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, 2017 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Assets:
Cash and cash equivalents	$	748,823	$	8,291	$	46,408	$	–		$	803,522
Reinsurance recoverables and trade receivables, net		52,275		103,382		31,380		–			187,037
Inventories, net		93,374		–		–		–			93,374
Prepaid expenses		80,118		–		–		–			80,118
Investments, fixed maturities and marketable equities		–		259,126		1,503,905		–			1,763,031
Investments, other		33,183		63,337		279,704		–			376,224
Deferred policy acquisition costs, net		–		–		128,878		–			128,878
Other assets		96,466		589		2,495		–			99,550
Related party assets		81,146		11,380		18,428		(30,089)	(c)		80,865
		1,185,385		446,105		2,011,198		(30,089)			3,612,599

Investment in subsidiaries		489,779		–		–		(489,779)	(b)		–

Property, plant and equipment, at cost:
Land		661,622		–		–		–			661,622
Buildings and improvements		2,710,924		–		–		–			2,710,924
Furniture and equipment		529,374		–		–		–			529,374
Rental trailers and other rental equipment		515,733		–		–		–			515,733
Rental trucks		4,228,778		–		–		–			4,228,778
		8,646,431		–		–		–			8,646,431
Less: Accumulated depreciation		(2,457,890)		–		–		–			(2,457,890)
Total property, plant and equipment		6,188,541		–		–		–			6,188,541
Total assets	$	7,863,705	$	446,105	$	2,011,198	$	(519,868)		$	9,801,140

(a) Balances as of March 31, 2017
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables


		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	415,785	$	3,178	$	13,159	$	–		$	432,122
Notes, loans and leases payable		3,386,851		–		–		–			3,386,851
Policy benefits and losses, claims and loss expenses payable		406,786		238,930		445,834		–			1,091,550
Liabilities from investment contracts		–		–		1,221,381		–			1,221,381
Other policyholders' funds and liabilities		–		4,284		9,948		–			14,232
Deferred income		37,135		–		–		–			37,135
Deferred income taxes		826,856		10,924		17,025		–			854,805
Related party liabilities		27,228		2,421		440		(30,089)	(c)		–
Total liabilities		5,100,641		259,737		1,707,787		(30,089)			7,038,076

Stockholders' equity :
Series preferred stock:
Series A preferred stock		–		–		–		–			–
Series B preferred stock		–		–		–		–			–
Serial common stock		–		–		–		–			–
Common stock		10,497		3,301		2,500		(5,801)	(b)		10,497
Additional paid-in capital		452,529		91,120		26,271		(117,601)	(b)		452,319
Accumulated other comprehensive income (loss)		(35,098)		8,030		21,980		(30,010)	(b)		(35,098)
Retained earnings		3,018,890		83,917		252,660		(336,367)	(b)		3,019,100
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		(6,104)		–		–		–			(6,104)
Total stockholders' equity		2,763,064		186,368		303,411		(489,779)			2,763,064
Total liabilities and stockholders' equity	$	7,863,705	$	446,105	$	2,011,198	$	(519,868)		$	9,801,140

(a) Balances as of March 31, 2017
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2017 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Assets:
Cash and cash equivalents	$	671,665	$	12,725	$	13,416	$	–		$	697,806
Reinsurance recoverables and trade receivables, net		41,234		107,757		29,090		–			178,081
Inventories, net		82,439		–		–		–			82,439
Prepaid expenses		124,728		–		–		–			124,728
Investments, fixed maturities and marketable equities		–		248,816		1,414,952		–			1,663,768
Investments, other		35,342		63,086		269,402		–			367,830
Deferred policy acquisition costs, net		–		–		130,213		–			130,213
Other assets		93,197		1,922		2,406		–			97,525
Related party assets		88,829		11,496		18,465		(32,622)	(c)		86,168
		1,137,434		445,802		1,877,944		(32,622)			3,428,558

