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, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Assets:
Cash and cash equivalents	$	618,300	$	5,119	$	26,920	$	–		$	650,339
Reinsurance recoverables and trade receivables, net		79,460		97,351		31,176		–			207,987
Inventories and parts, net		94,901		–		–		–			94,901
Prepaid expenses		183,536		–		–		–			183,536
Investments, fixed maturities and marketable equities		–		287,278		1,663,598		–			1,950,876
Investments, other		22,993		61,557		312,072		–			396,622
Deferred policy acquisition costs, net		–		–		134,133		–			134,133
Other assets		244,325		1,004		2,991		–			248,320
Related party assets		35,211		9,452		18,304		(32,481)	(c)		30,486
		1,278,726		461,761		2,189,194		(32,481)			3,897,200

Investment in subsidiaries		517,861		–		–		(517,861)	(b)		–

Property, plant and equipment, at cost:
Land		849,042		–		–		–			849,042
Buildings and improvements		3,331,918		–		–		–			3,331,918
Furniture and equipment		641,730		–		–		–			641,730
Rental trailers and other rental equipment		547,291		–		–		–			547,291
Rental trucks		4,533,758		–		–		–			4,533,758
		9,903,739		–		–		–			9,903,739
Less: Accumulated depreciation		(2,799,455)		–		–		–			(2,799,455)
Total property, plant and equipment		7,104,284		–		–		–			7,104,284
Total assets	$	8,900,871	$	461,761	$	2,189,194	$	(550,342)		$	11,001,484

(a) Balances as of March 31, 2018
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of June 30, 2018 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	$	509,704	$	3,417	$	4,912	$	–		$	518,033
Notes, loans and leases payable, net		3,586,127		–		–		–			3,586,127
Policy benefits and losses, claims and loss expenses payable		572,151		232,893		447,766		–			1,252,810
Liabilities from investment contracts		–		–		1,409,705		–			1,409,705
Other policyholders' funds and liabilities		–		4,800		5,057		–			9,857
Deferred income		41,963		–		–		–			41,963
Deferred income taxes, net		667,537		7,523		11,784		–			686,844
Related party liabilities		27,244		4,860		377		(32,481)	(c)		–
Total liabilities		5,404,726		253,493		1,879,601		(32,481)			7,505,339

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		453,072		91,120		26,271		(117,601)	(b)		452,862
Accumulated other comprehensive income (loss)		(45,966)		1,653		11,185		(12,838)	(b)		(45,966)
Retained earnings		3,763,129		112,194		269,637		(381,621)	(b)		3,763,339
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		(6,937)		–		–		–			(6,937)
Total stockholders' equity		3,496,145		208,268		309,593		(517,861)			3,496,145
Total liabilities and stockholders' equity	$	8,900,871	$	461,761	$	2,189,194	$	(550,342)		$	11,001,484

(a) Balances as of March 31, 2018
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated

Assets:		(In thousands)
Cash and cash equivalents	$	702,036	$	6,639	$	50,713	$	–		$	759,388
Reinsurance recoverables and trade receivables, net		64,798		99,682		29,058		–			193,538
Inventories and parts, net		89,877		–		–		–			89,877
Prepaid expenses		166,129		–		–		–			166,129
Investments, fixed maturities and marketable equities		–		285,846		1,634,014		–			1,919,860
Investments, other		22,992		65,553		310,519		–			399,064
Deferred policy acquisition costs, net		–		–		124,767		–			124,767
Other assets		241,493		685		2,604		–			244,782
Related party assets		40,003		6,959		18,334		(32,020)	(c)		33,276
		1,327,328		465,364		2,170,009		(32,020)			3,930,681

Investment in subsidiaries		544,151		–		–		(544,151)	(b)		–

Property, plant and equipment, at cost:
Land		827,649		–		–		–			827,649
Buildings and improvements		3,140,713		–		–		–			3,140,713
Furniture and equipment		632,803		–		–		–			632,803
Rental trailers and other rental equipment		545,968		–		–		–			545,968
Rental trucks		4,390,750		–		–		–			4,390,750
		9,537,883		–		–		–			9,537,883
Less: Accumulated depreciation		(2,721,142)		–		–		–			(2,721,142)
Total property, plant and equipment		6,816,741		–		–		–			6,816,741
Total assets	$	8,688,220	$	465,364	$	2,170,009	$	(576,171)		$	10,747,422

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

Consolidating balance sheets by industry segment as of March 31, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated

		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	506,158	$	2,582	$	2,375	$	–		$	511,115
Notes, loans and leases payable, net		3,513,076		–		–		–			3,513,076
Policy benefits and losses, claims and loss expenses payable		568,456		234,359		445,218		–			1,248,033
Liabilities from investment contracts		–		–		1,364,066		–			1,364,066
Other policyholders' funds and liabilities		–		5,377		4,663		–			10,040
Deferred income		34,276		–		–		–			34,276
Deferred income taxes, net		629,389		8,927		19,792		–			658,108
Related party liabilities		28,157		2,870		993		(32,020)	(c)		–
Total liabilities		5,279,512		254,115		1,837,107		(32,020)			7,338,714

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		452,956		91,120		26,271		(117,601)	(b)		452,746
Accumulated other comprehensive income (loss)		(4,623)		16,526		35,982		(52,508)	(b)		(4,623)
Retained earnings		3,635,351		100,302		268,149		(368,241)	(b)		3,635,561
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		(7,823)		–		–		–			(7,823)
Total stockholders' equity		3,408,708		211,249		332,902		(544,151)			3,408,708
Total liabilities and stockholders' equity	$	8,688,220	$	465,364	$	2,170,009	$	(576,171)		$	10,747,422

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

Consolidating statement of operations by industry segment for the quarter ended June 30, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	717,542	$	–	$	–	$	(940)	(c)	$	716,602
Self-storage revenues		86,212		–		–		–			86,212
Self-moving and self-storage products and service sales		79,241		–		–		–			79,241
Property management fees		7,416		–		–		–			7,416
Life insurance premiums		–		–		36,888		–			36,888
Property and casualty insurance premiums		–		13,348		–		(567)	(c)		12,781
Net investment and interest income		2,563		2,541		19,917		(416)	(b)		24,605
Other revenue		54,911		–		1,058		(137)	(b)		55,832
Total revenues		947,885		15,889		57,863		(2,060)			1,019,577

Costs and expenses:
Operating expenses		483,620		8,700		5,873		(1,639)	(b,c)		496,554
Commission expenses		79,257		–		–		–			79,257
Cost of sales		49,881		–		–		–			49,881
Benefits and losses		–		4,476		44,078		–			48,554
Amortization of deferred policy acquisition costs		–		–		6,031		–			6,031
Lease expense		8,305		–		–		(136)	(b)		8,169
Depreciation, net of (gains) losses on disposal		126,427		–		–		–			126,427
Net (gains) losses on disposal of real estate		–		–		–		–			–
Total costs and expenses		747,490		13,176		55,982		(1,775)			814,873

Earnings from operations before equity in earnings of subsidiaries		200,395		2,713		1,881		(285)			204,704

Equity in earnings of subsidiaries		3,656		–		–		(3,656)	(d)		–

Earnings from operations		204,051		2,713		1,881		(3,941)			204,704
Other components of net periodic benefit costs		(253)		–		–		–			(253)
Interest expense		(35,539)		–		–		285	(b)		(35,254)
Pretax earnings		168,259		2,713		1,881		(3,656)			169,197
Income tax expense		(40,410)		(545)		(393)		–			(41,348)
Earnings available to common shareholders	$	127,849	$	2,168	$	1,488	$	(3,656)		$	127,849

(a) Balances for the quarter ended March 31, 2018
(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, 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		403,811		8,232		5,617		(968)	(b,c)		416,692
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 disposal		126,335		–		–		–			126,335
Net (gains) losses on disposal of real estate		347		–		–		–			347
Total costs and expenses		661,787		10,670		57,220		(1,015)			728,662

Earnings from operations before equity in earnings of subsidiaries		220,740		5,436		3,436		(349)			229,263

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

Earnings from operations		226,550		5,436		3,436		(6,159)			229,263
Other components of net periodic benefit costs		(232)		–		–		–			(232)
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 cash flow statements by industry segment for the quarter ended June 30, 2018 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	$	127,849	$	2,168	$	1,488	$	(3,656)	$	127,849
Earnings from consolidated entities		(3,656)		–		–		3,656		–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		142,722		–		–		–		142,722
Amortization of deferred policy acquisition costs		–		–		6,031		–		6,031
Amortization of debt issuance costs		984		–		–		–		984
Interest credited to policyholders		–		–		8,060		–		8,060
Change in allowance for losses on trade receivables		40		–		(2)		–		38
Change in allowance for inventories and parts reserve		2,139		–		–		–		2,139
Net gains on disposal of personal property		(16,295)		–		–		–		(16,295)
Net (gains) losses on sales of investments		–		(38)		544		–		506
Deferred income taxes		38,011		1,140		(473)		–		38,678
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(14,763)		2,331		(2,111)		–		(14,543)
Inventories and parts		(7,170)		–		–		–		(7,170)
Prepaid expenses		(17,999)		–		–		–		(17,999)
Capitalization of deferred policy acquisition costs		–		–		(5,808)		–		(5,808)
Other assets		(132)		(243)		(386)		–		(761)
Related party assets		4,713		(2,508)		–		–		2,205
Accounts payable and accrued expenses		84,004		835		4,509		–		89,348
Policy benefits and losses, claims and loss expenses payable		4,208		(1,466)		2,549		–		5,291
Other policyholders' funds and liabilities		–		(577)		393		–		(184)
Deferred income		7,732		–		–		–		7,732
Related party liabilities		(913)		2,003		(616)		–		474
Net cash provided by operating activities		351,474		3,645		14,178		–		369,297

