00015842070000025598FALSEFALSE12/3120242024Q1Q11.3http://fasb.org/us-gaap/2023#AccountingStandardsUpdate202202Memberhttp://fasb.org/us-gaap/2023#AccountingStandardsUpdate202202MemberP3YP3Y0000000000P2Y10001584207omf:OneMainFinanceCorporationMember2024-01-012024-03-3100015842072024-01-012024-03-3100015842072024-04-23xbrli:shares0001584207omf:OneMainFinanceCorporationMember2024-04-230001584207omf:UnsecuredCorporateRevolvingConduitFacilityMemberomf:OneMainFinanceCorporationMember2024-03-31iso4217:USD00015842072024-03-3100015842072023-12-310001584207us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310001584207us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-31iso4217:USDxbrli:shares00015842072023-01-012023-03-310001584207us-gaap:CommonStockMember2023-12-310001584207us-gaap:AdditionalPaidInCapitalMember2023-12-310001584207us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001584207us-gaap:RetainedEarningsMember2023-12-310001584207us-gaap:TreasuryStockCommonMember2023-12-310001584207us-gaap:TreasuryStockCommonMember2024-01-012024-03-310001584207us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001584207us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001584207us-gaap:RetainedEarningsMember2024-01-012024-03-310001584207us-gaap:CommonStockMember2024-03-310001584207us-gaap:AdditionalPaidInCapitalMember2024-03-310001584207us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001584207us-gaap:RetainedEarningsMember2024-03-310001584207us-gaap:TreasuryStockCommonMember2024-03-310001584207us-gaap:CommonStockMember2022-12-310001584207us-gaap:AdditionalPaidInCapitalMember2022-12-310001584207us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001584207us-gaap:RetainedEarningsMember2022-12-310001584207us-gaap:TreasuryStockCommonMember2022-12-3100015842072022-12-3100015842072022-01-012022-12-310001584207us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310001584207srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310001584207srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:CommonStockMember2022-12-310001584207us-gaap:AdditionalPaidInCapitalMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-12-310001584207us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-12-310001584207us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-12-310001584207us-gaap:TreasuryStockCommonMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-12-310001584207srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-12-310001584207us-gaap:TreasuryStockCommonMember2023-01-012023-03-310001584207us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001584207us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001584207us-gaap:RetainedEarningsMember2023-01-012023-03-310001584207us-gaap:CommonStockMember2023-03-310001584207us-gaap:AdditionalPaidInCapitalMember2023-03-310001584207us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001584207us-gaap:RetainedEarningsMember2023-03-310001584207us-gaap:TreasuryStockCommonMember2023-03-3100015842072023-03-310001584207omf:OneMainFinanceCorporationMember2024-03-310001584207omf:OneMainFinanceCorporationMember2023-12-310001584207omf:OneMainFinanceCorporationMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310001584207omf:OneMainFinanceCorporationMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001584207omf:OneMainFinanceCorporationMember2023-01-012023-03-310001584207us-gaap:CommonStockMemberomf:OneMainFinanceCorporationMember2023-12-310001584207us-gaap:AdditionalPaidInCapitalMemberomf:OneMainFinanceCorporationMember2023-12-310001584207us-gaap:AccumulatedOtherComprehensiveIncomeMemberomf:OneMainFinanceCorporationMember2023-12-310001584207us-gaap:RetainedEarningsMemberomf:OneMainFinanceCorporationMember2023-12-310001584207us-gaap:AdditionalPaidInCapitalMemberomf:OneMainFinanceCorporationMember2024-01-012024-03-310001584207us-gaap:AccumulatedOtherComprehensiveIncomeMemberomf:OneMainFinanceCorporationMember2024-01-012024-03-310001584207us-gaap:RetainedEarningsMemberomf:OneMainFinanceCorporationMember2024-01-012024-03-310001584207us-gaap:CommonStockMemberomf:OneMainFinanceCorporationMember2024-03-310001584207us-gaap:AdditionalPaidInCapitalMemberomf:OneMainFinanceCorporationMember2024-03-310001584207us-gaap:AccumulatedOtherComprehensiveIncomeMemberomf:OneMainFinanceCorporationMember2024-03-310001584207us-gaap:RetainedEarningsMemberomf:OneMainFinanceCorporationMember2024-03-310001584207us-gaap:CommonStockMemberomf:OneMainFinanceCorporationMember2022-12-310001584207us-gaap:AdditionalPaidInCapitalMemberomf:OneMainFinanceCorporationMember2022-12-310001584207us-gaap:AccumulatedOtherComprehensiveIncomeMemberomf:OneMainFinanceCorporationMember2022-12-310001584207us-gaap:RetainedEarningsMemberomf:OneMainFinanceCorporationMember2022-12-310001584207omf:OneMainFinanceCorporationMember2022-12-310001584207us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberomf:OneMainFinanceCorporationMember2022-12-310001584207srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberomf:OneMainFinanceCorporationMember2022-12-310001584207srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:CommonStockMemberomf:OneMainFinanceCorporationMember2022-12-310001584207us-gaap:AdditionalPaidInCapitalMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberomf:OneMainFinanceCorporationMember2022-12-310001584207us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberomf:OneMainFinanceCorporationMember2022-12-310001584207us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberomf:OneMainFinanceCorporationMember2022-12-310001584207srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberomf:OneMainFinanceCorporationMember2022-12-310001584207us-gaap:AdditionalPaidInCapitalMemberomf:OneMainFinanceCorporationMember2023-01-012023-03-310001584207us-gaap:AccumulatedOtherComprehensiveIncomeMemberomf:OneMainFinanceCorporationMember2023-01-012023-03-310001584207us-gaap:RetainedEarningsMemberomf:OneMainFinanceCorporationMember2023-01-012023-03-310001584207us-gaap:CommonStockMemberomf:OneMainFinanceCorporationMember2023-03-310001584207us-gaap:AdditionalPaidInCapitalMemberomf:OneMainFinanceCorporationMember2023-03-310001584207us-gaap:AccumulatedOtherComprehensiveIncomeMemberomf:OneMainFinanceCorporationMember2023-03-310001584207us-gaap:RetainedEarningsMemberomf:OneMainFinanceCorporationMember2023-03-310001584207omf:OneMainFinanceCorporationMember2023-03-310001584207omf:ConsumerLoansPersonalMembersrt:MinimumMember2024-01-012024-03-310001584207omf:ConsumerLoansPersonalMembersrt:MaximumMember2024-01-012024-03-310001584207us-gaap:AutomobileLoanMembersrt:MinimumMember2024-01-012024-03-310001584207us-gaap:AutomobileLoanMembersrt:MaximumMember2024-01-012024-03-310001584207omf:ConsumerLoansPersonalMember2024-03-310001584207us-gaap:AutomobileLoanMember2024-03-310001584207us-gaap:ConsumerLoanMember2024-03-310001584207us-gaap:CreditCardReceivablesMember2024-03-310001584207omf:ConsumerLoansPersonalMember2023-12-310001584207us-gaap:AutomobileLoanMember2023-12-310001584207us-gaap:ConsumerLoanMember2023-12-310001584207us-gaap:CreditCardReceivablesMember2023-12-310001584207srt:MaximumMember2024-01-012024-03-310001584207us-gaap:UnlikelyToBeCollectedFinancingReceivableMemberus-gaap:ConsumerLoanMember2024-03-310001584207us-gaap:ConsumerLoanMemberus-gaap:NonperformingFinancingReceivableMember2024-03-310001584207omf:ConsumerLoansPersonalMemberus-gaap:NonperformingFinancingReceivableMember2024-01-012024-03-310001584207omf:ConsumerLoansPersonalMemberus-gaap:NonperformingFinancingReceivableMember2023-01-012023-03-310001584207omf:ConsumerLoansPersonalMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:PerformingFinancingReceivableMember2024-03-310001584207omf:ConsumerLoansPersonalMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:PerformingFinancingReceivableMember2024-03-310001584207omf:ConsumerLoansPersonalMemberus-gaap:PerformingFinancingReceivableMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310001584