AMERCO’s three reportable segments are:

Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of U-Haul and Real Estate,
Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and
Life Insurance, comprised of Oxford and its subsidiaries.

Management tracks revenues separately, but does not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products that are required to be classified as a separate operating segment and accordingly does not present these as separate reportable segments. Deferred income taxes, net are shown as liabilities on the condensed consolidating statements.

The information includes elimination entries necessary to consolidate AMERCO, the parent, with its subsidiaries.

Investments in subsidiaries are accounted for by the parent using the equity method of accounting.

Consolidating balance sheets by industry segment as of September 30, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Assets:
Cash and cash equivalents	$	618,163	$	7,247	$	27,030	$	–		$	652,440
Reinsurance recoverables and trade receivables, net		78,630		98,531		30,504		–			207,665
Inventories and parts, net		93,071		–		–		–			93,071
Prepaid expenses		183,350		–		–		–			183,350
Investments, fixed maturities and marketable equities		–		282,811		1,732,591		–			2,015,402
Investments, other		22,749		67,253		317,772		–			407,774
Deferred policy acquisition costs, net		–		–		138,938		–			138,938
Other assets		176,628		762		3,085		–			180,475
Related party assets		32,155		8,544		16,902		(27,344)	(c)		30,257
		1,204,746		465,148		2,266,822		(27,344)			3,909,372

Investment in subsidiaries		512,244		–		–		(512,244)	(b)		–

Property, plant and equipment, at cost:
Land		899,095		–		–		–			899,095
Buildings and improvements		3,581,419		–		–		–			3,581,419
Furniture and equipment		656,389		–		–		–			656,389
Rental trailers and other rental equipment		562,167		–		–		–			562,167
Rental trucks		4,597,016		–		–		–			4,597,016
		10,296,086		–		–		–			10,296,086
Less: Accumulated depreciation		(2,881,613)		–		–		–			(2,881,613)
Total property, plant and equipment		7,414,473		–		–		–			7,414,473
Total assets	$	9,131,463	$	465,148	$	2,266,822	$	(539,588)		$	11,323,845

(a) Balances as of June 30, 2018
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	520,882	$	3,688	$	10,615	$	–		$	535,185
Notes, loans and leases payable, net		3,686,572		–		–		–			3,686,572
Policy benefits and losses, claims and loss expenses payable		513,370		235,524		449,159		–			1,198,053
Liabilities from investment contracts		–		–		1,490,172		–			1,490,172
Other policyholders' funds and liabilities		–		5,391		7,951		–			13,342
Deferred income		34,136		–		–		–			34,136
Deferred income taxes, net		718,757		6,648		7,813		–			733,218
Related party liabilities		24,579		2,388		377		(27,344)	(c)		–
Total liabilities		5,498,296		253,639		1,966,087		(27,344)			7,690,678

Stockholders' equity:
Series preferred stock:
Series A preferred stock		–		–		–		–			–
Series B preferred stock		–		–		–		–			–
Series A common stock		–		–		–		–			–
Common stock		10,497		3,301		2,500		(5,801)	(b)		10,497
Additional paid-in capital		453,216		91,120		26,271		(117,601)	(b)		453,006
Accumulated other comprehensive income (loss)		(62,238)		(1,337)		(3,428)		4,765	(b)		(62,238)
Retained earnings		3,916,877		118,425		275,392		(393,607)	(b)		3,917,087
Cost of common shares in treasury, net		(525,653)		–		–		–			(525,653)
Cost of preferred shares in treasury, net		(151,997)		–		–		–			(151,997)
Unearned employee stock ownership plan shares		(7,535)		–		–		–			(7,535)
Total stockholders' equity		3,633,167		211,509		300,735		(512,244)			3,633,167
Total liabilities and stockholders' equity	$	9,131,463	$	465,148	$	2,266,822	$	(539,588)		$	11,323,845

(a) Balances as of June 30, 2018
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated

Assets:		(In thousands)
Cash and cash equivalents	$	702,036	$	6,639	$	50,713	$	–		$	759,388
Reinsurance recoverables and trade receivables, net		64,798		99,682		29,058		–			193,538
Inventories and parts, net		89,877		–		–		–			89,877
Prepaid expenses		166,129		–		–		–			166,129
Investments, fixed maturities and marketable equities		–		285,846		1,634,014		–			1,919,860
Investments, other		22,992		65,553		310,519		–			399,064
Deferred policy acquisition costs, net		–		–		124,767		–			124,767
Other assets		241,493		685		2,604		–			244,782
Related party assets		40,003		6,959		18,334		(32,020)	(c)		33,276
		1,327,328		465,364		2,170,009		(32,020)			3,930,681

Investment in subsidiaries		544,151		–		–		(544,151)	(b)		–

Property, plant and equipment, at cost:
Land		827,649		–		–		–			827,649
Buildings and improvements		3,140,713		–		–		–			3,140,713
Furniture and equipment		632,803		–		–		–			632,803
Rental trailers and other rental equipment		545,968		–		–		–			545,968
Rental trucks		4,390,750		–		–		–			4,390,750
		9,537,883		–		–		–			9,537,883
Less: Accumulated depreciation		(2,721,142)		–		–		–			(2,721,142)
Total property, plant and equipment		6,816,741		–		–		–			6,816,741
Total assets	$	8,688,220	$	465,364	$	2,170,009	$	(576,171)		$	10,747,422

(a) Balances as of December 31, 2017
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated

		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	506,158	$	2,582	$	2,375	$	–		$	511,115
Notes, loans and leases payable, net		3,513,076		–		–		–			3,513,076
Policy benefits and losses, claims and loss expenses payable		568,456		234,359		445,218		–			1,248,033
Liabilities from investment contracts		–		–		1,364,066		–			1,364,066
Other policyholders' funds and liabilities		–		5,377		4,663		–			10,040
Deferred income		34,276		–		–		–			34,276
Deferred income taxes, net		629,389		8,927		19,792		–			658,108
Related party liabilities		28,157		2,870		993		(32,020)	(c)		–
Total liabilities		5,279,512		254,115		1,837,107		(32,020)			7,338,714

Stockholders' equity:
Series preferred stock:
Series A preferred stock		–		–		–		–			–
Series B preferred stock		–		–		–		–			–
Series A common stock		–		–		–		–			–
Common stock		10,497		3,301		2,500		(5,801)	(b)		10,497
Additional paid-in capital		452,956		91,120		26,271		(117,601)	(b)		452,746
Accumulated other comprehensive income (loss)		(4,623)		16,526		35,982		(52,508)	(b)		(4,623)
Retained earnings		3,635,351		100,302		268,149		(368,241)	(b)		3,635,561
Cost of common shares in treasury, net		(525,653)		–		–		–			(525,653)
Cost of preferred shares in treasury, net		(151,997)		–		–		–			(151,997)
Unearned employee stock ownership plan shares		(7,823)		–		–		–			(7,823)
Total stockholders' equity		3,408,708		211,249		332,902		(544,151)			3,408,708
Total liabilities and stockholders' equity	$	8,688,220	$	465,364	$	2,170,009	$	(576,171)		$	10,747,422

(a) Balances as of December 31, 2017
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating statement of operations by industry segment for the quarter ended September 30, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	783,035	$	–	$	–	$	(1,322)	(c)	$	781,713
Self-storage revenues		91,493		–		–		–			91,493
Self-moving and self-storage products and service sales		72,913		–		–		–			72,913
Property management fees		7,192		–		–		–			7,192
Life insurance premiums		–		–		35,920		–			35,920
Property and casualty insurance premiums		–		16,972		–		(689)	(c)		16,283
Net investment and interest income		2,830		3,550		22,270		(423)	(b)		28,227
Other revenue		69,471		–		1,422		(127)	(b)		70,766
Total revenues		1,026,934		20,522		59,612		(2,561)			1,104,507

