ONEMAIN FINANCE CORP, 10-K filed on 2/7/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2024
Jan. 27, 2025
Jun. 30, 2024
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Document Transition Report false    
Entity File Number 001-36129    
Entity Registrant Name ONEMAIN HOLDINGS, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 27-3379612    
Entity Address, Address Line One 601 N.W. Second Street    
Entity Address, City or Town Evansville    
Entity Address, State or Province IN    
Entity Address, Postal Zip Code 47708    
City Area Code 812    
Local Phone Number 424-8031    
Title of 12(b) Security Common Stock, par value $0.01 per share    
Trading Symbol OMF    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 5,532,276,469
Entity Common Stock, Shares Outstanding   119,368,020  
Documents Incorporated by Reference The information required by Part III (Items 10, 11, 12, 13, and 14) of this Annual Report on Form 10-K is incorporated by reference from OneMain Holdings, Inc.'s Definitive Proxy Statement for its 2025 Annual Meeting to be filed with the Securities and Exchange Commission pursuant to Regulation 14A.    
Entity Central Index Key 0001584207    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
OMFC      
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Document Transition Report false    
Entity File Number 001-06155    
Entity Registrant Name ONEMAIN FINANCE CORPORATION    
Entity Incorporation, State or Country Code IN    
Entity Tax Identification Number 35-0416090    
Entity Address, Address Line One 601 N.W. Second Street    
Entity Address, City or Town Evansville    
Entity Address, State or Province IN    
Entity Address, Postal Zip Code 47708    
City Area Code 812    
Local Phone Number 424-8031    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag false    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Common Stock, Shares Outstanding   10,160,021  
Documents Incorporated by Reference The information required by Part III (Items 10, 11, 12, 13, and 14) of this Annual Report on Form 10-K is incorporated by reference from OneMain Holdings, Inc.'s Definitive Proxy Statement for its 2025 Annual Meeting to be filed with the Securities and Exchange Commission pursuant to Regulation 14A.    
Entity Central Index Key 0000025598    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
v3.25.0.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Auditor [Line Items]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Firm ID 238
Auditor Location Dallas, Texas
OMFC  
Auditor [Line Items]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Firm ID 238
Auditor Location Dallas, Texas
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Assets    
Cash and cash equivalents $ 458 $ 1,014
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.5 billion and $1.6 billion in 2024, respectively, and $1.6 billion and $1.8 billion in 2023, respectively) 1,607 1,719
Net finance receivables (includes loans of consolidated VIEs of $14.0 billion in 2024 and $12.8 billion in 2023) 23,554 21,349
Unearned insurance premium and claim reserves (766) (771)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.6 billion in 2024 and $1.4 billion in 2023) (2,705) (2,480)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses 20,083 18,098
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $662 million in 2024 and $523 million in 2023) 684 534
Goodwill 1,474 1,437
Other intangible assets 286 260
Other assets 1,318 1,232
Total assets 25,910 24,294
Liabilities and Shareholders’ Equity    
Long-term debt (includes debt of consolidated VIEs of $12.4 billion in 2024 and $11.6 billion in 2023) 21,438 19,813
Insurance claims and policyholder liabilities 575 615
Deferred and accrued taxes 20 9
Other liabilities (includes other liabilities of consolidated VIEs of $31 million in 2024 and $26 million in 2023) 686 671
Total liabilities 22,719 21,108
Contingencies (Note 15)
Shareholders’ equity:    
Common stock, par value $0.01 per share; 2,000,000,000 shares authorized, 119,360,509 and 119,757,277 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively 1 1
Additional paid-in capital 1,734 1,715
Accumulated other comprehensive loss (81) (87)
Retained earnings 2,296 2,285
Treasury stock, at cost; 16,060,384 and 15,383,804 shares at December 31, 2024 and December 31, 2023, respectively (759) (728)
Total shareholders’ equity 3,191 3,186
Total liabilities and shareholders’ equity $ 25,910 $ 24,294
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Investment securities, fair value $ 1,539 $ 1,647
Investment securities, amortized cost basis 1,641 1,765
Net finance receivables 23,554 21,349
Financing receivable, allowance for credit loss 2,705 2,480
Restricted cash and restricted cash equivalents 684 534
Long-term debt 21,438 19,813
Other liabilities $ 686 $ 671
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 2,000,000,000 2,000,000,000
Common stock, shares issued (in shares) 119,360,509 119,757,277
Common stock, shares outstanding (in shares) 119,360,509 119,757,277
Treasury stock at cost (in shares) 16,060,384 15,383,804
Consolidated VIEs    
Net finance receivables $ 13,985 $ 12,780
Financing receivable, allowance for credit loss 1,633 1,428
Restricted cash and restricted cash equivalents 662 523
Long-term debt 12,384 11,579
Other liabilities $ 31 $ 26
v3.25.0.1
Consolidated Statements of Operations - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Interest income $ 4,993 $ 4,564 $ 4,435
Interest expense 1,185 1,019 892
Net interest income 3,808 3,545 3,543
Provision for finance receivable losses 2,040 1,721 1,402
Net interest income after provision for finance receivable losses 1,768 1,824 2,141
Other revenues:      
Insurance 445 448 445
Investment 108 116 61
Gain on sales of finance receivables 23 52 63
Net loss on repurchases and repayments of debt (34) 0 (27)
Other 153 119 87
Total other revenues 695 735 629
Other expenses:      
Salaries and benefits 879 855 836
Other operating expenses 728 675 621
Insurance policy benefits and claims 189 189 158
Total other expenses 1,796 1,719 1,615
Income before income taxes 667 840 1,155
Income taxes 158 199 283
Net income $ 509 $ 641 $ 872
Weighted average number of shares outstanding:      
Basic (in shares) 119,659,278 120,382,227 124,178,643
Diluted (in shares) 120,119,983 120,629,590 124,417,274
Earnings per share:      
Basic (in dollars per share) $ 4.26 $ 5.33 $ 7.02
Diluted (in dollars per share) $ 4.24 $ 5.32 $ 7.01
v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 509 $ 641 $ 872
Other comprehensive income (loss):      
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities 12 49 (229)
Retirement plan liability adjustments 6 0 (12)
Foreign currency translation adjustments (14) 4 (10)
Changes in discount rate for insurance claims and policyholder liabilities 5 3 62
Other (4) (5) 22
Income tax effect:      
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities (2) (11) 50
Retirement plan liability adjustments (1) 0 3
Foreign currency translation adjustments 3 (1) 2
Changes in discount rate for insurance claims and policyholder liabilities (1) 0 (14)
Other 0 1 (5)
Other comprehensive income (loss), net of tax, before reclassification adjustments 4 40 (131)
Reclassification adjustments included in net income, net of tax:      
Net realized (gains) losses on available-for-sale securities, net of tax 2 0 (1)
Reclassification adjustments included in net income, net of tax 2 0 (1)
Other comprehensive income (loss), net of tax 6 40 (132)
Comprehensive income $ 515 $ 681 $ 740
v3.25.0.1
Consolidated Statements of Shareholders’ Equity - USD ($)
$ in Millions
Total
Net Impact of Adoption of ASU 2022-02
 [2]
Cumulative Effect, Period Of Adoption, Adjusted Balance
Common Stock
Common Stock
Cumulative Effect, Period Of Adoption, Adjusted Balance
Additional Paid-in Capital
Additional Paid-in Capital
Cumulative Effect, Period Of Adoption, Adjusted Balance
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Cumulative Effect, Period Of Adoption, Adjusted Balance
Retained Earnings
Retained Earnings
Net Impact of Adoption of ASU 2022-02
 [2]
Retained Earnings
Cumulative Effect, Period Of Adoption, Adjusted Balance
Treasury Stock
Treasury Stock
Cumulative Effect, Period Of Adoption, Adjusted Balance
Balance at beginning of period at Dec. 31, 2021 $ 3,037     $ 1   $ 1,672   $ 5   $ 1,727     $ (368)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Common stock repurchased (303)                       (303)  
Treasury stock issued 2                 (2)     4  
Share-based compensation expense, net of forfeitures 31         31                
Withholding tax on share-based compensation (14)         (14)                
Other comprehensive income (loss) (132)             (132)            
Cash dividends [1] (478)                 (478)        
Net income 872                 872        
Balance at end of period at Dec. 31, 2022 3,015 $ 12 $ 3,027 1 $ 1 1,689 $ 1,689 (127) $ (127) 2,119 $ 12 $ 2,131 (667) $ (667)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Common stock repurchased (65)                       (65)  
Treasury stock issued 3                 (1)     4  
Share-based compensation expense, net of forfeitures 36         36                
Withholding tax on share-based compensation (10)         (10)                
Other comprehensive income (loss) 40             40            
Cash dividends [1] (486)                 (486)        
Net income 641                 641        
Balance at end of period at Dec. 31, 2023 3,186     1   1,715   (87)   2,285     (728)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Common stock repurchased (35)                       (35)  
Treasury stock issued 4                       4  
Share-based compensation expense, net of forfeitures 30         30                
Withholding tax on share-based compensation (11)         (11)                
Other comprehensive income (loss) 6             6            
Cash dividends [1] (498)                 (498)        
Net income 509                 509        
Balance at end of period at Dec. 31, 2024 $ 3,191     $ 1   $ 1,734   $ (81)   $ 2,296     $ (759)  
[1]
(a) Cash dividends declared were $4.12 per share, $4.00 per share, and $3.80 per share in 2024, 2023, and 2022 respectively.
[2]
(b) As a result of the adoption of ASU 2022-02, we recorded a one-time cumulative increase to retained earnings, net of tax.
v3.25.0.1
Consolidated Statements of Shareholders’ Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]      
Accounting Standards Update [Extensible Enumeration]     Accounting Standards Update 2022-02 [Member]
Dividends declared (in dollars per share) $ 4.12 $ 4.00 $ 3.80
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income $ 509 $ 641 $ 872
Reconciling adjustments:      
Provision for finance receivable losses 2,040 1,721 1,402
Depreciation and amortization 277 257 262
Deferred income tax benefit (42) (36) (64)
Net loss on repurchases and repayments of debt 34 0 27
Share-based compensation expense, net of forfeitures 30 36 31
Gain on sales of finance receivables (23) (52) (63)
Other (1) (4) 2
Cash flows due to changes in other assets and other liabilities (125) (44) (82)
Net cash provided by operating activities 2,699 2,519 2,387
Cash flows from investing activities      
Net principal originations and purchases of finance receivables (3,806) (3,557) (2,775)
Proceeds from sales of finance receivables 574 641 790
Foursight Acquisition, net of cash acquired (64) 0 0
Available-for-sale securities purchased (272) (179) (530)
Available-for-sale securities called, sold, and matured 373 323 463
Other securities purchased (12) (5) (6)
Other securities called, sold, and matured 19 6 14
Other, net (78) (91) (75)
Net cash used for investing activities (3,266) (2,862) (2,119)
Cash flows from financing activities      
Proceeds from issuance and borrowings of long-term debt, net of issuance costs 4,388 4,819 5,618
Repayments and repurchases of long-term debt (3,687) (3,328) (5,149)
Cash dividends (498) (487) (480)
Common stock repurchased (35) (65) (303)
Treasury stock issued 4 3 2
Withholding tax on share-based compensation (11) (10) (14)
Net cash provided by (used for) financing activities 161 932 (326)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents (406) 589 (58)
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period 1,548 959 1,017
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period 1,142 1,548 959
Supplemental cash flow information      
Cash and cash equivalents 458 1,014 498
Restricted cash and restricted cash equivalents 684 534 461
Total cash and cash equivalents and restricted cash and restricted cash equivalents 1,142 1,548 959
Interest paid (1,144) (968) (857)
Income taxes paid (219) (215) (343)
Cash paid for amounts included in the measurement of operating lease liabilities (58) (59) (58)
Supplemental non-cash activities      
Right-of-use assets obtained in exchange for operating lease obligations $ 47 $ 67 $ 66
v3.25.0.1
Consolidated Balance Sheets - OMFC - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Assets    
Cash and cash equivalents $ 458 $ 1,014
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.5 billion and $1.6 billion in 2024, respectively, and $1.6 billion and $1.8 billion in 2023, respectively) 1,607 1,719
Net finance receivables (includes loans of consolidated VIEs of $14.0 billion in 2024 and $12.8 billion in 2023) 23,554 21,349
Unearned insurance premium and claim reserves (766) (771)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.6 billion in 2024 and $1.4 billion in 2023) (2,705) (2,480)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses 20,083 18,098
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $662 million in 2024 and $523 million in 2023) 684 534
Goodwill 1,474 1,437
Other intangible assets 286 260
Other assets 1,318 1,232
Total assets 25,910 24,294
Liabilities and Shareholders’ Equity    
Long-term debt (includes debt of consolidated VIEs of $12.4 billion in 2024 and $11.6 billion in 2023) 21,438 19,813
Insurance claims and policyholder liabilities 575 615
Deferred and accrued taxes 20 9
Other liabilities (includes other liabilities of consolidated VIEs of $31 million in 2024 and $26 million in 2023) 686 671
Total liabilities 22,719 21,108
Contingencies (Note 15)
Shareholders’ equity:    
Common stock, par value $0.50 per share; 25,000,000 shares authorized, 10,160,021 shares issued and outstanding at December 31, 2024 and December 31, 2023 1 1
Additional paid-in capital 1,734 1,715
Accumulated other comprehensive loss (81) (87)
Retained earnings 2,296 2,285
Total shareholders’ equity 3,191 3,186
Total liabilities and shareholders’ equity 25,910 24,294
Consolidated VIEs    
Assets    
Cash and cash equivalents 4 2
Net finance receivables (includes loans of consolidated VIEs of $14.0 billion in 2024 and $12.8 billion in 2023) 13,985 12,780
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.6 billion in 2024 and $1.4 billion in 2023) (1,633) (1,428)
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $662 million in 2024 and $523 million in 2023) 662 523
Other assets 40 32
Liabilities and Shareholders’ Equity    
Long-term debt (includes debt of consolidated VIEs of $12.4 billion in 2024 and $11.6 billion in 2023) 12,384 11,579
Other liabilities (includes other liabilities of consolidated VIEs of $31 million in 2024 and $26 million in 2023) 31 26
OMFC    
Assets    
Cash and cash equivalents 424 1,011
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.5 billion and $1.6 billion in 2024, respectively, and $1.6 billion and $1.8 billion in 2023, respectively) 1,607 1,719
Net finance receivables (includes loans of consolidated VIEs of $14.0 billion in 2024 and $12.8 billion in 2023) 23,554 21,349
Unearned insurance premium and claim reserves (766) (771)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.6 billion in 2024 and $1.4 billion in 2023) (2,705) (2,480)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses 20,083 18,098
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $662 million in 2024 and $523 million in 2023) 684 534
Goodwill 1,474 1,437
Other intangible assets 286 260
Other assets 1,317 1,230
Total assets 25,875 24,289
Liabilities and Shareholders’ Equity    
Long-term debt (includes debt of consolidated VIEs of $12.4 billion in 2024 and $11.6 billion in 2023) 21,438 19,813
Insurance claims and policyholder liabilities 575 615
Deferred and accrued taxes 20 9
Other liabilities (includes other liabilities of consolidated VIEs of $31 million in 2024 and $26 million in 2023) 687 672
Total liabilities 22,720 21,109
Contingencies (Note 15)
Shareholders’ equity:    
Common stock, par value $0.50 per share; 25,000,000 shares authorized, 10,160,021 shares issued and outstanding at December 31, 2024 and December 31, 2023 5 5
Additional paid-in capital 1,978 1,959
Accumulated other comprehensive loss (81) (87)
Retained earnings 1,253 1,303
Total shareholders’ equity 3,155 3,180
Total liabilities and shareholders’ equity 25,875 24,289
OMFC | Consolidated VIEs    
Assets    
Net finance receivables (includes loans of consolidated VIEs of $14.0 billion in 2024 and $12.8 billion in 2023) 14,000 12,800
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.6 billion in 2024 and $1.4 billion in 2023) (1,600) (1,400)
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $662 million in 2024 and $523 million in 2023) 662 523
Liabilities and Shareholders’ Equity    
Long-term debt (includes debt of consolidated VIEs of $12.4 billion in 2024 and $11.6 billion in 2023) 12,400 11,600
Other liabilities (includes other liabilities of consolidated VIEs of $31 million in 2024 and $26 million in 2023) $ 31 $ 26
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - OMFC - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Investment securities, fair value $ 1,539 $ 1,647
Investment securities, amortized cost basis 1,641 1,765
Net finance receivables 23,554 21,349
Financing receivable, allowance for credit loss 2,705 2,480
Restricted cash and restricted cash equivalents 684 534
Long-term debt 21,438 19,813
Other liabilities $ 686 $ 671
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 2,000,000,000 2,000,000,000
Common stock, shares issued (in shares) 119,360,509 119,757,277
Common stock, shares outstanding (in shares) 119,360,509 119,757,277
OMFC    
Investment securities, fair value $ 1,500 $ 1,600
Investment securities, amortized cost basis 1,600 1,800
Net finance receivables 23,554 21,349
Financing receivable, allowance for credit loss 2,705 2,480
Restricted cash and restricted cash equivalents 684 534
Long-term debt 21,438 19,813
Other liabilities $ 687 $ 672
Common stock, par value (in dollars per share) $ 0.50 $ 0.50
Common stock, shares authorized (in shares) 25,000,000 25,000,000
Common stock, shares issued (in shares) 10,160,021 10,160,021
Common stock, shares outstanding (in shares) 10,160,021 10,160,021
Consolidated VIEs    
Net finance receivables $ 13,985 $ 12,780
Financing receivable, allowance for credit loss 1,633 1,428
Restricted cash and restricted cash equivalents 662 523
Long-term debt 12,384 11,579
Other liabilities 31 26
Consolidated VIEs | OMFC    
Net finance receivables 14,000 12,800
Financing receivable, allowance for credit loss 1,600 1,400
Restricted cash and restricted cash equivalents 662 523
Long-term debt 12,400 11,600
Other liabilities $ 31 $ 26
v3.25.0.1
Consolidated Statements of Operations - OMFC - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest income $ 4,993 $ 4,564 $ 4,435
Interest expense 1,185 1,019 892
Net interest income 3,808 3,545 3,543
Provision for finance receivable losses 2,040 1,721 1,402
Net interest income after provision for finance receivable losses 1,768 1,824 2,141
Other revenues:      
Insurance 445 448 445
Investment 108 116 61
Gain on sales of finance receivables 23 52 63
Net loss on repurchases and repayments of debt (34) 0 (27)
Other 153 119 87
Total other revenues 695 735 629
Other expenses:      
Salaries and benefits 879 855 836
Other operating expenses 728 675 621
Insurance policy benefits and claims 189 189 158
Total other expenses 1,796 1,719 1,615
Income before income taxes 667 840 1,155
Income taxes 158 199 283
Net income 509 641 872
OMFC      
Interest income 4,993 4,564 4,435
Interest expense 1,185 1,019 892
Net interest income 3,808 3,545 3,543
Provision for finance receivable losses 2,040 1,721 1,402
Net interest income after provision for finance receivable losses 1,768 1,824 2,141
Other revenues:      
Insurance 445 448 445
Investment 108 116 61
Gain on sales of finance receivables 23 52 63
Net loss on repurchases and repayments of debt (34) 0 (27)
Other 153 119 87
Total other revenues 695 735 629
Other expenses:      
Salaries and benefits 879 855 836
Other operating expenses 728 675 621
Insurance policy benefits and claims 189 189 158
Total other expenses 1,796 1,719 1,615
Income before income taxes 667 840 1,155
Income taxes 158 199 283
Net income $ 509 $ 641 $ 872
v3.25.0.1
Consolidated Statements of Comprehensive Income - OMFC - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net income $ 509 $ 641 $ 872
Other comprehensive income (loss):      
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities 12 49 (229)
Retirement plan liability adjustments 6 0 (12)
Foreign currency translation adjustments (14) 4 (10)
Changes in discount rate for insurance claims and policyholder liabilities 5 3 62
Other (4) (5) 22
Income tax effect:      
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities (2) (11) 50
Retirement plan liability adjustments (1) 0 3
Foreign currency translation adjustments 3 (1) 2
Changes in discount rate for insurance claims and policyholder liabilities (1) 0 (14)
Other 0 1 (5)
Other comprehensive income (loss), net of tax, before reclassification adjustments 4 40 (131)
Reclassification adjustments included in net income, net of tax:      
Net realized (gains) losses on available-for-sale securities, net of tax 2 0 (1)
Reclassification adjustments included in net income, net of tax 2 0 (1)
Other comprehensive income (loss), net of tax 6 40 (132)
Comprehensive income 515 681 740
OMFC      
Net income 509 641 872
Other comprehensive income (loss):      
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities 12 49 (229)
Retirement plan liability adjustments 6 0 (12)
Foreign currency translation adjustments (14) 4 (10)
Changes in discount rate for insurance claims and policyholder liabilities 5 3 62
Other (4) (5) 22
Income tax effect:      
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities (2) (11) 50
Retirement plan liability adjustments (1) 0 3
Foreign currency translation adjustments 3 (1) 2
Changes in discount rate for insurance claims and policyholder liabilities (1) 0 (14)
Other 0 1 (5)
Other comprehensive income (loss), net of tax, before reclassification adjustments 4 40 (131)
Reclassification adjustments included in net income, net of tax:      
Net realized (gains) losses on available-for-sale securities, net of tax 2 0 (1)
Reclassification adjustments included in net income, net of tax 2 0 (1)
Other comprehensive income (loss), net of tax 6 40 (132)
Comprehensive income $ 515 $ 681 $ 740
v3.25.0.1
Consolidated Statements of Shareholder’s Equity - OMFC - USD ($)
$ in Millions
Total
Net Impact of Adoption of ASU 2022-02
 [2]
Cumulative Effect, Period Of Adoption, Adjusted Balance
Common Stock
Common Stock
Cumulative Effect, Period Of Adoption, Adjusted Balance
Additional Paid-in Capital
Additional Paid-in Capital
Cumulative Effect, Period Of Adoption, Adjusted Balance
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Cumulative Effect, Period Of Adoption, Adjusted Balance
Retained Earnings
Retained Earnings
Net Impact of Adoption of ASU 2022-02
 [2]
Retained Earnings
Cumulative Effect, Period Of Adoption, Adjusted Balance
OMFC
OMFC
Net Impact of Adoption of ASU 2022-02
 [3]
OMFC
Cumulative Effect, Period Of Adoption, Adjusted Balance
OMFC
Common Stock
OMFC
Common Stock
Cumulative Effect, Period Of Adoption, Adjusted Balance
OMFC
Additional Paid-in Capital
OMFC
Additional Paid-in Capital
Cumulative Effect, Period Of Adoption, Adjusted Balance
OMFC
Accumulated Other Comprehensive Income (Loss)
OMFC
Accumulated Other Comprehensive Income (Loss)
Cumulative Effect, Period Of Adoption, Adjusted Balance
OMFC
Retained Earnings
OMFC
Retained Earnings
Net Impact of Adoption of ASU 2022-02
 [3]
OMFC
Retained Earnings
Cumulative Effect, Period Of Adoption, Adjusted Balance
Balance at beginning of period at Dec. 31, 2021 $ 3,037     $ 1   $ 1,672   $ 5   $ 1,727     $ 3,004     $ 5   $ 1,916   $ 5   $ 1,078    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                
Share-based compensation expense, net of forfeitures 31         31             31         31            
Withholding tax on share-based compensation (14)         (14)             (14)         (14)            
Other comprehensive income (loss) (132)             (132)         (132)             (132)        
Cash dividends (478) [1]                 (478) [1]     (757)                 (757)    
Net income 872                 872     872                 872    
Balance at end of period at Dec. 31, 2022 3,015 $ 12 $ 3,027 1 $ 1 1,689 $ 1,689 (127) $ (127) 2,119 $ 12 $ 2,131 3,004 $ 12 $ 3,016 5 $ 5 1,933 $ 1,933 (127) $ (127) 1,193 $ 12 $ 1,205
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                
Share-based compensation expense, net of forfeitures 36         36             36         36            
Withholding tax on share-based compensation (10)         (10)             (10)         (10)            
Other comprehensive income (loss) 40             40         40             40        
Cash dividends (486) [1]                 (486) [1]     (543)                 (543)    
Net income 641                 641     641                 641    
Balance at end of period at Dec. 31, 2023 3,186     1   1,715   (87)   2,285     3,180     5   1,959   (87)   1,303    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                
Share-based compensation expense, net of forfeitures 30         30             30         30            
Withholding tax on share-based compensation (11)         (11)             (11)         (11)            
Other comprehensive income (loss) 6             6         6             6        
Cash dividends (498) [1]                 (498) [1]     (559)                 (559)    
Net income 509                 509     509                 509    
Balance at end of period at Dec. 31, 2024 $ 3,191     $ 1   $ 1,734   $ (81)   $ 2,296     $ 3,155     $ 5   $ 1,978   $ (81)   $ 1,253    
[1]
(a) Cash dividends declared were $4.12 per share, $4.00 per share, and $3.80 per share in 2024, 2023, and 2022 respectively.
[2]
(b) As a result of the adoption of ASU 2022-02, we recorded a one-time cumulative increase to retained earnings, net of tax.
[3]
* As a result of the adoption of ASU 2022-02, we recorded a one-time cumulative increase to retained earnings, net of tax.
v3.25.0.1
Consolidated Statements of Shareholder’s Equity (Parenthetical) - OMFC
 12 Months Ended
Dec. 31, 2022
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2022-02 [Member]
OMFC  
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2022-02 [Member]
v3.25.0.1
Consolidated Statements of Cash Flows - OMFC - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income $ 509 $ 641 $ 872
Reconciling adjustments:      
Provision for finance receivable losses 2,040 1,721 1,402
Depreciation and amortization 277 257 262
Deferred income tax benefit (42) (36) (64)
Net loss on repurchases and repayments of debt 34 0 27
Share-based compensation expense, net of forfeitures 30 36 31
Gain on sales of finance receivables (23) (52) (63)
Other (1) (4) 2
Cash flows due to changes in other assets and other liabilities (125) (44) (82)
Net cash provided by operating activities 2,699 2,519 2,387
Cash flows from investing activities      
Net principal originations and purchases of finance receivables (3,806) (3,557) (2,775)
Proceeds from sales of finance receivables 574 641 790
Foursight Acquisition, net of cash acquired (64) 0 0
Available-for-sale securities purchased (272) (179) (530)
Available-for-sale securities called, sold, and matured 373 323 463
Other securities purchased (12) (5) (6)
Other securities called, sold, and matured 19 6 14
Other, net (78) (91) (75)
Net cash used for investing activities (3,266) (2,862) (2,119)
Cash flows from financing activities      
Proceeds from issuance and borrowings of long-term debt, net of issuance costs 4,388 4,819 5,618
Repayments and repurchases of long-term debt (3,687) (3,328) (5,149)
Cash dividends (498) (487) (480)
Withholding tax on share-based compensation (11) (10) (14)
Net cash provided by (used for) financing activities 161 932 (326)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents (406) 589 (58)
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period 1,548 959 1,017
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period 1,142 1,548 959
Supplemental cash flow information      
Cash and cash equivalents 458 1,014 498
Restricted cash and restricted cash equivalents 684 534 461
Total cash and cash equivalents and restricted cash and restricted cash equivalents 1,142 1,548 959
Interest paid (1,144) (968) (857)
Income taxes paid (219) (215) (343)
Cash paid for amounts included in the measurement of operating lease liabilities (58) (59) (58)
Right-of-use assets obtained in exchange for operating lease obligations 47 67 66
OMFC      
Cash flows from operating activities      
Net income 509 641 872
Reconciling adjustments:      
Provision for finance receivable losses 2,040 1,721 1,402
Depreciation and amortization 277 257 262
Deferred income tax benefit (42) (36) (64)
Net loss on repurchases and repayments of debt 34 0 27
Share-based compensation expense, net of forfeitures 30 36 31
Gain on sales of finance receivables (23) (52) (63)
Other (1) (4) 2
Cash flows due to changes in other assets and other liabilities (125) (44) (81)
Net cash provided by operating activities 2,699 2,519 2,388
Cash flows from investing activities      
Net principal originations and purchases of finance receivables (3,806) (3,557) (2,775)
Proceeds from sales of finance receivables 574 641 790
Foursight Acquisition, net of cash acquired (64) 0 0
Available-for-sale securities purchased (272) (179) (530)
Available-for-sale securities called, sold, and matured 373 323 463
Other securities purchased (12) (5) (6)
Other securities called, sold, and matured 19 6 14
Other, net (78) (91) (75)
Net cash used for investing activities (3,266) (2,862) (2,119)
Cash flows from financing activities      
Proceeds from issuance and borrowings of long-term debt, net of issuance costs 4,388 4,819 5,618
Repayments and repurchases of long-term debt (3,687) (3,328) (5,149)
Cash dividends (560) (544) (759)
Withholding tax on share-based compensation (11) (10) (14)
Net cash provided by (used for) financing activities 130 937 (304)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents (437) 594 (35)
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period 1,545 951 986
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period 1,108 1,545 951
Supplemental cash flow information      
Cash and cash equivalents 424 1,011 490
Restricted cash and restricted cash equivalents 684 534 461
Total cash and cash equivalents and restricted cash and restricted cash equivalents 1,108 1,545 951
Interest paid (1,144) (968) (857)
Income taxes paid (219) (215) (343)
Cash paid for amounts included in the measurement of operating lease liabilities (58) (59) (58)
Right-of-use assets obtained in exchange for operating lease obligations $ 47 $ 67 $ 66
v3.25.0.1
Nature of Operations
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations
1. Nature of Operations

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.”
v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
2. Summary of Significant Accounting Policies

BASIS OF PRESENTATION

We prepared our consolidated financial statements using generally accepted accounting principles in the United States of America ("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 consolidated financial statements and disclosures of contingent assets and liabilities. In management’s opinion, the consolidated financial statements include the normal, recurring adjustments necessary for a fair statement of results. Ultimate 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. To conform to the 2024 presentation, we reclassified certain items in prior periods of our consolidated financial statements.

ACCOUNTING POLICIES

Operating Segment

At December 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.

Finance Receivables

Generally, we classify finance receivables as held for investment based on management’s intent at the time of origination. We determine classification on a receivable-by-receivable basis. We classify finance receivables as held for investment due to our ability and intent to hold them until their contractual maturities. Our finance receivables held for investment consist of our consumer loans and credit cards. Consumer loans include personal loans and auto finance. We carry finance receivables at amortized cost which includes accrued finance charges, net unamortized deferred origination costs and unamortized fees, unamortized net premiums and discounts on purchased finance receivables, and unamortized finance charges on precomputed receivables.

We include the cash flows from finance receivables held for investment in our consolidated statements of cash flows as investing activities, except for collections of interest, which we include as cash flows from operating activities. We may finance certain optional products offered to our customers as part of finance receivables. In such cases, the insurance premium is included as an operating cash inflow and the financing of the insurance premium is included as part of the finance receivable as an investing cash flow in our consolidated statements of cash flows.
Finance Receivable Revenue Recognition

We recognize finance charges as revenue on the accrual basis using the interest method, which we report in Interest income in our consolidated statements of operations. We defer and amortize the costs to originate certain finance receivables and the revenue from nonrefundable fees, along with any premiums or discounts, as an adjustment to finance charge income using the interest method. For credit cards, we amortize certain deferred costs on a straight-line basis over a twelve-month period.

For our consumer loans, we stop accruing finance charges when four payments (approximately 90 days) become contractually past due. We reverse finance charge amounts previously accrued upon suspension of accrual of finance charges. For credit cards, we continue to accrue finance charges and fees until charge-off when seven payments (approximately 180 days) become contractually past due, at which point we reverse finance charges and fees previously accrued.

For certain finance receivables that had a carrying value that included a purchase premium or discount, we stop accreting the premium or discount at the time we stop accruing finance charges. We do not reverse accretion of premium or discount that was previously recognized.

For our consumer loans, we recognize the contractual interest portion of payments received on nonaccrual finance receivables as finance charges at the time of receipt. We resume the accrual of interest on nonaccrual consumer loans when the past due status on the individual finance receivable improves to the point that the finance receivable no longer meets our policy for nonaccrual. At that time, we also resume accretion of any unamortized premium or discount resulting from a previous purchase premium or discount.

Modified Finance Receivables to Borrowers Experiencing Financial Difficulty

We make modifications to our finance receivables to assist borrowers who are experiencing financial difficulty, participating in a counseling or settlement arrangement, or are in bankruptcy. 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. We restructure finance receivables only if we believe the customer has the ability to pay under the restructured terms for the foreseeable future.

When we modify an account, we primarily use a combination of the following to reduce the borrower’s monthly payment: reduce the interest rate, extend the term, defer or forgive past due interest, or forgive principal. As part of the modification, we may require qualifying payments before the accounts are generally brought current for delinquency reporting. In addition, for principal forgiveness, we may require future payment performance by the borrower under the modified terms before the balances are contractually forgiven. We fully reserve for any potential principal forgiveness in our allowance for finance receivable losses.

Accounts that are deemed to be a modified finance receivable are measured for impairment in accordance with our policy for allowance for finance receivable losses.

Allowance for Finance Receivable Losses

We establish the allowance for finance receivable losses through the provision for finance receivable losses. We evaluate our finance receivable portfolio by level of contractual delinquency in the portfolio, specifically in the late-stage delinquency buckets and inclusive of the migration of the loans through the delinquency buckets. Our finance receivables consist of a large number of relatively small, homogeneous accounts.

We estimate the allowance for finance receivable losses primarily on historical loss experience using a cumulative loss model applied to our consumer loans. Our gross credit loss expectation is offset by the estimate of future recoveries using historical recovery curves. Our consumer loans are primarily segmented in the loss model by contractual delinquency status. Other attributes in the model include loan modification status, collateral mix, and recent credit score.

To estimate the gross credit losses for consumer loans, the model utilizes a roll rate matrix to project the first 12 months of losses and historical cohort performance to project the expected losses over the remaining term. Our methodology relies on historical loss experience to forecast the corresponding future outcomes.
These patterns are then applied to the current portfolio to obtain an estimate of future losses. We also consider key economic trends including unemployment rates. Forecasted macroeconomic conditions extend to our reasonable and supportable forecast period and revert to a historical average. No new volume is assumed. Loan renewals are a significant piece of our new volume and are considered a terminal event of the previous loan.

