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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K - Annual Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
(Mark One)

[X] ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

For the fiscal year ended March 31, 2001
--------------------------------------------------

OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

For the transition period from ______________________ to _______________________

Commission Registrant, State of Incorporation I.R.S. Employer
File Number Address and Telephone Number Identification No.
- ----------- ---------------------------------- ------------------
1-11255 AMERCO 88-0106815
(A Nevada Corporation)
1325 Airmotive Way, Suite 100
Reno, Nevada 89502-3239
Telephone (775) 688-6300

2-38498 U-Haul International, Inc. 86-0663060
(A Nevada Corporation)
2727 N. Central Avenue
Phoenix, Arizona 85004
Telephone (602) 263-6645

Securities registered pursuant to Section 12(b) of the Act:

Name of Each Exchange
Registrant Title of Class on Which Registered
- ---------- -------------- ---------------------
AMERCO Series A 8 1/2% New York Stock Exchange
Preferred Stock
U-Haul International, Inc. None

Securities registered pursuant to Section 12(g) of the Act:

Registrant Title of Class
---------- --------------
AMERCO Common
U-Haul International, Inc. None

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
----- -----

Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [ ]

21,892,737 shares of AMERCO common stock, $0.25 par value, were
outstanding at June 29, 2001. The aggregate market value of AMERCO common stock
held by non-affiliates (i.e., stock held by persons other than officers,
directors and 5% shareholders of AMERCO) was $141,937,624. The aggregate market
value was computed using the closing price for the common stock trading on
NASDAQ on June 28, 2001.

5,385 shares of U-Haul International, Inc. common stock, $0.01 par value,
were outstanding at June 29, 2001. None of these shares were held by non-
affiliates. U-Haul International, Inc. meets the conditions set forth in
General Instructions (I)(1)(a) and (b) of Form 10-K and is therefore filing this
Form with the reduced disclosure format.

Portions of AMERCO's Proxy Statement relating to its Annual Meeting of
Stockholders to be held on August 31, 2001, are incorporated by reference in
Part III hereof.
2

TABLE OF CONTENTS

PAGE NO.
PART I

ITEM 1. BUSINESS...................................... 3

A. AMERCO................................... 3

B. HISTORY.................................. 3

C. MOVING AND STORAGE OPERATIONS............ 4

D. REAL ESTATE OPERATIONS................... 5

E. INSURANCE OPERATIONS..................... 6

ITEM 2. PROPERTIES.................................... 9

ITEM 3. LEGAL PROCEEDINGS............................. 9

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF
SECURITY HOLDERS.............................. 9

PART II

ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY
AND RELATED STOCKHOLDER MATTERS............... 10

ITEM 6. SELECTED FINANCIAL DATA....................... 11

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS.................................... 13

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK............................. 23

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY
DATA.......................................... 23

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH
ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE ................................... 23

PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF
THE REGISTRANTS............................... 24

ITEM 11. EXECUTIVE COMPENSATION........................ 24

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT......................... 24

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS.................................. 24

PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT
SCHEDULES AND REPORTS ON FORM 8-K............. 25
3
PART I

ITEM 1. BUSINESS

A. AMERCO

AMERCO, a Nevada corporation (AMERCO), is the holding company for U-Haul
International, Inc. (U-Haul), Amerco Real Estate Company (Real Estate), Republic
Western Insurance Company (RepWest) and Oxford Life Insurance Company (Oxford).
Throughout this Form 10-K, unless the context otherwise requires, the term
"AMERCO" includes all of its subsidiaries. AMERCO's executive offices are
located at 1325 Airmotive Way, Suite 100, Reno, Nevada 89502-3239, and the
telephone number is (775) 688-6300. As used in this Form 10-K, all references
to a fiscal year refer to AMERCO's fiscal year ended March 31 of that year.
RepWest and Oxford are consolidated on the basis of calendar years ended
December 31. Accordingly, all references to the years 2000, 1999 and 1998
correspond to AMERCO's fiscal years 2001, 2000 and 1999, respectively. AMERCO
has four industry segments represented by Moving and Storage Operations
(U-Haul), Real Estate, Property and Casualty Insurance (RepWest) and Life
Insurance (Oxford). See Note 21 of Notes to Consolidated Financial Statements
in Item 8 for financial information regarding the industry segments.

Moving and Storage Operations
Moving and self-storage operations consist of the rental of trucks and
trailers, the sale of moving aids such as boxes and the rental of self-storage
spaces to the do-it-yourself mover. Operations are conducted using the
registered tradename U-Haul REGISTERED TRADEMARK throughout the United States
and Canada.

Real Estate Operations
Real Estate owns approximately 90% of U-Haul's real estate assets,
including U-Haul Center and Storage locations. The remainder of the real estate
assets are owned by various U-Haul entities. Real Estate is responsible for
managing all of the properties including the environmental risks of the
properties. Real Estate is responsible for the purchase of all properties used
by AMERCO or any of its subsidiaries. Real Estate also handles all the
dispositions (sale or lease) of unused real estate.

Property and Casualty Insurance
RepWest originates and reinsures property and casualty-type insurance
products for various market participants, including independent third parties,
U-Haul's customers, independent dealers and AMERCO.

Life Insurance
Oxford originates and reinsures annuities, credit life and disability, life
insurance and supplemental health products. Oxford also administers the self-
insured employee health and dental plans for AMERCO.

On November 13, 2000, Oxford acquired all of the issued and outstanding
shares of Christian Fidelity Life Insurance Company (CFLIC) in an exchange of
cash for stock. CFLIC is a Texas-based insurance company specializing in
providing supplemental health insurance and is licensed in 31 states. The
acquisition was accounted for using the purchase method of accounting and,
accordingly, CFLIC's results of operations have been included in the
consolidated financial statements since the date of acquisition. Oxford
funded the acquisition from available cash and short-term funds.


B. HISTORY

U-Haul was founded in 1945 under the name "U-Haul Trailer Rental Company".
From 1945 to 1974, U-Haul rented trailers and, starting in 1959, trucks on a
one-way and In-Town REGISTERD TRADEMARK basis through independent dealers.
Since 1974, U-Haul has developed a network of Company owned rental centers
(U-Haul Centers) through which U-Haul rents its trucks and trailers and
provides related products and services (e.g., the sale and installation of
hitches, as well as the sale of boxes and moving supplies). At March 31, 2001,
U-Haul's distribution network included 1,380 U-Haul Centers and 15,300
independent dealers.
4
C. MOVING AND STORAGE OPERATIONS

Business Strategies
The U-Haul business strategy remains focused on do-it-yourself moving and
self-storage customers. U-Haul believes that customer access, in terms of truck
or trailer availability and proximity of rental locations, is critical to its
success. Under the U-Haul name, our strategy is to offer, in an integrated
manner over an extensive and geographically diverse network of 16,680 Company
operated Centers and independent dealers, a wide range of products and services
to do-it-yourself moving and self-storage customers.

Moving Operations
U-Haul has a variety of product offerings. Rental trucks are designed with
do-it-yourself customers in mind. U-Haul trailers are suited to the low profile
of many newly manufactured automobiles. As of March 31, 2001, the U-Haul rental
equipment fleet consisted of 100,400 trucks, 85,300 trailers and 20,400 tow
dollies. Additionally, U-Haul provides support rental items such as furniture
pads and bumper hitches.

Approximately 90% of U-Haul's rental revenue is from do-it-yourself movers.
Moving rentals include:
(i) In-Town REGISTERD TRADEMARK rentals, where the equipment is returned
to the originating U-Haul location and
(ii) one-way rentals, where the equipment is returned to a U-Haul location
in another city.

U-Haul's truck and trailer rental business tends to be seasonal, with
proportionally more transactions and revenues generated in the spring and summer
months than during the balance of the year.

U-Haul also sells a wide selection of moving supplies that include boxes,
tape and packaging materials. U-Haul Centers also sell and install hitches and
towing systems, and sell propane.

U-Haul offers protection packages such as:
(i) Safemove REGISTERED TRADEMARK - which provides moving customers with
a damage waiver, cargo protection and medical and life coverage; and,
(ii) Safestor REGISTERED TRADEMARK - which provides self-storage rental
customers with various types of protection for their goods in storage.

Independent dealers receive U-Haul equipment on a consignment basis and are
paid a commission on gross revenues generated from their rentals. U-Haul
maintains contracts with its independent dealers that may typically be
terminated upon 30 days written notice by either party.

U-Haul designs and manufactures its truck van boxes, trailers and various
other support rental equipment items. Truck chassis are manufactured by both
foreign and domestic truck manufacturers. These chassis receive certain post-
delivery modifications and are joined with van boxes at strategically located
Company-owned manufacturing and assembly facilities in the United States.

U-Haul services and maintains its trucks and trailers through an extensive
preventive-maintenance program, generally performed at Company-owned facilities
located at or near U-Haul Centers. Major repairs are performed either by the
chassis manufacturers' dealers or by Company-owned repair shops, and U-Haul
takes advantage of manufacturers' warranties.

Competition
The moving truck and trailer rental market is highly competitive and
dominated by national operators in both the In-Town REGISTERED TRADEMARK and
one-way markets. Recently two major competitors combined. Budget Rent-A-Car
acquired Ryder TRS (Ryder Truck Rentals). Management believes that this merger
will not have a material adverse effect on AMERCO's financial position or
operating results. Management believes that there are two distinct users of
rental trucks: commercial users and do-it-yourself users. U-Haul focuses on
the do-it-yourself mover. U-Haul believes that the principal competitive
factors are convenience of rental locations, availability of quality rental
equipment and price.
5

Self-Storage Business
U-Haul entered the self-storage business in 1974 and since then has
increased the rentable square footage of its storage locations through the
acquisition of existing facilities and new construction. In addition, U-Haul
has entered into management agreements to manage self-storage properties owned
by others. U-Haul has also entered into a strategic and financial partnership
with Private Mini Storage Realty, L.P., a Texas-based operator of self-storage
properties.

Through over 1,000 owned or managed storage locations in the United States
and Canada, U-Haul offers for rent more than 32.5 million square feet of self-
storage space. U-Haul's self-storage facility locations range in sizes up to
152,600 square feet of storage space, with individual storage units in sizes
from 15 square feet to 400 square feet.

The primary market for storage rooms is the storage of household goods.
With the addition of 32,784 storage rooms during fiscal year 2001, the average
occupancy rate of facilities operating over one year was 83.19%, with modest
seasonal variations. During fiscal year 2001, delinquent rentals as a
percentage of total storage rentals were approximately 7.7%. U-Haul considers
this rate to be satisfactory.

Competition
The primary competition for a U-Haul self-storage location is other storage
facilities within a trade area offering a comparable level of convenience to the
customer.

Employees
As of March 31, 2001, U-Haul's non-seasonal work force consisted of 16,800
full and part-time employees.

D. REAL ESTATE OPERATIONS

Real Estate Operations
Real Estate has responsibility for actively marketing properties available
for sale or lease. Real Estate is also responsible for managing any
environmental risks associated with AMERCO's real estate.

Environmental Matters
Compliance with environmental requirements of federal, state and local
governments significantly affects Real Estate's business operations. Among
other things, these requirements regulate the discharge of materials into the
water, air and land and govern the use and disposal of hazardous substances.
Real Estate is aware of issues regarding hazardous substances on the properties.
Real Estate regularly makes capital and operating expenditures to stay in
compliance with environmental laws. Since 1988, Real Estate has managed a
testing and removal program for underground storage tanks. Under this program,
over 3,000 tanks have been removed at a cost of $42.6 million.

A subsidiary of U-Haul, INW Company (INW), owns one property located within
two different state hazardous substance sites in the State of Washington. The
sites are referred to as the "Yakima Valley Spray Site" and the "Yakima Railroad
Area." INW has been named as a "potentially liable party" (PLP) under state law
with respect to this property as it relates to both sites. As a result of the
cleanup costs of approximately $3.0 to $9.0 million required by the State of
Washington, INW filed for reorganization under the federal bankruptcy laws in
May of 2001.

Based upon the information currently available to Real Estate, compliance
with the environmental laws and its share of the costs of investigation and
cleanup of known hazardous waste sites are not expected to have a material
adverse effect on AMERCO's financial position or operating results.
6

E. INSURANCE OPERATIONS

Business Strategies
RepWest's principal business strategy is to provide specialty insurance for
personal, commercial and reinsurance markets. RepWest focuses on selected
regional and under-served customers through managing general agents, independent
agents, brokers and direct sales.

Oxford's business strategy is long-term capital growth through direct
writing and reinsuring of annuity, credit life and disability and supplemental
health insurance. Oxford is pursuing this growth strategy of increased direct
writing via acquisitions of insurance companies, expanded distribution channels
and product development. The acquisitions of North American Insurance Company
and Safe Mate Life Insurance Company in 1997 and Christian Fidelity Life
Insurance Company in 2000 represent a significant movement toward this long-term
goal. Oxford has significantly expanded product offerings, distribution
channels and administrative capabilities through these acquisitions.

Investments
RepWest and Oxford investments must comply with the insurance laws of the
state of domicile. These laws prescribe the type, quality and concentration of
investments that may be made. Moreover, in order to be considered an acceptable
reinsurer by cedents and intermediaries, a reinsurer must offer financial
security. The quality and liquidity of invested assets are important
considerations in determining such security.

The investment philosophies of RepWest and Oxford emphasize protection of
principal through the purchase of investment grade fixed-income securities.
Approximately 88.0% of RepWest's and 93.2% of Oxford's fixed-income securities
consist of investment grade securities (NAIC-2 or greater). The maturity
distributions are designed to provide sufficient liquidity to meet future cash
needs.

Reinsurance
RepWest and Oxford assume and cede insurance from and to other insurers and
members of various reinsurance pools and associations. Reinsurance arrangements
are utilized to provide greater diversification of risk and to minimize exposure
to large risks. However, the original insurer retains primary liability to the
policyholder should the assuming insurer not be able to meet its obligations
under the reinsurance agreements.

Regulation
RepWest and Oxford are subject to regulation and supervision throughout the
United States. The regulation extends to such matters as licensing companies
and agents, restricting the types, quality or quantity of investments,
regulating capital and surplus and actuarial reserve maintenance, setting
solvency standards, filing of annual and other reports on financial position,
and regulating trade practices. State laws also regulate transactions and
dividends between an insurance company and its parent or affiliates, and
generally require prior approval or notification for any change in control of
the insurance subsidiary. RepWest's unpaid losses and loss expenses are
certified annually by an independent actuarial consulting firm as required by
state regulation.

In the past few years, the insurance and reinsurance regulatory framework
has been subjected to increased scrutiny by the National Association of
Insurance Commissioners (NAIC), federal and state legislatures and insurance
regulators. These regulators are considering increased regulations, with an
emphasis on insurance company investment and solvency issues. It is not
possible to predict the future impact of changing state and federal regulations
on the operations of RepWest and Oxford.

In 1998, the NAIC adopted the Codification of Statutory Accounting
Principles guidance, which will replace the current Accounting Practices and
Procedures manual as the NAIC's primary guidance for statutory accounting as of
January 1, 2001. The Codification provides guidance for areas where statutory
accounting has been silent and changes current statutory accounting in some
areas. The Insurance Departments of the State of Arizona and Louisiana has
adopted the Codification guidance, effective January 1, 2001. The effect of
adoption on RepWest's statutory surplus are increases of approximately
$11,301,000 respectively, as filed in the entities' March 31, 2001 quarterly
statements as a result of a recording of a net deferred tax asset.

RepWest and Oxford are in compliance with NAIC minimum risk-based
capitalization requirements for insurance companies as of December 31, 2000.
7

Competition
The highly competitive insurance industry includes a large number of
property and casualty insurance companies and life insurance companies. In
addition, the marketplace now includes financial service firms offering both
insurance and financial products. Some of the insurance companies are owned by
stockholders and others are owned by policyholders (mutual). Many competitors
have been in business for a longer period of time or possess substantially
greater financial resources. Competition in the insurance business is based
upon price, product design and services rendered to producers and policyholders.

Employees
RepWest's non-seasonal work force consists of 394 full and part-time
employees.

Oxford's non-seasonal work force consists of 227 full and part-time
employees.

Life Insurance
Oxford offers annuities, credit life and disability, life insurance and
supplemental health insurance products, both as a direct writer and as an
assuming reinsurer. In addition, Oxford administers self-insured group health
and dental plans for AMERCO. Reinsurance arrangements are entered into with
unaffiliated reinsurers.

Property and Casualty
RepWest's business activities consist of three basic areas: U-Haul, direct
and assumed reinsurance underwriting. U-Haul underwritings include coverage for
U-Haul customers, independent dealers and employees of AMERCO. For the year
ended December 31, 2000, approximately 11.4% of RepWest's written premiums
resulted from U-Haul underwriting activities. RepWest's direct underwriting is
done through company-employed underwriters and selected general agents. The
products provided include liability coverage for rental vehicle lessees, storage
rental properties, coverage for commercial multiple peril, commercial auto,
mobile homes and excess workers' compensation. RepWest's assumed reinsurance
underwriting is done via broker markets. In an effort to decrease risk, RepWest
has entered into various catastrophe cover policies to limit its exposure.

The liability for reported and unreported losses is based on both RepWest's
historical and industry averages. Unpaid loss adjustment expenses are based on
historical ratios of loss adjustment expenses paid to losses paid. The
liability for unpaid losses and loss adjustment expenses is based on estimates
of the amount necessary to settle all claims as of the statement date. Both
reported and unreported losses are included in the liability. RepWest updates
the liability estimate as additional facts regarding claim costs become
available. These estimates are subject to uncertainty and variation due to
numerous factors. In estimating reserves, no attempt is made to isolate
inflation from the combined effect of other factors including inflation.
Unpaid losses and unpaid loss adjustment expense are not discounted.

Activity in the liability for unpaid losses and loss adjustment expenses
is summarized as follows:

2000 1999 1998
---------------------------
(in thousands)
Balance at January 1 $ 334,857 344,748 384,816
Less reinsurance recoverable 58,403 68,135 75,286
---------------------------
Net balance at January 1 276,454 276,613 309,530
Incurred related to:
Current year 155,073 121,861 116,069
Prior years 35,387 16,052 (8,827)
---------------------------
Total incurred 190,460 137,913 107,242
Paid related to:
Current year 61,196 55,136 36,407
Prior years 117,025 82,936 103,752
---------------------------
Total paid 178,221 138,072 140,159
Net balance at December 31 288,693 276,454 276,613
Plus reinsurance recoverable 80,599 58,403 68,135
---------------------------
Balance at December 31 $ 369,292 334,857 344,748
===========================

As a result of changes in estimates of insured events in prior years, the
provision for unpaid losses and loss adjustment expenses (net of reinsurance
recoveries of $36.5 million) increased by $35.3 million in 2000.
8
The table on page 9 illustrates the change in unpaid loss and loss
adjustment expenses. First line - reserves as originally reported at the end of
the stated year. Second section, reading down, - cumulative amounts paid as of
the end of successive years with respect to that reserve. Third section,
reading down, - revised estimates of the original recorded reserve as of the end
of successive years. Last section - compares the latest revised estimated
reserve amount to the reserve amount as originally established. This last
section is cumulative and should not be summed.
9


Unpaid Loss and Loss Adjustment Expenses

December 31
- --------------------------------------------------------------------------------------------------------------------------
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000
- --------------------------------------------------------------------------------------------------------------------------
(in thousands)



Unpaid Loss and Loss
Adjustment Expenses: $226,324 236,019 238,762 314,482 329,741 341,981 332,674 384,816 344,748 334,857 369,292

Paid (Cumulative)
as of:
One year later 55,128 65,532 83,923 70,382 86,796 89,041 89,336 103,752 82,936 117,025
Two years later 97,014 105,432 123,310 115,467 139,247 150,001 161,613 174,867 164,318
Three years later 120,994 126,390 153,030 146,640 173,787 195,855 208,168 216,966
Four years later 133,338 143,433 173,841 166,068 198,434 226,815 232,726
Five years later 144,764 153,730 181,677 181,174 219,425 243,855
Six years later 152,424 160,875 191,938 194,652 231,447
Seven years later 157,979 168,975 200,281 203,535
Eight years later 163,860 175,364 207,719
Nine years later 169,681 182,235
Ten years later 175,696

Reserve Reestimated
as of:
One year later 229,447 231,779 251,450 321,058 338,033 353,508 354,776 357,733 339,602 377,096
Two years later 221,450 224,783 254,532 323,368 340,732 369,852 342,164 361,306 371,431
Three years later 211,998 223,403 253,844 309,936 349,459 328,445 346,578 369,598
Four years later 207,642 214,854 231,536 317,687 302,808 331,897 349,810
Five years later 200,629 198,320 239,888 267,005 300,180 339,665
Six years later 189,601 210,872 263,843 262,517 307,306
Seven years later 200,556 231,407 259,798 267,948
Eight years later 217,005 227,603 265,285
Nine years later 213,981 230,851
Ten years later 215,801

Cumulative Redundancy
(Deficiency) $ 10,523 5,168 (26,523) 46,534 22,435 2,316 (17,136) 15,218 (26,686) (42,239)
Retro Premium
Recoverable $ 7,427 2,549 (988) 6,061 5,458 10,183 10,645 10,532 6,797 12,411
Reestimated Reserve:
Amount (Cumulative) $ 17,950 7,717 (27,511) 52,595 27,893 12,499 (6,491) 25,750 (19,889) (29,828)

10
ITEM 2. PROPERTIES

AMERCO subsidiaries own property, plant and equipment that are utilized in
the manufacture, repair and rental of U-Haul equipment and that provide office
space for the Company. Such facilities exist throughout the United States and
Canada. The majority of land and buildings used by U-Haul is owned in fee and
is substantially unencumbered. U-Haul also manages storage facilities owned by
others. In addition, U-Haul owns certain real estate not currently used in its
operations. U-Haul owns or operates 1,380 U-Haul Centers (including Company-
owned storage locations), and operates 12 manufacturing and assembly facilities.
U-Haul also operates 102 repair facilities located at or near a U-Haul Center.