Costs and expenses:
Operating expenses		518,383		7,915		5,186		(2,134)	(b,c)		529,350
Commission expenses		85,334		–		–		–			85,334
Cost of sales		46,402		–		–		–			46,402
Benefits and losses		–		4,748		41,025		–			45,773
Amortization of deferred policy acquisition costs		–		–		5,899		–			5,899
Lease expense		8,306		–		–		(136)	(b)		8,170
Depreciation, net of (gains) losses on disposal		132,625		–		–		–			132,625
Net losses on disposal of real estate		10		–		–		–			10
Total costs and expenses		791,060		12,663		52,110		(2,270)			853,563

Earnings from operations before equity in earnings of subsidiaries		235,874		7,859		7,502		(291)			250,944

Equity in earnings of subsidiaries		11,986		–		–		(11,986)	(d)		–

Earnings from operations		247,860		7,859		7,502		(12,277)			250,944
Other components of net periodic benefit costs		(254)		–		–		–			(254)
Interest expense		(35,321)		–		–		291	(b)		(35,030)
Pretax earnings		212,285		7,859		7,502		(11,986)			215,660
Income tax expense		(48,743)		(1,628)		(1,747)		–			(52,118)
Earnings available to common shareholders	$	163,542	$	6,231	$	5,755	$	(11,986)		$	163,542

(a) Balances for the quarter ended June 30, 2018
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating statement of operations by industry segment for the quarter ended September 30, 2017 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	741,714	$	–	$	–	$	(1,156)	(c)	$	740,558
Self-storage revenues		80,472		–		–		–			80,472
Self-moving and self-storage products and service sales		73,268		–		–		–			73,268
Property management fees		6,831		–		–		–			6,831
Life insurance premiums		–		–		38,862		–			38,862
Property and casualty insurance premiums		–		15,498		–		(472)	(c)		15,026
Net investment and interest income		3,177		3,701		19,989		(398)	(b)		26,469
Other revenue		59,746		–		1,579		(125)	(b)		61,200
Total revenues		965,208		19,199		60,430		(2,151)			1,042,686

Costs and expenses:
Operating expenses		480,223		8,240		5,531		(1,744)	(b,c)		492,250
Commission expenses		83,351		–		–		–			83,351
Cost of sales		42,866		–		–		–			42,866
Benefits and losses		–		4,872		42,237		–			47,109
Amortization of deferred policy acquisition costs		–		–		5,944		–			5,944
Lease expense		8,628		–		–		(53)	(b)		8,575
Depreciation, net of (gains) losses on disposal		133,144		–		–		–			133,144
Net gains on disposal of real estate		(166)		–		–		–			(166)
Total costs and expenses		748,046		13,112		53,712		(1,797)			813,073

Earnings from operations before equity in earnings of subsidiaries		217,162		6,087		6,718		(354)			229,613

Equity in earnings of subsidiaries		8,365		–		–		(8,365)	(d)		–

Earnings from operations		225,527		6,087		6,718		(8,719)			229,613
Other components of net periodic benefit costs		(232)		–		–		–			(232)
Interest expense		(32,377)		–		–		354	(b)		(32,023)
Pretax earnings		192,918		6,087		6,718		(8,365)			197,358
Income tax expense		(68,279)		(2,091)		(2,349)		–			(72,719)
Earnings available to common shareholders	$	124,639	$	3,996	$	4,369	$	(8,365)		$	124,639

(a) Balances for the quarter ended June 30, 2017
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating statements of operations by industry for the six months ended September 30, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	1,500,577	$	–	$	–	$	(2,262)	(c)	$	1,498,315
Self-storage revenues		177,705		–		–		–			177,705
Self-moving and self-storage products and service sales		152,154		–		–		–			152,154
Property management fees		14,608		–		–		–			14,608
Life insurance premiums		–		–		72,808		–			72,808
Property and casualty insurance premiums		–		30,320		–		(1,256)	(c)		29,064
Net investment and interest income		5,393		6,091		42,187		(839)	(b)		52,832
Other revenue		124,382		–		2,480		(264)	(b)		126,598
Total revenues		1,974,819		36,411		117,475		(4,621)			2,124,084