For our consumer loans, we have elected not to measure an allowance on accrued finance charges as it is our policy to reverse finance charge amounts previously accrued after four contractual payments become past due. For credit cards, we measure an allowance on uncollected finance charges, but do not measure an allowance on the unfunded portion of the credit card lines as the accounts are unconditionally cancellable.

Management exercises its judgment when determining the amount of allowance for finance receivable losses. Our judgment is based on quantitative analyses, qualitative factors, such as recent portfolio, industry, and other economic trends, and experience in the consumer finance industry. We may adjust the amounts determined by our model for management’s estimate of the effects of model imprecision which include but are not limited to, any changes to underwriting criteria and portfolio seasoning.

We generally charge-off to the allowance for finance receivable losses on consumer loans and credit cards that are beyond seven payments (approximately 180 days) contractually past due. Exceptions include accounts in bankruptcy, which are generally charged off at the earlier of notice of discharge or when the customer becomes seven payments contractually past due, and accounts of deceased borrowers, which are generally charged off at the time of notice. Generally, we start repossession of any titled personal property when the customer becomes two payments (approximately 30 days) contractually past due and may charge-off prior to the account becoming seven payments (approximately 180 days) contractually past due.

We may renew delinquent secured or unsecured loan accounts if the customer meets current underwriting criteria and it does not appear that the cause of past delinquency will affect the customer’s ability to repay the renewed loan. We subject all renewals to the same credit risk underwriting process as we would a new application for credit.

Goodwill

Goodwill represents the amount of purchase price over the fair value of net assets we acquired in connection with business combinations. We test goodwill for potential impairment at least annually as of October 1 of each year and more frequently if events occur or circumstances change that would more likely than not reduce the fair value of our reporting unit below its carrying amount.

We first complete a qualitative assessment to determine whether it is necessary to perform a quantitative impairment test. If the qualitative assessment indicates that it is more likely than not that the reporting unit’s fair value is less than its carrying amount, we proceed with the quantitative impairment test. When necessary, the fair value of the reporting unit is calculated utilizing the income approach, which uses prospective financial information of the reporting unit discounted at a rate we estimate a market participant would use.

Intangible Assets other than Goodwill

At the time we initially recognize intangible assets, a determination is made with regard to each asset’s useful life. We amortize our finite useful life intangible assets in a manner that reflects the pattern of economic benefit used.

For intangible assets with a finite useful life, we review for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. Impairment is indicated if the sum of undiscounted estimated future cash flows is less than the carrying value of the respective asset. Impairment is permanently recognized by writing down the asset to the extent that the carrying value exceeds the estimated fair value.

For indefinite-lived intangible assets, we review for impairment at least annually and more frequently if events or changes in circumstances indicate the assets are more likely than not to be impaired. We first complete a qualitative assessment to determine whether it is necessary to perform a quantitative impairment test. If the qualitative assessment indicates that the assets are more likely than not to have been impaired, we proceed with the fair value calculation of the assets. The fair value is determined in accordance with our fair value measurement policy. If the carrying value exceeds the estimated fair value, an impairment loss will be recognized in an amount equal to the difference and the indefinite life classification will be evaluated to determine whether such classification remains appropriate.
Leases

All our leases are classified as operating leases, and we are the lessee or sublessor in all our lease arrangements. At inception of an arrangement, we determine if a lease exists. At lease commencement date, we recognize a right-of-use asset and a lease liability measured at the present value of lease payments over the lease term. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Since our operating leases do not provide an implicit rate, we utilize the best available information to determine our incremental borrowing rate, which is used to calculate the present value of lease payments. The right-of-use asset also includes any prepaid fixed lease payments and excludes lease incentives. Options to extend or terminate a lease may be included in our lease arrangements. We reflect the renewal or termination option in the right-of-use asset and lease liability when it is reasonably certain that we will exercise those options. In the normal course of business, we will renew leases that expire or replace them with leases on other properties.

We have elected the practical expedient to treat both the lease component and non-lease component for our leased office space portfolio as a single lease component. Operating lease costs for lease payments are recognized on a straight-line basis over the lease term and are included in Other operating expenses in our consolidated statements of operations. In addition to rent, we pay taxes, insurance, and maintenance expenses under certain leases as variable lease payments. The lease right-of-use assets are included in Other assets and the lease liabilities are included in Other liabilities in our consolidated balance sheets.

Insurance Premiums

We recognize revenue for short-duration contracts over the related contract period. Short-duration contracts primarily consist of credit life, credit disability, credit involuntary unemployment insurance, and collateral protection policies. We defer single premium credit insurance premiums from affiliates in unearned premium reserves, which we include as a reduction to Net finance receivables in our consolidated balance sheets. We recognize unearned premiums on credit life, credit disability, credit involuntary unemployment insurance, and collateral protection insurance as revenue using the sum-of-the-digits, straight-line or other appropriate methods over the terms of the policies. Premiums from reinsurance assumed are earned over the related contract period.

We recognize revenue on long-duration contracts when due from policyholders. Long-duration contracts include term and whole life, accidental death and dismemberment, and disability income protection. For single premium long-duration contracts, a liability is accrued, which represents the present value of estimated future policy benefits to be paid to or on behalf of policyholders and related expenses, when premium revenue is recognized. The effects of changes in such estimated future policy benefit reserves are classified in Insurance policy benefits and claims in our consolidated statements of operations.

We recognize commissions on optional products as Other revenues - other in our consolidated statements of operations when earned.

We may finance certain optional products offered to our customers as part of finance receivables. In such cases, unearned premiums and certain unpaid claim liabilities related to our borrowers are netted and classified as contra-assets in Net finance receivables in our consolidated balance sheets. The insurance premium is included as an operating cash inflow and the financing of the insurance premium is included as part of the finance receivable as an investing cash flow in our consolidated statements of cash flows.

Policy and Claim Reserves

Policy reserves for credit life, credit disability, credit involuntary unemployment, and collateral protection insurance equal related unearned premiums. Reserves for losses and loss adjustment expenses are based on claims experience, actual claims reported, and estimates of claims incurred but not reported. Assumptions utilized in determining appropriate reserves are based on historical experience, adjusted to provide for possible adverse deviation. These estimates are periodically reviewed and compared with actual experience and industry standards, and revised if it is determined that future experience will differ substantially from that previously assumed. Since reserves are based on estimates, the ultimate liability may be more or less than such reserves. The effects of changes in such estimated reserves are classified in Insurance policy benefits and claims in our consolidated statements of operations in the period in which the estimates are changed.

We base annuity reserves on assumptions as to investment yields and mortality. Ceded insurance reserves are included in Other assets in our consolidated balance sheets and include estimates of the amounts expected to be recovered from reinsurers on insurance claims and policyholder liabilities.
Policy reserves are established for our long-duration contracts. The liability for future policy benefits is the present value of estimated future policy benefits to be paid to or on behalf of policyholders less the present value of estimated future net premiums to be collected from policyholders. To estimate the liability, we make assumptions for mortality, morbidity, lapses, and the discount rate.

At least annually, we update our estimate of the liability with actual experience and review our cash flow assumptions. The updated liability is discounted at the original discount rate at contract inception, and the change in the balance is recognized as a remeasurement gain or loss and included in Insurance policy benefits and claims in our consolidated statements of operations.

The discount rate assumption is the equivalent of an upper-medium grade fixed-income instrument yield. To determine the original discount rate at contract inception, we use a weighted average rate based on a forward yield curve over the contract issue year. At each reporting period, the liability is remeasured using the current discount rate and the change in the liability due to the discount rate is recognized in Accumulated other comprehensive income (loss) in our consolidated balance sheets.

Insurance Policy Acquisition Costs

We defer insurance policy acquisition costs (primarily commissions, reinsurance fees, and premium taxes). We include deferred policy acquisition costs in Other assets in our consolidated balance sheets and amortize these costs over the terms of the related policies, whether directly written or reinsured.

Investment Securities

We generally classify our investment securities as available-for-sale or other, depending on management’s intent. Other securities primarily consist of equity securities and those securities for which the fair value option was elected.

Our investment securities classified as available-for-sale are recorded at fair value. We adjust related balance sheet accounts to reflect the current fair value of investment securities and record the adjustment, net of tax, in Accumulated other comprehensive income or loss in shareholders’ equity. We record interest receivable on investment securities in Other assets in our consolidated balance sheets.

We classify our investment securities in the fair value hierarchy framework based on the observability of inputs. Inputs to the valuation techniques are described as being either observable (Level 1 or 2) or unobservable (Level 3) assumptions (as further described in “Fair Value Measurements” below) that market participants would use in pricing an asset or liability.

Impairments on Investment Securities

We evaluate our available-for-sale securities on an individual basis to identify any instances where the fair value of the investment security is below its amortized cost. For these securities, we then evaluate whether an impairment exists if any of the following conditions are present:

•we intend to sell the security;
•it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis; or
•we do not expect to recover the security’s entire amortized cost basis (even if we do not intend to sell the security).

If we intend to sell an impaired investment security or we will likely be required to sell the security before recovery of its amortized cost basis less any current period credit loss, we recognize the impairment as a direct write-down in Other revenues - investment in our consolidated statements of operations equal to the difference between the investment security’s amortized cost and its fair value at the balance sheet date. Once the impairment is recorded, we adjust the investment security to a new amortized cost basis equal to the previous amortized cost basis less the impairment write-down recognized in the current period.

In determining whether a credit loss exists, we compare our best estimate of the present value of the cash flows expected to be collected from the security to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis of the security, a credit loss exists and an allowance for credit losses is recorded, not to exceed the total unrealized loss on the security. The cash flows expected to be collected are determined by assessing all available information, including issuer default rate, ratings changes and adverse conditions related to the industry sector, financial condition of issuer, credit enhancements, collateral default rates, and other relevant criteria. Management considers
factors such as our investment strategy, liquidity requirements, overall business plans, and recovery periods for securities in previous periods of broad market declines.

If a credit loss exists with respect to an investment in a security (i.e., we do not expect to recover the entire amortized cost basis of the security), we would be unable to assert that we will recover our amortized cost basis even if we do not intend to sell the security. Therefore, in these situations, a credit impairment is considered to have occurred.

If a credit impairment exists, but we do not intend to sell the security and we will likely not be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the impairment is bifurcated as: (i) the estimated amount relating to credit loss; and (ii) the amount relating to non-credit related factors. We recognize the estimated credit loss as an allowance on the balance sheet in investment securities, with a corresponding loss in Other revenues - investment, and the non-credit loss amount in Accumulated other comprehensive income or loss.

For investment securities in which a credit impairment was recorded through an allowance, we record subsequent increases and decreases in the allowance for credit losses as credit loss expense or reversal of credit loss expense in Other revenues -investment. We will not reverse a previously recorded allowance to an amount below zero. We recognize subsequent increases and decreases in the fair value of our available-for-sale securities from non-credit related factors in Accumulated other comprehensive income or loss.

Interest receivables on our investment securities are excluded from the amortized cost and fair value and are recorded in Other assets in our consolidated balance sheets. We have elected not to measure an allowance on interest receivables due to our policy to reverse interest receivable at the time collectability is uncertain. The reversal of interest receivable is recorded in Other revenues - investment in our consolidated statements of operations.

Investment Revenue Recognition

We recognize interest on interest bearing fixed-maturity investment securities as revenue on the accrual basis. We amortize any premiums or accrete any discounts as a revenue adjustment using the interest method. We stop accruing interest revenue when the collection of interest becomes uncertain. We record dividends on equity securities as revenue on ex-dividend dates. We recognize income on mortgage-backed and asset-backed securities as revenue using an effective yield based on estimated prepayments of the underlying collateral. If actual prepayments differ from estimated prepayments, we calculate a new effective yield and adjust the net investment in the security accordingly. We record the adjustment, along with all investment securities revenue, in Other revenues - investment in our consolidated statements of operations. We specifically identify realized gains and losses on investment securities and include them in Other revenues - investment in our consolidated statements of operations.

Variable Interest Entities

An entity is a VIE if the entity does not have sufficient equity at risk for the entity to finance its activities without additional financial support or has equity investors who lack the characteristics of a controlling financial interest. A VIE is consolidated into the financial statements of its primary beneficiary. When we have a variable interest in a VIE, we qualitatively assess whether we have a controlling financial interest in the entity and, if so, whether we are the primary beneficiary. In applying the qualitative assessment to identify the primary beneficiary of a VIE, we are determined to have a controlling financial interest if we have (i) the power to direct the activities that most significantly impact the economic performance of the VIE, and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We consider the VIEs’ purpose and design, including the risks that the entity was designed to create and pass through to its variable interest holders. We continually reassess the VIEs’ primary beneficiary and whether we have acquired or divested the power to direct the activities of the VIE through changes in governing documents or other circumstances.

Cash and Cash Equivalents

We consider unrestricted cash on hand and short-term investments having maturity dates within three months of their date of acquisition to be cash and cash equivalents.

We typically maintain cash in financial institutions in excess of the Federal Deposit Insurance Corporation’s insurance limits. We evaluate the creditworthiness of these financial institutions in determining the risk associated with these cash balances. We
do not believe that the Company is exposed to any significant credit risk on these accounts and have not experienced any losses in such accounts.

Restricted Cash and Cash Equivalents

We include funds to be used for future debt payments and collateral relating to our secured debt, insurance regulatory deposits, and reinsurance trusts with third parties, in each case, in restricted cash and cash equivalents.

Long-term Debt

We generally report our long-term debt at the face value of the debt instrument, which we adjust for any unaccreted discount, unamortized premium, or unaccreted debt issuance costs. For our securitizations, we have elected to amortize and accrete these items over the life of the debt instrument based on the projected cash flows. For all other debt instruments, we generally amortize and accrete these items over the contractual life of the debt instrument based on the contractual terms. Amortization and accretion of these items are recorded to Interest expense in our consolidated statements of operations.

Income Taxes

We recognize income taxes using the asset and liability method. We establish deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of assets and liabilities, using the tax rates expected to be in effect when the temporary differences reverse. Deferred tax assets are also recognized for tax attributes such as net operating loss carryforwards.

Realization of our gross deferred tax asset depends on our ability to generate sufficient taxable income of the appropriate character within the carryforward periods of the jurisdictions in which the net operating and capital losses, deductible temporary differences and credits were generated. When we assess our ability to realize deferred tax assets, we consider all available evidence and we record valuation allowances to reduce deferred tax assets to the amounts that management conclude are more-likely-than-not to be realized.

We recognize income tax benefits associated with uncertain tax positions, when, in our judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more likely than not recognition threshold, we initially and subsequently measure the tax benefit as the largest amount that we judge to have a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority.

Retirement Benefit Plans

We have funded and unfunded noncontributory defined pension plans. We recognize the net pension asset or liability, also referred to herein as the funded status of the benefit plan, in Other assets or Other liabilities in our consolidated balance sheets, depending on the funded status at the end of each reporting period. We recognize the net actuarial gains or losses and prior service cost or credit that arise during the period in Accumulated other comprehensive income or loss.

Many of our employees are participants in our 401(k) Plan. Our contributions to the plan are charged to Salaries and benefits in our consolidated statements of operations.

Share-based Compensation Plans

We measure compensation cost for service-based and performance-based awards at estimated fair value and recognize compensation expense over the requisite service period for awards expected to vest. The estimation of awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from current estimates, such amounts will be recorded as a cumulative adjustment to Salaries and benefits in our consolidated statements of operations in the period estimates are revised. For service-based awards subject to graded vesting, expense is recognized under the straight-line method. Expense for performance-based awards with graded vesting is recognized under the accelerated method, whereby each vesting is treated as a separate award with expense for each vesting recognized ratably over the requisite service period.
Fair Value Measurements

Management is responsible for the determination of the fair value of our financial assets and financial liabilities and the supporting methodologies and assumptions. We employ widely accepted internal valuation models or utilize third-party valuation service providers to gather, analyze, and interpret market information and derive fair values based upon relevant methodologies and assumptions for individual instruments or pools of finance receivables. When our valuation service providers are unable to obtain sufficient market observable information upon which to estimate the fair value for a particular security, we determine fair value either by requesting brokers who are knowledgeable about these securities to provide a quote, which is generally non-binding, or by employing widely accepted internal valuation models.

Our valuation process typically requires obtaining data about market transactions and other key valuation model inputs from internal or external sources and, through the use of widely accepted valuation models, provides a single fair value measurement for individual securities or pools of finance receivables. The inputs used in this process include, but are not limited to, market prices from recently completed transactions and transactions of comparable securities, interest rate yield curves, credit spreads, bid-ask spreads, currency rates, and other market-observable information as of the measurement date, as well as the specific attributes of the security being valued, including its term, interest rate, credit rating, industry sector, and other issue or issuer-specific information. When market transactions or other market observable data is limited, the extent to which judgment is applied in determining fair value is greatly increased. We assess the reasonableness of individual security values received from our valuation service providers through various analytical techniques. As part of our internal price reviews, assets that fall outside a price change tolerance are sent to our third-party investment manager for further review. In addition, we may validate the reasonableness of fair values by comparing information obtained from our valuation service providers to other third-party valuation sources for selected securities.

We measure and classify assets and liabilities in our consolidated balance sheets in a hierarchy for disclosure purposes consisting of three “Levels” based on the observability of inputs available in the marketplace used to measure the fair values. In general, we determine the fair value measurements classified as Level 1 based on inputs utilizing quoted prices in active markets for identical assets or liabilities that we have the ability to access. We generally obtain market price data from exchange or dealer markets. We do not adjust the quoted price for such instruments.

We determine the fair value measurements classified as Level 2 based on inputs utilizing other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. The use of observable and unobservable inputs is further discussed in Note 19.

In certain cases, the inputs we use to measure the fair value of an asset may fall into different levels of the fair value hierarchy. In such cases, we determine the level in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

Earnings Per Share (OMH Only)

Basic earnings per share is computed by dividing net income or loss by the weighted-average number of shares outstanding during each period. Diluted earnings per share is computed based on the weighted-average number of common shares plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares represent outstanding unvested restricted stock units and awards.
v3.25.0.1
Recent Accounting Pronouncements
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Recent Accounting Pronouncements
3. Recent Accounting Pronouncements

ACCOUNTING PRONOUNCEMENTS RECENTLY 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 became effective for the Company beginning with this Annual Report on Form 10-K for the year ended December 31, 2024, and we have adopted using the retrospective transition method. See Note 18 for additional information on the adoption of ASU 2023-07.

ACCOUNTING PRONOUNCEMENTS TO BE ADOPTED

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 to our income tax disclosures.

Expense Disaggregation Disclosures

In December of 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure of certain costs and expenses in the notes to the financial statements. The amendments in this ASU will become effective for fiscal years beginning after December 15, 2026, and will be effective for interim periods with fiscal years beginning after December 15, 2027, 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 to our financial statement disclosures.

We do not believe that any other accounting pronouncements issued, but not yet effective, would have a material impact on our consolidated financial statements or disclosures, if adopted.
v3.25.0.1
Foursight Acquisition
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Foursight Acquisition
4. Foursight Acquisition

On April 1, 2024, we completed the acquisition of all of the outstanding common stock of Foursight Capital LLC (“Foursight”) from Jefferies Financial Group, Inc. for $125 million in cash (“Foursight Acquisition”). Foursight is an automobile finance company that purchases and services automobile retail installment contracts primarily made to near-prime borrowers across the country. Contracts are sourced through an extensive network of dealers. The acquisition supports our expansion into the auto lending business.

The acquisition has been accounted for as a business combination using the acquisition method of accounting. The purchase consideration was allocated to the assets acquired and liabilities assumed based on their respective estimated fair values as of April 1, 2024, with the excess recorded to goodwill as shown below.

(dollars in millions)Amount
Cash consideration$125 
Fair value of assets acquired:
Cash and cash equivalents10 
Net finance receivables867 
Allowance for finance receivable losses(31)
Restricted cash and restricted cash equivalents50 
Other intangibles32 
Other assets21 
Fair value of liabilities assumed:
Long-term debt848 
Other liabilities13 
Goodwill$37 

The goodwill of $37 million recognized from the Foursight Acquisition reflects the strategic benefits and opportunities of the combined company and is reported in our C&I segment. Tax deductible goodwill is $52 million, reflecting differences in the allocation of purchase price for tax purposes. See Note 8 for a reconciliation of the carrying amount of goodwill at the beginning of 2024 and December 31, 2024.

Assets acquired include auto finance receivables with a fair value of $829 million on gross receivables of $908 million. Of this amount, we determined $226 million of gross receivables have experienced more-than-insignificant credit deterioration since origination (“purchased credit deteriorated” or “PCD” loans) and recorded an allowance for finance receivable losses for PCD loans of $31 million at the acquisition date. The remaining loans were deemed to be non-PCD loans, and an additional $61 million was recorded in our Allowance for finance receivable losses and recognized through Provision for finance receivable losses in our consolidated statement of operations for the year ended December 31, 2024.

The results of operations of Foursight are included in our consolidated statement of operations subsequent to the acquisition date. We have omitted the pro forma disclosures as we have determined that the acquisition did not have a significant impact to our consolidated financial statements.
v3.25.0.1
Finance Receivables
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Finance Receivables
5. 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 at the point of purchase through our dealership network. Auto finance loans 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
December 31, 2024
Gross finance receivables *$20,514 $2,061 $22,575 $632 $23,207 
Unearned fees
(239)(32)(271)— (271)
Accrued finance charges and fees356 22 378 — 378 
Deferred origination costs202 27 229 11 240 
Total$20,833 $2,078 $22,911 $643 $23,554 
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.
GEOGRAPHIC DIVERSIFICATION

Geographic diversification of finance receivables reduces the concentration of credit risk associated with economic stresses in any one region. The largest concentrations of net finance receivables were as follows:
December 31,20242023 (a)
(dollars in millions)AmountPercentAmountPercent
Personal Loans:
Texas$2,054 10 %$2,010 10 %
Florida1,550 8 1,528 8 
California1,547 7 1,448 7 
Pennsylvania1,269 6 1,277 6 
Ohio1,000 5 972 5 
North Carolina940 5 1,010 5 
New York913 4 856 4 
Georgia823 4 784 4 
Illinois816 4 780 4 
Indiana705 3 711 3 
Other9,216 44 8,898 44 
Total personal loans$20,833 100 %$20,274 100 %
Auto Finance
Florida$159 8 %$81 11 %
Georgia155 7 63 8 
Texas141 7 5 1 
Illinois132 6 43 6 
California124 6 80 11 
North Carolina108 5 62 8 
Indiana99 5 29 4 
Missouri99 5 32 4 
Ohio89 4 34 5 
Kentucky88 4 29 4 
Other884 43 287 38 
Total auto finance$2,078 100 %$745 100 %
Credit Cards:
Texas$87 14 %$46 14 %
California84 13 50 15 
Florida76 12 38 11 
Pennsylvania37 6 18 5 
Illinois
32 5 15 5 
Ohio
31 5 15 5 
Georgia
31 5 15 5 
Other265 40 133 40 
Total credit cards$643 100 %$330 100 %
(a)    December 31, 2023 concentrations of net finance receivables are presented in the order of December 31, 2024 state concentrations.
WHOLE LOAN SALE TRANSACTIONS

We have whole loan sale flow agreements with third parties, with current terms of less than one year, in which we agreed to sell a remaining total of $900 million gross receivables of newly originated unsecured personal loans along with any associated accrued interest. Loans sold are derecognized from our balance sheet at the time of sale. We service the 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 consolidated statements of operations.

We sold a total of $542 million and $585 million of gross finance receivables during the years ended December 31, 2024 and 2023, respectively. The gain on the sales were $23 million and $52 million during the years ended December 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. All consumer loans in nonaccrual status are considered in our estimate of allowance for finance receivable losses.

The following table below is a summary of finance charges and fees on our consumer loans:
Years Ended December 31,
20242023
(dollars in millions)Personal Loans
Auto
Finance
Personal Loans
Auto
Finance
Net accrued finance charges reversed
$160 $9 $144 $2 
Finance charges recognized from the contractual interest portion of payments received on nonaccrual loans
17118—

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.

Net accrued finance charges and fees reversed on credit cards were as follows:
Years Ended
December 31,
(dollars in millions, except per share amounts)20242023
Net accrued finance charges and fees reversed
$35 $11 
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
December 31, 2024
Performing
Current$9,820 $5,337 $2,913 $1,143 $272 $155 $19,640 
30-59 days past due89 129 100 48 14 11 391 
60-89 days past due55 86 62 32 8 6 249 
Total performing9,964 5,552 3,075 1,223 294 172 20,280 
Nonperforming (Nonaccrual)
90+ days past due84 211 150 74 20 14 553 
Total$10,048 $5,763 $3,225 $1,297 $314 $186 $20,833 
Gross charge-offs *
$51 $655 $728 $376 $104 $70 $1,984 
* Represents gross charge-offs for the year ended December 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 *
$63 $734 $625 $183 $101 $40 $1,746 
* Represents gross charge-offs for the year ended December 31, 2023.

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
December 31, 2024
Performing
Current$1,007 $538 $273 $101 $21 $12 $1,952 
30-59 days past due25 24 19 10 2 1 81 
60-89 days past due6 7 5 2 — — 20 
Total performing1,038 569 297 113 23 13 2,053 
Nonperforming (Nonaccrual)
90+ days past due6 9 7 2 — 1 25 
Total$1,044 $578 $304 $115 $23 $14 $2,078 
Gross charge-offs *
$8 $36 $34 $12 $2 $1 $93 
* Represents gross charge-offs for the year ended December 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 *
$2 $15 $5 $— $— $— $22 
* Represents gross charge-offs for the year ended December 31, 2023.

The following is a summary of credit cards by number of days delinquent:
(dollars in millions)December 31, 2024December 31, 2023
Current
$558 $297 
30-59 days past due
20 9 
60-89 days past due
17 7 
90+ days past due
48 17 
Total
$643 $330 

There were no credit cards that were converted to term loans at December 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 $336 million and $223 million at December 31, 2024 and December 31, 2023, respectively.
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 was as follows:
Years Ended December 31,
20242023
(dollars in millions)Personal Loans
Auto
 Finance
Personal Loans
Auto
 Finance
Interest rate reduction and term extension$319$16$451$6
Interest rate reduction and principal forgiveness3941331—
Total modifications to borrowers experiencing financial difficulties$713$17$782$6
Modifications as a percent of net finance receivables by class
3.42 %0.81 %3.86 %0.86 %

The financial effect of modifications made during the period was as follows:
Years Ended December 31,
20242023
(dollars in millions)Personal Loans
Auto
Finance
Personal Loans
Auto
Finance
Net finance receivables
Weighted-average interest rate reduction18.61 %12.00 %19.64 %12.60 %
Weighted-average term extension (months)23172522
Principal/interest forgiveness$46$1$44 $—

The performance of finance receivables modified within the previous 12 months by delinquency status was as follows:
December 31, 2024 (a)December 31, 2023 (b)
(dollars in millions)Personal Loans
Auto
Finance
Personal Loans
Auto
Finance
Current
$518 $13 $571 $4 
30-59 days past due
61 2 63 1 
60-89 days past due43 1 48 — 
90+ days past due
91 1 100 1 
Total
$713 $17 $782 $6 
(a) Excludes $121 million of personal loan receivables that were modified and subsequently charged off within the previous 12 months. Auto finance receivables that were modified and subsequently charged off within the previous 12 months were immaterial.
(b) Excludes $88 million of personal loan receivables that were modified and subsequently charged off. Auto finance receivables that were modified and subsequently charged off were immaterial.
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 was as follows:
Years Ended December 31,
20242023
(dollars in millions)
Personal
Loans
Auto
 Finance
Personal Loans
Auto
 Finance
Interest rate reduction and term extension$64 $1 $55 $1 
Interest rate reduction and principal forgiveness26 — 20 — 
Total
$90 $1 $75 $1 

Modifications made to credit cards were immaterial for the years ended December 31, 2024 and 2023.

TROUBLED DEBT RESTRUCTURED FINANCE RECEIVABLES PRIOR TO ADOPTION OF ASU 2022-02

ASU 2022-02 superseded the accounting for troubled debt restructurings by creditors. Due to the adoption of this ASU, the following disclosures related to troubled debt restructuring finance receivables are no longer applicable for reporting periods beginning in 2023.

Information regarding the new volume of the TDR finance receivables were as follows:
(dollars in millions)
December 31,2022
Pre-modification TDR net finance receivables $738 
Post-modification TDR net finance receivables:
Rate reduction465 
Other *273 
Total post-modification TDR net finance receivables$738 
Number of TDR accounts88,901 
*    “Other” modifications primarily consist of loans with both rate reductions and the potential of principal forgiveness contingent on future payment performance by the borrower under the modified terms.

Finance receivables that were modified as TDR finance receivables within the previous 12 months and for which there was a default during the period to cause the TDR finance receivables to be considered nonperforming (90 days or more contractually past due) are reflected in the following table:
(dollars in millions)
December 31,2022
TDR net finance receivables *$136 
Number of TDR accounts17,297 
* Represents the corresponding balance of TDR net finance receivables at the end of the month in which they defaulted.
v3.25.0.1
Allowance for Finance Receivable Losses
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Allowance for Finance Receivable Losses
6. 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. See Note 2 for additional information regarding our accounting policies for allowance for finance receivable losses.

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 December 31, 2024, our economic forecast used a reasonable and supportable period of 12 months. The increase in our allowance for finance receivable losses for the year ended December 31, 2024 was driven by growth in net finance receivables, including the impact of the Foursight Acquisition. 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
Year Ended December 31, 2024
Balance at beginning of period$2,415 $65 $2,480 
Provision for finance receivable losses1,891 149 2,040 
Charge-offs(2,077)(78)(2,155)
Recoveries307 2 309 
Other (a)
31 — 31 
Balance at end of period$2,567 $138 $2,705 
Year Ended December 31, 2023
Balance at beginning of period$2,290 $21 $2,311 
Impact of adoption of ASU 2022-02 (b)
(16)— (16)
Provision for finance receivable losses1,651 70 1,721 
Charge-offs(1,768)(27)(1,795)
Recoveries258 1 259 
Balance at end of period$2,415 $65 $2,480 
Year Ended December 31, 2022
Balance at beginning of period$2,090 $5 $2,095 
Provision for finance receivable losses1,379 23 1,402 
Charge-offs(1,431)(7)(1,438)
Recoveries252 — 252 
Balance at end of period$2,290 $21 $2,311 
(a)    Represents allowance for finance receivable losses recognized on PCD loans acquired in the Foursight Acquisition. See Note 4 for additional information.
(b)    As a result of the adoption of ASU 2022-02, we recorded a one-time adjustment to the allowance for finance receivable losses.
v3.25.0.1
Investment Securities
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
7. 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
December 31, 2024*    
Fixed maturity available-for-sale securities:    
U.S. government and government sponsored entities$12 $— $— $12 
Obligations of states, municipalities, and political subdivisions
66 — (5)61 
Commercial paper
9 — — 9 
Non-U.S. government and government sponsored entities
159 1 (5)155 
Corporate debt
1,086 4 (69)1,021 
Mortgage-backed, asset-backed, and collateralized:
   
RMBS
208 — (24)184 
CMBS
29 — (2)27 
CDO/ABS
72 1 (3)70 
Total$1,641 $6 $(108)$1,539 
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 December 31, 2024 and December 31, 2023 was immaterial.

Interest receivables reported in Other assets in our consolidated balance sheets totaled $13 million and $14 million as of December 31, 2024 and December 31, 2023, respectively. There were no material amounts reversed from investment revenue for available-for-sale securities for the years ended December 31, 2024 and 2023.
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
December 31, 2024      
U.S. government and government sponsored entities
$1 $— $11 $— $12 $— 
Obligations of states, municipalities, and political subdivisions
3 — 56 (5)59 (5)
Non-U.S. government and government sponsored entities
15 — 67 (5)82 (5)
Corporate debt210 (5)657 (64)867 (69)
Mortgage-backed, asset-backed, and collateralized:
RMBS40 — 134 (24)174 (24)
CMBS2 — 25 (2)27 (2)
CDO/ABS8 — 40 (3)48 (3)
Total$279 $(5)$990 $(103)$1,269 $(108)
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 1,771 and 1,984 investment securities in an unrealized loss position at December 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 December 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 December 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 years ended December 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 years ended December 31, 2024 and 2023.

The proceeds of available-for-sale securities sold or redeemed totaled $152 million, $90 million and $278 million during 2024, 2023, and 2022, respectively. The net realized gains and losses were immaterial during 2024, 2023, and 2022.
Contractual maturities of fixed-maturity available-for-sale securities at December 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$191 $192 
Due after 1 year through 5 years536 551 
Due after 5 years through 10 years396 435 
Due after 10 years135 154 
Mortgage-backed, asset-backed, and collateralized securities281 309 
Total$1,539 $1,641 

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 $452 million and $524 million at December 31, 2024 and December 31, 2023, respectively.

OTHER SECURITIES

The fair value of other securities by type was as follows:
(dollars in millions)December 31, 2024December 31, 2023
Fixed maturity other securities: 
Bonds$18 $22 
Preferred stock
13 16 
Common stock
37 34 
Total $68 $72 

Net unrealized gains and losses on other securities held were immaterial for the years ended December 31, 2024, 2023, and 2022. Net realized gains and losses on other securities sold or redeemed were immaterial for the years ended December 31, 2024, 2023, and 2022.

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.
v3.25.0.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
8. Goodwill and Other Intangible Assets

GOODWILL

As a result of the Foursight Acquisition, we recorded $37 million of goodwill, which we report in our C&I segment. See Note 4 for further information.

Changes in the carrying amount of goodwill were as follows:
(dollars in millions)
Consumer and Insurance
Year Ended December 31, 2024
Balance at beginning of period
$1,437 
Goodwill recognized upon acquisition
37 
Balance at end of period
$1,474 

We did not record any impairments to goodwill during 2024, 2023, and 2022.

OTHER INTANGIBLE ASSETS

The gross carrying amount and accumulated amortization, in total and by major intangible asset class were as follows:
(dollars in millions)
Gross Carrying Amount *
Accumulated AmortizationNet Other Intangible Assets
December 31, 2024
Trade names$224 $— $224 
Licenses25 — 25 
Customer relationships
22 (2)20 
VOBA
105 (94)11 
Other7 (1)6 
Total$383 $(97)$286 
December 31, 2023
Trade names$220 $— $220 
Licenses25 — 25 
VOBA105 (91)14 
Other1 — 1 
Total$351 $(91)$260 
*    In connection with the Foursight Acquisition, we recorded $32 million of intangible assets.

