OneMain Holdings Inc 2025年度报告

ANNUALREPORT A message from the CEO toour shareholders and friends. Dear Shareholders, In 2025, OneMain delivered strong financialperformance while advancing our missionto improve the financial well-being ofhardworking Americans. We are servingmore customers than ever before throughdisciplined growth, product innovation, andthe continued scaling of our auto financeand credit card businesses. The momentumwe have built over the last several yearscame through clearly in our results,positioning OneMain to drive long-termshareholder value through the cycle. For more than a century, we have provided responsible lendingsolutions that help make brighter financial futures for ourcustomers possible. Today, we are an omnichannel, multi-product platform offering personal loans, auto finance, andcredit cards.1In 2025, we originated $14.4 billion in loans andgrew our receivables26% to $26.3 billion, serving nearly 3.8million customers at year end.2025 CAPITAL GENERATION Our financial performance reflects bothgrowth and discipline. Capital generation,3the key metric against which we managethe business, increased 33% comparedto 2024, to $913 million. Consumer andThese results demonstrate the strengthof our business model and our ability todrive higher returns even in a complexmacroeconomic environment.Insurance (C&I) adjusted diluted earningsper share4increased 36% to $6.66. 685million CUSTOMER ACCOUNTS 3.4 million 3.8 million We actively managed credit performancethroughout the year, achieving 46 basispoints of loss improvement, with C&Inet charge-offs declining to 7.7%. Theseimprovements were driven by granularcredit box adjustments, enhancedunderwriting, and optimized servicingand collections efforts. We also conductrigorous stress tests and continue to feelconfident about the resilience of ourbalance sheet and business in nearly anymacroeconomic scenario. We further automated underwriting andkey verification steps, reducing friction andimproving service. Our ongoing technologyinvestments allowed us to better servecustomers across our network of morethan 1,300 branches and digital channels.We look for every opportunity to serve ourcustomers well and are also launchingseveral generative AI pilots as we continueto drive innovation across our enterprise. Our personal loan business remains thecore driver of our financial results andthe foundation of our franchise. In 2025,originations grew 6% as we launched newproduct features, and continued to evolveour operating model to support productivityand customer experience. We continued our multi-year carefulexpansion into the credit card business.We surpassed 1 million customer accounts,improved credit performance, and reducedmarginal operating expense per account byover 20%. The business continued buildingmomentum in 2025, with the introduction Credit Worthy by OneMain Financialevent withstudents at Clark Montessori High School inCincinnati, OH Our strong funding performance in 2025across secured and unsecured marketsreinforces our position as an industry-leading issuer with best-in-class execution.We raised approximately $6 billion withattractive pricing while redeeming orrepurchasing $1.75 billion of high-yield bondsand expanding and extending our loan saleprogram. We maintainedapproximately$7.5billion in bank facilities and grewunencumbered receivables6to $11.8 billion,preserving a strong liquidity runway. Ourbalanced debt mix, staggered maturities,long liquidity runway, and consistent capitalmarkets access position us to operateconfidently in any market environment. of new card offerings with refined rewardlevels, credit lines, and other featuresto better meet customer needs. Whilestill a modest portion of receivables, thecard platform is adding new customers,deepening customer engagement and is ona very positive trajectory. 2025 was also a year of continuedmaturation for our auto finance business.We achieved $1.4 billion in originationsand grew receivables5to $2.8 billion. Weenhanced dealer segmentation, expandedour dealer base, migrated OneMain’sauto originations onto a single technologyplatform, and strengthened partnerships,including the launch of our relationshipwith Ally Financial. These steps position thebusiness for disciplined profitable growth. Our capital allocation framework remainsunchanged. Our top priority is investingin high-quality originations that meet ourreturn hurdles. We also continue to invest intechnology, new products, and capabilitiesthat enhance the franchise. In 2025, wereturned $639 million to shareholdersthrough dividends and share repurchases.In the fourth quarter alone, we repurchased$70 million of shares, double the totalvolume of 2024, and our Board of Directorsapproved a new $1 billion repurchaseauthorization through 2028. Across the enterprise, we continuedstrengthening our data and analyticscapabilities, integrating enhanced modelsthroughout. Our world-class data scienceteam, proprietary data, and decades ofexperience