ITEM 3. LEGAL PROCEEDINGS

In the normal course of business, AMERCO is a defendant in a number of
suits and claims. AMERCO is also a party to several administrative proceedings
arising from state and local provisions that regulate the removal and/or cleanup
of underground fuel storage tanks. It is the opinion of management that none of
the suits, claims or proceedings involving AMERCO, individually or in the
aggregate, are expected to result in a material loss. See "Item 1. Business -
Environmental Matters".

Reference is made to Note 15 in Notes to Consolidated Financial Statements
in Item 8 for a discussion of stockholder litigation and California overtime
litigation.


ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No matter was submitted to a vote of the security holders during the fourth
quarter of the fiscal year covered by this report, through the solicitation of
proxies or otherwise.
11

PART II

ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS

As of June 29, 2001, there were approximately 1,283 holders of record of
AMERCO's common stock.

AMERCO's common stock has been traded on NASDAQ National Market (NASDAQ)
since November 1994 under the symbol "UHAL". The following table sets forth the
high and low closing prices of the common stock of AMERCO trading on NASDAQ for
the periods indicated.


For the Years Ended March 31,
----------------------------------------------
2001 2000
----------------------------------------------
High Low High Low
-----------------------------------------------
First quarter 20 16 1/4 25 1/2 20 3/8
Second quarter 21 1/8 18 5/16 28 9/16 22 1/4
Third quarter 24 3/8 18 9/16 29 3/4 23 3/8
Fourth quarter 22 3/8 17 7/32 26 63/64 16 1/2

AMERCO has not declared any cash dividends to common stockholders for the
two most recent fiscal years.

AMERCO does not have a formal dividend policy. AMERCO's Board of Directors
periodically considers the advisability of declaring and paying dividends in
light of existing circumstances. AMERCO does not intend to pay dividends in the
foreseeable future. See Note 20 of Notes to Consolidated Financial Statements
in Item 8 for a discussion of certain statutory restrictions on the ability of
the insurance subsidiaries to pay dividends to AMERCO.

See Note 16 of Notes to Consolidated Financial Statements in Item 8 for a
discussion of AMERCO's non-cash dividends. See Note 6 of Notes to Consolidated
Financial Statements in Item 8 for a discussion of changes to common shares
outstanding.

The common stock of U-Haul is wholly-owned by AMERCO. As a result, no
active trading market exists for the purchase and sale of such common stock. No
cash dividends were declared to AMERCO by U-Haul during the two most recent
fiscal years.
12


ITEM 6. SELECTED FINANCIAL DATA
AMERCO AND CONSOLIDATED SUBSIDIARIES

For the Years Ended March 31,
-------------------------------------------------------------------
2001 2000 1999 1998 1997
-------------------------------------------------------------------
(in thousands, except share, per share data and ratios)

Summary of Operations:
Rental revenue and net sales $ 1,399,279 1,339,348 1,255,493 1,194,948 1,146,751
Premiums, net investment and interest income 414,359 344,269 300,219 231,430 239,081
--------- --------- --------- --------- ---------
1,813,638 1,683,617 1,555,712 1,426,378 1,385,832
--------- --------- --------- --------- ---------

Operating expenses
and cost of sales (4) 1,116,006 1,031,068 984,355 921,406 882,925
Benefits, losses and amortization of
deferred acquisition costs 319,312 244,579 208,281 189,770 190,623
Lease expense 178,458 136,044 118,742 89,879 85,973
Depreciation, net (3) 88,091 87,647 73,066 69,655 66,742
--------- --------- --------- --------- ---------
1,701,867 1,499,338 1,384,444 1,270,710 1,226,263
--------- --------- --------- --------- ---------
Earnings 111,771 184,279 171,268 155,668 159,569
Interest expense 87,773 81,532 73,658 79,369 76,041
--------- --------- --------- --------- ---------

Pretax earnings 23,998 102,747 97,610 76,299 83,528
Income tax expense (8,912) (36,922) (35,101) (27,643) (29,344)
--------- --------- --------- --------- ---------
Earnings from operations before
extraordinary loss on early
extinguishment of debt 15,086 65,825 62,509 48,656 54,184
Extraordinary loss on early
extinguishment of debt, net
(7) (8) (9) (10) (11) (2,121) (334) - (13,672) (2,319)
--------- --------- --------- --------- ---------

Net earnings $ 12,965 65,491 62,509 34,984 51,865
========= ========= ========= ========= =========

Earnings per common share
(both basic and diluted):
Earnings from operations before
extraordinary loss on early
extinguishment of debt per
common share (2) $ 0.10 2.39 2.07 1.28 1.44
Net earnings (2) (7) (8) (9) (10) (11) 0.00 2.37 2.07 0.66 1.35
Weighted average common shares
outstanding 21,486,370 21,934,390 21,937,686 21,896,101 25,479,651
Cash dividends declared:
Preferred stock $ 12,963 13,641 17,414 20,766 16,875
Common stock - - - - -
Ratio of earnings to fixed charges (1) 1.13 1.71 1.73 1.56 1.64

13



ITEM 6. SELECTED FINANCIAL DATA, continued
AMERCO AND CONSOLIDATED SUBSIDIARIES

For the Years Ended March 31,
-------------------------------------------------------------------
2001 2000 1999 1998 1997
-------------------------------------------------------------------
(in thousands, except share, per share data and ratios)

Balance Sheet Data:
Property, plant and
equipment, net $ 1,362,644 1,382,662 1,294,824 1,275,756 1,247,066
Total assets 3,384,064 3,125,225 3,087,503 2,913,277 2,718,994
Notes and loans payable 1,156,848 1,137,840 1,114,748 1,025,323 983,550
Stockholder's equity (10) 615,366 585,294 616,025 595,059 602,320
Other information:
EBITDAR (5) 434,414 455,804 404,112 359,369 339,906
Operating profit margin (6) 9.4% 13.6% 13.6% 13.0% 13.6%

(1) For purposes of computing the ratio of earnings to fixed charges, "earnings" consists of pretax earnings from operations plus
total fixed charges excluding interest capitalized during the period and "fixed charges" consists of interest expense,
preferred stock dividends, capitalized interest, amortization of debt expense and discounts and one-third of the Company's
annual rental expense (which AMERCO believes is a reasonable approximation of the interest factor of such rentals).

(2) Earnings and net earnings per common share were computed after giving effect to the dividends on the Company's Series B
floating rate stock for all years presented.

(3) Reflects the change in estimated residual values during the year ended March 31, 1998.

(4) Reflects the adoption of Statement of Position 98-1, "Accounting for the Costs of Computer Software Developed or Obtained for
Internal Use" during the year ended March 31, 1998.

(5) EBITDAR is defined as earnings before interest expense, taxes, depreciation, amortization and lease expense (100%).
EBITDAR is presented because the Company believes it is a widely accepted financial indicator of an entity's ability to incur
and service debt.

(6) Operating profit margin - Earnings from operations plus 1/3 lease expense divided by total revenues.

(7) Reflects the early extinguishment of debt and long-term notes with notional amounts totaling $76.3 million and $86.2 million,
respectively, during fiscal year 1997.

(8) Reflects the early extinguishment of debt and long-term notes with notional amounts totaling $76.0 million and $255.0
million, respectively, during fiscal year 1998.

(9) Reflects the early extinguishment of Medium-Term Notes and Bond Backed Asset Trust certificates with notional amounts
totaling $50.0 million and $100.0 million, respectively, during fiscal year 2000.

(10) Reflects the redemption of $25 million, $50 million and $25 million of Series B Preferred Stock in fiscal years 2000, 1999
and 1998, respectively.

(11) Reflects the early extinguishment of Medium-Term Notes and Bond Backed Asset Trust certificates with notional amounts
totaling $25.0 million and $100.0 million, respectively, during fiscal year 2001.

14
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements
- --------------------------
This report contains forward-looking statements. Additional written or
oral forward-looking statements may be made by AMERCO from time to time in
filings with the Securities and Exchange Commission or otherwise. Management
believes such forward-looking statements are within the meaning of the safe-
harbor provisions. Such statements may include, but not be limited to,
projections of revenues, income or loss, estimates of capital expenditures,
plans for future operations, products or services and financing needs or plans,
as well as assumptions relating to the foregoing. The words "believe",
"expect", "anticipate", "estimate", "project" and similar expressions identify
forward-looking statements, which speak only as of the date the statement was
made. Forward-looking statements are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified. Future events
and actual results could differ materially from those set forth in, contemplated
by or underlying the forward-looking statements. The following disclosures, as
well as other statements in this report and in the Notes to AMERCO's
Consolidated Financial Statements, describe factors, among others, that could
contribute to or cause such differences, or that could affect AMERCO's stock
price.

General
- -------
Information on fiscal year and industry segments is incorporated by
reference to "Item 8. Financial Statements and Supplementary Data - Notes 1, 20
and 21 of Notes to Consolidated Financial Statements". The notes discuss the
principles of consolidation, summarized consolidated financial information and
industry segment and geographic area data, respectively. In consolidation, all
intersegment premiums are eliminated and the benefits, losses and expenses are
retained by the insurance companies.

Liquidity and Capital Resources
- -------------------------------

Consolidated Group
To meet the needs of its customers, U-Haul must maintain a large inventory
of fixed asset rental items. At March 31, 2001, net property, plant and
equipment represented approximately 63.1% of total assets from non-insurance
operations and approximately 40.2% of consolidated assets. In fiscal year
2001, gross capital expenditures for property, plant and equipment were $358.9
million, as compared to $417.6 million and $298.5 million in fiscal years 2000
and 1999, respectively. These expenditures primarily reflect the replacement
of certain rental trucks and trailers. The capital needs required to fund
these acquisitions were funded with internally generated funds from operations
and lease financings.

During each of the fiscal years ending March 31, 2002, 2003 and 2004,
U-Haul estimates gross capital expenditures will average approximately $232
million primarily reflecting rental fleet rotation. This level of capital
expenditures, combined with a potential range of $77.5-$175 million in annual
long-term debt maturities, are expected to create annual average funding needs
of approximately $333-$408 million. Management estimates that U-Haul will
fund 100% of these requirements with leases and internally generated funds,
including proceeds from the disposition of older trucks and other asset sales.

Consolidated Net Cash Provided by Operating Activities
Net cash provided by operating activities was $126.1 million, $237.7
million and $159.5 million in fiscal years 2001, 2000 and 1999, respectively.
Details by material segment follows:

Moving and Storage Operations
Cash provided by operating activities was $39.7 million, $147.5 million and
$128.5 million in fiscal years 2001, 2000 and 1999, respectively. The decrease
from fiscal year 2000 to fiscal year 2001 is mainly due to a decrease in
intercompany payable. The increase from fiscal year 1999 to fiscal year 2000 is
partially due to an increase in net income.
15

Real Estate Operations
Cash provided by operating activities was $50.5 million, $24.8 million and
$38.0 million in fiscal years 2001, 2000 and 1999, respectively. The increase
in fiscal year 2001, is due to an increase in intercompany payable. This is
due to dividends paid related to the sale of property. The decrease in
fiscal year 2000, is due to a decrease in the intercompany payable.

Property and Casualty
Cash provided (used) by operating activities was $21.1 million, $(11.1)
million and $(21.7) million for the years ended December 31, 2000, 1999 and
1998, respectively. The 2000 to 1999 change resulted from increased premium
collections and funds withheld, offset by increased loss and loss adjustment
expense payments and policy acquisition costs associated with new business
production. The 1999 to 1998 change resulted from the increased funds withheld
liability, decreased paid losses recoverable and a smaller decrease in loss and
loss adjustment expense reserves. This was offset by increased premiums and
agents' balances and the intercompany receivable due from affiliates.

RepWest's cash and cash equivalents and short-term investment portfolio
were $17.0 million, $6.0 million and $6.1 million at December 31, 2000, 1999 and
1998, respectively. This balance reflects funds in transition from maturity
proceeds to long-term investments. This level of liquid assets, combined with
budgeted cash flow, is adequate to meet periodic needs. Capital and operating
budgets allow RepWest to schedule cash needs in accordance with investment and
underwriting proceeds.
16
LIFE INSURANCE
Cash provided by operating activities was $8.7 million, $22.2 million and
$34.6 million for the years ended December 31, 2000, 1999 and 1998,
respectively. The decrease in cash flows from operating activities in 2000 and
1999 relates to paid loss experience. In 2000, cash flows provided by financing
activities were $14.7 million, $3.2 million and $32.0 million for the years
ended December 31, 2000, 1999 and 1998, respectively. Cash flows from deferred
annuity sales increase investment contract deposits, which are a component of
financing activities, as well as the purchase of fixed maturities, which are a
component of investing activities. The increase in 2000 from 1999 is due to a
higher ratio of annuity deposits versus withdrawals, the opposite occurred in
1999 compared to 1998.

Oxford's primary sources of cash are premiums, receipts from interest-
sensitive products and investment income. The primary uses of cash are
operating costs and benefit payments to policyholders. Matching the investment
portfolio to the cash flow demands of the types of insurance being written is an
important consideration. Benefit and claim statistics are continually monitored
to provide projections of future cash requirements.

In addition to cash flows from operating and financing activities, a
substantial amount of liquid funds is available through Oxford's short-term
portfolio. Short-term investments amounted to $45.0 million, $30.7 million and
$63.4 million at December 31, 2000, 1999 and 1998, respectively. Management
believes that the overall sources of liquidity will continue to meet foreseeable
cash needs.

Consolidated Stockholder's Equity
Consolidated stockholder's equity was $615.4, $585.3 and $616.0 million for
the fiscal years 2001, 2000 and 1999, respectively. Details by material segment
follow:

Moving and Storage Operations
U-Haul's stockholder's equity was $522.9 million, $435.2 million and $384.7
million for the fiscal years 2001, 2000 and 1999, respectively. The increase
in fiscal year 2001 is mainly the result of increased additional paid in capital
due to the sale of property to a related party. The increase in fiscal year
2000 was due to earnings.

Real Estate Operations
Real Estate stockholder's equity was $89.1 million, $96.1 million and $79.5
million in fiscal years 2001, 2000 and 1999, respectively. The decrease in
fiscal year 2001 relates to the payment of a dividend to U-Haul partially
offset by increased earnings. The increase in fiscal year 2000 was due to
earnings.
17

Property and Casualty
RepWest maintains a diversified securities investment portfolio, primarily
in bonds at varying maturity levels with 88.0% of the fixed-income securities
consisting of investment grade securities. The maturity distribution is
designed to provide sufficient liquidity to meet future cash needs. Current
liquidity remains strong, with current invested assets equal to 81.8% of total
liabilities.

The liability for reported and unreported losses are based upon both
RepWest's historical and industry averages. Unpaid loss adjustment expenses are
based on historical ratios of loss adjustment expenses paid to losses paid.
Unpaid loss and loss expenses are not discounted.

RepWest's stockholder's equity was $192.1 million, $208.5 million and
$211.4 million at December 31, 2000, 1999 and 1998, respectively. The decrease
from 1999 to 2000 is a result of an operating loss and a change in market value
for the available for sale investment portfolio. RepWest considers current
stockholder's equity to be adequate to support future growth and absorb
unforeseen risk events. RepWest does not use debt or equity issues to increase
capital and therefore has no exposure to capital market conditions.

Life Insurance
Oxford's stockholder's equity was $99.8 million, $88.1 million and $93.6
million in 2000, 1999 and 1998, respectively. The increase from 1999 to 2000 is
a result of earnings and change in market value for the available for sale
investment portfolio. The decrease from 1998 to 1999 was due to the change in
market value for the available for sale investment portfolio offset by earnings.
Oxford did not pay dividends to its parent during 2000, 1999 or 1998.

Insurance Operations
- --------------------
Applicable laws and regulations of the State of Arizona require RepWest and
Oxford to maintain minimum capital determined in accordance with statutory
accounting practices. Such amount is $1.0 million and $0.4 million, for RepWest
and Oxford, respectively. In addition, the amount of dividends that can be paid
to stockholders by insurance companies domiciled in the State of Arizona is
limited. Any dividend in excess of the limit requires prior regulatory
approval. Statutory surplus which can be distributed as dividends without
regulatory approval is $11.7 million and $0.7 million for RepWest and Oxford,
respectively at December 31, 2000. These restrictions are not expected to have
a material adverse effect on the ability of the Company to meet its cash
obligations. Oxford issued a surplus note to AMERCO on December 31, 1998 for
$10.0 million. Approval by the Arizona Department of Insurance is required
prior to payment of principal and interest.

Credit Agreements
- -----------------
AMERCO's operations are funded by various credit and financing
arrangements, including unsecured long-term borrowings, unsecured medium-term
notes and revolving lines of credit with domestic and foreign banks. To finance
its fleet of trucks and trailers, U-Haul routinely enters into sale and
leaseback transactions. As of March 31, 2001, AMERCO had $1,156.8 million in
total notes and loans outstanding and unutilized committed lines of credit of
approximately $94.9 million.

Certain of AMERCO's credit agreements contain restrictive financial and
other covenants, including, among others, covenants with respect to incurring
additional indebtedness, issuing mandatory repayment preferred stock,
maintaining certain financial ratios and placing certain additional liens on its
properties and assets. At March 31, 2001, AMERCO was in compliance with these
covenants.

Reference is made to Note 5 in Item 8 of Notes to Consolidated Financial
Statements.

Results of Operations - Consolidated
- ------------------------------------

Consolidated Rental Revenue
Rental revenue, net of commission expense was $1,205.0 million, $1,150.5
million, and $1,074.2 million in fiscal years 2001, 2000 and 1999, respectively.
Details by material segment follow:
18

Moving and Storage Operations
Rental revenue was $1,202.4 million, $1,148.2 million and $1,072.1 million
in fiscal years 2001, 2000 and 1999, respectively. The increase from fiscal
year 2000 to fiscal year 2001 is due to an increase in one way transactions with
an improved average dollar per transaction on one way rentals as well as growth
in transactions in trailer rentals and support rental items. The increase from
fiscal year 1999 to fiscal year 2000 was primarily due to the growth in truck
rental revenues which benefited from transactional growth and reflects a higher
average revenue per transaction.

Real Estate Operations
Rental revenue, before intercompany eliminations, were $71.9 million, $73.4
million and $74.0 million in fiscal years 2001, 2000 and 1999, respectively.
Intercompany rental revenue was $71.1 million, $71.0 million and $71.9 million
in fiscal years 2001, 2000 and 1999, respectively. The decrease in fiscal year
2001 is related to the sale of properties to a related party while rental
revenue was consistent between fiscal year 1999 and fiscal year 2000.

Consolidated Net Sales
Net sales revenues were $194.3 million, $188.8 million and $181.3 million
in fiscal years 2001, 2000 and 1999, respectively. Revenue growth from the sale
of moving support items (i.e. boxes, etc.) and propane resulted in the increase
for each year.

Consolidated Premiums
Premium revenues, after intercompany eliminations, were $323.2 million,
$262.1 million and $226.8 million in fiscal years 2001, 2000 and 1999,
respectively. Details by material segment follow:

Property and Casualty
Premium revenues, before intercompany eliminations, were $218.1 million,
$173.8 million and $145.3 million for the years ended December 31, 2000, 1999
and 1998, respectively. General agency premiums were $64.3 million, $17.8
million and $6.5 million for the years ended December 31, 2000, 1999 and 1998,
respectively. The increase from 1999 to 2000 was the result of two new agency
programs. Assumed treaty reinsurance premiums were $83.2 million, $80.7 million
and $51.2 million for the years ended December 31, 2000, 1999 and 1998,
respectively. Rental industry revenues were $43.3 million, $50.3 million and
$66.6 million for the years ended December 31, 2000, 1999 and 1998,
respectively. This decline was caused by cost measures implemented on the
U-Haul rental industry Business Auto General Liability Policy.

Life Insurance
Premium revenues, before intercompany eliminations, were $112.6 million,
$96.4 million and $94.5 million for the years ended December 31, 2000, 1999 and
1998, respectively. Oxford increased Medicare supplement premiums through
direct writings and the acquisition of Christian Fidelity Life Insurance Company
(CFLIC); these actions increased premiums by $12.5 million and $19.1 million
in 2000 and 1999, respectively. Premiums from Oxford's life insurance lines
decreased $1.7 million and increased $1.1 million from 2000 and 1999,
respectively due to production fluctuations from year to year. In the area
of credit insurance, Oxford increased direct writings as well as reduced
the amount ceded to outside reinsurers. These factors contributed to
a $3.3 million and $6.7 million increase in premium from 2000 and 1999,
respectively. Annuitizations increased by $1.1 million and decreased $3.0
million in 2000 and 1999, respectively. Premiums decreased $5.3 million in
1999 due to the sale of NAFCIC. Other health insurance premiums increased
$1.0 million in 2000 due to a higher reinsurance retention level and decreased
$0.5 million in 1999 due to the elimination of certain NAI health lines.

