Auto  Finance
Interest rate reduction and term extension	$	44	$	1
Interest rate reduction and principal forgiveness	16		—
Total *	$	60	$	1

*    There were no modified finance receivables for which there was a default during the three months ended March 31, 2023 to cause the modified finance receivable to be considered nonperforming (90 days or more past due).

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Allowance for Finance Receivable Losses (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Schedule of changes in the allowance for finance receivable losses by finance receivable type

Changes in the allowance for finance receivable losses were as follows:

(dollars in millions)	Consumer Loans		Credit Cards		Total
Three Months Ended March 31, 2024
Balance at beginning of period	$	2,415	$	65	$	2,480
Provision for finance receivable losses	406		25		431
Charge-offs	(522)		(12)		(534)
Recoveries	77		—		77
Balance at end of period	$	2,376	$	78	$	2,454
Three Months Ended March 31, 2023
Balance at beginning of period	$	2,290	$	21	$	2,311
Impact of adoption of ASU 2022-02 *	(16)		—		(16)
Provision for finance receivable losses	377		8		385
Charge-offs	(445)		(6)		(451)
Recoveries	69		—		69
Balance at end of period	$	2,275	$	23	$	2,298

*    As a result of the adoption of ASU 2022-02, we recorded a one-time adjustment to the allowance for finance receivable losses. See Notes 3, 4, and 5 of the Notes to the Consolidated Financial Statements in Part II - Item 8 of our Annual Report for additional information on the adoption of ASU 2022-02.

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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of the cost/amortized cost, unrealized gains and losses, and fair value of available-for-sale securities by type

Cost/amortized cost, allowance for credit losses, unrealized gains and losses, and fair value of fixed maturity available-for-sale securities by type were as follows:

(dollars in millions)	Cost/ Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
March 31, 2024*
Fixed maturity available-for-sale securities:
U.S. government and government sponsored entities	$	19	$	—	$	(1)	$	18
Obligations of states, municipalities, and political subdivisions	72		—		(6)		66
Commercial paper	21		—		—		21
Non-U.S. government and government sponsored entities	161		—		(7)		154
Corporate debt	1,149		4		(83)		1,070
Mortgage-backed, asset-backed, and collateralized:
RMBS	204		—		(24)		180
CMBS	36		—		(3)		33
CDO/ABS	81		—		(5)		76
Total	$	1,743	$	4	$	(129)	$	1,618
December 31, 2023*
Fixed maturity available-for-sale securities:
U.S. government and government sponsored entities	$	18	$	—	$	(1)	$	17
Obligations of states, municipalities, and political subdivisions	72		—		(6)		66
Commercial paper	14		—		—		14
Non-U.S. government and government sponsored entities	172		1		(6)		167
Corporate debt	1,160		4		(79)		1,085
Mortgage-backed, asset-backed, and collateralized:
RMBS	202		—		(22)		180
CMBS	36		—		(3)		33
CDO/ABS	91		—		(6)		85
Total	$	1,765	$	5	$	(123)	$	1,647

*    The allowance for credit losses related to our investment securities as of March 31, 2024 and 2023 was immaterial.

Schedule of fair value and unrealized losses on investment securities by type and length of time in a continuous unrealized loss position

Fair value and unrealized losses on available-for-sale securities by type and length of time in a continuous unrealized loss position without an allowance for credit losses were as follows:

	Less Than 12 Months				12 Months or Longer				Total
(dollars in millions)	Fair Value		Unrealized Losses *		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
March 31, 2024
U.S. government and government sponsored entities	$	4	$	—	$	11	$	(1)	$	15	$	(1)
Obligations of states, municipalities, and political subdivisions	2		—		61		(6)		63		(6)
Commercial paper	21		—		—		—		21		—
Non-U.S. government and government sponsored entities	26		—		96		(7)		122		(7)
Corporate debt	60		—		885		(83)		945		(83)
Mortgage-backed, asset-backed, and collateralized:
RMBS	5		—		152		(24)		157		(24)
CMBS	—		—		33		(3)		33		(3)
CDO/ABS	4		—		54		(5)		58		(5)
Total	$	122	$	—	$	1,292	$	(129)	$	1,414	$	(129)
December 31, 2023
U.S. government and government sponsored entities	$	1	$	—	$	11	$	(1)	$	12	$	(1)
Obligations of states, municipalities, and political subdivisions	2		—		62		(6)		64		(6)
Commercial paper	14		—		—		—		14		—
Non-U.S. government and government sponsored entities	22		—		97		(6)		119		(6)
Corporate debt	15		—		925		(79)		940		(79)
Mortgage-backed, asset-backed, and collateralized:
RMBS	5		—		152		(22)		157		(22)
CMBS	2		—		32		(3)		34		(3)
CDO/ABS	1		—		62		(6)		63		(6)
Total	$	62	$	—	$	1,341	$	(123)	$	1,403	$	(123)

*    Unrealized losses on certain available-for-sale securities were less than $1 million and, therefore, were not quantified in the table above.

Schedule of contractual maturities of fixed-maturity available-for-sale securities

Contractual maturities of fixed-maturity available-for-sale securities at March 31, 2024 were as follows:

(dollars in millions)	Fair Value		Amortized Cost
Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:
Due in 1 year or less	$	156	$	157
Due after 1 year through 5 years	575		598
Due after 5 years through 10 years	476		529
Due after 10 years	122		138
Mortgage-backed, asset-backed, and collateralized securities	289		321
Total	$	1,618	$	1,743

Schedule of fair value of other securities by type

The fair value of other securities by type was as follows:

(dollars in millions)	March 31, 2024		December 31, 2023
Fixed maturity other securities:
Bonds	$	22	$	22
Preferred stock	15		16
Common stock	36		34
Total	$	73	$	72

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Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of principal maturities of long-term debt

Principal maturities of long-term debt by type of debt at March 31, 2024 were as follows:

	Senior Debt
(dollars in millions)	Securitizations		Private Secured Term Funding		Revolving Conduit Facilities			Unsecured Notes (a)		Junior Subordinated Debt (a)			Total
Interest rates (b)	0.87%-7.52%		6.35%		6.81		%	3.50%-9.00%		7.33		%
Remainder of 2024	$	—	$	—	$	—		$	—	$	—		$	—
2025	—		—		—			1,110		—			1,110
2026	—		—		—			1,600		—			1,600
2027	—		—		—			750		—			750
2028	—		—		—			1,350		—			1,350
2029-2067	—		—		—			3,182		350			3,532
Secured (c)	11,112		350		1			—		—			11,463
Total principal maturities	$	11,112	$	350	$	1		$	7,992	$	350		$	19,805
Total carrying amount	$	11,069	$	350	$	1		$	7,928	$	172		$	19,520
Debt issuance costs (d)	(39)		—		—			(60)		—			(99)

(a) Pursuant to the Base Indenture, the Supplemental Indentures, and the Guaranty Agreements, OMH agreed to fully and unconditionally guarantee, on a senior unsecured basis, payments of principal, premium and interest on the Unsecured Notes and Junior Subordinated Debenture. The OMH guarantees of OMFC’s long-term debt are subject to customary release provisions.

(b) The interest rates shown are the range of contractual rates in effect at March 31, 2024.

(c) Securitizations, private secured term funding, and borrowings under the revolving conduit facilities are not included in the above maturities by period due to their variable monthly repayments, which may result in pay-off prior to the stated maturity date. See Note 7 for further information on our long-term debt associated with securitizations, private secured term funding, and revolving conduit facilities.

(d) Debt issuance costs are reported as a direct deduction from long-term debt, with the exception of debt issuance costs associated with our revolving conduit facilities, credit card revolving variable funding note (“VFN”) facilities, and unsecured corporate revolver, which totaled $38 million at March 31, 2024 and are reported in Other assets in our condensed consolidated balance sheets.