Cash flows from investing activities:
Escrow deposits		(4,559)		–		–		–		(4,559)
Purchases of:
Property, plant and equipment		(548,147)		–		–		–		(548,147)
Short term investments		–		(14,220)		(170)		–		(14,390)
Fixed maturities investments		–		(12,754)		(90,367)		–		(103,121)
Equity securities		–		–		(46)		–		(46)
Preferred stock		–		–		(81)		–		(81)
Real estate		–		(59)		(21)		–		(80)
Mortgage loans		–		(2,287)		(5,975)		–		(8,262)
Proceeds from sales and paydowns of:
Property, plant and equipment		187,546		–		–		–		187,546
Short term investments		–		20,287		129		–		20,416
Fixed maturities investments		–		3,170		11,776		–		14,946
Preferred stock		–		500		–		–		500
Mortgage loans		–		198		9,204		–		9,402
Net cash used by investing activities		(365,160)		(5,165)		(75,551)		–		(445,876)
		(page 1 of 2)
(a) Balance for the period ended March 31, 2018

		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		103,641		–		–		–		103,641
Principal repayments on credit facilities		(73,770)		–		–		–		(73,770)
Payments of debt issuance costs		(1,420)		–		–		–		(1,420)
Capital lease payments		(84,374)		–		–		–		(84,374)
Employee stock ownership plan shares		(57)		–		–		–		(57)
Common stock dividend paid		(9,795)		–		–		–		(9,795)
Investment contract deposits		–		–		76,343		–		76,343
Investment contract withdrawals		–		–		(38,763)		–		(38,763)
Net cash provided (used) by financing activities		(65,775)		–		37,580		–		(28,195)

Effects of exchange rate on cash		(4,275)		–		–		–		(4,275)

Decrease in cash and cash equivalents		(83,736)		(1,520)		(23,793)		–		(109,049)
Cash and cash equivalents at beginning of period		702,036		6,639		50,713		–		759,388
Cash and cash equivalents at end of period	$	618,300	$	5,119	$	26,920	$	–	$	650,339
		(page 2 of 2)
(a) Balance for the period ended March 31, 2018

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)
Cash flows from operating activities:		(In thousands)
Net earnings	$	126,207	$	3,574	$	2,236	$	(5,810)	$	126,207
Earnings from consolidated entities		(5,810)		–		–		5,810		–
Adjustments to reconcile net earnings to 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 inventories and parts reserve		1,114		–		–		–		1,114
Net gains on disposal of personal property		(5,088)		–		–		–		(5,088)
Net losses on disposal of real estate		347		–		–		–		347
Net gains on sales 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 and parts		(11,982)		–		–		–		(11,982)
Prepaid expenses		44,788		–		–		–		44,788
Capitalization of deferred policy acquisition costs		–		–		(8,228)		–		(8,228)
Other assets		(4,098)		1,665		(90)		–		(2,523)
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		352,299		2,722		21,315		–		376,336

Cash flows from investing activities:
Escrow deposits		23,005		–		–		–		23,005
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		(312,752)		(7,156)		(89,555)		–		(409,463)
		(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)
Cash flows from financing activities:		(In thousands)
Borrowings from credit facilities		155,367		–		–		–		155,367
Principal repayments on credit facilities		(64,819)		–		–		–		(64,819)
Payment of debt issuance costs		(1,734)		–		–		–		(1,734)
Capital lease payments		(56,522)		–		–		–		(56,522)
Employee stock ownership plan shares		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		79,828		(4,434)		32,992		–		108,386
Cash and cash equivalents at beginning of period		671,665		12,725		13,416		–		697,806
Cash and cash equivalents at end of period	$	751,493	$	8,291	$	46,408	$	–	$	806,192
		(page 2 of 2)
(a) Balance for the period ended March 31, 2017