Consolidated Net Investment and Interest Income
Net investment and interest income was $91.2 million, $82.2 million and
$73.4 million in fiscal years 2001, 2000 and 1999, respectively. Details by
material segment follow:

Moving and Storage Operations
Interest income was $27.9 million, $19.5 million and $12.9 million in
fiscal years 2001, 2000 and 1999, respectively. The increase in fiscal year
2001 is mainly related to increased storage loan activity. The increase in
interest during fiscal year 2000 reflects higher average note receivable
balances.
19

Real Estate Operations
Net investment and interest income was $11.0 million, $7.0 million and $4.5
million in fiscal years 2001, 2000 and 1999, respectively. The increase in
fiscal year 2001 is related to increased investments. The increase in fiscal
year 2000 is due to interest income received on notes receivable.

Property and Casualty
Net investment income was $29.1 million, $33.0 million and $35.8 million
for the years ended December 31, 2000, 1999 and 1998, respectively. The
reductions are attributable to decreased gains and lower annual average invested
assets, as well as the write down of $3.0 million of fixed maturity investments
during 2000.

Life Insurance
Net investment income was $22.2 million, $21.5 million and $20.1 million
for the years ended December 31, 2000, 1999 and 1998, respectively. This
increase is due to improved interest rate spreads on the retirement savings
products offset by write downs of $3.5 million of fixed maturity investments
during 2000.

Consolidated Operating Expenses
Operating expenses were $998.8 million, $919.1 million and $877.6 million
in fiscal years 2001, 2000 and 1999, respectively. Details by material segment
follow:

Moving and Storage Operations
Operating expenses, before intercompany eliminations, were $986.5 million,
$931.1 million and $893.0 million in fiscal years 2001, 2000 and 1999,
respectively. The increased expense in fiscal year 2001 is due to increased
personnel cost, higher repair expense, a substantial lawsuit settlement and
other administrative costs. Also, the addition of storage rooms will initially
cause an increase in operating expenses without corresponding increases in
earnings until the properties reach a stabilized level of occupancy. The
increase in fiscal year 2000 is due to the increased cost of liability
insurance, due to transactional growth, increased personnel costs and other
administrative costs.

Real Estate Operations
Operating expenses, before intercompany eliminations, were $0.4 million,
$4.0 million and $6.2 million in fiscal years 2001, 2000 and 1999, respectively.
The decrease in fiscal year 2001 is due to an increase in intercompany lease
payments which lowers their operating expense. Real Estate benefited from a
reduction in intercompany management fees charged by an affiliated segment
company during fiscal year 2000 compared to the prior two years.

Property and Casualty
Operating expenses, before intercompany eliminations, were $56.7 million,
$35.0 million and $35.6 million for the years ended December 31, 2000, 1999 and
1998, respectively. The increase is due to commission expenses associated with
the growth in written premium and a $4.6 million decrease in the capitalization
of deferred acquisition costs for the year ended December 2000 as well as
general and administrative expenses required to support the new business
expansion. Commission expenses were $33.1 million, $19.1 million and $18.8
million for the years ended December 2000, 1999 and 1998, respectively.
Lease expenses increased to $2.1 million, $1.9 million and $1.3 million for the
years ended December 2000, 1999 and 1998, respectively. All other underwriting
expenses consisted of $21.4 million, $13.9 million and $15.5 million for the
years ended December 2000, 1999 and 1998, respectively.

Life Insurance
Operating expenses, before intercompany eliminations, were $29.0 million,
$23.1 million and $20.4 million for the years ended December 31, 2000, 1999 and
1998, respectively. Commissions have increased $7.3 million and $9.1 million
in 2000 and 1999, respectively, primarily due to the increase in Medicare
supplement premiums. General and administrative expenses net of fees collected
decreased $1.4 million and $0.5 million in 2000 and 1999, respectively.

Consolidated Cost of Sales
Cost of sales was $117.2 million, $112.0 million and $106.8 million in
fiscal years 2001, 2000 and 1999, respectively. Increased material costs and a
higher sales volume related to moving support items contributed to the increases
in both fiscal years 2001 and 2000.
20

Consolidated Benefits and Losses
Benefits and losses were $283.4 million, $209.6 million and $176.6 million
in fiscal years 2001, 2000 and 1999, respectively. Details by material segment
follow:

Property and Casualty
Benefits and losses incurred were $204.1 million, $150.5 million and $118.9
million for the years ended December 31, 2000, 1999 and 1998, respectively. The
increase from 1999 to 2000 resulted from two new general agency programs and
reserve strengthening in existing rental industry, assumed treaty reinsurance
and general agency programs. The increase from 1998 to 1999 resulted from the
increased assumed treaty reinsurance claims as well as an arbitration loss. The
arbitration loss caused $6.3 million of previously ceded reserves to be brought
back into RepWest's retention.
21

Life Insurance
Benefits incurred were $79.2 million, $59.0 million and $57.7 million for
the years ended December 31, 2000, 1999 and 1998, respectively. The increase
is primarily due to Medicare supplement benefits incurred, which accounts for
$16.7 million and $21.2 million of benefit increases in 2000 and 1999,
respectively. These increases are due to larger volumes of business and poor
experience on blocks no longer actively marketed. Credit insurance
benefits increased from $2.1 million and $2.8 million in 2000 and 1999,
respectively due to the increase in volume written and retained. Benefits from
other health lines increased $2.5 million and $0.5 million in 2000 and 1999,
respectively as volume increased and loss experience worsened. Annuity and life
benefits decreased $1.1 million and $2.1 million in 2000 and 1999,
respectively. The sale of NAFCIC reduced benefits $0.9 million from 1998.

Consolidated Amortization of Deferred Acquisition Costs
Amortization of deferred acquisition costs (DAC) and the value of business
acquired (VOBA) was $35.9 million, $35.0 million and $31.7 million in fiscal
years 2001, 2000 and 1999, respectively. DAC consists of commissions and other
policy acquisition costs, which vary with and are primarily related to the
production of new business. The prior year end commissions and other related
expenses are recognized ratably over the remainder of the policy year. Details
by material segment follow:

Property and Casualty
The prior year-end commissions and other related expenses are amortized
over the following year. The amortization expense was $16.3 million, $13.4
million and $7.4 million for the years ended December 31, 2000, 1999 and 1998,
respectively. The increase from 1999 to 2000 is mainly due to the amortization
of Assumed Treaty expenses that were deferred in the 1999 year. The increase
from 1998 to 1999 is due mainly to RepWest's subsidiary company's DAC expense,
which increased to $3.8 million from $0.2 million in 1998. This was due to a
change in classification of the amortization expense of the subsidiary to
RepWest capitalization.

Life Insurance
The VOBA asset relates to the future profits of insurance policies in
force at the date of the NAI and CFLIC acquisitions. Amortization of DAC and
VOBA was $19.6 million, $21.6 million and $24.3 million for the years ended
December 31, 2000, 1999 and 1998, respectively. These costs are amortized as
the premium is earned over the term of the policy. Amortization decreased $2.0
million from 1999 due to the annuity and credit segments and decreased $3.0
million from 1998 due to the sale of NAFCIC.

Consolidated Lease Expense
Lease expense was $178.5 million, $136.0 million and $118.7 million in
fiscal years 2001, 2000 and 1999, respectively. Details by material segment
follow:

Moving and Storage Operations
Lease expense was $166.2 million, $132.4 million and $118.4 million in
fiscal years 2001, 2000 and 1999, respectively. The continued increase reflects
additional leasing activity of rental equipment.

Real Estate Operations
Lease expense before intercompany eliminations, for real estate
operations was $11.6 million, $3.0 million and $0.1 million for the fiscal
years 2001, 2000 and 1999, respectively. The continued increase in fiscal
year 2001 and fiscal year 2000 over the prior years reflects payments under
an operating lease facility with a number of financial institutions whereby
the Company is both lessee and construction agent developing storage
properties.
22

Consolidated Depreciation Expense, net
Depreciation expense, net was $88.1 million, $87.6 million and $73.1
million in fiscal years 2001, 2000 and 1999, respectively. Details by material
segment follow:

Moving and Storage Operations
Depreciation expense, net was $82.7 million, $79.0 million and $61.0
million in fiscal years 2001, 2000 and 1999, respectively. The increase
in fiscal years 2001 and 2000 reflects an increase in depreciation expense
on the rental truck fleet.

Real Estate Operations
Depreciation expense, net was $5.3 million, $8.6 million and $12.0 million
in fiscal years 2001, 2000 and 1999, respectively. The decrease in fiscal year
2001 reflects an increase in gains from the disposition of property, plant and
equipment. The decrease in fiscal year 2000 reflects an increase in gains from
the disposition of property, plant and equipment and a decrease in depreciation
on buildings and non-rental equipment.

Consolidated Earnings from Operations
Earnings from operations were $111.8 million, $184.3 million and $171.3
million in fiscal years 2001, 2000 and 1999, respectively. Details by material
segment follow:

Moving and Storage Operations
Earnings from operations, before intercompany eliminations, were $73.7
million, $102.0 million and $87.0 million in fiscal years 2001, 2000 and 1999,
respectively. The decrease in fiscal year 2001 is due to increased
transactions, offset by increased operating and lease expenses. In fiscal year
2000, increased rental transactions, offset by corresponding expenses,
contributed to the earnings gain.

Real Estate Operations
Earnings from operations, before intercompany eliminations, were $65.8
million, $64.7 million and $60.3 million in fiscal years 2001, 2000 and 1999,
respectively. The increase in fiscal year 2001 is mainly related to higher net
investment interest income. A decrease in intercompany management fees charged
contributed to the earnings increase for fiscal year 2000.

Property and Casualty
Earnings (loss) from operations were $(29.9) million, $7.9 million and
$19.1 million for the years ended December 31, 2000, 1999 and 1998,
respectively. The decrease in 2000 was due to reserve strengthening and
losses on two new general agency programs as well as the write downs of fixed
maturity investments whose declines in value were determined to be other than
temporary. The 1998 to 1999 decrease resulted mainly from RepWest's writing
off the 1995 American Bonding receivable, lower than forecasted premium volume
in 1999 and higher than expected losses on the agricultural business.

Life Insurance
Earnings from operations were $7.0 million, $14.2 million and $12.2 million
for the years ended December 31, 2000, 1999 and 1998, respectively. The
decrease in 2000 from both 1999 and 1998 was due to write downs of fixed
maturity investments whose declines in value were determined to be other than
temporary and poor Medicare supplement loss experience. The increase in
earnings from 1998 to 1999 was due to improved investment returns and improved
loss experience on the credit insurance business.

Consolidated Interest Expense
Interest expense was $87.8 million, $81.5 million and $73.7 million in
fiscal years 2001, 2000 and 1999, respectively. The increase can be attributed
to an increase in the average cost of debt in fiscal year 2001 over the past two
fiscal years. The average debt level outstanding continued to increase in
fiscal year 2001 compared to fiscal years 2000 and 1999.
23

Consolidated Extraordinary Loss on the Extinguishment of Debt

During fiscal year 2001, AMERCO extinguished $100.0 million of 6.89% Bond
Backed Asset Trust certificates (BATs) originally due in fiscal year 2011 and
$25.0 million of 6.7% Medium-Term notes originally due in fiscal year 2009.
This resulted in an extraordinary loss of $2.1 million, net of tax of $1.2
million ($0.10 per share).

During fiscal year 2000, AMERCO extinguished $100.0 million of 6.65% Bond
Backed Asset Trust certificates (BATs) originally due in fiscal year 2030 and
$50.0 million of 7.05% to 7.10% Medium-Term notes originally due in fiscal year
2007. This resulted in an extraordinary loss of $0.3 million, net of tax of
$0.2 million ($0.02 per share).


Consolidated Earnings
As a result of the foregoing, pretax earnings totaled $24.0 million, $102.7
million and $97.6 million in fiscal years 2001, 2000 and 1999, respectively.
After providing for income taxes, earnings from operations were $15.1 million,
$65.8 million and $62.5 million in fiscal years 2001, 2000 and 1999,
respectively. Following deductions for an extraordinary loss from the early
extinguishment of debt, net earnings were $13.0 million, $65.5 million and $62.5
million in fiscal years 2001, 2000 and 1999, respectively.

Quarterly Results
The table on page 24 presents unaudited quarterly results for the eight
quarters in the period beginning April 1, 1999 and ending March 31, 2001.
The Income Statement amounts for the quarter ended December 31, 2000 have
been restated to increase the net loss by $.10 per share due to necessary
revisions of certain fixed asset transactions. The restated loss per share
was $1.05 for the third quarter fiscal year 2001 as compared to $.95 as
reported. AMERCO believes that all necessary adjustments have been included
in the amounts stated below to present fairly, and in accordance with
generally accepted accounting principles, the selected quarterly information
when read in conjunction with the consolidated financial statements
incorporated herein by reference. U-Haul moving and storage operations are
seasonal and proportionally more of AMERCO's revenues and net earnings from
its U-Haul moving and storage operations are generated in the first and second
quarters of each fiscal year (April through September). The operating results
for the periods presented are not necessarily indicative of results for any
future period.
24

Quarter Ended
----------------------------------------------
Jun 30 Sep 30 Dec 31 Mar 31
2000 2000 2000 2001
(Restated)
----------------------------------------------
(in thousands, except share and per share data)
Total revenues $ 459,437 502,906 425,977 425,318
Earnings from operations
before extraordinary loss
on early extinguishment
of debt (4) $ 37,612 41,233 (17,109) (46,650)
Net earnings (loss) $ 37,612 41,233 (19,230) (46,650)
Weighted average common
shares outstanding
Basic 21,718,988 21,489,970 21,406,688 21,326,015
Earnings (loss) from operations
before extraordinary loss
on early extinguishment
of debt per common
share (1) (4) $ 1.58 1.77 (0.95) (2.34)
Earnings (loss) per common
share
Basic $ 1.58 1.77 (1.05) (2.34)

Quarter Ended
----------------------------------------------
Jun 30 Sep 30 Dec 31 Mar 31
1999 1999 1999 2000
----------------------------------------------
(in thousands, except share and per share data)
Total revenues $ 439,513 462,926 382,597 398,581
Earnings from operations
before extraordinary loss
on early extinguishment
of debt (2) $ 42,307 42,127 (9,325) (9,284)
Net earnings (loss) $ 42,307 42,127 (9,325) (9,618)
Weighted average common
shares outstanding
Basic 21,953,199 21,964,452 21,975,889 21,844,020
Diluted 22,953,199 22,131,119 - -
Earnings (loss) from operations
before extraordinary loss
on early extinguishment
of debt per common
share (1) (2) (3) $ 1.77 1.77 (0.57) (0.58)
Earnings (loss) per common
share
Basic $ 1.77 1.77 (0.57) (0.60)
Diluted $ 1.70 1.76 - -

(1) Net earnings (loss) per common share amounts were computed after giving
effect to the dividends on AMERCO's Preferred Stock.

(2) During fiscal year 2000, AMERCO extinguished $100.0 million of 6.65% BATs
originally due in fiscal year 2030 and $50.0 million of 7.05% to 7.10%
Medium-Term Notes originally due in fiscal year 2007. This resulted in an
extraordinary loss of $0.3 million, net of tax of $0.2 million ($0.02 per
share).

(3) Reflects the redemption of $25 million shares of Series B preferred stock
in fiscal year 2000.

(4) During fiscal year 2001, AMERCO extinguished $100.0 million of 6.89% BATs
originally due in fiscal year 2011 and $25.0 million of 6.71% Medium-Term
Notes originally due in fiscal year 2009. This resulted in an
extraordinary loss of $2.1 million, net of tax of $1.2 million ($0.10 per
share).
25

Stockholder Litigation
AMERCO has deducted for income tax purposes approximately $372.0 million of
the payments made to former shareholders in a stockholder lawsuit. While AMERCO
believes that such income tax deductions are appropriate, there can be no
assurance that such deductions ultimately will be allowed in full. Reference is
made to Note 15 in Notes to Consolidated Financial Statements in Item 8 for a
discussion of the stockholder litigation.

Other
New pronouncements issued by the Financial Accounting Standards Board
adopted during the year are not material to the consolidated financial
statements of AMERCO. Further, pronouncements with future effective dates are
either not applicable or not material to the consolidated financial statements
of AMERCO.
26


ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest Rate Risk
In the normal course of business, AMERCO is exposed to fluctuations in
interest rates. AMERCO manages such exposure by the use of a variety of
derivative financial instruments when deemed prudent. AMERCO does not enter
into leveraged financial transactions or use derivative financial instruments
for trading purposes. The exposure to market risk for changes in interest rates
relates primarily to debt obligations. AMERCO's objective is to mitigate the
impact of changes in interest rates on its variable rate debt. AMERCO uses
interest rate swap agreements to provide for matching the gain or loss
recognition on the hedging instrument with the recognition of the changes in the
fair value of hedged asset or liability attributable to the hedged risk or the
earnings effect of the hedged forecasted transaction. See Note 5 of Notes to
Consolidated Financial Statements in Item 8. A fluctuation of the interest rate
by 100 basis points would change AMERCO's interest expense by $1.0 million.

Foreign Currency Exchange Rate Risk
AMERCO's earnings are affected by fluctuations in the value of foreign
currency exchange rates. Approximately 2.0% of AMERCO's revenue is generated in
Canada. The result of a uniform 10% change in the value of the U.S. dollar
relative to the Canadian dollar would not be material. AMERCO does not
typically hedge any foreign currency risk since the exposure is not considered
material.


ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The Report of Independent Accountants and Consolidated Financial Statements
of AMERCO, including the notes to such statements and the related schedules, are
set forth on pages 31 through 80 and are thereby incorporated herein.


ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE

The Registrants have had no disagreements with their independent
accountants in regard to accounting and financial disclosure matters and have
not changed their independent accountants during the two most recent fiscal
years.
27


PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANTS

Information regarding (i) directors and executive officers of AMERCO is set
forth under the captions "Election of Directors" and "Executive Officers of
the Company", and (ii) compliance with Section 16(a) is set forth under the
caption "Section 16(a) Beneficial Ownership Reporting Compliance" in AMERCO's
Proxy Statement relating to the 2001 Annual Meeting of Stockholders (the "2001
Proxy Statement") portions of which are incorporated by reference into this
Form 10-K Report, which will be filed with the Securities and Exchange
Commission in accordance with Rule 14a-6 promulgated under the Securities
Exchange Act of 1934, as amended. With the exception of the foregoing
information and other information specifically incorporated by reference into
this report, the 2001 Proxy Statement is not being filed as a part hereof.

ITEM 11. EXECUTIVE COMPENSATION

Information regarding executive compensation is set forth under the caption
"Executive Compensation" in the 2001 Proxy Statement, which information is
incorporated herein by reference; provided, however, that the "Board Report on
Executive Compensation" and the "Performance Graph" contained in the 2001 Proxy
Statement are not incorporated by reference herein.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT

Information regarding security ownership of certain beneficial owners and
management is set forth under the caption "Security Ownership of Certain
Beneficial Owners and Management" in the 2001 Proxy Statement, which information
is incorporated herein by reference.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Information regarding certain relationships and related transactions of
management is set forth under the captions "Certain Relationships and Related
Transactions" in the 2001 Proxy Statement, which information is incorporated
herein by reference.
28


PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND
REPORTS ON FORM 8-K

(a) The following documents are filed as part of this Report:
Page No.
-------
1. Financial Statements

Report of Independent Accountants 31
Consolidated Balance Sheets -
March 31, 2001 and 2000 32
Consolidated Statements of Earnings -
Years ended March 31, 2001, 2000 and 1999 34
Consolidated Statements of Changes in Stockholders'
Equity - Years ended March 31, 2001, 2000 and 1999 36
Consolidated Statements of Comprehensive Income -
Years ended March 31, 2001, 2000 and 1999 38
Consolidated Statements of Cash Flows - Years ended
March 31, 2001, 2000 and 1999 39
Notes to Consolidated Financial Statements 41

2. Additional Information

Summary of Earnings of Independent Trailer Fleets 73
Notes to Summary of Earnings of Independent
Trailer Fleets 74

3. Financial Statement Schedules required to be filed
by Item 8 and Paragraph (d) of this Item 14

Condensed Financial Information of Registrant --
Schedule I 76
Supplemental Information (For Property-Casualty
Insurance Underwriters) -- Schedule V 80

All other schedules are omitted as the required information is not
applicable or the information is presented in the financial statements or
related notes thereto.

(b) No reports on Form 8-K were filed during the last quarter of the period
covered by this report.

