U-Haul 2006 Annual Report Download - page 107

Download and view the complete annual report

Please find page 107 of the 2006 U-Haul annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 146

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146

Results of Operations
AMERCO and Consolidated Entities
Fiscal 2006 Compared with Fiscal 2005
Listed below on a consolidated basis are revenues for our major product lines for fiscal 2006 and fiscal 2005:
2006 2005
Self-moving equipment rentals $ 1,503,569 $ 1,437,895
Self-storage revenues 122,119 114,155
Self-moving and self-storage product and service sales 223,721 206,098
Property management fees 21,195 11,839
Life insurance premiums 118,833 126,236
Property and casualty insurance premiums 26,001 24,987
Net investment and interest income 53,094 56,739
Other revenue 38,094 30,172
Consolidated revenue $ 2,106,626 $ 2,008,121
(In thousands)
Year Ended March 31,
During fiscal 2006, self-moving equipment rentals increased $65.7 million with increases in truck, trailer, and
support rental items. The increases are due to improved equipment utilization, pricing, and product mix that
included the introduction of approximately 15,500 new trucks in fiscal 2006. In most cases, these trucks replaced
older trucks removed from the fleet.
Self-storage revenues increased $8.0 million for fiscal 2006, compared to fiscal 2005 as occupancy rates increased
period over period.
Sales of self-moving and self-storage products and service sales increased $17.6 million for fiscal 2006, compared
to fiscal 2005 generally following the growth in self-moving equipment rentals. Support sales items, hitches, and
propane all had increases for the year.
RepWest continued to exit from non U-Haul related lines of business. However, premium revenues increased
$1.0 million for fiscal 2006, compared to fiscal 2005 due to increases in retrospective premiums related to U-Haul
business in fiscal 2006. Additionally, fiscal 2005 included the commutation of a non U-Haul related reinsurance
contract reducing premium revenues.
Oxford’ s premium revenues declined $7.4 million primarily as a result of decreased credit and Medicare
supplement business, offset by growth in life insurance premiums.
Net investment and interest income decreased $3.6 million for fiscal 2006, compared to fiscal 2005 due primarily
to declining invested asset balances at the insurance companies.
As a result of the items mentioned above, revenues for AMERCO and its consolidated entities were $2,106.6
million for fiscal 2006, compared with $2,008.1 million for fiscal 2005.
24