207omf:ConsumerLoansPersonalMemberus-gaap:PerformingFinancingReceivableMember2024-03-310001584207omf:ConsumerLoansPersonalMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:NonperformingFinancingReceivableMember2024-03-310001584207omf:ConsumerLoansPersonalMember2024-01-012024-03-310001584207omf:ConsumerLoansPersonalMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:PerformingFinancingReceivableMember2023-12-310001584207omf:ConsumerLoansPersonalMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:PerformingFinancingReceivableMember2023-12-310001584207omf:ConsumerLoansPersonalMemberus-gaap:PerformingFinancingReceivableMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001584207omf:ConsumerLoansPersonalMemberus-gaap:PerformingFinancingReceivableMember2023-12-310001584207omf:ConsumerLoansPersonalMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310001584207omf:ConsumerLoansPersonalMember2023-01-012023-03-310001584207us-gaap:AutomobileLoanMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:PerformingFinancingReceivableMember2024-03-310001584207us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:AutomobileLoanMemberus-gaap:PerformingFinancingReceivableMember2024-03-310001584207us-gaap:AutomobileLoanMemberus-gaap:PerformingFinancingReceivableMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310001584207us-gaap:AutomobileLoanMemberus-gaap:PerformingFinancingReceivableMember2024-03-310001584207us-gaap:AutomobileLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:NonperformingFinancingReceivableMember2024-03-310001584207us-gaap:AutomobileLoanMember2024-01-012024-03-310001584207us-gaap:AutomobileLoanMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:PerformingFinancingReceivableMember2023-12-310001584207us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:AutomobileLoanMemberus-gaap:PerformingFinancingReceivableMember2023-12-310001584207us-gaap:AutomobileLoanMemberus-gaap:PerformingFinancingReceivableMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001584207us-gaap:AutomobileLoanMemberus-gaap:PerformingFinancingReceivableMember2023-12-310001584207us-gaap:AutomobileLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310001584207us-gaap:AutomobileLoanMember2023-01-012023-12-310001584207us-gaap:CreditCardReceivablesMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310001584207us-gaap:CreditCardReceivablesMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001584207us-gaap:CreditCardReceivablesMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310001584207us-gaap:CreditCardReceivablesMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001584207us-gaap:CreditCardReceivablesMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310001584207us-gaap:CreditCardReceivablesMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001584207us-gaap:CreditCardReceivablesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310001584207us-gaap:CreditCardReceivablesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310001584207omf:ConsumerLoansPersonalMemberomf:ContractualInterestRateReductionAndTermExtensionsMember2024-01-012024-03-310001584207us-gaap:AutomobileLoanMemberomf:ContractualInterestRateReductionAndTermExtensionsMember2024-01-012024-03-310001584207omf:ConsumerLoansPersonalMemberomf:ContractualInterestRateReductionAndTermExtensionsMember2023-01-012023-03-310001584207us-gaap:AutomobileLoanMemberomf:ContractualInterestRateReductionAndTermExtensionsMember2023-01-012023-03-310001584207omf:ConsumerLoansPersonalMemberomf:ContractualInterestRateReductionAndPrincipalForgivenessMember2024-01-012024-03-310001584207us-gaap:AutomobileLoanMemberomf:ContractualInterestRateReductionAndPrincipalForgivenessMember2024-01-012024-03-310001584207omf:ConsumerLoansPersonalMemberomf:ContractualInterestRateReductionAndPrincipalForgivenessMember2023-01-012023-03-310001584207us-gaap:AutomobileLoanMemberomf:ContractualInterestRateReductionAndPrincipalForgivenessMember2023-01-012023-03-310001584207us-gaap:AutomobileLoanMember2023-01-012023-03-31xbrli:pure0001584207omf:ConsumerLoansPersonalMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310001584207us-gaap:AutomobileLoanMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310001584207omf:ConsumerLoansPersonalMemberus-gaap:FinancialAssetNotPastDueMember2023-03-310001584207us-gaap:AutomobileLoanMemberus-gaap:FinancialAssetNotPastDueMember2023-03-310001584207omf:ConsumerLoansPersonalMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310001584207us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:AutomobileLoanMember2024-03-310001584207omf:ConsumerLoansPersonalMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-03-310001584207us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:AutomobileLoanMember2023-03-310001584207omf:ConsumerLoansPersonalMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310001584207us-gaap:AutomobileLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310001584207omf:ConsumerLoansPersonalMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-03-310001584207us-gaap:AutomobileLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-03-310001584207omf:ConsumerLoansPersonalMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310001584207us-gaap:AutomobileLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310001584207omf:ConsumerLoansPersonalMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-03-310001584207us-gaap:AutomobileLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-03-310001584207omf:ConsumerLoansPersonalMember2023-03-310001584207us-gaap:AutomobileLoanMember2023-03-310001584207omf:ConsumerLoansPersonalMemberomf:ContractualInterestRateReductionAndTermExtensionsMemberus-gaap:NonperformingFinancingReceivableMember2024-01-012024-03-310001584207us-gaap:AutomobileLoanMemberomf:ContractualInterestRateReductionAndTermExtensionsMemberus-gaap:NonperformingFinancingReceivableMember2024-01-012024-03-310001584207omf:ConsumerLoansPersonalMemberomf:ContractualInterestRateReductionAndPrincipalForgivenessMemberus-gaap:NonperformingFinancingReceivableMember2024-01-012024-03-310001584207us-gaap:AutomobileLoanMemberomf:ContractualInterestRateReductionAndPrincipalForgivenessMemberus-gaap:NonperformingFinancingReceivableMember2024-01-012024-03-310001584207omf:ConsumerLoansPersonalMemberus-gaap:NonperformingFinancingReceivableMember2024-01-012024-03-310001584207us-gaap:AutomobileLoanMemberus-gaap:NonperformingFinancingReceivableMember2024-01-012024-03-310001584207us-gaap:CreditCardReceivablesMemberus-gaap:NonperformingFinancingReceivableMember2023-01-012023-03-310001584207us-gaap:AutomobileLoanMemberus-gaap:NonperformingFinancingReceivableMember2023-01-012023-03-310001584207us-gaap:AutomobileLoanMemberus-gaap:NonperformingFinancingReceivableMember2024-01-012024-03-310001584207us-gaap:ConsumerLoanMemberus-gaap:NonperformingFinancingReceivableMember2024-01-012024-03-310001584207us-gaap:ConsumerLoanMemberus-gaap:NonperformingFinancingReceivableMember2023-01-012023-03-310001584207us-gaap:ConsumerLoanMember2024-01-012024-03-310001584207us-gaap:CreditCardReceivablesMember2024-01-012024-03-310001584207us-gaap:ConsumerLoanMember2022-12-310001584207us-gaap:CreditCardReceivablesMember2022-12-310001584207srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ConsumerLoanMember2022-12-310001584207us-gaap:CreditCardReceivablesMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310001584207us-gaap:ConsumerLoanMember2023-01-012023-03-310001584207us-gaap:CreditCardReceivablesMember2023-01-012023-03-310001584207us-gaap:ConsumerLoanMember2023-03-310001584207us-gaap:CreditCardReceivablesMember2023-03-310001584207us-gaap:USTreasuryAndGovernmentMember2024-03-310001584207us-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310001584207us-gaap:CommercialPaperMember2024-03-310001584207us-gaap:ForeignGovernmentDebtSecuritiesMember2024-03-310001584207us-gaap:CorporateDebtSecuritiesMember2024-03-310001584207us-gaap:ResidentialMortgageBackedSecuritiesMember2024-03-310001584207us-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310001584207us-gaap:CollateralizedDebtObligationsMember2024-03-310001584207us-gaap:USTreasuryAndGovernmentMember2023-12-310001584207us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001584207us-gaap:CommercialPaperMember2023-12-310001584207us-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310001584207us-gaap:CorporateDebtSecuritiesMember2023-12-310001584207us-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310001584207us-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001584207us-gaap:CollateralizedDebtObligationsMember2023-12-31omf:investment0001584207us-gaap:PreferredStockMember2024-03-310001584207us-gaap:PreferredStockMember2023-12-310001584207us-gaap:CommonStockMember2024-03-310001584207us-gaap:CommonStockMember2023-12-3100015842072022-01-012022-03-310001584207omf:SecuritizationMembersrt:MinimumMember2024-03-310001584207omf:SecuritizationMembersrt:MaximumMember2024-03-310001584207omf:PrivateSecuredTermFundingMembersrt:MinimumMember2024-03-310001584207omf:RevolvingConduitFacilitiesMembersrt:MinimumMember2024-03-310001584207srt:MinimumMemberus-gaap:MediumTermNotesMemberus-gaap:SeniorNotesMember2024-03-310001584207us-gaap:MediumTermNotesMembersrt:MaximumMemberus-gaap:SeniorNotesMember2024-03-310001584207us-gaap:JuniorSubordinatedDebtMember2024-03-310001584207omf:SecuritizationMember2024-03-310001584207omf:PrivateSecuredTermFundingMember2024-03-310001584207omf:RevolvingConduitFacilitiesMember2024-03-310001584207us-gaap:MediumTermNotesMemberus-gaap:SeniorNotesMember2024-03-310001584207omf:RevolvingConduitFacilitiesAndUnsecuredCorporateRevolverMember2024-03-310001584207omf:UnsecuredCorporateRevolvingConduitFacilityMemberomf:OneMainFinanceCorporationMember2021-10-252021-10-250001584207us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-01-012024-03-310001584207us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-03-310001584207omf:SecuritizationMembersrt:MinimumMember2024-01-012024-03-310001584207omf:SecuritizationMembersrt:MaximumMember2024-01-012024-03-31omf:vfn_facility0001584207us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberomf:RevolvingCreditCardVFNFacilityMember2024-03-310001584207us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberomf:RevolvingCreditCardVFNFacilityMember2024-01-012024-03-310001584207omf:PrivateSecuredTermFundingMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310001584207omf:PrivateSecuredTermFundingMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-01-012024-03-310001584207omf:RevolvingConduitFacilitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-31omf:facility0001584207omf:RevolvingConduitFacilitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-01-012024-03-310001584207omf:TermAndWholeLifeInsuranceMember2023-12-310001584207omf:AccidentalDeathAndDisabilityProtectionMember2023-12-310001584207omf:TermAndWholeLifeInsuranceMember2022-12-310001584207omf:AccidentalDeathAndDisabilityProtectionMember2022-12-310001584207omf:TermAndWholeLifeInsuranceMember2024-01-012024-03-310001584207omf:AccidentalDeathAndDisabilityProtectionMember2024-01-012024-03-310001584207omf:TermAndWholeLifeInsuranceMember2023-01-012023-03-310001584207omf:AccidentalDeathAndDisabilityProtectionMember2023-01-012023-03-310001584207omf:TermAndWholeLifeInsuranceMember2024-03-310001584207omf:AccidentalDeathAndDisabilityProtectionMember2024-03-310001584207omf:TermAndWholeLifeInsuranceMember2023-03-310001584207omf:AccidentalDeathAndDisabilityProtectionMember2023-03-310001584207us-gaap:OtherInsuranceProductLineMember2024-03-310001584207us-gaap:OtherInsuranceProductLineMember2023-03-310001584207omf:NonparticipatingAndLimitedPaymentLifeInsuranceContractTermAndWholeLifeInsuranceMember2024-01-012024-03-310001584207omf:NonparticipatingAndLimitedPaymentLifeInsuranceContractAccidentalDeathAndDisabilityProtectionMember2024-01-012024-03-310001584207omf:NonparticipatingAndLimitedPaymentLifeInsuranceContractTermAndWholeLifeInsuranceMember2023-01-012023-03-310001584207omf:NonparticipatingAndLimitedPaymentLifeInsuranceContractAccidentalDeathAndDisabilityProtectionMember2023-01-012023-03-310001584207omf:MeasurementInputMortalityRateExpectedMemberomf:TermAndWholeLifeInsuranceMember2024-03-310001584207omf:MeasurementInputMortalityRateExpectedMemberomf:AccidentalDeathAndDisabilityProtectionMember2024-03-310001584207omf:MeasurementInputMortalityRateExpectedMemberomf:TermAndWholeLifeInsuranceMember2023-03-310001584207omf:MeasurementInputMortalityRateExpectedMemberomf:AccidentalDeathAndDisabilityProtectionMember2023-03-310001584207omf:MeasurementInputMortalityRateActualMemberomf:TermAndWholeLifeInsuranceMember2024-03-310001584207omf:MeasurementInputMortalityRateActualMemberomf:AccidentalDeathAndDisabilityProtectionMember2024-03-310001584207omf:MeasurementInputMortalityRateActualMemberomf:TermAndWholeLifeInsuranceMember2023-03-310001584207omf:MeasurementInputMortalityRateActualMemberomf:AccidentalDeathAndDisabilityProtectionMember2023-03-310001584207omf:MeasurementInputLapsesExpectedMemberomf:TermAndWholeLifeInsuranceMember2024-03-310001584207omf:AccidentalDeathAndDisabilityProtectionMemberomf:MeasurementInputLapsesExpectedMember2024-03-310001584207omf:MeasurementInputLapsesExpectedMemberomf:TermAndWholeLifeInsuranceMember2023-03-310001584207omf:AccidentalDeathAndDisabilityProtectionMemberomf:MeasurementInputLapsesExpectedMember2023-03-310001584207omf:TermAndWholeLifeInsuranceMemberomf:MeasurementInputLapsesActualMember2024-03-310001584207omf:AccidentalDeathAndDisabilityProtectionMemberomf:MeasurementInputLapsesActualMember2024-03-310001584207omf:TermAndWholeLifeInsuranceMemberomf:MeasurementInputLapsesActualMember2023-03-310001584207omf:AccidentalDeathAndDisabilityProtectionMemberomf:MeasurementInputLapsesActualMember2023-03-310001584207omf:OneMainHoldingsIncMember2024-01-012024-03-31omf:class0001584207us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-03-310001584207us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-03-310001584207us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-310001584207us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310001584207us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310001584207us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2023-12-310001584207us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310001584207us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-03-310001584207us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-03-310001584207us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-03-310001584207us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2024-01-012024-03-310001584207us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-03-310001584207us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-03-310001584207us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-03-310001584207us-gaap:AccumulatedTranslationAdjustmentMember2024-03-310001584207us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2024-03-310001584207us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-03-310001584207us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-12-310001584207us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310001584207us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310001584207us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2022-12-310001584207us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310001584207us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-03-310001584207us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-03-310001584207us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-03-310001584207us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2023-01-012023-03-310001584207us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-03-310001584207us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-03-310001584207us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