U-Haul 2011 Annual Report Download - page 28

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AMERCO and Consolidated Subsidiaries
Fiscal 2011 Compared with Fiscal 2010
Listed below, on a consolidated basis, are revenues for our major product lines for fiscal 2011 and fiscal
2010:
2011 2010
Self-moving equipment rentals $ 1,547,015 $ 1,419,726
Self-storage revenues 120,698 110,369
Self-moving and self-storage products and service sales 205,570 198,785
Property management fees 22,132 21,632
Life insurance premiums 206,992 134,345
Property and casualty insurance premiums 30,704 27,625
Net investment and interest income 52,661 49,989
Other revenue 55,503 39,534
Consolidated revenue $ 2,241,275 $ 2,002,005
(In thousands)
Year Ended March 31,
Self-moving equipment rental revenues increased $127.3 million for fiscal 2011, compared with fiscal
2010. The growth in revenue came from both In-Town and one-way business and has been spread
across both truck and trailer rentals. The increase was due primarily to growth in transactions along with
improvements in our average revenue per transaction. We believe the growth in transactions was
influenced by an increase in demand for our services as well as from enhancements to our customer
service capabilities.
Self-storage revenues increased $10.3 million for fiscal 2011, compared with fiscal 2010 due primarily
to an increase in the number of rooms rented combined with a modest improvement in overall rates per
occupied square foot. Our average occupancy during fiscal 2011 increased by approximately 610,000
square feet compared with fiscal 2010. During fiscal 2011 we added over 820,000 of new net rentable
square feet to our portfolio compared to just over 582,000 of new net rentable square feet in fiscal 2010.
Sales of self-moving and self-storage products and services increased $6.8 million for fiscal 2011,
compared with fiscal 2010. We experienced increased sales in each of our three major product
categories including moving supplies, propane, and hitches and towing accessories.
Life insurance premiums increased $72.6 for fiscal 2011, compared with fiscal 2010. Continued
expansion of its single premium whole life product accounted for $22.1 million of the increase with the
remaining increase of $50.5 million primarily due to two reinsurance transactions completed in the third
quarter.
Property and casualty insurance premiums increased $3.1 million for fiscal 2011, compared with fiscal
2010. A portion of Repwest’s premiums are from policies sold in conjunction with U-Haul rental
transactions. As moving transactions have increased this year so have the related property and casualty
insurance premiums.
Other revenue increased $16.0 million for fiscal 2011, compared with fiscal 2010 primarily due to the
expansion of new business initiatives including our U-BoxTM program.
As a result of the items mentioned above, revenues for AMERCO and its consolidated subsidiaries
were $2,241.3 million for fiscal 2011, compared with $2,002.0 million for fiscal 2010.
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