ONEMAIN HOLDINGS, INC. 2020 ANNUAL REPORT FINANCIAL HIGHLIGHTS ($ in millions, except per share amounts) CONSOLIDATED DATA 2018 2019 2020 OPERATING DATA: Interest income $3,658 $4,127 $4,368 Interest expense $875 $970 $1,027 Income before income taxes $624 $1,098 $977 Net income $447 $855 $730 EARNINGS PER SHARE: Basic $3.29 $6.28 $5.42 Diluted $3.29 $6.27 $5.41 Dividend per share $0.00 $3.00 $5.94 BALANCE SHEET DATA: Total assets $20,090 $22,817 $22,471 Total shareholders’ equity $3,799 $4,330 $3,441 SELECT SEGMENT DATA (NON-GAAP) 2018 2019 2020 CONSUMER & INSURANCE (“C&I”) OPERATING DATA: C&I adjusted pretax income1 $905 $1,206 $1,092 C&I adjusted net income2 $688 $916 $819 Per Share Data: C&I adjusted diluted earnings per share3 $5.06 $6.72 $6.07 C&I NET FINANCE RECEIVABLES4 2018 $16,195 2019 $18,421 2020 $18,091 1 C&I adjusted pretax income, a non-GAAP measure, excludes direct costs associated with COVID-19, net losses resulting from repurchases and repayments of debt, acquisition-related transaction and integration expenses, net gain on sale of cost method investment, and restructuring charges. See OneMain Holdings, Inc. Annual Report on Form 10-K for year ended December 31, 2020, for reconciliations of income before income taxes — Segment Accounting Basis to adjusted pretax income (non-GAAP). 2 C&I adjusted net income, a non-GAAP measure, equals adjusted pretax income adjusted for estimated income taxes (24% statutory tax rate during 2018 and 2019, and 25% statutory tax rate during 2020). 3 C&I adjusted diluted earnings per share is calculated as adjusted net income (non-GAAP) divided by the weighted average number of diluted shares outstanding (136.2 million shares for 2018, 136.3 million shares for 2019, and 134.9 million shares for 2020). 4 Reflects period end data on a Segment Accounting Basis. ONEMAIN ANNUAL REPORT 2020 A MESSAGE FROM DOUG SHULMAN Dear Shareholders, Although 2020 was a challenging year, OneMain performed well and the fundamentals of our business remained strong. We delivered great credit results and robust financial performance, strengthened and deepened our customer relationships, and continued to position our business to take advantage of growth opportunities in 2021 and beyond. I am very proud of our team, who pulled together to support and ensure the safety of our customers, our communities and each other over the course of the COVID-19 pandemic. More than any other year, 2020 highlighted the importance of focusing on the financial well-being of our customers. Our team members regularly checked in with customers throughout the year. During Q2 alone, we had conversations with 1.6 million of our 2.3 million customers to understand their financial situations and extend our support where needed. For customers who experienced economic hardship due to COVID-19, we provided individualized assistance with their loans, helping approximately 300,000 affected customers with modified loan payments during this challenging time. We maintained our unwavering commitment to being responsible corporate citizens, supporting our more than 8,300 team members and the communities in which we operate. We focused on prioritizing the safety of team members while maintaining our ability to serve customers. We donated more than $1 million to nonprofit organizations in support of pandemic relief efforts and rolled out other philanthropic initiatives across the company. Through all of this, we delivered a strong performance, demonstrating the core strengths of our business model. Highlights of our 2020 performance include: • Customer-focused mission - We elevated our customer engagement, providing individualized support through an evolving and dynamic environment. - We broadened our product offerings to expand access to credit and deepen our existing customer relationships. • Industry-leading digital plus branch operating model - Remained focused on driving innovation for our customers – allowing them to interact with OneMain through various channels, including digital, phone and in-person, with appropriate safety measures. - Our flexibility made it easier for customers to do business with us without coming to a branch. continued ONEMAIN ANNUAL REPORT 2020 - We invested more than $75 million in growth initiatives during the last 24 months, to enhance our technology infrastructure and optimize our customer experience. We plan to invest another $100 million in technology, customer experience and product innovation in 2021. • Disciplined underwriting - We were disciplined in our underwriting, adjusting it dynamically as the economic environment changed, while continuing to support customers in a difficult time. - Through our decisive credit tightening and strong consumer balance sheets, our 2020 net charge-offs fell to 5.5%. - Our decades of experience with near-prime consumers and proprietary data, together with best-in-class models that leverage machine learning and use alternative data for decision making, are the foundation of our industry-leading underwriting. • Consistently strong capital generation - We generated $1.1 billion of capital in 2020, which allowed us to continue originating loans that met our risk-adjusted-return hurdles, invest in our future and still return meaningful capital to shareholders. - Including share repurchases, we returned $6.27 per share in 2020 while maintaining a strong and resilient balance sheet. • Conservative balance sheet with a long liquidity runway - In 2020, we maintained a liquidity runway in excess of 24 months and demonstrated our ability to access debt markets even in months of severe dislocation. In 2021, we expect to continue to innovate and expand our product offerings with the addition of a credit card. We believe credit cards are highly synergistic with our installment loan business, and OneMain is uniquely positioned to succeed in this market by leveraging our core competencies. We are developing a differentiated product focused on a unique value proposition to customers: a digitally focused card that rewards consistent payment habits and reinforces credit-building behaviors. Our future is very bright. Each day we improve the financial well-being of hardworking Americans, helping them meet their current needs while enabling progress toward a better tomorrow. As I write this letter, the American Rescue Plan has been enacted, we are seeing accelerated distribution of COVID-19 vaccines and there are increasing signs of economic normalization. While some uncertainty remains, we believe the strategic investments we have made over the last year will allow us to continue to serve more customers and grow our business as we emerge from the pandemic. Sincerely, Doug Shulman Chairman & Chief Executive Officer ONEMAIN ANNUAL REPORT 2020 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-36129 (OneMain Holdings, Inc.) 001-06155 (OneMain Finance Corporation) ONEMAIN HOLDINGS, INC. ONEMAIN FINANCE CORPORATION (Exact name of registrant as specified in its charter) Delaware (OneMain Holdings, Inc.) 27-3379612 Indiana (OneMain Finance Corporation) 35-0416090 (State of incorporation) (I.R.S. Employer Identification No.) 601 N.W. Second Street, Evansville, IN 47708 (Address of principal executive offices) (Zip code) (812) 424-8031 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934: OneMain Holdings, Inc.: Title of each class Trading Symbol Name of each exchange on which registered Common Stock, par value $0.01 per share OMF New York Stock Exchange OneMain Finance Corporation: None Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. OneMain Holdings, Inc. Yes ☑ No ☐ OneMain Finance Corporation Yes ☑ No ☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. OneMain Holdings, Inc. Yes ☐ No ☑ OneMain Finance Corporation Yes ☐ No ☑ Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. OneMain Holdings, Inc. Yes ☑ No ☐ OneMain Finance Corporation Yes ☑ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). OneMain Holdings, Inc. Yes ☑ No ☐ OneMain Finance Corporation Yes ☑ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. OneMain Holdings, Inc.: Large