-03-310001584207us-gaap:AccumulatedTranslationAdjustmentMember2023-03-310001584207us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2023-03-310001584207us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-03-310001584207omf:ConsumerAndInsuranceSegmentMemberus-gaap:OperatingSegmentsMember2024-01-012024-03-310001584207us-gaap:CorporateNonSegmentMember2024-01-012024-03-310001584207us-gaap:MaterialReconcilingItemsMember2024-01-012024-03-310001584207omf:ConsumerAndInsuranceSegmentMemberus-gaap:OperatingSegmentsMember2024-03-310001584207us-gaap:CorporateNonSegmentMember2024-03-310001584207us-gaap:MaterialReconcilingItemsMember2024-03-310001584207omf:ConsumerAndInsuranceSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-03-310001584207us-gaap:CorporateNonSegmentMember2023-01-012023-03-310001584207us-gaap:MaterialReconcilingItemsMember2023-01-012023-03-310001584207omf:ConsumerAndInsuranceSegmentMemberus-gaap:OperatingSegmentsMember2023-03-310001584207us-gaap:CorporateNonSegmentMember2023-03-310001584207us-gaap:MaterialReconcilingItemsMember2023-03-31omf:segment0001584207us-gaap:FairValueInputsLevel1Member2024-03-310001584207us-gaap:FairValueInputsLevel2Member2024-03-310001584207us-gaap:FairValueInputsLevel3Member2024-03-310001584207us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310001584207us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310001584207us-gaap:FairValueInputsLevel1Member2023-12-310001584207us-gaap:FairValueInputsLevel2Member2023-12-310001584207us-gaap:FairValueInputsLevel3Member2023-12-310001584207us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001584207us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001584207us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310001584207us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001584207us-gaap:FairValueMeasurementsRecurringMember2024-03-310001584207us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001584207us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310001584207us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001584207us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001584207us-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001584207us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310001584207us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001584207us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001584207us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2024-03-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel2Member2024-03-310001584207us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2024-03-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2024-03-310001584207us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2024-03-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-03-310001584207us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2024-03-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2024-03-310001584207us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-03-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-03-310001584207us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-03-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-03-310001584207us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-03-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-03-310001584207us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-03-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-03-310001584207us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001584207us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310001584207us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001584207us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001584207us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001584207us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310001584207us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001584207us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001584207us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:BondsMember2024-03-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:BondsMemberus-gaap:FairValueInputsLevel2Member2024-03-310001584207us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:BondsMember2024-03-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:BondsMember2024-03-310001584207us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMember2024-03-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel2Member2024-03-310001584207us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMember2024-03-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMember2024-03-310001584207us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2024-03-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMemberus-gaap:FairValueInputsLevel2Member2024-03-310001584207us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2024-03-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2024-03-310001584207us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310001584207us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001584207us-gaap:FairValueMeasurementsRecurringMember2023-12-310001584207us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001584207us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310001584207us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001584207us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001584207us-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001584207us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310001584207us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001584207us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001584207us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2023-12-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel2Member2023-12-310001584207us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2023-12-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2023-12-310001584207us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-12-310001584207us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310001584207us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-12-310001584207us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310001584207us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310001584207us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310001584207us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001584207us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310001584207us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001584207us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001584207us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001584207us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310001584207us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001584207us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001584207us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:BondsMember2023-12-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:BondsMemberus-gaap:FairValueInputsLevel2Member2023-12-310001584207us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:BondsMember2023-12-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:BondsMember2023-12-310001584207us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMember2023-12-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel2Member2023-12-310001584207us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMember2023-12-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMember2023-12-310001584207us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2023-12-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMemberus-gaap:FairValueInputsLevel2Member2023-12-310001584207us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2023-12-310001584207us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2023-12-310001584207us-gaap:SubsequentEventMemberus-gaap:AutomobileLoanMemberomf:FoursightCapitalLLCMember2024-04-01

