On this page of StockholderLetter.com we present the latest annual shareholder letter from OneMain Holdings, Inc. — ticker symbol OMF. Reading current and past OMF letters to shareholders can bring important insights into the investment thesis.

 •  4/29/2025 Letter Continued (Full PDF)
 •  4/28/2023 OMF Stockholder Letter
 •  4/26/2024 OMF Stockholder Letter
 •  More "Credit Services & Lending" Category Stockholder Letters
 •  OMF Benford's Law Stock Score = 98

OMF Shareholder/Stockholder Letter Transcript:

A message from
the CEO to our
shareholders
and friends.
Dear Shareholders,
In 2024, OneMain made significant progress across our
core business and growth initiatives. We met or exceeded
the expectations we laid out for investors at the start of the
year, demonstrating once again the strength and resilience
of our business model and our ability to navigate through
economic cycles while remaining steadfast in our mission.
We continue to be the lender of choice for the nonprime
consumer, and the momentum we   ve built this past year
positions us well to deliver strong, long-term shareholder
value through any economic environment.
We ended the year with $685 million in capital generation1   an achievement
that reflects our ability to grow revenues with a disciplined focus on credit, cost
efficiency, and customer service. We expect 2024 to mark the bottom of this cycle,
and we enter 2025 with careful optimism toward a trajectory of increasing earnings
and capital generation.
ONEMAIN ANNUAL REPORT 2024

Our business is built on a foundation of
staying close to our customers, rigorous
credit and balance sheet management,
and decades of proprietary data and
experience serving hardworking Americans.
In 2024, we served 3.4 million customers,
grew originations in our personal loan
business, expanded our credit card2 and
auto finance products, and delivered solid
growth in receivables,3 which increased
11% to $24.7 billion.
Our personal loan business continues
to be the primary financial engine of
OneMain. We refined our credit models
with new data sources and advanced
analytics, enhanced our branch and
digital experiences, and launched new
offerings such as credit card-to-loan
cross-marketing in our mobile app. During
the year we maintained a conservative
credit posture, but innovations like these
are delivering results and positioning us for
continued great performance.
INCREASE IN CUSTOMER ACCOUNTS
We also advanced our multi-product
platform. In auto finance, we completed
the acquisition of Foursight Capital, giving
us new capabilities and a stronger position
with both franchise and independent
dealers. Our auto finance receivables4
grew to $2.4 billion, with credit performance
outperforming comparable industry
benchmarks. In credit cards, we grew our
portfolio to more than 780,000 accounts
and $640 million in receivables, while
continuing to improve the digital experience
for our customers and drive operating
efficiency. We remain disciplined in scaling
these businesses and believe they will be
meaningful drivers of long-term growth.
Our balance sheet remains a critical
strategic differentiator. We raised
$3.9 billion in funding during the year   
including $2.4 billion in high yield bonds
and $1.1 billion in 7-year secured
funding   and expanded our whole loan
sale program. Our funding strategy, with
GROWTH IN MANAGED RECEIVABLES5
2023
3.0 million
2023
$22.2 billion
2024
3.4 million
2024
$24.7 billion
1 Capital generation, a non-GAAP measure, is a key performance measure of our segment. Capital generation represents pretax capital generation
(non-GAAP) and assumes an estimated income tax rate of 25%. See OneMain Holdings, Inc. Annual Report on Form 10-K for year ended December
31, 2024 for reconciliation of pretax capital generation.
2 BrightWay   is a registered trademark of OneMain Financial Holdings, LLC. BrightWay credit cards are issued by WebBank.
3 Receivables refers to Managed Receivables, which includes C&I net finance receivables, finance receivables serviced for our whole loan sale
partners and auto finance loans originated by third parties.
4 Auto finance receivables refers to Managed Receivables for our auto finance product which includes our auto finance C&I net finance receivables,
auto finance receivables serviced for our whole loan sale partners and auto finance loans originated by third parties.
5 Managed Receivables, which includes C&I net finance receivables, finance receivables serviced for our whole loan sale partners and auto finance
loans originated by third parties.
ONEMAIN ANNUAL REPORT 2024

diversified funding sources and staggered
maturities, combined with our strong
liquidity position, allows us to weather
a wide range of market environments.
We also remain committed to supporting
our customers    financial well-being and
the communities where we live and work.
Trim by OneMain  , our free financial
wellness platform, has helped customers
save millions of dollars through bill
negotiations and subscription cancellations.
Our financial education program, Credit
Worthy by OneMain Financial  , reached
more than 440,000 high school students
across more than 4,100 schools since
inception, with strong engagement and
volunteerism from our team members.
Our efforts were recognized
by Newsweek and TIME, which
named OneMain to their
lists of top-performing and
most responsible companies in America.
These accolades reflect our commitment to
business excellence, innovation, and doing
right by our customers and employees.
Looking to 2025, our priorities remain clear.
We will carefully manage the business and
closely monitor the health of the nonprime
consumer given the backdrop of continued
uncertainty in the macroeconomic
environment. We have the advantage of a
world-class team, disciplined execution,
unparalleled credit management, and a
fortress balance sheet to position us well
to outperform during uncertain times.
Our capital allocation strategy remains
unchanged: first, to invest in high-quality
loan originations and strategic initiatives
that position us well for the long-term;
second, to maintain our regular dividend   
which at $4.16 per share currently yields
around 9%;6 and third, to deploy any
excess capital to share repurchases
or strategic opportunities. In 2024, we
6 Yield assumes regular annual dividend of $4.16 over closing share price of $48.88 as of March 31, 2025.
ONEMAIN ANNUAL REPORT 2024

   Over the last five years, OneMain delivered a cumulative
total shareholder return 2.3 times the return on the NYSE
Composite Index, 2.3 times the return on the NYSE Financial
Sector Index, and 6.0 times our Proxy peer median return.   
returned approximately $533 million to
shareholders through our dividend and
share repurchases.
OneMain today is a fundamentally stronger
and more diversified company than just
five years ago. We   ve expanded from a
branch-based personal loan provider to
an omnichannel, multi-product platform
that responsibly serves the financial needs
of millions of Americans. We   ve done this
while maintaining best-in-class credit and
balance sheet management, expanding
our addressable market, and driving strong
shareholder returns.
I am extremely proud of our company   s
performance, but none of this would be
possible without the dedication of our
nearly 9,000 team members. Their hard
work and commitment to our customers
are what drive our success every day.
Thank you for your continued support.
Sincerely,
Douglas H. Shulman
Chairman & Chief Executive Officer
OneMain Holdings, Inc.
Over the last five years, OneMain delivered
a cumulative total shareholder return 2.3
times the return on the NYSE Composite
Index, 2.3 times the return on the NYSE
Financial Sector Index, and 6.0 times our
Proxy peer median return.
ONEMAIN ANNUAL REPORT 2024



 4/29/2025 Letter Continued (Full PDF)