Press Release AMERCO's Fourth Quarter

Contact:

Jennifer Flachman

Director of Investor Relations

AMERCO

(602) 263-6601

Flachman@amerco.com

AMERCO REPORTS FISCAL 2006 FINANCIAL RESULTS

Reno, Nev (June 12, 2006) AMERCO (Nasdaq: UHAL), parent of U-Haul International, Inc., North America’s largest “do-it-yourself” moving and storage operator, today reported that net earnings available to common shareholders for the year ended March 31, 2006 were $108.2 million, or $5.19 per share, compared with net earnings of $76.5 million, or $3.68 per share for the same period last year. Included in the fiscal 2006 results is a nonrecurring after-tax charge of $1.08 per share associated with the Company’s first quarter refinancing. The fiscal 2005 results included nonrecurring, after-tax litigation settlement proceeds of $1.56 per share. Taking into account the refinancing costs and litigation settlement proceeds, adjusted earnings per share was $6.27 for fiscal 2006 compared with $2.12 for fiscal 2005.

For the quarter ending March 31, 2006, net loss available to common shareholders was $1.4 million, or $0.07 per share, compared with a net loss of $32.8 million, or $1.57 per share for the same period last year.

According to Joe Shoen, chairman of AMERCO, “We continue to invest strongly in our truck rental fleet to further strengthen our ’do-it-yourself’ moving and storage business. Over the past twelve months, we have placed over 15,600 rental trucks and 3,000 rental trailers into service to support the moving needs of our customers. This investment is expected to reduce current spending on truck-maintenance costs.”

Highlights of Full-Year and Fourth-Quarter 2006 Results

·	Gross revenues from the moving and storage business increased $108.8 million or 6.1% for the full year of fiscal 2006 compared to fiscal 2005.

·	Over the past year we have placed over 15,600 rental trucks in service along with 3,000 new trailers. The rotation of the fleet has resulted in positive earnings implications through the reduction of repair and maintenance costs.

·	Self-storage occupancy rates at Company owned and managed locations have increased from approximately 81% in fiscal 2005 to 86 % in fiscal 2006.

·	Retail sales increases have increased for the full year and the quarter as customer demand for our propane, towing accessories and moving support items continues to grow. The Company remains the single largest retail provider of propane and towing accessories in the United States.

In June 2005 the Company refinanced its debt. The new structure reduced borrowing costs and provides the Company with the capital necessary for continued investment and sustainable growth. The structure of the new loan facilities provide increased flexibility to the Company to manage its operations and finances.

·	The insurance companies operating earnings have improved from $12.7 million in losses in fiscal 2005 to $15.1 million in earnings for fiscal 2006. For the fourth quarter of fiscal 2006, operating earnings improved to $4.0 million from a loss of $6.7 million in the fourth quarter of fiscal 2005.

Fiscal 2007 Outlook

We have had many developments which we believe will positively affect performance in fiscal 2007 and beyond. We believe the momentum in our moving and storage operations will continue. The addition of new rental equipment is being well received in our marketplace.

In fiscal 2007 we are working toward increasing transaction volume and utilization for self-moving equipment rentals. Investing in our truck fleet is a key initiative to reach this goal. We continue to manufacture our vans and expect to produce thousands of additional vans and trailers during the next year. This investment is expected to increase the number of rentable equipment days available to meet our customer demands and to reduce future spending on repair costs and equipment downtime. In fiscal 2007 we are working toward increasing our storage occupancy at existing sites, adding new affiliates and building new locations. We believe that additional occupancy gains in our current portfolio of locations can be realized in fiscal 2007. We will continue to add new storage affiliates through our eMove Storage Affiliate Program and plan for growth in this program in fiscal 2007. Additionally, we are developing new facilities that will increase our overall capacity in future years.

At RepWest, our plans to exit non U-Haul related lines are progressing. Additionally, RepWest will continue to provide loss adjusting and claims handling for U-Haul and will underwrite components of the Safemove, Safetow and Safestor protection packages to U-Haul customers.

At Oxford, the ratings upgrade by A.M. Best in October 2005 to B+ should support the expansion of its distribution capabilities.

AMERCO will hold its investor call for the fiscal year 2006 on Wednesday, June 14, 2006, at 9 a.m. Pacific Time. (12 p.m. Eastern). The call will be broadcast live over the Internet at www.amerco.com. To hear a simulcast of the call, or a replay, visit www.amerco.com.

Use of Non-GAAP Financial Information

The company reports its financial results in accordance with generally accepted accounting principles (GAAP). However, the Company uses certain non-GAAP performance measures including adjusted earnings per share to provide a better understanding of the Company’s underlying operational results. The Company uses adjusted earnings per share to present the impact of certain transactions or events that management expects to occur only infrequently.