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 classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01 per shareOMFNew 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
  
 
 
 
 
 
 
  
  

3

Table of Contents
GLOSSARY

Terms and abbreviations used in this report are defined below.
Term or AbbreviationDefinition
30-89 Delinquency rationet finance receivables 30-89 days past due as a percentage of net finance receivables
ABSasset-backed securities
Adjusted pretax income (loss)a non-GAAP financial measure used by management as a key performance measure of our segment
AETRannual effective tax rate
AHLAmerican 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
ASCAccounting Standards Codification
ASUAccounting 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 balanceaverage of debt for each day in the period
Average net receivablesaverage of net finance receivables for each day in the period
Base Indentureindenture, dated as of December 3, 2014, by and between OMFC and Wilmington Trust, National Association, as trustee, and guaranteed by OMH
Boardthe OMH Board of Directors
C&IConsumer and Insurance
CDOcollateralized debt obligations
CMBScommercial mortgage-backed securities
Consumer loans
consist of personal loans and auto finance
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
Foursight
Foursight Capital LLC
GAAPgenerally accepted accounting principles in the United States of America
GAPguaranteed asset protection
Gross charge-off ratioannualized 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
Indenturethe 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 receivablesconsist 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’sMoody’s Investors Service, Inc.
Net charge-off ratioannualized 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 incomeinterest income less interest expense
4

Table of Contents
Term or AbbreviationDefinition
ODARTOneMain Direct Auto Receivables Trust
OMFCOneMain Finance Corporation
OMFCT
OneMain Financial Credit Card Trust
OMFITOneMain Financial Issuance Trust
OMHOneMain Holdings, Inc.
OneMainOneMain Holdings, Inc. and OneMain Finance Corporation, collectively with their subsidiaries
Open accountsconsist 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 volumeconsists of credit card purchase transactions in the period, including cash advances, net of returns
Recovery ratioannualized recoveries on net charge-offs as a percentage of average net receivables
RMBSresidential mortgage-backed securities
S&P
S&P Global Ratings
SECU.S. Securities and Exchange Commission
Securities ActSecurities Act of 1933, as amended
Segment Accounting Basisa 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 Portfolioloans 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
TritonTriton Insurance Company, an insurance subsidiary of OneMain Financial Holdings, LLC
Unearned finance chargesthe 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 Notesthe notes, on a senior unsecured basis, issued by OMFC and guaranteed by OMH
VIEsvariable interest entities
VFN
variable funding note
Weighted average interest rateannualized interest expense as a percentage of average debt
XBRLeXtensible Business Reporting Language
Yieldannualized finance charges as a percentage of average net receivables
5

Table of Contents
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, 2024December 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 losses17,880 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 
Goodwill1,437 1,437 
Other intangible assets259 260 
Other assets1,211 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 liabilities597 615 
Deferred and accrued taxes34 9 
Other liabilities (includes other liabilities of consolidated VIEs of $26 million in 2024 and 2023)
543 671 
Total liabilities20,694 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 capital1,718 1,715 
Accumulated other comprehensive loss(91)(87)
Retained earnings2,318 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’ equity3,214 3,186 
Total liabilities and shareholders’ equity$23,908 $24,294 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
6

Table of Contents
ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)