29
(c) Exhibits

Exhibit No. Description
----------- -----------

2.1 Order Confirming Plan (1)
2.2 Second Amended and Restated Debtor's Plan of
Reorganization Proposed by Edward J. Shoen (1)
3.1 Restated Articles of Incorporation (2)
3.2 Restated By-Laws of AMERCO as of August 27, 1996 (3)
4.1 Debt Securities Indenture dated May 1, 1996 (1)
4.2 First Supplemental Indenture, dated as of May 6, 1996 (4)
4.3 Rights Agreement, dated as of August 7, 1998 (13)
4.5 Second Supplemental Indenture, dated as of October 22, 1997
(11)
4.6 Calculation Agency Agreement (11)
4.7 6.65%-AMERCO Series 1997 A Bond Backed Asset Trust
Certificates ("BATs") due October 15, 1999 (11)
4.8 Indenture dated September 10, 1996 (9)
4.9 First Supplemental Indenture dated September 10, 1996 (9)
4.10 Senior Indenture dated April 1, 1999 (14)
4.11 First Supplemental Indenture dated April 5, 1999 (14)
4.12 Second Supplemental Indenture dated February 4, 2000 (15)
10.1* AMERCO Employee Savings, Profit Sharing and
Employee Stock Ownership Plan
10.1A* First Amendment to the AMERCO Employee Savings, Profit Sharing
and Employee Stock Ownership Plan
10.2 U-Haul Dealership Contract (5)
10.3 Share Repurchase and Registration Rights Agreement with
Paul F. Shoen (5)
10.4 AMERCO Stock Option and Incentive Plan (5)
10.5 ESOP Loan Credit Agreement (6)
10.6 ESOP Loan Agreement (6)
10.7 Trust Agreement for the AMERCO Employee Savings,
Profit Sharing and Employee Stock Ownership Plan (6)
10.8 Amended Indemnification Agreement (6)
10.9 Indemnification Trust Agreement (6)
10.10 Promissory Note between SAC Holding Corporation
and a subsidiary of AMERCO (12)
10.11 Promissory Notes between Four SAC Self-Storage Corporation
and a subsidiary of AMERCO (12)
10.12 Management Agreement between Three SAC Self-Storage
Corporation and a subsidiary of AMERCO (12)
10.13 Management Agreement between Four SAC Self-Storage Corporation
and a subsidiary of AMERCO (12)
10.14 Agreement, dated October 17, 1995, among AMERCO, Edward J.
Shoen, James P. Shoen, Aubrey K. Johnson, John M. Dodds
and William E. Carty (8)
10.15 Directors' Release, dated October 17, 1995, executed by
Edward J. Shoen, James P. Shoen, Aubrey K. Johnson,
John M. Dodds and William E. Carty in favor of AMERCO (8)
10.16 AMERCO Release, dated October 17, 1995, executed by AMERCO in
favor of Edward J. Shoen, James P. Shoen, Aubrey K.
Johnson, John M. Dodds and William E. Carty (8)
10.21 Management Agreement between Five SAC Self-Storage
Corporation and a subsidiary of AMERCO (16)
10.22 Management Agreement between Eight SAC Self-Storage
Corporation and a subsidiary of AMERCO (16)
10.23 Management Agreement between Nine SAC Self-Storage
Corporation and a subsidiary of AMERCO (16)
10.24 Management Agreement between Ten SAC Self-Storage Corporation
and a subsidiary of AMERCO (16)
10.25 Management Agreement between Six-A SAC Self-Storage
Corporation and a subsidiary of AMERCO (17)
10.26 Management Agreement between Six-B SAC Self-Storage
Corporation and a subsidiary of AMERCO (17)

* Indicates compensatory plan arrangement
30

(c) Exhibits, continued


10.27 Management Agreement between Six-C SAC Self-Storage
Corporation and a subsidiary of AMERCO (17)
10.28 Management Agreement between Eleven SAC Self-Storage
Corporation and a subsidiary of AMERCO (17)
10.29 Management Agreement between Twelve SAC Self-Storage
Corporation and a subsidiary of AMERCO (18)
10.30 Management Agreement between Thirteen SAC Self-Storage
Corporation and a subsidiary of AMERCO (18)
10.31 Management Agreement between Fourteen SAC Self-Storage
Corporation and a subsidiary of AMERCO (18)
10.32 Management Agreement between Fifteen SAC Self-Storage
Corporation and a subsidiary of AMERCO (19)
10.33 Management Agreement between Sixteen SAC Self-Storage
Corporation and a subsidiary of AMERCO (19)
10.34 Management Agreement between Seventeen SAC Self-Storage
Corporation and a subsidiary of AMERCO
12 Statements Re: Computation of Ratios
21 Subsidiaries of AMERCO
23 Consent of Independent Accountants
________________

(1) Incorporated by reference to AMERCO's Registration Statement on Form S-3,
Registration no. 333-1195.
(2) Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q for
the quarter ended December 31, 1992, file no. 1-11255.
(3) Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q for
the quarter ended September 30, 1996, file no. 1-11255.
(4) Incorporated by reference to AMERCO's Current Report on Form 8-K, dated
May 6, 1996, file no. 1-11255.
(5) Incorporated by reference to AMERCO's Annual Report on Form 10-K for the
year ended March 31, 1993, file no. 1-11255.
(6) Incorporated by reference to AMERCO's Annual Report on Form 10-K for the
year ended March 31, 1990, file no. 1-11255.
(7) Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q for
the quarter ended September 30, 1994, file no. 1-11255.
(8) Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q for
the quarter ended September 30, 1995, file no. 1-11255.
(9) Incorporated by reference to AMERCO's Current Report on Form 8-K dated
September 6, 1996, file no. 1-11255.
(10) Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q for
the quarter ended June 30, 1997, file no. 1-11255.
(11) Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q for
the quarter ended December 31, 1997, file no. 1-11255.
(12) Incorporated by reference to AMERCO's Annual Report on Form 10-K for the
year ended March 31, 1997, file no. 1-11255.
(13) Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q for
the quarter ended June 30, 1998, file no. 1-11255.
(14) Incorporated by reference to AMERCO's Current Report on Form 8-K dated
April 5, 1999, file no. 1-11255.
(15) Incorporated by reference to AMERCO's Current Report on Form 8-K dated
February 4, 2000, file no. 1-11255.
(16) Incorporated by reference to AMERCO's Annual Report on Form 10-K for the
year ended March 31, 1999, file no. 1-11255.
(17) Incorporated by reference to AMERCO's Annual Report on Form 10-K for the
year ended March 31, 2000, file no. 1-11255.
(18) Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q for
the quarter ended September 30, 2000, file no. 1-11255.
(19) Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q for
the quarter ended December 31, 2000, file no. 1-11255.




31







REPORT OF INDEPENDENT ACCOUNTANTS
---------------------------------



To the Board of Directors
and Stockholders of AMERCO

In our opinion, the consolidated financial statements listed in the index
appearing under Item 14(a)(1) on page 28 of this Form 10-K present fairly,
in all material respects, the financial position of AMERCO and its subsidiaries
at March 31, 2001 and 2000, and the results of their operations and their cash
flows for each of the three years in the period ended March 31, 2001, in
conformity with accounting principles generally accepted in the United States
of America. In addition, in our opinion, the financial statement schedules
listed in the index appearing under Item 14(a)(3) on page 28 present fairly,
in all material respects, the information set forth therein when read in
conjunction with the related consolidated financial statements. These
consolidated financial statements and financial statement schedules are the
responsibility of the Company's management; our responsibility is to express
an opinion on these consolidated financial statements and financial statement
schedules based on our audits. We conducted our audits of these statements in
accordance with auditing standards generally accepted in the United States of
America, which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the consolidated financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for the
opinion expressed above.

As discussed in Note 1 to the consolidated financial statements, the Company
implemented Statement of Financial Accounting Standards No. 133, "Accounting
for Derivative Instruments and Hedging Activities" in fiscal 1999.

Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The Summary of Earnings of Independent
Trailer Fleets included on pages 72 through 73 of this Form 10-K is presented
for purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.



PricewaterhouseCoopers LLP

Phoenix, Arizona
June 29, 2001
32
AMERCO AND CONSOLIDATED SUBSIDIARIES

Consolidated Balance Sheets

March 31,


Assets 2001 2000
--------------------------
(in thousands)


Cash and cash equivalents $ 52,778 48,435
Trade receivables, net 252,890 197,992
Notes and mortgage receivables, net 65,531 49,866
Inventories, net 84,005 84,614
Prepaid expenses 14,416 17,822
Investments, fixed maturities 952,482 890,629
Investments, other 464,958 314,890
Deferred policy acquisition costs 99,807 88,402
Other assets 34,553 49,913
-------------------------

Property, plant and equipment, at cost:
Land 197,281 197,956
Buildings and improvements 832,372 853,403
Furniture and equipment 282,362 263,694
Rental trailers and other rental equipment 181,159 210,472
Rental trucks 1,037,653 1,035,585
-------------------------
2,530,827 2,561,110
Less accumulated depreciation 1,168,183 1,178,448
-------------------------

Total property, plant and equipment 1,362,644 1,382,662
-------------------------


























Total Assets $ 3,384,064 3,125,225
=========================




The accompanying notes are an integral part of these consolidated financial
statements.

33
AMERCO AND CONSOLIDATED SUBSIDIARIES

Consolidated Balance Sheets, continued

March 31,


Liabilities and Stockholders' Equity 2001 2000
-------------------------
(in thousands, except
share and per share data)
Liabilities:
Accounts payable and accrued expenses $ 151,192 152,654
Notes and loans payable 1,156,848 1,137,840
Policy benefits and losses, claims and
loss expenses payable 668,830 548,043
Liabilities from premium deposits 522,207 461,673
Cash overdraft 26,484 30,460
Other policyholders' funds and liabilities 79,172 70,207
Deferred income 24,546 29,641
Deferred income taxes 139,419 109,413
-------------------------
Total liabilities 2,768,698 2,539,931

Stockholders' equity:
Serial preferred stock, with or without par
value, 50,000,000 shares authorized -
Series A preferred stock, with no par
value, 6,100,000 shares authorized;
6,100,000 shares issued and
outstanding as of March 31, 2001
and 2000 - -
Series B preferred stock, with no par
value, 100,000 shares authorized;
none issued and outstanding as of
March 31, 2001 and 2000 - -
Serial common stock, with or without par
value, 150,000,000 shares authorized -
Series A common stock of $0.25 par
value, 10,000,000 shares authorized;
5,762,495 shares issued as of
March 31, 2001 and 2000 1,441 1,441
Common stock of $0.25 par value,
150,000,000 shares authorized;
36,487,505 issued as of
March 31, 2001 and 2000 9,122 9,122
Additional paid-in capital 312,128 275,242
Accumulated other comprehensive income (40,709) (42,317)
Retained earnings 755,174 755,172
Cost of common shares in treasury, net
(20,321,363 and 19,840,613 shares as of
March 31, 2001 and 2000, respectively) (406,617) (397,000)
Unearned employee stock ownership
plan shares (15,173) (16,366)
-------------------------
Total stockholders' equity 615,366 585,294

Contingent liabilities and commitments _________________________

Total Liabilities and Stockholders' Equity $ 3,384,064 3,125,225
=========================




The accompanying notes are an integral part of these consolidated financial
statements.

34
AMERCO AND CONSOLIDATED SUBSIDIARIES

Consolidated Statements of Earnings

Years ended March 31,


2001 2000 1999
----------------------------------------
(in thousands)


Revenues
Rental revenue $ 1,204,959 1,150,532 1,074,220
Net sales 194,320 188,816 181,273
Premiums 323,198 262,057 226,847
Net investment and interest income 91,161 82,212 73,372
-----------------------------------
Total revenues 1,813,638 1,683,617 1,555,712

Costs and expenses
Operating expenses 998,794 919,093 877,566
Cost of sales 117,212 111,975 106,789
Benefits and losses 283,366 209,592 176,560
Amortization of deferred
acquisition costs 35,946 34,987 31,721
Lease expense 178,458 136,044 118,742
Depreciation, net 88,091 87,647 73,066
-----------------------------------
Total costs and expenses 1,701,867 1,499,338 1,384,444

Earnings from operations 111,771 184,279 171,268

Interest expense 87,773 81,532 73,658
-----------------------------------

Pretax earnings 23,998 102,747 97,610

Income tax expense (8,912) (36,922) (35,101)
-----------------------------------
Earnings from operations before
extraordinary loss on early
extinguishment of debt 15,086 65,825 62,509
Extraordinary loss on early
extinguishment of debt, net (2,121) (334) -
-----------------------------------
Net earnings $ 12,965 65,491 62,509
===================================











The accompanying notes are an integral part of these consolidated financial
statements.

35
AMERCO AND CONSOLIDATED SUBSIDIARIES

Consolidated Statements of Earnings, continued

Years ended March 31,


2001 2000 1999
----------------------------------------
(in thousands, except
share and per share data)
Basic earnings per common share:
Earnings from operations before
extraordinary loss on early
extinguishment of debt $ 0.10 2.39 2.07
Extraordinary loss on early
extinguishment of debt, net (0.10) (0.02) -
----------------------------------
Net earnings $ 0.00 2.37 2.07
==================================

Diluted earnings per common share:
Earnings from operations before
extraordinary loss on early
extinguishment of debt $ 0.10 2.38 2.07
Extraordinary loss on early
extinguishment of debt, net (0.10) (0.02) -
----------------------------------
Net earnings $ 0.00 2.36 2.07
==================================


Weighted average common shares
outstanding:
Basic 21,486,370 21,934,390 21,937,686
====================================
Diluted 21,486,370 22,226,057 23,940,623
====================================





















The accompanying notes are an integral part of these consolidated financial
statements.

36
AMERCO AND CONSOLIDATED SUBSIDIARIES

Consolidated Statements of Changes in Stockholders' Equity

Years ended March 31,


2001 2000 1999
---------------------------------------
(in thousands, except
share and per share data)

Series A common stock of $0.25 par value:
10,000,000 shares authorized; 5,762,495
shares issued in 2001, 2000 and 1999
Beginning and end of year $ 1,441 1,441 1,441
---------------------------------

Common stock of $0.25 par value:
150,000,000 shares authorized;
36,487,505 shares issued in
2001, 2000 and 1999
Beginning and end of year 9,122 9,122 9,122
---------------------------------

Additional paid-in capital:
Beginning of year 275,242 299,905 313,444
Repurchase of preferred stock - (25,000) (50,000)
Gain on sale of property to
related party, net 36,790 - 35,996
Issuance of common shares under
leveraged employee stock
ownership plan 96 337 465
---------------------------------
End of year 312,128 275,242 299,905
---------------------------------

Accumulated other comprehensive income:
Beginning of year (42,317) (17,740) (9,384)
Foreign currency translation (7,252) (2,899) (6,736)
Fair market value of cash
flow hedge (1,185) 2,192 (3,631)
Unrealized gain (loss) on
investments 10,045 (23,870) 2,011
---------------------------------

End of year (40,709) (42,317) (17,740)
---------------------------------











The accompanying notes are an integral part of these consolidated financial
statements.

37
AMERCO AND CONSOLIDATED SUBSIDIARIES

Consolidated Statements of Changes in Stockholders' Equity, continued

Years ended March 31,


2001 2000 1999
---------------------------------------
(in thousands, except
share and per share data)
Retained earnings:
Beginning of year 755,172 703,322 658,227
Net earnings 12,965 65,491 62,509
Preferred stock dividends paid:
Series A ($2.13 per share for
2001, 2000 and 1999) (12,963) (12,964) (12,964)
Series B ($27.14 and $97.44
per share for 2000 and
1999, respectively) - (677) (4,450)
---------------------------------

End of year 755,174 755,172 703,322
---------------------------------

Less Treasury stock:
Beginning of year 397,000 363,533 359,723
Net increase 9,617 33,467 3,810
---------------------------------

End of year 406,617 397,000 363,533
---------------------------------

Less Unearned employee stock
ownership plan shares:
Beginning of year 16,366 16,492 18,068
Purchase of shares 46 1,002 401
Repayments from loan (1,239) (1,128) (1,977)
---------------------------------

End of year 15,173 16,366 16,492
---------------------------------

Total stockholders' equity $ 615,366 585,294 616,025
=================================















The accompanying notes are an integral part of these consolidated financial
statements.

38
AMERCO AND CONSOLIDATED SUBSIDIARIES

Consolidated Statements of Comprehensive Income

Years ended March 31,


2001 2000 1999
--------------------------
(in thousands)
Comprehensive income:
Net earnings $ 12,965 65,491 62,509
Other comprehensive income
Foreign currency translation (7,252) (2,899) (6,736)
Fair market value of cash flow hedges (1,185) 2,192 (3,631)
Unrealized gain (loss) on investments 10,045 (23,870) 2,011
--------------------------

Total comprehensive income $ 14,573 40,914 54,153
==========================



































The accompanying notes are an integral part of these consolidated financial
statements.

39
AMERCO AND CONSOLIDATED SUBSIDIARIES

Consolidated Statements of Cash Flows

Years ended March 31,


2001 2000 1999
----------------------------
(in thousands)
Cash flows from operating activities:
Net earnings $ 12,965 65,491 62,509
Depreciation and amortization 144,185 135,481 114,102
Provision for losses on accounts
receivable 3,286 4,601 4,648
Net gain on sale of real and
personal property (16,776) (8,705) (524)
Gain on sale of investments 12,931 (873) (3,372)
Changes in policy liabilities
and accruals 54,921 15,326 (23,448)
Additions to deferred policy
acquisition costs (42,535) (31,804) (40,859)
Net change in other operating
assets and liabilities (42,924) 58,140 46,493
---------------------------
Net cash provided by operating activities 126,053 237,657 159,549

Cash flows from investing activities:
Purchases of investments:
Property, plant and equipment (358,917) (417,647) (298,495)
Fixed maturities (122,863) (158,304) (213,107)
Common stock (31,773) - (2,553)
Preferred stock - (369) (21,700)
Other asset investment (5,915) - -
Real estate (5,938) (70) (334)
Mortgage loans (24,084) (27,367) (93,243)
Proceeds from sales of investments:
Property, plant and equipment 157,091 242,699 105,526
Fixed maturities 152,761 133,915 223,114
Common stock - - 2,571
Preferred stock 372 968 3,538
Real estate 1,557 1,672 5,622
Mortgage loans 22,463 11,555 21,826
Changes in other investments 88,506 31,269 62,453
---------------------------
Net cash used by investing activities (126,740) (181,679) (204,782)








The accompanying notes are an integral part of these consolidated financial
statements.

40
AMERCO AND CONSOLIDATED SUBSIDIARIES

Consolidated Statements of Cash Flows, continued

Years ended March 31,


2001 2000 1999
----------------------------
(in thousands)
Cash flows from financing activities:
Net change in short-term borrowings 156,070 (146,836) 135,836
Proceeds from notes - 350,000 -
Debt issuance costs (1,228) (8,285) (415)
Leveraged Employee Stock Ownership Plan:
Purchase of shares (46) (1,002) (401)
Repayments from loan 1,239 1,128 1,977
Principal payments on notes (137,062) (180,072) (46,411)
Repurchase of preferred stock - (25,000) (50,000)
Extraordinary loss on early
extinguishment of debt, net (2,121) (334) -
Net change in cash overdraft (3,976) 2,291 6,755
Preferred stock dividends paid (12,963) (13,641) (17,414)
Treasury stock acquisitions, net (9,617) (33,467) (3,810)
Investment contract deposits 87,687 63,978 93,688
Investment contract withdrawals (72,953) (60,808) (61,673)
----------------------------

Net cash provided (used) by
financing activities 5,030 (52,048) 58,132
----------------------------

Increase (decrease) in cash
and cash equivalents 4,343 3,930 12,899
Cash and cash equivalents at
beginning of year 48,435 44,505 31,606
----------------------------
Cash and cash equivalents at
end of year $ 52,778 48,435 44,505
============================




Summary of Non-cash investing and financing
activity: An investment was received in
exchange for the sale of storage properties
from a related party. $ 98,530 - $ 99,685

















The accompanying notes are an integral part of these consolidated financial
statements.

41

AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements


1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION
AMERCO, a Nevada corporation (AMERCO), is the holding company for U-Haul
International, Inc. (U-Haul), Amerco Real Estate Company (Real Estate),
Republic Western Insurance Company (RepWest) and Oxford Life Insurance Company
(Oxford). All references to a fiscal year refer to AMERCO's fiscal year ended
March 31 of that year.

PRINCIPLES OF CONSOLIDATION
The consolidated financial statements include the accounts of the parent
corporation, AMERCO, and its wholly-owned subsidiaries. All material
intercompany accounts and transactions of AMERCO and its subsidiaries have been
eliminated.

RepWest and Oxford have been consolidated on the basis of calendar years
ended December 31. Accordingly, all references to the years 2000, 1999, and
1998 and correspond to AMERCO's fiscal years 2001, 2000, and 1999, respectively.

The operating results and financial position of AMERCO's consolidated
insurance operations are determined as of December 31 of each year. There were
no effects related to intervening events between January 1 and March 31 of
2001, 2000, or 1999 that would materially affect the consolidated financial
position or results of operations for the financial statements presented
herein. See Note 20 of Notes to Consolidated Financial Statements for
additional information regarding the insurance subsidiaries.

DESCRIPTION OF BUSINESS
Moving and self-storage operations consist of the rental of trucks and
trailers, sale of moving supplies, trailer hitches and propane and the rental
of self-storage spaces to the do-it-yourself mover. Operations are under the
registered tradename U-Haul REGISTERED TRADEMARK throughout the United States
and Canada.

Real Estate owns approximately 90% of AMERCO's real estate assets,
including U-Haul's Center and Storage locations. The remainder of the
properties are owned by various U-Haul entities. Real Estate is responsible for
managing all of the properties including the environmental risks of the
properties. Real Estate is responsible for the purchase of all properties used
by AMERCO or any of its subsidiaries. Real Estate also handles all of the
dispositions (sale and lease) of unused real estate.