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Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Carrying amounts of consolidated VIE assets and liabilities

The carrying amounts of consolidated VIE assets and liabilities associated with our securitization trusts, private secured term funding, revolving conduit facilities, and credit card revolving VFN facilities were as follows:

(dollars in millions)	March 31, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	3	$	2
Net finance receivables	12,641		12,780
Allowance for finance receivable losses	1,429		1,428
Restricted cash and restricted cash equivalents	576		523
Other assets	36		32
Liabilities
Long-term debt	$	11,420	$	11,579
Other liabilities	27		27

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Insurance (Tables)

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Changes in the reserve for unpaid claims and loss adjustment expenses

Changes in the reserve for unpaid claims and loss adjustment expenses (net of reinsurance recoverables) on our short-duration insurance contracts:

	At or for the Three Months Ended March 31,
(dollars in millions)	2024		2023
Balance at beginning of period	$	108	$	93
Less reinsurance recoverables	(3)		(3)
Net balance at beginning of period	105		90
Additions for losses and loss adjustment expenses incurred to:
Current year	52		42
Prior years *	(5)		(1)
Total	47		41
Reductions for losses and loss adjustment expenses paid related to:
Current year	(15)		(12)
Prior years	(32)		(27)
Total	(47)		(39)
Net balance at end of period	105		92
Plus reinsurance recoverables	3		3
Balance at end of period	$	108	$	95

*    At March 31, 2024, there was a redundancy in the prior years’ net reserves due to favorable development of collateral protection claims during the period. At March 31, 2023, there was a redundancy in the prior years’ net reserves, due to favorable development of credit disability claims during the period.

Liability for Future Policy Benefit, Activity

The present value of expected net premiums on long-duration insurance contracts were as follows:

	At or for the Three Months Ended March 31,
	2024				2023
(dollars in millions)	Term and  Whole Life		Accidental Death and Disability Protection		Term and  Whole Life		Accidental Death and Disability Protection
Balance at beginning of period	$	217	$	41	$	252	$	48
Effect of cumulative changes in discount rate assumptions (beginning of period)	(5)		—		(8)		—
Beginning balance at original discount rate	212		41		244		48
Effect of actual variances from expected experience	(8)		—		(2)		—
Adjusted balance at beginning of period	204		41		242		48
Interest accretion	3		—		6		—
Net premiums collected	(7)		(1)		(7)		(2)
Ending balance at original discount rate	200		40		241		46
Effect of changes in discount rate assumptions	—		(1)		5		—
Balance at ending of period	$	200	$	39	$	246	$	46

The present value of expected future policy benefits on long-duration insurance contracts were as follows:

	At or for the Three Months Ended March 31,
	2024				2023
(dollars in millions)	Term and Whole Life		Accidental Death and Disability Protection		Term and Whole Life		Accidental Death and Disability Protection
Balance at beginning of period	$	435	$	113	$	483	$	126
Effect of cumulative changes in discount rate assumptions (beginning of period)	(12)		—		(17)		(1)
Beginning balance at original discount rate	423		113		466		125
Effect of actual variances from expected experience	(9)		(1)		1		(1)
Adjusted balance at beginning of period	414		112		467		124
Net issuances	1		—		1		—
Interest accretion	5		1		9		3
Benefit payments	(13)		(4)		(16)		(4)
Ending balance at original discount rate	407		109		461		123
Effect of changes in discount rate assumptions	3		(2)		12		—
Balance at ending of period	$	410	$	107	$	473	$	123

The net liability for future policy benefits on long-duration insurance contracts were as follows:

	At or for the Three Months Ended March 31,
	2024				2023
(dollars in millions)	Term and Whole Life		Accidental Death and Disability Protection		Term and Whole Life		Accidental Death and Disability Protection
Net liability for future policy benefits	$	210	$	68	$	227	$	77
Deferred profit liability	13		51		15		54
Total net liability for future policy benefits	$	223	$	119	$	242	$	131

The following table reconciles the net liability for future policy benefits to Insurance claims and policyholder liabilities in the condensed consolidated balance sheets:

	At or for the Three Months Ended March 31,
(dollars in millions)	2024		2023
Term and whole life	$	223	$	242
Accidental death and disability protection	119		131
Other*	255		242
Total	$	597	$	615

*    Other primarily includes reserves for short-duration contracts that are payable to third-party beneficiaries.

The undiscounted and discounted expected future gross premiums and expected future benefits and expenses for our long-duration insurance contracts were as follows:

	At or for the Three Months Ended March 31,
	2024				2023
(dollars in millions)	Term and Whole Life		Accidental Death and Disability Protection		Term and Whole Life		Accidental Death and Disability Protection
Expected future gross premiums:
Undiscounted	$	411	$	142	$	466	$	159
Discounted	293		101		326		114
Expected future benefit payments:
Undiscounted	582		162		670		181
Discounted	410		107		473		123

The revenue and interest accretion related to our long-duration insurance contracts recognized in the condensed consolidated statements of operations were as follows:

	At or for the Three Months Ended March 31,
	2024				2023
(dollars in millions)	Term and Whole Life		Accidental Death and Disability Protection		Term and Whole Life		Accidental Death and Disability Protection
Gross premiums or assessments	$	13	$	5	$	11	$	5
Interest accretion	$	3	$	1	$	3	$	3

The weighted-average interest rates for the liability of future policy benefits for our long-duration insurance contracts were as follows:

	At or for the Three Months Ended March 31,
	2024				2023
	Term and Whole Life		Accidental Death and Disability Protection		Term and Whole Life		Accidental Death and Disability Protection
Interest accretion rate	5.28	%	4.87	%	5.26	%	4.86	%
Current discount rate	5.33	%	5.35	%	5.07	%	5.06	%

Fair Value Measurement Inputs and Valuation Techniques

The expected and actual experience for mortality, morbidity, and lapses of the liability for future policy benefits were as follows:

	At or for the Three Months Ended March 31,
	2024				2023
	Term and Whole Life		Accidental Death and Disability Protection		Term and Whole Life		Accidental Death and Disability Protection
Mortality/Morbidity:
Expected	0.37	%	0.01	%	0.39	%	0.01	%
Actual	0.38	%	0.01	%	0.31	%	0.01	%
Lapses:
Expected	4.68	%	1.96	%	3.18	%	2.24	%
Actual	3.35	%	2.51	%	1.67	%	0.34	%

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Capital Stock and Earnings Per Share (OMH Only) (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of changes in shares issued and outstanding

Changes in OMH shares of common stock issued and outstanding were as follows:

	Three Months Ended March 31,
	2024	2023
Balance at beginning of period	119,757,277	121,042,125
Common stock issued	211,702	207,403
Common stock repurchased	(108,685)	(683,384)
Treasury stock issued	16,958	21,070
Balance at end of period	119,877,252	120,587,214

Computation of earnings per share

The computation of earnings per share was as follows:

	Three Months Ended March 31,
(dollars in millions, except per share data)	2024		2023
Numerator (basic and diluted):
Net income	$	155	$	179
Denominator:
Weighted average number of shares outstanding (basic)	119,829,174		120,765,661
Effect of dilutive securities *	415,495		204,230
Weighted average number of shares outstanding (diluted)	120,244,669		120,969,891
Earnings per share:
Basic	$	1.29	$	1.48
Diluted	$	1.29	$	1.48

* We have excluded weighted-average unvested restricted stock units totaling 728,403 and 1,543,976 for the three months ended March 31, 2024 and 2023, respectively, from the fully-diluted earnings per share calculations as these shares would be anti-dilutive, which could impact the earnings per share calculation in the future.

