Consolidating Financial Information by Industry Segment

3 Months Ended

Jun. 30, 2012

11. Consolidating Financial Information by Industry Segment

AMERCO's three reportable segments are:

•	Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of U-Haul and Real Estate,

•	Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and

•	Life Insurance, comprised of Oxford and its subsidiaries.

Management tracks revenues separately, but does not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products that are required to be classified as a separate operating segment and accordingly does not present these as separate reportable segments. Deferred income taxes are shown as liabilities on the condensed consolidating statements.

The information includes elimination entries necessary to consolidate AMERCO, the parent, with its subsidiaries.

Investments in subsidiaries are accounted for by the parent using the equity method of accounting.

11. Financial Information by Consolidating Industry Segment:

Consolidating balance sheets by industry segment as of June 30, 2012 are as follows:

	Moving & Storage													AMERCO Legal Group
	AMERCO			U-Haul			Real Estate			Eliminations				Moving & Storage Consolidated			Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations				AMERCO Consolidated
	(Unaudited)
	(In thousands)
Assets:
Cash and cash equivalents	$	200,250		$	318,687		$	755		$	-			$	519,692		$	13,089	$	33,458	$	-			$	566,239
Reinsurance recoverables and trade receivables, net		-			49,621			-			-				49,621			193,059		31,913		-				274,593
Inventories, net		-			63,438			-			-				63,438			-		-		-				63,438
Prepaid expenses		-			41,109			477			-				41,586			-		-		-				41,586
Investments, fixed maturities and marketable equities		14,511			-			-			-				14,511			130,227		648,644		-				793,382
Investments, other		-			6,899			48,963			-				55,862			85,800		120,794		-				262,456
Deferred policy acquisition costs, net		-			-			-			-				-			-		64,075		-				64,075
Other assets		480			73,015			26,830			-				100,325			343		242		-				100,910
Related party assets		1,256,503			114,775			7			(1,199,675	)	(c)		171,610			7,761		514		(10,088	)	(c)		169,797
		1,471,744			667,544			77,032			(1,199,675	)			1,016,645			430,279		899,640		(10,088	)			2,336,476

Investment in subsidiaries		75,169			-			-			269,676		(b)		344,845			-		-		(344,845	)	(b)		-

Property, plant and equipment, at cost:
Land		-			71,266			226,261			-				297,527			-		-		-				297,527
Buildings and improvements		-			167,323			937,992			-				1,105,315			-		-		-				1,105,315
Furniture and equipment		138			287,919			18,384			-				306,441			-		-		-				306,441
Rental trailers and other rental equipment		-			270,621			-			-				270,621			-		-		-				270,621
Rental trucks		-			1,971,558			-			-				1,971,558			-		-		-				1,971,558
		138			2,768,687			1,182,637			-				3,951,462			-		-		-				3,951,462
Less: Accumulated depreciation		(116	)		(1,086,698	)		(362,288	)		-				(1,449,102	)		-		-		-				(1,449,102	)
Total property, plant and equipment		22			1,681,989			820,349			-				2,502,360			-		-		-				2,502,360
Total assets	$	1,546,935		$	2,349,533		$	897,381		$	(929,999	)		$	3,863,850		$	430,279	$	899,640	$	(354,933	)		$	4,838,836

(a) Balances as of March 31, 2012
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of June 30, 2012 are as follows:

	Moving & Storage													AMERCO Legal Group
	AMERCO			U-Haul			Real Estate			Eliminations				Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)		Eliminations				AMERCO Consolidated
	(Unaudited)
	(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	28,801		$	340,668		$	3,790		$	-			$	373,259		$	-		$	8,753	$	-			$	382,012
Notes, loans and leases payable		-			829,712			710,826			-				1,540,538			-			-		-				1,540,538
Policy benefits and losses, claims and loss expenses payable		-			386,415			-			-				386,415			340,167			394,618		-				1,121,200
Liabilities from investment contracts		-			-			-			-				-			-			261,987		-				261,987
Other policyholders' funds and liabilities		-			-			-			-				-			2,735			2,654		-				5,389
Deferred income		-			37,960			-			-				37,960			-			-		-				37,960
Deferred income taxes		401,238			-			-			-				401,238			(41,349	)		15,201		-				375,090
Related party liabilities		-			877,570			331,885			(1,199,675	)	(c)		9,780			1,657			151		(11,588	)	(c)		-
Total liabilities		430,039			2,472,325			1,046,501			(1,199,675	)			2,749,190			303,210			683,364		(11,588	)			3,724,176

