Contact:

Jennifer Flachman

Director of Investor Relations

AMERCO

(602) 263-6601

Flachman@amerco.com

AMERCO REPORTS THIRD QUARTER FISCAL 2008 FINANCIAL RESULTS

RENO, Nev. (February 6, 2008)--AMERCO (Nasdaq: UHAL), parent of U-Haul International, Inc., North America’s largest do-it-yourself moving and storage operator, today reported a net loss for its third quarter ending December 31, 2007, of $13.6 million, or $0.69 per share, compared with a net loss of $12.7 million, or $0.61 per share, for the same period last year.

For the nine-month period ending December 31, 2007, net earnings available to common shareholders were $72.1 million, or $3.64 per share, compared with net earnings of $96.7 million, or $4.62 per share for the same period last year. Included in the results for December 31, 2006, was a nonrecurring after-tax charge of $0.20 per share associated with the Company’s second- quarter debt amendment. Taking into account the nonrecurring charge, the adjusted earnings per share were $4.82 for the nine months ending December 31, 2006.

“While we recorded a modest increase in U-Move revenue for the quarter, we remain lower for the first nine months of our fiscal year, “stated Joe Shoen, chairman of AMERCO.  “The fourth quarter is developing in line with the most recent analyst’s estimate. As always in the fourth quarter, bad weather can significantly offset income, most of which comes right off of the bottom line.”

Highlights of Third-Quarter 2008 Results

·   Self-moving equipment rentals increased $1.8 million for the third quarter of fiscal 2008 compared with the third quarter of fiscal 2007.  The Company continues to face challenges increasing transactions and improving revenue per transactions.

·   Self-storage revenues for the Moving and Storage segment increased 4.7 percent for the third quarter of fiscal 2008 compared with the same period last year.  Pricing at selected locations continues to be positive.  The average number of rooms occupied for the third quarter of fiscal 2008 was greater than the same period last year; however, our room occupancy rate has decreased 2.8 percent during that time frame as we attempt to rent new rooms added to the system.  Since the end of the third quarter of fiscal 2007 the Company has added nearly 6,000 rooms totaling 580,000 square feet of storage space.

·   During the third quarter of fiscal 2008 SAC Holding II was deconsolidated from AMERCO’s financial statements.  As such, SAC Holding II is not included in our December 31, 2007 balance sheet and the December 31, 2007 statements of operations and cashflows include SAC Holding II activity through October 31, 2007.

·   Depreciation on rental equipment increased $9.7 million for the third quarter of fiscal 2008 compared with the third quarter of fiscal 2007.

·   On December 5, 2007 the AMERCO Board of Directors authorized the Company to repurchase up to $50 million of its common stock from time to time until December 31,

2008.  Through the date of this release the Company has not yet made a repurchase under this program.

AMERCO will hold its investor call for the third quarter of fiscal 2008 on Thursday, February 7, 2008, at 8 a.m. Mountain Time (10 a.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.

About AMERCO

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.

Since 1945, U-Haul has been the first choice of do-it-yourself movers, with a network of more than 15,950 locations in all 50 United States and 10 Canadian provinces. U-Haul customers' patronage has enabled the U-Haul fleet to grow to more than 100,000 trucks, 78,500 trailers and 31,100 towing devices. U-Haul offers more than 389,000 rooms and more than 34 million square feet of storage space at more than 1,055 owned and managed facilities throughout North America. U-Haul is the consumer’s number one choice as the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul supplies alternative-fuel for vehicles and backyard barbecues as one of the nation’s largest retailers of propane.

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 our Form 10-Q for the quarter ended December 31, 2007, which is on file with the SEC.

Report on Business Operations

Listed below are revenues and earnings from operations at each of our operating segments for the third quarter of fiscal 2008 and 2007; for the insurance companies the third quarter ended September 30, 2007 and 2006.

