Statutory Financial Information and Insurance Subsidiaries

12 Months Ended

Mar. 31, 2012

Note 22: Statutory Financial Information and Insurance Subsidiaries

Note 22. Statutory Financial Information of Insurance Subsidiaries

Applicable laws and regulations of the State of Arizona require Property and Casualty Insurance and Life Insurance to maintain minimum capital and surplus determined in accordance with statutory accounting principles. Audited statutory net income (loss) and statutory capital and surplus for the years ended are listed below:

	Years Ended December 31,
	2011			2010			2009
	(In thousands)
Repwest:
Audited statutory net income (loss)	$	(37,417	)	$	6,946		$	6,016
Audited statutory capital and surplus		77,285			125,102			118,447
NAFCIC*:
Audited statutory net income (loss)		-			-			(6	)
Audited statutory capital and surplus		-			-			3,019
ARCOA:
Audited statutory net income (loss)		(362	)		(773	)		96
Audited statutory capital and surplus		2,469			2,769			3,566
Oxford:
Audited statutory net income		1,677			4,640			3,277
Audited statutory capital and surplus		129,445			129,173			133,867
CFLIC:
Audited statutory net income		8,513			4,347			6,439
Audited statutory capital and surplus		36,200			32,799			39,784
NAI:
Audited statutory net income (loss)		(4,151	)		(857	)		847
Audited statutory capital and surplus		11,564			11,265			9,301
DGLIC:
Audited statutory net income		1,828			796			347
Audited statutory capital and surplus		7,276			5,966			5,115

* Dissolved in August 2010.

The amount of dividends that can be paid to shareholders by insurance companies domiciled in the State of Arizona is limited. Any dividend in excess of the limit requires prior regulatory approval. The statutory surplus for Repwest at December 31, 2011 that could be distributed as ordinary dividends was $7.7 million. Repwest distributed a dividend of $6.8 million in property to AMERCO in December 2011. The statutory surplus for Oxford at December 31, 2011 that could be distributed as ordinary dividends was $3.2 million. Oxford did not pay a dividend to AMERCO in 2011.