Stockholders' equity:
Series preferred stock:
Series A preferred stock		-			-			-			-				-			-			-		-				-
Series B preferred stock		-			-			-			-				-			-			-		-				-
Series A common stock		-			-			-			-				-			-			-		-				-
Common stock		10,497			540			1			(541	)	(b)		10,497			3,301			2,500		(5,801	)	(b)		10,497
Additional paid-in capital		434,737			121,230			147,941			(269,171	)	(b)		434,737			89,620			26,271		(116,101	)	(b)		434,527
Accumulated other comprehensive income (loss)		(46,391	)		(68,550	)		-			68,550		(b)		(46,391	)		3,801			25,196		(28,997	)	(b)		(46,391	)
Retained earnings (deficit)		1,395,703			(173,776	)		(297,062	)		470,838		(b)		1,395,703			30,347			162,309		(192,446	)	(b)		1,395,913
Cost of common shares in treasury, net		(525,653	)		-			-			-				(525,653	)		-			-		-				(525,653	)
Cost of preferred shares in treasury, net		(151,997	)		-			-			-				(151,997	)		-			-		-				(151,997	)
Unearned employee stock ownership plan shares		-			(2,236	)		-			-				(2,236	)		-			-		-				(2,236	)
Total stockholders' equity (deficit)		1,116,896			(122,792	)		(149,120	)		269,676				1,114,660			127,069			216,276		(343,345	)			1,114,660
Total liabilities and stockholders' equity	$	1,546,935		$	2,349,533		$	897,381		$	(929,999	)		$	3,863,850		$	430,279		$	899,640	$	(354,933	)		$	4,838,836


(a) Balances as of March 31, 2012
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2012 are as follows:

	Moving & Storage													AMERCO Legal Group
	AMERCO			U-Haul			Real Estate			Eliminations				Moving & Storage Consolidated			Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations				AMERCO Consolidated

	(In thousands)
Assets:
Cash and cash equivalents	$	201,502		$	106,951		$	775		$	-			$	309,228		$	15,462	$	25,410	$	-			$	350,100
Reinsurance recoverables and trade receivables, net		-			37,103			-			-				37,103			231,211		29,660		-				297,974
Inventories, net		-			58,735			-			-				58,735			-		-		-				58,735
Prepaid expenses		9,496			32,051			311			-				41,858			-		-		-				41,858
Investments, fixed maturities and marketable equities		17,028			-			-			-				17,028			132,270		617,494		-				766,792
Investments, other		-			9,880			42,453			-				52,333			81,837		131,461		-				265,631
Deferred policy acquisition costs, net		-			-			-			-				-			-		63,914		-				63,914
Other assets		483			91,761			26,571			-				118,815			1,507		203		-				120,525
Related party assets		1,201,385			261,341			9			(1,144,545	)	(c)		318,190			7,542		482		(10,057	)	(c)		316,157
		1,429,894			597,822			70,119			(1,144,545	)			953,290			469,829		868,624		(10,057	)			2,281,686

Investment in subsidiaries		8,168			-			-			331,461		(b)		339,629			-		-		(339,629	)	(b)		-

Property, plant and equipment, at cost:
Land		-			67,558			213,582			-				281,140			-		-		-				281,140
Buildings and improvements		-			162,351			924,768			-				1,087,119			-		-		-				1,087,119
Furniture and equipment		138			289,601			18,381			-				308,120			-		-		-				308,120
Rental trailers and other rental equipment		-			255,010			-			-				255,010			-		-		-				255,010
Rental trucks		-			1,856,433			-			-				1,856,433			-		-		-				1,856,433
		138			2,630,953			1,156,731			-				3,787,822			-		-		-				3,787,822
Less: Accumulated depreciation		(115	)		(1,056,854	)		(358,488	)		-				(1,415,457	)		-		-		-				(1,415,457	)
Total property, plant and equipment		23			1,574,099			798,243			-				2,372,365			-		-		-				2,372,365
Total assets	$	1,438,085		$	2,171,921		$	868,362		$	(813,084	)		$	3,665,284		$	469,829	$	868,624	$	(349,686	)		$	4,654,051

(a) Balances as of December 31, 2011
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2012 are as follows:

