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 September 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	$	941,398	$	13,166	$	7,083	$	–		$	961,647
Reinsurance recoverables and trade receivables, net		31,230		116,680		28,218		–			176,128
Inventories, net		72,022		–		–		–			72,022
Prepaid expenses		51,961		–		–		–			51,961
Investments, fixed maturities and marketable equities		–		231,944		1,128,836		–			1,360,780
Investments, other		29,374		45,605		255,254		–			330,233
Deferred policy acquisition costs, net		–		–		125,052		–			125,052
Other assets		90,172		881		2,455		–			93,508
Related party assets		85,559		14,003		500		(16,145)	(c)		83,917
		1,301,716		422,279		1,547,398		(16,145)			3,255,248

Investment in subsidiaries		445,960		–		–		(445,960)	(b)		–

Property, plant and equipment, at cost:
Land		521,964		–		–		–			521,964
Buildings and improvements		1,930,042		–		–		–			1,930,042
Furniture and equipment		370,557		–		–		–			370,557
Rental trailers and other rental equipment		458,472		–		–		–			458,472
Rental trucks		3,085,800		–		–		–			3,085,800
		6,366,835		–		–		–			6,366,835
Less: Accumulated depreciation		(2,021,538)		–		–		–			(2,021,538)
Total property, plant and equipment		4,345,297		–		–		–			4,345,297
Total assets	$	6,092,973	$	422,279	$	1,547,398	$	(462,105)		$	7,600,545

(a) Balances as of June 30, 2015
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of September 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	$	499,312	$	1,242	$	7,899	$	–		$	508,453
Notes, loans and leases payable		2,483,190		–		–		–			2,483,190
Policy benefits and losses, claims and loss expenses payable		383,194		258,408		431,282		–			1,072,884
Liabilities from investment contracts		–		–		810,474		–			810,474
Other policyholders' funds and liabilities		–		2,764		8,919		–			11,683
Deferred income		20,333		–		–		–			20,333
Deferred income taxes		549,425		(16,951)		17,436		–			549,910
Related party liabilities		13,901		2,127		117		(16,145)	(c)		–
Total liabilities		3,949,355		247,590		1,276,127		(16,145)			5,456,927

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		451,040		91,120		26,271		(117,601)	(b)		450,830
Accumulated other comprehensive income (loss)		(55,706)		6,114		21,436		(27,550)	(b)		(55,706)
Retained earnings		2,418,680		74,154		221,064		(295,008)	(b)		2,418,890
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		(3,243)		–		–		–			(3,243)
Total stockholders' equity		2,143,618		174,689		271,271		(445,960)			2,143,618
Total liabilities and stockholders' equity	$	6,092,973	$	422,279	$	1,547,398	$	(462,105)		$	7,600,545

(a) Balances as of June 30, 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

Assets:		(In thousands)
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	$	1,235	$	5,995	$	–		$	496,370
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		–		2,837		4,927		–			7,764
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		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		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 September 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	$	699,184	$	–	$	–	$	(965)	(c)	$	698,219
Self-storage revenues		62,060		–		–		–			62,060
Self-moving and self-storage products and service sales		70,703		–		–		–			70,703
Property management fees		6,320		–		–		–			6,320
Life insurance premiums		–		–		40,515		–			40,515
Property and casualty insurance premiums		–		13,372		–		–			13,372
Net investment and interest income		1,845		3,253		17,248		(195)	(b)		22,151
Other revenue		48,182		–		1,424		(43)	(b)		49,563
Total revenues		888,294		16,625		59,187		(1,203)			962,903

Costs and expenses:
Operating expenses		394,660		7,089		5,530		(997)	(b,c)		406,282
Commission expenses		80,799		–		–		–			80,799
Cost of sales		39,881		–		–		–			39,881
Benefits and losses		–		3,471		39,957		–			43,428
Amortization of deferred policy acquisition costs		–		–		5,643		–			5,643
Lease expense		12,770		–		–		(46)	(b)		12,724
Depreciation, net of (gains) losses on disposals		63,078		–		–		–			63,078
Total costs and expenses		591,188		10,560		51,130		(1,043)			651,835

Earnings from operations before equity in earnings of subsidiaries		297,106		6,065		8,057		(160)			311,068

Equity in earnings of subsidiaries		9,179		–		–		(9,179)	(d)		–

Earnings from operations		306,285		6,065		8,057		(9,339)			311,068
Interest expense		(24,133)		–		–		160	(b)		(23,973)
Pretax earnings		282,152		6,065		8,057		(9,179)			287,095
Income tax expense		(98,773)		(2,123)		(2,820)		–			(103,716)
Earnings available to common shareholders	$	183,379	$	3,942	$	5,237	$	(9,179)		$	183,379

