OneMain (US:OMF)2021-07-22 19:47Financial Performance - Net income for 2Q21 was $350 million, a 293% increase year-over-year compared to $89 million in 2Q20[20] - Consumer & Insurance (C&I) adjusted net income for 2Q21 was $358 million, up 235% year-over-year from $107 million in 2Q20[20] - Strong capital generation of $310 million in 2Q21, a 46% increase year-over-year[18] - Managed Receivables grew by $705 million in 2Q21, up 4% quarter-over-quarter and 3% year-over-year, reaching $183 billion[18, 23] Credit Quality - C&I net charge-offs for 2Q21 were 44%, down 192 bps year-over-year[18] - The company reduced its full-year 2021 C&I credit loss expectation to approximately 42%[18] - Provision for loan losses decreased by 69% year-over-year, from $422 million in 2Q20 to $130 million in 2Q21[23] Capital & Liquidity - The board declared a dividend of $420 per share, including a minimum dividend of $070 and an enhanced dividend of $350[18, 22] - The company repurchased 612K shares for $35 million in 2Q21, with $120 million remaining authorized for repurchases as of June 30, 2021[18, 22] - Completed $850 million 5-year revolving ABS at 156% and $750 million Social Bond due 2027 at 350%[18] - The company's liquidity runway exceeds 24 months as of June 30, 2021[18] Future Outlook - The company aims to double its customer base and achieve 50%+ customers with 2 or more products by 2025[33] - The company projects capital generation to reach $15 billion+ by 2025[33]