	Quarter Ended December 31,
	2007			2006
	(Unaudited)
	(In thousands)
Moving & storage
Revenues	$	422,411		$	418,493
Earnings from operations		5,435			4,911
Property and casualty insurance
Revenues		10,892			11,667
Earnings from operations		2,266			738
Life insurance
Revenues		33,843			35,835
Earnings from operations		5,047			4,333
SAC Holding II
Revenues		3,551			10,810
Earnings from operations		851			3,011
Eliminations
Revenues		(2,029	)		(10,187	)
Earnings from operations		(5,240	)		(4,731	)
Consolidated results
Revenues		468,668			466,618
Earnings from operations		8,359			8,262

Listed below are revenues and earnings from operations at each of our operating segments for the first nine months of fiscal 2008 and 2007; for the insurance companies the first nine months ended September 30, 2007 and 2006.

	Nine Months Ended Dec. 31,
	2007			2006
	(Unaudited)
	(In thousands)
Moving & storage
Revenues	$	1,478,151		$	1,484,952
Earnings from operations		198,906			233,622
Property and casualty insurance
Revenues		30,301			28,995
Earnings from operations		8,304			4,103
Life insurance
Revenues		104,486			112,703
Earnings from operations		10,929			11,687
SAC Holding II
Revenues		28,102			35,824
Earnings from operations		7,926			11,273
Eliminations
Revenues		(13,657	)		(22,931	)
Earnings from operations		(16,521	)		(16,004	)
Consolidated results
Revenues		1,627,383			1,639,543
Earnings from operations		209,544			244,681

The Company owns and manages self-storage facilities. Self-storage revenues reported in the condensed consolidated financial statements for Moving and Storage represent Company-owned locations only. U-Haul also provides property management services for storage locations and earns a fee for these services. These storage centers are not owned by the Company and therefore are not reported on the balance sheet and the rental revenues are not reported in the statements of operations (except for SAC Holding II). Self-storage data for both our owned and managed locations for the third quarter of fiscal 2008 and 2007 is as follows:

	Quarter Ended December 31,
	2007			2006
	(Unaudited)
	(In thousands, except occupancy rate)
Room count as of Dec. 31		389			381
Square footage as of Dec 31		34,223			33,566
Average number of rooms occupied		324			326
Average occupancy rate based on room count		83.6	%		85.4	%
Average square footage occupied		29,073			29,203

AMERCO AND CONSOLIDATED ENTITIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	Dec. 31, 2007			March 31, 2007
	(Unaudited)
Assets	(In thousands)
Cash and cash equivalents	$	203,723		$	75,272
Reinsurance recoverables and trade receivables, net		179,848			184,617
Notes and mortgage receivables, net		1,988			1,669
Inventories, net		62,150			67,023
Prepaid expenses		39,613			52,080
Investments, fixed maturities and marketable equities		655,189			681,801
Investments, other		166,063			178,699
Deferred policy acquisition costs, net		38,447			44,514
Other assets		161,294			95,123
Related party assets		299,232			245,179
		1,807,547			1,625,977
Property, plant and equipment, at cost:
Land		206,994			202,917
Buildings and improvements		849,515			802,289
Furniture and equipment		317,727			301,751
Rental trailers and other rental equipment		206,644			200,208
Rental trucks		1,716,853			1,604,123
SAC Holding II – PP&E		-			80,349
		3,297,733			3,191,637
Less: Accumulated depreciation		(1,315,937	)		(1,294,566	)
Total property, plant and equipment		1,981,796			1,897,071
Total assets	$	3,789,343		$	3,523,048
Liabilities & stockholders’ equity
Liabilities:
Accounts payable & accrued expenses	$	269,293		$	251,197
AMERCO notes and loans payable		1,427,257			1,181,165
SAC Holding II notes & loans payable, non-recourse to AMERCO		-			74,887
Policy benefits & losses, claims & loss expenses payable		764,519			768,751
Liabilities from investment contracts		350,698			386,640
Other policyholders’ funds & liabilities		10,475			10,563
Deferred income		9,547			16,478
Deferred income taxes		144,699			113,170
Related party liabilities		-			2,099
Total liabilities		2,976,488			2,804,950
Stockholders’ equity:
Common stock		10,497			10,497
Additional paid-in capital		418,848			375,412
Accumulated other comprehensive loss		(40,817	)		(41,779	)
Retained earnings		932,703			849,300
Cost of common shares in treasury, net		(501,165	)		(467,198	)
Unearned employee stock ownership plan shares		(7,211	)		(8,134	)
Total stockholders’ equity		812,855			718,098
Total liabilities & stockholders’ equity	$	3,789,343		$	3,523,048