RepWest originates and reinsures property and casualty type insurance
products for various market participants, including independent third parties,
U-Haul's customers, independent dealers and AMERCO.

Oxford originates and reinsures annuities, credit life and disability,
life insurance, and supplemental health products. Oxford also administers the
self-insured employee health and dental plans for AMERCO.

FOREIGN CURRENCY
The consolidated financial statements include the accounts of U-Haul Co.
(Canada) Ltd., a subsidiary of U-Haul. The assets and liabilities,
denominated in foreign currency, are translated into U.S. dollars at the
exchange rate as of the balance sheet date. Revenue and expense amounts are
translated at average monthly exchange rates. The related translation gains or
losses are included in the Consolidated Statements of Changes in Stockholders'
Equity and Consolidated Statements of Comprehensive Income.

ACCOUNTING ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts in the financial statements and
accompanying notes. Actual results could differ from those estimates.
42

AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued


1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

CASH AND CASH EQUIVALENTS
AMERCO considers liquid investments with an original maturity of three
months or less to be cash equivalents (zero as of March 31, 2001 and 2000,
respectively).

RECEIVABLES
Accounts receivable include trade accounts from customers and dealers.
RepWest and Oxford receivables include premiums and agents' balances due, net
of commissions payable and amounts due from ceding reinsurers. Accounts
receivable are reduced by amounts considered by management to be uncollectible
based on historical collection loss experience and a review of the current
status of existing receivables.

Notes and mortgage receivables include accrued interest and are reduced by
discounts and amounts considered by management to be uncollectible.

INVENTORIES
Inventories are valued at the lower of cost or market. Cost is primarily
determined using the LIFO (last-in, first-out) method.

INVESTMENTS
Fixed maturities consist of bonds and redeemable preferred stocks. Fair
values for investments are based on quoted market prices, dealer quotes or
discounted cash flows. Fixed maturities are classified as follows:

Held-to-maturity - recorded at cost adjusted for the amortization of
premiums or accretion of discounts.
Available-for-sale - recorded at fair value with unrealized gains or
losses reported on a net basis in the Consolidated Statements of Changes
in Stockholders' Equity unless such changes are deemed to be other than
temporary. Gains and losses on the sale of these securities are
reported as a component of revenues using the specific identification
method.
Trading portfolio - AMERCO does not currently maintain a trading portfolio.
Mortgage loans & notes on real estate held by AMERCO's subsidiaries - at
unpaid balances, net of allowance for possible losses and any
unamortized premium or discount.
Real estate - at cost less accumulated depreciation.
Policy loans - at their unpaid balance.

Investment income is recognized as follows:
Interest on bonds and mortgage loans & notes - recognized when earned.
Dividends on common and redeemable preferred stocks - recognized on
ex-dividend dates.
Realized gains and losses on the sale of investments - recognized at the
trade date and included in revenues using the specific identification
method.

Short-term investments consist of other securities scheduled to mature
within one year of their acquisition date. See Note 4 of Notes to Consolidated
Financial Statements.

DEFERRED POLICY ACQUISITION COSTS
Commissions and other costs which vary with and are primarily related to
the production of new business, have been deferred.

Oxford - costs are amortized in relation to revenue such that profits are
realized as a level percentage of revenue.

RepWest - costs are amortized over the related contract period which
generally do not exceed one year.
43

AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued


1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are carried at cost and are depreciated on
the straight-line and accelerated methods over the estimated useful lives of the
assets. Building and non-rental equipment have estimated lives ranging from
three to fifty-five years, while rental equipment have estimated lives ranging
from one to twenty years. Maintenance is charged to operating expenses as
incurred, while renewals and betterments are capitalized. Major overhaul costs
are amortized over the estimated period benefited. Gains and losses on
dispositions are netted against depreciation expense when realized. Interest
costs incurred as part of the initial construction of assets are capitalized.
Interest expense of $2,450,000, $1,359,000 and $909,000 was capitalized during
fiscal years 2001, 2000 and 1999, respectively. During fiscal year 2001,
based on an in-depth market analysis, U-Haul decreased the estimated salvage
value and increased the useful lives of certain service vehicles, rental trucks
and engines. The effect of the change increased net earnings for fiscal year
2001 by $1,490,000 ($0.07 per share). The adjustment reflects management's
best estimate, based on information available, of the estimated salvage value
and useful lives of these service vehicles, rental trucks and engines.

AMERCO reviews property, plant and equipment for impairment whenever events
or changes in circumstances indicate that the carrying amount of an asset may
not be fully recoverable through expected undiscounted future operating cash
flows.

The carrying value of AMERCO's real estate that is no longer necessary
for use in its current operations, and available for sale/lease, at March 31,
2001 and 2000, was approximately $27,691,000 and $27,732,000, respectively.
Such properties available for sale are carried at cost, less accumulated
depreciation, which is less than fair market value.

ENVIRONMENTAL COSTS
Liabilities for future remediation costs are recorded when environmental
assessments and remedial efforts, if applicable, are probable and the costs can
be reasonably estimated. The liability is based on AMERCO's best estimate of
undiscounted future costs. Certain recoverable environmental costs related to
the removal of underground storage tanks or related contamination are
capitalized and depreciated over the estimated useful lives of the properties.
The capitalized costs improve the safety or efficiency of the property as
compared to when the property was originally acquired or are incurred in
preparing the property for sale.


FINANCIAL INSTRUMENTS
AMERCO enters into interest rate swap agreements to reduce its floating
interest rate exposure and does not use the agreements for trading purposes.
Although AMERCO is exposed to credit loss for the interest rate differential in
the event of nonperformance by the counterparties to the agreements, it does
not anticipate nonperformance by the counterparties.

For the years ended March 31, 2001, 2000 and 1999, AMERCO recognized $16,000
and $27,000 as interest income and $89,000 as interest expense, respectively,
representing the ineffectiveness of the cash flow hedging activity.
44

AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued


1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

AMERCO has mortgage receivables which potentially expose AMERCO to credit
risk. The portfolio of notes is principally collateralized by mini-warehouse
storage facilities and other residential and commercial properties. AMERCO has
not experienced losses related to the notes from individual notes or groups of
notes in any particular industry or geographic area. The estimated fair values
were determined using the discounted cash flow method, using interest rates
currently offered for similar loans to borrowers with similar credit ratings.

Fair value summary of note and mortgage receivables:

March 31, 2001 March 31, 2000
---------------------- ----------------------
Carrying Estimated Carrying Estimated
value fair value value fair value
---------------------- ----------------------
(in thousands) (in thousands)
$ 15,214 18,484 $ 21,230 27,268
======================= ======================

Other financial instruments that are subject to fair value disclosure
requirements are carried in the financial statements at amounts that
approximate fair value, unless elsewhere disclosed. See below, as well as
Notes 4 and 5 of Notes to Consolidated Financial Statements.

AMERCO's financial instruments that are exposed to concentrations of
credit risk consist primarily of temporary cash investments, trade receivables
and notes receivable. AMERCO places its temporary cash investments with
financial institutions and limits the amount of credit exposure to any one
financial institution. Concentrations of credit risk with respect to trade
receivables are limited due to the large number of customers and their
dispersion across many different industries and geographic areas. As discussed
in Note 2 of Notes to Consolidated Financial Statements, at March 31, 2001 and
2000, notes receivable are primarily due from one related party.

POLICY BENEFITS AND LOSSES, CLAIMS AND LOSS EXPENSES PAYABLE
Liabilities for policy benefits payable on traditional life and certain
annuity policies are established in amounts adequate to meet estimated future
obligations on policies in force. These liabilities are computed using
mortality and withdrawal assumptions which are based upon recognized actuarial
tables and contain margins for adverse deviation. At December 31, 2000,
interest assumptions used to compute policy benefits payable range from 2.5% to
9.25%.

The liability for annuity contracts, which are accounted for as investment
contract deposits, consists of contract account balances that accrue to the
benefit of the policyholders, excluding surrender charges. Carrying value of
investment contract deposits were $522,207,000 and $461,673,000 at December 31,
2000 and 1999, respectively.

Liabilities for health and disability and other policy claims and benefits
payable represent estimates of payments to be made on insurance claims for
reported losses and estimates of losses incurred but not yet reported. These
estimates are based on past claims experience and consider current claim trends
as well as social and economic conditions.

RepWest's liability for reported and unreported losses are based on
RepWest's historical and industry averages. The liability for unpaid loss
adjustment expenses is based on historical ratios of loss adjustment expenses
paid to losses paid. Amounts recoverable from reinsurers on unpaid losses are
estimated in a manner consistent with the claim liability associated with the
reinsured policy. Adjustments to the liability for unpaid losses and loss
expenses as well as amounts recoverable from reinsurers on unpaid losses are
charged or credited to expense in periods in which they are made.

RENTAL REVENUE
U-Haul recognizes its share of rental revenue less commission on the
accrual basis pursuant to contractual arrangements between AMERCO and its fleet
owners, rental dealers and customers. See Note 10 of Notes to Consolidated
Financial Statements for further discussion.
45

AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued


1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

PREMIUM REVENUE
Credit life and disability, Medicare supplement and property-casualty
gross premiums are earned on a pro rata basis over the term of the related
contracts. The portion of premiums not earned at the end of the period is
recorded as unearned premiums. Traditional life and annuity premiums are
recognized as revenue when due from policyholders. Revenue for annuity
contracts which are accounted for as investment contracts are included in net
investment income as investment margins until the contractholder annuitizes,
at which time the contractholder's fund balance is recognized as premium.

REINSURANCE
Reinsurance premiums, commissions and expense reimbursements, related to
ceded business, are accounted for on a basis consistent with those used in
accounting for the original policies issued and the terms of the reinsurance
contracts. Premiums ceded to other companies have been reported as a reduction
of premium income. Assets and liabilities relating to ceded contracts are
reported gross of the effects of reinsurance. See also "Policy Benefits and
Losses, Claims and Loss Expenses Payable" above.

INCOME TAXES
AMERCO files a consolidated federal income tax return with its
subsidiaries. In addition to charging income for taxes paid or payable, the
provision for income taxes reflects deferred income taxes resulting from
changes in temporary differences between the tax bases of assets and
liabilities and their reported amounts in the financial statements. The effect
on deferred income taxes of a change in tax rates is recognized in income in
the period that includes the enactment date.

ADVERTISING COSTS
AMERCO expenses advertising costs as incurred. Advertising expense of
$36,212,000, $34,772,000 and $33,567,000 was charged to operations for fiscal
years 2001, 2000 and 1999, respectively.

NEW ACCOUNTING STANDARDS
New pronouncements issued by the Financial Accounting Standards Board
adopted during the year are not material to the consolidated financial
statements of AMERCO. Further, pronouncements with future effective dates are
either not applicable or not material to the consolidated financial statements
of AMERCO.

EARNINGS PER SHARE
Basic earnings per common share are computed based on the weighted average
number of shares outstanding for the year and quarterly periods, excluding
shares of the employee stock ownership plan that have not been committed to be
released. Preferred dividends include undeclared or unpaid dividends of
AMERCO. Net income is reduced for preferred dividends for the purpose of the
calculation. The calculation of diluted earnings per share in fiscal years
2000 and 1999 included assumed conversions of the Series B preferred stock into
common stock. In fiscal year 2001, the assumed conversions are not applicable.
In fiscal year 2000, the assumed conversions had a dilutive effect; in fiscal
year 1999 the assumed conversions had no material effect on the calculated
earnings per share amount. See Notes 6 and 8 of Notes to Consolidated
Financial Statements for further discussion.

FOURTH QUARTER RESULTS
For the quarter ended March 31, 2001, the Company recorded a net loss of
$46,650,000, compared to a net loss of $9,618,000 for the quarter ended
March 31, 2000. The increased loss in 2001 was primarily due to a $19,300,000
decline in the insurance segment due to unprofitable lines of business, a
$6,500,000 write-down of investments and a $10,300,000 loss from the
supplement of litigation. The remaining loss was due to weather problems and
other operating expenses impacting the moving and storage segment. In
addition, third quarter 2001 financial information has been restated by the
Company to increase net loss $0.10 per share, respectively, due to necessary
revisions related to certain fixed asset transactions. The restated loss
per share was $1.05 for the third quarter fiscal year 2001 as compared to
$0.95 as reported.
46
AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued


1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

COMPREHENSIVE INCOME
Comprehensive income consists of net income, foreign currency translation
adjustment, unrealized gains and losses on investments and fair market value of
cash flow hedges.

FINANCIAL STATEMENT PRESENTATION
Certain reclassifications have been made to the financial statements for
the fiscal years ended 2000 and 1999 to conform with the current year's
presentation.


2. RECEIVABLES, NET

A summary of trade receivables follows:
March 31,
-------------------
2001 2000
-------------------
(in thousands)

Trade accounts receivable $ 21,201 17,296
Premiums and agents' balances in course
of collection 87,641 73,536
Reinsurance recoverable 109,596 80,180
Accrued investment income 16,541 14,304
Independent dealer receivable 2,344 2,551
Other receivables 17,698 12,085
-------------------
255,021 199,952
Less allowance for doubtful accounts 2,131 1,960
-------------------

$ 252,890 197,992
===================

A summary of notes and mortgage receivables follows:
March 31,
------------------
2001 2000
------------------
(in thousands)
Notes receivable, including accrued interest from
SAC Holding Corporation and its subsidiaries $ 5,115 4,120
Notes and mortgage receivables, net of discount 60,486 45,816
------------------
65,601 49,936
Less allowance for doubtful accounts 70 70
------------------

$ 65,531 49,866
==================

During fiscal year 2001, subsidiaries of AMERCO held various senior and
junior notes with SAC Holding Corporation and its subsidiaries (SAC Holdings).
The voting common stock of SAC Holdings is held by Mark V. Shoen, a major
stockholder of AMERCO. AMERCO's subsidiaries received interest payments of
$27,592,000, $20,111,000, and $8,022,000 from SAC Holdings during fiscal years
2001, 2000, and 1999, respectively. Principal payments of $97,953,000,
$105,689,000, and zero were received during fiscal years 2001, 2000, and 1999,
respectively. The note receivable balance outstanding was, in the aggregate,
$251,021,000 and $154,528,000 at March 31, 2001 and 2000, respectively, bearing
interest rates ranging from 8.37% to 13.0%. The principal balance is due in
full at maturity and interest is payable quarterly. The terms of the notes
receivable are consistent with the terms of notes receivable held by U-Haul
for other properties owned by unrelated parties and managed by U-Haul.

During fiscal years 2001, 2000 and 1999, a subsidiary of AMERCO funded
through notes receivable the purchase of properties and construction costs for
SAC Holdings of $187,595,000, $44,934,000 and $26,116,000, respectively.

In June 2000, Real Estate completed the sale of twenty-four storage
properties to Twelve SAC Self-Storage Corporation, Thirteen SAC Self-Storage
Corporation and Fourteen SAC Self-Storage Corporation, subsidiaries of SAC
Holding Corporation, for $98,351,000. Real Estate received cash and notes from
the sale. The gain is reflected of consolidated statements of changes in
stockholders equity.
47
AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued


2. RECEIVABLES, NET, continued

In December 1998, U-Haul and Real Estate completed the sale of twenty-six
storage properties to Six SAC Self-Storage Corporation, a subsidiary of SAC
Holdings, for $99,685,000. Real Estate received cash and notes from the sale.
The gain is reflected of consolidated statements of changes in stockholders'
equity.

U-Haul currently manages the properties owned by SAC Holdings under a
management agreement, whereby U-Haul receives a management fee equal to 6% of
the gross receipts from the properties. Management fees of $6,243,000,
$4,482,000 and $2,483,000 were received during fiscal years 2001, 2000 and 1999,
respectively. The 6% fee is consistent with the fees received by U-Haul for
other properties owned by unrelated parties and managed by U-Haul.

Management believes that the foregoing transactions were consummated on
terms equivalent to those that prevail in arm's-length transactions.


3. INVENTORIES, NET

A summary of inventory components follows:

March 31,
-------------------
2001 2000
-------------------
(in thousands)
Truck and trailer parts
and accessories $ 60,492 61,292
Hitches and towing components 14,393 14,112
Moving supplies and promotional items 9,120 9,210
-------------------

$ 84,005 84,614
===================

Inventories are stated net of reserve for obsolescence of $3,321,000 at
March 31, 2001 and 2000, respectively. Certain general and administrative
expenses are allocated to ending inventories. Such costs remaining in
inventory are estimated at $12,077,000 and $12,084,000 at March 31, 2001 and
2000, respectively. For fiscal years 2001, 2000 and 1999, aggregate general
and administrative costs were $498,661,000, $461,722,000 and $562,745,000,
respectively.

LIFO inventories, which represent approximately 96% of total inventories
at March 31, 2001 and 2000, would have been $4,957,000 greater at
March 31, 2001 and 2000, if the consolidated group had used the FIFO (first-in,
first-out) method.
48

AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued


4. INVESTMENTS

A comparison of amortized cost to estimated market value for fixed
maturities is as follows:

December 31, 2000
- ----------------- Par Value Gross Gross Estimated
Consolidated or number Amortized unrealized unrealized market
Held-to-Maturity of shares cost gains losses value
------------------------------------------------------
(in thousands)
U.S. treasury
securities
and government
obligations $ 4,150 3,627 144 (2) 3,769
U.S. government
agency mortgage-
backed securities $ 14,246 14,178 174 (130) 14,222
Corporate
securities $ 55,908 53,422 739 (333) 53,828
Mortgage-backed
securities $ 40,687 40,093 650 (191) 40,552
Redeemable preferred
stocks 115,251 115,174 46 (9,736) 105,484
----------------------------------------

226,494 1,753 (10,392) 217,855
----------------------------------------

December 31, 2000
- ----------------- Par Value Gross Gross Estimated
Consolidated or number Amortized unrealized unrealized market
Available-for-Sale of shares cost gains losses value
------------------------------------------------------
(in thousands)
U.S. treasury
securities and
government
obligations $ 42,860 43,522 1,494 (141) 44,875
U.S. government
agency mortgage-
backed securities $ 33,891 33,644 557 (87) 34,114
Obligations of
states and
political
subdivisions $ 16,505 16,678 448 (142) 16,984
Corporate
securities $ 568,394 562,187 10,714 (15,127) 557,774
Mortgage-backed
securities $ 33,608 33,378 761 (402) 33,737
Redeemable preferred
stocks 1,308 32,969 141 (1,860) 31,250
Redeemable common
stocks 633 8,166 - (912) 7,254
----------------------------------------
730,544 14,115 (18,671) 725,988
----------------------------------------

Total $ 957,038 15,868 (29,063) 943,843
========================================
49

AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued


4. INVESTMENTS, continued

December 31, 1999
- ----------------- Par Value Gross Gross Estimated
Consolidated or number Amortized unrealized unrealized market
Held-to-Maturity of shares cost gains losses value
------------------------------------------------------
(in thousands)
U.S. treasury
securities
and government
obligations $ 4,165 3,577 71 (84) 3,564
U.S. government
agency mortgage-
backed securities $ 18,538 18,448 51 (398) 18,101
Corporate
securities $ 80,295 80,597 5,312 (2,050) 83,859
Mortgage-backed
securities $ 35,960 48,386 314 (844) 47,856
Redeemable preferred
stocks 4,561 116,374 41 (19,344) 97,071
----------------------------------------

267,382 5,789 (22,720) 250,451
----------------------------------------

December 31, 1999
- ----------------- Par Value Gross Gross Estimated
Consolidated or number Amortized unrealized unrealized market
Available-for-Sale of shares cost gains losses value
------------------------------------------------------
(in thousands)
U.S. treasury
securities and
government
obligations $ 40,860 40,392 912 (1,240) 40,064
U.S. government
agency mortgage-
backed securities $ 36,998 39,167 342 (382) 39,127
Obligations of
states and
political
subdivisions $ 19,320 19,585 856 (1,342) 19,099
Corporate
securities $ 468,131 460,416 2,717 (17,791) 445,342
Mortgage-backed
securities $ 36,834 46,923 259 (562) 46,620
Redeemable preferred
stocks 1,311 32,675 49 (5,534) 27,190
Redeemable common
stocks 601 6,233 - (428) 5,805
----------------------------------------
645,391 5,135 (27,279) 623,247
----------------------------------------

Total $ 912,773 10,924 (49,999) 873,698
========================================

Fixed maturities estimated market values are based on publicly quoted
market prices at the close of trading on December 31, 2000 or December 31,
1999, as appropriate.
50

AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued


4. INVESTMENTS, continued

The amortized cost and estimated market value of debt securities by
contractual maturity are shown below. Expected maturities will differ from
contractual maturities as borrowers may have the right to call or prepay
obligations with or without call or prepayment penalties.