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Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Changes, net of tax, in accumulated other comprehensive income (loss)

Changes, net of tax, in Accumulated other comprehensive income (loss) were as follows:

(dollars in millions)	Unrealized Gains (Losses) Available-for-Sale Securities (a)		Retirement Plan Liabilities Adjustments		Foreign Currency Translation Adjustments		Changes in discount rate for insurance claims and policyholder liabilities		Other (b)		Total Accumulated Other Comprehensive Income (Loss)
Three Months Ended March 31, 2024
Balance at beginning of period	$	(93)	$	(8)	$	(2)	$	(5)	$	21	$	(87)
Other comprehensive income (loss) before reclassifications	(6)		—		(3)		5		—		(4)
Balance at end of period	$	(99)	$	(8)	$	(5)	$	—	$	21	$	(91)
Three Months Ended March 31, 2023
Balance at beginning of period	$	(131)	$	(8)	$	(5)	$	(8)	$	25	$	(127)
Other comprehensive income (loss) before reclassifications	19		—		—		3		(3)		19
Balance at end of period	$	(112)	$	(8)	$	(5)	$	(5)	$	22	$	(108)

(a) There were no material amounts related to available-for-sale debt securities for which an allowance for credit losses was recorded during the three months ended March 31, 2024 and 2023.

(b) Other primarily includes changes in the fair value of our mark-to-market derivative instruments that have been designated as cash flow hedges.

Reclassification adjustments from Accumulated other comprehensive income (loss) to the applicable line item on our condensed consolidated statements of operations were immaterial for the three months ended March 31, 2024 and 2023.

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Information about the Company's segments

The following tables present information about C&I and Other, as well as reconciliations to the condensed consolidated financial statement amounts.

(dollars in millions)	Consumer and Insurance		Other		Segment to GAAP Adjustment		Consolidated Total
Three Months Ended March 31, 2024
Interest income	$	1,172	$	1	$	—	$	1,173
Interest expense	276		1		—		277
Provision for finance receivable losses	431		—		—		431
Net interest income after provision for finance receivable losses	465		—		—		465
Other revenues	178		2		—		180
Other expenses	440		2		(1)		441
Income (loss) before income tax expense (benefit)	$	203	$	—	$	1	$	204
Assets	$	22,672	$	18	$	1,218	$	23,908
Three Months Ended March 31, 2023
Interest income	$	1,092	$	1	$	1	$	1,094
Interest expense	238		—		1		239
Provision for finance receivable losses	385		—		—		385
Net interest income after provision for finance receivable losses	469		1		—		470
Other revenues	176		1		—		177
Other expenses	409		3		—		412
Income before income tax expense	$	236	$	(1)	$	—	$	235
Assets	$	21,199	$	30	$	1,214	$	22,443

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of fair values and carrying values of financial instruments and fair value hierarchy based on the level of inputs utilized to determine such fair value

The following table presents the carrying amounts and estimated fair values of our financial instruments and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:

	Fair Value Measurements Using						Total Fair Value		Total Carrying Value
(dollars in millions)	Level 1		Level 2		Level 3
March 31, 2024
Assets
Cash and cash equivalents	$	807	$	24	$	—	$	831	$	831
Investment securities	55		1,633		3		1,691		1,691
Net finance receivables, less allowance for finance receivable losses	—		—		20,293		20,293		18,629
Restricted cash and restricted cash equivalents	596		3		—		599		599
Other assets *	—		—		39		39		28
Liabilities
Long-term debt	$	—	$	19,224	$	—	$	19,224	$	19,520
December 31, 2023
Assets
Cash and cash equivalents	$	1,014	$	—	$	—	$	1,014	$	1,014
Investment securities	54		1,662		3		1,719		1,719
Net finance receivables, less allowance for finance receivable losses	—		—		20,490		20,490		18,869
Restricted cash and restricted cash equivalents	534		—		—		534		534
Other assets *	—		—		40		40		29
Liabilities
Long-term debt	$	—	$	19,457	$	—	$	19,457	$	19,813

*Other assets at March 31, 2024 and December 31, 2023 primarily consists of finance receivables held for sale.

Schedule of assets and liabilities measured at fair value on a recurring basis

The following tables present information about our assets measured at fair value on a recurring basis and indicates the fair value hierarchy based on the levels of inputs we utilized to determine such fair value:

	Fair Value Measurements Using						Total Carried At Fair Value
(dollars in millions)	Level 1		Level 2		Level 3
March 31, 2024
Assets
Cash equivalents in mutual funds	$	99	$	—	$	—	$	99
Cash equivalents in securities	—		24		—		24
Investment securities:
Available-for-sale securities
U.S. government and government sponsored entities	—		18		—		18
Obligations of states, municipalities, and political subdivisions	—		66		—		66
Commercial paper	—		21		—		21
Non-U.S. government and government sponsored entities	—		154		—		154
Corporate debt	6		1,063		1		1,070
RMBS	—		180		—		180
CMBS	—		33		—		33
CDO/ABS	—		76		—		76
Total available-for-sale securities	6		1,611		1		1,618
Other securities
Bonds:
Corporate debt	—		4		—		4
CDO/ABS	—		18		—		18
Total bonds	—		22		—		22
Preferred stock	15		—		—		15
Common stock	34		—		2		36
Total other securities	49		22		2		73
Total investment securities	55		1,633		3		1,691
Restricted cash equivalents in mutual funds	580		—		—		580
Restricted cash equivalents in securities	—		3		—		3
Total	$	734	$	1,660	$	3	$	2,397

	Fair Value Measurements Using						Total Carried At Fair Value
(dollars in millions)	Level 1		Level 2		Level 3
December 31, 2023
Assets
Cash equivalents in mutual funds	$	97	$	—	$	—	$	97
Investment securities:
Available-for-sale securities
U.S. government and government sponsored entities	—		17		—		17
Obligations of states, municipalities, and political subdivisions	—		66		—		66
Commercial paper	—		14		—		14
Non-U.S. government and government sponsored entities	—		167		—		167
Corporate debt	6		1,078		1		1,085
RMBS	—		180		—		180
CMBS	—		33		—		33
CDO/ABS	—		85		—		85
Total available-for-sale securities	6		1,640		1		1,647
Other securities
Bonds:
Corporate debt	—		4		—		4
CDO/ABS	—		18		—		18
Total bonds	—		22		—		22
Preferred stock	16		—		—		16
Common stock	32		—		2		34
Total other securities	48		22		2		72
Total investment securities	54		1,662		3		1,719
Restricted cash equivalents in mutual funds	525		—		—		525
Total	$	676	$	1,662	$	3	$	2,341

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Finance Receivables - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Whole loan sale flow agreement, loans sold	$ 630,000,000
Proceeds from sale of gross finance receivables	110,000,000	$ 180,000,000
Gain on sale of financing receivables	6,000,000	17,000,000
Unused credit card lines	$ 263,000,000		$ 223,000,000
Credit Cards
Accounts, Notes, Loans and Financing Receivable [Line Items]
Threshold period past due	180 days
Minimum | Auto Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, original term	3 years
Minimum | Personal Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, original term	3 years
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Whole loan sale flow agreement, commitment period	2 years
Maximum | Auto Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, original term	6 years
Maximum | Personal Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, original term	6 years
Unlikely to be Collected Financing Receivable | Total Consumer Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Threshold period past due	60 days
Nonperforming (Nonaccrual) | Total Consumer Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Threshold period past due	90 days
Interest income	$ 0	0
Nonperforming (Nonaccrual) | Auto Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reversal of net accrued finance charges and fees	0	0
Interest income	0	0
Nonperforming (Nonaccrual) | Personal Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reversal of net accrued finance charges and fees	$ 41,000,000	37,000,000
Nonperforming (Nonaccrual) | Credit Cards
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reversal of net accrued finance charges and fees		$ 0