(a) Balances for the quarter ended June 30, 2015
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating statement of operations by industry segment for the quarter ended September 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	$	654,528	$	–	$	–	$	(994)	(c)	$	653,534
Self-storage revenues		52,986		–		–		–			52,986
Self-moving and self-storage products and service sales		68,043		–		–		–			68,043
Property management fees		5,796		–		–		–			5,796
Life insurance premiums		–		–		39,041		–			39,041
Property and casualty insurance premiums		–		12,463		–		–			12,463
Net investment and interest income		3,470		4,068		14,518		(200)	(b)		21,856
Other revenue		51,322		–		1,564		(114)	(b)		52,772
Total revenues		836,145		16,531		55,123		(1,308)			906,491

Costs and expenses:
Operating expenses		372,766		6,711		5,592		(1,099)	(b,c)		383,970
Commission expenses		76,160		–		–		–			76,160
Cost of sales		39,836		–		–		–			39,836
Benefits and losses		–		2,848		36,710		–			39,558
Amortization of deferred policy acquisition costs		–		–		4,290		–			4,290
Lease expense		19,821		–		–		(46)	(b)		19,775
Depreciation, net of (gains) losses on disposals		67,066		–		–		–			67,066
Total costs and expenses		575,649		9,559		46,592		(1,145)			630,655

Earnings from operations before equity in earnings of subsidiaries		260,496		6,972		8,531		(163)			275,836

Equity in earnings of subsidiaries		10,081		–		–		(10,081)	(d)		–

Earnings from operations		270,577		6,972		8,531		(10,244)			275,836
Interest expense		(25,040)		–		–		163	(b)		(24,877)
Fees and amortization on early extinguishment of debt		(4,081)		–		–		–			(4,081)
Pretax earnings		241,456		6,972		8,531		(10,081)			246,878
Income tax expense		(85,209)		(2,441)		(2,981)		–			(90,631)
Earnings available to common shareholders	$	156,247	$	4,531	$	5,550	$	(10,081)		$	156,247

(a) Balances for the quarter ended June 30, 2014
(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 six months ended September 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	$	1,329,223	$	–	$	–	$	(1,718)	(c)	$	1,327,505
Self-storage revenues		119,251		–		–		–			119,251
Self-moving and self-storage products and service sales		147,961		–		–		–			147,961
Property management fees		12,431		–		–		–			12,431
Life insurance premiums		–		–		80,781		–			80,781
Property and casualty insurance premiums		–		23,928		–		–			23,928
Net investment and interest income		4,662		7,587		32,268		(394)	(b)		44,123
Other revenue		89,606		–		2,207		(85)	(b)		91,728
Total revenues		1,703,134		31,515		115,256		(2,197)			1,847,708

Costs and expenses:
Operating expenses		746,515		13,428		11,292		(1,784)	(b,c)		769,451
Commission expenses		153,857		–		–		–			153,857
Cost of sales		81,136		–		–		–			81,136
Benefits and losses		–		5,544		81,275		–			86,819
Amortization of deferred policy acquisition costs		–		–		10,421		–			10,421
Lease expense		29,881		–		–		(93)	(b)		29,788
Depreciation, net of (gains) losses on disposals		114,060		–		–		–			114,060
Total costs and expenses		1,125,449		18,972		102,988		(1,877)			1,245,532

Earnings from operations before equity in earnings of subsidiaries		577,685		12,543		12,268		(320)			602,176

Equity in earnings of subsidiaries		16,129		–		–		(16,129)	(d)		–

Earnings from operations		593,814		12,543		12,268		(16,449)			602,176
Interest expense		(46,393)		–		–		320	(b)		(46,073)
Pretax earnings		547,421		12,543		12,268		(16,129)			556,103
Income tax expense		(192,757)		(4,390)		(4,292)		–			(201,439)
Earnings available to common shareholders	$	354,664	$	8,153	$	7,976	$	(16,129)		$	354,664

(a) Balances for the six months ended June 30, 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 six months ended September 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	$	1,230,695	$	–	$	–	$	(1,686)	(c)	$	1,229,009
Self-storage revenues		102,120		–		–		–			102,120
Self-moving and self-storage products and service sales		142,522		–		–		–			142,522
Property management fees		11,473		–		–		–			11,473
Life insurance premiums		–		–		76,971		–			76,971
Property and casualty insurance premiums		–		22,081		–		–			22,081
Net investment and interest income		7,947		6,862		28,483		(390)	(b)		42,902
Other revenue		96,309		–		2,289		(230)	(b)		98,368
Total revenues		1,591,066		28,943		107,743		(2,306)			1,725,446

