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.

Consolidating balance sheets by industry segment as of June 30, 2015 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Assets:
Cash and cash equivalents	$	459,636	$	10,091	$	5,835	$	–		$	475,562
Reinsurance recoverables and trade receivables, net		49,542		127,081		32,651		–			209,274
Inventories, net		69,889		–		–		–			69,889
Prepaid expenses		67,511		–		–		–			67,511
Investments, fixed maturities and marketable equities		–		234,595		1,099,604		–			1,334,199
Investments, other		34,788		48,966		239,140		–			322,894
Deferred policy acquisition costs, net		–		–		115,388		–			115,388
Other assets		92,473		1,123		2,501		–			96,097
Related party assets		138,553		13,231		546		(17,677)	(c)		134,653
		912,392		435,087		1,495,665		(17,677)			2,825,467

Investment in subsidiaries		457,337		–		–		(457,337)	(b)		–

Property, plant and equipment, at cost:
Land		488,931		–		–		–			488,931
Buildings and improvements		1,812,899		–		–		–			1,812,899
Furniture and equipment		359,500		–		–		–			359,500
Rental trailers and other rental equipment		449,810		–		–		–			449,810
Rental trucks		3,133,198		–		–		–			3,133,198
		6,244,338		–		–		–			6,244,338
Less: Accumulated depreciation		(1,979,171)		–		–		–			(1,979,171)
Total property, plant and equipment		4,265,167		–		–		–			4,265,167
Total assets	$	5,634,896	$	435,087	$	1,495,665	$	(475,014)		$	7,090,634

(a) Balances as of March 31, 2015
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of June 30, 2015 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	466,528	$	–	$	4,397	$	–		$	470,925
Notes, loans and leases payable		2,162,671		–		30,000		–			2,192,671
Policy benefits and losses, claims and loss expenses payable		369,943		270,836		433,394		–			1,074,173
Liabilities from investment contracts		–		–		711,782		–			711,782
Other policyholders' funds and liabilities		–		3,647		9,820		–			13,467
Deferred income		26,438		–		–		–			26,438
Deferred income taxes		545,506		(16,771)		23,382		–			552,117
Related party liabilities		14,749		2,353		575		(17,677)	(c)		–
Total liabilities		3,585,835		260,065		1,213,350		(17,677)			5,041,573

Stockholders' equity :
Series preferred stock:
Series A preferred stock		–		–		–		–			–
Series B preferred stock		–		–		–		–			–
Series A common stock		–		–		–		–			–
Common stock		10,497		3,301		2,500		(5,801)	(b)		10,497
Additional paid-in capital		450,413		91,120		26,271		(117,601)	(b)		450,203
Accumulated other comprehensive income (loss)		(22,818)		10,389		37,717		(48,106)	(b)		(22,818)
Retained earnings		2,294,081		70,212		215,827		(285,829)	(b)		2,294,291
Cost of common shares in treasury, net		(525,653)		–		–		–			(525,653)
Cost of preferred shares in treasury, net		(151,997)		–		–		–			(151,997)
Unearned employee stock ownership plan shares		(5,462)		–		–		–			(5,462)
Total stockholders' equity		2,049,061		175,022		282,315		(457,337)			2,049,061
Total liabilities and stockholders' equity	$	5,634,896	$	435,087	$	1,495,665	$	(475,014)		$	7,090,634

(a) Balances as of March 31, 2015
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2015 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Assets:
Cash and cash equivalents	$	431,873	$	8,495	$	1,482	$	–		$	441,850
Reinsurance recoverables and trade receivables, net		32,364		125,506		31,999		–			189,869
Inventories, net		69,472		–		–		–			69,472
Prepaid expenses		126,296		–		–		–			126,296
Investments, fixed maturities and marketable equities		–		228,530		1,076,432		–			1,304,962
Investments, other		27,637		50,867		190,216		–			268,720
Deferred policy acquisition costs, net		–		–		115,422		–			115,422
Other assets		101,689		1,924		2,544		–			106,157
Related party assets		144,040		13,268		586		(16,104)	(c)		141,790
		933,371		428,590		1,418,681		(16,104)			2,764,538

Investment in subsidiaries		443,462		–		–		(443,462)	(b)		–

Property, plant and equipment, at cost:
Land		467,482		–		–		–			467,482
Buildings and improvements		1,728,033		–		–		–			1,728,033
Furniture and equipment		355,349		–		–		–			355,349
Rental trailers and other rental equipment		436,642		–		–		–			436,642
Rental trucks		3,059,987		–		–		–			3,059,987
		6,047,493		–		–		–			6,047,493
Less: Accumulated depreciation		(1,939,856)		–		–		–			(1,939,856)
Total property, plant and equipment		4,107,637		–		–		–			4,107,637
Total assets	$	5,484,470	$	428,590	$	1,418,681	$	(459,566)		$	6,872,175