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Finance Receivables - Net Finance Receivables by Type (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	$ 20,795	$ 21,043
Unearned fees	(233)	(236)
Accrued finance charges and fees	318	333
Deferred origination costs	203	209
Financing Receivable, Total	21,083	21,349
Total Consumer Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	20,418	20,721
Unearned fees	(233)	(236)
Accrued finance charges and fees	318	333
Deferred origination costs	194	201
Financing Receivable, Total	20,697	21,019
Personal Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	19,575	19,977
Unearned fees	(217)	(223)
Accrued finance charges and fees	310	326
Deferred origination costs	186	194
Financing Receivable, Total	19,854	20,274
Auto Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	843	744
Unearned fees	(16)	(13)
Accrued finance charges and fees	8	7
Deferred origination costs	8	7
Financing Receivable, Total	843	745
Credit Cards
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	377	322
Unearned fees	0	0
Accrued finance charges and fees	0	0
Deferred origination costs	9	8
Financing Receivable, Total	$ 386	$ 330

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Finance Receivables - Delinquent and Nonperforming Finance Receivables, by Year of Origination (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Financing Receivable By Year Originated
Financing Receivable, Total	$ 21,083		$ 21,349
Gross charge-offs *
Financing Receivable, Gross Charge-Offs	534	$ 451
Personal Loans
Financing Receivable By Year Originated
Year One	2,214		10,071
Prior Year Two	8,996		6,043
Prior Year Three	5,230		2,744
Prior Year Four	2,309		860
Prior Year Five	687		423
Prior Year Six	418		133
Financing Receivable, Total	19,854		20,274
Gross charge-offs *
Year One	0	0
Prior Year Two	115	136
Prior Year Three	223	198
Prior Year Four	119	59
Prior Year Five	33	34
Prior Year Six	23	14
Financing Receivable, Gross Charge-Offs	513	$ 441
Auto Finance
Financing Receivable By Year Originated
Year One	163		489
Prior Year Two	453		217
Prior Year Three	193		37
Prior Year Four	33		2
Prior Year Five	1		0
Prior Year Six	0		0
Financing Receivable, Total	843		745
Gross charge-offs *
Year One	0		0
Prior Year Two	3		3
Prior Year Three	5		1
Prior Year Four	1		0
Prior Year Five	0		0
Prior Year Six	0		0
Financing Receivable, Gross Charge-Offs	9		4
Performing | Personal Loans
Financing Receivable By Year Originated
Year One	2,214		9,946
Prior Year Two	8,813		5,784
Prior Year Three	5,009		2,601
Prior Year Four	2,191		820
Prior Year Five	653		402
Prior Year Six	393		125
Financing Receivable, Total	19,273		19,678
Performing | Auto Finance
Financing Receivable By Year Originated
Year One	163		486
Prior Year Two	449		212
Prior Year Three	188		36
Prior Year Four	32		2
Prior Year Five	1		0
Prior Year Six	0		0
Financing Receivable, Total	833		736
Performing | Current | Personal Loans
Financing Receivable By Year Originated
Year One	2,212		9,759
Prior Year Two	8,615		5,527
Prior Year Three	4,822		2,454
Prior Year Four	2,089		776
Prior Year Five	622		376
Prior Year Six	368		114
Financing Receivable, Total	18,728		19,006
Performing | Current | Auto Finance
Financing Receivable By Year Originated
Year One	163		480
Prior Year Two	441		203
Prior Year Three	181		34
Prior Year Four	30		2
Prior Year Five	1		0
Prior Year Six	0		0
Financing Receivable, Total	816		719
Performing | 30-59 days past due | Personal Loans
Financing Receivable By Year Originated
Year One	2		113
Prior Year Two	118		153
Prior Year Three	111		88
Prior Year Four	61		27
Prior Year Five	19		16
Prior Year Six	15		7
Financing Receivable, Total	326		404
Performing | 30-59 days past due | Auto Finance
Financing Receivable By Year Originated
Year One	0		4
Prior Year Two	5		6
Prior Year Three	5		2
Prior Year Four	1		0
Prior Year Five	0		0
Prior Year Six	0		0
Financing Receivable, Total	11		12
Performing | 60-89 days past due | Personal Loans
Financing Receivable By Year Originated
Year One	0		74
Prior Year Two	80		104
Prior Year Three	76		59
Prior Year Four	41		17
Prior Year Five	12		10
Prior Year Six	10		4
Financing Receivable, Total	219		268
Performing | 60-89 days past due | Auto Finance
Financing Receivable By Year Originated
Year One	0		2
Prior Year Two	3		3
Prior Year Three	2		0
Prior Year Four	1		0
Prior Year Five	0		0
Prior Year Six	0		0
Financing Receivable, Total	6		5
Nonperforming (Nonaccrual) | 90+ days past due | Personal Loans
Financing Receivable By Year Originated
Year One	0		125
Prior Year Two	183		259
Prior Year Three	221		143
Prior Year Four	118		40
Prior Year Five	34		21
Prior Year Six	25		8
Financing Receivable, Total	581		596
Nonperforming (Nonaccrual) | 90+ days past due | Auto Finance
Financing Receivable By Year Originated
Year One	0		3
Prior Year Two	4		5
Prior Year Three	5		1
Prior Year Four	1		0
Prior Year Five	0		0
Prior Year Six	0		0
Financing Receivable, Total	$ 10		$ 9

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Finance Receivables - Summary of Credit Cards by Number of Days Delinquent (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Delinquency by finance receivables type
Net finance receivables	$ 21,083	$ 21,349
Credit Cards
Delinquency by finance receivables type
Net finance receivables	386	330
Credit Cards | Current
Delinquency by finance receivables type
Net finance receivables	343	297
Credit Cards | 30-59 days past due
Delinquency by finance receivables type
Net finance receivables	10	9
Credit Cards | 60-89 days past due
Delinquency by finance receivables type
Net finance receivables	9	7
Credit Cards | 90+ days past due
Delinquency by finance receivables type
Net finance receivables	$ 24	$ 17

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Finance Receivables - Modified Financing Receivables To Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Personal Loans
Financing Receivable, Modified [Line Items]
Modifications to borrowers experiencing financial difficulties	$ 275	$ 221
Modifications as a percent of net finance receivables by class	1.38%	1.15%
Personal Loans | Interest rate reduction and term extension
Financing Receivable, Modified [Line Items]
Modifications to borrowers experiencing financial difficulties	$ 156	$ 125
Personal Loans | Interest rate reduction and principal forgiveness
Financing Receivable, Modified [Line Items]
Modifications to borrowers experiencing financial difficulties	119	96
Auto Finance
Financing Receivable, Modified [Line Items]
Modifications to borrowers experiencing financial difficulties	$ 5	$ 1
Modifications as a percent of net finance receivables by class	0.56%	0.33%
Auto Finance | Interest rate reduction and term extension
Financing Receivable, Modified [Line Items]
Modifications to borrowers experiencing financial difficulties	$ 5	$ 1
Auto Finance | Interest rate reduction and principal forgiveness
Financing Receivable, Modified [Line Items]
Modifications to borrowers experiencing financial difficulties	$ 0	$ 0

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Finance Receivables - Modified Financing Receivables Financial Effects (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Personal Loans
Financing Receivable, Modified [Line Items]
Weighted-average interest rate reduction	17.56%	21.38%
Weighted-average term extension (months)	25 months	19 months
Principal/interest forgiveness	$ 11	$ 11
Auto Finance
Financing Receivable, Modified [Line Items]
Weighted-average interest rate reduction	11.16%	12.56%
Weighted-average term extension (months)	28 months	20 months
Principal/interest forgiveness	$ 0	$ 0