Investment in subsidiaries		477,058		–		–		(477,058)	(b)		–

Property, plant and equipment, at cost:
Land		648,757		–		–		–			648,757
Buildings and improvements		2,618,265		–		–		–			2,618,265
Furniture and equipment		510,415		–		–		–			510,415
Rental trailers and other rental equipment		492,280		–		–		–			492,280
Rental trucks		4,091,598		–		–		–			4,091,598
		8,361,315		–		–		–			8,361,315
Less: Accumulated depreciation		(2,384,033)		–		–		–			(2,384,033)
Total property, plant and equipment		5,977,282		–		–		–			5,977,282
Total assets	$	7,591,774	$	445,802	$	1,877,944	$	(509,680)		$	9,405,840

(a) Balances as of December 31, 2016
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	441,667	$	1,926	$	6,948	$	–		$	450,541
Notes, loans and leases payable		3,262,880		–		–		–			3,262,880
Policy benefits and losses, claims and loss expenses payable		399,181		244,980		442,161		–			1,086,322
Liabilities from investment contracts		–		–		1,112,498		–			1,112,498
Other policyholders' funds and liabilities		–		4,184		5,966		–			10,150
Deferred income		28,696		–		–		–			28,696
Deferred income taxes		809,566		11,243		14,200		–			835,009
Related party liabilities		30,040		2,539		43		(32,622)	(c)		–
Total liabilities		4,972,030		264,872		1,581,816		(32,622)			6,786,096

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		452,382		91,120		26,271		(117,601)	(b)		452,172
Accumulated other comprehensive income (loss)		(51,236)		6,166		16,933		(23,099)	(b)		(51,236)
Retained earnings		2,892,683		80,343		250,424		(330,557)	(b)		2,892,893
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		(6,932)		–		–		–			(6,932)
Total stockholders' equity	$	2,619,744		180,930		296,128		(477,058)			2,619,744
Total liabilities and stockholders' equity		7,591,774	$	445,802	$	1,877,944	$	(509,680)		$	9,405,840

(a) Balances as of December 31, 2016
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating statement of operations by industry segment for the quarter ended June 30, 2017 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	670,698	$	–	$	–	$	(840)	(c)	$	669,858
Self-storage revenues		76,718		–		–		–			76,718
Self-moving and self-storage products and service sales		78,911		–		–		–			78,911
Property management fees		6,762		–		–		–			6,762
Life insurance premiums		–		–		39,091		–			39,091
Property and casualty insurance premiums		–		11,815		–		–			11,815
Net investment and interest income		2,657		4,291		20,655		(386)	(b)		27,217
Other revenue		46,781		–		910		(138)	(b)		47,553
Total revenues		882,527		16,106		60,656		(1,364)			957,925

Costs and expenses:
Operating expenses		404,043		8,232		5,617		(968)	(b,c)		416,924
Commission expenses		75,365		–		–		–			75,365
Cost of sales		47,595		–		–		–			47,595
Benefits and losses		–		2,438		45,282		–			47,720
Amortization of deferred policy acquisition costs		–		–		6,321		–			6,321
Lease expense		8,334		–		–		(47)	(b)		8,287
Depreciation, net of (gains) losses on disposals		126,682		–		–		–			126,682
Total costs and expenses		662,019		10,670		57,220		(1,015)			728,894

Earnings from operations before equity in earnings of subsidiaries		220,508		5,436		3,436		(349)			229,031

Equity in earnings of subsidiaries		5,810		–		–		(5,810)	(d)		–

Earnings from operations		226,318		5,436		3,436		(6,159)			229,031
Interest expense		(30,694)		–		–		349	(b)		(30,345)
Pretax earnings		195,624		5,436		3,436		(5,810)			198,686
Income tax expense		(69,417)		(1,862)		(1,200)		–			(72,479)
Earnings available to common shareholders	$	126,207	$	3,574	$	2,236	$	(5,810)		$	126,207

(a) Balances for the quarter ended March 31, 2017
(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, 2016 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	647,116	$	–	$	–	$	(780)	(c)	$	646,336
Self-storage revenues		67,722		–		–		–			67,722
Self-moving and self-storage products and service sales		77,303		–		–		–			77,303
Property management fees		6,604		–		–		–			6,604
Life insurance premiums		–		–		40,892		–			40,892
Property and casualty insurance premiums		–		11,255		–		–			11,255
Net investment and interest income		2,112		5,630		19,994		(405)	(b)		27,331
Other revenue		44,974		–		909		(135)	(b)		45,748
Total revenues		845,831		16,885		61,795		(1,320)			923,191