Consolidated December 31, 2000 December 31, 1999
- ------------ --------------------- ---------------------
Held-to-Maturity Amortized Estimated Amortized Estimated
cost market value cost market value
--------------------- ---------------------
(in thousands) (in thousands)

Due in one year or less $ 4,786 4,810 18,865 18,950
Due after one year through
five years 46,496 46,513 58,066 61,486
Due after five years through
ten years 248 304 7,038 6,727
After ten years 5,519 5,970 205 240
--------------------- --------------------
57,049 57,597 84,174 87,403

Mortgage-backed securities 54,271 54,774 66,834 65,957
Redeemable preferred stock 115,174 105,484 116,374 97,091
--------------------- --------------------

226,494 217,855 267,382 250,451
--------------------- --------------------


Consolidated December 31, 2000 December 31, 1999
- ------------ --------------------- ---------------------
Available-for-Sale Amortized Estimated Amortized Estimated
cost market value cost market value
--------------------- ---------------------
(in thousands) (in thousands)

Due in one year or less 34,801 34,813 42,129 40,768
Due after one year through
five years 313,162 310,656 203,830 201,372
Due after five years through
ten years 197,027 198,592 188,419 180,888
After ten years 77,397 75,572 86,015 81,477
--------------------- ---------------------
622,387 619,633 520,393 504,505

Mortgage-backed securities 67,022 67,851 86,090 85,747
Redeemable preferred stock 32,969 31,250 32,675 27,190
Redeemable common stock 8,166 7,254 6,233 5,805
--------------------- ---------------------

730,544 725,988 645,391 623,247
--------------------- ---------------------

Total $ 957,038 943,843 912,773 873,698
===================== =====================


Proceeds from sales of investments in debt securities for the years ended
December 31, 2000, 1999 and 1998 were $52,814,000, $29,889,000 and $53,948,000,
respectively. Gross gains of $733,000, $912,000 and $1,472,000 and gross
losses of $646,000, $315,000 and $164,000 were realized on those sales for
the years ended December 31, 2000, 1999 and 1998, respectively. During fiscal
2001, the Company realized a write-down of investments due to other than
temporary declines approximating $6,500,000.

At December 31, 2000 and 1999 fixed maturities include bonds with an
amortized cost of $18,283,000 and $15,696,000, respectively, on deposit with
insurance regulatory authorities to meet statutory requirements.
51

AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued

4. INVESTMENTS, continued

Investments, other consists of the following:
March 31,
----------------------
2001 2000
----------------------
(in thousands)
Short-term investments $ 58,923 35,347
Mortgage loans 102,571 73,716
Equity investment 36,466 24,613
Real estate, foreclosed properties 1,023 554
Policy loans 6,763 6,594
Investments in SAC 251,021 154,528
Other 8,191 19,538
----------------------
$ 464,958 314,890
======================

A summary of net investment and interest income follows:
Year ended March 31,
-----------------------------
2001 2000 1999
-----------------------------
(in thousands)

Fixed maturities $ 61,003 66,993 68,745
Real estate 12 58 15
Policy loans 250 285 354
Mortgage loans 7,262 5,447 6,279
Short-term, amounts held by ceding
reinsurers, net and other investments 7,364 7,140 5,966
-----------------------------
Investment income 75,891 79,923 81,359

Less investment expenses 22,712 23,964 23,734
-----------------------------

Net investment income 53,180 55,959 57,625
Interest income 37,981 26,253 15,747
-----------------------------

Net investment and interest income $ 91,161 82,212 73,372
=============================

Short-term investments consist primarily of fixed maturities of three
months to one year from acquisition date. Mortgage loans, representing first
lien mortgages held by the insurance subsidiaries, are carried at unpaid
balances, less allowance for possible losses and any unamortized premium or
discount. Equity investments and real estate obtained through foreclosures and
held for sale are carried at the lower of cost or fair value. U.S. government
securities mutual fund is carried at cost which approximates market value.
Policy loans are carried at their unpaid balance.

At December 31, 2000 and 1999, mortgage loans held as investments with a
carrying value of $102,571,000 and $73,716,000, respectively, were outstanding.
The estimated fair value of the mortgage loans at December 31, 2000 and 1999
aggregated $94,669,000 and $74,559,000, respectively. The estimated fair values
were determined using the discounted cash flow method, using interest rates
currently offered for similar loans to borrowers with similar credit ratings.
Investments in mortgage loans, included as a component of investments, are
reported net of allowance for possible losses of $402,000 and $225,000 in 2000
and 1999, respectively.

In February 1997, AMERCO, through its insurance subsidiaries, invested in
the equity of a limited partnership in a Texas-based self-storage corporation.
RepWest invested $13,500,000 and has a 38% limited partnership interest and
Oxford invested $11,000,000 and has a 27% limited partnership interest. U-Haul
is a 50% owner of a corporation which is a general partner in the Texas-based
self-storage corporation. AMERCO has a $10,000,000 note receivable from PMSI
Investors L.L.C., a 30% limited partner in the corporation. During 1997, the
corporation secured a line of credit in the amount of $225,000,000 with a
financing institution. Under the terms of this credit facility, AMERCO entered
into a support party agreement with the corporation whereby upon default or
noncompliance with debt covenants by the corporation, AMERCO assumes
responsibility in fulfilling all obligations related to this credit facility.
52

AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued


5. NOTES AND LOANS PAYABLE

Notes and loans payable consist of the following:

March 31,
--------------------
2001 2000
--------------------
(in thousands)

Short-term borrowings, 5.96%
interest rate $ 15,000 16,500
Notes payable to banks under
commercial paper agreements, unsecured,
5.00% to 6.20% interest rates 119,570 -
Notes payable to banks under
revolving lines of credit, unsecured,
5.31% to 5.56% interest rates 185,000 159,000
Medium-term notes payable, unsecured,
7.23% to 8.08% interest
rates, due through 2027 212,000 237,000
Notes payable under Bond Backed Asset Trust,
unsecured, 7.14% interest
rates, due through 2032 100,000 200,000
Notes payable to public,
unsecured, 7.85% interest
rate, due through 2003 175,000 175,000
Senior Note, unsecured, 7.20% interest
rate, due through 2002 150,000 150,000
Senior Note, unsecured, 8.80% interest
rate, due through 2005 200,000 200,000
Other notes payable, secured and
unsecured, 7.00% to 11.25% interest
rate, due through 2005 278 340
--------------------
$ 1,156,848 1,137,840
====================

Other notes payable are secured by land and buildings at various locations
with a net carrying value of $6,473,962 and $6,504,302 at March 31, 2001 and
2000, respectively.

AMERCO has a revolving credit loan (long-term) available from
participating banks under an agreement which provides for a credit line of
$400,000,000 through June 30, 2002. Depending on the form of borrowing
elected, interest will be based on the London Interbank Offering Rate (LIBOR),
prime rate, the federal funds effective rate, or rates determined by a
competitive bid. LIBOR loans include a spread based upon the senior debt
rates of AMERCO. Facility fees paid are based upon the amount of credit line.

At March 31, 2001, AMERCO had borrowed $305,100,000, representing
short-term borrowings, from its total committed lines of credit of
$94,900,000.

As of March 31, 2001, loans outstanding under the revolving credit line
totaled $185,000,000. Management intends to refinance the borrowings on a long-
term basis by either replacing them with long-term obligations, renewing or
extending them.



Revolving credit activity Short-term borrowing
Year ended Year ended
--------------------------------------------------------
2001 2000 1999 2001 2000 1999
--------------------------------------------------------
(in thousands, except interest rates)

Weighted average interest
rate during the year 6.36% 5.90% 5.73% 6.67% 6.13% 5.63%
Interest rate at year end 5.68% 6.26% 5.33% 5.96% 6.32% 6.19%
Maximum amount outstanding
during the year $ 258,000 365,000 297,000 41,500 52,000 39,000
Average amount outstanding
during the year $ 86,000 235,500 220,083 18,458 13,542 21,208
Facility fees $ 507 508 507 N/A N/A N/A

53

AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued


5. NOTES AND LOANS PAYABLE, continued

AMERCO has entered into interest rate swap agreements (SWAPS) to
potentially mitigate the impact of changes in interest rates on its floating
rate debt. These agreements effectively change AMERCO's interest rate exposure
on $45,000,000 of floating rate notes to a weighted average fixed rate of
8.45%. The SWAPS mature at the time the related notes mature. Incremental
interest expense associated with SWAP activity was $1,027,000, $1,935,000 and
$2,593,000 during 2001, 2000 and 1999, respectively.

At March 31, 2001, interest rate swap agreements with an aggregate notional
amount of $45,000,000 were outstanding. Management estimates that at March 31,
2001 and 2000, AMERCO would be required to pay $3,696,000 and $1,888,000,
respectively, to terminate the agreements. Such amounts were determined from
current treasury rates combined with SWAP spreads on agreements outstanding.

During April 1999, AMERCO issued $150,000,000 of 7.20% Senior Notes due
2002. During February 2000, AMERCO issued $200,000,000 of 8.80% Senior Notes
due 2005.

During fiscal year 2001, AMERCO extinguished $100,000,000 of BATs with
interest of 6.89% originally due in fiscal year 2011, and $25,000,000 of 6.71%
Medium-Term notes originally due in fiscal year 2009. This resulted in an
extraordinary loss of $2,121,000, net of tax of $1,160,000 ($0.10 per share).

During fiscal year 2000, AMERCO extinguished $100,000,000 of BATs with
interest of 6.65% originally due in fiscal year 2030, and $50,000,000 of 7.05%
to 7.10% Medium-Term notes originally due in fiscal year 2007. This resulted in
an extraordinary loss of $334,000, net of tax of $213,000 ($0.02 per share).

Certain of AMERCO's credit agreements contain restrictive financial and
other covenants, including, among others, covenants with respect to incurring
additional indebtedness, maintaining certain financial ratios and placing
certain additional liens on its properties and assets. At March 31, 2001,
AMERCO was in compliance with these covenants.

The annual maturities of long-term debt for the next five years adjusted
for subsequent activity (if the revolving credit lines are outstanding to
maturity), are presented in the table below:

Year Ended
------------------------------------------------
2002 2003 2004 2005 2006
------------------------------------------------
(in thousands)
Mortgages $ 21 30 32 24 26
Medium-Term and
Other Notes 77,512 150,014 175,015 205,001 55,000
Revolving Credit - 185,000 - - -
------------------------------------------------
$ 77,533 335,044 175,047 205,025 55,026
================================================

Interest paid in cash amounted to $92,622,000, $77,529,000 and $74,026,000
for fiscal years 2001, 2000 and 1999, respectively.
54





AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued


6. STOCKHOLDERS' EQUITY

AMERCO has authorized capital stock consisting of 150,000,000 shares of
common stock, 150,000,000 shares of Serial common stock and 50,000,000 shares
of Serial preferred stock. The Board of Directors (the Board) may authorize
the Serial common stock to be issued in such series and on such terms as the
Board shall determine. Serial preferred stock issuance may be with or without
par value.

AMERCO has issued 6,100,000 shares of 8.5% cumulative, no par, non-voting
Series A preferred stock (Series A). The Series A is not convertible into, or
exchangeable for, shares of any other class or classes of stock of AMERCO.
Dividends are payable quarterly in arrears and have priority as to dividends
over AMERCO's common stock. On or after December 1, 2000, AMERCO, at its
option, may redeem all or part of the Series A, for cash at $25.00 per share
plus accrued and unpaid dividends to the redemption date.

AMERCO placed funds of $48,234,000 into an escrow account pending the
outcome of a dispute involving the entitlement of the plaintiffs to post-
petition interest. The escrow account was transferred to the plaintiffs on
February 2, 2000, after it was determined that the plaintiffs were entitled to
such interest. The transfer was recorded net of tax of $18,570,000, and
reflected as a component of stockholders' equity.

The plaintiffs included the father, brothers and sisters of Mark V. and
Paul F. Shoen who are major stockholders of AMERCO, and Edward J. and
James P. Shoen who are major stockholders and directors of AMERCO.

55

AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued


7. ACCUMULATED OTHER COMPREHENSIVE INCOME


A summary of accumulated comprehensive income components follows:


Unrealized Fair market Accumulated
Foreign gain/(loss) value of other
currency on cash flow comprehensive
translation investments hedge income
--------------------------------------------------
(in thousands)

Balance at March 31, 2000 $ (28,310) (12,568) (1,439) (42,317)
Foreign currency translation (7,252) - - (7,252)
Fair market value of cash
flow hedge, net of taxes
of $(638) - - (1,185) (1,185)
Unrealized gain on
investments, net of
taxes of $4,369 - 10,045 - 10,045
------- ------ ----- ------


Balance at March 31, 2001 $ (35,562) (2,523) (2,624) (40,709)
======= ====== ===== ======

Balance at March 31, 1999 $ (25,411) 11,302 (3,631) (17,740)
Foreign currency translation (2,899) - - (2,899)
Fair market value of cash
flow hedge, net of taxes
of $1,568 - - 2,192 2,192
Unrealized loss on
investments, net of
taxes of $11,442 - (23,870) - (23,870)
------ ------ ----- ------

Balance at March 31, 2000 $ (28,310) (12,568) (1,439) (42,317)
====== ====== ===== ======



8. EARNINGS PER SHARE

The following table reflects the calculation of earnings per share:

Income Shares Per Share
(Numerator) (Denominator) Amount
------------------------------------
(in thousands, except share and
per share data)
Year ended March 31, 2001
Earnings from operations before
extraordinary loss on early
extinguishment of debt $ 15,086
Less: preferred stock dividends (12,963)
------
Basic earnings per share
Earnings from operations before
extraordinary loss on early
extinguishment of debt available
to common stockholders 2,123 21,486,370 $ 0.10
Extraordinary loss on early
extinguishment of debt, net (2,121) (0.10)
----- ----
Net earnings 2 0.00
Effects of dilutive securities
preferred stock conversion - -
----- ----------
Diluted earnings per share
Net earnings $ 2 21,486,370 $ 0.00
===== ========== ====
56

AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued


8. EARNINGS PER SHARE, continued
Income Shares Per Share
(Numerator) (Denominator) Amount
------------------------------------
(in thousands, except share and
per share data)

Year ended March 31, 2000
Earnings from operations before
extraordinary loss on early
extinguishment of debt $ 65,825
Less: preferred stock dividends (13,499)
------
Basic earnings per share
Earnings from operations before
extraordinary loss on early
extinguishment of debt available
to common stockholders 52,326 21,934,390 $ 2.39
Extraordinary loss on early
extinguishment of debt, net (334) (0.02)
------ ----
Net earnings 51,992 2.37
Effects of dilutive securities
Preferred stock conversion 537 291,667
------ ----------
Diluted earnings per share
Net earnings $ 52,529 22,226,057 $ 2.36
====== ========== ====


Year ended March 31, 1999
Earnings from operations before
extraordinary loss on early
extinguishment of debt $ 62,509
Less: preferred stock dividends (17,077)
------
Basic earnings per share
Earnings from operations before
extraordinary loss on early
extinguishment of debt available
to common stockholders 45,432 21,937,686 $ 2.07
Extraordinary loss on early
extinguishment of debt, net - -
------ ----
Net earnings 45,432 2.07
Effects of dilutive securities
Preferred stock conversion 4,006 2,002,937
------ ----------
Diluted earnings per share
Net earnings $ 49,438 23,940,623 $ 2.07
====== ========== ====
57

AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued


9. INCOME TAXES

The components of the consolidated expense for income taxes applicable to
operations are as follows:

Year ended
------------------------------
2001 2000 1999
------------------------------
(in thousands)
Current:
Federal $ - 1,192 2,490
State 650 1,068 406

Deferred:
Federal 8,243 32,369 29,963
State 19 2,293 2,242
------------------------------

$ 8,912 36,922 35,101
==============================

Income taxes paid in cash amounted to $3,450,000, $1,522,000 and
$1,656,000 for fiscal years 2001, 2000 and 1999, respectively.

Actual tax expense reported on earnings from operations differs from the
"expected" tax expense amount (computed by applying the United States federal
corporate tax rate of 35% in 2001, 2000 and 1999) as follows:

Year ended
------------------------------
2001 2000 1999
------------------------------
(in thousands)

Computed "expected" tax
expense $ 8,399 35,962 34,163
Increases (reductions) in taxes
resulting from:
Tax-exempt interest income (55) (145) (474)
Dividends received deduction (1) (1) (52)
Canadian subsidiary
(income)loss (402) (536) 444
True-up of prior year - - -
Federal tax benefit of
state and local taxes (221) (1,176) (927)
Other 523 (543) (701)
------------------------------
Actual federal tax
expense 8,243 33,561 32,453
State and local income tax
expense 669 3,361 2,648
------------------------------

Actual tax expense
of operations $ 8,912 36,922 35,101
==============================
58



AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued


9. INCOME TAXES, continued

Deferred tax assets and liabilities are comprised as follows:

March 31,
-----------------
2001 2000
-----------------
(in thousands)
Deferred tax assets
-------------------
Benefit of tax net
operating loss and credit
carryforwards $ 62,145 84,855
Accrued expenses 9,059 6,399
Deferred revenue from
sale/leaseback 9,001 7,463
Policy benefits and losses,
claims and loss expenses
payable, net 7,807 20,236
Other 1,550 1,838
-----------------
Total deferred tax assets 89,562 120,791
-----------------

Deferred tax liabilities
------------------------
Property, plant and equipment 221,407 224,260
Deferred policy acquisition costs 7,574 5,944
-----------------
Total deferred tax liabilities 228,981 230,204
-----------------

Net deferred tax liability $ 139,419 109,413
=================

The deferred tax asset was reduced by use of a portion of the net
operating loss carryforward to offset a related party gain that increased
additional paid in capital.

In light of AMERCO's history of profitable operations, management has
concluded that it is more likely than not that AMERCO will ultimately realize
the full benefit of its deferred tax assets. Accordingly, AMERCO believes that
a valuation allowance is not required at March 31, 2001 and 2000. See also Note
15 of Notes to Consolidated Financial Statements.

Under the provisions of the Tax Reform Act of 1984 (the Act), the balance
in Oxford's account designated "Policyholders' Surplus Account" is frozen at
its December 31, 1983 balance of $19,251,000. Federal income taxes (Phase III)
will be payable thereon at applicable current rates if amounts in this account
are distributed to the stockholder or to the extent the account exceeds a
prescribed maximum. Oxford did not incur a Phase III liability for the years
ended December 31, 2000, 1999 and 1998.

The Internal Revenue Service is currently conducting audits on fiscal
years 1996 and 1997. To date, the audits have not been completed.

At March 31, 2001, AMERCO and RepWest have non-life net operating loss
carryforwards available to offset federal taxable income in future years of
$119,495,000 for tax purposes. These carryforwards expire in 2011 through
2012. AMERCO has alternative minimum tax credit carryforwards of $15,489,000
which do not have an expiration date, but may only be utilized in years in
which regular tax exceeds alternative minimum tax. The use of certain
carryforwards may be limited or prohibited if a reorganization or other change
in corporate ownership were to occur.

During 1994, Oxford distributed its investment in RepWest common stock
as a dividend to its parent at its book value. As a result of such dividend,
a deferred intercompany gain arose due to the difference between the book value
and fair value of such common stock. However, such gain can only be triggered
if certain events occur. To date, no events have occurred which would trigger
such gain recognition. No deferred taxes have been provided in the
accompanying consolidated financial statements as management believes that no
events have occurred to trigger such gain.
59

AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued


10. TRANSACTIONS WITH FLEET OWNERS AND OTHER RENTAL EQUIPMENT OWNERS

Independent rental equipment owners (fleet owners) own approximately 5% of
all U-Haul rental trailers and 0.01% of certain other rental equipment. There
are approximately 1,919 fleet owners, including certain officers, directors,
employees and stockholders of AMERCO. All rental equipment is operated under
contract with U-Haul whereby U-Haul administers the operations and marketing of
such equipment and in return receives a percentage of rental fees paid by
customers. Based on the terms of various contracts, rental fees are
distributed to U-Haul (for services as operators), to the fleet owners
(including certain subsidiaries and related parties of U-Haul) and to Rental
Dealers (including Company-operated U-Haul Centers).

RepWest insures and reinsures certain risks of U-Haul customers and
independent fleet owners. Premiums earned on these policies were $17,300,000,
$22,700,000 and $41,000,000 during the years ended December 31, 2001, 2000 and
1999, respectively.


11. EMPLOYEE BENEFIT PLANS

AMERCO participates in the AMERCO Employee Savings, Profit Sharing and
Employee Stock Ownership Plan (the Plan) which is designed to provide all
eligible employees with savings for their retirement and to acquire a
proprietary interest in AMERCO.

The Plan has three separate features: a profit sharing feature (the Profit
Sharing Plan) under which the Employer may make contributions on behalf of
participants; a savings feature (the Savings Plan) which allows participants to
defer income under Section 401(k) of the Internal Revenue Code of 1986; and an
employee stock ownership feature (the ESOP) under which AMERCO may make
contributions of AMERCO common stock or cash to acquire such stock on behalf of
participants. Generally, employees of AMERCO are eligible to participate in
the Plan upon completion of a one year service requirement.

No contributions were made to the profit sharing plan in fiscal year 2001,
2000, or 1999.

AMERCO has arranged financing to fund the ESOP trust (ESOT) and to enable
the ESOT to purchase shares. Below is a summary of the financing arrangements:

Amount outstanding
Financing as of Interest Payments
Date March 31, 2001 2001 2000 1999
---------------------------------------------------------------------
(in thousands)
December 1989 $ - - - 34
May 1990 - 8 16 24
June 1991 15,173 1,129 1,192 1,364

Shares are released from collateral and allocated to active employees
based on the proportion of debt service paid in the plan year. Contributions
to the ESOT charged to expense were $1,627,000, $1,771,000 and $2,804,000 for
fiscal years 2001, 2000 and 1999, respectively.