Costs and expenses:
Operating expenses		1,002,003		16,615		11,059		(3,773)	(b,c)		1,025,904
Commission expenses		164,591		–		–		–			164,591
Cost of sales		96,283		–		–		–			96,283
Benefits and losses		–		9,224		85,103		–			94,327
Amortization of deferred policy acquisition costs		–		–		11,930		–			11,930
Lease expense		16,611		–		–		(272)	(b)		16,339
Depreciation, net of (gains) losses on disposal		259,052		–		–		–			259,052
Net losses on disposal of real estate		10		–		–		–			10
Total costs and expenses		1,538,550		25,839		108,092		(4,045)			1,668,436

Earnings from operations before equity in earnings of subsidiaries		436,269		10,572		9,383		(576)			455,648

Equity in earnings of subsidiaries		15,642		–		–		(15,642)	(d)		–

Earnings from operations		451,911		10,572		9,383		(16,218)			455,648
Other components of net periodic benefit costs		(507)		–		–		–			(507)
Interest expense		(70,860)		–		–		576	(b)		(70,284)
Pretax earnings		380,544		10,572		9,383		(15,642)			384,857
Income tax expense		(89,153)		(2,173)		(2,140)		–			(93,466)
Earnings available to common shareholders	$	291,391	$	8,399	$	7,243	$	(15,642)		$	291,391

(a) Balances for the six months ended June 30, 2018
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating statements of operations by industry for the six months ended September 30, 2017 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	1,412,412	$	–	$	–	$	(1,996)	(c)	$	1,410,416
Self-storage revenues		157,190		–		–		–			157,190
Self-moving and self-storage products and service sales		152,179		–		–		–			152,179
Property management fees		13,593		–		–		–			13,593
Life insurance premiums		–		–		77,953		–			77,953
Property and casualty insurance premiums		–		27,313		–		(472)	(c)		26,841
Net investment and interest income		5,834		7,992		40,644		(784)	(b)		53,686
Other revenue		106,527		–		2,489		(263)	(b)		108,753
Total revenues		1,847,735		35,305		121,086		(3,515)			2,000,611

Costs and expenses:
Operating expenses		884,034		16,472		11,148		(2,712)	(b,c)		908,942
Commission expenses		158,716		–		–		–			158,716
Cost of sales		90,461		–		–		–			90,461
Benefits and losses		–		7,310		87,519		–			94,829
Amortization of deferred policy acquisition costs		–		–		12,265		–			12,265
Lease expense		16,962		–		–		(100)	(b)		16,862
Depreciation, net of (gains) losses on disposal		259,479		–		–		–			259,479
Net losses on disposal of real estate		181		–		–		–			181
Total costs and expenses		1,409,833		23,782		110,932		(2,812)			1,541,735

Earnings from operations before equity in earnings of subsidiaries		437,902		11,523		10,154		(703)			458,876

Equity in earnings of subsidiaries		14,175		–		–		(14,175)	(d)		–

Earnings from operations		452,077		11,523		10,154		(14,878)			458,876
Other components of net periodic benefit costs		(464)		–		–		–			(464)
Interest expense		(63,071)		–		–		703	(b)		(62,368)
Pretax earnings		388,542		11,523		10,154		(14,175)			396,044
Income tax expense		(137,696)		(3,953)		(3,549)		–			(145,198)
Earnings available to common shareholders	$	250,846	$	7,570	$	6,605	$	(14,175)		$	250,846