AMERCO is the parent company of U-Haul International, Inc., North America’s largest do-it-yourself moving and storage operator, AMERCO Real Estate Company, Republic Western Insurance Company and Oxford Life Insurance Company. With a network of over 15,400 locations in all 50 United States and 10 Canadian provinces, the Company has the largest consumer truck-rental fleet in the world, with over 93,000 trucks, 80,675 trailers and 33,500 towing devices.

U-Haul has also been a leader in the storage industry since 1974, with more than 377,000 rooms, approximately 33 million square feet of storage space at nearly 1,050 owned and managed facilities throughout North America.

Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect AMERCO’s business and future operating results, please refer to Form 10-K for the year ended March 31, 2006, which is on file with the SEC.

Report on Business Operations

Listed on a consolidated basis, are revenues for our major product lines for the fourth quarter and the full year of fiscal 2006 and fiscal 2005.

	Quarter Ended Mar. 31,					Twelve Months Ended Mar. 31,
	2006		2005			2006		2005
					(In thousands)
Self-moving equipment rentals	$	302,195	$	290,526		$	1,503,569	$	1,437,895
Self-storage revenues		29,966		25,796			122,119		114,155
Self-moving and self-storage products and service sales		47,350		44,131			223,721		206,098
Property management fees		8,637		2,868			21,195		11,839
Life insurance premiums		28,783		29,701			118,833		126,236
Property & casualty insurance premiums		5,829		4,172			26,001		24,987
Net investment & interest income		14,221		10,579			53,094		56,739
Other revenue		9,001		6,486			38,094		30,172
Consolidated revenue		445,982		414,259			2,106,626		2,008,121

Listed below are revenues and earnings from operations at each of our four operating segments for the fourth quarter and the full year of fiscal 2006 and fiscal 2005

	Quarter Ended Mar. 31,							Twelve Months Ended Mar. 31,
	2006			2005				2006			2005
Moving and storage							(In thousands)
Revenues	$	395,797		$	367,696			$	1,900,468		$	1,791,667
Earnings from operations		16,547			(27,112	)			292,774			165,985
Property and casualty insurance
Revenues		8,165			5,539				37,358			41,417
Earnings from operations		(583	)		(6,065	)			1,144			(14,814	)
Life insurance
Revenues		36,673			36,990				148,080			159,484
Earnings from operations		4,576			(665	)			13,933			2,065
SAC Holding II
Revenues		10,698			9,944				46,239			43,172
Earnings from operations		2,913			868				13,643			10,466
Eliminations
Revenues		(5,351	)		(5,910	)			(25,519	)		(27,619	)
Earnings from operations		(4,289	)		4,298				(16,113	)		3,294
Consolidated results
Revenues		445,982			414,259				2,106,626			2,008,121
Earnings from operations		19,164			(28,676	)			305,381			166,996

AMERCO AND CONSOLIDATED ENTITIES

CONSOLIDATED BALANCE SHEETS

	Mar. 31, 2006			Mar, 31, 2005
Assets	(In thousands)
Cash and cash equivalents	$	155,459		$	55,955
Reinsurance recoverables & trade receivables, net		230,179			240,593
Notes and mortgage receivables, net		2,532			1,965
Inventories, net		64,919			63,658
Prepaid expenses		53,262			29,045
Investments, fixed maturities		695,958			635,178
Investments, other		209,361			345,207
Deferred policy acquisition costs, net		47,821			52,543
Other assets		102,094			84,895
Related party assets		270,468			252,666
Total		1,832,053			1,761,705
Property, plant and equipment, at cost;
Land		175,785			151,145
Buildings and improvements		739,603			686,225
Furniture and equipment		281,371			265,216
Rental trailers and other rental equipment		201,273			199,461
Rental trucks		1,331,891			1,252,018
SAC Holding II - PP&E		79,217			77,594
Subtotal		2,809,140			2,631,659
Less: Accumulated depreciation		(1,273,975	)		(1,277,191	)
Total property, plant and equipment		1,535,165			1,354,468
Total assets		3,367,218			3,116,173
Liabilities & stockholders’ equity
Liabilities:
Accounts payable & accrued expenses	$	235,878		$	237,134
AMERCO notes and loans payable		965,634			780,008
SAC Holding II notes & loans payable		76,232			77,474
Policy benefits & losses, claims &loss expenses payable		800,413			805,330
Liabilities from investment contracts		449,149			503,838
Other policyholders’ funds & liabilities		7,705			11,613
Deferred income		21,346			38,743
Deferred income taxes		108,092			78,124
Related party liabilities		7,165			11,070
Total liabilities		2,671,614			2,543,334
Stockholders’ Equity:
Series A common stock		929			929
Common stock		9,568			9,568
Additional paid-in-capital		367,655			350,344
Accumulated other comprehensive income		(28,902	)		(24,612	)
Retained earnings		773,784			665,593
Cost of common shares in treasury, net		(418,092	)		(418,092	)
Unearned employee stock ownership plan shares		(9,338	)		(10,891	)
Total stockholders’ equity		695,604			572,839
Total liabilities & stockholders’ equity		3,367,218			3,116,173

