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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 Holdings reported a diluted EPS of $1.52 for Q3 2022, down from $2.17 year-over-year. The company achieved net income of $188 million, a decrease from $288 million in the previous year. Despite these declines, managed receivables rose to $20.5 billion, a 7% increase year-over-year. The company declared a quarterly dividend of $0.95 per share and repurchased 1.2 million shares for $42 million during Q3. Higher net charge-offs and an increased allowance for finance receivable losses impacted earnings. Operating expenses rose 6% to $359 million as part of ongoing business investments.
OneMain Financial has launched a Borrower’s Assistance program for Hurricane Ian victims in Florida, allowing eligible customers to defer loan payments until October 31. The program covers 17 affected counties and ensures no late fees for participants. OneMain is closely monitoring other impacted areas and organizing a community relief event on October 8 in Port Charlotte. With 69 branches and nearly 170,000 customer accounts in Florida, the company is committed to supporting its clients during this crisis.
OneMain Holdings, Inc. (NYSE: OMF) will report its third quarter 2022 results on October 26, 2022, after the market closes. A conference call to discuss the results and outlook is scheduled for October 27, 2022, at 8:30 a.m. Eastern. Interested parties can access the earnings release on the OneMain investor relations website. OneMain specializes in providing credit access to nonprime customers and operates in 1,400 locations across 44 states, aiming to enhance the financial well-being of hardworking Americans.
OneMain Financial has enhanced its financial education program by introducing a new course, Build: Credit Fundamentals, aimed at high school students. Developed with EVERFI, this initiative aims to equip students with essential knowledge on building and managing credit, which is crucial for their financial health. The program, which has reached over 66,000 students in more than 1,000 schools, will receive $300,000 in scholarships over four years. This effort supports the growing demand for financial education, with many states now requiring such courses for graduation.
OneMain Holdings (NYSE: OMF) announced that Chairman and CEO Doug Shulman, along with CFO Micah Conrad, will present at the Barclays Global Financial Services Conference at 9:45 a.m. Eastern on September 12. The event highlights OneMain's commitment to providing nonprime customers with responsible credit access. Investors and the public can listen to the live audio webcast via the Investor Relations section of OneMain's website.
OneMain Financial has launched a Borrower’s Assistance program for customers in Kentucky affected by recent flooding, effective from August 2 to September 2. The program allows eligible borrowers in 13 counties to defer loan payments without incurring late fees or returned payment fees. A community relief event will be held on August 13 in Hazard, KY, to distribute supplies. OneMain operates 35 branches in Kentucky, servicing nearly 54,000 customer accounts. The initiative underscores the company's commitment to supporting local communities during crises.
OneMain Holdings reported a 2Q 2022 net income of $209 million, down from $350 million year-over-year, leading to diluted EPS of $1.68 compared to $2.60. Adjusted pretax income for its Consumer and Insurance segment also declined, totaling $311 million. Managed receivables reached $20.1 billion, up 10% year-over-year, while personal loan originations rose 2% to $3.9 billion. The company declared a quarterly dividend of $0.95 per share and repurchased 2.1 million shares for $94 million during the quarter. The provision for finance receivable losses significantly increased by $208 million compared to the prior year.
OneMain Holdings, Inc. (NYSE: OMF) will report its second quarter 2022 earnings on July 27, 2022, after market close. The earnings release will be available on its investor relations website. A conference call to discuss the results and outlook is scheduled for July 28, 2022, at 8:30 a.m. Eastern, with public access available via phone and webcast. OneMain is focused on providing responsible credit access to nonprime customers and operates 1,400 locations across 44 states, emphasizing community impact and financial well-being.
OneMain Holdings, Inc. (NYSE: OMF) has successfully closed its second Social Bond issuance, totaling
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