(a) Balances for the six months ended June 30, 2017
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating cash flow statements by industry segment for the six months ended September 30, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(Unaudited)
Cash flows from operating activities:		(In thousands)
Net earnings	$	291,391	$	8,399	$	7,243	$	(15,642)	$	291,391
Earnings from consolidated entities		(15,642)		–		–		15,642		–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		287,383		–		–		–		287,383
Amortization of deferred policy acquisition costs		–		–		11,930		–		11,930
Amortization of debt issuance costs		2,013		–		–		–		2,013
Interest credited to policyholders		–		–		17,726		–		17,726
Change in allowance for losses on trade receivables		313		–		(4)		–		309
Change in allowance for inventories and parts reserve		1,148		–		–		–		1,148
Net gains on disposal of personal property		(28,331)		–		–		–		(28,331)
Net losses on disposal of real estate		10		–		–		–		10
Net (gains) losses on sales of investments		–		(66)		121		–		55
Deferred income taxes		89,160		1,228		(559)		–		89,829
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(14,166)		1,151		(1,438)		–		(14,453)
Inventories and parts		(4,347)		–		–		–		(4,347)
Prepaid expenses		(17,709)		–		–		–		(17,709)
Capitalization of deferred policy acquisition costs		–		–		(12,926)		–		(12,926)
Other assets		58,539		80		(480)		–		58,139
Related party assets		7,798		(1,617)		–		–		6,181
Accounts payable and accrued expenses		49,346		1,106		13,130		–		63,582
Policy benefits and losses, claims and loss expenses payable		(54,882)		1,166		3,942		–		(49,774)
Other policyholders' funds and liabilities		–		14		3,288		–		3,302
Deferred income		(124)		–		–		–		(124)
Related party liabilities		(2,207)		(453)		(616)		–		(3,276)
Net cash provided (used) by operating activities		649,693		11,008		41,357		–		702,058

Cash flows from investing activities:
Escrow deposits		1,362		–		–		–		1,362
Purchases of:
Property, plant and equipment		(1,114,544)		–		–		–		(1,114,544)
Short term investments		–		(22,092)		(243)		–		(22,335)
Fixed maturities investments		–		(17,588)		(222,384)		–		(239,972)
Equity securities		–		–		(957)		–		(957)
Preferred stock		–		–		(81)		–		(81)
Real estate		–		(144)		(74)		–		(218)
Mortgage loans		–		(4,612)		(19,520)		–		(24,132)
Proceeds from sales and paydowns of:
Property, plant and equipment		429,910		–		–		–		429,910
Short term investments		–		24,568		–		–		24,568
Fixed maturities investments		–		7,921		57,349		–		65,270
Preferred stock		–		1,125		–		–		1,125
Real estate		–		–		–		–		–
Mortgage loans		–		422		12,490		–		12,912
Net cash provided (used) by investing activities		(683,272)		(10,400)		(173,420)		–		(867,092)
		(page 1 of 2)
(a) Balance for the period ended June 30, 2018

Continuation of consolidating cash flow statements by industry segment for the six months ended September 30, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(Unaudited)
Cash flows from financing activities:		(In thousands)
Borrowings from credit facilities		313,299		–		–		–		313,299
Principal repayments on credit facilities		(182,955)		–		–		–		(182,955)
Payments of debt issuance costs		(1,420)		–		–		–		(1,420)
Capital lease payments		(147,913)		–		–		–		(147,913)
Employee stock ownership plan shares		(137)		–		–		–		(137)
Securitization deposits		–		–		–		–		–
Common stock dividend paid		(29,385)		–		–		–		(29,385)
Investment contract deposits		–		–		179,608		–		179,608
Investment contract withdrawals		–		–		(71,228)		–		(71,228)
Net cash provided (used) by financing activities		(48,511)		–		108,380		–		59,869

Effects of exchange rate on cash		(1,783)		–		–		–		(1,783)

Increase (decrease) in cash and cash equivalents		(83,873)		608		(23,683)		–		(106,948)
Cash and cash equivalents at beginning of period		702,036		6,639		50,713		–		759,388
Cash and cash equivalents at end of period	$	618,163	$	7,247	$	27,030	$	–	$	652,440
		(page 2 of 2)
(a) Balance for the period ended June 30, 2018