Three Months Ended
March 31,
(dollars in millions, except per share amounts)20242023
Interest income$1,173 $1,094 
Interest expense277 239 
Net interest income896 855 
Provision for finance receivable losses431 385 
Net interest income after provision for finance receivable losses465 470 
Other revenues:  
Insurance112 111 
Investment32 25 
Gain on sales of finance receivables6 17 
Other30 24 
Total other revenues180 177 
Other expenses:  
Salaries and benefits224 212 
Other operating expenses167 153 
Insurance policy benefits and claims50 47 
Total other expenses441 412 
Income before income taxes204 235 
Income taxes49 56 
Net income$155 $179 
Share Data:  
Weighted average number of shares outstanding:   
Basic119,829,174 120,765,661 
Diluted120,244,669 120,969,891 
Earnings per share:  
Basic$1.29 $1.48 
Diluted$1.29 $1.48 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
7

Table of Contents
ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Unaudited)

Three Months Ended
March 31,
(dollars in millions)20242023
  
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 liabilities7 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 adjustments1 — 
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

Table of Contents
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 StockTotal 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)20242023
Cash flows from operating activities  
Net income$155 $179 
Reconciling adjustments:
Provision for finance receivable losses431 385 
Depreciation and amortization66 61 
Deferred income tax charge
15 9 
Share-based compensation expense, net of forfeitures11 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 activities558 562 
Cash flows from investing activities  
Net principal originations and purchases of finance receivables(345)(432)
Proceeds from sales of finance receivables117 200 
Available-for-sale securities purchased(64)(44)
Available-for-sale securities called, sold, and matured78 88 
Other securities purchased(4)(2)
Other securities called, sold, and matured5 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 issued1 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 period1,548 959 
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 equivalents599 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, 2024December 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 losses17,880 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 
Goodwill1,437 1,437 
Other intangible assets259 260 
Other assets1,211 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 liabilities597 615 
Deferred and accrued taxes35 9 
Other liabilities (includes other liabilities of consolidated VIEs of $26 million in 2024 and 2023)
543 672 
Total liabilities20,695 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 capital1,962 1,959 
Accumulated other comprehensive loss(91)(87)
Retained earnings1,318 1,303 
Total shareholder’s equity3,194 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)20242023
Interest income$1,173 $1,094 
Interest expense277 239 
Net interest income896 855 
Provision for finance receivable losses431 385 
Net interest income after provision for finance receivable losses465 470 
Other revenues:
Insurance112 111 
Investment32 25 
Gain on sales of finance receivables6 17 
Other30 24 
Total other revenues180 177 
Other expenses:
Salaries and benefits224 212 
Other operating expenses167 153 
Insurance policy benefits and claims50 47 
Total other expenses441 412 
Income before income taxes204 235 
Income taxes49 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)20242023
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 liabilities7 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 adjustments1 — 
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)20242023
Cash flows from operating activities
Net income$155 $179 
Reconciling adjustments:
Provision for finance receivable losses431 385 
Depreciation and amortization66 61 
Deferred income tax charge
15 9 
Share-based compensation expense, net of forfeitures11 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 activities557 562 
Cash flows from investing activities
Net principal originations and purchases of finance receivables(345)(432)
Proceeds from sales of finance receivables117 200 
Available-for-sale securities purchased(64)(44)
Available-for-sale securities called, sold, and matured78 88 
Other securities purchased(4)(2)
Other securities called, sold, and matured5 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 period1,545 951 
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 equivalents599 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.
16

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 CardsTotal
March 31, 2024
Gross finance receivables *$19,575 $843 $20,418 $377 $20,795 
Unearned fees
(217)(16)(233)— (233)
Accrued finance charges and fees310 8 318 — 318 
Deferred origination costs186 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 fees326 7 333 — 333 
Deferred origination costs194 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.
17


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)20242023202220212020PriorTotal
March 31, 2024
Performing
Current$2,212 $8,615 $4,822 $2,089 $622 $368 $18,728 
30-59 days past due2 118 111 61 19 15 326 
60-89 days past due— 80 76 41 12 10 219 
Total performing2,214 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)20232022202120202019PriorTotal
December 31, 2023
Performing
Current$9,759 $5,527 $2,454 $776 $376 $114 $19,006 
30-59 days past due113 153 88 27 16 7 404 
60-89 days past due74 104 59 17 10 4 268 
Total performing9,946 5,784 2,601 820 402 125 19,678 
Nonperforming (Nonaccrual)
90+ days past due125 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.

18

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)20242023202220212020PriorTotal
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 performing163 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)20232022202120202019PriorTotal
December 31, 2023
Performing
Current$480 $203 $34 $2 $— $— $719 
30-59 days past due4 6 2 — — — 12 
60-89 days past due2 3 — — — — 5 
Total performing486 212 36 2 — — 736 
Nonperforming (Nonaccrual)
90+ days past due3 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, 2024December 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.

19

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,
20242023
(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 forgiveness119—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,
20242023
(dollars in millions)Personal Loans
Auto
Finance
Personal Loans
Auto
Finance
 
Net finance receivables 
Weighted-average interest rate reduction17.56 %11.16 %21.38 %12.56 %
Weighted-average term extension (months)25281920
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 due44 — 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.

20

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 forgiveness16 — 
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 CardsTotal
Three Months Ended March 31, 2024  
Balance at beginning of period$2,415 $65 $2,480 
Provision for finance receivable losses406 25 431 
Charge-offs(522)(12)(534)
Recoveries77 — 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)
Recoveries69 — 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.
21

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 paper14 — — 14 
Non-U.S. government and government sponsored entities172 1 (6)167 
Corporate debt1,160 4 (79)1,085 
Mortgage-backed, asset-backed, and collateralized:
RMBS202 — (22)180 
CMBS36 — (3)33 
CDO/ABS91 — (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 Months12 Months or LongerTotal
(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 debt60 — 885 (83)945 (83)
Mortgage-backed, asset-backed, and collateralized:
RMBS5 — 152 (24)157 (24)
CMBS— — 33 (3)33 (3)
CDO/ABS4 — 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 debt15 — 925 (79)940 (79)
Mortgage-backed, asset-backed, and collateralized:
RMBS5 — 152 (22)157 (22)
CMBS2 — 32 (3)34 (3)
CDO/ABS1 — 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 years575 598 
Due after 5 years through 10 years476 529 
Due after 10 years122 138 
Mortgage-backed, asset-backed, and collateralized securities289 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, 2024December 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.