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Finance Receivables - Modified Financing Receivables Days Delinquent (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Personal Loans
Financing Receivable, Modified [Line Items]
Modified financing receivables	$ 815	$ 221
Finance receivables subsequently charged off	55
Auto Finance
Financing Receivable, Modified [Line Items]
Modified financing receivables	9	1
Finance receivables subsequently charged off	1
Current | Personal Loans
Financing Receivable, Modified [Line Items]
Modified financing receivables	611	158
Current | Auto Finance
Financing Receivable, Modified [Line Items]
Modified financing receivables	7	1
30-59 days past due | Personal Loans
Financing Receivable, Modified [Line Items]
Modified financing receivables	55	27
30-59 days past due | Auto Finance
Financing Receivable, Modified [Line Items]
Modified financing receivables	1	0
60-89 days past due | Personal Loans
Financing Receivable, Modified [Line Items]
Modified financing receivables	44	14
60-89 days past due | Auto Finance
Financing Receivable, Modified [Line Items]
Modified financing receivables	0	0
90+ days past due | Personal Loans
Financing Receivable, Modified [Line Items]
Modified financing receivables	105	22
90+ days past due | Auto Finance
Financing Receivable, Modified [Line Items]
Modified financing receivables	$ 1	$ 0

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Finance Receivables - Modified Finance Receivables, Nonperforming (Details) - Nonperforming (Nonaccrual) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Personal Loans
Financing Receivable, Modified [Line Items]
Modified finance receivables	$ 60
Personal Loans | Interest rate reduction and term extension
Financing Receivable, Modified [Line Items]
Modified finance receivables	44
Personal Loans | Interest rate reduction and principal forgiveness
Financing Receivable, Modified [Line Items]
Modified finance receivables	16
Auto Finance
Financing Receivable, Modified [Line Items]
Modified finance receivables	1
Auto Finance | Interest rate reduction and term extension
Financing Receivable, Modified [Line Items]
Modified finance receivables	1
Auto Finance | Interest rate reduction and principal forgiveness
Financing Receivable, Modified [Line Items]
Modified finance receivables	$ 0

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Allowance for Finance Receivable Losses - Changes in Allowance by Type (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Changes in allowance for finance receivable losses
Balance at beginning of period	$ 2,480	$ 2,311	$ 2,311
Provision for finance receivable losses	431	385
Charge-offs	(534)	(451)
Recoveries	77	69
Balance at end of period	2,454	2,298	2,480
Net impact of adoption of ASU 2022-02
Changes in allowance for finance receivable losses
Balance at beginning of period		(16)	(16)
Total Consumer Loans
Changes in allowance for finance receivable losses
Balance at beginning of period	2,415	2,290	2,290
Provision for finance receivable losses	406	377
Charge-offs	(522)	(445)
Recoveries	77	69
Balance at end of period	2,376	2,275	2,415
Total Consumer Loans | Net impact of adoption of ASU 2022-02
Changes in allowance for finance receivable losses
Balance at beginning of period		(16)	(16)
Credit Cards
Changes in allowance for finance receivable losses
Balance at beginning of period	65	21	21
Provision for finance receivable losses	25	8
Charge-offs	(12)	(6)
Recoveries	0	0
Balance at end of period	$ 78	23	65
Credit Cards | Net impact of adoption of ASU 2022-02
Changes in allowance for finance receivable losses
Balance at beginning of period		$ 0	$ 0

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Investment Securities - Cost/Amortized, Unrealized Gains/Losses & FV on AFS Investment Securities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	$ 1,743	$ 1,765
Unrealized Gains	4	5
Unrealized Losses	(129)	(123)
Fair Value	1,618	1,647
U.S. government and government sponsored entities
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	19	18
Unrealized Gains	0	0
Unrealized Losses	(1)	(1)
Fair Value	18	17
Obligations of states, municipalities, and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	72	72
Unrealized Gains	0	0
Unrealized Losses	(6)	(6)
Fair Value	66	66
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	21	14
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	21	14
Non-U.S. government and government sponsored entities
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	161	172
Unrealized Gains	0	1
Unrealized Losses	(7)	(6)
Fair Value	154	167
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	1,149	1,160
Unrealized Gains	4	4
Unrealized Losses	(83)	(79)
Fair Value	1,070	1,085
RMBS
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	204	202
Unrealized Gains	0	0
Unrealized Losses	(24)	(22)
Fair Value	180	180
CMBS
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	36	36
Unrealized Gains	0	0
Unrealized Losses	(3)	(3)
Fair Value	33	33
CDO/ABS
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	81	91
Unrealized Gains	0	0
Unrealized Losses	(5)	(6)
Fair Value	$ 76	$ 85

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Investment Securities - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) investment	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) investment
Investments, Debt and Equity Securities [Abstract]
Interest receivable	$ 14,000,000			$ 14,000,000
Investment securities in an unrealized loss position | investment	2,036			1,984
Proceeds from sales and redemptions	$ 19,000,000	$ 26,000,000
Securities on deposit with third parties	512,000,000			$ 524,000,000
Net unrealized gains (losses) on other securities held	$ 0		$ 0

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Investment Securities - Fair Value and Unrealized Losses on AFS Investment Securities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value
Less Than 12 Months	$ 122	$ 62
12 Months or Longer	1,292	1,341
Total	1,414	1,403
Unrealized Losses *
Less Than 12 Months	0	0
12 Months or Longer	(129)	(123)
Total	(129)	(123)
U.S. government and government sponsored entities
Fair Value
Less Than 12 Months	4	1
12 Months or Longer	11	11
Total	15	12
Unrealized Losses *
Less Than 12 Months	0	0
12 Months or Longer	(1)	(1)
Total	(1)	(1)
Obligations of states, municipalities, and political subdivisions
Fair Value
Less Than 12 Months	2	2
12 Months or Longer	61	62
Total	63	64
Unrealized Losses *
Less Than 12 Months	0	0
12 Months or Longer	(6)	(6)
Total	(6)	(6)
Commercial paper
Fair Value
Less Than 12 Months	21	14
12 Months or Longer	0	0
Total	21	14
Unrealized Losses *
Less Than 12 Months	0	0
12 Months or Longer	0	0
Total	0	0
Non-U.S. government and government sponsored entities
Fair Value
Less Than 12 Months	26	22
12 Months or Longer	96	97
Total	122	119
Unrealized Losses *
Less Than 12 Months	0	0
12 Months or Longer	(7)	(6)
Total	(7)	(6)
Corporate debt
Fair Value
Less Than 12 Months	60	15
12 Months or Longer	885	925
Total	945	940
Unrealized Losses *
Less Than 12 Months	0	0
12 Months or Longer	(83)	(79)
Total	(83)	(79)
RMBS
Fair Value
Less Than 12 Months	5	5
12 Months or Longer	152	152
Total	157	157
Unrealized Losses *
Less Than 12 Months	0	0
12 Months or Longer	(24)	(22)
Total	(24)	(22)
CMBS
Fair Value
Less Than 12 Months	0	2
12 Months or Longer	33	32
Total	33	34
Unrealized Losses *
Less Than 12 Months	0	0
12 Months or Longer	(3)	(3)
Total	(3)	(3)
CDO/ABS
Fair Value
Less Than 12 Months	4	1
12 Months or Longer	54	62
Total	58	63
Unrealized Losses *
Less Than 12 Months	0	0
12 Months or Longer	(5)	(6)
Total	$ (5)	$ (6)

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Investment Securities - Contractual Maturities of AFS Investment Securities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:
Due in 1 year or less	$ 156
Due after 1 year through 5 years	575
Due after 5 years through 10 years	476
Due after 10 years	122
Mortgage-backed, asset-backed, and collateralized securities	289
Fair Value	1,618	$ 1,647
Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:
Due in 1 year or less	157
Due after 1 year through 5 years	598
Due after 5 years through 10 years	529
Due after 10 years	138
Mortgage-backed, asset-backed, and collateralized securities	321
Cost/ Amortized Cost	$ 1,743	$ 1,765

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Investment Securities - Fair Value of Other Securities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Bonds	$ 22	$ 22
Total	73	72
Preferred stock
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	15	16
Common stock
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	$ 36	$ 34