Consolidating cash flow statements by industry segment for the six months ended September 30, 2017 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(Unaudited)
Cash flows from operating activities:		(In thousands)
Net earnings	$	250,846	$	7,570	$	6,605	$	(14,175)	$	250,846
Earnings from consolidated entities		(14,175)		–		–		14,175		–
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		269,505		–		–		–		269,505
Amortization of deferred policy acquisition costs		–		–		12,265		–		12,265
Amortization of debt issuance costs		1,946		–		–		–		1,946
Interest credited to policyholders		–		–		15,119		–		15,119
Change in allowance for losses on trade receivables		(16)		–		14		–		(2)
Change in allowance for inventories and parts reserve		2,953		–		–		–		2,953
Net gains on disposal of personal property		(10,026)		–		–		–		(10,026)
Net losses on disposal of real estate		181		–		–		–		181
Net gains on sales of investments		–		(748)		(2,311)		–		(3,059)
Deferred income taxes		65,587		(1,730)		(792)		–		63,065
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(21,782)		6,281		(394)		–		(15,895)
Inventories and parts		(21,036)		–		–		–		(21,036)
Prepaid expenses		41,486		–		–		–		41,486
Capitalization of deferred policy acquisition costs		–		–		(15,154)		–		(15,154)
Other assets		(11,862)		1,563		(145)		–		(10,444)
Related party assets		6,056		2,902		–		–		8,958
Accounts payable and accrued expenses		59,671		3,282		6,597		–		69,550
Policy benefits and losses, claims and loss expenses payable		16,081		(5,604)		1,580		–		12,057
Other policyholders' funds and liabilities		–		5,685		4,620		–		10,305
Deferred income		3,660		–		–		–		3,660
Related party liabilities		(3,945)		292		(9)		–		(3,662)
Net cash provided by operating activities		635,130		19,493		27,995		–		682,618

Cash flows from investing activities:
Escrow deposits		27,059		–		–		–		27,059
Purchases of:
Property, plant and equipment		(754,052)		–		–		–		(754,052)
Short term investments		–		(27,059)		(7,706)		–		(34,765)
Fixed maturities investments		–		(29,381)		(190,239)		–		(219,620)
Equity securities		–		–		(662)		–		(662)
Preferred stock		–		(1,000)		–		–		(1,000)
Real estate		–		–		(118)		–		(118)
Mortgage loans		–		(7,609)		(43,208)		–		(50,817)
Proceeds from sales and paydowns of:
Property, plant and equipment		259,450		–		–		–		259,450
Short term investments		–		28,879		10,048		–		38,927
Fixed maturities investments		–		12,033		58,759		–		70,792
Preferred stock		–		988		–		–		988
Real estate		2,664		–		–		–		2,664
Mortgage loans		–		1,722		7,862		–		9,584
Net cash used by investing activities		(464,879)		(21,427)		(165,264)		–		(651,570)
		(page 1 of 2)
(a) Balance for the period ended June 30, 2017

Continuation of consolidating cash flow statements by industry segment for the six months ended September 30, 2017 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(Unaudited)
Cash flows from financing activities:		(In thousands)
Borrowings from credit facilities		285,532		–		–		–		285,532
Principal repayments on credit facilities		(214,354)		–		–		–		(214,354)
Payment of debt issuance costs		(3,413)		–		–		–		(3,413)
Capital lease payments		(150,302)		–		–		–		(150,302)
Employee stock ownership plan shares		(3,960)		–		–		–		(3,960)
Securitization deposits		(186)		–		–		–		(186)
Common stock dividend paid		(19,587)		–		–		–		(19,587)
Investment contract deposits		–		–		232,752		–		232,752
Investment contract withdrawals		–		–		(97,262)		–		(97,262)
Net cash provided (used) by financing activities		(106,270)		–		135,490		–		29,220

Effects of exchange rate on cash		10,277		–		–		–		10,277

Increase (decrease) in cash and cash equivalents		74,258		(1,934)		(1,779)		–		70,545
Cash and cash equivalents at beginning of period		671,665		12,725		13,416		–		697,806
Cash and cash equivalents at end of period	$	745,923	$	10,791	$	11,637	$	–	$	768,351
		(page 2 of 2)
(a) Balance for the period ended June 30, 2017