	Moving & Storage													AMERCO Legal Group
	AMERCO			U-Haul			Real Estate			Eliminations				Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)		Eliminations				AMERCO Consolidated

	(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	1,875		$	319,780		$	3,611		$	-			$	325,266		$	-		$	10,060	$	-			$	335,326
Notes, loans and leases payable		-			769,497			716,714			-				1,486,211			-			-		-				1,486,211
Policy benefits and losses, claims and loss expenses payable		-			380,140			-			-				380,140			382,939			382,864		-				1,145,943
Liabilities from investment contracts		-			-			-			-				-			-			240,961		-				240,961
Other policyholders' funds and liabilities		-			-			-			-				-			3,438			3,835		-				7,273
Deferred income		-			31,525			-			-				31,525			-			-		-				31,525
Deferred income taxes		397,992			-			-			-				397,992			(41,945	)		14,945		-				370,992
Related party liabilities		-			855,016			297,859			(1,144,545	)	(c)		8,330			1,555			172		(10,057	)	(c)		-
Total liabilities		399,867			2,355,958			1,018,184			(1,144,545	)			2,629,464			345,987			652,837		(10,057	)			3,618,231

Stockholders' equity:
Series preferred stock:
Series A preferred stock		-			-			-			-				-			-			-		-				-
Series B preferred stock		-			-			-			-				-			-			-		-				-
Series A common stock		-			-			-			-				-			-			-		-				-
Common stock		10,497			540			1			(541	)	(b)		10,497			3,301			2,500		(5,801	)	(b)		10,497
Additional paid-in capital		433,953			121,230			147,941			(269,171	)	(b)		433,953			89,620			26,271		(116,101	)	(b)		433,743
Accumulated other comprehensive income (loss)		(45,436	)		(66,302	)		-			66,302		(b)		(45,436	)		2,255			23,888		(26,143	)	(b)		(45,436	)
Retained earnings (deficit)		1,316,854			(237,107	)		(297,764	)		534,871		(b)		1,316,854			28,666			163,128		(191,584	)	(b)		1,317,064
Cost of common shares in treasury, net		(525,653	)		-			-			-				(525,653	)		-			-		-				(525,653	)
Cost of preferred shares in treasury, net		(151,997	)		-			-			-				(151,997	)		-			-		-				(151,997	)
Unearned employee stock ownership plan shares		-			(2,398	)		-			-				(2,398	)		-			-		-				(2,398	)
Total stockholders' equity (deficit)		1,038,218			(184,037	)		(149,822	)		331,461				1,035,820			123,842			215,787		(339,629	)			1,035,820
Total liabilities and stockholders' equity	$	1,438,085		$	2,171,921		$	868,362		$	(813,084	)		$	3,665,284		$	469,829		$	868,624	$	(349,686	)		$	4,654,051

(a) Balances as of December 31, 2011
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating statement of operations by industry segment for the quarter ended June 30, 2012 are as follows:

	Moving & Storage													AMERCO Legal Group
	AMERCO			U-Haul			Real Estate			Eliminations				Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Eliminations						AMERCO Consolidated
	(Unaudited)
	(In thousands)
Revenues:
Self-moving equipment rentals	$	-		$	467,315		$	-		$	-			$	467,315		$	-		$	-		$	(321	)	(c)			$	466,994
Self-storage revenues		-			34,452			284			-				34,736			-			-			-						34,736
Self-moving and self-storage products and service sales		-			67,178			-			-				67,178			-			-			-						67,178
Property management fees		-			4,860			-			-				4,860			-			-			-						4,860
Life insurance premiums		-			-			-			-				-			-			46,426			-						46,426
Property and casualty insurance premiums		-			-			-			-				-			7,243			-			-						7,243
Net investment and interest income		1,253			1,688			194			-				3,135			2,200			7,010			(88	)	(b)				12,257
Other revenue		81			27,167			21,085			(22,708	)	(b)		25,625			-			446			(349	)	(b)				25,722
Total revenues		1,334			602,660			21,563			(22,708	)			602,849			9,443			53,882			(758	)					665,416