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Long-term Debt - Principal Maturities of Long-Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Principal maturities of long-term debt by type of debt
Remainder of 2024	$ 0
2025	1,110
2026	1,600
2027	750
2028	1,350
2029-2067	3,532
Secured	11,463
Total principal maturities	19,805
Long-term debt	19,520	$ 19,813
Debt issuance costs	(99)
Securitizations
Principal maturities of long-term debt by type of debt
Remainder of 2024	0
2025	0
2026	0
2027	0
2028	0
2029-2067	0
Secured	11,112
Total principal maturities	11,112
Long-term debt	11,069
Debt issuance costs	$ (39)
Securitizations | Minimum
Long-term debt
Interest rate	0.87%
Securitizations | Maximum
Long-term debt
Interest rate	7.52%
Private Secured Term Funding
Principal maturities of long-term debt by type of debt
Remainder of 2024	$ 0
2025	0
2026	0
2027	0
2028	0
2029-2067	0
Secured	350
Total principal maturities	350
Long-term debt	350
Debt issuance costs	$ 0
Private Secured Term Funding | Minimum
Long-term debt
Interest rate	6.35%
Revolving Conduit Facilities
Principal maturities of long-term debt by type of debt
Remainder of 2024	$ 0
2025	0
2026	0
2027	0
2028	0
2029-2067	0
Secured	1
Total principal maturities	1
Long-term debt	1
Debt issuance costs	$ 0
Revolving Conduit Facilities | Minimum
Long-term debt
Interest rate	6.81%
Revolving Conduit Facilities And Unsecured Corporate Revolver
Principal maturities of long-term debt by type of debt
Debt issuance costs	$ 38
Unsecured Notes | Unsecured Notes
Principal maturities of long-term debt by type of debt
Remainder of 2024	0
2025	1,110
2026	1,600
2027	750
2028	1,350
2029-2067	3,182
Total principal maturities	7,992
Long-term debt	7,928
Debt issuance costs	$ (60)
Unsecured Notes | Unsecured Notes | Minimum
Long-term debt
Interest rate	3.50%
Unsecured Notes | Unsecured Notes | Maximum
Long-term debt
Interest rate	9.00%
Junior Subordinated Debt
Long-term debt
Interest rate	7.33%
Principal maturities of long-term debt by type of debt
Remainder of 2024	$ 0
2025	0
2026	0
2027	0
2028	0
2029-2067	350
Total principal maturities	350
Long-term debt	172
Debt issuance costs	$ 0

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Long-term Debt- Narrative (Details) - Revolver - OMFC - USD ($)	Oct. 25, 2021	Mar. 31, 2024
Debt Instrument [Line Items]
Total borrowing capacity		$ 1,300,000,000
Debt instrument, term	5 years
Outstanding balance		$ 0

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Variable Interest Entities - Carrying Amount of Consolidated VIEs (Details) - USD ($) $ in Millions	Mar. 31, 2024		Dec. 31, 2023	Mar. 31, 2023		Dec. 31, 2022
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 831		$ 1,014	$ 544
Net finance receivables	21,083		21,349
Allowance for finance receivable losses	2,454		2,480	2,298		$ 2,311
Restricted cash and restricted cash equivalents	599	[1]	534	$ 531	[1]
Other assets	1,211		1,232
Long-term debt	19,520		19,813
Consolidated VIEs
Variable Interest Entity [Line Items]
Cash and cash equivalents	3		2
Net finance receivables	12,641		12,780
Allowance for finance receivable losses	1,429		1,428
Restricted cash and restricted cash equivalents	576		523
Other assets	36		32
Long-term debt	11,420		11,579
Other liabilities	$ 27		$ 27

[1] Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.

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Variable Interest Entities - Consolidated VIEs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Variable Interest Entity [Line Items]
Interest expense	$ 277	$ 239
Consolidated VIEs
Variable Interest Entity [Line Items]
Interest expense	$ 138	$ 101

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Variable Interest Entities - Securitized Borrowings (Details) - Securitizations	3 Months Ended
	Mar. 31, 2024
Minimum
Debt Instrument [Line Items]
Debt instrument, term	2 years
Maximum
Debt Instrument [Line Items]
Debt instrument, term	7 years

XML

Variable Interest Entities - Credit Card Revolving VFN Facilities (Details) - Consolidated VIEs $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) vfn_facility
Debt Instrument [Line Items]
Number of revolving credit card VFN facilities | vfn_facility	2
Revolving Credit Card VFN Facility
Debt Instrument [Line Items]
Total borrowing capacity | $	$ 300
Debt instrument, term	6 years

XML

Variable Interest Entities - Private Secured Term Funding (Details) - Private Secured Term Funding - Consolidated VIEs	3 Months Ended
	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
Debt instrument, principal amount	$ 350,000,000
Payments required in first 3 years	$ 0
Amortization period after first 3 years	1 year

XML

Variable Interest Entities - Revolving Conduit Facilities (Details) - Consolidated VIEs - Revolving Conduit Facilities $ in Billions	3 Months Ended
	Mar. 31, 2024 USD ($) facility
Line of Credit Facility [Line Items]
Number of conduit facilities | facility	16
Total borrowing capacity | $	$ 6.4
Debt instrument, term	9 years

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Insurance - Changes in the Reserve for Unpaid Claims and Loss Adjustment Expenses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Liability for unpaid claims and claims adjustment expense
Balance at beginning of period	$ 108	$ 93
Less reinsurance recoverables	(3)	(3)	$ (3)	$ (3)
Net balance at beginning of period	105	90
Additions for losses and loss adjustment expenses incurred to:
Current year	52	42
Prior years	(5)	(1)
Total	47	41
Reductions for losses and loss adjustment expenses paid related to:
Current year	(15)	(12)
Prior years	(32)	(27)
Total	(47)	(39)
Net balance at end of period	105	92
Plus reinsurance recoverables	3	3	$ 3	$ 3
Balance at end of period	$ 108	$ 95

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Insurance - Present Value of Expected Net Premium And Future Policy Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Term and Whole Life
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Balance at beginning of period	$ 217	$ 252
Effect of changes in discount rate assumptions	0	5	$ 5	$ 8
Beginning balance at original discount rate	212	244
Effect of actual variances from expected experience			(8)	(2)
Adjusted balance at beginning of period			204	242
Interest accretion	3	6
Net premiums collected	(7)	(7)
Ending balance at original discount rate	200	241
Balance at ending of period	200	246
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance at beginning of period	435	483
Effect of changes in discount rate assumptions	(3)	(12)	(12)	(17)
Beginning balance at original discount rate	423	466
Effect of actual variances from expected experience			(9)	1
Adjusted balance at beginning of period			414	467
Net issuances	1	1
Interest accretion	5	9
Benefit payments	(13)	(16)
Ending balance at original discount rate	407	461
Balance at ending of period	410	473
Accidental Death and Disability Protection
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Balance at beginning of period	41	48
Effect of changes in discount rate assumptions	(1)	0	0	0
Beginning balance at original discount rate	41	48
Effect of actual variances from expected experience			0	0
Adjusted balance at beginning of period			41	48
Interest accretion	0	0
Net premiums collected	(1)	(2)
Ending balance at original discount rate	40	46
Balance at ending of period	39	46
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance at beginning of period	113	126
Effect of changes in discount rate assumptions	2	0	0	(1)
Beginning balance at original discount rate	113	125
Effect of actual variances from expected experience			(1)	(1)
Adjusted balance at beginning of period			$ 112	$ 124
Net issuances	0	0
Interest accretion	1	3
Benefit payments	(4)	(4)
Ending balance at original discount rate	109	123
Balance at ending of period	$ 107	$ 123

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Insurance - Net Liability for Future Policy Benefits (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Term and Whole Life
Liability for Future Policy Benefit, Activity [Line Items]
Net liability for future policy benefits	$ 210	$ 227
Deferred profit liability	13	15
Total net liability for future policy benefits	223	242
Accidental Death and Disability Protection
Liability for Future Policy Benefit, Activity [Line Items]
Net liability for future policy benefits	68	77
Deferred profit liability	51	54
Total net liability for future policy benefits	$ 119	$ 131