(a) Balances as of December 31, 2014
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2015 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	489,140	$	–	$	5,995	$	–		$	495,135
Notes, loans and leases payable		2,190,869		–		–		–			2,190,869
Policy benefits and losses, claims and loss expenses payable		363,552		271,744		426,892		–			1,062,188
Liabilities from investment contracts		–		–		685,745		–			685,745
Other policyholders' funds and liabilities		–		4,072		4,927		–			8,999
Deferred income		18,081		–		–		–			18,081
Deferred income taxes		524,550		(18,592)		20,841		–			526,799
Related party liabilities		13,919		2,073		112		(16,104)	(c)		–
Total liabilities		3,600,111		259,297		1,144,512		(16,104)			4,987,816

Stockholders' equity :
Series preferred stock:		–		–		–		–			–
Series A preferred stock		–		–		–		–			–
Series B preferred stock		–		–		–		–			–
Series A common stock		–		–		–		–			–
Common stock		10,497		3,301		2,500		(5,801)	(b)		10,497
Additional paid-in capital		449,878		91,120		26,271		(117,601)	(b)		449,668
Accumulated other comprehensive income (loss)		(34,365)		8,871		32,310		(41,181)	(b)		(34,365)
Retained earnings (deficit)		2,142,390		66,001		213,088		(278,879)	(b)		2,142,600
Cost of common shares in treasury, net		(525,653)		–		–		–			(525,653)
Cost of preferred shares in treasury, net		(151,997)		–		–		–			(151,997)
Unearned employee stock ownership plan shares		(6,391)		–		–		–			(6,391)
Total stockholders' equity (deficit)	$	1,884,359		169,293		274,169		(443,462)			1,884,359
Total liabilities and stockholders' equity		5,484,470	$	428,590	$	1,418,681	$	(459,566)		$	6,872,175

(a) Balances as of December 31, 2014
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating statement of operations by industry segment for the quarter ended June 30, 2015 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	630,039	$	–	$	–	$	(753)	(c)	$	629,286
Self-storage revenues		57,191		–		–		–			57,191
Self-moving & self-storage products & service sales		77,258		–		–		–			77,258
Property management fees		6,111		–		–		–			6,111
Life insurance premiums		–		–		40,266		–			40,266
Property and casualty insurance premiums		–		10,556		–		–			10,556
Net investment and interest income		2,817		4,334		15,020		(199)	(b)		21,972
Other revenue		41,424		–		783		(42)	(b)		42,165
Total revenues		814,840		14,890		56,069		(994)			884,805

Costs and expenses:
Operating expenses		351,855		6,339		5,762		(787)	(b,c)		363,169
Commission expenses		73,058		–		–		–			73,058
Cost of sales		41,255		–		–		–			41,255
Benefits and losses		–		2,073		41,318		–			43,391
Amortization of deferred policy acquisition costs		–		–		4,778		–			4,778
Lease expense		17,111		–		–		(47)	(b)		17,064
Depreciation, net of (gains) losses on disposals		50,982		–		–		–			50,982
Total costs and expenses		534,261		8,412		51,858		(834)			593,697

Earnings from operations before equity in earnings of subsidiaries		280,579		6,478		4,211		(160)			291,108

Equity in earnings of subsidiaries		6,950		–		–		(6,950)	(d)		–

Earnings from operations		287,529		6,478		4,211		(7,110)			291,108
Interest expense		(22,260)		–		–		160	(b)		(22,100)
Pretax earnings		265,269		6,478		4,211		(6,950)			269,008
Income tax expense		(93,984)		(2,267)		(1,472)		–			(97,723)
Earnings available to common shareholders	$	171,285	$	4,211	$	2,739	$	(6,950)		$	171,285

(a) Balances for the quarter ended March 31, 2015
(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, 2014 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	576,167	$	–	$	–	$	(692)	(c)	$	575,475
Self-storage revenues		49,134		–		–		–			49,134
Self-moving & self-storage products & service sales		74,479		–		–		–			74,479
Property management fees		5,677		–		–		–			5,677
Life insurance premiums		–		–		37,930		–			37,930
Property and casualty insurance premiums		–		9,618		–		–			9,618
Net investment and interest income		4,477		2,794		13,965		(190)	(b)		21,046
Other revenue		44,987		–		725		(116)	(b)		45,596
Total revenues		754,921		12,412		52,620		(998)			818,955