Costs and expenses:
Operating expenses		3,462			290,311			2,540			(22,708	)	(b)		273,605			3,290			7,155			(657	)		(b,c	)		283,393
Commission expenses		-			61,107			-			-				61,107			-			-			-						61,107
Cost of sales		-			32,227			-			-				32,227			-			-			-						32,227
Benefits and losses		-			-			-			-				-			3,566			42,512			-						46,078
Amortization of deferred policy acquisition costs		-			-			-			-				-			-			2,811			-						2,811
Lease expense		24			32,797			5			-				32,826			-			-			(30	)	(b)				32,796
Depreciation, net of (gains) losses on disposals		1			52,320			3,804			-				56,125			-			-			-						56,125
Total costs and expenses		3,487			468,762			6,349			(22,708	)			455,890			6,856			52,478			(687	)					514,537

Earnings (loss) from operations before equity in earnings of subsidiaries		(2,153	)		133,898			15,214			-				146,959			2,587			1,404			(71	)					150,879

Equity in earnings of subsidiaries		66,615			-			-			(64,033	)	(d)		2,582			-			-			(2,582	)	(d)				-

Earnings from operations		64,462			133,898			15,214			(64,033	)			149,541			2,587			1,404			(2,653	)					150,879
Interest income (expense)		24,660			(34,154	)		(14,068	)		-				(23,562	)		-			-			71		(b)				(23,491	)
Pretax earnings		89,122			99,744			1,146			(64,033	)			125,979			2,587			1,404			(2,582	)					127,388
Income tax expense		(8,553	)		(36,413	)		(444	)		-				(45,410	)		(906	)		(503	)		-						(46,819	)
Earnings available to common shareholders		80,569			63,331			702			(64,033	)			80,569			1,681			901			(2,582	)					80,569
(a) Balances for the quarter ended March 31, 2012
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating statements of operations by industry for the quarter ended June 30, 2011 are as follows:

	Moving & Storage													AMERCO Legal Group
	AMERCO			U-Haul			Real Estate			Eliminations				Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Eliminations						AMERCO Consolidated
	(Unaudited)
	(In thousands)
Revenues:
Self-moving equipment rentals	$	-		$	446,885		$	-		$	-			$	446,885		$	-		$	-		$	(337	)	(c)			$	446,548
Self-storage revenues		-			31,512			316			-				31,828			-			-			-						31,828
Self-moving and self-storage products and service sales		-			64,378			-			-				64,378			-			-			-						64,378
Property management fees		-			4,735			-			-				4,735			-			-			-						4,735
Life insurance premiums		-			-			-			-				-			-			50,999			-						50,999
Property and casualty insurance premiums		-			-			-			-				-			6,898			-			-						6,898
Net investment and interest income		1,719			5,160			150			-				7,029			2,234			8,538			(538	)		(b,e	)		17,263
Other revenue		-			21,531			19,747			(21,134	)	(b)		20,144			-			462			(290	)	(b)				20,316
Total revenues		1,719			574,201			20,213			(21,134	)			574,999			9,132			59,999			(1,165	)					642,965

Costs and expenses:
Operating expenses		2,728			277,728			2,379			(21,134	)	(b)		261,701			2,774			8,118			(618	)		(b,c	)		271,975
Commission expenses		-			56,952			-			-				56,952			-			-			-						56,952
Cost of sales		-			32,778			-			-				32,778			-			-			-						32,778
Benefits and losses		-			-			-			-				-			4,459			45,471			-						49,930
Amortization of deferred policy acquisition costs		-			-			-			-				-			-			4,375			-						4,375
Lease expense		22			34,511			7			-				34,540			-			-			(306	)	(b)				34,234
Depreciation, net of (gains) losses on disposals		1			41,401			2,956			-				44,358			-			-			-						44,358
Total costs and expenses		2,751			443,370			5,342			(21,134	)			430,329			7,233			57,964			(924	)					494,602

Earnings (loss) from operations before equity in earnings of subsidiaries		(1,032	)		130,831			14,871			-				144,670			1,899			2,035			(241	)					148,363

Equity in earnings of subsidiaries		63,851			-			-			(61,250	)	(d)		2,601			-			-			(2,601	)	(d)				-