24

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)SecuritizationsPrivate Secured Term FundingRevolving
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.
25

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, 2024December 31, 2023
Assets  
Cash and cash equivalents$3 $2 
Net finance receivables12,641 12,780 
Allowance for finance receivable losses1,429 1,428 
Restricted cash and restricted cash equivalents576 523 
Other assets36 32 
Liabilities  
Long-term debt$11,420 $11,579 
Other liabilities27 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.
26

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.

27

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)20242023
Balance at beginning of period$108 $93 
Less reinsurance recoverables(3)(3)
Net balance at beginning of period105 90 
Additions for losses and loss adjustment expenses incurred to:
Current year52 42 
Prior years *
(5)(1)
Total47 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 period105 92 
Plus reinsurance recoverables3 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,
20242023
(dollars in millions)Term and
 Whole Life		Accidental Death and Disability ProtectionTerm 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 rate212 41 244 48 
Effect of actual variances from expected experience(8)— (2)— 
Adjusted balance at beginning of period204 41 242 48 
Interest accretion3 — 6 — 
Net premiums collected(7)(1)(7)(2)
Ending balance at original discount rate200 40 241 46 
Effect of changes in discount rate assumptions— (1)5 — 
Balance at ending of period$200 $39 $246 $46 

28

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,
20242023
(dollars in millions)Term and
Whole Life		Accidental Death and Disability ProtectionTerm 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 rate423113466125
Effect of actual variances from expected experience(9)(1)1(1)
Adjusted balance at beginning of period414112467124
Net issuances1—1—
Interest accretion5193
Benefit payments(13)(4)(16)(4)
Ending balance at original discount rate407109461123
Effect of changes in discount rate assumptions3(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,
20242023
(dollars in millions)Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Net liability for future policy benefits$210 $68 $227 $77 
Deferred profit liability13511554
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)20242023
Term and whole life$223 $242 
Accidental death and disability protection119 131 
Other*255 242 
Total$597 $615 
*    Other primarily includes reserves for short-duration contracts that are payable to third-party beneficiaries.

29

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,
20242023
(dollars in millions)Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Expected future gross premiums:
Undiscounted$411 $142 $466 $159 
Discounted293 101 326 114 
Expected future benefit payments:
Undiscounted582 162 670 181 
Discounted410 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,
20242023
(dollars in millions)Term and
Whole Life		Accidental Death and Disability ProtectionTerm 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,
20242023
Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Mortality/Morbidity:
Expected0.37 %0.01 %0.39 %0.01 %
Actual0.38 %0.01 %0.31 %0.01 %
Lapses:
Expected4.68 %1.96 %3.18 %2.24 %
Actual3.35 %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,
20242023
Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Interest accretion rate5.28 %4.87 %5.26 %4.86 %
Current discount rate5.33 %5.35 %5.07 %5.06 %
30

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,
20242023
Balance at beginning of period119,757,277 121,042,125 
Common stock issued 211,702 207,403 
Common stock repurchased(108,685)(683,384)
Treasury stock issued16,958 21,070 
Balance at end of period119,877,252 120,587,214 


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)20242023
 
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.

31

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 liabilitiesOther (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.

32

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.

33

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.
34

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		OtherSegment to
GAAP
Adjustment		Consolidated
Total
Three Months Ended March 31, 2024  
Interest income$1,172 $1 $— $1,173 
Interest expense276 1 — 277 
Provision for finance receivable losses
431 — — 431 
Net interest income after provision for finance receivable losses
465 — — 465 
Other revenues178 2 — 180 
Other expenses440 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 expense238 — 1 239 
Provision for finance receivable losses
385 — — 385 
Net interest income after provision for finance receivable losses
469 1 — 470 
Other revenues176 1 — 177 
Other expenses409 3 — 412 
Income before income tax expense
$236 $(1)$— $235 
Assets$21,199 $30 $1,214 $22,443 

35

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 UsingTotal
Fair
Value		Total
Carrying
Value
(dollars in millions)Level 1Level 2Level 3
March 31, 2024
Assets
Cash and cash equivalents$807 $24 $— $831 $831 
Investment securities55 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 $1,014 
Investment securities54 1,662 3 1,719 1,719 
Net finance receivables, less allowance for finance receivable losses
— — 20,490 20,490 18,869 
Restricted cash and restricted cash equivalents 534 — — 534 534 
Other assets *
— — 40 40 29 
Liabilities
Long-term debt$— $19,457 $— $19,457 $19,813 
*Other assets at March 31, 2024 and December 31, 2023 primarily consists of finance receivables held for sale.

36

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 UsingTotal Carried At Fair Value
(dollars in millions)Level 1Level 2Level 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 debt6 1,063 1 1,070 
RMBS— 180 — 180 
CMBS— 33 — 33 
CDO/ABS— 76 — 76 
Total available-for-sale securities6 1,611 1 1,618 
Other securities   
Bonds:   
Corporate debt— 4 — 4 
CDO/ABS— 18 — 18 
Total bonds— 22 — 22 
Preferred stock15 — — 15 
Common stock34 — 2 36 
Total other securities49 22 2 73 
Total investment securities55 1,633 3 1,691 
Restricted cash equivalents in mutual funds580 — — 580 
Restricted cash equivalents in securities— 3 — 3 
Total$734 $1,660 $3 $2,397 

37

Fair Value Measurements UsingTotal Carried At Fair Value
(dollars in millions)Level 1Level 2Level 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 debt6 1,078 1 1,085 
RMBS— 180 — 180 
CMBS— 33 — 33 
CDO/ABS— 85 — 85 
Total available-for-sale securities6 1,640 1 1,647 
Other securities   
Bonds:    
Corporate debt— 4 — 4 
CDO/ABS— 18 — 18 
Total bonds— 22 — 22 
Preferred stock16 — — 16 
Common stock32 — 2 34 
Total other securities48 22 2 72 
Total investment securities54 1,662 3 1,719 
Restricted cash equivalents in mutual funds525 — — 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.