Costs and expenses:
Operating expenses		373,672		6,285		6,031		(906)	(b,c)		385,082
Commission expenses		73,816		–		–		–			73,816
Cost of sales		43,362		–		–		–			43,362
Benefits and losses		–		3,097		43,906		–			47,003
Amortization of deferred policy acquisition costs		–		–		7,942		–			7,942
Lease expense		11,095		–		–		(47)	(b)		11,048
Depreciation, net of (gains) losses on disposals		95,381		–		–		–			95,381
Total costs and expenses		597,326		9,382		57,879		(953)			663,634

Earnings from operations before equity in earnings of subsidiaries		248,505		7,503		3,916		(367)			259,557

Equity in earnings of subsidiaries		7,574		–		–		(7,574)	(d)		–

Earnings from operations		256,079		7,503		3,916		(7,941)			259,557
Interest expense		(26,793)		–		–		367	(b)		(26,426)
Pretax earnings		229,286		7,503		3,916		(7,574)			233,131
Income tax expense		(82,113)		(2,626)		(1,219)		–			(85,958)
Earnings available to common shareholders	$	147,173	$	4,877	$	2,697	$	(7,574)		$	147,173

(a) Balances for the quarter ended March 31, 2016
(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, 2017 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	$	126,207	$	3,574	$	2,236	$	(5,810)	$	126,207
Earnings from consolidated subsidiaries		(5,810)		–		–		5,810		–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		131,423		–		–		–		131,423
Amortization of deferred policy acquisition costs		–		–		6,321		–		6,321
Amortization of debt issuance costs		932		–		–		–		932
Interest credited to policyholders		–		–		7,651		–		7,651
Change in allowance for losses on trade receivables		(26)		–		–		–		(26)
Change in allowance for inventory reserve		1,114		–		–		–		1,114
Net gain on sale of real and personal property		(4,741)		–		–		–		(4,741)
Net gain on sale of investments		–		(589)		(1,396)		–		(1,985)
Deferred income taxes		16,765		(1,600)		(3,141)		–		12,024
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(10,955)		4,375		(2,290)		–		(8,870)
Inventories		(11,982)		–		–		–		(11,982)
Prepaid expenses		44,788		–		–		–		44,788
Capitalization of deferred policy acquisition costs		–		–		(8,228)		–		(8,228)
Other assets		16,237		1,665		(90)		–		17,812
Related party assets		7,721		115		–		–		7,836
Accounts payable and accrued expenses		48,255		1,249		12,200		–		61,704
Policy benefits and losses, claims and loss expenses payable		7,125		(6,051)		3,673		–		4,747
Other policyholders' funds and liabilities		–		101		3,982		–		4,083
Deferred income		8,393		–		–		–		8,393
Related party liabilities		(2,812)		(117)		397		–		(2,532)
Net cash provided by operating activities		372,634		2,722		21,315		–		396,671

Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(480,259)		–		–		–		(480,259)
Short term investments		–		(10,779)		(5,712)		–		(16,491)
Fixed maturities investments		–		(11,602)		(111,488)		–		(123,090)
Real estate		(505)		–		–		–		(505)
Mortgage loans		–		(6,059)		(18,323)		–		(24,382)
Proceeds from sales and paydowns of:
Property, plant and equipment		142,343		–		–		–		142,343
Short term investments		–		15,424		9,215		–		24,639
Fixed maturities investments		–		4,275		32,284		–		36,559
Real estate		2,664		–		–		–		2,664
Mortgage loans		–		1,585		4,469		–		6,054
Net cash used by investing activities		(335,757)		(7,156)		(89,555)		–		(432,468)
		(page 1 of 2)
(a) Balance for the period ended March 31, 2017

		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		155,367		–		–		–		155,367
Principal repayments on credit facilities		(64,819)		–		–		–		(64,819)
Payments of debt issuance costs		(1,734)		–		–		–		(1,734)
Capital lease payments		(56,522)		–		–		–		(56,522)
Employee Stock Ownership Plan		3,516		–		–		–		3,516
Securitization deposits		49		–		–		–		49
Investment contract deposits		–		–		155,437		–		155,437
Investment contract withdrawals		–		–		(54,205)		–		(54,205)
Net cash provided by financing activities		35,857		–		101,232		–		137,089