Amortization expense was immaterial in 2024 and 2023, and $13 million in 2022. The estimated aggregate amortization of other intangible assets for each of the next five years is immaterial.
v3.25.0.1
Long-term Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Long-term Debt
9. Long-term Debt

Carrying value and fair value of long-term debt by type were as follows:
December 31, 2024December 31, 2023
(dollars in millions)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Senior debt$21,266 $21,284 $19,641 $19,273 
Junior subordinated debt172 247 172 184 
Total$21,438 $21,531 $19,813 $19,457 

Weighted average effective interest rates on long-term debt by type were as follows:
At December 31,
20242023
Senior debt5.71 %5.47 %
Junior subordinated debt13.63 %15.12 %
Total5.77 %5.55 %

Principal maturities of long-term debt by type of debt at December 31, 2024 were as follows:
Senior Debt
(dollars in millions)Securitizations
Private Secured Term Funding Facilities
Revolving
Conduit
Facilities
Unsecured
Notes (a)
Junior
Subordinated
Debt (a)		Total
Interest rates (b)
0.87%-10.98%
5.84%-5.95%
5.69 %
3.50%-9.00%
6.67 %
2025$— $— $— $— $— $— 
2026— — — 1,429 — 1,429 
2027— — — 750 — 750 
2028— — — 1,350 — 1,350 
2029— — — 2,389 — 2,389 
2030-2067— — — 3,042 350 3,392 
Secured (c)11,703 725 1 — — 12,429 
Total principal maturities$11,703 $725 $1 $8,960 $350 $21,739 
Total carrying amount$11,661 $722 $1 $8,882 $172 $21,438 
Debt issuance costs (d)(36)(3)— (74)— (113)
(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 December 31, 2024.
(c)    Securitizations, private secured term funding facilities, and borrowings under the revolving conduit facilities are not included in the above maturities by period due to their variable monthly payments, which may result in pay-off prior to the stated maturity date. See Note 10 for further information on our long-term debt associated with securitizations, private secured term funding facilities, 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 $37 million at December 31, 2024 and are reported in Other assets in our consolidated balance sheets.
UNSECURED CORPORATE REVOLVER

At December 31, 2024, the borrowing capacity of our unsecured corporate revolver was $1.1 billion. The corporate revolver has a five-year term, during which draws and repayments may occur. Any outstanding principal balance is due and payable on September 6, 2029.

DEBT COVENANTS

OMFC Debt Agreements

The debt agreements to which OMFC and its subsidiaries are a party include customary terms and conditions, including covenants and representations and warranties. Some or all of these agreements also contain certain restrictions, including (i) restrictions on the ability to create senior liens on property and assets in connection with any new debt financings and (ii) OMFC’s ability to sell or convey all or substantially all of its assets, unless the transferee assumes OMFC’s obligations under the applicable debt agreement. In addition, the OMH guarantees of OMFC’s long-term debt discussed above are subject to customary release provisions.

With the exception of OMFC’s junior subordinated debenture and unsecured corporate revolver, none of our debt agreements require OMFC or any of its subsidiaries to meet or maintain any specific financial targets or ratios. However, certain events, including non-payment of principal or interest, bankruptcy or insolvency, or a breach of a covenant or a representation or warranty, may constitute an event of default and trigger an acceleration of payments. In some cases, an event of default or acceleration of payments under one debt agreement may constitute a cross-default under other debt agreements resulting in an acceleration of payments under the other agreements.

As of December 31, 2024, OMFC was in compliance with all of the covenants under its debt agreements.

Junior Subordinated Debenture

In January of 2007, OMFC issued the Junior Subordinated Debenture, consisting of $350 million aggregate principal amount of 60-year junior subordinated debt. The Junior Subordinated Debenture underlies the trust preferred securities sold by a trust sponsored by OMFC. OMFC can redeem the Junior Subordinated Debenture at par. On December 30, 2013, OMH entered into a guaranty agreement whereby it agreed to fully and unconditionally guarantee, on a junior subordinated basis, the payment of principal, premium (if any), and interest on the Junior Subordinated Debenture. Prior to June 30, 2023, the interest rate on the remaining principal balance of the Junior Subordinated Debenture consisted of a variable floating rate (determined quarterly) equal to 3-month LIBOR plus 1.75%. ICE Benchmark Administration and the Financial Conduct Authority announced that the publication of the most commonly used USD LIBOR settings has ceased to be provided after June 30, 2023. Effective in July 2023 the debenture transitioned from a LIBOR-based interest rate to a SOFR-based interest rate in accordance with the statutory framework provided by the Adjustable Interest Rate (LIBOR) Act, enacted in March 2022, and the rules adopted in December 2022 by the Board of Governors of the Federal Reserve System. The replacement rate is 3-month CME Term SOFR plus a spread adjustment of 0.26% plus 1.75%, or 6.67% as of December 31, 2024.

Pursuant to the terms of the Junior Subordinated Debenture, OMFC, upon the occurrence of a mandatory trigger event, is required to defer interest payments to the holders of the Junior Subordinated Debenture (and not make dividend payments) unless OMFC obtains non-debt capital funding in an amount equal to all accrued and unpaid interest on the Junior Subordinated Debenture otherwise payable on the next interest payment date and pays such amount to the holders of the Junior Subordinated Debenture. A mandatory trigger event occurs if OMFC’s (i) tangible equity to tangible managed assets is less than 5.5% or (ii) average fixed charge ratio is not more than 1.10x for the trailing four quarters.
Based upon OMFC’s financial results for the year ended December 31, 2024, a mandatory trigger event did not occur with respect to the interest payment due in January of 2025, as OMFC was in compliance with both required ratios discussed above.
v3.25.0.1
Variable Interest Entities
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities
10. Variable Interest Entities

CONSOLIDATED VIES

As part of our overall funding strategy and as part of our efforts to support our liquidity from sources other than our traditional capital market sources, we have transferred certain finance receivables to VIEs for asset-backed financing transactions, including secured debt, revolving conduit facilities, and credit card revolving VFN facilities. We are the primary beneficiary of these VIEs and, as a result, we include the VIEs’ assets, including any finance receivables securing the VIEs’ debt obligations, and related liabilities in our consolidated financial statements and the VIEs’ asset-backed debt obligations are accounted for as secured borrowings. OneMain is deemed to be the primary beneficiary of each VIE because we have the ability to direct the activities of the VIE that most significantly impact its economic performance, including the losses it absorbs and its right to receive economic benefits that are potentially significant. Such ability arises from our contractual right to service the finance receivables securing the VIEs’ debt obligations. To the extent we retain any debt obligation or residual interest in an asset-backed financing facility, we are exposed to potentially significant losses and potentially significant returns.

The asset-backed debt obligations and conduits issued by the VIEs are supported by the expected cash flows from the underlying finance receivables securing such debt obligations. Cash inflows from these finance receivables are distributed to repay the debt obligations and related service providers in accordance with each transaction’s contractual priority of payments, referred to as the “waterfall.” The holders of the asset-backed debt obligations have no recourse to the Company if the cash flows from the underlying finance receivables securing such debt obligations are not sufficient to pay all principal and interest on the asset-backed debt obligations. With respect to any asset-backed financing transaction that has multiple classes of debt obligations, substantially all cash inflows will be directed to the senior debt obligations until fully repaid and, thereafter, to the subordinate debt obligations on a sequential basis. We retain an interest and credit risk in these financing transactions through our ownership of the residual interest in each VIE and, in some cases, the most subordinate class of debt obligations issued by the VIE, which are the first to absorb credit losses on the finance receivables securing the debt obligations. With respect to each financing transaction that is subject to the risk retention requirements of the Dodd-Frank Act, we either retain at least 5% of the balance of each such class of debt obligations and at least 5% of the residual interest in each related VIE or retain at least 5% of the fair value of all ABS interests (as defined in the risk retention requirements), which is satisfied by retention of the residual interest in each related VIE, which, in each case, collectively, represents at least 5% of the economic interest in the credit risk of the securitized assets in satisfaction of the risk retention requirements. We expect that any credit losses in the pools of finance receivables securing the asset-backed debt obligations will likely be limited to our retained interests described above. We have no obligation to repurchase or replace qualified finance receivables that subsequently become delinquent or are otherwise in default.

We parenthetically disclose on our consolidated balance sheets the VIEs’ assets that can only be used to settle the VIEs’ obligations and liabilities if its creditors have no recourse against the primary beneficiary’s general credit. The carrying amounts of consolidated VIE assets and liabilities associated with our personal loan securitization trusts, private secured term funding facilities, revolving conduit facilities, and credit card revolving VFN facilities were as follows:
(dollars in millions)
December 31,
20242023
Assets  
Cash and cash equivalents$4 $2 
Net finance receivables13,985 12,780 
Allowance for finance receivable losses1,633 1,428 
Restricted cash and restricted cash equivalents662 523 
Other assets40 32 
Liabilities  
Long-term debt$12,384 $11,579 
Other liabilities31 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 $624 million in 2024, $483 million in 2023, and $305 million in 2022.

SECURITIZED BORROWINGS

Our outstanding OneMain Financial Issuance Trust (“OMFIT”) and OneMain Direct Auto Receivables Trust (“ODART”) 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 OMFIT and ODART 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. Our Foursight Capital Automobile Receivables Trust ("FCRT") securitizations are amortizing.

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 December 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 borrowing capacity of $300 million. Each credit card revolving VFN facility has a revolving period during which 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 five years as of December 31, 2024. Amounts drawn on these credit card revolving VFN facilities are secured and collateralized by credit card gross finance receivables.

PRIVATE SECURED TERM FUNDING FACILITIES

On October 24, 2024, pursuant to an amendment, we converted a revolving conduit facility to a private secured term funding facility. At December 31, 2024, the maximum borrowing capacity of $725 million was outstanding under the private secured term funding facilities. No principal payments are required to be made until after June 2026, at the earliest, followed by a subsequent amortization period, which upon expiration the outstanding principal is due and payable.

REVOLVING CONDUIT FACILITIES

We had access to 17 revolving conduit facilities with a borrowing capacity of $6.0 billion as of December 31, 2024. Our conduit facilities contain revolving periods during which 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 ten years as of December 31, 2024. Amounts drawn on these facilities are collateralized by our consumer loans.
v3.25.0.1
Insurance
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Insurance
11. Insurance

Our insurance business is conducted through our wholly owned insurance subsidiaries, American Health and Life Insurance Company (“AHL”) and Triton Insurance Company (“Triton”). AHL is a life and health insurance company licensed in 49 states, the District of Columbia, and Canada to write credit life, credit disability, and non-credit insurance products. Triton is a property and casualty insurance company licensed in 50 states, the District of Columbia, and Canada to write credit involuntary unemployment, credit disability, and collateral protection insurance.

INSURANCE RESERVES

Components of our insurance reserves were as follows:
(dollars in millions)
December 31,20242023
Finance receivable related:
Payable to OMH:
Unearned premium reserves$685 $681 
Claim reserves81 90 
Subtotal *
766 771 
Payable to third-party beneficiaries
259 270 
Non-finance receivable related
316 345 
Total$1,341 $1,386 
* Reported in Unearned insurance premium and claim reserves in our consolidated balance sheets.

Our insurance subsidiaries enter into reinsurance agreements with other insurers. Reserves related to unearned premiums, claims and benefits assumed from non-affiliated insurance companies totaled $277 million and $303 million at December 31, 2024 and 2023, respectively.

Reserves related to unearned premiums, claims and benefits ceded to non-affiliated insurance companies totaled $55 million and $57 million at December 31, 2024 and 2023, respectively.
Changes in the reserve for unpaid claims and loss adjustment expenses (net of reinsurance recoverables) were as follows:
(dollars in millions)
At or for the Years Ended December 31,202420232022
Balance at beginning of period$108 $93 $102 
Less reinsurance recoverables(3)(3)(3)
Net balance at beginning of period105 90 99 
Additions for losses and loss adjustment expenses incurred to:
Current year188 173 144 
Prior years *
(14)(2)(12)
Total174 171 132 
Reductions for losses and loss adjustment expenses paid related to:
Current year(118)(99)(84)
Prior years(63)(57)(58)
Total(181)(156)(142)
Foreign currency translation adjustment1 — 1 
Net balance at end of period99 105 90 
Plus reinsurance recoverables3 3 3 
Balance at end of period$102 $108 $93 
*    At December 31, 2024 and December 31, 2023, there was a redundancy in the prior years’ net reserves due to favorable development of credit disability claims during the periods. At December 31, 2022, there was a redundancy in the prior years’ net reserves due to favorable development of credit life and credit disability claims during the period.

Incurred claims and allocated claim adjustment expenses, net of reinsurance, as of December 31, 2024, were as follows:
Years Ended December 31,At December 31, 2024
(dollars in millions)2020 (a)2021 (a)2022 (a)2023 (a)2024Incurred-but-
not-reported Liabilities (b)		Cumulative Number of Reported ClaimsCumulative
Frequency (c)
Credit Insurance
Accident Year
2020$222 $204 $203 $203 $202 $— 68,925 3.1 %
2021— 160 155 154 153 2 38,244 1.8 %
2022— — 139 137 136 7 34,350 1.5 %
2023— — — 170 161 19 40,995 1.8 %
2024— — — — 184 68 35,759 1.6 %
Total$836 
(a) Unaudited.
(b) Includes expected development on reported claims.
(c) Frequency for each accident year is calculated as the ratio of all reported claims incurred to the total exposures in force.
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance, as of December 31, 2024, were as follows:
Years Ended December 31,
(dollars in millions)2020 *2021 *2022 *2023 *2024
Credit Insurance
Accident Year
2020$126 $183 $194 $200 $202 
2021— 98 136 146 151 
2022— — 82 119 129 
2023— — — 97 142 
2024— — — — 116 
Total$740 
All outstanding liabilities before 2020, net of reinsurance
— 
Liabilities for claims and claim adjustment expenses, net of reinsurance$96 
* Unaudited.

The reconciliations of the net incurred and paid claims development to the liability for claims and claim adjustment expenses were as follows:
(dollars in millions)
December 31,2024
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance:
Credit insurance
$96 
Other short-duration insurance lines
2 
Total98 
Insurance lines other than short-duration4 
Total gross liability for unpaid claims and claim adjustment expense$102 

We use completion factors to estimate the unpaid claim liability for credit insurance and most other short-duration products. For some products, the unpaid claim liability is estimated as a percent of exposure.

There have been no significant changes in methodologies or assumptions during 2024.

Our average annual percentage payouts of incurred claims by age, net of reinsurance, as of December 31, 2024, were as follows:
Years12345
Credit insurance*62.2 %27.3 %6.0 %2.9 %1.0 %
* Unaudited.
LIABILITY FOR FUTURE POLICY BENEFITS

The present values of expected net premiums on long-duration insurance contracts were as follows:
At or for the
Years Ended December 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 changes in cash flow assumptions— — (2)(1)
Effect of actual variances from expected experience(21)(5)(11)(1)
Adjusted balance at beginning of period191 36 231 46 
Interest accretion11 2 13 2 
Net premiums collected(27)(5)(32)(7)
Ending balance at original discount rate175 33 212 41 
Effect of changes in discount rate assumptions2 — 5 — 
Balance at ending of period$177 $33 $217 $41 


The present values of expected future policy benefits on long-duration insurance contracts were as follows:
At or for the
Years Ended December 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 changes in cash flow assumptions——(4)(1)
Effect of actual variances from expected experience(26)(6)(14)—
Adjusted balance at beginning of period397107448124
Net issuances4131
Interest accretion225256
Benefit payments(50)(15)(53)(18)
Ending balance at original discount rate37398423113
Effect of changes in discount rate assumptions5(2)12—
Balance at ending of period$378 $96 $435 $113 
The net liabilities for future policy benefits on long-duration insurance contracts were as follows:
At or for the
Years Ended December 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$201 $63 $218 $72 
Deferred profit liability12481451
Total net liability for future policy benefits$213 $111 $232 $123 

The weighted-average duration of the liability for future policy benefits was 8 years at December 31, 2024 and 2023.

The following table reconciles the net liability for future policy benefits to Insurance claims and policyholder liabilities in the consolidated balance sheets:
At or for the
Years Ended December 31,
(dollars in millions)20242023
Term and whole life$213 $232 
Accidental death and disability protection111 123 
Other*251 260 
Total$575 $615 
*    Other primarily includes reserves for short-duration contracts that are payable to third-party beneficiaries.

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
Years Ended December 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$365 $122 $430 $146 
Discounted264 87 311 106 
Expected future benefit payments:
Undiscounted529 144 607 166 
Discounted378 96 435 113 

The revenue and interest accretion related to our long-duration insurance contracts recognized in the consolidated statements of operations were as follows:
At or for the
Years Ended December 31,
202420232022
(dollars in millions)Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Term and
Whole Life
Accidental Death and Disability Protection
Gross premiums or assessments$51 $17 $57 $19 $62 $20 
Interest accretion$11 $3 $12 $4 $12 $4 
The expected and actual experiences for mortality, morbidity, and lapses of the liability for future policy benefits were as follows:
At or for the
Years Ended December 31,
20242023
Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Mortality/Morbidity:
Expected0.36 %0.01 %0.38 %0.01 %
Actual0.33 %0.01 %0.32 %0.01 %
Lapses:
Expected3.69 %1.83 %2.94 %1.94 %
Actual3.38 %3.43 %2.39 %2.12 %

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
Years Ended December 31,
20242023
Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Interest accretion rate5.28 %4.86 %5.28 %4.87 %
Current discount rate5.31 %5.37 %4.98 %4.98 %
STATUTORY ACCOUNTING

Our insurance subsidiaries file financial statements prepared using statutory accounting practices prescribed or permitted by the Department of Insurance (“DOI”) which is a comprehensive basis of accounting other than GAAP. The primary differences between statutory accounting practices and GAAP are that under statutory accounting, policy acquisition costs are expensed as incurred, policyholder liabilities are generally valued using prescribed actuarial assumptions, and certain investment securities are reported at amortized cost. We are not required and did not apply purchase accounting to the insurance subsidiaries on a statutory basis.

Statutory net income for our insurance companies by type of insurance was as follows:
(dollars in millions)
Years Ended December 31,202420232022
Property and casualty:
Triton$51 $46 $58 
Life and health:
AHL$97 $100 $98 

Statutory capital and surplus for our insurance companies by type of insurance were as follows:
(dollars in millions)
December 31,20242023
Property and casualty:
Triton$163 $180 
Life and health:
AHL$257 $279 

Our insurance companies are also subject to risk-based capital requirements adopted by the Texas DOI. Minimum statutory capital and surplus is the risk-based capital level that would trigger regulatory action. At December 31, 2024 and 2023, our insurance subsidiaries’ statutory capital and surplus exceeded the risk-based capital minimum required levels.

DIVIDEND RESTRICTIONS

Our insurance subsidiaries are subject to domiciliary state regulations that limit their ability to pay dividends. AHL and Triton are domiciled in Texas. State law restricts the amounts that our insurance subsidiaries may pay as dividends without prior notice to the state of domicile DOI. The maximum amount of dividends, referred to as “ordinary dividends,” for a Texas domiciled life insurance company that can be paid without prior approval in a 12 month period (measured retrospectively from the date of payment) is the greater of: (i) 10% of policyholders’ surplus as of the prior year-end or (ii) the statutory net gain from operations as of the prior year-end. Any amount greater must be approved by the state of domicile DOI. The maximum ordinary dividends for a Texas domiciled property and casualty insurance company that can be paid without prior approval in a 12 month period (measured retrospectively from the date of payment) is the greater of: (i) 10% of policyholders’ surplus as of the prior year-end or (ii) the statutory net income. Any amount greater must be approved by the state of domicile DOI. These approved dividends are called “extraordinary dividends.”
Ordinary dividends paid were as follows:
(dollars in millions)
Years Ended December 31,202420232022
Triton$— $58 $50 
AHL$— $98 $— 

Extraordinary dividends paid were as follows:
(dollars in millions)
Years Ended December 31,202420232022
Triton$70 $23 $— 
AHL$115 $107 $— 
v3.25.0.1
Capital Stock and Earnings Per Share (OMH Only)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Capital Stock and Earnings Per Share (OMH Only)
12. 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 (the “Board”) and the OMFC Board of Directors determine the dividend, liquidation, redemption, conversion, voting, and other rights prior to issuance.

Par value and shares authorized at December 31, 2024 were as follows:
OMHOMFC
Preferred Stock *Common Stock
Special Stock *
Common Stock
Par value$0.01 $0.01 $— $0.50 
Shares authorized300,000,000 2,000,000,000 25,000,000 25,000,000 
* No shares of OMH preferred stock or OMFC special stock were issued and outstanding at December 31, 2024 or 2023.

Changes in OMH shares of common stock issued and outstanding were as follows:
At or for the Years Ended December 31,202420232022
Balance at beginning of period119,757,277 121,042,125 127,809,640 
Common shares issued 279,812 285,480 333,038 
Common shares repurchased
(755,274)(1,651,717)(7,181,023)
Treasury stock issued78,694 81,389 80,470 
Balance at end of period119,360,509 119,757,277 121,042,125 


OMFC shares issued and outstanding were as follows:
Special StockCommon Stock
2024202320242023
Shares issued and outstanding— — 10,160,021 10,160,021 
EARNINGS PER SHARE (OMH ONLY)

The computation of earnings per share was as follows:
(dollars in millions, except per share data)
Years Ended December 31,202420232022
 
Numerator (basic and diluted):  
Net income$509 $641 $872 
Denominator:  
Weighted average number of shares outstanding (basic)119,659,278 120,382,227 124,178,643 
Effect of dilutive securities *460,705 247,363 238,631 
Weighted average number of shares outstanding (diluted)120,119,983 120,629,590 124,417,274 
Earnings per share:  
Basic$4.26 $5.33 $7.02 
Diluted$4.24 $5.32 $7.01 
* We have excluded weighted-average unvested restricted stock units totaling 667,918, 1,048,970, and 1,335,442 for 2024, 2023, and 2022, 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 (“RSUs”).
v3.25.0.1
Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)
13. 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)
Year Ended
December 31, 2024		    
Balance at beginning of period$(93)$(8)$(2)$(5)$21 $(87)
Other comprehensive income (loss) before reclassifications
10 5 (11)4 (4)4 
Reclassification adjustments from Accumulated other comprehensive loss
2 — — — — 2 
Balance at end of period$(81)$(3)$(13)$(1)$17 $(81)
Year Ended
December 31, 2023		    
Balance at beginning of period$(131)$(8)$(5)$(8)$25 $(127)
Other comprehensive income (loss) before reclassifications
38 — 3 3 (4)40 
Balance at end of period$(93)$(8)$(2)$(5)$21 $(87)
Year Ended
December 31, 2022
Balance at beginning of period$49 $1 $3 $(56)$8 $5 
Other comprehensive income (loss) before reclassifications
(179)(9)(8)48 17 (131)
Reclassification adjustments from Accumulated other comprehensive income
(1)— — — — (1)
Balance at end of period$(131)$(8)$(5)$(8)$25 $(127)
(a) There were no material amounts related to available-for-sale debt securities for which an allowance for credit losses was recorded during the years ended December 31, 2024, 2023, and 2022.
(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 consolidated statements of operations were immaterial for the years ended December 31, 2024, 2023 and 2022.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes
14. Income Taxes

OMH and all of its eligible domestic U.S. subsidiaries file a consolidated life/non-life federal tax return with the IRS. Income taxes from the consolidated federal and state tax returns are allocated to our eligible subsidiaries under a tax sharing agreement with OMH.

The Company’s foreign subsidiaries/branches file tax returns in Canada, Puerto Rico, and the U.S. Virgin Islands. The Company recognizes a deferred tax liability for the undistributed earnings of its foreign operations, if any, as we do not consider the amounts to be permanently reinvested. As of December 31, 2024, the Company had no undistributed foreign earnings.

Components of income before income tax expense were as follows:
(dollars in millions)   
Years Ended December 31,202420232022
  
Income before income tax expense - U.S. operations$647 $817 $1,134 
Income before income tax expense - foreign operations20 23 21 
Total$667 $840 $1,155 

Components of income tax expense (benefit) were as follows:
(dollars in millions)
Years Ended December 31,202420232022
Current:
Federal$157 $194 $288 
Foreign5 4 4 
State38 37 55 
Total current200 235 347 
Deferred:
Federal(26)(25)(53)
State(16)(11)(11)
Total deferred(42)(36)(64)
Total$158 $199 $283 

Expense from foreign income taxes includes foreign subsidiaries/branches that operate in Canada, Puerto Rico, and the U.S. Virgin Islands.

OMH's and OMFC’s reconciliations of the statutory federal income tax rate to the effective income tax rate were as follows:

Years Ended December 31,202420232022
Statutory federal income tax rate21.00 %21.00 %21.00 %
State income taxes, net of federal2.15 2.56 2.93 
Change in valuation allowance(0.04)0.93 0.18 
Nondeductible compensation0.45 0.30 0.48 
Other, net0.07 (1.19)(0.06)
Effective income tax rate23.63 %23.60 %24.53 %
A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits (all of which would affect the effective income tax rate if recognized) is as follows:

(dollars in millions)
Years Ended December 31,202420232022
Balance at beginning of year$11 $6 $8 
Increases in tax positions for prior years10 — 1 
Increases in tax positions for current years2 6 — 
Lapse in statute of limitations(2)(1)(3)
Settlements with tax authorities(1)— — 
Balance at end of year$20 $11 $6 

Our gross unrecognized tax benefits include related interest and penalties. We accrue interest and penalties 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 consolidated financial statements.

We are under examination by various states for the years 2017 to 2022. Management believes it has adequately provided for taxes for such years.

Components of deferred tax assets and liabilities were as follows:
(dollars in millions)
December 31,20242023
Deferred tax assets:
Allowance for loan losses$672 $614 
Net operating losses and tax credits52 46 
Capitalized research and experimental costs40 34 
Insurance reserves31 27 
Pension/employee benefits28 27 
Fair value of equity and securities investments
17 19 
Other54 40 
Total894 807 
Deferred tax liabilities:
Goodwill208 188 
Deferred loan fees57 27 
Debt fair value adjustment43 42 
Other32 36 
Total340 293 
Net deferred tax assets before valuation allowance554 514 
Valuation allowance(37)(37)
Net deferred tax assets$517 $477 

The gross deferred tax liabilities are expected to reverse in time, and projected taxable income is expected to be sufficient to create positive taxable income, which will allow for the realization of all of our gross federal deferred tax assets and a portion of the state deferred tax assets.
At December 31, 2024, we had state net operating loss carryforwards of $789 million compared to $601 million at December 31, 2023. The state net operating loss carryforwards mostly expire between 2035 and 2045, except for some states which conform to the federal rules for indefinite carryforward. We had a valuation allowance on our gross state deferred tax assets, net of deferred federal tax benefit, of $29 million and $27 million at December 31, 2024 and 2023, respectively. The total valuation allowance was established based on management’s determination that the deferred tax assets are more likely than not to not be realized.
v3.25.0.1
Leases and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Leases and Contingencies
15. Leases and Contingencies

LEASES

Our operating leases primarily consist of leased office space, automobiles, and information technology equipment and have remaining lease terms of one to nine years.

Our operating right-of-use asset and lease liability balances were $152 million and $162 million, respectively, at December 31, 2024 and $165 million and $173 million, respectively, at December 31, 2023.

At December 31, 2024, maturities of lease liabilities, excluding leases on a month-to-month basis, were as follows:
(dollars in millions)Operating Leases
2025$63 
202651 
202737 
202819 
20299 
20303 
Thereafter3 
Total lease payments185 
Imputed interest(23)
Total$162 
Weighted Average Remaining Lease Term3.56
Weighted Average Discount Rate4.67 %

Operating lease cost and variable lease cost, which are recorded in Other operating expenses in our consolidated statements of operations, were as follows:
(dollars in millions)
Years Ended December 31,202420232022
Operating lease cost$69 $63 $58 
Variable lease cost16 15 14 
Total$85 $78 $72 

Our sublease income was immaterial for the years ended December 31, 2024, 2023, and 2022.
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. 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 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 consolidated financial statements as a whole.
v3.25.0.1
Retirement Benefit Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Retirement Benefit Plans
16. Retirement Benefit Plans

The Company sponsors various retirement benefit plans to eligible employees of the Company.

DEFINED CONTRIBUTION PLANS

OneMain 401(k) Plan

The OneMain 401(k) Plan (the “401(k) Plan”) provided for a 100% Company matching on the first 4% of the salary reduction contributions of the U.S. employees for 2024, 2023, and 2022. The salaries and benefits expense associated with this plan was $19 million in 2024, 2023, and 2022.

In addition, the Company may make a discretionary profit sharing contribution to the 401(k) Plan. The Company has full discretion to determine whether to make such a contribution, and the amount of such contribution. In no event, however, will the discretionary profit sharing contribution exceed 4% of annual pay. The Company did not make any discretionary profit sharing contributions to the 401(k) Plan in 2024, 2023, or 2022.

OneMain Nonqualified Deferred Compensation Plan

The OneMain Holdings, Inc. Nonqualified Deferred Compensation Plan (the “NQDC Plan”) provides certain eligible employees with the option to defer receipt of some or all of their annual cash incentives and some of their base salaries earned on or after January 1, 2022. Employer contributions are not permitted under the NQDC Plan and employee contributions are fully vested at all times. Distributions of participant accounts are made following a participant’s separation of service, death, disability, unforeseeable emergency or as of a future payment date specified by the participant. The NQDC Plan assets and related obligation were immaterial as of December 31, 2024, 2023, and 2022.

Investment income or loss earned by the NQDC Plan is recorded as Other revenues - other in our consolidated statements of operations. The investment income or loss also represents an increase or decrease in the future payout to the participants with an offset recorded as Salaries and benefits in our consolidated statements of operations. The net effect of investment income or loss and the related salaries and benefits expense or benefit has no impact on our net income.

DEFINED BENEFIT PLANS

Springleaf Financial Services Retirement Plan

The Springleaf Financial Services Retirement Plan (the “Springleaf Retirement Plan”) is a qualified non-contributory defined benefit plan, which is subject to the provisions of Employee Retirement Income Security Act of 1974 (“ERISA”). Effective December 31, 2012, the Springleaf Retirement Plan was frozen with respect to both benefits accrual and new participation. U.S. salaried employees who were employed by a participating company, had attained age 21, and completed twelve months of continuous service were eligible to participate in the plan. Employees generally vested after 5 years of service. Prior to January 1, 2013, unreduced benefits were paid to retirees at normal retirement (age 65) and were based upon a percentage of final average compensation multiplied by years of credited service, up to 44 years. Our current and former employees will not lose any vested benefits in the Springleaf Retirement Plan that accrued prior to January 1, 2013.

CommoLoCo Retirement Plan

The CommoLoCo Retirement Plan is a qualified non-contributory defined benefit plan, which is subject to the provisions of ERISA and the Puerto Rico tax code. Effective December 31, 2012, the CommoLoCo Retirement Plan was frozen. Puerto Rican residents employed by CommoLoCo, Inc., our Puerto Rican subsidiary, who had attained age 21 and completed one year of service, were eligible to participate in the plan. Our former employees in Puerto Rico will not lose any vested benefits in the CommoLoCo Retirement Plan that accrued prior to January 1, 2013.
Unfunded Defined Benefit Plans

We sponsor unfunded defined benefit plans for certain employees, including key executives, designed to supplement pension benefits provided by our other retirement plans. These include: (i) the Springleaf Financial Services Excess Retirement Income Plan (the “Excess Retirement Income Plan”), which provides a benefit equal to the reduction in benefits payable to certain employees under our qualified retirement plan as a result of federal tax limitations on compensation and benefits payable; and (ii) the Supplemental Executive Retirement Plan (“SERP”), which provides additional retirement benefits to designated executives. Benefits under the Excess Retirement Income Plan were frozen as of December 31, 2012, and benefits under the SERP were frozen at the end of August 2004.

OBLIGATIONS AND FUNDED STATUS

The following table presents the funded status of the defined benefit pension plans. The funded status of the plans is measured as the difference between the plan assets at fair value and the projected benefit obligation.
(dollars in millions)
At or for the Years Ended December 31,202420232022
Projected benefit obligation, beginning of period$277 $275 $374 
Interest cost12 13 8 
Actuarial loss (gain) (a)(19)5 (91)
Benefits paid:
Plan assets(16)(16)(16)
Projected benefit obligation, end of period (b)254 277 275 
Fair value of plan assets, beginning of period283 278 383 
Actual return on plan assets, net of expenses1 20 (90)
Company contributions2 1 1 
Benefits paid:
Plan assets(16)(16)(16)
Fair value of plan assets, end of period (b)270 283 278 
Funded status, end of period$16 $6 $3 
Net plan assets recognized in our consolidated balance sheets (b)
$16 $6 $3 
Pretax net loss recognized in Accumulated other comprehensive loss
$(3)$(9)$(10)
(a)    For the years ended December 31, 2024, 2023, and 2022, the actuarial gains or losses were due to year-over-year fluctuations in discount rates used to calculate the present value of benefit obligations for the defined benefit plans. Adoption of updated mortality assumptions had additional impacts on calculation of gains or losses.
(b)    Includes one overfunded benefit plan with net plan assets recognized in Other assets in our consolidated balance sheets of $25 million, $17 million, and $14 million at December 31, 2024, 2023, and 2022, respectively, and three underfunded benefit plans with net projected benefit obligations recognized in Other liabilities in our consolidated balance sheets of $9 million, $11 million, and $11 million at December 31, 2024, 2023, and 2022, respectively.
The following table presents the components of net periodic benefit cost recognized in income and other amounts recognized in Accumulated other comprehensive income or loss with respect to the defined benefit pension plans:
(dollars in millions)
Years Ended December 31,202420232022
Components of net periodic benefit cost:
Interest cost$12 $13 $8 
Expected return on assets(15)(15)(13)
Net periodic benefit cost(3)(2)(5)
Other changes in plan assets and projected benefit obligation recognized in other comprehensive income or loss:
Net actuarial (gain) loss
(6)— 12 
Total recognized in other comprehensive income
(6)— 12 
Total recognized in net periodic benefit cost and other comprehensive income
$(9)$(2)$7 

Assumptions

The following table summarizes the weighted average assumptions used to determine the projected benefit obligations and the net periodic benefit costs:
December 31,20242023
Projected benefit obligation:
Discount rate5.44 %4.76 %
Net periodic benefit costs:
Discount rate4.70 %4.96 %
Expected long-term rate of return on plan assets5.53 %5.54 %

Discount Rate Methodology

The projected benefit cash flows were discounted using the spot rates derived from the unadjusted FTSE Pension Discount Curve at December 31, 2024 and 2023, and an equivalent weighted average discount rate was derived that resulted in the same liability.