AMERCO AND CONSOLIDATED ENTITIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Quarter Ended Dec. 31,
	2007			2006
	(Unaudited)
	(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rentals	$	329,905		$	328,149
Self-storage revenues		29,630			31,765
Self-moving and self-storage products and service sales		43,211			46,351
Property management fees		6,925			5,914
Life insurance premiums		27,757			29,454
Property and casualty insurance premiums		7,738			6,555
Net investment and interest income		16,044			12,799
Other revenue		7,458			5,631
Total revenues		468,668			466,618
Costs and expenses:
Operating expenses		269,099			271,891
Commission expenses		41,531			39,316
Cost of sales		26,677			24,970
Benefits and losses		25,290			31,461
Amortization of deferred policy acquisition costs		2,687			4,220
Lease expense		34,010			36,481
Depreciation, net of (gains) losses on disposals		61,015			50,017
Total costs and expenses		460,309			458,356
Earnings from operations		8,359			8,262
Interest expense		(25,227	)		(22,131	)
Pretax loss		(16,868	)		(13,869	)
Income tax benefit		6,474			4,389
Net loss		(10,394	)		(9,480	)
Less: Preferred stock dividends		(3,241	)		(3,241	)
Loss available to common shareholders	$	(13,635	)	$	(12,721	)
Basic and diluted loss per common share	$	(0.69	)	$	(0.61	)
Weighted average common shares outstanding:
Basic and diluted		19,746,237			20,922,433

AMERCO AND CONSOLIDATED ENTITIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Nine Months Ended Dec. 31,
	2007			2006
	(Unaudited)
	(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rentals	$	1,165,783		$	1,181,103
Self-storage revenues		94,754			94,612
Self-moving and self-storage products and service sales		174,420			175,718
Property management fees		14,865			13,747
Life insurance premiums		84,881			91,493
Property and casualty insurance premiums		20,986			18,407
Net investment and interest income		46,832			41,900
Other revenue		24,862			22,563
Total revenues		1,627,383			1,639,543
Costs and expenses:
Operating expenses		827,420			814,078
Commission expenses		142,891			142,457
Cost of sales		95,268			88,734
Benefits and losses		80,159			90,909
Amortization of deferred policy acquisition costs		9,870			14,671
Lease expense		101,205			111,238
Depreciation, net of (gains) losses on disposals		161,026			132,775
Total costs and expenses		1,417,839			1,394,862
Earnings from operations		209,544			244,681
Interest expense		(76,493	)		(61,656	)
Amortization of fees on early extinguishment of debt		-			(6,969	)
Pretax earnings		133,051			176,056
Income tax expense		(51,219	)		(69,624	)
Net earnings		81,832			106,432
Less: Preferred stock dividends		(9,723	)		(9,723	)
Earnings available to common shareholders	$	72,109		$	96,709
Basic and diluted earnings per common share	$	3.64		$	4.62
Weighted average common shares outstanding:
Basic and diluted		19,820,107			20,910,089

NON-GAAP FINANCIAL RECONCILIATION SCHEDULE

	Nine Months Ended
	December 31, 2006
(In thousands, except share and per share amounts)
AMERCO and Consolidated Entities
Amortization of fees on early extinguishment of debt	$	(6,969	)
Income tax benefit		2,718
Amortization of fees on early extinguishment of debt, net of taxes	$	(4,251	)
Amortization of fees on early extinguishment of debt, net of taxes, per common share basic and diluted	$	(0.20	)
Weighted average shares outstanding: Basic and diluted		20,910,089

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