U-Haul 2016 Annual Report Download - page 31

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25
Fiscal 2015 Compared with Fiscal 2014
Listed below, on a consolidated basis, are revenues for our major product lines for fiscal 2015 and
fiscal 2014:
Year Ended March 31,
2015
2014
(In thousands)
Self-moving equipment rentals
$
2,146,391
$
1,955,423
Self-storage revenues
211,136
181,794
Self-moving and self-storage products and service sales
244,177
234,187
Property management fees
25,341
24,493
Life insurance premiums
156,103
157,919
Property and casualty insurance premiums
46,456
41,052
Net investment and interest income
84,728
79,591
Other revenue
160,199
160,793
Consolidated revenue
$
3,074,531
$
2,835,252
Self-moving equipment rental revenues increased $191.0 million for fiscal 2015, compared with fiscal
2014. During fiscal 2015, we continued to broaden our retail distribution network through the expansion
of our independent dealer network combined with the acquisition and development of new Company
owned and operated locations. Our rental equipment fleet expanded as we increased the number of
trucks, trailers and towing devices available for customer use. These initiatives, in tandem with our
continued focus improving the rental process through the use of technology resulted in our ability to
facilitate the increase in both our In-Town and one-way rental transactions. These additional transactions
account for the majority of the improvement in revenues during fiscal 2015.
Self-storage revenues increased $29.3 million for fiscal 2015, compared with fiscal 2014. The
improvement in revenue comes from an increase in the number of rooms rented at both new and existing
locations along with an improvement in overall rental rates across our portfolio. During fiscal 2015, we
added approximately 2.1 million net rentable square feet or nearly a 12% increase, with approximately 0.7
million of that coming during the fourth quarter. Meanwhile, the average monthly amount of occupied
square feet increased by 13% compared with fiscal 2014.
Sales of self-moving and self-storage products and services increased $10.0 million for fiscal 2015,
compared with fiscal 2014. We earned increases from the sale of moving supplies, towing accessories
and installation.
Life insurance premiums decreased $1.8 million for fiscal 2015, compared with fiscal 2014, primarily
attributable to reduced life and Medicare supplement premiums.
Property and casualty insurance premiums increased $5.4 million for fiscal 2015, compared with fiscal
2014, primarily from policies sold in conjunction with U-Haul rental transactions. As moving transactions
increased this year so did the sales of insurance products related to these transactions.
Net investment and interest income increased $5.1 million for fiscal 2015, compared with fiscal 2014.
Increases at our Life Insurance and Property and Casualty Insurance segments were due to a larger
invested asset base along with realized gains. Conversely, interest income from Moving and Storage has
decreased since SAC Holding and Private Mini repaid a combined $29.1 million of their junior note debt
due to the Company in October 2014.
Other revenue decreased $0.6 million for fiscal 2015, compared with fiscal 2014 due in large part to
our U-Box program performing below expectations.
As a result of the items mentioned above, revenues for AMERCO and its consolidated entities were
$3,074.5 million for fiscal 2015 as compared with $2,835.3 million for fiscal 2014.