AMERCO AND CONSOLIDATED ENTITIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Quarter Ended March 31,
	2006			2005
	(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rentals	$	302,195		$	290,526
Self-storage revenues		29,966			25,796
Self-moving and self-storage products and service sales		47,350			44,131
Property management fees		8,637			2,868
Life insurance premiums		28,783			29,701
Property and casualty insurance premiums		5,829			4,172
Net investment and interest income		14,221			10,579
Other revenue		9,001			6,486
Total revenues	$	445,982		$	414,259

Costs and expenses:
Operating expenses		253,129			276,321
Commission expenses		36,338			34,238
Cost of sales		27,798			27,692
Benefits and losses		27,935			29,333
Amortization of deferred policy acquisition costs		6,455			4,497
Lease expense		35,726			35,965
Depreciation, net		39,437			34,889
Total costs and expenses	$	426,818		$	442,935

Earnings from operations		19,164			(28,676	)
Interest expense		(16,809	)		(19,210	)
Litigation settlement		-			-
Pretax earnings		2,355			(47,886	)
Income tax (expense)/benefit		(555	)		18,286
Net earnings		1,800			(29,600	)
Less: Preferred stock dividends		(3,240	)		(3,240	)
Loss available to common shareholders	$	(1,440	)	$	(32,840	)
Basic and diluted loss per common share	$	(0.07	)	$	(1.57	)
Weighted average common shares outstanding:
Basic and diluted shares		20,887,258			20,824,296

AMERCO AND CONSOLIDATED ENTITIES

CONSOLIDATED STATEMENTS OF OPERATIONS

	Twelve Months Ended March 31,
	2006			2005
	(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rentals	$	1,503,569		$	1,437,895
Self-storage revenues		122,119			114,155
Self-moving and self-storage products and service sales		223,721			206,098
Property management fees		21,195			11,839
Life insurance premiums		118,833			126,236
Property and casualty insurance premiums		26,001			24,987
Net investment and interest income		53,094			56,739
Other revenue		38,094			30,172
Total revenues		2,106,626			2,008,121

Costs and expenses:
Operating expenses		1,080,990			1,122,197
Commission expenses		180,101			172,307
Cost of sales		113,135			105,309
Benefits and losses		117,160			140,343
Amortization of deferred policy acquisition costs		24,261			28,512
Lease expense		142,781			151,354
Depreciation, net		142,817			121,103
Total costs and expenses		1,801,245			1,841,125

Earnings from operations		305,381			166,996
Interest expense		(69,481	)		(73,205	)
Fees on early extinguishment of debt		(35,627	)		-
Litigation settlement		-			51,341
Pretax earnings		200,273			145,132
Income tax expense		(79,119	)		(55,708	)
Net earnings		121,154			89,424
Less: Preferred stock dividends		(12,963	)		(12,963	)
Earnings available to common shareholders	$	108,191		$	76,461
Basic and diluted earnings per common share	$	5.19		$	3.68
Weighted average common shares outstanding:
Basic and diluted shares		20,857,108			20,804,773

NON-GAAP FINANCIAL RECONCILIATION SCHEDULE


	Year Ended
	March 31, 2006
(In thousands, except share and per share amounts)

AMERCO and Consolidated Entities
Earnings per common share basic and diluted	$	5.19
Non-recurring refinancing charges, net of taxes		1.08
Earnings per common share basic and diluted before non-recurring refinancing charges	$	6.27

Nonrecurring fees on early extinguishment of debt	$	(35,627	)
Income tax benefit		13,101
Nonrecurring fees on early extinguishment of debt, net of taxes	$	(22,526	)
Nonrecurring fees on early extinguishment of debt, net of taxes, per common share basic and diluted	$	(1.08	)
Weighted average shares outstanding: basic and diluted		20,857,108

	Year Ended
	March 31, 2005
(In thousands, except share and per share amounts)

AMERCO and Consolidated Entities
Earnings per common share basic and diluted	$	3.68
Non-recurring litigation proceeds, net of taxes		(1.56	)
Earnings per common share basic and diluted before non-recurring litigation proceeds	$	2.12

Nonrecurring litigation proceeds	$	51,341
Income tax expense		(18,853	)
Nonrecurring litigation proceeds, net of taxes	$	32,488
Nonrecurring litigation proceeds, net of taxes, per common share basic and diluted	$	1.56
Weighted average shares outstanding: basic and diluted		20,804,773