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OneMain Holdings, Inc. (NYSE: OMF) is a leading financial services company specializing in nonprime consumer finance. With roots dating back to 1912, OneMain has been helping individuals achieve their financial goals for over a century. The company provides personalized loan solutions through its extensive network of branches across 44 states and online platforms, offering fixed rates, fixed payments, and clear terms. OneMain's core business includes personal loans, credit and noncredit insurance products, loan servicing, and strategic acquisitions.
OneMain's business model is designed to support nonprime consumers by providing responsible access to credit. The company prides itself on its disciplined growth strategies and resilient business model, which deliver strong returns across economic cycles. OneMain's approach involves leveraging digital capabilities, expanding product offerings, and enhancing customer experiences both online and in its 1,400 physical locations.
The company's recent achievements highlight its commitment to growth and customer service. In December 2023, OneMain hosted its Investor Day where senior executives discussed the company's strength, strategic expansions, and market opportunities. This includes significant advancements in digital services and new product channels. Moreover, OneMain reported substantial financial results for the fourth quarter of 2023, with a pretax income of $220 million and a net income of $165 million.
OneMain's financial condition remains robust, supported by strong capital generation and liquidity resources. As of March 31, 2024, the company had $831 million in cash and cash equivalents, with significant undrawn capacity under its credit facilities. The company's commitment to shareholder value is reflected in its regular dividend payments and stock repurchase programs.
Key personnel changes have strengthened OneMain's leadership team. Jenny Osterhout has been appointed as CFO, and Micah Conrad as COO, effective March 31, 2024. Their extensive experience and strategic vision are expected to drive further growth and operational efficiency.
Through strategic acquisitions, OneMain continues to diversify its offerings. The recent acquisition of Foursight Capital LLC, an automobile finance company, marks OneMain's entry into the auto lending market, expanding its product portfolio and strengthening its market position.
For more information about OneMain Holdings, Inc., please visit their official website at www.OneMainFinancial.com.
OneMain Financial has initiated a Borrower’s Assistance program for Texas customers impacted by recent winter storms, effective from Feb. 20 to Mar. 7. This program allows eligible borrowers to defer loan payments and avoids additional costs like late fees. Additionally, OneMain is donating $50,000 to Texas food banks to support those facing food insecurity due to the storms. With 124 branches in Texas, OneMain services nearly 200,000 customer accounts, totaling $1.6 billion in outstanding receivables.
OneMain Holdings, Inc. (NYSE: OMF) has priced a secondary public offering of 8 million shares at $53.00 each, up from a previous 7 million share target. The offering, representing 6% of outstanding shares, is entirely from selling stockholders and will close on February 16, 2021, pending customary conditions. The underwriters have a 30-day option for 1.2 million additional shares. Barclays, Citi, and RBC Capital Markets are the joint book-running managers. The company will not receive any proceeds from this offering.
OneMain Holdings, Inc. (NYSE: OMF) has announced a secondary public offering of 7 million shares by certain stockholders managed by Apollo Global Management and Värde Partners. This offering represents approximately 5.2% of the company's outstanding shares as of February 1, 2021. The company will not receive any proceeds from this sale. Underwriters, including Barclays and Citi, have a 30-day option to purchase an additional 1.05 million shares. The offering is being conducted under a prospectus filed with the SEC, and interested investors can access it for more detailed information.
OneMain Holdings reported a pretax income of $476 million and net income of $359 million for Q4 2020, up from $344 million and $261 million in Q4 2019. Earnings per diluted share reached $2.67, compared to $1.91 year-over-year. For the full year, net income was $730 million, down from $855 million in 2019. The company declared a dividend of $3.95 per share. Despite macroeconomic uncertainties, OneMain is confident in its strategic initiatives. Adjusted net income for the Consumer and Insurance segment was $373 million in Q4 2020, up from $268 million in Q4 2019.
OneMain Holdings, Inc. (NYSE: OMF) will report its Q4 2020 results on February 8, 2021, after market close. The earnings release can be accessed on the company's investor relations website. A conference call to discuss the earnings and outlook is scheduled for February 9 at 8:00 am ET. Participants can join via phone or live audio webcast. OneMain Financial has a 100-year history of providing responsible loans with nearly 1,500 locations across 44 states, focusing on personal loan needs.
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of 'bbb' for American Health and Life Insurance Company (AHLIC) and Triton Insurance Company, both subsidiaries of OneMain Holdings, Inc. (OMF). The outlook for these ratings is stable. AHLIC's strong ratings are supported by its very strong balance sheet strength and operating performance but experience drag from OneMain’s financial leverage. Triton's ratings are similarly strong, but there are concerns about volatility in operating expenses and premium volume.
OneMain Holdings, Inc. (NYSE: OMF) announced the pricing of $500 million of its 4.000% senior notes due 2030, increasing the offering size to $850 million. The notes will be guaranteed by OneMain Holdings and are expected to close on December 17, 2020. Proceeds will be used to redeem $650 million of 7.75% Senior Notes due 2021, with a scheduled redemption date of January 8, 2021. This press release also notes the filing of a registration statement with the SEC for the offering's prospectus.
OneMain Holdings (NYSE: OMF) announced a proposed offering of $500 million in senior notes due 2030, backed by its subsidiary OneMain Finance Corporation. This offering aims to raise funds to redeem $650 million of existing senior notes due 2021 by January 8, 2021. The redemption of the 2021 notes is not contingent on the 2030 notes offering. The planned offering and any associated risks are detailed in the prospectus filed with the SEC. The company emphasizes its commitment to providing responsible loan products to non-prime consumers.
OneMain Holdings, Inc. (NYSE: OMF) announced that CEO Doug Shulman and CFO Micah Conrad will present at the Goldman Sachs U.S. Financial Services Conference on December 8, 2020, at 12:00 PM ET. Investors can listen to the live audio webcast at the Investor Relations section of OneMain’s website, with a replay available within 24 hours post-event. OneMain Financial, operating for over 100 years, has nearly 1,500 locations across 44 states, focusing on responsible personal loans. The company employs about 8,700 individuals committed to community support.
OneMain Holdings reported a pretax income of $341 million and net income of $250 million for Q3 2020, up from $297 million and $248 million in Q3 2019. Earnings per diluted share increased to $1.86 from $1.82. The company raised its quarterly dividend by 36% to $0.45 per share. Adjusted pretax income from the Consumer and Insurance segment rose to $393 million, with net income at $294 million. However, originations declined by 21% to $2.9 billion.
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