Costs and expenses:
Operating expenses		725,397		12,512		11,258		(1,898)	(b,c)		747,269
Commission expenses		142,500		–		–		–			142,500
Cost of sales		81,464		–		–		–			81,464
Benefits and losses		–		5,437		74,905		–			80,342
Amortization of deferred policy acquisition costs		–		–		8,474		–			8,474
Lease expense		42,335		–		–		(90)	(b)		42,245
Depreciation, net of (gains) losses on disposals		128,117		–		–		–			128,117
Total costs and expenses		1,119,813		17,949		94,637		(1,988)			1,230,411

Earnings from operations before equity in earnings of subsidiaries		471,253		10,994		13,106		(318)			495,035

Equity in earnings of subsidiaries		15,675		–		–		(15,675)	(d)		–

Earnings from operations		486,928		10,994		13,106		(15,993)			495,035
Interest expense		(49,343)		–		–		318	(b)		(49,025)
Fees and amortization on early extinguishment of debt		(4,081)		–		–		–			(4,081)
Pretax earnings		433,504		10,994		13,106		(15,675)			441,929
Income tax expense		(152,783)		(3,849)		(4,576)		–			(161,208)
Earnings available to common shareholders	$	280,721	$	7,145	$	8,530	$	(15,675)		$	280,721

(a) Balances for the six months ended June 30, 2014
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Continuation of consolidating cash flow statements by industry segment for the six months ended September 30, 2015 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(Unaudited)
Cash flows from operating activities:		(In thousands)
Net earnings	$	354,664	$	8,153	$	7,976	$	(16,129)	$	354,664
Earnings from consolidated entities		(16,129)		–		–		16,129		–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		192,865		–		–		–		192,865
Amortization of deferred policy acquisition costs		–		–		10,421		–		10,421
Change in allowance for losses on trade receivables		(21)		–		12		–		(9)
Change in allowance for inventory reserve		(603)		–		–		–		(603)
Net gain on sale of real and personal property		(78,805)		–		–		–		(78,805)
Net gain on sale of investments		–		(810)		(2,212)		–		(3,022)
Deferred income taxes		23,125		3,127		1,007		–		27,259
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		1,021		8,827		3,770		–		13,618
Inventories		(2,107)		–		–		–		(2,107)
Prepaid expenses		71,813		–		–		–		71,813
Capitalization of deferred policy acquisition costs		–		–		(15,636)		–		(15,636)
Other assets		17,121		1,097		88		–		18,306
Related party assets		58,373		(606)		–		–		57,767
Accounts payable and accrued expenses		51,340		1,243		6,942		–		59,525
Policy benefits and losses, claims and loss expenses payable		20,648		(13,336)		4,390		–		11,702
Other policyholders' funds and liabilities		–		(1,308)		3,992		–		2,684
Deferred income		2,339		–		–		–		2,339
Related party liabilities		(26)		(75)		4		–		(97)
Net cash provided (used) by operating activities		695,618		6,312		20,754		–		722,684

Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(720,265)		–		–		–		(720,265)
Short term investments		–		(19,247)		(229,835)		–		(249,082)
Fixed maturities investments		–		(20,286)		(149,613)		–		(169,899)
Equity securities		–		–		(1,315)		–		(1,315)
Preferred stock		–		(3)		–		–		(3)
Real estate		–		(6)		(17)		–		(23)
Mortgage loans		(11,748)		–		(74,613)		–		(86,361)
Proceeds from sales and paydown's of:
Property, plant and equipment		379,198		–		–		–		379,198
Short term investments		–		20,865		222,769		–		243,634
Fixed maturities investments		–		12,783		76,302		–		89,085
Equity securities		–		–		808		–		808
Mortgage loans		10,011		4,253		15,631		–		29,895
Net cash provided (used) by investing activities		(342,804)		(1,641)		(139,883)		–		(484,328)
		(page 1 of 2)
(a) Balance for the period ended June 30, 2015
(b) Elimination of intercompany investments

Continuation of consolidating cash flow statements by industry segment for the six months ended September 30, 2015 are as follows:

		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		414,735		–		47,000		–		461,735
Principal repayments on credit facilities		(140,958)		–		(47,000)		–		(187,958)
Debt issuance costs		(5,957)		–		–		–		(5,957)
Capital lease payments		(77,786)		–		–		–		(77,786)
Employee Stock Ownership Plan		(1,484)		–		–		–		(1,484)
Securitization deposits		298		–		–		–		298
Common stock dividend paid		(19,594)		–		–		–		(19,594)
Investment contract deposits		–		–		150,704		–		150,704
Investment contract withdrawals		–		–		(25,974)		–		(25,974)
Net cash provided (used) by financing activities		169,254		–		124,730		–		293,984