Investment Strategy

The investment strategy with respect to assets relating to our pension plans is designed to achieve investment returns that will (i) provide for the benefit obligations of the plans over the long term; (ii) limit the risk of short-term funding shortfalls; and (iii) maintain liquidity sufficient to address cash needs. Accordingly, the asset allocation strategy is designed to maximize the investment rate of return while managing various risk factors, including but not limited to, volatility relative to the benefit obligations, diversification and concentration, and the risk and rewards profile indigenous to each asset class.

Allocation of Plan Assets

The long-term strategic asset allocation is reviewed and revised annually. The plans’ assets are monitored by our Retirement Plans Committee and the investment managers, which can entail allocating the plans’ assets among approved asset classes within pre-approved ranges permitted by the strategic allocation.
At December 31, 2024, the actual asset allocation for the primary asset classes was 96% in fixed income securities and 4% in equity securities. The 2025 target asset allocation for the primary asset classes is 95% in fixed income securities and 5% in equity securities. The actual allocation may differ from the target allocation at any particular point in time.

The expected long-term rate of return for the plans was 5.5% for the Springleaf Retirement Plan and 6.5% for the CommoLoCo Retirement Plan for 2024. The expected rate of return is an aggregation of expected returns within each asset class category. The expected asset return and any contributions made by the Company together are expected to maintain the plans’ ability to meet all required benefit obligations. The expected asset return with respect to each asset class was developed based on a building block approach that considers historical returns, current market conditions, asset volatility and the expectations for future market returns. While the assessment of the expected rate of return is long-term, and thus, not expected to change annually, significant changes in investment strategy or economic conditions may warrant such a change.

Expected Cash Flows

The expected future benefit payments, net of participants’ contributions, of our defined benefit pension plans at December 31, 2024 are as follows:
(dollars in millions)Expected Future Benefit Payments
2025$17 
202617 
202717 
202817 
202917 
2030-203488 
FAIR VALUE MEASUREMENTS — PLAN ASSETS

The inputs and methodology used in determining the fair value of the plan assets are consistent with those used to measure our assets. See Note 2 for a discussion of the accounting policies related to fair value measurements, which includes the valuation process and the inputs used to develop our fair value measurements.

The following table presents information about our plan assets measured at fair value and indicates the fair value hierarchy based on the levels of inputs we utilized to determine such fair value:
(dollars in millions)Level 1Level 2Level 3Total
December 31, 2024
Assets:
Cash and cash equivalents$3 $— $— $3 
Equity securities:
U.S. (a)1 — — 1 
International (b)1 — — 1 
Fixed income securities:
U.S. investment grade (c)7 178 — 185 
U.S. high yield (d)— 1 — 1 
Total$12 $179 $— $191 
Investments measured at NAV (e)79 
Total investments at fair value$270 
December 31, 2023
Assets:
Cash and cash equivalents$1 $— $— $1 
Equity securities:
U.S. (a)1 — — 1 
International (b)1 — — 1 
Fixed income securities:
U.S. investment grade (c)10 186 — 196 
U.S. high yield (d)— 3 — 3 
Total$13 $189 $— $202 
Investments measured at NAV (e)81 
Total investments at fair value$283 
(a)    Includes mutual funds that track common market indexes such as the S&P 500, as well as other indexes comprised of investments in small and large cap companies.
(b)    Includes mutual funds that track common market indexes comprised of investments in companies in emerging and developed markets.
(c)    Includes mutual funds and collective investment trusts invested in U.S. and non-U.S. government issued bonds, U.S. government agency or sponsored agency bonds, and investment grade corporate bonds.
(d)    Includes mutual funds and collective investment trusts invested in securities or debt obligations that have a rating below investment grade.
(e)    We have elected the practical expedient to exclude certain investments that were measured at net asset value ("NAV") per share (or equivalent) from the fair value hierarchy.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. Based on our investment strategy, we have no significant concentrations of risks.
v3.25.0.1
Share-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation
17. Share-Based Compensation

ONEMAIN HOLDINGS, INC. AMENDED 2013 OMNIBUS INCENTIVE PLAN

In 2013, OMH adopted the OneMain Holdings, Inc. Amended 2013 Omnibus Incentive Plan (the “Omnibus Plan”). As of December 31, 2024, 11,634,257 shares of common stock were reserved for issuance under the Omnibus Plan. The amount of shares reserved is adjusted annually at the beginning of the year by a number of shares equal to the excess of 10% of the number of outstanding shares on the last day of the previous fiscal year over the number of shares reserved and available for issuance as of the last day of the previous fiscal year. The Omnibus Plan allows for issuance of stock options, RSUs, restricted stock awards, stock appreciation rights, and other stock-based awards and cash awards.

Total share-based compensation expense, net of forfeitures, for all equity-based awards totaled $28 million, $34 million, and $29 million during 2024, 2023, and 2022, respectively. The total income tax benefit recognized for stock-based compensation was $6 million, $9 million, and $7 million in 2024, 2023, and 2022, respectively. As of December 31, 2024, there was total unrecognized compensation expense of $27 million related to unvested stock-based awards that are expected to be recognized over a weighted average period of approximately two years.

Service-based Awards

OMH has granted service-based RSUs to certain non-employee directors, executives, and employees. The RSUs are granted with varying service terms of one year to five years and do not provide the holders with any rights as shareholders, except with respect to dividend equivalents. The grant date fair value for RSUs is generally the closing market price of OMH’s common stock on the date of the award.

Expense for service-based awards is amortized on a straight-line basis over the vesting period, based on the number of awards that are ultimately expected to vest. The weighted-average grant date fair value of service-based awards issued in 2024, 2023, and 2022, was $46.92, $42.09, and $50.43, respectively. The total fair value of service-based awards that vested during 2024, 2023, and 2022 was $24 million, $21 million, and $18 million, respectively.

The following table summarizes the service-based stock activity and related information for the Omnibus Plan for 2024:
Number of
Shares		Weighted
Average
Grant Date Fair Value		Weighted
Average
Remaining
Term (in Years)
Unvested as of January 1, 2024970,096 $46.10 
Granted476,500 46.92 
Vested(514,100)47.61 
Forfeited(53,350)45.90 
Unvested at December 31, 2024879,146 45.69 1.59

Performance-based Awards

During 2024, 2023 and 2022, OMH awarded certain executives performance-based awards that may be earned based on the financial performance of OMH or the market performance of OMH’s common stock. These awards are subject to the achievement of performance goals during either a cumulative three-year period or up to a seven-year period. The awards are considered earned after the attainment of the performance goal, which can occur during or after the performance period when results have been evaluated and approved by the Compensation Committee, and vest according to their certain terms and conditions.

The fair value for performance-based awards is typically based on the closing market price of OMH's stock on the date of the award. For performance-based awards with market conditions, the fair value is measured on the grant date using an option-pricing model.
Expense for performance-based awards is typically recognized over the requisite service period when it is probable that the performance goals will be achieved and is based on the total number of units expected to vest. Expense for awards with graded vesting is recognized under the accelerated method, whereby each vesting is treated as a separate award with expense for each vesting recognized ratably over the requisite service period. If minimum targets are not achieved by the end of the respective performance periods, all unvested shares related to those targets will be forfeited and canceled, and all expense recognized to that date is reversed. Expense for performance-based awards with market conditions is recognized over the requisite service period, which represents the period over which the market condition is expected to be satisfied.

The weighted average grant date fair value of performance-based awards issued in 2024, 2023, and 2022 was $49.68, $44.69, and $50.34, respectively. The total fair value of performance-based awards that vested was immaterial during 2024, 2023, and 2022.

The following table summarizes the performance-based stock activity and related information for the Omnibus Plan for 2024:
Number of
Shares		Weighted
Average
Grant Date Fair Value		Weighted
Average
Remaining
Term (in Years)
Unvested as of January 1, 20241,054,979 $42.44 
Granted142,282 49.68 
Vested— — 
Forfeited(254,638)47.68 
Unvested at December 31, 2024942,623 42.12 1.76

OTHER STOCK-BASED PLANS

Cash-settled Stock-based Awards

OMH has previously granted cash-settled stock-based awards to certain executives. These awards were granted with vesting conditions relating to the trading price of OMH’s common stock and certain other terms and conditions. The awards provided for the right to accrue cash dividend equivalents. The grant date fair value of the cash-settled stock-based awards was zero because the satisfaction of the required event-based performance conditions was not considered probable as of the grant dates.

No vesting conditions were satisfied during 2024, 2023, or 2022 related to these awards. The remaining unvested awards expired during 2024. Additional salaries and benefits expense related to the unvested cash-settled stock-based awards was immaterial during 2024, 2023 and 2022.

Employee Stock Purchase Plan
The OneMain Employee Stock Purchase Plan (“ESP Plan”) provides certain eligible employees the opportunity to purchase shares of common stock at a discount. The ESP Plan qualifies as an employee stock purchase plan under Section 423 of the Internal Revenue Code of 1986, as amended, and as such is not subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended. The Board and stockholders of OMH approved and authorized 1,000,000 shares for issuance under the ESP Plan and became effective January 1, 2022. The Company issued 78,694 shares, 81,389 shares and 80,470 shares of treasury stock associated with the ESP Plan in 2024, 2023, and 2022, respectively. The Company’s expense associated with the ESP Plan is recorded in Salaries and benefits on our consolidated statements of operations and was immaterial during 2024, 2023, and 2022.
v3.25.0.1
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information
18. Segment Information
At December 31, 2024, 2023, and 2022, Consumer and Insurance (“C&I”) was 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, except as described below.

We report the operating results of C&I and Other using the Segment Accounting Basis, which (i) reflects our allocation methodologies for interest expense and operating costs, and (ii) excludes the impact of applying purchase accounting.

We allocate revenues and expenses on a Segment Accounting Basis to the C&I segment and Other using the following methodologies:

Interest incomeDirectly correlated to C&I segment and Other.
Interest expense
C&I and Other - The Company has secured and unsecured debt. The Company first allocates interest expense to its C&I segment based on actual expense for secured debt. Interest expense for unsecured debt is recorded to the C&I segment using a weighted average interest rate applied to allocated average unsecured debt.
Total average unsecured debt is allocated as follows:
l Other - at 100% of asset base. (Asset base represents the average net finance receivables including finance receivables held for sale); and
l C&I - receives remainder of unallocated average debt.
Provision for finance receivable losses
Directly correlated to the C&I segment.
Other revenuesDirectly correlated to the C&I segment and Other.
Other expenses
Salaries and benefits - Directly correlated to C&I segment and Other. Other salaries and benefits not directly correlated with the C&I segment and Other are allocated based on services provided.
Other operating expenses - Directly correlated to the C&I segment and Other. Other operating expenses not directly correlated to the C&I segment and Other are allocated based on services provided.
Insurance policy benefits and claims - Directly correlated to the C&I segment.
Acquisition-related transaction and integration expenses - Directly correlated to the C&I segment and consist primarily of: (i) acquisition-related transaction and integration costs related to the Foursight Acquisition, including legal and other professional fees and (ii) software termination costs.

The "Segment to GAAP Adjustment” column in the following tables primarily consists of:
•Interest income - reverses the impact of premiums/discounts on certain purchased finance receivables and the interest income recognition under guidance in ASC 310-20, Nonrefundable Fees and Other Costs, and reestablishes interest income recognition on a historical cost basis;
•Interest expense - reverses the impact of premiums/discounts on acquired long-term debt and reestablishes interest expense recognition on a historical cost basis;
•Provision for finance receivable losses - reverses the impact of providing an allowance for finance receivable losses upon acquisition and reestablishes the allowance on a historical cost basis; and
•Other expenses - reestablishes expenses on a historical cost basis by reversing the impact of amortization from acquired intangible assets, including amortization of other historical deferred costs and the amortization of purchased software assets on a historical cost basis.

The assets in the “Segment to GAAP Adjustment” column primarily represent goodwill and intangible assets acquired.
We have identified the following significant segment expenses: Interest expense, Provision for finance receivable losses, Salaries and benefits expense, Other operating expenses, and Insurance policy benefits and claims expense. Based on our identified significant segment expenses, there are no other segment items.

Our chief operating decision maker (“CODM”) is our Chief Executive Officer (“CEO”). The CODM uses Income (loss) before income tax expense (benefit) to assess the performance of the C&I segment, allocate resources, and make strategic operating decisions.

The following tables present information about C&I and Other, as well as reconciliations to the consolidated financial statement amounts.

(dollars in millions)Consumer
and
Insurance		OtherSegment to
GAAP
Adjustment		Consolidated
Total
At or for the Year Ended December 31, 2024  
Interest income$4,965 $3 $25 $4,993 
Interest expense1,181 1 3 1,185 
Provision for finance receivable losses
1,981 — 59 2,040 
Net interest income after provision for finance receivable losses
1,803 2 (37)1,768 
Other revenues689 7 (1)695 
Salaries and benefits
875 4 — 879 
Other operating expenses
721 6 1 728 
Insurance policy benefits and claims
189 — — 189 
Income (loss) before income tax expense (benefit)
$707 $(1)$(39)$667 
Assets$24,774 $12 $1,124 $25,910 

At or for the Year Ended December 31, 2023  
Interest income$4,559 $4 $1 $4,564 
Interest expense1,015 2 2 1,019 
Provision for finance receivable losses
1,721 — — 1,721 
Net interest income after provision for finance receivable losses
1,823 2 (1)1,824 
Other revenues727 8 — 735 
Salaries and benefits
848 7 — 855 
Other operating expenses
668 9 (2)675 
Insurance policy benefits and claims
189 — — 189 
Income (loss) before income tax expense (benefit)
$845 $(6)$1 $840 
Assets$23,056 $20 $1,218 $24,294 

At or for the Year Ended December 31, 2022  
Interest income$4,429 $5 $1 $4,435 
Interest expense886 3 3 892 
Provision for finance receivables losses1,399 — 3 1,402 
Net interest income after provision for finance receivable losses2,144 2 (5)2,141 
Other revenues 618 12 (1)629 
Salaries and benefits
829 7 — 836 
Other operating expenses
606 7 8 621 
Insurance policy benefits and claims
158 — — 158 
Income (loss) before income tax expense (benefit)$1,169 $— $(14)$1,155 
Assets$20,491 $35 $2,011 $22,537 
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements
19. Fair Value Measurements

The fair value of a financial instrument is the expected amount that would be received if an asset were to be sold or the expected amount that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The degree of judgment used in measuring the fair value of financial instruments generally correlates with the level of pricing observability. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Conversely, financial instruments traded in other-than-active markets or that do not have quoted prices have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. An other-than-active market is one in which there are few transactions, the prices are not current, price quotations vary substantially either over time or among market makers, or little information is released publicly for the asset or liability being valued. Pricing observability is affected by a number of factors, including the type of financial instrument, whether the financial instrument is listed on an exchange, traded over-the-counter, or is new to the market and not yet established, the characteristics specific to the transaction, and general market conditions. See Note 2 for a discussion of the accounting policies related to fair value measurements, which includes the valuation process and the inputs used to develop our fair value measurements.

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
December 31, 2024
Assets
Cash and cash equivalents$453 $5 $— $458 $458 
Investment securities54 1,550 3 1,607 1,607 
Net finance receivables, less allowance for finance receivable losses
— — 22,904 22,904 20,849 
Restricted cash and restricted cash equivalents 677 7 — 684 684 
Other assets *
— — 36 36 23 
Liabilities
Long-term debt $— $21,531 $— $21,531 $21,438 
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 December 31, 2024 and 2023 primarily consists of finance receivables held for sale.
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
December 31, 2024    
Assets    
Cash equivalents in mutual funds$55 $— $— $55 
Cash equivalents in securities— 5 — 5 
Investment securities:    
Available-for-sale securities    
U.S. government and government sponsored entities— 12 — 12 
Obligations of states, municipalities, and political subdivisions
— 61 — 61 
Commercial paper— 9 — 9 
Non-U.S. government and government sponsored entities— 155 — 155 
Corporate debt6 1,014 1 1,021 
RMBS— 184 — 184 
CMBS— 27 — 27 
CDO/ABS— 70 — 70 
Total available-for-sale securities6 1,532 1 1,539 
Other securities   
Bonds:   
Corporate debt— 4 — 4 
CDO/ABS— 14 — 14 
Total bonds— 18 — 18 
Preferred stock13 — — 13 
Common stock35 — 2 37 
Total other securities48 18 2 68 
Total investment securities54 1,550 3 1,607 
Restricted cash equivalents in mutual funds672 — — 672 
Restricted cash equivalents in securities— 7 — 7 
Total$781 $1,562 $3 $2,346 
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 years ended December 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 years ended December 31, 2024 and 2023.

FAIR VALUE MEASUREMENTS — VALUATION METHODOLOGIES AND ASSUMPTIONS

We use the following methods and assumptions to estimate fair value.

Cash and Cash Equivalents

Cash equivalents in mutual funds include positions in money market funds with weighted average maturity within three months. Money market funds are reported at their current carrying value, which approximates fair value due to the short-term nature of these instruments and are categorized as Level 1 within the fair value table.

Cash equivalents in securities includes highly liquid investments with a maturity within three months of purchase. The carrying amount of these cash equivalents approximates fair value due to the short time between the purchase and expected maturity of these securities. Cash equivalents in securities are categorized as Level 2 within the fair value table.
Restricted Cash and Restricted Cash Equivalents

The carrying amount of restricted cash and restricted cash equivalents approximates fair value.

Investment Securities

We utilize third-party valuation service providers to measure the fair value of our investment securities, which are classified as available-for-sale or other securities and consist primarily of bonds. Whenever available, we obtain quoted prices in active markets for identical assets at the balance sheet date to measure investment securities at fair value. We generally obtain market price data from exchange or dealer markets.

We estimate the fair value of fixed maturity investment securities not traded in active markets by referring to traded securities with similar attributes, using dealer quotations and a matrix pricing methodology, or discounted cash flow analyses. This methodology considers such factors as the issuer’s industry, the security’s rating and tenor, its coupon rate, its position in the capital structure of the issuer, yield curves, credit curves, composite ratings, bid-ask spreads, prepayment rates and other relevant factors. For fixed maturity investment securities that are not traded in active markets or that are subject to transfer restrictions, we adjust the valuations to reflect illiquidity and/or non-transferability. Such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used.

The fair value of certain investment securities is based on the amortized cost, which is assumed to approximate fair value.

Finance Receivables

The fair value of net finance receivables, less allowance for finance receivable losses, is primarily determined using discounted cash flow methodologies. The application of these methodologies requires us to make certain judgments and estimates based on our perception of market participant views related to the economic and competitive environment, the characteristics of our finance receivables, and other similar factors. The most significant judgments and estimates relate to prepayment speeds, default rates, loss severity, and discount rates. The degree of judgment and estimation applied is significant in light of the current capital markets and, more broadly, economic environments. Therefore, the fair value of our finance receivables may not be realized in an actual sale. Additionally, there may be inherent limitations in the valuation methodologies we employed, and changes in the underlying assumptions used could significantly affect the results of current or future values.

Long-term Debt

We either receive fair value measurements of our long-term debt from market participants and pricing services or we estimate the fair values of long-term debt using projected cash flows discounted at the market-observable implicit-credit spread rates at each balance sheet date.

We estimate the fair values associated with variable rate private secured term funding facilities, revolving conduit facilities, and credit card revolving VFN facilities to be equal to par.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income $ 509 $ 641 $ 872
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2024
shares
Dec. 31, 2024
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Douglas H. Shulman [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On November 14, 2024, Douglas H. Shulman, Chairman, President and Chief Executive Officer, entered into a stock trading plan under which he may sell up to 105,000 shares of common stock over a period of time ending on November 14, 2025.
Name Douglas H. Shulman  
Title Chairman, President and Chief Executive Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date November 14, 2024  
Expiration Date November 14, 2025  
Arrangement Duration 365 days  
Aggregate Available 105,000 105,000
Micah R. Conrad [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On December 13, 2024, Micah R. Conrad, Executive Vice President and Chief Operating Officer, entered into a stock trading plan under which he may sell up to 10,000 shares of common stock over a period of time ending on December 13, 2025.
Name Micah R. Conrad  
Title Executive Vice President and Chief Operating Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 13, 2024  
Expiration Date December 13, 2025  
Arrangement Duration 365 days  
Aggregate Available 10,000 10,000
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Cyber risk management is a critical component of our risk management framework. Processes for assessing, identifying, and managing material risks arising from cybersecurity threats are integrated in our policies and procedures, including our enterprise risk appetite, risk assessment, risk treatment, risk acceptance or exceptions, and third party risk management policies.

Our Cybersecurity Program, which we are aligning with the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework, provides a framework for compliance with applicable cybersecurity and data protection laws. Our program is designed to ensure the security and confidentiality of customer information, protect against known or evolving threats to the security or integrity of customer records and personal information and protect against unauthorized access to or use of such information. We work with our regulators to ensure that these policies are adequately designed to appropriately safeguard personal information. We use a variety of processes and technologies to monitor for and identify cybersecurity threats, including vulnerabilities scans, endpoint and network monitoring software, and email scanning software. We also have a Cyber Incident Response Policy and detailed plans which are updated and exercised annually. Our cyber defenses are reviewed annually by third-party penetration testers using the Adversarial Tactics, Techniques and Common Knowledge (“MITRE ATT&CK”) framework and the incident response plan is reviewed by experienced counsel. We incorporate cybersecurity risk reviews of third-party service providers within our Enterprise Third Party Risk Management Program. We conduct annual Cyber Risk Assessments which drive strategic decisions. Employees are required to abide by our cybersecurity and data protection policies and are provided formal cybersecurity training. We maintain a corporate cyber risk insurance policy as part of our cybersecurity risk strategy that is reviewed annually.

To date, the Company has not experienced a material cybersecurity incident.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Cyber risk management is a critical component of our risk management framework. Processes for assessing, identifying, and managing material risks arising from cybersecurity threats are integrated in our policies and procedures, including our enterprise risk appetite, risk assessment, risk treatment, risk acceptance or exceptions, and third party risk management policies.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Cybersecurity and data protection are important for the Company to maintain the trust of our customers, team members and stakeholders. Overseen by the Board of Directors and its Risk Committee, we regularly review, and as appropriate, adapt our Cybersecurity Program to an evolving landscape of emerging threats, evaluate effectiveness of key security controls, and assess cybersecurity best practices.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Overseen by the Board of Directors and its Risk Committee, we regularly review, and as appropriate, adapt our Cybersecurity Program to an evolving landscape of emerging threats, evaluate effectiveness of key security controls, and assess cybersecurity best practices.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Chief Information Security Officer (“CISO”), the Chief Technology Officer (“CTO”), and General Counsel are key management roles responsible for assessing and managing material risks from cybersecurity threats. The CISO reports to the General Counsel and is responsible for implementing and maintaining our enterprise cybersecurity organization. Our CISO has served in both the private and public sectors developing extensive experience in cybersecurity operations, incident response, strategy, governance and compliance. The CISO provides periodic reports to our management risk committee on the mitigation of cybersecurity risks. The General Counsel provides executive oversight of the Cybersecurity Program, providing governance of cybersecurity capabilities and coordinating cybersecurity matters with senior management and the Board of Directors. Our experienced General Counsel has significant risk management, governance, litigation and regulatory experience. We believe these skills are needed in leadership of our Cybersecurity Program to ensure that risk management, legal, regulatory, disclosure and governance perspectives are considered in the design of our Cybersecurity Program and in evaluating and responding to potential cyber incidents. The CTO provides our Cybersecurity Program with the technical and functional resources to achieve its strategic goals and objectives. Our CTO has 30 years of experience with reliability and security of core systems, expertise important for establishing robust protocols and implementing best practices to safeguard against cyber threats and mitigate risks effectively. The General Counsel, CISO, and CTO meet regularly to evaluate the Company’s Cybersecurity Program.
The Board is responsible for overseeing the Company’s management of cybersecurity risk, including oversight into appropriate risk mitigation, strategies, processes, systems, and controls. The CISO has regular and direct communication with the Board, providing a cybersecurity report to the Board’s Risk Committee on a quarterly basis (more frequently as events warrant), as well as a written cybersecurity report and briefing to the full Board on an annual basis, in order to inform directors of the state of the Company’s Cybersecurity Program. These reports cover, but are not limited to, the Company’s cybersecurity posture, overall status of the Company’s compliance with the Cybersecurity Program, threat environment, material cybersecurity risks and events, Cybersecurity Program improvements and effectiveness, and other material matters related to the Cybersecurity Program.
Cybersecurity Risk Role of Management [Text Block]
The Chief Information Security Officer (“CISO”), the Chief Technology Officer (“CTO”), and General Counsel are key management roles responsible for assessing and managing material risks from cybersecurity threats. The CISO reports to the General Counsel and is responsible for implementing and maintaining our enterprise cybersecurity organization. Our CISO has served in both the private and public sectors developing extensive experience in cybersecurity operations, incident response, strategy, governance and compliance. The CISO provides periodic reports to our management risk committee on the mitigation of cybersecurity risks. The General Counsel provides executive oversight of the Cybersecurity Program, providing governance of cybersecurity capabilities and coordinating cybersecurity matters with senior management and the Board of Directors. Our experienced General Counsel has significant risk management, governance, litigation and regulatory experience. We believe these skills are needed in leadership of our Cybersecurity Program to ensure that risk management, legal, regulatory, disclosure and governance perspectives are considered in the design of our Cybersecurity Program and in evaluating and responding to potential cyber incidents. The CTO provides our Cybersecurity Program with the technical and functional resources to achieve its strategic goals and objectives. Our CTO has 30 years of experience with reliability and security of core systems, expertise important for establishing robust protocols and implementing best practices to safeguard against cyber threats and mitigate risks effectively. The General Counsel, CISO, and CTO meet regularly to evaluate the Company’s Cybersecurity Program.
The Board is responsible for overseeing the Company’s management of cybersecurity risk, including oversight into appropriate risk mitigation, strategies, processes, systems, and controls. The CISO has regular and direct communication with the Board, providing a cybersecurity report to the Board’s Risk Committee on a quarterly basis (more frequently as events warrant), as well as a written cybersecurity report and briefing to the full Board on an annual basis, in order to inform directors of the state of the Company’s Cybersecurity Program. These reports cover, but are not limited to, the Company’s cybersecurity posture, overall status of the Company’s compliance with the Cybersecurity Program, threat environment, material cybersecurity risks and events, Cybersecurity Program improvements and effectiveness, and other material matters related to the Cybersecurity Program.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Chief Information Security Officer (“CISO”), the Chief Technology Officer (“CTO”), and General Counsel are key management roles responsible for assessing and managing material risks from cybersecurity threats.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CISO has served in both the private and public sectors developing extensive experience in cybersecurity operations, incident response, strategy, governance and compliance.Our experienced General Counsel has significant risk management, governance, litigation and regulatory experience.The CTO provides our Cybersecurity Program with the technical and functional resources to achieve its strategic goals and objectives. Our CTO has 30 years of experience with reliability and security of core systems, expertise important for establishing robust protocols and implementing best practices to safeguard against cyber threats and mitigate risks effectively.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The General Counsel, CISO, and CTO meet regularly to evaluate the Company’s Cybersecurity Program. The Board is responsible for overseeing the Company’s management of cybersecurity risk, including oversight into appropriate risk mitigation, strategies, processes, systems, and controls. The CISO has regular and direct communication with the Board, providing a cybersecurity report to the Board’s Risk Committee on a quarterly basis (more frequently as events warrant), as well as a written cybersecurity report and briefing to the full Board on an annual basis, in order to inform directors of the state of the Company’s Cybersecurity Program. These reports cover, but are not limited to, the Company’s cybersecurity posture, overall status of the Company’s compliance with the Cybersecurity Program, threat environment, material cybersecurity risks and events, Cybersecurity Program improvements and effectiveness, and other material matters related to the Cybersecurity Program.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
BASIS OF PRESENTATION

We prepared our consolidated financial statements using generally accepted accounting principles in the United States of America ("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 consolidated financial statements and disclosures of contingent assets and liabilities. In management’s opinion, the consolidated financial statements include the normal, recurring adjustments necessary for a fair statement of results. Ultimate 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. To conform to the 2024 presentation, we reclassified certain items in prior periods of our consolidated financial statements.
Operating Segment
Operating Segment

At December 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, except as described below.

We report the operating results of C&I and Other using the Segment Accounting Basis, which (i) reflects our allocation methodologies for interest expense and operating costs, and (ii) excludes the impact of applying purchase accounting.

We allocate revenues and expenses on a Segment Accounting Basis to the C&I segment and Other using the following methodologies:

Interest incomeDirectly correlated to C&I segment and Other.
Interest expense
C&I and Other - The Company has secured and unsecured debt. The Company first allocates interest expense to its C&I segment based on actual expense for secured debt. Interest expense for unsecured debt is recorded to the C&I segment using a weighted average interest rate applied to allocated average unsecured debt.
Total average unsecured debt is allocated as follows:
l Other - at 100% of asset base. (Asset base represents the average net finance receivables including finance receivables held for sale); and
l C&I - receives remainder of unallocated average debt.
Provision for finance receivable losses
Directly correlated to the C&I segment.
Other revenuesDirectly correlated to the C&I segment and Other.
Other expenses
Salaries and benefits - Directly correlated to C&I segment and Other. Other salaries and benefits not directly correlated with the C&I segment and Other are allocated based on services provided.
Other operating expenses - Directly correlated to the C&I segment and Other. Other operating expenses not directly correlated to the C&I segment and Other are allocated based on services provided.
Insurance policy benefits and claims - Directly correlated to the C&I segment.
Acquisition-related transaction and integration expenses - Directly correlated to the C&I segment and consist primarily of: (i) acquisition-related transaction and integration costs related to the Foursight Acquisition, including legal and other professional fees and (ii) software termination costs.

The "Segment to GAAP Adjustment” column in the following tables primarily consists of:
•Interest income - reverses the impact of premiums/discounts on certain purchased finance receivables and the interest income recognition under guidance in ASC 310-20, Nonrefundable Fees and Other Costs, and reestablishes interest income recognition on a historical cost basis;
•Interest expense - reverses the impact of premiums/discounts on acquired long-term debt and reestablishes interest expense recognition on a historical cost basis;
•Provision for finance receivable losses - reverses the impact of providing an allowance for finance receivable losses upon acquisition and reestablishes the allowance on a historical cost basis; and
•Other expenses - reestablishes expenses on a historical cost basis by reversing the impact of amortization from acquired intangible assets, including amortization of other historical deferred costs and the amortization of purchased software assets on a historical cost basis.

The assets in the “Segment to GAAP Adjustment” column primarily represent goodwill and intangible assets acquired.
Finance Receivables and Finance Receivable Revenue Recognition
Finance Receivables

Generally, we classify finance receivables as held for investment based on management’s intent at the time of origination. We determine classification on a receivable-by-receivable basis. We classify finance receivables as held for investment due to our ability and intent to hold them until their contractual maturities. Our finance receivables held for investment consist of our consumer loans and credit cards. Consumer loans include personal loans and auto finance. We carry finance receivables at amortized cost which includes accrued finance charges, net unamortized deferred origination costs and unamortized fees, unamortized net premiums and discounts on purchased finance receivables, and unamortized finance charges on precomputed receivables.

We include the cash flows from finance receivables held for investment in our consolidated statements of cash flows as investing activities, except for collections of interest, which we include as cash flows from operating activities. We may finance certain optional products offered to our customers as part of finance receivables. In such cases, the insurance premium is included as an operating cash inflow and the financing of the insurance premium is included as part of the finance receivable as an investing cash flow in our consolidated statements of cash flows.
Finance Receivable Revenue Recognition

We recognize finance charges as revenue on the accrual basis using the interest method, which we report in Interest income in our consolidated statements of operations. We defer and amortize the costs to originate certain finance receivables and the revenue from nonrefundable fees, along with any premiums or discounts, as an adjustment to finance charge income using the interest method. For credit cards, we amortize certain deferred costs on a straight-line basis over a twelve-month period.

For our consumer loans, we stop accruing finance charges when four payments (approximately 90 days) become contractually past due. We reverse finance charge amounts previously accrued upon suspension of accrual of finance charges. For credit cards, we continue to accrue finance charges and fees until charge-off when seven payments (approximately 180 days) become contractually past due, at which point we reverse finance charges and fees previously accrued.

For certain finance receivables that had a carrying value that included a purchase premium or discount, we stop accreting the premium or discount at the time we stop accruing finance charges. We do not reverse accretion of premium or discount that was previously recognized.

For our consumer loans, we recognize the contractual interest portion of payments received on nonaccrual finance receivables as finance charges at the time of receipt. We resume the accrual of interest on nonaccrual consumer loans when the past due status on the individual finance receivable improves to the point that the finance receivable no longer meets our policy for nonaccrual. At that time, we also resume accretion of any unamortized premium or discount resulting from a previous purchase premium or discount.
Modified Finance Receivables to Borrowers Experiencing Financial Difficulty
Modified Finance Receivables to Borrowers Experiencing Financial Difficulty

We make modifications to our finance receivables to assist borrowers who are experiencing financial difficulty, participating in a counseling or settlement arrangement, or are in bankruptcy. 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. We restructure finance receivables only if we believe the customer has the ability to pay under the restructured terms for the foreseeable future.

When we modify an account, we primarily use a combination of the following to reduce the borrower’s monthly payment: reduce the interest rate, extend the term, defer or forgive past due interest, or forgive principal. As part of the modification, we may require qualifying payments before the accounts are generally brought current for delinquency reporting. In addition, for principal forgiveness, we may require future payment performance by the borrower under the modified terms before the balances are contractually forgiven. We fully reserve for any potential principal forgiveness in our allowance for finance receivable losses.