Effects of exchange rate on cash		4,424		–		–		–		4,424

Increase (decrease) in cash and cash equivalents		77,158		(4,434)		32,992		–		105,716
Cash and cash equivalents at beginning of period		671,665		12,725		13,416		–		697,806
Cash and cash equivalents at end of period	$	748,823	$	8,291	$	46,408	$	–	$	803,522
		(page 2 of 2)
(a) Balance for the period ended March 31, 2017

Consolidating cash flow statements by industry segment for the quarter ended June 30, 2016 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	$	147,173	$	4,877	$	2,697	$	(7,574)	$	147,173
Earnings from consolidated subsidiaries		(7,574)		–		–		7,574		–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		114,021		–		–		–		114,021
Amortization of deferred policy acquisition costs		–		–		7,942		–		7,942
Amortization of debt issuance costs		961		–		–		–		961
Interest credited to policyholders		–		–		5,059		–		5,059
Change in allowance for losses on trade receivables		21		–		–		–		21
Change in allowance for inventory reserve		1,221		–		–		–		1,221
Net gain on sale of real and personal property		(18,640)		–		–		–		(18,640)
Net gain on sale of investments		–		(2,163)		(243)		–		(2,406)
Deferred income taxes		22,401		(21)		353		–		22,733
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(10,746)		(421)		(2,971)		–		(14,138)
Inventories		(4,391)		–		–		–		(4,391)
Prepaid expenses		39,828		–		–		–		39,828
Capitalization of deferred policy acquisition costs		–		–		(7,252)		–		(7,252)
Other assets		(5,817)		2,377		48		–		(3,392)
Related party assets		3,687		397		–		–		4,084
Accounts payable and accrued expenses		58,699		(142)		(1,458)		–		57,099
Policy benefits and losses, claims and loss expenses payable		(1,600)		(1,746)		4,719		–		1,373
Other policyholders' funds and liabilities		–		8		234		–		242
Deferred income		8,727		–		–		–		8,727
Related party liabilities		861		(7)		(73)		–		781
Net cash provided by operating activities		348,832		3,159		9,055		–		361,046

Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(437,287)		–		–		–		(437,287)
Short term investments		–		(18,901)		(258,137)		–		(277,038)
Fixed maturities investments		–		(13,469)		(153,179)		–		(166,648)
Real estate		(3,495)		–		–		–		(3,495)
Mortgage loans		(1,838)		(3,063)		(57,671)		–		(62,572)
Proceeds from sales and paydowns of:
Property, plant and equipment		147,196		–		–		–		147,196
Short term investments		–		11,246		268,095		–		279,341
Fixed maturities investments		–		8,201		47,745		–		55,946
Preferred stock		–		2,000		–		–		2,000
Real estate		–		–		831		–		831
Mortgage loans		3,490		6,217		84,308		–		94,015
Net cash used by investing activities		(291,934)		(7,769)		(68,008)		–		(367,711)
		(page 1 of 2)
(a) Balance for the period ended March 31, 2016

		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		103,338		–		–		–		103,338
Principal repayments on credit facilities		(48,326)		–		–		–		(48,326)
Payments of debt issuance costs		(223)		–		–		–		(223)
Capital lease payments		(37,405)		–		–		–		(37,405)
Employee Stock Ownership Plan		(1,393)		–		–		–		(1,393)
Securitization deposits		93		–		–		–		93
Common stock dividends paid		(19,586)		–		–		–		(19,586)
Investment contract deposits		–		–		74,157		–		74,157
Investment contract withdrawals		–		–		(14,051)		–		(14,051)
Net cash provided (used) by financing activities		(3,502)		–		60,106		–		56,604

Effects of exchange rate on cash		(4,397)		–		–		–		(4,397)

Increase (decrease) in cash and cash equivalents		48,999		(4,610)		1,153		–		45,542
Cash and cash equivalents at beginning of period		585,666		14,049		931		–		600,646
Cash and cash equivalents at end of period	$	634,665	$	9,439	$	2,084	$	–	$	646,188
		(page 1 of 2)
(a) Balance for the period ended March 31, 2016