Earnings from operations		62,819			130,831			14,871			(61,250	)			147,271			1,899			2,035			(2,842	)					148,363
Interest income (expense)		24,467			(34,282	)		(12,902	)		-				(22,717	)		-			-			84		(b)				(22,633	)
Pretax earnings		87,286			96,549			1,969			(61,250	)			124,554			1,899			2,035			(2,758	)					125,730
Income tax expense		(8,906	)		(36,365	)		(903	)		-				(46,174	)		(665	)		(668	)		-						(47,507	)
Net earnings		78,380			60,184			1,066			(61,250	)			78,380			1,234			1,367			(2,758	)					78,223
Less: Excess of redemption value over carrying value of preferred shares redeemed		(5,908	)		-			-			-				(5,908	)		-			-			-						(5,908	)
Less: Preferred stock dividends		(3,241	)		-			-			-				(3,241	)		-			-			164		(e)				(3,077	)
Earnings available to common shareholders	$	69,231		$	60,184		$	1,066		$	(61,250	)		$	69,231		$	1,234		$	1,367		$	(2,594	)				$	69,238

(a) Balances for the quarter ended March 31, 2011
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries
(e) Eliminate preferred stock dividends paid to affiliates

Consolidating cash flow statements by industry segment for the quarter ended June 30, 2012 are as follows:

	Moving & Storage												AMERCO Legal Group
	AMERCO			U-Haul			Real Estate			Elimination			Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Elimination				AMERCO Consolidated
	(Unaudited)
Cash flows from operating activities:	(In thousands)
Net earnings	$	80,569		$	63,331		$	702		$	(64,033	)	$	80,569		$	1,681		$	901		$	(2,582	)		$	80,569
Earnings from consolidated entities		(66,615	)		-			-			64,033			(2,582	)		-			-			2,582				-
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		1			59,836			3,804			-			63,641			-			-			-				63,641
Amortization of deferred policy acquisition costs		-			-			-			-			-			-			2,811			-				2,811
Change in allowance for losses on trade receivables		-			(102	)		-			-			(102	)		-			-			-				(102	)
Change in allowance for inventory reserve		-			695			-			-			695			-			-			-				695
Net gain on sale of real and personal property		-			(7,516	)		-			-			(7,516	)		-			-			-				(7,516	)
Net loss on sale of investments		-			-			-			-			-			12			27			-				39
Deferred income taxes		4,399			-			-			-			4,399			(236	)		478			-				4,641
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-			(12,416	)		-			-			(12,416	)		38,152			(2,250	)		-				23,486
Inventories		-			(5,398	)		-			-			(5,398	)		-			-			-				(5,398	)
Prepaid expenses		9,496			(9,063	)		(166	)		-			267			-			-			-				267
Capitalization of deferred policy acquisition costs		-			-			-			-			-			-			(5,420	)		-				(5,420	)
Other assets		3			19,649			(259	)		-			19,393			1,164			(39	)		-				20,518
Related party assets		(1,488	)		146,547			2			-			145,061			(222	)		-			(5,320	)	(b)		139,519
Accounts payable and accrued expenses		27,709			20,736			181			-			48,626			-			(645	)		-				47,981
Policy benefits and losses, claims and loss expenses payable		-			6,777			-			-			6,777			(42,772	)		11,753			-				(24,242	)
Other policyholders' funds and liabilities		-			-			-			-			-			(703	)		(1,181	)		-				(1,884	)
Deferred income		-			6,457			-			-			6,457			-			-			-				6,457
Related party liabilities		-			1,447			-			-			1,447			105			(21	)		-				1,531
Net cash provided (used) by operating activities		54,074			290,980			4,264			-			349,318			(2,819	)		6,414			(5,320	)			347,593

Cash flows from investing activities:
Purchases of:
Property, plant and equipment		-			(131,874	)		(25,912	)		-			(157,786	)		-			-			-				(157,786	)
Short term investments		-			-			-			-			-			(22,430	)		(37,965	)		5,320		(b)		(55,075	)
Fixed maturities investments		-			-			-			-			-			(9,576	)		(40,977	)		-				(50,553	)
Mortgage loans		-			(5,048	)		(7,583	)		-			(12,631	)		(1,821	)		-			-				(14,452	)
Proceeds from sales of:
Property, plant and equipment		-			62,426			-			-			62,426			-			-			-				62,426
Short term investments		-			-			-			-			-			19,710			46,683			-				66,393
Fixed maturities investments		-			-			-			-			-			12,983			10,995			-				23,978
Preferred stock		-			-			-						-			1,003			-			-				1,003
Real estate		-			-			-			-			-			-			4			-				4
Mortgage loans		-			8,029			1,073			-			9,102			577			1,868			-				11,547
Net cash provided (used) by investing activities		-			(66,467	)		(32,422	)		-			(98,889	)		446			(19,392	)		5,320				(112,515	)
	(page 1 of 2)
(a) Balance for the period ended March 31, 2012
(b) Eliminate intercompany investments