Accounts that are deemed to be a modified finance receivable are measured for impairment in accordance with our policy for allowance for finance receivable losses.
Allowance for Finance Receivable Losses
Allowance for Finance Receivable Losses

We establish the allowance for finance receivable losses through the provision for finance receivable losses. We evaluate our finance receivable portfolio by level of contractual delinquency in the portfolio, specifically in the late-stage delinquency buckets and inclusive of the migration of the loans through the delinquency buckets. Our finance receivables consist of a large number of relatively small, homogeneous accounts.

We estimate the allowance for finance receivable losses primarily on historical loss experience using a cumulative loss model applied to our consumer loans. Our gross credit loss expectation is offset by the estimate of future recoveries using historical recovery curves. Our consumer loans are primarily segmented in the loss model by contractual delinquency status. Other attributes in the model include loan modification status, collateral mix, and recent credit score.

To estimate the gross credit losses for consumer loans, the model utilizes a roll rate matrix to project the first 12 months of losses and historical cohort performance to project the expected losses over the remaining term. Our methodology relies on historical loss experience to forecast the corresponding future outcomes.
These patterns are then applied to the current portfolio to obtain an estimate of future losses. We also consider key economic trends including unemployment rates. Forecasted macroeconomic conditions extend to our reasonable and supportable forecast period and revert to a historical average. No new volume is assumed. Loan renewals are a significant piece of our new volume and are considered a terminal event of the previous loan.

For our consumer loans, we have elected not to measure an allowance on accrued finance charges as it is our policy to reverse finance charge amounts previously accrued after four contractual payments become past due. For credit cards, we measure an allowance on uncollected finance charges, but do not measure an allowance on the unfunded portion of the credit card lines as the accounts are unconditionally cancellable.

Management exercises its judgment when determining the amount of allowance for finance receivable losses. Our judgment is based on quantitative analyses, qualitative factors, such as recent portfolio, industry, and other economic trends, and experience in the consumer finance industry. We may adjust the amounts determined by our model for management’s estimate of the effects of model imprecision which include but are not limited to, any changes to underwriting criteria and portfolio seasoning.

We generally charge-off to the allowance for finance receivable losses on consumer loans and credit cards that are beyond seven payments (approximately 180 days) contractually past due. Exceptions include accounts in bankruptcy, which are generally charged off at the earlier of notice of discharge or when the customer becomes seven payments contractually past due, and accounts of deceased borrowers, which are generally charged off at the time of notice. Generally, we start repossession of any titled personal property when the customer becomes two payments (approximately 30 days) contractually past due and may charge-off prior to the account becoming seven payments (approximately 180 days) contractually past due.

We may renew delinquent secured or unsecured loan accounts if the customer meets current underwriting criteria and it does not appear that the cause of past delinquency will affect the customer’s ability to repay the renewed loan. We subject all renewals to the same credit risk underwriting process as we would a new application for credit.
Goodwill
Goodwill

Goodwill represents the amount of purchase price over the fair value of net assets we acquired in connection with business combinations. We test goodwill for potential impairment at least annually as of October 1 of each year and more frequently if events occur or circumstances change that would more likely than not reduce the fair value of our reporting unit below its carrying amount.

We first complete a qualitative assessment to determine whether it is necessary to perform a quantitative impairment test. If the qualitative assessment indicates that it is more likely than not that the reporting unit’s fair value is less than its carrying amount, we proceed with the quantitative impairment test. When necessary, the fair value of the reporting unit is calculated utilizing the income approach, which uses prospective financial information of the reporting unit discounted at a rate we estimate a market participant would use.
Intangible Assets other than Goodwill
Intangible Assets other than Goodwill

At the time we initially recognize intangible assets, a determination is made with regard to each asset’s useful life. We amortize our finite useful life intangible assets in a manner that reflects the pattern of economic benefit used.

For intangible assets with a finite useful life, we review for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. Impairment is indicated if the sum of undiscounted estimated future cash flows is less than the carrying value of the respective asset. Impairment is permanently recognized by writing down the asset to the extent that the carrying value exceeds the estimated fair value.

For indefinite-lived intangible assets, we review for impairment at least annually and more frequently if events or changes in circumstances indicate the assets are more likely than not to be impaired. We first complete a qualitative assessment to determine whether it is necessary to perform a quantitative impairment test. If the qualitative assessment indicates that the assets are more likely than not to have been impaired, we proceed with the fair value calculation of the assets. The fair value is determined in accordance with our fair value measurement policy. If the carrying value exceeds the estimated fair value, an impairment loss will be recognized in an amount equal to the difference and the indefinite life classification will be evaluated to determine whether such classification remains appropriate.
Leases
Leases

All our leases are classified as operating leases, and we are the lessee or sublessor in all our lease arrangements. At inception of an arrangement, we determine if a lease exists. At lease commencement date, we recognize a right-of-use asset and a lease liability measured at the present value of lease payments over the lease term. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Since our operating leases do not provide an implicit rate, we utilize the best available information to determine our incremental borrowing rate, which is used to calculate the present value of lease payments. The right-of-use asset also includes any prepaid fixed lease payments and excludes lease incentives. Options to extend or terminate a lease may be included in our lease arrangements. We reflect the renewal or termination option in the right-of-use asset and lease liability when it is reasonably certain that we will exercise those options. In the normal course of business, we will renew leases that expire or replace them with leases on other properties.

We have elected the practical expedient to treat both the lease component and non-lease component for our leased office space portfolio as a single lease component. Operating lease costs for lease payments are recognized on a straight-line basis over the lease term and are included in Other operating expenses in our consolidated statements of operations. In addition to rent, we pay taxes, insurance, and maintenance expenses under certain leases as variable lease payments. The lease right-of-use assets are included in Other assets and the lease liabilities are included in Other liabilities in our consolidated balance sheets.
Insurance Premiums
Insurance Premiums

We recognize revenue for short-duration contracts over the related contract period. Short-duration contracts primarily consist of credit life, credit disability, credit involuntary unemployment insurance, and collateral protection policies. We defer single premium credit insurance premiums from affiliates in unearned premium reserves, which we include as a reduction to Net finance receivables in our consolidated balance sheets. We recognize unearned premiums on credit life, credit disability, credit involuntary unemployment insurance, and collateral protection insurance as revenue using the sum-of-the-digits, straight-line or other appropriate methods over the terms of the policies. Premiums from reinsurance assumed are earned over the related contract period.

We recognize revenue on long-duration contracts when due from policyholders. Long-duration contracts include term and whole life, accidental death and dismemberment, and disability income protection. For single premium long-duration contracts, a liability is accrued, which represents the present value of estimated future policy benefits to be paid to or on behalf of policyholders and related expenses, when premium revenue is recognized. The effects of changes in such estimated future policy benefit reserves are classified in Insurance policy benefits and claims in our consolidated statements of operations.

We recognize commissions on optional products as Other revenues - other in our consolidated statements of operations when earned.

We may finance certain optional products offered to our customers as part of finance receivables. In such cases, unearned premiums and certain unpaid claim liabilities related to our borrowers are netted and classified as contra-assets in Net finance receivables in our consolidated balance sheets. The insurance premium is included as an operating cash inflow and the financing of the insurance premium is included as part of the finance receivable as an investing cash flow in our consolidated statements of cash flows.
Policy and Claim Reserves
Policy and Claim Reserves

Policy reserves for credit life, credit disability, credit involuntary unemployment, and collateral protection insurance equal related unearned premiums. Reserves for losses and loss adjustment expenses are based on claims experience, actual claims reported, and estimates of claims incurred but not reported. Assumptions utilized in determining appropriate reserves are based on historical experience, adjusted to provide for possible adverse deviation. These estimates are periodically reviewed and compared with actual experience and industry standards, and revised if it is determined that future experience will differ substantially from that previously assumed. Since reserves are based on estimates, the ultimate liability may be more or less than such reserves. The effects of changes in such estimated reserves are classified in Insurance policy benefits and claims in our consolidated statements of operations in the period in which the estimates are changed.

We base annuity reserves on assumptions as to investment yields and mortality. Ceded insurance reserves are included in Other assets in our consolidated balance sheets and include estimates of the amounts expected to be recovered from reinsurers on insurance claims and policyholder liabilities.
Policy reserves are established for our long-duration contracts. The liability for future policy benefits is the present value of estimated future policy benefits to be paid to or on behalf of policyholders less the present value of estimated future net premiums to be collected from policyholders. To estimate the liability, we make assumptions for mortality, morbidity, lapses, and the discount rate.

At least annually, we update our estimate of the liability with actual experience and review our cash flow assumptions. The updated liability is discounted at the original discount rate at contract inception, and the change in the balance is recognized as a remeasurement gain or loss and included in Insurance policy benefits and claims in our consolidated statements of operations.

The discount rate assumption is the equivalent of an upper-medium grade fixed-income instrument yield. To determine the original discount rate at contract inception, we use a weighted average rate based on a forward yield curve over the contract issue year. At each reporting period, the liability is remeasured using the current discount rate and the change in the liability due to the discount rate is recognized in Accumulated other comprehensive income (loss) in our consolidated balance sheets.
Insurance Policy Acquisition Costs
Insurance Policy Acquisition Costs

We defer insurance policy acquisition costs (primarily commissions, reinsurance fees, and premium taxes). We include deferred policy acquisition costs in Other assets in our consolidated balance sheets and amortize these costs over the terms of the related policies, whether directly written or reinsured.
Investment Securities
Investment Securities

We generally classify our investment securities as available-for-sale or other, depending on management’s intent. Other securities primarily consist of equity securities and those securities for which the fair value option was elected.

Our investment securities classified as available-for-sale are recorded at fair value. We adjust related balance sheet accounts to reflect the current fair value of investment securities and record the adjustment, net of tax, in Accumulated other comprehensive income or loss in shareholders’ equity. We record interest receivable on investment securities in Other assets in our consolidated balance sheets.

We classify our investment securities in the fair value hierarchy framework based on the observability of inputs. Inputs to the valuation techniques are described as being either observable (Level 1 or 2) or unobservable (Level 3) assumptions (as further described in “Fair Value Measurements” below) that market participants would use in pricing an asset or liability.
Impairments on Investment Securities
Impairments on Investment Securities

We evaluate our available-for-sale securities on an individual basis to identify any instances where the fair value of the investment security is below its amortized cost. For these securities, we then evaluate whether an impairment exists if any of the following conditions are present:

•we intend to sell the security;
•it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis; or
•we do not expect to recover the security’s entire amortized cost basis (even if we do not intend to sell the security).

If we intend to sell an impaired investment security or we will likely be required to sell the security before recovery of its amortized cost basis less any current period credit loss, we recognize the impairment as a direct write-down in Other revenues - investment in our consolidated statements of operations equal to the difference between the investment security’s amortized cost and its fair value at the balance sheet date. Once the impairment is recorded, we adjust the investment security to a new amortized cost basis equal to the previous amortized cost basis less the impairment write-down recognized in the current period.

In determining whether a credit loss exists, we compare our best estimate of the present value of the cash flows expected to be collected from the security to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis of the security, a credit loss exists and an allowance for credit losses is recorded, not to exceed the total unrealized loss on the security. The cash flows expected to be collected are determined by assessing all available information, including issuer default rate, ratings changes and adverse conditions related to the industry sector, financial condition of issuer, credit enhancements, collateral default rates, and other relevant criteria. Management considers
factors such as our investment strategy, liquidity requirements, overall business plans, and recovery periods for securities in previous periods of broad market declines.

If a credit loss exists with respect to an investment in a security (i.e., we do not expect to recover the entire amortized cost basis of the security), we would be unable to assert that we will recover our amortized cost basis even if we do not intend to sell the security. Therefore, in these situations, a credit impairment is considered to have occurred.

If a credit impairment exists, but we do not intend to sell the security and we will likely not be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the impairment is bifurcated as: (i) the estimated amount relating to credit loss; and (ii) the amount relating to non-credit related factors. We recognize the estimated credit loss as an allowance on the balance sheet in investment securities, with a corresponding loss in Other revenues - investment, and the non-credit loss amount in Accumulated other comprehensive income or loss.

For investment securities in which a credit impairment was recorded through an allowance, we record subsequent increases and decreases in the allowance for credit losses as credit loss expense or reversal of credit loss expense in Other revenues -investment. We will not reverse a previously recorded allowance to an amount below zero. We recognize subsequent increases and decreases in the fair value of our available-for-sale securities from non-credit related factors in Accumulated other comprehensive income or loss.
Interest receivables on our investment securities are excluded from the amortized cost and fair value and are recorded in Other assets in our consolidated balance sheets. We have elected not to measure an allowance on interest receivables due to our policy to reverse interest receivable at the time collectability is uncertain. The reversal of interest receivable is recorded in Other revenues - investment in our consolidated statements of operations.
Investment Revenue Recognition
Investment Revenue Recognition

We recognize interest on interest bearing fixed-maturity investment securities as revenue on the accrual basis. We amortize any premiums or accrete any discounts as a revenue adjustment using the interest method. We stop accruing interest revenue when the collection of interest becomes uncertain. We record dividends on equity securities as revenue on ex-dividend dates. We recognize income on mortgage-backed and asset-backed securities as revenue using an effective yield based on estimated prepayments of the underlying collateral. If actual prepayments differ from estimated prepayments, we calculate a new effective yield and adjust the net investment in the security accordingly. We record the adjustment, along with all investment securities revenue, in Other revenues - investment in our consolidated statements of operations. We specifically identify realized gains and losses on investment securities and include them in Other revenues - investment in our consolidated statements of operations.
Variable Interest Entities
Variable Interest Entities

An entity is a VIE if the entity does not have sufficient equity at risk for the entity to finance its activities without additional financial support or has equity investors who lack the characteristics of a controlling financial interest. A VIE is consolidated into the financial statements of its primary beneficiary. When we have a variable interest in a VIE, we qualitatively assess whether we have a controlling financial interest in the entity and, if so, whether we are the primary beneficiary. In applying the qualitative assessment to identify the primary beneficiary of a VIE, we are determined to have a controlling financial interest if we have (i) the power to direct the activities that most significantly impact the economic performance of the VIE, and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We consider the VIEs’ purpose and design, including the risks that the entity was designed to create and pass through to its variable interest holders. We continually reassess the VIEs’ primary beneficiary and whether we have acquired or divested the power to direct the activities of the VIE through changes in governing documents or other circumstances.
Cash and Cash Equivalents
Cash and Cash Equivalents

We consider unrestricted cash on hand and short-term investments having maturity dates within three months of their date of acquisition to be cash and cash equivalents.

We typically maintain cash in financial institutions in excess of the Federal Deposit Insurance Corporation’s insurance limits. We evaluate the creditworthiness of these financial institutions in determining the risk associated with these cash balances. We
do not believe that the Company is exposed to any significant credit risk on these accounts and have not experienced any losses in such accounts.
Restricted Cash and Cash Equivalents
Restricted Cash and Cash Equivalents

We include funds to be used for future debt payments and collateral relating to our secured debt, insurance regulatory deposits, and reinsurance trusts with third parties, in each case, in restricted cash and cash equivalents.
Long-term Debt
Long-term Debt

We generally report our long-term debt at the face value of the debt instrument, which we adjust for any unaccreted discount, unamortized premium, or unaccreted debt issuance costs. For our securitizations, we have elected to amortize and accrete these items over the life of the debt instrument based on the projected cash flows. For all other debt instruments, we generally amortize and accrete these items over the contractual life of the debt instrument based on the contractual terms. Amortization and accretion of these items are recorded to Interest expense in our consolidated statements of operations.
Income Taxes
Income Taxes

We recognize income taxes using the asset and liability method. We establish deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of assets and liabilities, using the tax rates expected to be in effect when the temporary differences reverse. Deferred tax assets are also recognized for tax attributes such as net operating loss carryforwards.

Realization of our gross deferred tax asset depends on our ability to generate sufficient taxable income of the appropriate character within the carryforward periods of the jurisdictions in which the net operating and capital losses, deductible temporary differences and credits were generated. When we assess our ability to realize deferred tax assets, we consider all available evidence and we record valuation allowances to reduce deferred tax assets to the amounts that management conclude are more-likely-than-not to be realized.

We recognize income tax benefits associated with uncertain tax positions, when, in our judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more likely than not recognition threshold, we initially and subsequently measure the tax benefit as the largest amount that we judge to have a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority.
Retirement Benefit Plans
Retirement Benefit Plans

We have funded and unfunded noncontributory defined pension plans. We recognize the net pension asset or liability, also referred to herein as the funded status of the benefit plan, in Other assets or Other liabilities in our consolidated balance sheets, depending on the funded status at the end of each reporting period. We recognize the net actuarial gains or losses and prior service cost or credit that arise during the period in Accumulated other comprehensive income or loss.

Many of our employees are participants in our 401(k) Plan. Our contributions to the plan are charged to Salaries and benefits in our consolidated statements of operations.
Share-based Compensation Plans
Share-based Compensation Plans

We measure compensation cost for service-based and performance-based awards at estimated fair value and recognize compensation expense over the requisite service period for awards expected to vest. The estimation of awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from current estimates, such amounts will be recorded as a cumulative adjustment to Salaries and benefits in our consolidated statements of operations in the period estimates are revised. For service-based awards subject to graded vesting, expense is recognized under the straight-line method. Expense for performance-based awards with graded vesting is recognized under the accelerated method, whereby each vesting is treated as a separate award with expense for each vesting recognized ratably over the requisite service period.
Fair Value Measurements
Fair Value Measurements

Management is responsible for the determination of the fair value of our financial assets and financial liabilities and the supporting methodologies and assumptions. We employ widely accepted internal valuation models or utilize third-party valuation service providers to gather, analyze, and interpret market information and derive fair values based upon relevant methodologies and assumptions for individual instruments or pools of finance receivables. When our valuation service providers are unable to obtain sufficient market observable information upon which to estimate the fair value for a particular security, we determine fair value either by requesting brokers who are knowledgeable about these securities to provide a quote, which is generally non-binding, or by employing widely accepted internal valuation models.

Our valuation process typically requires obtaining data about market transactions and other key valuation model inputs from internal or external sources and, through the use of widely accepted valuation models, provides a single fair value measurement for individual securities or pools of finance receivables. The inputs used in this process include, but are not limited to, market prices from recently completed transactions and transactions of comparable securities, interest rate yield curves, credit spreads, bid-ask spreads, currency rates, and other market-observable information as of the measurement date, as well as the specific attributes of the security being valued, including its term, interest rate, credit rating, industry sector, and other issue or issuer-specific information. When market transactions or other market observable data is limited, the extent to which judgment is applied in determining fair value is greatly increased. We assess the reasonableness of individual security values received from our valuation service providers through various analytical techniques. As part of our internal price reviews, assets that fall outside a price change tolerance are sent to our third-party investment manager for further review. In addition, we may validate the reasonableness of fair values by comparing information obtained from our valuation service providers to other third-party valuation sources for selected securities.

We measure and classify assets and liabilities in our consolidated balance sheets in a hierarchy for disclosure purposes consisting of three “Levels” based on the observability of inputs available in the marketplace used to measure the fair values. In general, we determine the fair value measurements classified as Level 1 based on inputs utilizing quoted prices in active markets for identical assets or liabilities that we have the ability to access. We generally obtain market price data from exchange or dealer markets. We do not adjust the quoted price for such instruments.

We determine the fair value measurements classified as Level 2 based on inputs utilizing other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. The use of observable and unobservable inputs is further discussed in Note 19.

In certain cases, the inputs we use to measure the fair value of an asset may fall into different levels of the fair value hierarchy. In such cases, we determine the level in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
Earnings Per Share (OMH Only)
Earnings Per Share (OMH Only)

Basic earnings per share is computed by dividing net income or loss by the weighted-average number of shares outstanding during each period. Diluted earnings per share is computed based on the weighted-average number of common shares plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares represent outstanding unvested restricted stock units and awards.
ACCOUNTING PRONUNCEMENTS 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 became effective for the Company beginning with this Annual Report on Form 10-K for the year ended December 31, 2024, and we have adopted using the retrospective transition method. See Note 18 for additional information on the adoption of ASU 2023-07.

ACCOUNTING PRONOUNCEMENTS TO BE ADOPTED

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 to our income tax disclosures.

Expense Disaggregation Disclosures

In December of 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure of certain costs and expenses in the notes to the financial statements. The amendments in this ASU will become effective for fiscal years beginning after December 15, 2026, and will be effective for interim periods with fiscal years beginning after December 15, 2027, 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 to our financial statement disclosures.

We do not believe that any other accounting pronouncements issued, but not yet effective, would have a material impact on our consolidated financial statements or disclosures, if adopted.
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Foursight Acquisition (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Business Acquisitions, by Acquisition The purchase consideration was allocated to the assets acquired and liabilities assumed based on their respective estimated fair values as of April 1, 2024, with the excess recorded to goodwill as shown below.
(dollars in millions)Amount
Cash consideration$125 
Fair value of assets acquired:
Cash and cash equivalents10 
Net finance receivables867 
Allowance for finance receivable losses(31)
Restricted cash and restricted cash equivalents50 
Other intangibles32 
Other assets21 
Fair value of liabilities assumed:
Long-term debt848 
Other liabilities13 
Goodwill$37 
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Finance Receivables (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Schedule of Components of Net Finance Receivables by Type
Components of our net finance receivables were as follows:
Consumer Loans
(dollars in millions)Personal Loans
Auto Finance
Total Consumer Loans
Credit CardsTotal
December 31, 2024
Gross finance receivables *$20,514 $2,061 $22,575 $632 $23,207 
Unearned fees
(239)(32)(271)— (271)
Accrued finance charges and fees356 22 378 — 378 
Deferred origination costs202 27 229 11 240 
Total$20,833 $2,078 $22,911 $643 $23,554 
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.
Schedule of the Largest Concentrations of Net Finance Receivables
Geographic diversification of finance receivables reduces the concentration of credit risk associated with economic stresses in any one region. The largest concentrations of net finance receivables were as follows:
December 31,20242023 (a)
(dollars in millions)AmountPercentAmountPercent
Personal Loans:
Texas$2,054 10 %$2,010 10 %
Florida1,550 8 1,528 8 
California1,547 7 1,448 7 
Pennsylvania1,269 6 1,277 6 
Ohio1,000 5 972 5 
North Carolina940 5 1,010 5 
New York913 4 856 4 
Georgia823 4 784 4 
Illinois816 4 780 4 
Indiana705 3 711 3 
Other9,216 44 8,898 44 
Total personal loans$20,833 100 %$20,274 100 %
Auto Finance
Florida$159 8 %$81 11 %
Georgia155 7 63 8 
Texas141 7 5 1 
Illinois132 6 43 6 
California124 6 80 11 
North Carolina108 5 62 8 
Indiana99 5 29 4 
Missouri99 5 32 4 
Ohio89 4 34 5 
Kentucky88 4 29 4 
Other884 43 287 38 
Total auto finance$2,078 100 %$745 100 %
Credit Cards:
Texas$87 14 %$46 14 %
California84 13 50 15 
Florida76 12 38 11 
Pennsylvania37 6 18 5 
Illinois
32 5 15 5 
Ohio
31 5 15 5 
Georgia
31 5 15 5 
Other265 40 133 40 
Total credit cards$643 100 %$330 100 %
(a)    December 31, 2023 concentrations of net finance receivables are presented in the order of December 31, 2024 state concentrations.
Schedule of Information Regarding Credit Quality Indicators
The following table below is a summary of finance charges and fees on our consumer loans:
Years Ended December 31,
20242023
(dollars in millions)Personal Loans
Auto
Finance
Personal Loans
Auto
Finance
Net accrued finance charges reversed
$160 $9 $144 $2 
Finance charges recognized from the contractual interest portion of payments received on nonaccrual loans
17118—
Net accrued finance charges and fees reversed on credit cards were as follows:
Years Ended
December 31,
(dollars in millions, except per share amounts)20242023
Net accrued finance charges and fees reversed
$35 $11 
Schedule of Net Finance Receivables by Type and by Days Delinquent
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
December 31, 2024
Performing
Current$9,820 $5,337 $2,913 $1,143 $272 $155 $19,640 
30-59 days past due89 129 100 48 14 11 391 
60-89 days past due55 86 62 32 8 6 249 
Total performing9,964 5,552 3,075 1,223 294 172 20,280 
Nonperforming (Nonaccrual)
90+ days past due84 211 150 74 20 14 553 
Total$10,048 $5,763 $3,225 $1,297 $314 $186 $20,833 
Gross charge-offs *
$51 $655 $728 $376 $104 $70 $1,984 
* Represents gross charge-offs for the year ended December 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 *
$63 $734 $625 $183 $101 $40 $1,746 
* Represents gross charge-offs for the year ended December 31, 2023.

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
December 31, 2024
Performing
Current$1,007 $538 $273 $101 $21 $12 $1,952 
30-59 days past due25 24 19 10 2 1 81 
60-89 days past due6 7 5 2 — — 20 
Total performing1,038 569 297 113 23 13 2,053 
Nonperforming (Nonaccrual)
90+ days past due6 9 7 2 — 1 25 
Total$1,044 $578 $304 $115 $23 $14 $2,078 
Gross charge-offs *
$8 $36 $34 $12 $2 $1 $93 
* Represents gross charge-offs for the year ended December 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 *
$2 $15 $5 $— $— $— $22 
* Represents gross charge-offs for the year ended December 31, 2023.

The following is a summary of credit cards by number of days delinquent:
(dollars in millions)December 31, 2024December 31, 2023
Current
$558 $297 
30-59 days past due
20 9 
60-89 days past due
17 7 
90+ days past due
48 17 
Total
$643 $330 
Schedule of Information Regarding Modified Finance Receivables
The period-end carrying value of finance receivables modified during the period was as follows:
Years Ended December 31,
20242023
(dollars in millions)Personal Loans
Auto
 Finance
Personal Loans
Auto
 Finance
Interest rate reduction and term extension$319$16$451$6
Interest rate reduction and principal forgiveness3941331—
Total modifications to borrowers experiencing financial difficulties$713$17$782$6
Modifications as a percent of net finance receivables by class
3.42 %0.81 %3.86 %0.86 %

The financial effect of modifications made during the period was as follows:
Years Ended December 31,
20242023
(dollars in millions)Personal Loans
Auto
Finance
Personal Loans
Auto
Finance
Net finance receivables
Weighted-average interest rate reduction18.61 %12.00 %19.64 %12.60 %
Weighted-average term extension (months)23172522
Principal/interest forgiveness$46$1$44 $—

The performance of finance receivables modified within the previous 12 months by delinquency status was as follows:
December 31, 2024 (a)December 31, 2023 (b)
(dollars in millions)Personal Loans
Auto
Finance
Personal Loans
Auto
Finance
Current
$518 $13 $571 $4 
30-59 days past due
61 2 63 1 
60-89 days past due43 1 48 — 
90+ days past due
91 1 100 1 
Total
$713 $17 $782 $6 
(a) Excludes $121 million of personal loan receivables that were modified and subsequently charged off within the previous 12 months. Auto finance receivables that were modified and subsequently charged off within the previous 12 months were immaterial.
(b) Excludes $88 million of personal loan receivables that were modified and subsequently charged off. Auto finance receivables that were modified and subsequently charged off were immaterial.
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 was as follows:
Years Ended December 31,
20242023
(dollars in millions)
Personal
Loans
Auto
 Finance
Personal Loans
Auto
 Finance
Interest rate reduction and term extension$64 $1 $55 $1 
Interest rate reduction and principal forgiveness26 — 20 — 
Total
$90 $1 $75 $1 
Schedule of New Volume of the TDR Finance Receivables
Information regarding the new volume of the TDR finance receivables were as follows:
(dollars in millions)
December 31,2022
Pre-modification TDR net finance receivables $738 
Post-modification TDR net finance receivables:
Rate reduction465 
Other *273 
Total post-modification TDR net finance receivables$738 
Number of TDR accounts88,901 
*    “Other” modifications primarily consist of loans with both rate reductions and the potential of principal forgiveness contingent on future payment performance by the borrower under the modified terms.
Schedule of Net Finance Receivables that were Modified as TDR Finance Receivables Defaulted within the Previous 12 Months Nonperforming
Finance receivables that were modified as TDR finance receivables within the previous 12 months and for which there was a default during the period to cause the TDR finance receivables to be considered nonperforming (90 days or more contractually past due) are reflected in the following table:
(dollars in millions)
December 31,2022
TDR net finance receivables *$136 
Number of TDR accounts17,297 
* Represents the corresponding balance of TDR net finance receivables at the end of the month in which they defaulted.
v3.25.0.1
Allowance for Finance Receivable Losses (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Schedule of Changes in the Allowance for Finance Receivable Losses by Finance Receivable Type
Changes in the allowance for finance receivable losses were as follows:
(dollars in millions)
Consumer Loans
Credit CardsTotal
Year Ended December 31, 2024
Balance at beginning of period$2,415 $65 $2,480 
Provision for finance receivable losses1,891 149 2,040 
Charge-offs(2,077)(78)(2,155)
Recoveries307 2 309 
Other (a)
31 — 31 
Balance at end of period$2,567 $138 $2,705 
Year Ended December 31, 2023
Balance at beginning of period$2,290 $21 $2,311 
Impact of adoption of ASU 2022-02 (b)
(16)— (16)
Provision for finance receivable losses1,651 70 1,721 
Charge-offs(1,768)(27)(1,795)
Recoveries258 1 259 
Balance at end of period$2,415 $65 $2,480 
Year Ended December 31, 2022
Balance at beginning of period$2,090 $5 $2,095 
Provision for finance receivable losses1,379 23 1,402 
Charge-offs(1,431)(7)(1,438)
Recoveries252 — 252 
Balance at end of period$2,290 $21 $2,311 
(a)    Represents allowance for finance receivable losses recognized on PCD loans acquired in the Foursight Acquisition. See Note 4 for additional information.
(b)    As a result of the adoption of ASU 2022-02, we recorded a one-time adjustment to the allowance for finance receivable losses.
v3.25.0.1
Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of the Cost/Amortized Cost, Unrealized Gains and Losses, and Fair Value of Available-for-sale Securities by Type
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
December 31, 2024*    
Fixed maturity available-for-sale securities:    
U.S. government and government sponsored entities$12 $— $— $12 
Obligations of states, municipalities, and political subdivisions
66 — (5)61 
Commercial paper
9 — — 9 
Non-U.S. government and government sponsored entities
159 1 (5)155 
Corporate debt
1,086 4 (69)1,021 
Mortgage-backed, asset-backed, and collateralized:
   
RMBS
208 — (24)184 
CMBS
29 — (2)27 
CDO/ABS
72 1 (3)70 
Total$1,641 $6 $(108)$1,539 
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 December 31, 2024 and December 31, 2023 was immaterial.
Schedule of Fair Value and Unrealized Losses on Investment Securities by Type and Length of Time In a Continuous Unrealized Loss Position
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
December 31, 2024      
U.S. government and government sponsored entities
$1 $— $11 $— $12 $— 
Obligations of states, municipalities, and political subdivisions
3 — 56 (5)59 (5)
Non-U.S. government and government sponsored entities
15 — 67 (5)82 (5)
Corporate debt210 (5)657 (64)867 (69)
Mortgage-backed, asset-backed, and collateralized:
RMBS40 — 134 (24)174 (24)
CMBS2 — 25 (2)27 (2)
CDO/ABS8 — 40 (3)48 (3)
Total$279 $(5)$990 $(103)$1,269 $(108)
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.
Schedule of Contractual Maturities of Fixed-Maturity Available-for-sale Securities
Contractual maturities of fixed-maturity available-for-sale securities at December 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$191 $192 
Due after 1 year through 5 years536 551 
Due after 5 years through 10 years396 435 
Due after 10 years135 154 
Mortgage-backed, asset-backed, and collateralized securities281 309 
Total$1,539 $1,641 
Schedule of Fair Value of Other Securities by Type
The fair value of other securities by type was as follows:
(dollars in millions)December 31, 2024December 31, 2023
Fixed maturity other securities: 
Bonds$18 $22 
Preferred stock
13 16 
Common stock
37 34 
Total $68 $72 
v3.25.0.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill Carrying Amount
Changes in the carrying amount of goodwill were as follows:
(dollars in millions)
Consumer and Insurance
Year Ended December 31, 2024
Balance at beginning of period
$1,437 
Goodwill recognized upon acquisition
37 
Balance at end of period
$1,474 
Schedule of Gross Carrying Amount and Accumulated Amortization of Finite-lived Intangible Assets
The gross carrying amount and accumulated amortization, in total and by major intangible asset class were as follows:
(dollars in millions)
Gross Carrying Amount *
Accumulated AmortizationNet Other Intangible Assets
December 31, 2024
Trade names$224 $— $224 
Licenses25 — 25 
Customer relationships
22 (2)20 
VOBA
105 (94)11 
Other7 (1)6 
Total$383 $(97)$286 
December 31, 2023
Trade names$220 $— $220 
Licenses25 — 25 
VOBA105 (91)14 
Other1 — 1 
Total$351 $(91)$260 
*    In connection with the Foursight Acquisition, we recorded $32 million of intangible assets.
Schedule of Gross Carrying Amount of Indefinite-lived Intangible Assets
The gross carrying amount and accumulated amortization, in total and by major intangible asset class were as follows:
(dollars in millions)
Gross Carrying Amount *
Accumulated AmortizationNet Other Intangible Assets
December 31, 2024
Trade names$224 $— $224 
Licenses25 — 25 
Customer relationships
22 (2)20 
VOBA
105 (94)11 
Other7 (1)6 
Total$383 $(97)$286 
December 31, 2023
Trade names$220 $— $220 
Licenses25 — 25 
VOBA105 (91)14 
Other1 — 1 
Total$351 $(91)$260 
*    In connection with the Foursight Acquisition, we recorded $32 million of intangible assets.
v3.25.0.1
Long-term Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Carrying value and fair value of long-term debt by type were as follows:
December 31, 2024December 31, 2023
(dollars in millions)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Senior debt$21,266 $21,284 $19,641 $19,273 
Junior subordinated debt172 247 172 184 
Total$21,438 $21,531 $19,813 $19,457 

Weighted average effective interest rates on long-term debt by type were as follows:
At December 31,
20242023
Senior debt5.71 %5.47 %
Junior subordinated debt13.63 %15.12 %
Total5.77 %5.55 %
Schedule of Principal Maturities of Long-term Debt
Principal maturities of long-term debt by type of debt at December 31, 2024 were as follows:
Senior Debt
(dollars in millions)Securitizations
Private Secured Term Funding Facilities
Revolving
Conduit
Facilities
Unsecured
Notes (a)
Junior
Subordinated
Debt (a)		Total
Interest rates (b)
0.87%-10.98%
5.84%-5.95%
5.69 %
3.50%-9.00%
6.67 %
2025$— $— $— $— $— $— 
2026— — — 1,429 — 1,429 
2027— — — 750 — 750 
2028— — — 1,350 — 1,350 
2029— — — 2,389 — 2,389 
2030-2067— — — 3,042 350 3,392 
Secured (c)11,703 725 1 — — 12,429 
Total principal maturities$11,703 $725 $1 $8,960 $350 $21,739 
Total carrying amount$11,661 $722 $1 $8,882 $172 $21,438 
Debt issuance costs (d)(36)(3)— (74)— (113)
(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 December 31, 2024.
(c)    Securitizations, private secured term funding facilities, and borrowings under the revolving conduit facilities are not included in the above maturities by period due to their variable monthly payments, which may result in pay-off prior to the stated maturity date. See Note 10 for further information on our long-term debt associated with securitizations, private secured term funding facilities, 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 $37 million at December 31, 2024 and are reported in Other assets in our consolidated balance sheets.
v3.25.0.1
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Carrying Amounts of Consolidated VIE Assets and Liabilities The carrying amounts of consolidated VIE assets and liabilities associated with our personal loan securitization trusts, private secured term funding facilities, revolving conduit facilities, and credit card revolving VFN facilities were as follows:
(dollars in millions)
December 31,
20242023
Assets  
Cash and cash equivalents$4 $2 
Net finance receivables13,985 12,780 
Allowance for finance receivable losses1,633 1,428 
Restricted cash and restricted cash equivalents662 523 
Other assets40 32 
Liabilities  
Long-term debt$12,384 $11,579 
Other liabilities31 27 
v3.25.0.1
Insurance (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Schedule of Unearned Insurance Premium Reserves, Claim Reserves and Benefit Reserves
Components of our insurance reserves were as follows:
(dollars in millions)
December 31,20242023
Finance receivable related:
Payable to OMH:
Unearned premium reserves$685 $681 
Claim reserves81 90 
Subtotal *
766 771 
Payable to third-party beneficiaries
259 270 
Non-finance receivable related
316 345 
Total$1,341 $1,386 
* Reported in Unearned insurance premium and claim reserves in our consolidated balance sheets.
Schedule of Changes in the Reserve for Unpaid Claims and Loss Adjustment Expenses
Changes in the reserve for unpaid claims and loss adjustment expenses (net of reinsurance recoverables) were as follows:
(dollars in millions)
At or for the Years Ended December 31,202420232022
Balance at beginning of period$108 $93 $102 
Less reinsurance recoverables(3)(3)(3)
Net balance at beginning of period105 90 99 
Additions for losses and loss adjustment expenses incurred to:
Current year188 173 144 
Prior years *
(14)(2)(12)
Total174 171 132 
Reductions for losses and loss adjustment expenses paid related to:
Current year(118)(99)(84)
Prior years(63)(57)(58)
Total(181)(156)(142)
Foreign currency translation adjustment1 — 1 
Net balance at end of period99 105 90 
Plus reinsurance recoverables3 3 3 
Balance at end of period$102 $108 $93 
*    At December 31, 2024 and December 31, 2023, there was a redundancy in the prior years’ net reserves due to favorable development of credit disability claims during the periods. At December 31, 2022, there was a redundancy in the prior years’ net reserves due to favorable development of credit life and credit disability claims during the period.
Schedule of Claims and Allocated Claim Adjustment Expense, Net of Reinsurance
Incurred claims and allocated claim adjustment expenses, net of reinsurance, as of December 31, 2024, were as follows:
Years Ended December 31,At December 31, 2024
(dollars in millions)2020 (a)2021 (a)2022 (a)2023 (a)2024Incurred-but-
not-reported Liabilities (b)		Cumulative Number of Reported ClaimsCumulative
Frequency (c)
Credit Insurance
Accident Year
2020$222 $204 $203 $203 $202 $— 68,925 3.1 %
2021— 160 155 154 153 2 38,244 1.8 %
2022— — 139 137 136 7 34,350 1.5 %
2023— — — 170 161 19 40,995 1.8 %
2024— — — — 184 68 35,759 1.6 %
Total$836 
(a) Unaudited.
(b) Includes expected development on reported claims.
(c) Frequency for each accident year is calculated as the ratio of all reported claims incurred to the total exposures in force.
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance, as of December 31, 2024, were as follows:
Years Ended December 31,
(dollars in millions)2020 *2021 *2022 *2023 *2024
Credit Insurance
Accident Year
2020$126 $183 $194 $200 $202 
2021— 98 136 146 151 
2022— — 82 119 129 
2023— — — 97 142 
2024— — — — 116 
Total$740 
All outstanding liabilities before 2020, net of reinsurance
— 
Liabilities for claims and claim adjustment expenses, net of reinsurance$96 
* Unaudited.

