U-Haul 2016 Annual Report Download - page 12

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6
Insurance Operating Segments
The insurance industry is highly competitive. In addition, the marketplace includes financial services
firms offering both insurance and financial products. Some of the insurance companies are owned by
stockholders and others are owned by policyholders. Many competitors have been in business for a
longer period of time or possess substantially greater financial resources and broader product portfolios
than our insurance companies. We compete in the insurance business based upon price, product design,
and services rendered to agents and policyholders.
Financial Data of Segment and Geographic Areas
For financial data of our segments and geographic areas please see Note 21, Financial Information by
Geographic Area and Note 21A, Consolidating Financial Information by Industry Segment to our Notes to
Consolidated Financial Statements.
Cautionary Statement Regarding Forward-Looking Statements
This Annual Report on Form 10-K (“Annual Report”), contains “forward-looking statements” regarding
future events and our future results of operations. We may make additional written or oral forward-looking
statements from time to time in filings with the SEC or otherwise. We believe such forward-looking
statements are within the meaning of the safe-harbor provisions of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Exchange Act. Such statements may include, but are not
limited to, estimates of capital expenditures, plans for future operations, products or services, financing
needs and plans, our perceptions of our legal positions and anticipated outcomes of government
investigations and pending litigation against us, liquidity, goals and strategies, plans for new business,
storage occupancy, growth rate assumptions, pricing, costs, and access to capital and leasing markets
the impact of our compliance with environmental laws and cleanup costs, our used vehicle disposition
strategy, the sources and availability of funds for our rental equipment and self-storage expansion and
replacement strategies and plans, our plan to expand our U-Haul storage affiliate program, that additional
leverage can be supported by our operations and business, the availability of alternative vehicle
manufacturers, our estimates of the residual values of our equipment fleet, our plans with respect to off-
balance sheet arrangements, our plans to continue to invest in the U-Box program, the impact of interest
rate and foreign currency exchange rate changes on our operations, the sufficiency of our capital
resources and the sufficiency of capital of our insurance subsidiaries as well as assumptions relating to
the foregoing. The words “believe,” “expect,” “anticipate,” “plan,” “may,” “will,” “could,” “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. Factors that could significantly affect results include, without limitation, the risk
factors enumerated below under the heading “Risk Factors” and other factors described in this Annual
Report or the other documents we file with the SEC. These factors, the following disclosures, as well as
other statements in this Annual Report and in the Notes to Consolidated Financial Statements, could
contribute to or cause such risks or uncertainties, or could cause our stock price to fluctuate dramatically.
Consequently, the forward-looking statements should not be regarded as representations or warranties
by us that such matters will be realized. We assume no obligation to update or revise any of the forward-
looking statements, whether in response to new information, unforeseen events, changed circumstances
or otherwise.
Item 1A. Risk Factors
The following discussion of risk factors should be read in conjunction with Management’s Discussion
and Analysis of Financial Condition and Results of Operations (“MD&A”) and the Consolidated Financial
Statements and related notes. These risk factors may be important in understanding this Annual Report
or elsewhere.