The shares held by ESOP as of March 31 were as follows:

Shares issued Shares issued
prior to subsequent to
December 31, 1992 December 31, 1992
------------------------------------------
2001 2000 2001 2000
------------------------------------------
(in thousands)
Allocated shares 1,467 1,551 239 196
Shares committed to be released - - 12 11
Unreleased shares 293 338 628 679

Fair value of unreleased shares $ 3,812 4,157 13,341 12,470
==========================================
60

AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued


11. EMPLOYEE BENEFIT PLANS, continued

For purposes of the schedule, fair value of unreleased shares issued prior
to December 31, 1992 is defined as the historical cost of such shares. Fair
value of unreleased shares issued subsequent to December 31, 1992 is defined as
the March 31 trading value of such shares for 2001 and 2000.

Oxford insures various group life and group disability insurance plans
covering employees of the consolidated group. Premiums earned were $1,424,000,
$1,276,000 and $1,208,000 during the years ended December 31, 2000, 1999 and
1998, respectively, and were eliminated in consolidation.


12. POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS

AMERCO provides medical and life insurance benefits to retired employees
and eligible dependents over age 65 if the employee meets specified age and
service requirements.

AMERCO uses the accrual method of accounting for postretirement benefits.
AMERCO continues to fund medical and life insurance benefit costs as claims are
incurred.

The components of net periodic postretirement benefit cost for 2001, 2000
and 1999 are as follows:

2001 2000 1999
-----------------------------
(in thousands)
Service cost for benefits earned
during the period $ 228 330 296
Interest cost on accumulated
postretirement benefit 276 338 327
Other components (340) (239) (224)
-----------------------------
Net periodic postretirement benefit cost $ 164 429 399
=============================

The 2001 and 2000 postretirement benefit liability included the following
components:

2001 2000
------------------
(in thousands)

Beginning of year $ 3,615 4,886
Service cost 228 330
Interest cost 276 338
Benefit payments and expense (86) (93)
Actuarial loss 64 (1,846)
------------------
Accumulated postretirement benefit obligation 4,097 3,615
Unrecognized net gain 4,827 5,232
------------------
$ 8,924 8,847
==================

The discount rate assumptions in computing the information above were as
follows:

2001 2000 1999
------------------------------
Accumulated postretirement benefit obligation 7.50% 7.75% 7.00%

The year-to-year fluctuations in the discount rate assumptions primarily
reflect changes in U.S. interest rates. The discount rate represents the
expected yield on a portfolio of high-grade (AA-AAA rated or equivalent) fixed-
income investments with cash flow streams sufficient to satisfy benefit
obligations under the plans when due.

The assumed health care cost trend rate used in measuring the accumulated
postretirement benefit obligation was 6.00% in 2001, declining annually to an
ultimate rate of 4.20% in 2015.
61
AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued

12. POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS, continued

If the health care cost trend rate assumptions were increased by 1.00%,
the accumulated postretirement benefit obligation as of March 31, 2001 would be
increased by approximately $180,000 and a decrease of 1.00% would reduce the
accumulated postretirement benefit obligation by $198,000.

Postemployment benefits provided by AMERCO are not material.


13. REINSURANCE

In the normal course of business, RepWest and Oxford assume and cede
reinsurance on both a coinsurance and risk premium basis. RepWest and Oxford
obtain reinsurance for that portion of risks exceeding retention limits. The
maximum amount of life insurance retained on any one life is $150,000.

A summary of reinsurance transactions by business segment follows:

Percentage
Ceded Assumed of amount
Direct to other from other Net assumed to
amount companies companies amount net
------------------------------------------- ----------
(in thousands)
Year ended December 31, 2000
- ----------------------------
Life insurance
in force $ 1,736,332 923,472 1,812,548 2,625,408 69%
============================================

Premiums earned:
Life $ 23,666 2,493 8,232 29,405 28%
Accident and
health 72,593 15,195 16,884 74,282 23%
Annuity 574 - 6,932 7,506 92%
Property -
casualty 154,998 33,182 96,281 218,097 44%
--------------------------------------------
Total $ 251,831 50,870 128,329 329,290
============================================

Percentage
Ceded Assumed of amount
Direct to other from other Net assumed to
amount companies companies amount net
----------------------------------------- ----------
(in thousands)
Year ended December 31, 1999
- ----------------------------
Life insurance
in force $ 1,508,961 932,004 1,930,832 2,507,789 77%
============================================

Premiums earned:
Life $ 26,745 2,527 6,480 30,698 21%
Accident and
health 43,833 15,121 29,377 58,089 51%
Annuity 69 3 6,269 6,335 99%
Property -
casualty 111,488 27,004 89,319 173,803 51%
--------------------------------------------
Total $ 182,135 44,655 131,445 268,925
============================================
62
AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued


13. REINSURANCE, continued

Percentage
Ceded Assumed of amount
Direct to other from other Net assumed to
amount companies companies amount net
---------------------------------------- ----------
(in thousands)
Year ended December 31, 1998
- ----------------------------
Life insurance
in force $ 1,254,084 809,267 2,218,772 2,663,589 83%
============================================

Premiums earned:
Life $ 20,554 6,403 11,480 25,631 45%
Accident and
health 32,668 10,875 29,973 51,766 58%
Annuity 556 - 9,944 10,500 95%
Property -
casualty 110,080 32,047 60,917 138,950 44%
--------------------------------------------
Total $ 163,858 49,325 112,314 226,847
============================================

RepWest is a reinsurer of municipal bond insurance through an agreement
with MBIA, Inc. Premiums generated through this agreement are recognized on a
pro rata basis over the contract coverage period. Unearned premiums on this
coverage were $4,300,000 and $5,000,000 as of December 31, 2000 and 1999,
respectively. RepWest's share of case loss reserves related to this coverage
was insignificant at December 31, 2000. RepWest's aggregate exposure for Class
1 municipal bond insurance was $883,000,000 as of December 31, 2000.

To the extent that a reinsurer is unable to meet its obligation under the
related reinsurance agreements, RepWest would remain liable for the unpaid
losses and loss expenses. Pursuant to certain of these agreements, RepWest
holds letters of credit of $13,000,000 from reinsurers. RepWest has issued
letters of credit of approximately $2,700,000 in favor of certain ceding
companies.

RepWest insures and reinsures general liability, auto liability and
workers' compensation coverage for member companies of the consolidated group.
Premiums earned by RepWest on these policies were $6,091,000, $6,878,000 and
$11,734,000 during the years ended December 31, 2000, 1999 and 1998,
respectively, and were eliminated in consolidation.


14. CONTINGENT LIABILITIES AND COMMITMENTS

AMERCO uses certain equipment and occupies certain facilities under
operating lease commitments with terms expiring through 2079. Lease expense
was $178,458,000, $136,044,000 and $118,742,000 for the years ended
2001, 2000 and 1999, respectively. During the year ended March 31, 2001, a
subsidiary of U-Haul entered into thirty five transactions and has
subsequently entered into one additional transaction, whereby AMERCO sold
rental trucks, which were subsequently leased back. AMERCO has guaranteed
$195,052,000 of residual values at March 31, 2001 and an additional
$1,350,000 subsequent to March 31, 2001 for these assets at the end
of the respective lease terms. Certain leases contain renewal and fair market
value purchase options as well as mileage and other restrictions similar to
covenants disclosed in Note 5 of Notes to Consolidated Financial Statements for
notes payable and loan agreements.
63
AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued


14. CONTINGENT LIABILITIES AND COMMITMENTS, continued

Following are the lease commitments for leases having terms of more than
one year:

March 31, 2001
--------------------------- Net activity
Property, plant Rental subsequent to
Year ended and other equipment fleet year end Total
--------------------------------------------------------------------
(in thousands)

2002 $ 3,325 157,817 502 161,644
2003 2,320 144,184 602 147,106
2004 1,906 117,250 602 119,758
2005 1,688 103,521 602 105,811
2006 1,617 76,059 602 78,278
Thereafter 9,184 92,876 1,909 103,969
--------------------------------------------
$ 20,040 691,707 4,819 716,566
============================================

The Company, at the expiration of the lease, has the option to renew the
lease, purchase the units for fair market value, or sell the units to a third
party on behalf of the lessor. On or before a specific date prior to the
expiration date of the lease, the Company has the ability to exercise a TRAC
option. Under this provision the Company has the right to purchase the units
at a specified price. At March 31, 2001, U-Haul had not exercised any options
to purchase units. Subsequent to March 31, 2001, the Company exercised one
purchase option totaling $972,000.

In December 1996, AMERCO executed a $100,000,000 Operating Lease Facility
with a number of financial institutions which was amended and restated in July
1999 to $170,000,000. In September 1999, AMERCO entered into an additional
$125,000,000 Operating Lease Facility. Under these facilities, the lessor
acquires land to be developed for storage locations by AMERCO, as Construction
Agent, or acquires existing storage locations with advances of funds (the
Advances) made by certain parties to the facilities. AMERCO will separately
lease land and improvements, including completed locations capitalized by the
lessor, under the facilities and the respective lease supplements. Funding
under the facilities totaled $231,664,000 and $174,900,000 at March 31, 2001
and 2000, respectively.

The facilities contain certain restrictions similar to those contained in
Note 5. Upon occurrence of any event of default, the lessor may rescind or
terminate any or all leases and, among other things, require AMERCO to
repurchase any or all of the properties. The facilities have a three year
term, subject to AMERCO's option, with the consent of other parties, to renew
for successive one year terms.

Upon the expiration of the facilities, AMERCO may either purchase all of
the properties based on a purchase price equal to all amounts outstanding under
the Advances, including the interest and yield thereon, or remarket all of the
properties to a third party purchaser who may become a subsequent lessor to
AMERCO.

In the normal course of business, AMERCO is a defendant in a number of
suits and claims. AMERCO is also a party to several administrative proceedings
arising from state and local provisions that regulate the removal and/or cleanup
of underground fuel storage tanks. It is the opinion of management that none of
such suits, claims or proceedings involving AMERCO, individually or in the
aggregate, are expected to result in a material loss. Also see Notes 13 and 15
of Notes to Consolidated Financial Statements.
64



AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued


15. LEGAL PROCEEDINGS

On October 1, 1996, AMERCO made the final payment of approximately
$448,100,000 to the plaintiffs (non-management shareholders and their
affiliates) in the full settlement of a legal dispute related to control of
AMERCO. As a result, the plaintiffs that owned AMERCO stock were required to
transfer all of their shares of common stock to AMERCO. The total number of
shares transferred was 18,254,976.

On January 10, 2000 it was determined that the plaintiffs were entitled to
post-petition interest at the rate of ten percent (10%) per year from February
21, 1995 until October 1, 1996. In 1996, AMERCO deposited approximately
$48,200,000 into an escrow account to secure payment of the disputed interest,
pending final resolution of this issue. The escrow account was reflected as a
component of "Other assets" in AMERCO's consolidated financial statements. The
amount deposited into the escrow account was transferred to the plaintiffs on
February 2, 2000. The release of the escrow did not have the effect of
increasing or decreasing AMERCO's net earnings, but reduced stockholders'
equity.

AMERCO has deducted for income tax purposes approximately $372,000,000 of
payments previously made to the former shareholders. While AMERCO believes that
such income tax deductions are appropriate, there can be no assurance that such
deductions ultimately will be allowed in full.

On June 24, 1997, five (5) current and/or former Moving Center General
Managers (GMs) and one (1) Area Field Manager (AFM) filed suit in Marin County
Superior Court, Case No. BC 203532, entitled Sarah Saunders, et al. vs. U-Haul
---------------------- ------
Company of California, Inc., claiming that they were entitled to be compensated
- ---------------------------
for all overtime hours worked in excess of forty (40) hours per week. In
addition, these Plaintiffs sought class action status purporting to represent
all persons employed in California as either a salaried GM or AFM since
September 1993. On September 30, 1997, a virtually identical lawsuit was filed
in Los Angeles County Superior Court, Case No. BC 178775, entitled Wyatt
-----
Crandall vs. U-Haul International, Inc. and U-Haul Co. of California. This
- -------- -------------------------------------------------------
action did not include AFMs, but did purport to be brought on behalf of GMs and
GM trainees. These cases were consolidated by the Court in Los Angeles on
October 15, 1998. On June 10, 1999, Plaintiff's motion to certify the AFMs as a
class was denied and the motion to certify the GMs as a class was granted.
Notice of certification was mailed on or about August 24, 1999. The class opt-
out period ended on October 11, 1999. The case was bifurcated and the liability
portion of the case was tried to the Court. The Court found for the Plaintiff's
on January 8, 2001. The damage portion of the case was to begin on April 9,
2001. The Company settled the case for $7.5 million on April 5, 2001, and the
Court approved the settlement on May 22, 2001. The class approval process will
take between 60 and 120 days from the time of the Court approval.
65



AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued


16. PREFERRED STOCK PURCHASE RIGHTS

AMERCO's Board of Directors adopted a stockholder-rights plan in July
1998. The rights were declared as a dividend of one preferred share purchase
right for each outstanding share of AMERCO's common stock. The dividend
distribution was payable on August 17, 1998 to the stockholders of record on
that date. When exercisable, each right will entitle its holder to purchase
from AMERCO one one-hundredth of a share of Series C Junior Participating
Preferred Stock (Series C), no par value per share of AMERCO, at a price of
$132.00 per one one-hundredth of a share of Series C, subject to adjustment.
AMERCO has created a series of 3,000,000 shares of authorized but unissued
preferred stock for the Series C stock authorized in this stockholder-rights
plan.

The rights will become exercisable if a person or group of affiliated or
associated persons acquire or obtain the right to acquire beneficial ownership
of 10% or more of the common stock without approval of a majority of the Board
of Directors of AMERCO. The rights will expire on August 7, 2008 unless
earlier redeemed or exchanged by AMERCO.

In the event AMERCO is acquired in a merger or other business combination
transaction after the rights become exercisable, each holder of a right would
be entitled to receive that number of shares of the acquiring company's common
stock equal to the result obtained by multiplying the then current Purchase
Price by the number one one-hundredths of a share of Series C for which a right
is then exercisable and dividing that product by 50% of the then current market
price per share of the acquiring company.
66

AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued


17. STOCK OPTION PLAN

AMERCO's stockholders approved a ten year incentive plan entitled the
AMERCO Stock Option and Incentive Plan (the Plan) for officers and key
employees in October 1992. No stock options or awards have been granted under
this plan to date.

The aggregate numbers of shares of stock subject to award under the Plan
may not exceed 3,000,000. The stock subject to the Plan is AMERCO common stock
unless prior to the date the first award is made under the Plan, a Committee of
at least two Board members determines, in its discretion, to utilize another
class of AMERCO stock. The features of the Plan are:

Incentive Stock Options (ISO's) - as defined under the Internal Revenue
Code and Non-qualified Stock Options under such terms and conditions as
the Committee determines in its discretion. The ISO's may be granted at
prices not less than one-hundred percent of the fair market value at the
date of grant with a term not exceeding ten years.

Stock Appreciation Right (SAR's) - subject to certain conditions and
limitations to holders of options under the Plan. SAR's permit the
optionee to surrender an exercisable option for an amount equal to the
excess of the market price of the common stock over the option price when
the right is exercised.

Restricted Stock Award - a specified number of common shares may be
granted subject to certain restrictions. Restriction violations during a
specified period result in forfeiture of the stock. The Committee may, at
its discretion, impose any restrictions on a Restricted Stock award.

Dividend Equivalents - in connection with options. Dividend Equivalents
are rights to receive additional shares of stock at the time of exercise
of the option to which such Dividend Equivalents apply.

Performance Share - deemed to be the equivalent of one share of stock and
credited to a Performance Share account to be maintained for each Holder.
The value of the shares at time of award or payment is the fair market
value of an equivalent number of shares of stock. At the end of the award
period, payment may be made subject to certain predetermined criteria and
restrictions.


18. RELATED PARTY TRANSACTIONS

AMERCO has related party transactions with certain major stockholders,
directors and officers of the consolidated group as disclosed in Notes 2, 6, 10
and 16 of Notes to Consolidated Financial Statements.

During the years ended 2001 and 2000, AMERCO sold $10,510,000
and $3,910,000, respectively, of remanufactured engines and small automotive
parts and purchased $53,671,000 and $38,373,000, respectively, of automotive
parts and tools from a company wherein a major stockholder, director and
officer of AMERCO has a beneficial minority ownership interest.

During the years ended 2001 and 2000, AMERCO purchased $1,090,000 and
$2,508,000, respectively, of rebuilt torque converters and other related
transmission parts from a company wherein an owner is a family member of a
major stockholder, director and officer of AMERCO.

During the years ended 2001, 2000 and 1999, AMERCO purchased $3,460,000,
$3,371,000 and $3,070,000, respectively, of printing from a company wherein an
officer is a major stockholder, director and officer of AMERCO.

Management believes that these transactions were consummated on terms
equivalent to those that prevail in arm's-length transactions.
67

AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued


19. SUPPLEMENTAL CASH FLOW INFORMATION

The (increase) decrease in receivables, inventories and accounts payable
and accrued expenses net of other operating and investing activities follows:

Year ended
---------------------------------------
2001 2000 1999
---------------------------------------
(in thousands)

Receivables $ (32,612) (40,590) 676
=======================================

Inventories $ 609 (4,455) (11,272)
=======================================

Accounts payable and
accrued expenses $ (113) 20,146 12,668
=======================================


20. SUMMARIZED CONSOLIDATED FINANCIAL INFORMATION OF INSURANCE SUBSIDIARIES

A summarized consolidated balance sheet for RepWest is presented below:

December 31,
----------------------
2000 1999
-----------------------
(in thousands)

Investments, securities $ 409,535 405,250
Investments, other 34,062 18,786
Receivables 200,651 158,413
Deferred policy acquisition costs 21,637 15,130
Due from affiliate 43,121 28,054
Deferred federal income taxes 13,167 13,384
Other assets 11,961 25,770
-------------------
Total assets $ 734,134 664,787
===================

Policy liabilities and accruals $ 372,328 339,220
Unearned premiums 107,768 64,755
Other policyholders' funds and liabilities 61,952 52,307
-------------------
Total liabilities 542,048 456,282

Stockholder's equity 192,086 208,505
-------------------

Total liabilities and stockholder's equity $ 734,134 664,787
===================


A summarized consolidated income statement for RepWest is presented below:

Year ended December 31,
--------------------------------
2000 1999 1998
--------------------------------
(in thousands)

Premiums $ 218,097 173,803 145,301
Net investment income 29,103 33,004 35,755
-------------------------------
Total revenue 247,200 206,807 181,056

Benefits and losses 204,133 150,543 118,870
Amortization of deferred policy
acquisition costs 16,308 13,358 7,443
Operating expenses 56,653 34,972 35,637
-------------------------------
Total expenses 277,094 198,873 161,950

Income from operations (29,894) 7,934 19,106
Income tax benefit (expense) 10,494 (2,611) (5,976)
-------------------------------
Net income (loss) $ (19,400) 5,323 13,130
===============================
68
AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued

20. SUMMARIZED CONSOLIDATED FINANCIAL INFORMATION OF INSURANCE SUBSIDIARIES,
continued

A summarized consolidated balance sheet for Oxford is presented below:

December 31,
---------------------
2000 1999
---------------------
(in thousands)

Investments, fixed maturities $ 542,947 485,379
Investments, other 171,684 122,038
Receivables 27,430 19,021
Deferred policy acquisition costs 78,170 73,272
Deferred federal income taxes 304 -
Other assets 29,776 32,270
-------------------
Total assets $ 850,311 731,980
===================

Policy liabilities and accruals $ 185,038 142,180
Premium deposits 522,207 461,673
Other policyholders' funds and liabilities 21,525 18,390
Due to affiliate 10,942 10,669
Deferred federal income taxes 10,793 10,975
-------------------
Total liabilities 750,505 643,887

Stockholder's equity 99,806 88,093
-------------------

Total liabilities and stockholder's equity $ 850,311 731,980
===================


A summarized consolidated income statement for Oxford is presented below:

Year ended December 31,
-------------------------------
2000 1999 1998
-------------------------------
(in thousands)

Premiums $ 112,616 96,406 94,488
Net investment income 22,166 21,540 20,080
-------------------------------
Total revenue 134,782 117,946 114,568

Benefits and losses 79,233 59,049 57,690
Amortization of deferred policy
acquisition costs 19,638 21,629 24,278
Operating expenses 28,962 23,078 20,442
-------------------------------
Total expenses 127,833 103,756 102,410

Income from operations 6,949 14,190 12,158
Income tax expense (2,298) (4,117) (3,423)
------------------------------
Net income $ 4,651 10,073 8,735
==============================
69

AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued

20. SUMMARIZED CONSOLIDATED FINANCIAL INFORMATION OF INSURANCE SUBSIDIARIES,
continued

Applicable laws and regulations of the State of Arizona require
maintenance of minimum capital determined in accordance with statutory
accounting practices in the amount of $450,000 for Oxford and $1,000,000 for
RepWest. In addition, the amount of dividends which can be paid to
stockholders by insurance companies domiciled in the State of Arizona is
limited. Any dividend in excess of the limit requires prior regulatory
approval. Statutory surplus which can be distributed as dividends is $700,000
for Oxford and $11,700,000 for RepWest at December 31, 2000.