The reconciliations of the net incurred and paid claims development to the liability for claims and claim adjustment expenses were as follows:
(dollars in millions)
December 31,2024
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance:
Credit insurance
$96 
Other short-duration insurance lines
2 
Total98 
Insurance lines other than short-duration4 
Total gross liability for unpaid claims and claim adjustment expense$102 
Schedule of Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Our average annual percentage payouts of incurred claims by age, net of reinsurance, as of December 31, 2024, were as follows:
Years12345
Credit insurance*62.2 %27.3 %6.0 %2.9 %1.0 %
* Unaudited.
Schedule of Liability for Future Policy Benefit, Activity
The present values of expected net premiums on long-duration insurance contracts were as follows:
At or for the
Years Ended December 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 changes in cash flow assumptions— — (2)(1)
Effect of actual variances from expected experience(21)(5)(11)(1)
Adjusted balance at beginning of period191 36 231 46 
Interest accretion11 2 13 2 
Net premiums collected(27)(5)(32)(7)
Ending balance at original discount rate175 33 212 41 
Effect of changes in discount rate assumptions2 — 5 — 
Balance at ending of period$177 $33 $217 $41 


The present values of expected future policy benefits on long-duration insurance contracts were as follows:
At or for the
Years Ended December 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 changes in cash flow assumptions——(4)(1)
Effect of actual variances from expected experience(26)(6)(14)—
Adjusted balance at beginning of period397107448124
Net issuances4131
Interest accretion225256
Benefit payments(50)(15)(53)(18)
Ending balance at original discount rate37398423113
Effect of changes in discount rate assumptions5(2)12—
Balance at ending of period$378 $96 $435 $113 
The net liabilities for future policy benefits on long-duration insurance contracts were as follows:
At or for the
Years Ended December 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$201 $63 $218 $72 
Deferred profit liability12481451
Total net liability for future policy benefits$213 $111 $232 $123 
The following table reconciles the net liability for future policy benefits to Insurance claims and policyholder liabilities in the consolidated balance sheets:
At or for the
Years Ended December 31,
(dollars in millions)20242023
Term and whole life$213 $232 
Accidental death and disability protection111 123 
Other*251 260 
Total$575 $615 
*    Other primarily includes reserves for short-duration contracts that are payable to third-party beneficiaries.

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
Years Ended December 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$365 $122 $430 $146 
Discounted264 87 311 106 
Expected future benefit payments:
Undiscounted529 144 607 166 
Discounted378 96 435 113 

The revenue and interest accretion related to our long-duration insurance contracts recognized in the consolidated statements of operations were as follows:
At or for the
Years Ended December 31,
202420232022
(dollars in millions)Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Term and
Whole Life
Accidental Death and Disability Protection
Gross premiums or assessments$51 $17 $57 $19 $62 $20 
Interest accretion$11 $3 $12 $4 $12 $4 
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
Years Ended December 31,
20242023
Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Interest accretion rate5.28 %4.86 %5.28 %4.87 %
Current discount rate5.31 %5.37 %4.98 %4.98 %
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The expected and actual experiences for mortality, morbidity, and lapses of the liability for future policy benefits were as follows:
At or for the
Years Ended December 31,
20242023
Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Mortality/Morbidity:
Expected0.36 %0.01 %0.38 %0.01 %
Actual0.33 %0.01 %0.32 %0.01 %
Lapses:
Expected3.69 %1.83 %2.94 %1.94 %
Actual3.38 %3.43 %2.39 %2.12 %
Schedule of Statutory Net Income (Loss) for Insurance Companies
Statutory net income for our insurance companies by type of insurance was as follows:
(dollars in millions)
Years Ended December 31,202420232022
Property and casualty:
Triton$51 $46 $58 
Life and health:
AHL$97 $100 $98 
Schedule of Statutory Capital and Surplus for Insurance Companies
Statutory capital and surplus for our insurance companies by type of insurance were as follows:
(dollars in millions)
December 31,20242023
Property and casualty:
Triton$163 $180 
Life and health:
AHL$257 $279 
Schedule of Extraordinary Dividends Paid
Ordinary dividends paid were as follows:
(dollars in millions)
Years Ended December 31,202420232022
Triton$— $58 $50 
AHL$— $98 $— 

Extraordinary dividends paid were as follows:
(dollars in millions)
Years Ended December 31,202420232022
Triton$70 $23 $— 
AHL$115 $107 $— 
v3.25.0.1
Capital Stock and Earnings Per Share (OMH Only) (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Par Value and Shares Authorized
Par value and shares authorized at December 31, 2024 were as follows:
OMHOMFC
Preferred Stock *Common Stock
Special Stock *
Common Stock
Par value$0.01 $0.01 $— $0.50 
Shares authorized300,000,000 2,000,000,000 25,000,000 25,000,000 
* No shares of OMH preferred stock or OMFC special stock were issued and outstanding at December 31, 2024 or 2023.
Schedule of Changes in Shares Issued and Outstanding
Changes in OMH shares of common stock issued and outstanding were as follows:
At or for the Years Ended December 31,202420232022
Balance at beginning of period119,757,277 121,042,125 127,809,640 
Common shares issued 279,812 285,480 333,038 
Common shares repurchased
(755,274)(1,651,717)(7,181,023)
Treasury stock issued78,694 81,389 80,470 
Balance at end of period119,360,509 119,757,277 121,042,125 


OMFC shares issued and outstanding were as follows:
Special StockCommon Stock
2024202320242023
Shares issued and outstanding— — 10,160,021 10,160,021 
Schedule of Computation of Earnings Per Share
The computation of earnings per share was as follows:
(dollars in millions, except per share data)
Years Ended December 31,202420232022
 
Numerator (basic and diluted):  
Net income$509 $641 $872 
Denominator:  
Weighted average number of shares outstanding (basic)119,659,278 120,382,227 124,178,643 
Effect of dilutive securities *460,705 247,363 238,631 
Weighted average number of shares outstanding (diluted)120,119,983 120,629,590 124,417,274 
Earnings per share:  
Basic$4.26 $5.33 $7.02 
Diluted$4.24 $5.32 $7.01 
* We have excluded weighted-average unvested restricted stock units totaling 667,918, 1,048,970, and 1,335,442 for 2024, 2023, and 2022, respectively, from the fully-diluted earnings per share calculations as these shares would be anti-dilutive, which could impact the earnings per share calculation in the future.
v3.25.0.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Changes, Net of Tax, in Accumulated Other Comprehensive Income (Loss)
Changes, net of tax, in Accumulated other comprehensive income (loss) were as follows:
(dollars in millions)Unrealized
Gains (Losses)
Available-for-Sale Securities (a)		Retirement
Plan Liabilities
Adjustments		Foreign
Currency
Translation
Adjustments		Changes in discount rate for insurance claims and policyholder liabilitiesOther (b)Total
Accumulated
Other
Comprehensive
Income (Loss)
Year Ended
December 31, 2024		    
Balance at beginning of period$(93)$(8)$(2)$(5)$21 $(87)
Other comprehensive income (loss) before reclassifications
10 5 (11)4 (4)4 
Reclassification adjustments from Accumulated other comprehensive loss
2 — — — — 2 
Balance at end of period$(81)$(3)$(13)$(1)$17 $(81)
Year Ended
December 31, 2023		    
Balance at beginning of period$(131)$(8)$(5)$(8)$25 $(127)
Other comprehensive income (loss) before reclassifications
38 — 3 3 (4)40 
Balance at end of period$(93)$(8)$(2)$(5)$21 $(87)
Year Ended
December 31, 2022
Balance at beginning of period$49 $1 $3 $(56)$8 $5 
Other comprehensive income (loss) before reclassifications
(179)(9)(8)48 17 (131)
Reclassification adjustments from Accumulated other comprehensive income
(1)— — — — (1)
Balance at end of period$(131)$(8)$(5)$(8)$25 $(127)
(a) There were no material amounts related to available-for-sale debt securities for which an allowance for credit losses was recorded during the years ended December 31, 2024, 2023, and 2022.
(b) Other primarily includes changes in the fair value of our mark-to-market derivative instruments that have been designated as cash flow hedges.
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Before Income Tax Expense
Components of income before income tax expense were as follows:
(dollars in millions)   
Years Ended December 31,202420232022
  
Income before income tax expense - U.S. operations$647 $817 $1,134 
Income before income tax expense - foreign operations20 23 21 
Total$667 $840 $1,155 
Schedule of Components of Income Tax Expense (Benefit)
Components of income tax expense (benefit) were as follows:
(dollars in millions)
Years Ended December 31,202420232022
Current:
Federal$157 $194 $288 
Foreign5 4 4 
State38 37 55 
Total current200 235 347 
Deferred:
Federal(26)(25)(53)
State(16)(11)(11)
Total deferred(42)(36)(64)
Total$158 $199 $283 
Schedule of Reconciliations of the Statutory Federal Income Tax Rate to the Effective Income Tax Rate
OMH's and OMFC’s reconciliations of the statutory federal income tax rate to the effective income tax rate were as follows:

Years Ended December 31,202420232022
Statutory federal income tax rate21.00 %21.00 %21.00 %
State income taxes, net of federal2.15 2.56 2.93 
Change in valuation allowance(0.04)0.93 0.18 
Nondeductible compensation0.45 0.30 0.48 
Other, net0.07 (1.19)(0.06)
Effective income tax rate23.63 %23.60 %24.53 %
Schedule of Reconciliation of the Beginning and Ending Balances of the Total Amounts of Gross Unrecognized Tax Benefits
A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits (all of which would affect the effective income tax rate if recognized) is as follows:

(dollars in millions)
Years Ended December 31,202420232022
Balance at beginning of year$11 $6 $8 
Increases in tax positions for prior years10 — 1 
Increases in tax positions for current years2 6 — 
Lapse in statute of limitations(2)(1)(3)
Settlements with tax authorities(1)— — 
Balance at end of year$20 $11 $6 
Schedule of Components of Deferred Tax Assets and Liabilities
Components of deferred tax assets and liabilities were as follows:
(dollars in millions)
December 31,20242023
Deferred tax assets:
Allowance for loan losses$672 $614 
Net operating losses and tax credits52 46 
Capitalized research and experimental costs40 34 
Insurance reserves31 27 
Pension/employee benefits28 27 
Fair value of equity and securities investments
17 19 
Other54 40 
Total894 807 
Deferred tax liabilities:
Goodwill208 188 
Deferred loan fees57 27 
Debt fair value adjustment43 42 
Other32 36 
Total340 293 
Net deferred tax assets before valuation allowance554 514 
Valuation allowance(37)(37)
Net deferred tax assets$517 $477 
v3.25.0.1
Leases and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Maturities of Lease Liabilities
At December 31, 2024, maturities of lease liabilities, excluding leases on a month-to-month basis, were as follows:
(dollars in millions)Operating Leases
2025$63 
202651 
202737 
202819 
20299 
20303 
Thereafter3 
Total lease payments185 
Imputed interest(23)
Total$162 
Schedule of Lease Costs
Weighted Average Remaining Lease Term3.56
Weighted Average Discount Rate4.67 %

Operating lease cost and variable lease cost, which are recorded in Other operating expenses in our consolidated statements of operations, were as follows:
(dollars in millions)
Years Ended December 31,202420232022
Operating lease cost$69 $63 $58 
Variable lease cost16 15 14 
Total$85 $78 $72 
v3.25.0.1
Retirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Funded Status of the Defined Benefit Pension Plans
The following table presents the funded status of the defined benefit pension plans. The funded status of the plans is measured as the difference between the plan assets at fair value and the projected benefit obligation.
(dollars in millions)
At or for the Years Ended December 31,202420232022
Projected benefit obligation, beginning of period$277 $275 $374 
Interest cost12 13 8 
Actuarial loss (gain) (a)(19)5 (91)
Benefits paid:
Plan assets(16)(16)(16)
Projected benefit obligation, end of period (b)254 277 275 
Fair value of plan assets, beginning of period283 278 383 
Actual return on plan assets, net of expenses1 20 (90)
Company contributions2 1 1 
Benefits paid:
Plan assets(16)(16)(16)
Fair value of plan assets, end of period (b)270 283 278 
Funded status, end of period$16 $6 $3 
Net plan assets recognized in our consolidated balance sheets (b)
$16 $6 $3 
Pretax net loss recognized in Accumulated other comprehensive loss
$(3)$(9)$(10)
(a)    For the years ended December 31, 2024, 2023, and 2022, the actuarial gains or losses were due to year-over-year fluctuations in discount rates used to calculate the present value of benefit obligations for the defined benefit plans. Adoption of updated mortality assumptions had additional impacts on calculation of gains or losses.
(b)    Includes one overfunded benefit plan with net plan assets recognized in Other assets in our consolidated balance sheets of $25 million, $17 million, and $14 million at December 31, 2024, 2023, and 2022, respectively, and three underfunded benefit plans with net projected benefit obligations recognized in Other liabilities in our consolidated balance sheets of $9 million, $11 million, and $11 million at December 31, 2024, 2023, and 2022, respectively.
Schedule of Components of Net Periodic Benefit Cost
The following table presents the components of net periodic benefit cost recognized in income and other amounts recognized in Accumulated other comprehensive income or loss with respect to the defined benefit pension plans:
(dollars in millions)
Years Ended December 31,202420232022
Components of net periodic benefit cost:
Interest cost$12 $13 $8 
Expected return on assets(15)(15)(13)
Net periodic benefit cost(3)(2)(5)
Other changes in plan assets and projected benefit obligation recognized in other comprehensive income or loss:
Net actuarial (gain) loss
(6)— 12 
Total recognized in other comprehensive income
(6)— 12 
Total recognized in net periodic benefit cost and other comprehensive income
$(9)$(2)$7 
Schedule of Weighted Average Assumptions
The following table summarizes the weighted average assumptions used to determine the projected benefit obligations and the net periodic benefit costs:
December 31,20242023
Projected benefit obligation:
Discount rate5.44 %4.76 %
Net periodic benefit costs:
Discount rate4.70 %4.96 %
Expected long-term rate of return on plan assets5.53 %5.54 %
Schedule of Expected Future Benefit Payments
The expected future benefit payments, net of participants’ contributions, of our defined benefit pension plans at December 31, 2024 are as follows:
(dollars in millions)Expected Future Benefit Payments
2025$17 
202617 
202717 
202817 
202917 
2030-203488 
Schedule of Information About Plan Assets Measured at Fair Value
The following table presents information about our plan assets measured at fair value and indicates the fair value hierarchy based on the levels of inputs we utilized to determine such fair value:
(dollars in millions)Level 1Level 2Level 3Total
December 31, 2024
Assets:
Cash and cash equivalents$3 $— $— $3 
Equity securities:
U.S. (a)1 — — 1 
International (b)1 — — 1 
Fixed income securities:
U.S. investment grade (c)7 178 — 185 
U.S. high yield (d)— 1 — 1 
Total$12 $179 $— $191 
Investments measured at NAV (e)79 
Total investments at fair value$270 
December 31, 2023
Assets:
Cash and cash equivalents$1 $— $— $1 
Equity securities:
U.S. (a)1 — — 1 
International (b)1 — — 1 
Fixed income securities:
U.S. investment grade (c)10 186 — 196 
U.S. high yield (d)— 3 — 3 
Total$13 $189 $— $202 
Investments measured at NAV (e)81 
Total investments at fair value$283 
(a)    Includes mutual funds that track common market indexes such as the S&P 500, as well as other indexes comprised of investments in small and large cap companies.
(b)    Includes mutual funds that track common market indexes comprised of investments in companies in emerging and developed markets.
(c)    Includes mutual funds and collective investment trusts invested in U.S. and non-U.S. government issued bonds, U.S. government agency or sponsored agency bonds, and investment grade corporate bonds.
(d)    Includes mutual funds and collective investment trusts invested in securities or debt obligations that have a rating below investment grade.
(e)    We have elected the practical expedient to exclude certain investments that were measured at net asset value ("NAV") per share (or equivalent) from the fair value hierarchy.
v3.25.0.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Service-based Stock Activity
The following table summarizes the service-based stock activity and related information for the Omnibus Plan for 2024:
Number of
Shares		Weighted
Average
Grant Date Fair Value		Weighted
Average
Remaining
Term (in Years)
Unvested as of January 1, 2024970,096 $46.10 
Granted476,500 46.92 
Vested(514,100)47.61 
Forfeited(53,350)45.90 
Unvested at December 31, 2024879,146 45.69 1.59
Schedule of Performance-based Stock Activity
The following table summarizes the performance-based stock activity and related information for the Omnibus Plan for 2024:
Number of
Shares		Weighted
Average
Grant Date Fair Value		Weighted
Average
Remaining
Term (in Years)
Unvested as of January 1, 20241,054,979 $42.44 
Granted142,282 49.68 
Vested— — 
Forfeited(254,638)47.68 
Unvested at December 31, 2024942,623 42.12 1.76
v3.25.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Information About the Company's Segments
The following tables present information about C&I and Other, as well as reconciliations to the consolidated financial statement amounts.

(dollars in millions)Consumer
and
Insurance		OtherSegment to
GAAP
Adjustment		Consolidated
Total
At or for the Year Ended December 31, 2024  
Interest income$4,965 $3 $25 $4,993 
Interest expense1,181 1 3 1,185 
Provision for finance receivable losses
1,981 — 59 2,040 
Net interest income after provision for finance receivable losses
1,803 2 (37)1,768 
Other revenues689 7 (1)695 
Salaries and benefits
875 4 — 879 
Other operating expenses
721 6 1 728 
Insurance policy benefits and claims
189 — — 189 
Income (loss) before income tax expense (benefit)
$707 $(1)$(39)$667 
Assets$24,774 $12 $1,124 $25,910 

At or for the Year Ended December 31, 2023  
Interest income$4,559 $4 $1 $4,564 
Interest expense1,015 2 2 1,019 
Provision for finance receivable losses
1,721 — — 1,721 
Net interest income after provision for finance receivable losses
1,823 2 (1)1,824 
Other revenues727 8 — 735 
Salaries and benefits
848 7 — 855 
Other operating expenses
668 9 (2)675 
Insurance policy benefits and claims
189 — — 189 
Income (loss) before income tax expense (benefit)
$845 $(6)$1 $840 
Assets$23,056 $20 $1,218 $24,294 

