U-Haul 2008 Annual Report Download - page 75

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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
Investments, other
The carrying value of other investments was as follows:
2008 2007
Short-term investments $ 101,638 $ 102,304
Real estate 17,289 18,107
Mortgage loans, net 58,015 52,463
Policy loans 4,585 4,749
Other equity investments 4,064 1,076
$ 185,591 $ 178,699
March 31,
(In thousands)
Short-term investments primarily consist of securities with fixed maturities of three months to one year from acquisition
date.
Mortgage loans are carried at the unpaid balance, less an allowance for probable losses and any unamortized premium or
discount. The allowance for probable losses was $0.7 million and $0.8 million as of March 31, 2008 and 2007, respectively.
The estimated fair value of these loans as of March 31, 2008 and 2007, respectively approximated the carrying value. These
loans represent first lien mortgages held by the Company’ s insurance subsidiaries.
Real estate obtained through foreclosure and held for sale is carried at the lower of fair value at time of foreclosure or
current estimated fair value less cost to sell. Equity investments are carried at cost and assessed for impairment.
Insurance policy loans are carried at their unpaid balance.
Note 8: Net Investment and Interest Income
Net investment and interest income, were as follows:
2008 2007 2006
Fixed maturities $ 46,996 $ 47,304 $ 38,934
Real estate (63) (95) 203
Insurance policy loans 269 280 309
Mortgage loans 4,276 4,570 4,327
Short-term, amounts held by ceding reinsurers, net and other investments 5,521 5,690 5,252
Investment income 56,999 57,749 49,025
Less: investment expenses (1,074) (894) (2,421)
Less: interest credited on annuity policies (13,509) (15,060) (16,888)
Investment income - Related party 19,694 17,901 18,563
Net investment and interest income $ 62,110 $ 59,696 $ 48,279
Year Ended March 31,
(In thousands)
F-18