U-Haul 2016 Annual Report Download - page 29

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23
AMERCO and Consolidated Subsidiaries
Fiscal 2016 Compared with Fiscal 2015
Listed below, on a consolidated basis, are revenues for our major product lines for fiscal 2016 and
fiscal 2015:
Year Ended March 31,
2016
2015
(In thousands)
Self-moving equipment rentals
$
2,297,980
$
2,146,391
Self-storage revenues
247,944
211,136
Self-moving and self-storage products and service sales
251,541
244,177
Property management fees
26,533
25,341
Life insurance premiums
162,662
156,103
Property and casualty insurance premiums
50,020
46,456
Net investment and interest income
86,805
84,728
Other revenue
152,171
160,199
Consolidated revenue
$
3,275,656
$
3,074,531
Self-moving equipment rental revenues increased $151.6 million during fiscal 2016, compared with the
fiscal 2015. We continue to focus on enhancing our convenience to our customers by expanding our
retail distribution system and growing our rental equipment fleet. During fiscal 2016, we added both
independent dealers and Company-owned locations further extending our network reach. Our truck,
trailer and towing device fleets experienced net additions during fiscal 2016. These activities, combined
with operational improvements resulted in increases in both our one-way and In-Town rental transactions
compared with last year. Revenue increased primarily from these transaction gains.
Self-storage revenues increased $36.8 million during fiscal 2016, compared with fiscal 2015. The
average monthly amount of occupied square feet increased by 13.8% during fiscal 2016 compared with
the same period last year. The growth in revenues and square feet rented comes from a combination of
improved rates per square foot, occupancy gains at existing locations and from the addition of new
facilities to the portfolio. During fiscal 2016, we added approximately 3.6 million net rentable square feet
or a 17.9% increase, with approximately 0.8 million of that coming during the fourth quarter.
Sales of self-moving and self-storage products and services increased $7.4 million during fiscal 2016,
compared with fiscal 2015. Increases were recognized in the sales of moving supplies and towing
accessories and related installations.
Life insurance premiums increased $6.6 million during fiscal 2016, compared with fiscal 2015 due
primarily to increased life and Medicare supplement premiums.
Property and casualty insurance premiums increased $3.6 million during fiscal 2016, compared with
fiscal 2015 due to an increase in Safestor and Safetow sales, which is a reflection of the increased
equipment and storage rental transactions.
Net investment and interest income increased $2.1 million during fiscal 2016, compared with fiscal
2015, due to a larger invested asset base at our insurance companies. This was partially offset by
decreased interest income at Moving and Storage resulting from reduced note balances due from SAC
Holding and Private Mini Storage Realty (“Private Mini”).
Other revenue decreased $8.0 million during fiscal 2016, compared with fiscal 2015 caused primarily
by lower U-BoxTM program rentals.
As a result of the items mentioned above, revenues for AMERCO and its consolidated entities were
$3,275.7 million for fiscal 2016 as compared with $3,074.5 million for fiscal 2015.