Continuation of consolidating cash flow statements by industry segment for the quarter ended June 30, 2012 are as follows:

	Moving & Storage											AMERCO Legal Group
	AMERCO			U-Haul			Real Estate			Elimination		Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Elimination		AMERCO Consolidated
	(Unaudited)
Cash flows from financing activities:	(In thousands)
Borrowings from credit facilities		-			26,187			-			-		26,187			-			-			-		26,187
Principal repayments on credit facilities		-			(55,254	)		(5,888	)		-		(61,142	)		-			-			-		(61,142	)
Capital lease payments		-			(3,888	)		-			-		(3,888	)		-			-			-		(3,888	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-			162			-			-		162			-			-			-		162
Securitization deposits		-			(908	)		-					(908	)		-			-			-		(908	)
Proceeds from (repayment of) intercompany loans		(55,326	)		21,300			34,026			-		-			-			-			-		-
Investment contract deposits		-			-			-			-		-			-			28,993			-		28,993
Investment contract withdrawals		-			-			-			-		-			-			(7,967	)		-		(7,967	)
Net cash provided (used) by financing activities		(55,326	)		(12,401	)		28,138			-		(39,589	)		-			21,026			-		(18,563	)

Effects of exchange rate on cash		-			(376	)		-			-		(376	)		-			-			-		(376	)

Increase (decrease) in cash and cash equivalents		(1,252	)		211,736			(20	)		-		210,464			(2,373	)		8,048			-		216,139
Cash and cash equivalents at beginning of period		201,502			106,951			775			-		309,228			15,462			25,410			-		350,100
Cash and cash equivalents at end of period	$	200,250		$	318,687		$	755		$	-	$	519,692		$	13,089		$	33,458		$	-	$	566,239
	(page 2 of 2)
(a) Balance for the period ended March 31, 2012

Consolidating cash flow statements by industry segment for the quarter ended June 30, 2011 are as follows:

	Moving & Storage												AMERCO Legal Group
	AMERCO			U-Haul			Real Estate			Elimination			Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Elimination				AMERCO Consolidated
	(Unaudited)
Cash flows from operating activities:	(In thousands)
Net earnings	$	78,380		$	60,184		$	1,066		$	(61,250	)	$	78,380		$	1,234		$	1,367		$	(2,758	)		$	78,223
Earnings from consolidated entities		(63,851	)		-			-			61,250			(2,601	)		-			-			2,601				-
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		1			50,815			3,252			-			54,068			-			-			-				54,068
Amortization of deferred policy acquisition costs		-			-			-			-			-			-			4,375			-				4,375
Change in allowance for losses on trade receivables		-			133			-			-			133			-			2			-				135
Change in allowance for inventory reserve		-			1,377			-			-			1,377			-			-			-				1,377
Net gain on sale of real and personal property		-			(9,414	)		(296	)		-			(9,710	)		-			-			-				(9,710	)
Net (gain) loss on sale of investments		(488	)		-			-			-			(488	)		21			(3,049	)		-				(3,516	)
Deferred income taxes		30,142			-			-			-			30,142			210			2,094			-				32,446
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-			(9,582	)		-			-			(9,582	)		(1,229	)		(26,335	)		-				(37,146	)
Inventories		-			(393	)		-			-			(393	)		-			-			-				(393	)
Prepaid expenses		8,958			(7,623	)		(185	)		-			1,150			-			-			-				1,150
Capitalization of deferred policy acquisition costs		-			-			-			-			-			-			(4,518	)		-				(4,518	)
Other assets		160			9,108			1,128			-			10,396			215			(25	)		-				10,586
Related party assets		12			4,527			(15	)		-			4,524			(7	)		-			(7,715	)	(b)		(3,198	)
Accounts payable and accrued expenses		911			(1,286	)		(109	)		-			(484	)		-			18,018			-				17,534
Policy benefits and losses, claims and loss expenses payable		-			(9,933	)		-			-			(9,933	)		1,726			12,724			-				4,517
Other policyholders' funds and liabilities		-			-			-			-			-			141			(1,225	)		-				(1,084	)
Deferred income		-			8,328			-			-			8,328			-			-			-				8,328
Related party liabilities		-			636			-			-			636			(363	)		(28	)		-				245
Net cash provided (used) by operating activities		54,225			96,877			4,841			-			155,943			1,948			3,400			(7,872	)			153,419

