U-Haul 2009 Annual Report Download - page 74

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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
Short-term investments consist primarily of investments in money market funds, mutual funds and any other
investments with short-term characteristics that have original maturities of less than one year at acquisition. These
investments are recorded at cost, which approximates fair value.
Mortgage loans are carried at the unpaid balance, less an allowance for probable losses and any unamortized premium
or discount. The allowance for probable losses was $0.6 million and $0.7 million as of March 31, 2009 and 2008,
respectively. The estimated fair value of these loans as of March 31, 2009 and 2008 approximated the carrying value. These
loans represent first lien mortgages held by the Company’s insurance subsidiaries.
Real estate obtained through foreclosure and held for sale is carried at the lower of fair value at time of foreclosure or
current estimated fair value less cost to sell. Equity investments are carried at cost and assessed for impairment.
Insurance policy loans are carried at their unpaid balance.
Note 8: Other Assets
Other assets were as follows:
2009 2008
Deposits $ 72,709 $ 80,015
Cash surrender value of life insurance policies 26,511 25,026
Deferred charges 18,203 22,746
Excess of loss reinsurance recoverable 15,000 -
Other 1,221 1,702
$ 133,644 $ 129,489
March 31,
(In thousands)
Note 9: Net Investment and Interest Income
Net investment and interest income, were as follows:
2009 2008 2007
Fixed maturities $ 38,553 $ 46,996 $ 47,304
Real estate (99) (63) (95)
Insurance policy loans 236 269 280
Mortgage loans 4,962 4,276 4,570
Short-term, amounts held by ceding reinsurers, net and other investments 3,539 5,521 5,690
Investment income 47,191 56,999 57,749
Less: investment expenses (1,034) (1,074) (894)
Less: interest credited on annuity policies (11,824) (13,509) (15,060)
Investment income - Related party 23,688 19,694 17,901
Net investment and interest income $ 58,021 $ 62,110 $ 59,696
Years Ended March 31,
(In thousands)
F-19