At or for the Year Ended December 31, 2022  
Interest income$4,429 $5 $1 $4,435 
Interest expense886 3 3 892 
Provision for finance receivables losses1,399 — 3 1,402 
Net interest income after provision for finance receivable losses2,144 2 (5)2,141 
Other revenues 618 12 (1)629 
Salaries and benefits
829 7 — 836 
Other operating expenses
606 7 8 621 
Insurance policy benefits and claims
158 — — 158 
Income (loss) before income tax expense (benefit)$1,169 $— $(14)$1,155 
Assets$20,491 $35 $2,011 $22,537 
v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Values and Carrying Values of Financial Instruments and Fair Value Hierarchy Based on the Level of Inputs Utilized to Determine Such Fair Value
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
December 31, 2024
Assets
Cash and cash equivalents$453 $5 $— $458 $458 
Investment securities54 1,550 3 1,607 1,607 
Net finance receivables, less allowance for finance receivable losses
— — 22,904 22,904 20,849 
Restricted cash and restricted cash equivalents 677 7 — 684 684 
Other assets *
— — 36 36 23 
Liabilities
Long-term debt $— $21,531 $— $21,531 $21,438 
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 December 31, 2024 and 2023 primarily consists of finance receivables held for sale.
Schedule of Assets and Liabilities Measured at Fair Value on a 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
December 31, 2024    
Assets    
Cash equivalents in mutual funds$55 $— $— $55 
Cash equivalents in securities— 5 — 5 
Investment securities:    
Available-for-sale securities    
U.S. government and government sponsored entities— 12 — 12 
Obligations of states, municipalities, and political subdivisions
— 61 — 61 
Commercial paper— 9 — 9 
Non-U.S. government and government sponsored entities— 155 — 155 
Corporate debt6 1,014 1 1,021 
RMBS— 184 — 184 
CMBS— 27 — 27 
CDO/ABS— 70 — 70 
Total available-for-sale securities6 1,532 1 1,539 
Other securities   
Bonds:   
Corporate debt— 4 — 4 
CDO/ABS— 14 — 14 
Total bonds— 18 — 18 
Preferred stock13 — — 13 
Common stock35 — 2 37 
Total other securities48 18 2 68 
Total investment securities54 1,550 3 1,607 
Restricted cash equivalents in mutual funds672 — — 672 
Restricted cash equivalents in securities— 7 — 7 
Total$781 $1,562 $3 $2,346 
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 
v3.25.0.1
Summary of Significant Accounting Policies (Details) - payment
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Financing receivable general information    
Number of payments past due before which a loan is charged off to the allowance for finance receivable losses 7  
Number of payments past due before which a loan is charged off to the allowance for finance receivable losses, period 180 days  
Number of payments past due before repossession 2  
Number of payments past due before repossession, period 30 days  
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities (includes other liabilities of consolidated VIEs of $31 million in 2024 and $26 million in 2023) Other liabilities (includes other liabilities of consolidated VIEs of $31 million in 2024 and $26 million in 2023)
Credit Cards    
Financing receivable general information    
Finance receivable, amortization term 12 months  
Number of contractual payments past due 7  
Number of contractual payments past due, period 180 days  
Personal Loans    
Financing receivable general information    
Number of contractual payments past due 4  
Number of contractual payments past due, period 90 days  
Number of consecutive payments missed to reverse finance charges 4  
v3.25.0.1
Foursight Acquisition - Narrative (Details) - USD ($)
$ in Millions
Apr. 01, 2024
Dec. 31, 2024
Dec. 31, 2023
Business Acquisition [Line Items]      
Goodwill   $ 1,474 $ 1,437
Foursight Capital LLC      
Business Acquisition [Line Items]      
Cash consideration $ 125    
Goodwill 37    
Goodwill, expected tax deductible amount 52    
Net finance receivables 867    
Unpaid principal balance of loans 908    
Loans acquired on PCD loans 226    
Allowance for PCD loans 31    
Uncollectible and finance receivable losses 61    
Foursight Capital LLC | Auto Finance      
Business Acquisition [Line Items]      
Net finance receivables $ 829    
v3.25.0.1
Foursight Acquisition - Schedule of Business Acquisitions, by Acquisition (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Apr. 01, 2024
Dec. 31, 2023
Fair value of liabilities assumed:      
Goodwill $ 1,474   $ 1,437
Foursight Capital LLC      
Fair value of assets acquired:      
Cash consideration   $ 125  
Cash and cash equivalents   10  
Net finance receivables   867  
Allowance for finance receivable losses   (31)  
Restricted cash and restricted cash equivalents   50  
Other intangibles   32  
Other assets   21  
Fair value of liabilities assumed:      
Long-term debt   848  
Other liabilities   13  
Goodwill   $ 37  
v3.25.0.1
Finance Receivables - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Whole loan sale flow agreement, loans sold $ 900    
Proceeds from sale of gross finance receivables 542 $ 585  
Gain on sale of financing receivables 23 52 $ 63
Unused credit card lines $ 336 $ 223  
Credit Cards      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Threshold period past due 180 days    
Unlikely to be Collected Financing Receivable | Personal Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Threshold period past due 60 days    
Nonperforming (Nonaccrual) | Personal Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Threshold period past due 90 days    
Minimum | Personal Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Finance receivables, original term 3 years    
Minimum | Auto Finance      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Finance receivables, original term 3 years    
Maximum      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Whole loan sale flow agreement, commitment period 1 year    
Maximum | Personal Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Finance receivables, original term 6 years    
Maximum | Auto Finance      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Finance receivables, original term 6 years    
v3.25.0.1
Finance Receivables - Schedule of Net Finance Receivables by Type (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Gross finance receivables $ 23,207 $ 21,043
Unearned fees (271) (236)
Accrued finance charges and fees 378 333
Deferred origination costs 240 209
Total 23,554 21,349
Personal Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Gross finance receivables 22,575 20,721
Unearned fees (271) (236)
Accrued finance charges and fees 378 333
Deferred origination costs 229 201
Total 22,911 21,019
Personal Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Gross finance receivables 20,514 19,977
Unearned fees (239) (223)
Accrued finance charges and fees 356 326
Deferred origination costs 202 194
Total 20,833 20,274
Auto Finance    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Gross finance receivables 2,061 744
Unearned fees (32) (13)
Accrued finance charges and fees 22 7
Deferred origination costs 27 7
Total 2,078 745
Credit Cards    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Gross finance receivables 632 322
Unearned fees 0 0
Accrued finance charges and fees 0 0
Deferred origination costs 11 8
Total $ 643 $ 330
v3.25.0.1
Finance Receivables - Schedule of the Largest Concentrations of Net Finance Receivables (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Concentration Risk [Line Items]    
Net finance receivables $ 23,554 $ 21,349
Personal Loans    
Concentration Risk [Line Items]    
Net finance receivables 20,833 20,274
Auto Finance    
Concentration Risk [Line Items]    
Net finance receivables 2,078 745
Credit Cards    
Concentration Risk [Line Items]    
Net finance receivables 643 330
Financing Receivable | Geographic Concentration Risk | Personal Loans    
Concentration Risk [Line Items]    
Net finance receivables $ 20,833 $ 20,274
Concentration risk percent 100.00% 100.00%
Financing Receivable | Geographic Concentration Risk | Auto Finance    
Concentration Risk [Line Items]    
Net finance receivables $ 2,078 $ 745
Concentration risk percent 100.00% 100.00%
Financing Receivable | Geographic Concentration Risk | Credit Cards    
Concentration Risk [Line Items]    
Net finance receivables $ 643 $ 330
Concentration risk percent 100.00% 100.00%
Texas | Financing Receivable | Geographic Concentration Risk | Personal Loans    
Concentration Risk [Line Items]    
Net finance receivables $ 2,054 $ 2,010
Concentration risk percent 10.00% 10.00%
Texas | Financing Receivable | Geographic Concentration Risk | Auto Finance    
Concentration Risk [Line Items]    
Net finance receivables $ 141 $ 5
Concentration risk percent 7.00% 1.00%
Texas | Financing Receivable | Geographic Concentration Risk | Credit Cards    
Concentration Risk [Line Items]    
Net finance receivables $ 87 $ 46
Concentration risk percent 14.00% 14.00%
Florida | Financing Receivable | Geographic Concentration Risk | Personal Loans    
Concentration Risk [Line Items]    
Net finance receivables $ 1,550 $ 1,528
Concentration risk percent 8.00% 8.00%
Florida | Financing Receivable | Geographic Concentration Risk | Auto Finance    
Concentration Risk [Line Items]    
Net finance receivables $ 159 $ 81
Concentration risk percent 8.00% 11.00%
Florida | Financing Receivable | Geographic Concentration Risk | Credit Cards    
Concentration Risk [Line Items]    
Net finance receivables $ 76 $ 38
Concentration risk percent 12.00% 11.00%
California | Financing Receivable | Geographic Concentration Risk | Personal Loans    
Concentration Risk [Line Items]    
Net finance receivables $ 1,547 $ 1,448
Concentration risk percent 7.00% 7.00%
California | Financing Receivable | Geographic Concentration Risk | Auto Finance    
Concentration Risk [Line Items]    
Net finance receivables $ 124 $ 80
Concentration risk percent 6.00% 11.00%
California | Financing Receivable | Geographic Concentration Risk | Credit Cards    
Concentration Risk [Line Items]    
Net finance receivables $ 84 $ 50
Concentration risk percent 13.00% 15.00%
Pennsylvania | Financing Receivable | Geographic Concentration Risk | Personal Loans    
Concentration Risk [Line Items]    
Net finance receivables $ 1,269 $ 1,277
Concentration risk percent 6.00% 6.00%
Pennsylvania | Financing Receivable | Geographic Concentration Risk | Credit Cards    
Concentration Risk [Line Items]    
Net finance receivables $ 37 $ 18
Concentration risk percent 6.00% 5.00%
Ohio | Financing Receivable | Geographic Concentration Risk | Personal Loans    
Concentration Risk [Line Items]    
Net finance receivables $ 1,000 $ 972
Concentration risk percent 5.00% 5.00%
Ohio | Financing Receivable | Geographic Concentration Risk | Auto Finance    
Concentration Risk [Line Items]    
Net finance receivables $ 89 $ 34
Concentration risk percent 4.00% 5.00%
Ohio | Financing Receivable | Geographic Concentration Risk | Credit Cards    
Concentration Risk [Line Items]    
Net finance receivables $ 31 $ 15
Concentration risk percent 5.00% 5.00%
North Carolina | Financing Receivable | Geographic Concentration Risk | Personal Loans    
Concentration Risk [Line Items]    
Net finance receivables $ 940 $ 1,010
Concentration risk percent 5.00% 5.00%
North Carolina | Financing Receivable | Geographic Concentration Risk | Auto Finance    
Concentration Risk [Line Items]    
Net finance receivables $ 108 $ 62
Concentration risk percent 5.00% 8.00%
New York | Financing Receivable | Geographic Concentration Risk | Personal Loans    
Concentration Risk [Line Items]    
Net finance receivables $ 913 $ 856
Concentration risk percent 4.00% 4.00%
Georgia | Financing Receivable | Geographic Concentration Risk | Personal Loans    
Concentration Risk [Line Items]    
Net finance receivables $ 823 $ 784
Concentration risk percent 4.00% 4.00%
Georgia | Financing Receivable | Geographic Concentration Risk | Auto Finance    
Concentration Risk [Line Items]    
Net finance receivables $ 155 $ 63
Concentration risk percent 7.00% 8.00%
Georgia | Financing Receivable | Geographic Concentration Risk | Credit Cards    
Concentration Risk [Line Items]    
Net finance receivables $ 31 $ 15
Concentration risk percent 5.00% 5.00%
Illinois | Financing Receivable | Geographic Concentration Risk | Personal Loans    
Concentration Risk [Line Items]    
Net finance receivables $ 816 $ 780
Concentration risk percent 4.00% 4.00%
Illinois | Financing Receivable | Geographic Concentration Risk | Auto Finance    
Concentration Risk [Line Items]    
Net finance receivables $ 132 $ 43
Concentration risk percent 6.00% 6.00%
Illinois | Financing Receivable | Geographic Concentration Risk | Credit Cards    
Concentration Risk [Line Items]    
Net finance receivables $ 32 $ 15
Concentration risk percent 5.00% 5.00%
Indiana | Financing Receivable | Geographic Concentration Risk | Personal Loans    
Concentration Risk [Line Items]    
Net finance receivables $ 705 $ 711
Concentration risk percent 3.00% 3.00%
Indiana | Financing Receivable | Geographic Concentration Risk | Auto Finance    
Concentration Risk [Line Items]    
Net finance receivables $ 99 $ 29
Concentration risk percent 5.00% 4.00%
Other | Financing Receivable | Geographic Concentration Risk | Personal Loans    
Concentration Risk [Line Items]    
Net finance receivables $ 9,216 $ 8,898
Concentration risk percent 44.00% 44.00%
Other | Financing Receivable | Geographic Concentration Risk | Auto Finance    
Concentration Risk [Line Items]    
Net finance receivables $ 884 $ 287
Concentration risk percent 43.00% 38.00%
Other | Financing Receivable | Geographic Concentration Risk | Credit Cards    
Concentration Risk [Line Items]    
Net finance receivables $ 265 $ 133
Concentration risk percent 40.00% 40.00%
Missouri | Financing Receivable | Geographic Concentration Risk | Auto Finance    
Concentration Risk [Line Items]    
Net finance receivables $ 99 $ 32
Concentration risk percent 5.00% 4.00%
Kentucky | Financing Receivable | Geographic Concentration Risk | Auto Finance    
Concentration Risk [Line Items]    
Net finance receivables $ 88 $ 29
Concentration risk percent 4.00% 4.00%
v3.25.0.1
Finance Receivables - Schedule of Finance Charges and Fees on Consumer Loans (Details) - Nonperforming (Nonaccrual) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Personal Loans    
Financing Receivable, Modified [Line Items]    
Net accrued finance charges reversed $ 160 $ 144
Finance charges recognized from the contractual interest portion of payments received on nonaccrual loans 17 18
Auto Finance    
Financing Receivable, Modified [Line Items]    
Net accrued finance charges reversed 9 2
Finance charges recognized from the contractual interest portion of payments received on nonaccrual loans $ 1 $ 0
v3.25.0.1
Finance Receivables - Schedule of Finance Charges and Fees Reversed on Credit Cards (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Credit Cards | Nonperforming (Nonaccrual)    
Financing Receivable, Modified [Line Items]    
Net accrued finance charges and fees reversed $ 35 $ 11
v3.25.0.1
Finance Receivables - Schedule of Delinquent and Nonperforming Finance Receivables, by Year of Origination (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable By Year Originated      
Total $ 23,554 $ 21,349  
Gross charge-offs      
Total 2,155 1,795 $ 1,438
Personal Loans      
Financing Receivable By Year Originated      
Year one 10,048 10,071  
Prior year two 5,763 6,043  
Prior year three 3,225 2,744  
Prior year four 1,297 860  
Prior year five 314 423  
Prior year six 186 133  
Total 20,833 20,274  
Gross charge-offs      
Year one 51 63  
Prior year two 655 734  
Prior year three 728 625  
Prior year four 376 183  
Prior year five 104 101  
Prior year six 70 40  
Total 1,984 1,746  
Auto Finance      
Financing Receivable By Year Originated      
Year one 1,044 489  
Prior year two 578 217  
Prior year three 304 37  
Prior year four 115 2  
Prior year five 23 0  
Prior year six 14 0  
Total 2,078 745  
Gross charge-offs      
Year one 8 2  
Prior year two 36 15  
Prior year three 34 5  
Prior year four 12 0  
Prior year five 2 0  
Prior year six 1 0  
Total 93 22  
Performing | Personal Loans      
Financing Receivable By Year Originated      
Year one 9,964 9,946  
Prior year two 5,552 5,784  
Prior year three 3,075 2,601  
Prior year four 1,223 820  
Prior year five 294 402  
Prior year six 172 125  
Total 20,280 19,678  
Performing | Auto Finance      
Financing Receivable By Year Originated      
Year one 1,038 486  
Prior year two 569 212  
Prior year three 297 36  
Prior year four 113 2  
Prior year five 23 0  
Prior year six 13 0  
Total 2,053 736  
Performing | Current | Personal Loans      
Financing Receivable By Year Originated      
Year one 9,820 9,759  
Prior year two 5,337 5,527  
Prior year three 2,913 2,454  
Prior year four 1,143 776  
Prior year five 272 376  
Prior year six 155 114  
Total 19,640 19,006  
Performing | Current | Auto Finance      
Financing Receivable By Year Originated      
Year one 1,007 480  
Prior year two 538 203  
Prior year three 273 34  
Prior year four 101 2  
Prior year five 21 0  
Prior year six 12 0  
Total 1,952 719  
Performing | 30-59 days past due | Personal Loans      
Financing Receivable By Year Originated      
Year one 89 113  
Prior year two 129 153  
Prior year three 100 88  
Prior year four 48 27  
Prior year five 14 16  
Prior year six 11 7  
Total 391 404  
Performing | 30-59 days past due | Auto Finance      
Financing Receivable By Year Originated      
Year one 25 4  
Prior year two 24 6  
Prior year three 19 2  
Prior year four 10 0  
Prior year five 2 0  
Prior year six 1 0  
Total 81 12  
Performing | 60-89 days past due | Personal Loans      
Financing Receivable By Year Originated      
Year one 55 74  
Prior year two 86 104  
Prior year three 62 59  
Prior year four 32 17  
Prior year five 8 10  
Prior year six 6 4  
Total 249 268  
Performing | 60-89 days past due | Auto Finance      
Financing Receivable By Year Originated      
Year one 6 2  
Prior year two 7 3  
Prior year three 5 0  
Prior year four 2 0  
Prior year five 0 0  
Prior year six 0 0  
Total 20 5  
Nonperforming (Nonaccrual) | 90+ days past due | Personal Loans      
Financing Receivable By Year Originated      
Year one 84 125  
Prior year two 211 259  
Prior year three 150 143  
Prior year four 74 40  
Prior year five 20 21  
Prior year six 14 8  
Total 553 596  
Nonperforming (Nonaccrual) | 90+ days past due | Auto Finance      
Financing Receivable By Year Originated      
Year one 6 3  
Prior year two 9 5  
Prior year three 7 1  
Prior year four 2 0  
Prior year five 0 0  
Prior year six 1 0  
Total $ 25 $ 9  
v3.25.0.1
Finance Receivables - Schedule of Credit Cards by Number of Days Delinquent (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Delinquency by finance receivables type    
Net finance receivables $ 23,554 $ 21,349
Credit Cards    
Delinquency by finance receivables type    
Net finance receivables 643 330
Credit Cards | Current    
Delinquency by finance receivables type    
Net finance receivables 558 297
Credit Cards | 30-59 days past due    
Delinquency by finance receivables type    
Net finance receivables 20 9
Credit Cards | 60-89 days past due    
Delinquency by finance receivables type    
Net finance receivables 17 7
Credit Cards | 90+ days past due    
Delinquency by finance receivables type    
Net finance receivables $ 48 $ 17
v3.25.0.1
Finance Receivables - Schedule of Modified Financing Receivables To Borrowers Experiencing Financial Difficulty (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Personal Loans    
Financing Receivable, Modified [Line Items]    
Total modifications to borrowers experiencing financial difficulties $ 713 $ 782
Modifications as a percent of net finance receivables by class 3.42% 3.86%
Personal Loans | Interest rate reduction and term extension    
Financing Receivable, Modified [Line Items]    
Total modifications to borrowers experiencing financial difficulties $ 319 $ 451
Personal Loans | Interest rate reduction and principal forgiveness    
Financing Receivable, Modified [Line Items]    
Total modifications to borrowers experiencing financial difficulties 394 331
Auto Finance    
Financing Receivable, Modified [Line Items]    
Total modifications to borrowers experiencing financial difficulties $ 17 $ 6
Modifications as a percent of net finance receivables by class 0.81% 0.86%
Auto Finance | Interest rate reduction and term extension    
Financing Receivable, Modified [Line Items]    
Total modifications to borrowers experiencing financial difficulties $ 16 $ 6
Auto Finance | Interest rate reduction and principal forgiveness    
Financing Receivable, Modified [Line Items]    
Total modifications to borrowers experiencing financial difficulties $ 1 $ 0
v3.25.0.1
Finance Receivables - Schedule of Modified Financing Receivables Financial Effects (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Personal Loans    
Financing Receivable, Modified [Line Items]    
Weighted-average interest rate reduction 18.61% 19.64%
Weighted-average term extension (months) 23 months 25 months
Principal/interest forgiveness $ 46 $ 44
Auto Finance    
Financing Receivable, Modified [Line Items]    
Weighted-average interest rate reduction 12.00% 12.60%
Weighted-average term extension (months) 17 months 22 months
Principal/interest forgiveness $ 1 $ 0
v3.25.0.1
Finance Receivables - Schedule of Modified Financing Receivables Days Delinquent (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Personal Loans    
Financing Receivable, Modified [Line Items]    
Modified financing receivables $ 713 $ 782
Finance receivables subsequently charged off 121 88
Auto Finance    
Financing Receivable, Modified [Line Items]    
Modified financing receivables 17 6
Current | Personal Loans    
Financing Receivable, Modified [Line Items]    
Modified financing receivables 518 571
Current | Auto Finance    
Financing Receivable, Modified [Line Items]    
Modified financing receivables 13 4
30-59 days past due | Personal Loans    
Financing Receivable, Modified [Line Items]    
Modified financing receivables 61 63
30-59 days past due | Auto Finance    
Financing Receivable, Modified [Line Items]    
Modified financing receivables 2 1
60-89 days past due | Personal Loans    
Financing Receivable, Modified [Line Items]    
Modified financing receivables 43 48
60-89 days past due | Auto Finance    
Financing Receivable, Modified [Line Items]    
Modified financing receivables 1 0
90+ days past due | Personal Loans    
Financing Receivable, Modified [Line Items]    
Modified financing receivables 91 100
90+ days past due | Auto Finance    
Financing Receivable, Modified [Line Items]    
Modified financing receivables $ 1 $ 1
v3.25.0.1
Finance Receivables - Schedule of Modified Finance Receivables, Nonperforming (Details) - Nonperforming (Nonaccrual) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Personal Loans    
Financing Receivable, Modified [Line Items]    
Modified finance receivables $ 90 $ 75
Personal Loans | Interest rate reduction and term extension    
Financing Receivable, Modified [Line Items]    
Modified finance receivables 64 55
Personal Loans | Interest rate reduction and principal forgiveness    
Financing Receivable, Modified [Line Items]    
Modified finance receivables 26 20
Auto Finance    
Financing Receivable, Modified [Line Items]    
Modified finance receivables 1 1
Auto Finance | Interest rate reduction and term extension    
Financing Receivable, Modified [Line Items]    
Modified finance receivables 1 1
Auto Finance | Interest rate reduction and principal forgiveness    
Financing Receivable, Modified [Line Items]    
Modified finance receivables $ 0 $ 0
v3.25.0.1
Finance Receivables - Schedule of New Volume of TDR Finance Receivables (Details) - Personal Loans
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
account
Financing Receivable, Modified [Line Items]  
Pre-modification TDR net finance receivables $ 738
Total post-modification TDR net finance receivables $ 738
Number of TDR accounts | account 88,901
Rate reduction  
Financing Receivable, Modified [Line Items]  
Total post-modification TDR net finance receivables $ 465
Other  
Financing Receivable, Modified [Line Items]  
Total post-modification TDR net finance receivables $ 273
v3.25.0.1
Finance Receivables - Schedule of Modified as TDR - Non Performing Finance Receivables (Details) - Personal Loans
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
account
Delinquency by finance receivables type  
TDR net finance receivables | $ $ 136
Number of TDR accounts | account 17,297
v3.25.0.1
Allowance for Finance Receivable Losses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Changes in allowance for finance receivable losses      
Balance at beginning of period $ 2,480 $ 2,311 $ 2,095
Provision for finance receivable losses 2,040 1,721 1,402
Charge-offs (2,155) (1,795) (1,438)
Recoveries 309 259 252
Other 31    
Balance at end of period 2,705 2,480 2,311
Net Impact of Adoption of ASU 2022-02      
Changes in allowance for finance receivable losses      
Balance at beginning of period   (16)  
Balance at end of period     (16)
Consumer Loans      
Changes in allowance for finance receivable losses      
Balance at beginning of period 2,415 2,290 2,090
Provision for finance receivable losses 1,891 1,651 1,379
Charge-offs (2,077) (1,768) (1,431)
Recoveries 307 258 252
Other 31    
Balance at end of period 2,567 2,415 2,290
Consumer Loans | Net Impact of Adoption of ASU 2022-02      
Changes in allowance for finance receivable losses      
Balance at beginning of period   (16)  
Balance at end of period     (16)
Credit Cards      
Changes in allowance for finance receivable losses      
Balance at beginning of period 65 21 5
Provision for finance receivable losses 149 70 23
Charge-offs (78) (27) (7)
Recoveries 2 1 0
Other 0    
Balance at end of period $ 138 65 21
Credit Cards | Net Impact of Adoption of ASU 2022-02      
Changes in allowance for finance receivable losses      
Balance at beginning of period   $ 0  
Balance at end of period     $ 0
v3.25.0.1
Investment Securities - Schedule of Cost/Amortized, Unrealized Gains/Losses & FV on AFS Investment Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Cost/ Amortized Cost $ 1,641 $ 1,765
Unrealized Gains 6 5
Unrealized Losses (108) (123)
Fair Value 1,539 1,647
U.S. government and government sponsored entities    
Debt Securities, Available-for-sale [Line Items]    
Cost/ Amortized Cost 12 18
Unrealized Gains 0 0
Unrealized Losses 0 (1)
Fair Value 12 17
Obligations of states, municipalities, and political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Cost/ Amortized Cost 66 72
Unrealized Gains 0 0
Unrealized Losses (5) (6)
Fair Value 61 66
Commercial paper    
Debt Securities, Available-for-sale [Line Items]    
Cost/ Amortized Cost 9 14
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 9 14
Non-U.S. government and government sponsored entities    
Debt Securities, Available-for-sale [Line Items]    
Cost/ Amortized Cost 159 172
Unrealized Gains 1 1
Unrealized Losses (5) (6)
Fair Value 155 167
Corporate debt    
Debt Securities, Available-for-sale [Line Items]    
Cost/ Amortized Cost 1,086 1,160
Unrealized Gains 4 4
Unrealized Losses (69) (79)
Fair Value 1,021 1,085
RMBS    
Debt Securities, Available-for-sale [Line Items]    
Cost/ Amortized Cost 208 202
Unrealized Gains 0 0
Unrealized Losses (24) (22)
Fair Value 184 180
CMBS    
Debt Securities, Available-for-sale [Line Items]    
Cost/ Amortized Cost 29 36
Unrealized Gains 0 0
Unrealized Losses (2) (3)
Fair Value 27 33
CDO/ABS    
Debt Securities, Available-for-sale [Line Items]    
Cost/ Amortized Cost 72 91
Unrealized Gains 1 0
Unrealized Losses (3) (6)
Fair Value $ 70 $ 85
v3.25.0.1
Investment Securities - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
investment
Dec. 31, 2023
USD ($)
investment
Dec. 31, 2022
USD ($)
Investments, Debt and Equity Securities [Abstract]      
Interest receivable $ 13 $ 14  
Investment securities in an unrealized loss position | investment 1,771 1,984  
Proceeds from sales and redemptions $ 152 $ 90 $ 278
Securities on deposit with third parties $ 452 $ 524  
v3.25.0.1
Investment Securities - Schedule of Fair Value and Unrealized Losses on AFS Investment Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Value    
Less Than 12 Months $ 279 $ 62
12 Months or Longer 990 1,341
Total 1,269 1,403
Unrealized Losses *    
Less Than 12 Months (5) 0
12 Months or Longer (103) (123)
Total (108) (123)
U.S. government and government sponsored entities    
Fair Value    
Less Than 12 Months 1 1
12 Months or Longer 11 11
Total 12 12
Unrealized Losses *    
Less Than 12 Months 0 0
12 Months or Longer 0 (1)
Total 0 (1)
Obligations of states, municipalities, and political subdivisions    
Fair Value    
Less Than 12 Months 3 2
12 Months or Longer 56 62
Total 59 64
Unrealized Losses *    
Less Than 12 Months 0 0
12 Months or Longer (5) (6)
Total (5) (6)
Commercial paper    
Fair Value    
Less Than 12 Months   14
12 Months or Longer   0
Total   14
Unrealized Losses *    
Less Than 12 Months   0
12 Months or Longer   0
Total   0
Non-U.S. government and government sponsored entities    
Fair Value    
Less Than 12 Months 15 22
12 Months or Longer 67 97
Total 82 119
Unrealized Losses *    
Less Than 12 Months 0 0
12 Months or Longer (5) (6)
Total (5) (6)
Corporate debt    
Fair Value    
Less Than 12 Months 210 15
12 Months or Longer 657 925
Total 867 940
Unrealized Losses *    
Less Than 12 Months (5) 0
12 Months or Longer (64) (79)
Total (69) (79)
RMBS    
Fair Value    
Less Than 12 Months 40 5
12 Months or Longer 134 152
Total 174 157
Unrealized Losses *    
Less Than 12 Months 0 0
12 Months or Longer (24) (22)
Total (24) (22)
CMBS    
Fair Value    
Less Than 12 Months 2 2
12 Months or Longer 25 32
Total 27 34
Unrealized Losses *    
Less Than 12 Months 0 0
12 Months or Longer (2) (3)
Total (2) (3)
CDO/ABS    
Fair Value    
Less Than 12 Months 8 1
12 Months or Longer 40 62
Total 48 63
Unrealized Losses *    
Less Than 12 Months 0 0
12 Months or Longer (3) (6)
Total $ (3) $ (6)
v3.25.0.1
Investment Securities - Schedule of Contractual Maturities of AFS Investment Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:    
Due in 1 year or less $ 191  
Due after 1 year through 5 years 536  
Due after 5 years through 10 years 396  
Due after 10 years 135  
Mortgage-backed, asset-backed, and collateralized securities 281  
Fair Value 1,539 $ 1,647
Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:    
Due in 1 year or less 192  
Due after 1 year through 5 years 551  
Due after 5 years through 10 years 435  
Due after 10 years 154  
Mortgage-backed, asset-backed, and collateralized securities 309  
Cost/ Amortized Cost $ 1,641 $ 1,765
v3.25.0.1
Investment Securities - Schedule of Fair Value of Other Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]    
Bonds $ 18 $ 22
Total 68 72
Preferred stock    
Debt and Equity Securities, FV-NI [Line Items]    
Equity securities 13 16
Common stock    
Debt and Equity Securities, FV-NI [Line Items]    
Equity securities $ 37 $ 34
v3.25.0.1
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Apr. 01, 2024
Goodwill [Line Items]        
Goodwill $ 1,474,000,000 $ 1,437,000,000    
Impairments to goodwill 0 0 $ 0  
Amortization expense $ 0 $ 0 $ 13,000,000  
Foursight Capital LLC        
Goodwill [Line Items]        
Goodwill       $ 37,000,000
v3.25.0.1
Goodwill and Other Intangible Assets - Schedule of Changes in the Carrying Amount of Goodwill (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Goodwill [Roll Forward]  
Balance at beginning of period $ 1,437
Balance at end of period 1,474
Consumer and Insurance  
Goodwill [Roll Forward]  
Balance at beginning of period 1,437
Goodwill recognized upon acquisition 37
Balance at end of period $ 1,474
v3.25.0.1
Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Apr. 01, 2024
Dec. 31, 2023
Schedule Of Finite-Lived And Indefinite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount $ 383   $ 351
Net Other Intangible Assets 286   260
Acquired Finite-Lived Intangible Assets [Line Items]      
Accumulated Amortization (97)   (91)
Gross Carrying Amount 383   351
Net Other Intangible Assets 286   260
Foursight Capital LLC      
Acquired Finite-Lived Intangible Assets [Line Items]      
Other intangibles   $ 32  
Other intangibles   $ 32  
Trade names      
Acquired Indefinite-lived Intangible Assets [Line Items]      
Indefinite-lived intangible assets     220
Licenses      
Acquired Indefinite-lived Intangible Assets [Line Items]      
Indefinite-lived intangible assets 25   25
Customer relationships      
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount 22    
Accumulated Amortization (2)    
Net Other Intangible Assets 20    
VOBA      
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount 105   105
Accumulated Amortization (94)   (91)
Net Other Intangible Assets 11   14
Other      
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount 7   1
Accumulated Amortization (1)   0
Net Other Intangible Assets 6   $ 1
Trade names      
Schedule Of Finite-Lived And Indefinite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount 224    
Net Other Intangible Assets 224    
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount 224    
Net Other Intangible Assets $ 224    
v3.25.0.1
Long-term Debt- Schedule of Fair Value and Carrying Value (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Total Carrying Value    
Debt Instrument [Line Items]    
Long-term debt $ 21,438 $ 19,813
Fair Value    
Debt Instrument [Line Items]    
Long-term debt 21,531 19,457
Unsecured Notes | Total Carrying Value    
Debt Instrument [Line Items]    
Long-term debt 21,266 19,641
Unsecured Notes | Fair Value    
Debt Instrument [Line Items]    
Long-term debt 21,284 19,273
Junior Subordinated Debt | Total Carrying Value    
Debt Instrument [Line Items]    
Long-term debt 172 172
Junior Subordinated Debt | Fair Value    
Debt Instrument [Line Items]    
Long-term debt $ 247 $ 184
v3.25.0.1
Long-term Debt - Schedule of Principal Maturities of Long-Term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Long-term debt    
Interest rate at point in time 5.77% 5.55%
Principal maturities of long-term debt by type of debt    
2025 $ 0  
2026 1,429  
2027 750  
2028 1,350  
2029 2,389  
2030-2067 3,392  
Secured 12,429  
Total principal maturities 21,739  
Total carrying amount 21,438 $ 19,813
Debt issuance costs (113)  
Securitizations    
Principal maturities of long-term debt by type of debt    
2025 0  
2026 0  
2027 0  
2028 0  
2029 0  
2030-2067 0  
Secured 11,703  
Total principal maturities 11,703  
Total carrying amount 11,661  
Debt issuance costs $ (36)  
Securitizations | Minimum    
Long-term debt    
Interest rate 0.87%  
Securitizations | Maximum    
Long-term debt    
Interest rate 10.98%  
Private Secured Term Funding Facilities    
Principal maturities of long-term debt by type of debt    
2025 $ 0  
2026 0  
2027 0  
2028 0  
2029 0  
2030-2067 0  
Secured 725  
Total principal maturities 725  
Total carrying amount 722  
Debt issuance costs $ (3)  
Private Secured Term Funding Facilities | Minimum    
Long-term debt    
Interest rate 5.84%  
Private Secured Term Funding Facilities | Maximum    
Long-term debt    
Interest rate 5.95%  
Revolving Conduit Facilities    
Principal maturities of long-term debt by type of debt    
2025 $ 0  
2026 0  
2027 0  
2028 0  
2029 0  
2030-2067 0  
Secured 1  
Total principal maturities 1  
Total carrying amount 1  
Debt issuance costs $ 0  
Revolving Conduit Facilities | Maximum    
Long-term debt    
Interest rate 5.69%  
Revolving Conduit Facilities And Unsecured Corporate Revolver    
Principal maturities of long-term debt by type of debt    
Debt issuance costs $ 37  
Unsecured Notes    
Long-term debt    
Interest rate at point in time 5.71% 5.47%
Unsecured Notes | Unsecured Notes    
Principal maturities of long-term debt by type of debt    
2025 $ 0  
2026 1,429  
2027 750  
2028 1,350  
2029 2,389  
2030-2067 3,042  
Secured 0  
Total principal maturities 8,960  
Total carrying amount 8,882  
Debt issuance costs $ (74)  
Unsecured Notes | Unsecured Notes | Minimum    
Long-term debt    
Interest rate 3.50%  
Unsecured Notes | Unsecured Notes | Maximum    
Long-term debt    
Interest rate 9.00%  
Junior Subordinated Debt    
Long-term debt    
Interest rate at point in time 13.63% 15.12%
Interest rate 6.67%  
Principal maturities of long-term debt by type of debt    
2025 $ 0  
2026 0  
2027 0  
2028 0  
2029 0  
2030-2067 350  
Secured 0  
Total principal maturities 350  
Total carrying amount 172  
Debt issuance costs $ 0  
v3.25.0.1
Long-term Debt - Narrative (Details) - USD ($)
 1 Months Ended 12 Months Ended
Jun. 29, 2023
Jan. 31, 2007
Dec. 31, 2024
Junior Subordinated Debt | SOFR | Maximum      
Debt Instrument [Line Items]      
Basis spread on variable rate     0.26%
Junior Subordinated Debt | SOFR | Minimum      
Debt Instrument [Line Items]      
Basis spread on variable rate     1.75%
OMFC | Junior Subordinated Debt      
Debt Instrument [Line Items]      
Debt instrument, term   60 years  
Debt instrument, principal amount   $ 350,000,000  
Tangible equity to tangible managed assets (ratio) (less than)     5.50%
Average fixed charge ratio for trailing four quarters (not more than)     1.10
OMFC | Junior Subordinated Debt | LIBOR      
Debt Instrument [Line Items]      
Basis spread on variable rate 1.75%    
OMFC | Revolver      
Debt Instrument [Line Items]      
Total borrowing capacity     $ 1,100,000,000
Debt instrument, term     5 years
v3.25.0.1
Variable Interest Entities - Schedule of Carrying Amount of Consolidated VIEs (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Variable Interest Entity [Line Items]        
Cash and cash equivalents $ 458 $ 1,014 $ 498  
Net finance receivables 23,554 21,349    
Allowance for finance receivable losses 2,705 2,480 2,311 $ 2,095
Restricted cash and restricted cash equivalents 684 534 $ 461  
Other assets 1,318 1,232    
Long-term debt 21,438 19,813    
Consolidated VIEs        
Variable Interest Entity [Line Items]        
Cash and cash equivalents 4 2    
Net finance receivables 13,985 12,780    
Allowance for finance receivable losses 1,633 1,428    
Restricted cash and restricted cash equivalents 662 523    
Other assets 40 32    
Long-term debt 12,384 11,579    
Other liabilities $ 31 $ 27    
v3.25.0.1
Variable Interest Entities - Consolidated VIEs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]      
Interest expense $ 1,185 $ 1,019 $ 892
Consolidated VIEs      
Variable Interest Entity [Line Items]      
Interest expense $ 624 $ 483 $ 305
v3.25.0.1
Variable Interest Entities - Securitized Borrowings (Details) - Securitizations
 12 Months Ended
Dec. 31, 2024
Minimum  
Debt Instrument [Line Items]  
Debt instrument, term 2 years
Maximum  
Debt Instrument [Line Items]  
Debt instrument, term 7 years
v3.25.0.1
Variable Interest Entities - Credit Card Revolving VFN Facilities (Details) - Consolidated VIEs
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
facility
Debt Instrument [Line Items]  
Number of revolving credit card VFN facilities | facility 2
Revolving Credit Card VFN Facility  
Debt Instrument [Line Items]  
Total borrowing capacity | $ $ 300
Debt instrument, term 5 years
v3.25.0.1
Variable Interest Entities - Private Secured Term Funding (Details) - Consolidated VIEs - Private Secured Term Funding Facilities
 12 Months Ended
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]  
Maximum borrowing capacity $ 725,000,000
Payments required in first 2 years $ 0
v3.25.0.1
Variable Interest Entities - Revolving Conduit Facilities (Details) - Consolidated VIEs - Revolving Conduit Facilities
$ in Billions
 12 Months Ended
Dec. 31, 2024
USD ($)
facility
Line of Credit Facility [Line Items]  
Number of conduit facilities | facility 17
Total borrowing capacity | $ $ 6.0
Debt instrument, term 10 years
v3.25.0.1
Insurance - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
state
Dec. 31, 2023
USD ($)
Claims Development [Line Items]    
Reserves related to unearned premiums, claims and benefits assumed from non-affiliated insurance companies | $ $ 277 $ 303
Weighted-average duration of the liability for future policy benefits 8 years 8 years
Non Affiliated Entity    
Claims Development [Line Items]    
Reserves related to unearned premiums, claims and benefits ceded to non-affiliated insurance companies | $ $ 55 $ 57
AHL    
Claims Development [Line Items]    
Number of states in which entity operates | state 49  
Triton    
Claims Development [Line Items]    
Number of states in which entity operates | state 50  
OMH insurance subsidiaries    
Claims Development [Line Items]    
Period restricting maximum amount of dividends without prior approval 12 months  
Policyholders' surplus restricting maximum amount of dividends (as a percent) 10.00%  
Period restricting maximum ordinary dividends without prior approval 12 months  
Policyholders' surplus restricting maximum ordinary dividends (as a percent) 10.00%  
v3.25.0.1
Insurance - Schedule of Components of Insurance Reserves (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]    
Unearned insurance premium and claim reserves $ 766 $ 771
Insurance claims and policyholder liabilities 575 615
Total 1,341 1,386
Finance receivable related    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]    
Insurance claims and policyholder liabilities 259 270
Non-finance receivable related    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]    
Insurance claims and policyholder liabilities 316 345
Unearned premium reserves    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]    
Unearned insurance premium and claim reserves 685 681
Claim reserves    
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]    
Unearned insurance premium and claim reserves $ 81 $ 90
v3.25.0.1
Insurance - Schedule of Changes in the Reserve for Unpaid Claims and Loss Adjustment Expenses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Liability for unpaid claims and claims adjustment expense        
Balance at beginning of period $ 108 $ 93 $ 102  
Less reinsurance recoverables (3) (3) (3) $ (3)
Net balance at beginning of period 105 90 99  
Additions for losses and loss adjustment expenses incurred to:        
Current year 188 173 144  
Prior years (14) (2) (12)  
Total 174 171 132  
Reductions for losses and loss adjustment expenses paid related to:        
Current year (118) (99) (84)  
Prior years (63) (57) (58)  
Total (181) (156) (142)  
Foreign currency translation adjustment 1 0 1  
Net balance at end of period 99 105 90  
Plus reinsurance recoverables 3 3 3 $ 3
Balance at end of period $ 102 $ 108 $ 93  
v3.25.0.1
Insurance - Schedule of Claims and Allocated Claim Adjustment Expense, Net of Reinsurance (Details)