38

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

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

39

Table of Contents
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.

40

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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)20242023
Interest income$1,173 $1,094 
Interest expense277 239 
Provision for finance receivable losses431 385 
Net interest income after provision for finance receivable losses
465 470 
Other revenues180 177 
Other expenses441 412 
Income before income taxes
204 235 
Income taxes49 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 ratio10.12 %9.21 %
Recovery ratio(1.46)%(1.41)%
Net charge-off ratio8.66 %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)20242023
Selected Financial Statistics *
Personal loans:
Net finance receivables$19,854 $19,229 
Origination volume$2,354 $2,704 
Number of accounts2,320,733 2,269,336 
Number of accounts originated230,850 263,370 
Auto finance:
Net finance receivables$843 $458 
Origination volume$168 $113 
Number of accounts61,911 33,942 
Number of accounts originated10,359 7,302 
Consumer loans:
Net finance receivables$20,697 $19,687 
Yield22.12 %22.27 %
Origination volume$2,523 $2,817 
Number of accounts2,382,644 2,303,278 
Number of accounts originated241,209 270,672 
Net charge-off ratio8.58 %7.72 %
30-89 Delinquency ratio2.72 %2.58 %
Credit cards:
Net finance receivables$386 $122 
Purchase volume$168 $53 
Number of open accounts508,608 160,508 
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)20242023
Consumer and Insurance
Income before income taxes - Segment Accounting Basis
$203 $236 
Adjustments:
Restructuring charges27 — 
    Net loss on repurchases and repayments of debt
2 — 
Acquisition-related transaction and integration expenses1 — 
Adjusted pretax income (non-GAAP)
233 236 
Provision for finance receivable losses431 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)20242023
Interest income$1,172 $1,092 
Interest expense276 238 
Provision for finance receivable losses431 385 
Net interest income after provision for finance receivable losses
465 469 
Other revenues180 176 
Other expenses412 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 ratio10.12 %9.21 %
Recovery ratio(1.46)%(1.41)%
Net charge-off ratio8.66 %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)20242023
Selected Financial Statistics *
Personal loans:
Net finance receivables$19,854 $19,230 
Origination volume$2,354 $2,704 
Number of accounts2,320,733 2,269,336 
Number of accounts originated230,850 263,370 
Auto finance:
Net finance receivables$843 $458 
Origination volume$168 $113 
Number of accounts61,911 33,942 
Number of accounts originated10,359 7,302 
Consumer loans:
Net finance receivables$20,697 $19,688 
Yield22.12 %22.26 %
Origination volume$2,523 $2,817 
Number of accounts2,382,644 2,303,278 
Number of accounts originated241,209 270,672 
Net charge-off ratio8.58 %7.72 %
30-89 Delinquency ratio2.72 %2.58 %
Credit cards:
Net finance receivables$386 $122 
Purchase volume$168 $53 
Number of open accounts508,608 160,508 
*    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 due5.57 %11.28 %
90+ days past due2.86 %6.30 %
December 31, 2023
Current
$19,725 $297 
30-89 days past due689 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 due6.16 %9.96 %
90+ days past due2.88 %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 InsuranceSegment 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
RatingOutlook
S&PBBStable
Moody’sBa2Stable
KBRABB+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 DateRecord DatePayment DateDividend Per ShareAmount Paid
(in millions)
February 7, 2024February 20, 2024February 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 BalanceCurrent
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 2019-2900 947 900 995 3.30 %7 years
OMFIT 2019-A789 892 750 892 3.78 %7 years
OMFIT 2020-21,000 1,053 1,000 1,053 2.03 % 5 years
OMFIT 2021-1850 904 850 904 2.81 %5 years
OMFIT 2022-S1600 652 600 652 4.31 %3 years
OMFIT 2022-21,000 1,099 1,000 1,099 5.17 %2 years
OMFIT 2022-3979 1,090 796 1,090 6.00 %2 years
OMFIT 2023-1825 920 825 920 5.82 %5 years
OMFIT 2023-21,400 1,566 1,400 1,566 6.44 %3 years
ODART 2019-1737 750 700 722 3.79 % 5 years
ODART 2021-11,000 1,053 775 787 1.01 %2 years
ODART 2022-1600 632 600 632 5.09 %2 years
ODART 2023-1750 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 BalanceAmount
Drawn
OneMain Financial Funding VII, LLC$600 $— 
OneMain Financial Auto Funding I, LLC550 — 
Seine River Funding, LLC550 — 
Hudson River Funding, LLC500 — 
OneMain Financial Funding XI, LLC425 — 
OneMain Financial Funding VIII, LLC400 — 
River Thames Funding, LLC400 — 
OneMain Financial Funding X, LLC400 — 
OneMain Financial Funding XII, LLC400 — 
Chicago River Funding, LLC 375 — 
Mystic River Funding, LLC 350 — 
Thayer Brook Funding, LLC350 1 
Columbia River Funding, LLC350 — 
Hubbard River Funding, LLC250 — 
New River Funding Trust250 — 
St. Lawrence River Funding, LLC250 — 
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 BalanceAmount
Drawn
OneMain Financial Credit Card Trust – Series 2024-VFN1$150 $— 
OneMain Financial Credit Card Trust – Series 2024-VFN2150— 
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

Table of Contents
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

Table of Contents
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:
PeriodTotal 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 2916,056 46.69 16,056 659,749,718 
March 1 - March 3192,629 48.47 92,629 655,260,337 
Total108,685 $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

Table of Contents
Item 6. Exhibit Index.
Exhibit NumberDescription
101Interactive 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.
104Cover Page Interactive Data File in Inline XBRL format (Included in Exhibit 101).


63

Table of Contents
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

Table of Contents
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

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

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)

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

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)

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

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