XML

Insurance - Additional Information (Details)	Mar. 31, 2024	Mar. 31, 2023
Insurance [Abstract]
Weighted-average duration of the liability for future policy benefits	8 years	8 years

XML

Insurance - Reconciliation of Net Liability for Future Policy Benefits To the Consolidated Statements of Financial Position (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]
Insurance claims and policyholder liabilities	$ 597	$ 615	$ 615
Term and Whole Life
Liability for Future Policy Benefit, Activity [Line Items]
Total net liability for future policy benefits	223		242
Accidental Death and Disability Protection
Liability for Future Policy Benefit, Activity [Line Items]
Total net liability for future policy benefits	119		131
Other
Liability for Future Policy Benefit, Activity [Line Items]
Other	$ 255		$ 242

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Insurance - Undiscounted and Discounted Expected Gross Premiums And Expected Future Benefits (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Term and Whole Life
Expected future gross premiums:
Undiscounted	$ 411	$ 466
Discounted	293	326
Expected future benefit payments:
Undiscounted	582	670
Discounted	410	473
Accidental Death and Disability Protection
Expected future gross premiums:
Undiscounted	142	159
Discounted	101	114
Expected future benefit payments:
Undiscounted	162	181
Discounted	$ 107	$ 123

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Insurance - Consolidated Statements of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Term and Whole Life
Liability for Future Policy Benefit, Activity [Line Items]
Gross premiums or assessments	$ 13	$ 11
Interest accretion	3	3
Accidental Death and Disability Protection
Liability for Future Policy Benefit, Activity [Line Items]
Gross premiums or assessments	5	5
Interest accretion	$ 1	$ 3

XML

Insurance - Actuarial Assumptions (Details)	Mar. 31, 2024	Mar. 31, 2023
Measurement Input, Mortality Rate, Expected | Term and Whole Life
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.0037	0.0039
Measurement Input, Mortality Rate, Expected | Accidental Death and Disability Protection
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.0001	0.0001
Measurement Input, Mortality Rate, Actual | Term and Whole Life
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.0038	0.0031
Measurement Input, Mortality Rate, Actual | Accidental Death and Disability Protection
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.0001	0.0001
Measurement Input, Lapses, Expected | Term and Whole Life
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.0468	0.0318
Measurement Input, Lapses, Expected | Accidental Death and Disability Protection
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.0196	0.0224
Measurement Input, Lapses, Actual | Term and Whole Life
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.0335	0.0167
Measurement Input, Lapses, Actual | Accidental Death and Disability Protection
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.0251	0.0034

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Insurance - Weighted-Average Interest Rates for the Liability of Future Policy Benefits (Details)	Mar. 31, 2024	Mar. 31, 2023
Term and Whole Life
Additional Liability, Long-Duration Insurance [Line Items]
Interest accretion rate	5.28%	5.26%
Current discount rate	5.33%	5.07%
Accidental Death and Disability Protection
Additional Liability, Long-Duration Insurance [Line Items]
Interest accretion rate	4.87%	4.86%
Current discount rate	5.35%	5.06%

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Capital Stock and Earnings Per Share (OMH Only) - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 class
OMH
Class of Stock [Line Items]
Number of classes of authorized stock	2

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Capital Stock and Earnings Per Share (OMH Only) - Changes in Shares Issued and Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	119,757,277	121,042,125
Common stock issued (in shares)	211,702	207,403
Common stock repurchased (in shares)	(108,685)	(683,384)
Treasury stock issued (in shares)	16,958	21,070
Ending balance (in shares)	119,877,252	120,587,214

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Capital Stock and Earnings Per Share (OMH Only) - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator (basic and diluted):
Net income	$ 155	$ 179
Denominator:
Weighted average number of shares outstanding (basic) (in shares)	119,829,174	120,765,661
Effect of dilutive securities (in shares)	415,495	204,230
Weighted average number of shares outstanding (diluted) (in shares)	120,244,669	120,969,891
Earnings per share:
Basic (in dollars per share)	$ 1.29	$ 1.48
Diluted (in dollars per share)	$ 1.29	$ 1.48
Restricted stock units
Earnings per share:
Shares excluded in the diluted earnings per share calculation (in shares)	728,403	1,543,976

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Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	$ 3,186	$ 3,015
Other comprehensive income (loss) before reclassifications	(4)	19
Balance at end of period	3,214	3,081
Unrealized Gains (Losses) Available-for-Sale Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	(93)	(131)
Other comprehensive income (loss) before reclassifications	(6)	19
Balance at end of period	(99)	(112)
Retirement Plan Liabilities Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	(8)	(8)
Other comprehensive income (loss) before reclassifications	0	0
Balance at end of period	(8)	(8)
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	(2)	(5)
Other comprehensive income (loss) before reclassifications	(3)	0
Balance at end of period	(5)	(5)
Changes in discount rate for insurance claims and policyholder liabilities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	(5)	(8)
Other comprehensive income (loss) before reclassifications	5	3
Balance at end of period	0	(5)
Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	21	25
Other comprehensive income (loss) before reclassifications	0	(3)
Balance at end of period	21	22
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	(87)	(127)
Balance at end of period	$ (91)	$ (108)

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Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Net deferred tax asset	$ 463		$ 477
Effective tax rate	24.10%	24.00%
Unrecognized tax benefits	$ 11		$ 11

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Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	1

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Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Interest income	$ 1,173	$ 1,094
Interest expense	277	239
Provision for finance receivable losses	431	385
Net interest income after provision for finance receivable losses	465	470
Other revenues	180	177
Other expenses	441	412
Income before income taxes	204	235
Total assets	23,908	22,443	$ 24,294
Consumer and Insurance | Consumer and Insurance
Segment Reporting Information [Line Items]
Interest income	1,172	1,092
Interest expense	276	238
Provision for finance receivable losses	431	385
Net interest income after provision for finance receivable losses	465	469
Other revenues	178	176
Other expenses	440	409
Income before income taxes	203	236
Total assets	22,672	21,199
Other
Segment Reporting Information [Line Items]
Interest income	1	1
Interest expense	1	0
Provision for finance receivable losses	0	0
Net interest income after provision for finance receivable losses	0	1
Other revenues	2	1
Other expenses	2	3
Income before income taxes	0	(1)
Total assets	18	30
Segment to GAAP Adjustment
Segment Reporting Information [Line Items]
Interest income	0	1
Interest expense	0	1
Provision for finance receivable losses	0	0
Net interest income after provision for finance receivable losses	0	0
Other revenues	0	0
Other expenses	(1)	0
Income before income taxes	1	0
Total assets	$ 1,218	$ 1,214

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Fair Value Measurements - Fair Value & Carrying Value Hierarchy Basis (Details) - USD ($) $ in Millions	Mar. 31, 2024		Dec. 31, 2023	Mar. 31, 2023	[1]
Assets
Restricted cash and restricted cash equivalents	$ 599	[1]	$ 534	$ 531
Total Fair Value
Assets
Cash and cash equivalents	831		1,014
Investment securities	1,691		1,719
Net finance receivables, less allowance for finance receivable losses	20,293		20,490
Restricted cash and restricted cash equivalents	599		534
Other assets	39		40
Liabilities
Long-term debt	19,224		19,457
Total Carrying Value
Assets
Cash and cash equivalents	831		1,014
Investment securities	1,691		1,719
Net finance receivables, less allowance for finance receivable losses	18,629		18,869
Restricted cash and restricted cash equivalents	599		534
Other assets	28		29
Liabilities
Long-term debt	19,520		19,813
Level 1
Assets
Cash and cash equivalents	807		1,014
Investment securities	55		54
Net finance receivables, less allowance for finance receivable losses	0		0
Restricted cash and restricted cash equivalents	596		534
Other assets	0		0
Liabilities
Long-term debt	0		0
Level 2
Assets
Cash and cash equivalents	24		0
Investment securities	1,633		1,662
Net finance receivables, less allowance for finance receivable losses	0		0
Restricted cash and restricted cash equivalents	3		0
Other assets	0		0
Liabilities
Long-term debt	19,224		19,457
Level 3
Assets
Cash and cash equivalents	0		0
Investment securities	3		3
Net finance receivables, less allowance for finance receivable losses	20,293		20,490
Restricted cash and restricted cash equivalents	0		0
Other assets	39		40
Liabilities
Long-term debt	$ 0		$ 0

[1] Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.