Effects of exchange rate on cash		(12,543)		–		–		–		(12,543)

Increase (decrease) in cash and cash equivalents		509,525		4,671		5,601		–		519,797
Cash and cash equivalents at beginning of period		431,873		8,495		1,482		–		441,850
Cash and cash equivalents at end of period	$	941,398	$	13,166	$	7,083	$	–	$	961,647
		(page 2 of 2)
(a) Balance for the period ended June 30, 2015

Consolidating cash flow statements by industry segment for the six months ended September 30, 2014 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination			AMERCO Consolidated
		(Unaudited)
Cash flows from operating activities:		(In thousands)
Net earnings	$	280,721	$	7,145	$	8,530	$	(15,675)		$	280,721
Earnings from consolidated entities		(15,675)		–		–		15,675			–
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		172,617		–		–		–			172,617
Amortization of deferred policy acquisition costs		–		–		8,474		–			8,474
Change in allowance for losses on trade receivables		(209)		–		(10)		–			(219)
Change in allowance for inventory reserve		(960)		–		–		–			(960)
Net gain on sale of real and personal property		(44,500)		–		–		–			(44,500)
Net gain on sale of investments		–		(870)		(1,918)		–			(2,788)
Deferred income taxes		18,872		2,556		1,784		–			23,212
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(1,605)		16,061		(1,060)		–			13,396
Inventories		(1,260)		–		–		–			(1,260)
Prepaid expenses		14,012		–		–		–			14,012
Capitalization of deferred policy acquisition costs		–		–		(13,728)		–			(13,728)
Other assets		(7,829)		802		(858)		–			(7,885)
Related party assets		3,172		(1,395)		–		393	(b)		2,170
Accounts payable and accrued expenses		30,308		200		5,902		–			36,410
Policy benefits and losses, claims and loss expenses payable		8,241		(17,946)		5,787		–			(3,918)
Other policyholders' funds and liabilities		–		205		951		–			1,156
Deferred income		1,962		–		–		–			1,962
Related party liabilities		629		179		(40)		(393)	(b)		375
Net cash provided (used) by operating activities		458,496		6,937		13,814		–			479,247

Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(599,351)		–		–		–			(599,351)
Short term investments		–		(32,488)		(97,806)		–			(130,294)
Fixed maturities investments		–		(27,323)		(86,789)		–			(114,112)
Equity securities		–		(3,281)		(426)		–			(3,707)
Preferred stock		–		(3)		–		–			(3)
Real estate		–		(3,812)		(7,500)		–			(11,312)
Mortgage loans		(5,465)		(3,150)		(12,574)		–			(21,189)
Proceeds from sales and paydown's of:
Property, plant and equipment		260,659		–		–		–			260,659
Short term investments		–		36,003		94,323		–			130,326
Fixed maturities investments		–		15,928		33,027		–			48,955
Equity securities		–		3,030		–		–			3,030
Preferred stock		–		–		1,000		–			1,000
Real estate		–		5		396		–			401
Mortgage loans		10,088		3,760		4,775		–			18,623
Net cash provided (used) by investing activities		(334,069)		(11,331)		(71,574)		–			(416,974)
		(page 1 of 2)
(a) Balance for the period ended June 30, 2014
(b) Elimination of intercompany investments

Continuation of consolidating cash flow statements by industry segment for the six months ended September 30, 2014 are as follows:

		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		506,792		–		–		–		506,792
Principal repayments on credit facilities		(208,101)		–		–		–		(208,101)
Debt issuance costs		(9,847)		–		–		–		(9,847)
Capital lease payments		(40,694)		–		–		–		(40,694)
Employee Stock Ownership Plan		(124)		–		–		–		(124)
Investment contract deposits		–		–		71,571		–		71,571
Investment contract withdrawals		–		–		(24,075)		–		(24,075)
Net cash provided (used) by financing activities		248,026		–		47,496		–		295,522

Effects of exchange rate on cash		(3,761)		–		–		–		(3,761)

Increase (decrease) in cash and cash equivalents		368,692		(4,394)		(10,264)		–		354,034
Cash and cash equivalents at beginning of period		464,710		12,758		17,644		–		495,112
Cash and cash equivalents at end of period	$	833,402	$	8,364	$	7,380	$	–	$	849,146
		(page 2 of 2)
(a) Balance for the period ended June 30, 2014