$ in Millions
Dec. 31, 2024
USD ($)
claim
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]          
Liabilities for claims and claim adjustment expenses, net of reinsurance $ 98        
Insurance lines other than short-duration 4        
Total gross liability for unpaid claims and claim adjustment expense 102 $ 108 $ 93 $ 102  
Credit Insurance          
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]          
Incurred claims and allocated claim adjustment expenses, net of reinsurance 836        
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance 740        
All outstanding liabilities before 2020, net of reinsurance 0        
Liabilities for claims and claim adjustment expenses, net of reinsurance 96        
Credit Insurance | 2020          
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]          
Incurred claims and allocated claim adjustment expenses, net of reinsurance 202 203 203 204 $ 222
Incurred-but-not-reported Liabilities $ 0        
Cumulative Number of Reported Claims | claim 68,925        
Cumulative Frequency 3.10%        
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 202 200 194 183 $ 126
Credit Insurance | 2021          
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]          
Incurred claims and allocated claim adjustment expenses, net of reinsurance 153 154 155 160  
Incurred-but-not-reported Liabilities $ 2        
Cumulative Number of Reported Claims | claim 38,244        
Cumulative Frequency 1.80%        
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 151 146 136 $ 98  
Credit Insurance | 2022          
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]          
Incurred claims and allocated claim adjustment expenses, net of reinsurance 136 137 139    
Incurred-but-not-reported Liabilities $ 7        
Cumulative Number of Reported Claims | claim 34,350        
Cumulative Frequency 1.50%        
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 129 119 $ 82    
Credit Insurance | 2023          
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]          
Incurred claims and allocated claim adjustment expenses, net of reinsurance 161 170      
Incurred-but-not-reported Liabilities $ 19        
Cumulative Number of Reported Claims | claim 40,995        
Cumulative Frequency 1.80%        
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 142 $ 97      
Credit Insurance | 2024          
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]          
Incurred claims and allocated claim adjustment expenses, net of reinsurance 184        
Incurred-but-not-reported Liabilities $ 68        
Cumulative Number of Reported Claims | claim 35,759        
Cumulative Frequency 1.60%        
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 116        
Other short-duration insurance lines          
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]          
Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2        
v3.25.0.1
Insurance - Schedule of Average Annual Percentage Payout of Incurred Claims (Details) - Credit Insurance
Dec. 31, 2024
Claims Development [Line Items]  
1 62.20%
2 27.30%
3 6.00%
4 2.90%
5 1.00%
v3.25.0.1
Insurance - Schedule of Present Value of Expected Net Premium And Future Policy Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Term and Whole Life      
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]      
Balance at beginning of period $ 217 $ 252  
Effect of changes in discount rate assumptions 2 5 $ 8
Beginning balance at original discount rate 212 244  
Effect of changes in cash flow assumptions   0 (2)
Effect of actual variances from expected experience   (21) (11)
Adjusted balance at beginning of period   191 231
Interest accretion 11 13  
Net premiums collected (27) (32)  
Ending balance at original discount rate 175 212 244
Balance at ending of period 177 217 252
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Balance at beginning of period 435 483  
Effect of changes in discount rate assumptions (5) (12) (17)
Beginning balance at original discount rate 423 466  
Effect of changes in cash flow assumptions   0 (4)
Effect of actual variances from expected experience   (26) (14)
Adjusted balance at beginning of period   397 448
Net issuances 4 3  
Interest accretion 22 25  
Benefit payments (50) (53)  
Ending balance at original discount rate 373 423 466
Balance at ending of period 378 435 483
Accidental Death and Disability Protection      
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]      
Balance at beginning of period 41 48  
Effect of changes in discount rate assumptions 0 0 0
Beginning balance at original discount rate 41 48  
Effect of changes in cash flow assumptions   0 (1)
Effect of actual variances from expected experience   (5) (1)
Adjusted balance at beginning of period   36 46
Interest accretion 2 2  
Net premiums collected (5) (7)  
Ending balance at original discount rate 33 41 48
Balance at ending of period 33 41 48
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Balance at beginning of period 113 126  
Effect of changes in discount rate assumptions 2 0 (1)
Beginning balance at original discount rate 113 125  
Effect of changes in cash flow assumptions   0 (1)
Effect of actual variances from expected experience   (6) 0
Adjusted balance at beginning of period   107 124
Net issuances 1 1  
Interest accretion 5 6  
Benefit payments (15) (18)  
Ending balance at original discount rate 98 113 125
Balance at ending of period $ 96 $ 113 $ 126
v3.25.0.1
Insurance - Schedule of Net Liability for Future Policy Benefits (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Term and Whole Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Net liability for future policy benefits $ 201 $ 218
Deferred profit liability 12 14
Total net liability for future policy benefits 213 232
Accidental Death and Disability Protection    
Liability for Future Policy Benefit, Activity [Line Items]    
Net liability for future policy benefits 63 72
Deferred profit liability 48 51
Total net liability for future policy benefits $ 111 $ 123
v3.25.0.1
Insurance - Schedule of Reconciliation of Net Liability for Future Policy Benefits To the Consolidated Statements of Financial Position (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]    
Insurance claims and policyholder liabilities $ 575 $ 615
Term and Whole Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Total net liability for future policy benefits 213 232
Accidental Death and Disability Protection    
Liability for Future Policy Benefit, Activity [Line Items]    
Total net liability for future policy benefits 111 123
Other    
Liability for Future Policy Benefit, Activity [Line Items]    
Other $ 251 $ 260
v3.25.0.1
Insurance - Schedule of Undiscounted and Discounted Expected Gross Premiums And Expected Future Benefits (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Term and Whole Life    
Expected future gross premiums:    
Undiscounted $ 365 $ 430
Discounted 264 311
Expected future benefit payments:    
Undiscounted 529 607
Discounted 378 435
Accidental Death and Disability Protection    
Expected future gross premiums:    
Undiscounted 122 146
Discounted 87 106
Expected future benefit payments:    
Undiscounted 144 166
Discounted $ 96 $ 113
v3.25.0.1
Insurance - Schedule of Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Term and Whole Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross premiums or assessments $ 51 $ 57 $ 62
Interest accretion 11 12 12
Accidental Death and Disability Protection      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross premiums or assessments 17 19 20
Interest accretion $ 3 $ 4 $ 4
v3.25.0.1
Insurance - Schedule of Actuarial Assumptions (Details)
Dec. 31, 2024
Dec. 31, 2023
Term and Whole Life | Measurement Input, Mortality Rate, Expected    
Market Risk Benefit [Line Items]    
Market risk benefit, measurement input 0.0036 0.0038
Term and Whole Life | Measurement Input, Mortality Rate, Actual    
Market Risk Benefit [Line Items]    
Market risk benefit, measurement input 0.0033 0.0032
Term and Whole Life | Measurement Input, Lapses, Expected    
Market Risk Benefit [Line Items]    
Market risk benefit, measurement input 0.0369 0.0294
Term and Whole Life | Measurement Input, Lapses, Actual    
Market Risk Benefit [Line Items]    
Market risk benefit, measurement input 0.0338 0.0239
Accidental Death and Disability Protection | Measurement Input, Mortality Rate, Expected    
Market Risk Benefit [Line Items]    
Market risk benefit, measurement input 0.0001 0.0001
Accidental Death and Disability Protection | Measurement Input, Mortality Rate, Actual    
Market Risk Benefit [Line Items]    
Market risk benefit, measurement input 0.0001 0.0001
Accidental Death and Disability Protection | Measurement Input, Lapses, Expected    
Market Risk Benefit [Line Items]    
Market risk benefit, measurement input 0.0183 0.0194
Accidental Death and Disability Protection | Measurement Input, Lapses, Actual    
Market Risk Benefit [Line Items]    
Market risk benefit, measurement input 0.0343 0.0212
v3.25.0.1
Insurance - Schedule of Weighted-Average Interest Rates for the Liability of Future Policy Benefits (Details)
Dec. 31, 2024
Dec. 31, 2023
Term and Whole Life    
Additional Liability, Long-Duration Insurance [Line Items]    
Interest accretion rate 5.28% 5.28%
Current discount rate 5.31% 4.98%
Accidental Death and Disability Protection    
Additional Liability, Long-Duration Insurance [Line Items]    
Interest accretion rate 4.86% 4.87%
Current discount rate 5.37% 4.98%
v3.25.0.1
Insurance - Schedule of Statutory Net Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property and casualty | Triton      
Statutory Accounting Practices [Line Items]      
Statutory net income for insurance companies $ 51 $ 46 $ 58
Life and health | AHL      
Statutory Accounting Practices [Line Items]      
Statutory net income for insurance companies $ 97 $ 100 $ 98
v3.25.0.1
Insurance - Schedule of Statutory Capital and Surplus for Insurance Companies (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property and casualty | Triton    
Statutory Accounting Practices [Line Items]    
Statutory capital and surplus for insurance companies $ 163 $ 180
Life and health | AHL    
Statutory Accounting Practices [Line Items]    
Statutory capital and surplus for insurance companies $ 257 $ 279
v3.25.0.1
Insurance - Schedule of Ordinary Dividends Paid (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Triton      
Dividends Payable [Line Items]      
Ordinary dividends paid $ 0 $ 58 $ 50
Extraordinary dividends paid 70 23 0
AHL      
Dividends Payable [Line Items]      
Ordinary dividends paid 0 98 0
Extraordinary dividends paid $ 115 $ 107 $ 0
v3.25.0.1
Capital Stock and Earnings Per Share (OMH Only) - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
class
OMH  
Class of Stock [Line Items]  
Number of classes of authorized stock 2
OMFC  
Class of Stock [Line Items]  
Number of classes of authorized stock 2
v3.25.0.1
Capital Stock and Earnings Per Share (OMH Only) - Schedule of Par Value and Shares Authorized (Details) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Class of Stock [Line Items]    
Common Stock, Par value (in dollars per share) $ 0.01 $ 0.01
Common Stock, Shares authorized (in shares) 2,000,000,000 2,000,000,000
Special Stock, Shares outstanding (in shares) 0  
OMH    
Class of Stock [Line Items]    
Preferred Stock, Par value (in dollars per share) $ 0.01  
Common Stock, Par value (in dollars per share) $ 0.01  
Preferred Stock, Shares authorized (in shares) 300,000,000  
Common Stock, Shares authorized (in shares) 2,000,000,000  
Preferred Stock, Shares issued (in shares) 0 0
Preferred Stock, Shares outstanding (in shares) 0 0
OMFC    
Class of Stock [Line Items]    
Common Stock, Par value (in dollars per share) $ 0.50 $ 0.50
Special Stock, Par value (in dollars per share) $ 0  
Common Stock, Shares authorized (in shares) 25,000,000 25,000,000
Special Stock, Shares authorized (in shares) 25,000,000  
Special Stock, Shares outstanding (in shares) 0 0
v3.25.0.1
Capital Stock and Earnings Per Share (OMH Only) - Schedule of Changes in Shares Issued and Outstanding (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning balance (in shares) 119,757,277 121,042,125 127,809,640
Common stock issued (in shares) 279,812 285,480 333,038
Common stock repurchased (in shares) (755,274) (1,651,717) (7,181,023)
Treasury stock issued (in shares) 78,694 81,389 80,470
Ending balance (in shares) 119,360,509 119,757,277 121,042,125
v3.25.0.1
Capital Stock and Earnings Per Share (OMH Only) - Schedule of Special Stock and Common Stock Outstanding (OMH Only) (Details) - shares
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Class of Stock [Line Items]        
Special Stock, Shares outstanding (in shares) 0      
Common stock, shares issued (in shares) 119,360,509 119,757,277    
Common stock, shares outstanding (in shares) 119,360,509 119,757,277 121,042,125 127,809,640
OMFC        
Class of Stock [Line Items]        
Special Stock, Shares issued (in shares) 0 0    
Special Stock, Shares outstanding (in shares) 0 0    
Common stock, shares issued (in shares) 10,160,021 10,160,021    
Common stock, shares outstanding (in shares) 10,160,021 10,160,021    
v3.25.0.1
Capital Stock and Earnings Per Share (OMH Only) - Schedule of Computation of Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Numerator (basic and diluted):      
Net income $ 509 $ 641 $ 872
Denominator:      
Weighted average number of shares outstanding (basic) (in shares) 119,659,278 120,382,227 124,178,643
Effect of dilutive securities (in shares) 460,705 247,363 238,631
Weighted average number of shares outstanding (diluted) (in shares) 120,119,983 120,629,590 124,417,274
Earnings per share:      
Basic (in dollars per share) $ 4.26 $ 5.33 $ 7.02
Diluted (in dollars per share) $ 4.24 $ 5.32 $ 7.01
Restricted Stock Units      
Earnings per share:      
Shares excluded in the diluted earnings per share calculation (in shares) 667,918 1,048,970 1,335,442
v3.25.0.1
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance at beginning of period $ 3,186 $ 3,015 $ 3,037
Other comprehensive income (loss) before reclassifications 4 40 (131)
Reclassification adjustments from Accumulated other comprehensive income (loss) 2 0 (1)
Balance at end of period 3,191 3,186 3,015
Unrealized Gains (Losses) Available-for-Sale Securities      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance at beginning of period (93) (131) 49
Other comprehensive income (loss) before reclassifications 10 38 (179)
Reclassification adjustments from Accumulated other comprehensive income (loss) 2   (1)
Balance at end of period (81) (93) (131)
Retirement Plan Liabilities Adjustments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance at beginning of period (8) (8) 1
Other comprehensive income (loss) before reclassifications 5 0 (9)
Reclassification adjustments from Accumulated other comprehensive income (loss) 0   0
Balance at end of period (3) (8) (8)
Foreign Currency Translation Adjustments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance at beginning of period (2) (5) 3
Other comprehensive income (loss) before reclassifications (11) 3 (8)
Reclassification adjustments from Accumulated other comprehensive income (loss) 0   0
Balance at end of period (13) (2) (5)
Changes in discount rate for insurance claims and policyholder liabilities      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance at beginning of period (5) (8) (56)
Other comprehensive income (loss) before reclassifications 4 3 48
Reclassification adjustments from Accumulated other comprehensive income (loss) 0   0
Balance at end of period (1) (5) (8)
Other      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance at beginning of period 21 25 8
Other comprehensive income (loss) before reclassifications (4) (4) 17
Reclassification adjustments from Accumulated other comprehensive income (loss) 0   0
Balance at end of period 17 21 25
Accumulated Other Comprehensive Income (Loss)      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance at beginning of period (87) (127) 5
Balance at end of period $ (81) $ (87) $ (127)
v3.25.0.1
Income Taxes - Schedule of Components of Income Before Income Tax Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Income before income tax expense - U.S. operations $ 647 $ 817 $ 1,134
Income before income tax expense - foreign operations 20 23 21
Income before income taxes $ 667 $ 840 $ 1,155
v3.25.0.1
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
Federal $ 157 $ 194 $ 288
Foreign 5 4 4
State 38 37 55
Total current 200 235 347
Deferred:      
Federal (26) (25) (53)
State (16) (11) (11)
Total deferred (42) (36) (64)
Total $ 158 $ 199 $ 283
v3.25.0.1
Income Taxes - Schedule of Reconciliations of The Statutory Federal Income Tax Rate to the Effective Income Tax Rate (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Statutory federal income tax rate 21.00% 21.00% 21.00%
State income taxes, net of federal 2.15% 2.56% 2.93%
Change in valuation allowance (0.04%) 0.93% 0.18%
Nondeductible compensation 0.45% 0.30% 0.48%
Other, net 0.07% (1.19%) (0.06%)
Effective income tax rate 23.63% 23.60% 24.53%
v3.25.0.1
Income Taxes - Schedule of Reconciliation of the Beginning and Ending Balances of the Total Amounts of Gross Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at beginning of year $ 11 $ 6 $ 8
Increases in tax positions for prior years 10 0 1
Increases in tax positions for current years 2 6 0
Lapse in statute of limitations (2) (1) (3)
Settlements with tax authorities (1) 0 0
Balance at end of year $ 20 $ 11 $ 6
v3.25.0.1
Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Allowance for loan losses $ 672 $ 614
Net operating losses and tax credits 52 46
Capitalized research and experimental costs 40 34
Insurance reserves 31 27
Pension/employee benefits 28 27
Fair value of equity and securities investments 17 19
Other 54 40
Total 894 807
Deferred tax liabilities:    
Goodwill 208 188
Deferred loan fees 57 27
Debt fair value adjustment 43 42
Other 32 36
Total 340 293
Net deferred tax assets before valuation allowance 554 514
Valuation allowance (37) (37)
Net deferred tax assets $ 517 $ 477
v3.25.0.1
Income Taxes - Narrative (Details) - State - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Investments, Owned, Federal Income Tax Note [Line Items]    
Net operating loss carryforwards $ 789 $ 601
Valuation allowance $ 29 $ 27
v3.25.0.1
Leases and Contingencies - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]    
Operating right-of-use asset balance $ 152 $ 165
Operating lease liability balance $ 162 $ 173
Minimum    
Lessee, Lease, Description [Line Items]    
Remaining lease term 1 year  
Maximum    
Lessee, Lease, Description [Line Items]    
Remaining lease term 9 years  
v3.25.0.1
Leases and Contingencies - Schedule of Maturities of Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Lessee, Operating Lease, Liability, Payment, Due [Abstract]    
2025 $ 63  
2026 51  
2027 37  
2028 19  
2029 9  
2030 3  
Thereafter 3  
Total lease payments 185  
Imputed interest (23)  
Total $ 162 $ 173
Weighted Average Remaining Lease Term 3 years 6 months 21 days  
Weighted Average Discount Rate 4.67%  
v3.25.0.1
Leases and Contingencies - Schedule of Other Operating Expenses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]      
Operating lease cost $ 69 $ 63 $ 58
Variable lease cost 16 15 14
Total $ 85 $ 78 $ 72
v3.25.0.1
Retirement Benefit Plans - Defined Contribution Plans (Details) - UNITED STATES - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Maximum employer matching contribution 100.00%    
Percentage of employee salary eligible for employer matching contribution 4.00%    
Salaries and benefit expenses related to plan $ 19 $ 19 $ 19
v3.25.0.1
Retirement Benefits Plans - Defined Benefit Plans (Details)
 12 Months Ended
Dec. 31, 2024
UNITED STATES  
Defined Benefit Plan Disclosure [Line Items]  
Minimum eligibility age to participate in the plan 21 years
Continuous service period required to participate in the plan 12 months
Vesting period 5 years
Normal retirement age 65 years
Maximum credited service period 44 years
Foreign Plan  
Defined Benefit Plan Disclosure [Line Items]  
Minimum eligibility age to participate in the plan 21 years
Continuous service period required to participate in the plan 1 year
v3.25.0.1
Retirement Benefit Plans - Schedule of Obligations and Funded Status (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
benefitPlan
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Projected benefit obligation, beginning of period $ 277 $ 275 $ 374
Interest cost 12 13 8
Actuarial loss (gain) (19) 5 (91)
Benefits paid:      
Plan assets (16) (16) (16)
Projected benefit obligation, end of period 254 277 275
Fair value of plan assets      
Fair value of plan assets, beginning of period 283 278 383
Actual return on plan assets, net of expenses 1 20 (90)
Company contributions 2 1 1
Benefits paid:      
Plan assets (16) (16) (16)
Fair value of plan assets, end of period 270 283 278
Funded status, end of period 16 6 3
Other assets recognized in the consolidated balance sheet 16 6 3
Pretax net loss recognized in Accumulated other comprehensive loss (3) (9) (10)
Defined Benefit Plan, Overfunded Plan      
Benefits paid:      
Funded status, end of period $ 25 17 14
Number of overfunded benefit plans | benefitPlan 1    
Defined Benefit Plan, Underfunded Plan      
Benefits paid:      
Funded status, end of period $ 9 $ 11 $ 11
Number of underfunded benefit plans | benefitPlan 3    
v3.25.0.1
Retirement Benefit Plans - Schedule of PBO and ABO and Net Periodic Benefit Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Components of net periodic benefit cost:      
Interest cost $ 12 $ 13 $ 8
Expected return on assets (15) (15) (13)
Net periodic benefit cost (3) (2) (5)
Other changes in plan assets and projected benefit obligation recognized in other comprehensive income or loss:      
Net actuarial (gain) loss (6) 0 12
Total recognized in other comprehensive income (6) 0 12
Total recognized in net periodic benefit cost and other comprehensive income $ (9) $ (2) $ 7
v3.25.0.1
Retirement Benefit Plans - Schedule of Weighted Average Assumptions (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Projected benefit obligation:    
Discount rate 5.44% 4.76%
Net periodic benefit costs:    
Discount rate 4.70% 4.96%
Expected long-term rate of return on plan assets 5.53% 5.54%
v3.25.0.1
Retirement Benefit Plans - Allocation of Plan Assets (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Expected long-term rate of return on plan assets 5.53% 5.54%
UNITED STATES    
Defined Benefit Plan Disclosure [Line Items]    
Expected long-term rate of return on plan assets 5.50%  
Foreign Plan    
Defined Benefit Plan Disclosure [Line Items]    
Expected long-term rate of return on plan assets 6.50%  
Fixed Income Securities    
Defined Benefit Plan Disclosure [Line Items]    
Actual asset allocation 96.00%  
Target asset allocation 95.00%  
Equity Securities    
Defined Benefit Plan Disclosure [Line Items]    
Actual asset allocation 4.00%  
Target asset allocation 5.00%  
v3.25.0.1
Retirement Benefit Plans - Schedule of Expected Future Benefit Payments (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Retirement Benefits [Abstract]  
2025 $ 17
2026 17
2027 17
2028 17
2029 17
2030-2034 $ 88
v3.25.0.1
Retirement Benefit Plans - Schedule of Information About Plan Assets Measured at Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets $ 270 $ 283 $ 278 $ 383
Fair Value, Inputs, Level 1, 2 and 3        
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets 191 202    
Level 1        
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets 12 13    
Level 2        
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets 179 189    
Level 3        
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets 0 0    
Fair value measured at NAV        
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets 79 81    
Cash and cash equivalents | Fair Value, Inputs, Level 1, 2 and 3        
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets 3 1    
Cash and cash equivalents | Level 1        
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets 3 1    
Cash and cash equivalents | Level 2        
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets 0 0    
Cash and cash equivalents | Level 3        
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets 0 0    
Equity securities: U.S. | Fair Value, Inputs, Level 1, 2 and 3        
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets 1 1    
Equity securities: U.S. | Level 1        
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets 1 1    
Equity securities: U.S. | Level 2        
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets 0 0    
Equity securities: U.S. | Level 3        
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets 0 0    
Equity securities: International | Fair Value, Inputs, Level 1, 2 and 3        
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets 1 1    
Equity securities: International | Level 1        
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets 1 1    
Equity securities: International | Level 2        
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets 0 0    
Equity securities: International | Level 3        
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets 0 0    
Fixed income securities: U.S. investment grade | Fair Value, Inputs, Level 1, 2 and 3        
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets 185 196    
Fixed income securities: U.S. investment grade | Level 1        
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets 7 10    
Fixed income securities: U.S. investment grade | Level 2        
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets 178 186    
Fixed income securities: U.S. investment grade | Level 3        
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets 0 0    
Fixed income securities: U.S. high yield | Fair Value, Inputs, Level 1, 2 and 3        
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets 1 3    
Fixed income securities: U.S. high yield | Level 1        
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets 0 0    
Fixed income securities: U.S. high yield | Level 2        
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets 1 3    
Fixed income securities: U.S. high yield | Level 3        
Defined Benefit Plan Disclosure [Line Items]        
Total fair value of plan assets $ 0 $ 0    
v3.25.0.1
Share-Based Compensation - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jan. 01, 2022
Share-Based Compensation Plan and Restricted Stock Units and Awards        
Number of shares of common stock authorized (in shares) 11,634,257      
Percentage of number of outstanding shares over number of shares reserved and available for issuance by which number of shares reserved is adjusted 10.00%      
Share-based compensation expense $ 28 $ 34 $ 29  
Total income tax benefit recognized for stock-based compensation 6 $ 9 $ 7  
Unrecognized compensation expense $ 27      
Weighted average period over which unrecognized compensation expense expected is to be recognized 2 years      
Treasury stock issued (in shares) 78,694 81,389 80,470  
Service-based Awards        
Share-Based Compensation Plan and Restricted Stock Units and Awards        
Granted during the period (in dollars per share) $ 46.92 $ 42.09 $ 50.43  
Fair value of service based awards vested in period $ 24 $ 21 $ 18  
Restricted Stock Units | Minimum        
Share-Based Compensation Plan and Restricted Stock Units and Awards        
Vesting period of award without rights 1 year      
Restricted Stock Units | Maximum        
Share-Based Compensation Plan and Restricted Stock Units and Awards        
Vesting period of award without rights 5 years      
PRSUs        
Share-Based Compensation Plan and Restricted Stock Units and Awards        
Granted during the period (in dollars per share) $ 49.68 $ 44.69 $ 50.34  
PRSUs | Median        
Share-Based Compensation Plan and Restricted Stock Units and Awards        
Achievement of performance goal 3 years      
PRSUs | Maximum        
Share-Based Compensation Plan and Restricted Stock Units and Awards        
Achievement of performance goal 7 years      
Employee Stock        
Share-Based Compensation Plan and Restricted Stock Units and Awards        
Number of shares of common stock authorized (in shares)       1,000,000
v3.25.0.1
Share-Based Compensation - Schedule of Stock Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Service-based Awards      
Number of Shares      
Unvested as of beginning of period (in shares) 970,096    
Granted (in shares) 476,500    
Vested (in shares) (514,100)    
Forfeited (in shares) (53,350)    
Unvested as of end of period (in shares) 879,146 970,096  
Weighted Average Grant Date Fair Value      
Unvested as of beginning of period (in dollars per share) $ 46.10    
Granted (in dollars per share) 46.92 $ 42.09 $ 50.43
Vested (in dollars per share) 47.61    
Forfeited (in dollars per share) 45.90    
Unvested as of end of period (in dollars per share) $ 45.69 $ 46.10  
Weighted Average Remaining Term (in Years) 1 year 7 months 2 days    
PRSUs      
Number of Shares      
Unvested as of beginning of period (in shares) 1,054,979    
Granted (in shares) 142,282    
Vested (in shares) 0    
Forfeited (in shares) (254,638)    
Unvested as of end of period (in shares) 942,623 1,054,979  
Weighted Average Grant Date Fair Value      
Unvested as of beginning of period (in dollars per share) $ 42.44    
Granted (in dollars per share) 49.68 $ 44.69 $ 50.34
Vested (in dollars per share) 0    
Forfeited (in dollars per share) 47.68    
Unvested as of end of period (in dollars per share) $ 42.12 $ 42.44  
Weighted Average Remaining Term (in Years) 1 year 9 months 3 days    
v3.25.0.1
Segment Information - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.25.0.1
Segment Information - Schedule of Segment Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Interest income $ 4,993 $ 4,564 $ 4,435
Interest expense 1,185 1,019 892
Provision for finance receivable losses 2,040 1,721 1,402
Net interest income after provision for finance receivable losses 1,768 1,824 2,141
Other revenues 695 735 629
Salaries and benefits 879 855 836
Other operating expenses 728 675 621
Insurance policy benefits and claims 189 189 158
Income before income taxes 667 840 1,155
Assets 25,910 24,294 22,537
Consumer and Insurance | Consumer and Insurance      
Segment Reporting Information [Line Items]      
Interest income 4,965 4,559 4,429
Interest expense 1,181 1,015 886
Provision for finance receivable losses 1,981 1,721 1,399
Net interest income after provision for finance receivable losses 1,803 1,823 2,144
Other revenues 689 727 618
Salaries and benefits 875 848 829
Other operating expenses 721 668 606
Insurance policy benefits and claims 189 189 158
Income before income taxes 707 845 1,169
Assets 24,774 23,056 20,491
Other      
Segment Reporting Information [Line Items]      
Interest income 3 4 5
Interest expense 1 2 3
Provision for finance receivable losses 0 0 0
Net interest income after provision for finance receivable losses 2 2 2
Other revenues 7 8 12
Salaries and benefits 4 7 7
Other operating expenses 6 9 7
Insurance policy benefits and claims 0 0 0
Income before income taxes (1) (6) 0
Assets 12 20 35
Segment to GAAP Adjustment      
Segment Reporting Information [Line Items]      
Interest income 25 1 1
Interest expense 3 2 3
Provision for finance receivable losses 59 0 3
Net interest income after provision for finance receivable losses (37) (1) (5)
Other revenues (1) 0 (1)
Salaries and benefits 0 0 0
Other operating expenses 1 (2) 8
Insurance policy benefits and claims 0 0 0
Income before income taxes (39) 1 (14)
Assets $ 1,124 $ 1,218 $ 2,011
v3.25.0.1
Fair Value Measurements - Schedule of Fair Value & Carrying Value Hierarchy Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Assets      
Restricted cash and restricted cash equivalents $ 684 $ 534 $ 461
Total Fair Value      
Assets      
Cash and cash equivalents 458 1,014  
Investment securities 1,607 1,719  
Net finance receivables, less allowance for finance receivable losses 22,904 20,490  
Restricted cash and restricted cash equivalents 684 534  
Other assets 36 40  
Liabilities      
Long-term debt 21,531 19,457  
Total Carrying Value      
Assets      
Cash and cash equivalents 458 1,014  
Investment securities 1,607 1,719  
Net finance receivables, less allowance for finance receivable losses 20,849 18,869  
Restricted cash and restricted cash equivalents 684 534  
Other assets 23 29  
Liabilities      
Long-term debt 21,438 19,813  
Level 1      
Assets      
Cash and cash equivalents 453 1,014  
Investment securities 54 54  
Net finance receivables, less allowance for finance receivable losses 0 0  
Restricted cash and restricted cash equivalents 677 534  
Other assets 0 0  
Liabilities      
Long-term debt 0 0  
Level 2      
Assets      
Cash and cash equivalents 5 0  
Investment securities 1,550 1,662  
Net finance receivables, less allowance for finance receivable losses 0 0  
Restricted cash and restricted cash equivalents 7 0  
Other assets 0 0  
Liabilities      
Long-term debt 21,531 19,457  
Level 3      
Assets      
Cash and cash equivalents 0 0  
Investment securities 3 3  
Net finance receivables, less allowance for finance receivable losses 22,904 20,490  
Restricted cash and restricted cash equivalents 0 0  
Other assets 36 40  
Liabilities      
Long-term debt $ 0 $ 0  
v3.25.0.1
Fair Value Measurements - Schedule of Assets at Fair Value Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities $ 1,539 $ 1,647  
Other securities 68 72  
Restricted cash and restricted cash equivalents 684 534 $ 461
U.S. government and government sponsored entities      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 12 17  
Obligations of states, municipalities, and political subdivisions      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 61 66  
Commercial paper      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 9 14  
Non-U.S. government and government sponsored entities      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 155 167  
Corporate debt      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 1,021 1,085  
RMBS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 184 180  
CMBS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 27 33  
CDO/ABS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 70 85  
Level 1      
Investments, Debt and Equity Securities [Abstract]      
Total investment securities 54 54  
Restricted cash and restricted cash equivalents 677 534  
Level 2      
Investments, Debt and Equity Securities [Abstract]      
Total investment securities 1,550 1,662  
Restricted cash and restricted cash equivalents 7 0  
Level 3      
Investments, Debt and Equity Securities [Abstract]      
Total investment securities 3 3  
Restricted cash and restricted cash equivalents 0 0  
Fair Value, Measurements, Recurring      
Assets      
Cash equivalents in mutual funds 55 97  
Cash equivalents in securities 5    
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 1,539 1,647  
Other securities 68 72  
Total investment securities 1,607 1,719  
Restricted cash equivalents in mutual funds 672 525  
Restricted cash and restricted cash equivalents 7    
Total 2,346 2,341  
Fair Value, Measurements, Recurring | Total bonds      
Investments, Debt and Equity Securities [Abstract]      
Other securities 18 22  
Fair Value, Measurements, Recurring | U.S. government and government sponsored entities      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 12 17  
Fair Value, Measurements, Recurring | Obligations of states, municipalities, and political subdivisions      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 61 66  
Fair Value, Measurements, Recurring | Commercial paper      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 9 14  
Fair Value, Measurements, Recurring | Non-U.S. government and government sponsored entities      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 155 167  
Fair Value, Measurements, Recurring | Corporate debt      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 1,021 1,085  
Other securities 4 4  
Fair Value, Measurements, Recurring | RMBS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 184 180  
Fair Value, Measurements, Recurring | CMBS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 27 33  
Fair Value, Measurements, Recurring | CDO/ABS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 70 85  
Other securities 14 18  
Fair Value, Measurements, Recurring | Preferred stock      
Investments, Debt and Equity Securities [Abstract]      
Other securities 13 16  
Fair Value, Measurements, Recurring | Common stock      
Investments, Debt and Equity Securities [Abstract]      
Other securities 37 34  
Fair Value, Measurements, Recurring | Level 1      
Assets      
Cash equivalents in mutual funds 55 97  
Cash equivalents in securities 0    
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 6 6  
Other securities 48 48  
Total investment securities 54 54  
Restricted cash equivalents in mutual funds 672 525  
Restricted cash and restricted cash equivalents 0    
Total 781 676  
Fair Value, Measurements, Recurring | Level 1 | Total bonds      
Investments, Debt and Equity Securities [Abstract]      
Other securities 0 0  
Fair Value, Measurements, Recurring | Level 1 | U.S. government and government sponsored entities      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 0 0  
Fair Value, Measurements, Recurring | Level 1 | Obligations of states, municipalities, and political subdivisions      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 0 0  
Fair Value, Measurements, Recurring | Level 1 | Commercial paper      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 0 0  
Fair Value, Measurements, Recurring | Level 1 | Non-U.S. government and government sponsored entities      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 0 0  
Fair Value, Measurements, Recurring | Level 1 | Corporate debt      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 6 6  
Other securities 0 0  
Fair Value, Measurements, Recurring | Level 1 | RMBS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 0 0  
Fair Value, Measurements, Recurring | Level 1 | CMBS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 0 0  
Fair Value, Measurements, Recurring | Level 1 | CDO/ABS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 0 0  
Other securities 0 0  
Fair Value, Measurements, Recurring | Level 1 | Preferred stock      
Investments, Debt and Equity Securities [Abstract]      
Other securities 13 16  
Fair Value, Measurements, Recurring | Level 1 | Common stock      
Investments, Debt and Equity Securities [Abstract]      
Other securities 35 32  
Fair Value, Measurements, Recurring | Level 2      
Assets      
Cash equivalents in mutual funds 0 0  
Cash equivalents in securities 5    
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 1,532 1,640  
Other securities 18 22  
Total investment securities 1,550 1,662  
Restricted cash equivalents in mutual funds 0 0  
Total 1,562 1,662  
Fair Value, Measurements, Recurring | Level 2 | Total bonds      
Investments, Debt and Equity Securities [Abstract]      
Other securities 18 22  
Fair Value, Measurements, Recurring | Level 2 | U.S. government and government sponsored entities      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 12 17  
Fair Value, Measurements, Recurring | Level 2 | Obligations of states, municipalities, and political subdivisions      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 61 66  
Fair Value, Measurements, Recurring | Level 2 | Commercial paper      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 9 14  
Fair Value, Measurements, Recurring | Level 2 | Non-U.S. government and government sponsored entities      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 155 167  
Fair Value, Measurements, Recurring | Level 2 | Corporate debt      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 1,014 1,078  
Other securities 4 4  
Fair Value, Measurements, Recurring | Level 2 | RMBS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 184 180  
Fair Value, Measurements, Recurring | Level 2 | CMBS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 27 33  
Fair Value, Measurements, Recurring | Level 2 | CDO/ABS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 70 85  
Other securities 14 18  
Fair Value, Measurements, Recurring | Level 2 | Preferred stock      
Investments, Debt and Equity Securities [Abstract]      
Other securities 0 0  
Fair Value, Measurements, Recurring | Level 2 | Common stock      
Investments, Debt and Equity Securities [Abstract]      
Other securities 0 0  
Fair Value, Measurements, Recurring | Level 3      
Assets      
Cash equivalents in mutual funds 0 0  
Cash equivalents in securities 0    
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 1 1  
Other securities 2 2  
Total investment securities 3 3  
Restricted cash equivalents in mutual funds 0 0  
Restricted cash and restricted cash equivalents 0    
Total 3 3  
Fair Value, Measurements, Recurring | Level 3 | Total bonds      
Investments, Debt and Equity Securities [Abstract]      
Other securities 0 0  
Fair Value, Measurements, Recurring | Level 3 | U.S. government and government sponsored entities      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 0 0  
Fair Value, Measurements, Recurring | Level 3 | Obligations of states, municipalities, and political subdivisions      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 0 0  
Fair Value, Measurements, Recurring | Level 3 | Commercial paper      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 0 0  
Fair Value, Measurements, Recurring | Level 3 | Non-U.S. government and government sponsored entities      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 0 0  
Fair Value, Measurements, Recurring | Level 3 | Corporate debt      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 1 1  
Other securities 0 0  
Fair Value, Measurements, Recurring | Level 3 | RMBS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 0 0  
Fair Value, Measurements, Recurring | Level 3 | CMBS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 0 0  
Fair Value, Measurements, Recurring | Level 3 | CDO/ABS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 0 0  
Other securities 0 0  
Fair Value, Measurements, Recurring | Level 3 | Preferred stock      
Investments, Debt and Equity Securities [Abstract]      
Other securities 0 0  
Fair Value, Measurements, Recurring | Level 3 | Common stock      
Investments, Debt and Equity Securities [Abstract]      
Other securities $ 2 $ 2