U-Haul 2016 Annual Report Download - page 94

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AMERCO AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)
F-38
Note 20. Statutory Financial Information of Insurance Subsidiaries
Applicable laws and regulations of the States of Arizona and Nevada require Property and Casualty
Insurance and Life Insurance to maintain minimum capital and surplus determined in accordance with
statutory accounting principles. Audited statutory net income (loss) and statutory capital and surplus for
the years ended are listed below:
Years Ended December 31,
2015
2014
2013
(In thousands)
Repwest:
Audited statutory net income
$
22,308
$
21,287
$
18,286
Audited statutory capital and surplus
158,376
155,835
126,836
ARCOA:
Audited statutory net income
1,391
1,358
532
Audited statutory capital and surplus
5,386
4,175
2,666
Oxford:
Audited statutory net income
12,150
12,115
11,130
Audited statutory capital and surplus
172,282
158,512
148,486
CFLIC:
Audited statutory net income
9,217
9,157
9,567
Audited statutory capital and surplus
28,892
28,551
28,848
NAI:
Audited statutory net income (loss)
1,161
886
(419)
Audited statutory capital and surplus
12,685
11,589
10,185
The amount of dividends that can be paid to shareholders by insurance companies domiciled in the
State of Arizona is limited. Any dividend in excess of the limit requires prior regulatory approval. The
statutory surplus for Repwest at December 31, 2015 that could be distributed as ordinary dividends was
$15.8 million. The statutory surplus for Oxford at December 31, 2015 that could be distributed as ordinary
dividends was $12.0 million. Oxford did not pay a dividend to AMERCO in fiscal 2016, 2015 or 2014. After
receiving approval from the Arizona Department of Insurance, Repwest paid a $19.6 million non-cash
dividend to AMERCO in fiscal 2016.