Cash flows from investing activities:
Purchases of:
Property, plant and equipment		-			(214,039	)		(1,740	)		-			(215,779	)		-			-			-				(215,779	)
Short term investments		-			-			-			-			-			(15,853	)		(50,510	)		-				(66,363	)
Fixed maturities investments		-			-			-			-			-			(7,831	)		(67,228	)		-				(75,059	)
Equity securities		(8,759	)		-			-						(8,759	)		-			-			-				(8,759	)
Preferred stock		-			-			-			-			-			(541	)		-			-				(541	)
Real estate		-			-			-			-			-			(12	)		-			-				(12	)
Mortgage loans		-			(5	)		(47,751	)		-			(47,756	)		(11,639	)		(2,984	)		26,177		(b)		(36,202	)
Proceeds from sales of:
Property, plant and equipment		-			54,501			509			-			55,010			-			-			-				55,010
Short term investments		-			-			-			-			-			19,134			60,743			-				79,877
Fixed maturities investments		-			-			-			-			-			8,649			57,386			-				66,035
Equity securities		8,800			-			-			-			8,800			-			-			-				8,800
Preferred stock		-			-			-			-			-			1,000			-			-				1,000
Real estate		-			-			-			-			-			34			-			-				34
Mortgage loans		-			-			33,626			-			33,626			9,915			628			(26,177	)	(b)		17,992
Net cash provided (used) by investing activities		41			(159,543	)		(15,356	)		-			(174,858	)		2,856			(1,965	)		-				(173,967	)
	(page 1 of 2)
(a) Balance for the period ended March 31, 2011
(b) Eliminate intercompany investments

Continuation of consolidating cash flow statements by industry segment for the quarter ended June 30, 2011 are as follows:

	Moving & Storage											AMERCO Legal Group
	AMERCO			U-Haul			Real Estate			Elimination		Moving & Storage Consolidated			Property & Casualty Insurance (a)		Life Insurance (a)			Elimination			AMERCO Consolidated
	(Unaudited)
Cash flows from financing activities:	(In thousands)
Borrowings from credit facilities		-			28,558			30,000			-		58,558			-		-			-			58,558
Principal repayments on credit facilities		-			(21,673	)		(20,579	)		-		(42,252	)		-		-			-			(42,252	)
Debt issuance costs		-			(474	)		(86	)		-		(560	)		-		-			-			(560	)
Capital lease payments		-			(1,727	)		-			-		(1,727	)		-		-			-			(1,727	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-			280			-			-		280			-		-			-			280
Proceeds from (repayment of) intercompany loans		(78,996	)		77,734			1,262					-			-		-			-			-
Securitization deposits		-			27,953			-			-		27,953			-		-			-			27,953
Preferred stock redemption paid		(151,997	)		-			-			-		(151,997	)		-		-			7,708	(b)		(144,289	)
Preferred stock dividends paid		(3,241	)		-			-			-		(3,241	)		-		-			164	(c)		(3,077	)
Contribution from related party		(518	)		-			-					(518	)		-		-			-			(518	)
Investment contract deposits		-			-			-			-		-			-		2,588			-			2,588
Investment contract withdrawals		-			-			-			-		-			-		(8,195	)		-			(8,195	)
Net cash provided (used) by financing activities		(234,752	)		110,651			10,597			-		(113,504	)		-		(5,607	)		7,872			(111,239	)

Effects of exchange rate on cash		-			44			-			-		44			-		-			-			44

Increase (decrease) in cash and cash equivalents		(180,486	)		48,029			82			-		(132,375	)		4,804		(4,172	)		-			(131,743	)
Cash and cash equivalents at beginning of period		250,104			72,634			757			-		323,495			14,700		37,301			-			375,496
Cash and cash equivalents at end of period	$	69,618		$	120,663		$	839		$	-	$	191,120		$	19,504	$	33,129		$	-		$	243,753
	(page 2 of 2)
(a) Balance for the period ended March 31, 2011
(b) Eliminate intercompany investments
(c) Eliminate preferred stock dividends paid to affiliate

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References+ Details