Audited statutory net income(loss) for RepWest for the years ended
December 31, 2000, 1999 and 1998 was $(28,116,000), $9,907,000 and $12,382,000,
respectively; audited statutory capital and surplus was $117,430,000 and
$154,604,000 at December 31, 2000 and 1999, respectively.

Audited statutory net income for Oxford for the years ended December 31,
2000, 1999 and 1998 was $6,626,000, $1,599,000 and $814,000, respectively;
audited statutory capital and surplus was $53,473,000 and $57,689,000 at
December 31, 2000 and 1999, respectively.

On November 13, 2000, Oxford acquired all of the issued and outstanding
shares of Christian Fidelity Life Insurance Company (CFLIC), in an exchange of
cash for stock, for $37,586,000. CFLIC's premium volume is primarily from the
sale of Medicare Supplement products.
70
AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued


21. INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA

Industry Segment Data - AMERCO has four industry segments represented by
Moving and Storage Operations (U-Haul), Real Estate, Property and Casualty
Insurance (RepWest) and Life Insurance (Oxford). See Note 1 of Notes to
Consolidated Financial Statements for a description of the industry segments.

Information concerning operations by industry segment follows:



Moving Property/ Adjustments
and Storage Real Casualty Life and
Operations Estate Insurance Insurance Eliminations Consolidated
---------------------------------------------------------------------
(in thousands)
Fiscal year 2001
- ----------------
Revenues:

Outside $1,425,512 13,659 241,109 133,358 - 1,813,638
Intersegment - 69,379 6,091 1,424 (76,894) -
--------- ------- ------- ------- -------- ----------
Total revenue $1,425,512 83,038 247,200 134,782 (76,894) 1,813,638

Depreciation/
amortization $ 95,472 11,005 17,588 20,120 - 144,185

Interest expense $ 87,773 44,265 - - (44,265) 87,773

Pretax earnings $ 25,399 21,544 (29,894) 6,949 - 23,998

Income tax
expense $ (9,568) (7,540) 10,494 (2,298) - (8,912)

Extraordinary
loss on early
extinguishment
of debt, net $ (2,121) - - - - (2,121)

Identifiable
assets at
March 31, 2001 $1,422,102 735,999 734,134 850,311 (358,482) 3,384,064


Fiscal year 2000
- ----------------
Revenues:

Outside $1,357,651 9,365 199,929 116,672 - 1,683,617
Intersegment - 71,021 6,878 1,274 (79,173) -
--------- ------- ------- ------- -------- ----------
Total revenue $1,357,651 80,386 206,807 117,946 (79,173) 1,683,617

Depreciation/
amortization $ 88,363 10,512 14,819 21,787 - 135,481

Interest expense $ 81,532 39,257 - - (39,257) 81,532

Pretax earnings $ 55,169 25,454 7,934 14,190 - 102,747

Income tax
expense $ 21,264 8,930 2,611 4,117 - 36,922

Extraordinary
loss on early
extinguishment
of debt, net $ (334) - - - - (334)

Identifiable
assets at
March 31, 2000 $1,388,639 687,855 664,787 721,311 (337,367) 3,125,225

71
AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued

21. INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA, continued



Moving Property/ Adjustments
and Storage Real Casualty Life and
Operations Estate Insurance Insurance Eliminations Consolidated
--------------------------------------------------------------------
(in thousands)

Fiscal year 1999
- ----------------
Revenues:

Outside $1,266,372 6,658 169,322 113,360 - 1,555,712
Intersegment - 71,888 11,734 1,208 (84,830) -
--------- ------- ------- ------- -------- ----------
Total revenue $1,266,372 78,546 181,056 114,568 (84,830) 1,555,712

Depreciation/
amortization $ 72,325 10,990 9,190 21,597 - 114,102

Interest expense $ 73,658 40,595 - - (40,595) 73,658

Pretax earnings $ 46,679 19,667 19,106 12,158 - 97,610

Income tax
expense
(benefit) $ 18,819 6,883 5,976 3,423 - 35,101

Identifiable
assets at
March 31, 1999 $1,339,312 708,756 638,977 737,423 (336,965) 3,087,503

72



AMERCO AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, continued

21. INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA, continued

Geographic Area Data - United States Canada Consolidated
---------------------------------------
(All amounts are in U.S. $'s) (in thousands)

Fiscal year 2001
- ----------------
Total revenues $ 1,776,231 37,407 1,813,638
Depreciation/amortization $ 139,702 4,483 144,185
Interest expense $ 87,877 (104) 87,773
Pretax earnings $ 22,853 1,145 23,998
Income tax expense $ (8,906) (6) (8,912)
Extraordinary loss $ (2,121) - (2,121)
Identifiable assets at
March 31, 2001 $ 3,334,728 49,336 3,384,064

Fiscal year 2000
- ----------------
Total revenues $ 1,649,136 34,481 1,683,617
Depreciation/amortization $ 131,513 3,968 135,481
Interest expense $ 81,515 17 81,532
Pretax earnings (loss) $ 101,216 1,531 102,747
Income tax expense $ 36,992 - 36,992
Extraordinary loss $ (334) - (334)
Identifiable assets at
March 31, 2000 $ 3,075,095 50,130 3,125,225

Fiscal year 1999
- ----------------
Total revenues $ 1,525,939 29,773 1,555,712
Depreciation/amortization $ 110,817 3,285 114,102
Interest expense $ 73,641 17 73,658
Pretax earnings $ 98,878 (1,268) 97,610
Income tax expense $ 35,101 - 35,101
Identifiable assets at
March 31, 1999 $ 3,046,247 41,256 3,087,503


22. SUBSEQUENT EVENTS

On May 8, 2001, AMERCO declared a cash dividend of $3,241,000 ($0.53125 per
preferred share) to the Series A preferred stockholders of record as of May 18,
2001.

See Note 14 of Notes to Consolidated Financial Statements for other
subsequent event disclosures.

In April 2001, U-Haul entered into a master lease agreement that provides
a leasing facility up to $47,633,000 to obtain certain self storage assets
under operating leases.
73

SUMMARY OF EARNINGS OF INDEPENDENT TRAILER FLEETS

Additional Information

The following Summary of Earnings of Independent Trailer Fleets is presented for purposes of analysis and
is not a required part of the basic financial statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial statements by PricewaterhouseCoopers LLP, independent
accountants, whose report thereon appears elsewhere herein.


Years Ended March 31,
---------------------------------------------------------------------
2001 2000 1999 1998 1997
----------------------------------------------------------------------
(in thousands, except earnings per $100 of average investment)

Earnings data (Note A):
Fleet Owner income:
Credited to Fleet Owner gross
rental income $ 1,350 1,977 2,191 2,317 3,214
Credited to Trailer Accident
Fund (Notes D and E) 79 114 144 183 253
----- ----- ----- ----- -----

Total Fleet Owner income 1,429 2,091 2,335 2,500 3,467
----- ----- ----- ----- -----

Fleet Owner operation expenses:
Charged to Fleet Owner (Note C) 719 999 873 1,144 1,639
Charged to Trailer Accident
Fund (Notes D and F) 18 23 27 20 29
----- ----- ----- ----- -----

Total Fleet Owner operation
expenses 737 1,022 900 1,164 1,668
----- ----- ----- ----- -----

Fleet Owner earnings before
Trailer Accident Fund credit,
depreciation and income taxes 631 978 1,318 1,173 1,575

Trailer Accident Fund credit (Note D) 61 91 117 163 224
----- ----- ----- ----- -----
Net Fleet Owner earnings before
depreciation and income taxes $ 692 1,069 1,435 1,336 1,799
===== ===== ===== ===== =====

Investment data (Note A):
Amount at end of year $ 2,046 2,654 3,272 3,875 5,402
===== ===== ===== ===== =====
Average amount during year $ 2,350 2,963 3,574 4,639 6,137
===== ===== ===== ===== =====

Net Fleet Owner earnings before
depreciation and income taxes
per $100 of average investment
(Note B) $ 23.38 28.12 29.56 28.79 29.31
===== ===== ===== ===== =====

The accompanying notes are an integral part of this Summary of Earnings of Independent Trailer Fleets.

74

NOTES TO SUMMARY OF EARNINGS OF INDEPENDENT TRAILER FLEETS

Additional Information

(A) The accompanying Summary of Earnings of Independent Trailer Fleets includes the operations of trailers under
the brand name of "U-Haul" owned by Independent Fleet Owners. Earnings data represent the aggregate results
of operations before depreciation and taxes. Investment data represent the cost of trailers and investments
before accumulated depreciation.

Fleet Owner income is based on Independent Rental Dealer reports of rentals transacted through the day
preceding the last Monday of each month and received by U-Haul International, Inc. by the end of the month
and Company-Operated U-Haul Center reports of rentals transacted through the last day of each month.
Payments to Fleet Owners for trailers lost or retired from rental service as a result of damage by accident
have not been reflected in this summary because such payments do not relate to earnings before depreciation
and income taxes but, rather, investment (depreciation).

The investment data is based upon the cost of trailers to the Fleet Owners as reflected by sales records of
the U-Haul manufacturing facilities.

(B) The summary of earnings data stated in terms of amount per $100 of average investment represents
the aggregate results of operations (earnings data) divided by the average amount of investment during the
periods. The average amount of investment is based upon a simple average of the month-end investment during
each period. Average earnings data is not necessarily representative of an individual Fleet Owner's
earnings.

(C) A summary of operations expenses charged directly to Independent Fleet Owners follows:


Year ended March 31,
----------------------------------------
2001 2000 1999 1998 1997
----------------------------------------
(in thousands)



Licenses $ 124 150 159 285 434
Public liability insurance 87 126 134 156 198
Repairs and maintenance 508 723 580 703 1,007
--- --- --- ----- -----

$ 719 999 873 1,144 1,639
=== === === ===== =====

(D) The Fleet Owners and Subsidiary U-Haul Rental Companies forego normal commissions on a portion of gross
rental fees designated for transfer to the Trailer Accident Fund. Trailer accident repair expenses,
otherwise chargeable to Fleet Owners, are paid from these Funds to the extent of the financial resources of
the Funds. The amounts designated "Trailer Accident Fund credit" in the accompanying summary of earnings
represent Independent Fleetowner commissions foregone, which exceed expenses borne by the Funds.

75

NOTES TO SUMMARY OF EARNINGS OF INDEPENDENT TRAILER FLEETS, continued

Additional Information

(E) Commissions foregone for transfer to the Trailer Accident Fund follows:

Fleet Owners
Subsidiary -------------------------
U-Haul Subsidiary
Companies Companies Independent Total
--------------------------------------------------
(in thousands)

Year ended:


March 31, 2001 $ 6,073 3,191 79 9,343
March 31, 2000 6,061 3,150 114 9,325
March 31, 1999 6,081 3,131 144 9,356
March 31, 1998 6,299 3,208 183 9,690
March 31, 1997 6,262 3,119 253 9,634







(F) A summary of Independent Fleet Owner expenses borne by the Trailer Accident Fund follows:





Total
Fleet Owners Trailer
Subsidiary ----------------------- Trailer Accident
U-Haul Subsidiary Sub Accident Repair
Companies Companies Independent Total Retirements Expenses
----------------------------------------------------------------------
(in thousands)


Year ended:

March 31, 2001 $ 1,067 561 18 1,646 498 2,144
March 31, 2000 1,233 641 23 1,897 354 2,251
March 31, 1999 1,148 591 27 1,766 342 2,108
March 31, 1998 682 347 20 1,049 408 1,457
March 31, 1997 722 360 29 1,111 246 1,357

(G) Certain reclassifications have been made to the Summary of Earnings of Independent Trailer Fleets for the fiscal years ended
1999, 1998 and 1997 to conform with the current year's presentation.

76


Schedule I


Condensed Financial Information of Registrant
AMERCO
Balance Sheets
March 31,


2001 2000
----------------------
(in thousands)
Assets
- ------

Cash $ 114 108
Investment in subsidiaries 919,063 844,115
Due from unconsolidated subsidiaries 1,105,943 1,042,992
Other assets 15,061 28,770
----------------------

$ 2,040,181 1,915,985
======================


Liabilities and Stockholders' Equity
- ------------------------------------

Liabilities:
Notes and loans payable $ 1,156,613 1,137,553
Other liabilities 253,009 176,889
----------------------

Stockholders' equity:
Preferred stock - -
Common stock 10,563 10,563
Additional paid-in capital 312,128 275,242
Accumulated other comprehensive income (40,709) (42,317)

Retained earnings:
Beginning of year 755,172 703,322
Net earnings 12,965 65,491
Dividends paid (12,963) (13,641)
----------------------
755,174 755,172

Less:
Cost of common shares in treasury 406,617 397,000
Unearned employee stock
ownership plan shares (20) 117
----------------------
Total stockholders' equity 630,559 601,543
----------------------
$ 2,040,181 1,915,985
======================


See accompanying notes to condensed financial information and notes to
consolidated financial statements incorporated herein by reference.
77
Schedule I, continued

Condensed Financial Information of Registrant
AMERCO
Statements of Earnings
Years Ended March 31,


2001 2000 1999
------------------------------------
(in thousands, except share
and per share data)

Revenues
- --------
Net interest income from
subsidiaries $ 61,509 53,504 57,500

Expenses
- --------
Interest expense 86,963 77,561 73,960
Other expenses 5,750 5,823 7,394
------------------------------------

Total expenses 92,713 83,384 81,354
------------------------------------

Operating loss (31,204) (29,880) (23,854)

Equity in earnings of
unconsolidated subsidiaries 73,959 126,878 111,782

Income tax expense (27,669) (31,173) (25,419)

Extraordinary loss on early
extinguishment of debt, net (2,121) (334) -
------------------------------------


Net earnings $ 12,965 65,491 62,509
====================================

Earnings per common share
(both basic and diluted):
Earnings from operations
before extraordinary loss
on early extinguishment of
debt $ 0.10 2.39 2.07
Extraordinary loss on early
extinguishment of debt, net (0.10) (0.02) -
------------------------------------
Net earnings $ (0.00) 2.37 2.07
====================================

Weighted average common
shares outstanding 21,486,370 21,934,390 21,937,686
====================================


See accompanying notes to condensed financial information and notes to
consolidated financial statements incorporated herein by reference.
78
Schedule I, continued

Condensed Financial Information of Registrant
AMERCO
Statements of Cash Flows
Years Ended March 31,


2001 2000 1999
---------------------------------
(in thousands)

Cash flows from operating activities:
Net earnings $ 12,965 65,491 62,509
Amortization, net 826 (569) (1,730)
Equity in earnings of
subsidiaries 72,159 85,266 78,014
(Increase) decrease in amounts due
from unconsolidated subsidiaries (62,951) 14,150 (64,062)
Net change in operating assets and
liabilities (19,902) (83,449) (89,921)
Other, net 2,901 (27,005) (4,695)
---------------------------------

Net cash provided (used) by
operating activities 5,998 53,884 (19,885)
---------------------------------

Cash flows from financing activities:
Net change in short term borrowings 156,070 (146,500) 135,500
Proceeds from notes - 350,000 -
Leveraged Employee Stock Ownership
Plan-repayments from loan 137 118 1,017
Principal payments on notes (137,010) (180,010) (45,008)
Debt issuance costs (488) (6,024) (358)
Repurchase of preferred stock - (25,000) (50,000)
Preferred stock dividends paid (12,963) (13,641) (17,414)
Treasury stock purchase, net (9,617) (33,467) (3,810)
Deferred tax-treasury stock - - -
Escrow deposit - - -
Extraordinary loss on early
extinguishment of debt, net (2,121) (334) -
---------------------------------

Net cash provided (used) by
financing activities (5,992) (54,858) 19,927
---------------------------------

Increase (decrease) in cash
and cash equivalents 6 (974) 42
Cash and cash equivalents
at beginning of year 108 1,082 1,040
---------------------------------

Cash and cash equivalents
at end of year $ 114 108 1,082
=================================


Income taxes paid in cash amounted to $3,450,000, $1,522,000 and
$1,656,000 for 2001, 2000 and 1999, respectively. Interest paid in cash
amounted to $92,622,000, $77,529,000 and $74,026,000 for 2001, 2000 and 1999,
respectively.

See accompanying notes to condensed financial information and notes to
consolidated financial statements incorporated herein by reference.
79
Schedule I, continued

Condensed Financial Information of Registrant
AMERCO
Notes to Condensed Financial Information
March 31, 2001, 2000 and 1999


1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMERCO, a Nevada corporation, was incorporated in April, 1969, and is the
holding company for U-Haul International, Inc., Republic Western Insurance
Company, Oxford Life Insurance Company and Amerco Real Estate Company. The
financial statements of the Registrant should be read in conjunction with the
Consolidated Financial Statements and notes thereto included in this Form 10-K.

AMERCO is included in a consolidated Federal income tax return with all of
its U.S. subsidiaries. Accordingly, the provision for income taxes has been
calculated for Federal income taxes of the Registrant and subsidiaries included
in the consolidated return of the Registrant. State taxes for all subsidiaries
are allocated to the respective subsidiaries.

The financial statements include only the accounts of the Registrant (a
Nevada corporation), which include certain of the corporate operations of
AMERCO. The debt and related interest expense of the Registrant have been
allocated to the consolidated subsidiaries. The intercompany interest income
and expenses are eliminated in the consolidated financial statements.

2. GUARANTEES

AMERCO has guaranteed performance of certain long-term leases. See Note
14 of Notes to Consolidated Financial Statements.

3. NOTES AND LOANS PAYABLE
Notes and loans payable consist of the following:

March 31,
--------------------
2001 2000
--------------------
(in thousands)
Medium-term notes payable, unsecured,
7.23% to 8.08% interest
rates, due through 2027 $ 212,000 237,000
Notes payable under Bond Backed Asset
Trust, unsecured, 7.14% interest
rates, due through 2032 100,000 200,000
Notes payable to banks under
commercial paper agreements, unsecured,
5.00% to 6.20% interest rates 119,570 -
Notes payable to public,
unsecured, 7.85% interest
rate, due through 2003 175,000 175,000
Senior Note, unsecured, 7.20% interest
rate, due through 2002 150,000 150,000
Senior Note, unsecured, 8.80% interest
rate, due through 2005 200,000 200,000
Other notes payable, unsecured,
9.50% interest rate,
due through 2005 42 53
Notes payable to banks under
revolving lines of credit, unsecured,
5.31% to 5.56% interest rates 185,000 159,000
Other short-term promissory notes,
5.96% interest rate 15,000 16,500
--------------------
$ 1,156,612 1,137,553
====================


For additional information, see Note 5 of Notes to Consolidated Financial
Statements.
80

Schedule V

AMERCO AND CONSOLIDATED SUBSIDIARIES
Supplemental Information (For Property-Casualty Insurance Underwriters)
Years ended December 31, 2000, 1999 and 1998





Reserves Amorti-
for Unpaid zation Paid
Claims Claims and of Claims
Deferred and Claim Adjustment Deferred and
Policy Claim Net Net Expenses Incurred Policy Claim Net
Affiliation Acqui- Adjust- Discount Earned Invest- Related to Acqui- Adjust- Premiums
Fiscal With sition ment if any, Unearned Premiums ment Current Prior sition ment Written
Year Registrant Costs Expenses Deducted Premiums (1) Income(3) Year Year Costs Expenses (2)
---- ---------- ----- -------- -------- -------- -------- --------- ---- ---- ----- -------- -------
(in thousands)

2001 Consolidated
property -
casualty entity $ 21,637 369,292 N/A 107,768 212,005 32,030 155,073 35,387 16,309 178,221 251,924
2000 Consolidated
property -
casualty entity 15,130 334,857 N/A 64,755 166,925 32,527 121,861 16,052 13,358 138,072 176,604

1999 Consolidated
property -
casualty entity 12,299 344,748 N/A 55,076 133,567 32,908 116,069 (8,827) 7,443 140,159 143,571









(1) The earned premiums are reported net of intersegment transactions. Earned premiums eliminated in consolidation amount to
$6,091,000, $6,878,000 and $11,734,000 for the years ended 2000, 1999 and 1998, respectively.

(2) The premiums written are reported net of intersegment transactions. Premiums written eliminated in consolidation amount to
$6,091,000, $6,678,000 and $10,921,000 for the years ended 2000, 1999 and 1998, respectively.

(3) Net Investment Income excludes net realized gains (losses) on investments of ($2,926,204), $477,000 and $2,847,000 for
the years 2000, 1999 and 1998, respectively.

81


SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

U-Haul International, Inc.



By: /S/ EDWARD J. SHOEN
---------------------------------------
Edward J. Shoen
President of U-Haul International, Inc.


Dated: June 29, 2001

Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.



Signature Title Date
--------- ----- ----



/S/ EDWARD J. SHOEN President of U-Haul June 29, 2001
- -------------------------- International, Inc.
Edward J. Shoen (Principal Executive
Officer)


/S/ DONALD W. MURNEY Principal Financial June 29, 2001
- -------------------------- and Accounting Officer
Donald W. Murney



/S/ WILLIAM E. CARTY Director June 29, 2001
- --------------------------
William E. Carty



/S/ JOHN M. DODDS Director June 29, 2001
- --------------------------
John M. Dodds



/S/ JOHN T. TAYLOR Director June 29, 2001
- --------------------------
John T. Taylor