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Fair Value Measurements - Assets at Fair Value Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2024		Dec. 31, 2023	Mar. 31, 2023	[1]
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	$ 1,618		$ 1,647
Other securities	73		72
Restricted cash and restricted cash equivalents	599	[1]	534	$ 531
U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	18		17
Obligations of states, municipalities, and political subdivisions
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	66		66
Commercial paper
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	21		14
Non-U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	154		167
Corporate debt
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	1,070		1,085
RMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	180		180
CMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	33		33
CDO/ABS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	76		85
Level 1
Investments, Debt and Equity Securities [Abstract]
Total investment securities	55		54
Restricted cash and restricted cash equivalents	596		534
Level 2
Investments, Debt and Equity Securities [Abstract]
Total investment securities	1,633		1,662
Restricted cash and restricted cash equivalents	3		0
Level 3
Investments, Debt and Equity Securities [Abstract]
Total investment securities	3		3
Restricted cash and restricted cash equivalents	0		0
Fair Value, Measurements, Recurring
Assets
Cash equivalents in mutual funds	99		97
Cash equivalents in securities	24
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	1,618		1,647
Other securities	73		72
Total investment securities	1,691		1,719
Restricted cash equivalents in mutual funds	580		525
Restricted cash and restricted cash equivalents	3
Total	2,397		2,341
Fair Value, Measurements, Recurring | Total bonds
Investments, Debt and Equity Securities [Abstract]
Other securities	22		22
Fair Value, Measurements, Recurring | U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	18		17
Fair Value, Measurements, Recurring | Obligations of states, municipalities, and political subdivisions
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	66		66
Fair Value, Measurements, Recurring | Commercial paper
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	21		14
Fair Value, Measurements, Recurring | Non-U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	154		167
Fair Value, Measurements, Recurring | Corporate debt
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	1,070		1,085
Other securities	4		4
Fair Value, Measurements, Recurring | RMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	180		180
Fair Value, Measurements, Recurring | CMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	33		33
Fair Value, Measurements, Recurring | CDO/ABS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	76		85
Other securities	18		18
Fair Value, Measurements, Recurring | Preferred stock
Investments, Debt and Equity Securities [Abstract]
Other securities	15		16
Fair Value, Measurements, Recurring | Common stock
Investments, Debt and Equity Securities [Abstract]
Other securities	36		34
Fair Value, Measurements, Recurring | Level 1
Assets
Cash equivalents in mutual funds	99		97
Cash equivalents in securities	0
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	6		6
Other securities	49		48
Total investment securities	55		54
Restricted cash equivalents in mutual funds	580		525
Restricted cash and restricted cash equivalents	0
Total	734		676
Fair Value, Measurements, Recurring | Level 1 | Total bonds
Investments, Debt and Equity Securities [Abstract]
Other securities	0		0
Fair Value, Measurements, Recurring | Level 1 | U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0		0
Fair Value, Measurements, Recurring | Level 1 | Obligations of states, municipalities, and political subdivisions
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0		0
Fair Value, Measurements, Recurring | Level 1 | Commercial paper
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0		0
Fair Value, Measurements, Recurring | Level 1 | Non-U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0		0
Fair Value, Measurements, Recurring | Level 1 | Corporate debt
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	6		6
Other securities	0		0
Fair Value, Measurements, Recurring | Level 1 | RMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0		0
Fair Value, Measurements, Recurring | Level 1 | CMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0		0
Fair Value, Measurements, Recurring | Level 1 | CDO/ABS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0		0
Other securities	0		0
Fair Value, Measurements, Recurring | Level 1 | Preferred stock
Investments, Debt and Equity Securities [Abstract]
Other securities	15		16
Fair Value, Measurements, Recurring | Level 1 | Common stock
Investments, Debt and Equity Securities [Abstract]
Other securities	34		32
Fair Value, Measurements, Recurring | Level 2
Assets
Cash equivalents in mutual funds	0		0
Cash equivalents in securities	24
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	1,611		1,640
Other securities	22		22
Total investment securities	1,633		1,662
Restricted cash equivalents in mutual funds	0		0
Total	1,660		1,662
Fair Value, Measurements, Recurring | Level 2 | Total bonds
Investments, Debt and Equity Securities [Abstract]
Other securities	22		22
Fair Value, Measurements, Recurring | Level 2 | U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	18		17
Fair Value, Measurements, Recurring | Level 2 | Obligations of states, municipalities, and political subdivisions
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	66		66
Fair Value, Measurements, Recurring | Level 2 | Commercial paper
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	21		14
Fair Value, Measurements, Recurring | Level 2 | Non-U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	154		167
Fair Value, Measurements, Recurring | Level 2 | Corporate debt
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	1,063		1,078
Other securities	4		4
Fair Value, Measurements, Recurring | Level 2 | RMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	180		180
Fair Value, Measurements, Recurring | Level 2 | CMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	33		33
Fair Value, Measurements, Recurring | Level 2 | CDO/ABS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	76		85
Other securities	18		18
Fair Value, Measurements, Recurring | Level 2 | Preferred stock
Investments, Debt and Equity Securities [Abstract]
Other securities	0		0
Fair Value, Measurements, Recurring | Level 2 | Common stock
Investments, Debt and Equity Securities [Abstract]
Other securities	0		0
Fair Value, Measurements, Recurring | Level 3
Assets
Cash equivalents in mutual funds	0		0
Cash equivalents in securities	0
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	1		1
Other securities	2		2
Total investment securities	3		3
Restricted cash equivalents in mutual funds	0		0
Restricted cash and restricted cash equivalents	0
Total	3		3
Fair Value, Measurements, Recurring | Level 3 | Total bonds
Investments, Debt and Equity Securities [Abstract]
Other securities	0		0
Fair Value, Measurements, Recurring | Level 3 | U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0		0
Fair Value, Measurements, Recurring | Level 3 | Obligations of states, municipalities, and political subdivisions
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0		0
Fair Value, Measurements, Recurring | Level 3 | Commercial paper
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0		0
Fair Value, Measurements, Recurring | Level 3 | Non-U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0		0
Fair Value, Measurements, Recurring | Level 3 | Corporate debt
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	1		1
Other securities	0		0
Fair Value, Measurements, Recurring | Level 3 | RMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0		0
Fair Value, Measurements, Recurring | Level 3 | CMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0		0
Fair Value, Measurements, Recurring | Level 3 | CDO/ABS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0		0
Other securities	0		0
Fair Value, Measurements, Recurring | Level 3 | Preferred stock
Investments, Debt and Equity Securities [Abstract]
Other securities	0		0
Fair Value, Measurements, Recurring | Level 3 | Common stock
Investments, Debt and Equity Securities [Abstract]
Other securities	$ 2		$ 2

[1] Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.

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Subsequent Events (Details) - USD ($) $ in Millions	Apr. 01, 2024	Mar. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Net finance receivables		$ 21,083	$ 21,349
Auto Finance
Subsequent Event [Line Items]
Net finance receivables		$ 843	$ 745
Subsequent Event | Foursight Capital LLC | Auto Finance
Subsequent Event [Line Items]
Net finance receivables	$ 900

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Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2022-02 [Member]