Costs and expenses:
Operating expenses		352,631		5,801		5,666		(799)	(b,c)		363,299
Commission expenses		66,340		–		–		–			66,340
Cost of sales		41,628		–		–		–			41,628
Benefits and losses		–		2,589		38,195		–			40,784
Amortization of deferred policy acquisition costs		–		–		4,184		–			4,184
Lease expense		22,514		–		–		(44)	(b)		22,470
Depreciation, net of (gains) losses on disposals		61,051		–		–		–			61,051
Total costs and expenses		544,164		8,390		48,045		(843)			599,756

Earnings from operations before equity in earnings of subsidiaries		210,757		4,022		4,575		(155)			219,199

Equity in earnings of subsidiaries		5,594		–		–		(5,594)	(d)		–

Earnings from operations		216,351		4,022		4,575		(5,749)			219,199
Interest expense		(24,303)		–		–		155	(b)		(24,148)
Pretax earnings		192,048		4,022		4,575		(5,594)			195,051
Income tax expense		(67,574)		(1,408)		(1,595)		–			(70,577)
Earnings available to common shareholders	$	124,474	$	2,614	$	2,980	$	(5,594)		$	124,474

(a) Balances for the quarter ended March 31, 2014
(b) Eliminate intercompany lease/interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating cash flow statements by industry segment for the quarter ended June 30, 2015 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(Unaudited)
		(In thousands)
Cash flows from operating activities:
Net earnings	$	171,285	$	4,211	$	2,739	$	(6,950)	$	171,285
Earnings from consolidated subsidiaries		(6,950)		–		–		6,950		–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		96,966		–		–		–		96,966
Amortization of deferred policy acquisition costs		–		–		4,778		–		4,778
Change in allowance for losses on trade receivables		(61)		–		–		–		(61)
Change in allowance for inventory reserve		(248)		–		–		–		(248)
Net gain on sale of real and personal property		(45,984)		–		–		–		(45,984)
Net gain on sale of investments		–		(781)		(672)		–		(1,453)
Deferred income taxes		19,675		1,004		(1,813)		–		18,866
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(17,122)		(1,576)		(651)		–		(19,349)
Inventories		(140)		–		–		–		(140)
Prepaid expenses		56,624		–		–		–		56,624
Capitalization of deferred policy acquisition costs		–		–		(7,137)		–		(7,137)
Other assets		9,237		831		43		–		10,111
Related party assets		5,496		170		–		–		5,666
Accounts payable and accrued expenses		50,325		–		1,587		–		51,912
Policy benefits and losses, claims and loss expenses payable		6,074		(908)		6,503		–		11,669
Other policyholders' funds and liabilities		–		(425)		4,893		–		4,468
Deferred income		8,342		–		–		–		8,342
Related party liabilities		830		146		462		–		1,438
Net cash provided (used) by operating activities		354,349		2,672		10,732		–		367,753

Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(452,572)		–		–		–		(452,572)
Short term investments		–		(11,824)		(61,693)		–		(73,517)
Fixed maturities investments		–		(9,827)		(37,245)		–		(47,072)
Equity securities		–		–		(967)		–		(967)
Preferred stock		–		(2)		–		–		(2)
Real estate		–		(6)		(17)		–		(23)
Mortgage loans		(8,226)		–		(74,613)		–		(82,839)
Proceeds from sales and paydowns of:
Property, plant and equipment		194,133		–		–		–		194,133
Short term investments		–		10,298		78,034		–		88,332
Fixed maturities investments		–		6,221		24,119		–		30,340
Equity securities		–		–		799		–		799
Mortgage loans		1,075		4,064		9,167		–		14,306
Net cash provided (used) by investing activities		(265,590)		(1,076)		(62,416)		–		(329,082)
		(page 1 of 2)
(a) Balance for the period ended March 31, 2015
(b) Eliminate intercompany investments

Continuation of consolidating cash flow statements by industry segment for the quarter ended June 30, 2015 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(Unaudited)
		(In thousands)
Cash flows from financing activities:
Borrowings from credit facilities		41,206		–		47,000		–		88,206
Principal repayments on credit facilities		(65,797)		–		(17,000)		–		(82,797)
Capital lease payments		(33,974)		–		–		–		(33,974)
Leveraged Employee Stock Ownership Plan		929		–		–		–		929
Investment contract deposits		–		–		39,252		–		39,252
Investment contract withdrawals		–		–		(13,215)		–		(13,215)
Net cash provided (used) by financing activities		(57,636)		–		56,037		–		(1,599)

Effects of exchange rate on cash		(3,360)		–		–		–		(3,360)

Increase in cash and cash equivalents		27,763		1,596		4,353		–		33,712
Cash and cash equivalents at beginning of period		431,873		8,495		1,482		–		441,850
Cash and cash equivalents at end of period	$	459,636	$	10,091	$	5,835	$	–	$	475,562
		(page 2 of 2)
(a) Balance for the period ended March 31, 2015

Consolidating cash flow statements by industry segment for the quarter ended June 30, 2014 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Cash flows from operating activities:
Net earnings	$	124,474	$	2,614	$	2,980	$	(5,594)		$	124,474
Earnings from consolidated subsidiaries		(5,594)		–		–		5,594			–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		84,010		–		–		–			84,010
Amortization of deferred policy acquisition costs		–		–		4,184		–			4,184
Change in allowance for losses on trade receivables		18		–		4		–			22
Change in allowance for inventory reserve		(1,760)		–		–		–			(1,760)
Net gain on sale of real and personal property		(22,959)		–		–		–			(22,959)
Net gain on sale of investments		–		(127)		(747)		–			(874)
Deferred income taxes		10,697		115		1,595		–			12,407
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(13,561)		13,888		(1,044)		–			(717)
Inventories		(561)		–		–		–			(561)
Prepaid expenses		5,368		–		–		–			5,368
Capitalization of deferred policy acquisition costs		–		–		(6,575)		–			(6,575)
Other assets		(7,487)		721		(48)		–			(6,814)
Related party assets		8,855		(885)		–		119	(b)		8,089
Accounts payable and accrued expenses		92,473		–		1,531		–			94,004
Policy benefits and losses, claims and loss expenses payable		613		(14,843)		4,352		–			(9,878)
Other policyholders' funds and liabilities		–		581		1,246		–			1,827
Deferred income		7,683		–		–		–			7,683
Related party liabilities		1,018		668		311		(119)	(b)		1,878
Net cash provided (used) by operating activities		283,287		2,732		7,789		–			293,808

Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(343,988)		–		–		–			(343,988)
Short term investments		–		(13,040)		(49,253)		–			(62,293)
Fixed maturities investments		–		(19,217)		(50,209)		–			(69,426)
Equity securities		–		(3,281)		–		–			(3,281)
Preferred stock		–		(2)		–		–			(2)
Real estate		–		–		(4,211)		–			(4,211)
Mortgage loans		(3,719)		(1,350)		–		–			(5,069)
Proceeds from sales and paydowns of:
Property, plant and equipment		128,989		–		–		–			128,989
Short term investments		–		20,051		42,580		–			62,631
Fixed maturities investments		–		11,626		13,998		–			25,624
Equity securities		–		2,009		–		–			2,009
Preferred stock		–		–		1,000		–			1,000
Mortgage loans		8,154		243		3,672		–			12,069
Net cash provided (used) by investing activities		(210,564)		(2,961)		(42,423)		–			(255,948)
		(page 1 of 2)
(a) Balance for the period ended March 31, 2014
(b) Eliminate intercompany investments

Continuation of consolidating cash flow statements by industry segment for the quarter ended June 30, 2014 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(Unaudited)
		(In thousands)
Cash flows from financing activities:
Borrowings from credit facilities		207,152		–		–		–		207,152
Principal repayments on credit facilities		(52,464)		–		–		–		(52,464)
Debt issuance costs		(2,422)		–		–		–		(2,422)
Capital lease payments		(18,007)		–		–		–		(18,007)
Leveraged Employee Stock Ownership Plan - repayments from loan		87		–		–		–		87
Investment contract deposits		–		–		37,892		–		37,892
Investment contract withdrawals		–		–		(11,551)		–		(11,551)
Net cash provided (used) by financing activities		134,346		–		26,341		–		160,687

Effects of exchange rate on cash		(1,074)		–		–		–		(1,074)

Increase (decrease) in cash and cash equivalents		205,995		(229)		(8,293)		–		197,473
Cash and cash equivalents at beginning of period		464,710		12,758		17,644		–		495,112
Cash and cash equivalents at end of period	$	670,705	$	12,529	$	9,351	$	–	$	692,585
		(page 1 of 2)
(a) Balance for the period ended March 31, 2014