U-Haul Holding Co NV

Previous wording

U-Haul Holding Company’s three operating and reportable segments are:

Current wording

U-Haul Holding Company’s three operating and reportable segments are Moving and Storage, Property and Casualty Insurance, and Life Insurance.

Previous wording

See Note 1, Basis of Presentation, Note 21,Reportable Segment Information, and Note 22, Financial Information by Geographic Area, of the Notes to Consolidated Financial Statements included in Item 8: Consolidated Financial Statements and Supplementary Data, of this Annual Report.

Current wording

See Note 1, Basis of Presentation, Note 21, Reportable Segment Information, and Note 22, Financial Information by Geographic Area, of the Notes to Consolidated Financial Statements.

Previous wording

Moving and Storage consists of the rental of trucks, trailers, portable moving and storage units, specialty rental items and self-storage spaces primarily to the household mover as well as sales of moving supplies, towing accessories and propane. Operations are conducted under the registered trade name U-Haul® throughout the United States and Canada.

Current wording

Moving and Storage operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane, and the rental of fixed and portable moving and storage units to the “do-it-yourself” mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul throughout the United States and Canada.

Previous wording

Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safestor Mobile® protection packages to U-Haul® customers. We continue to focus on increasing the penetration of these products into the moving and storage market. The business plan for Property and Casualty Insurance includes offering property and casualty products in other U-Haul® related programs.

Current wording

Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove, Safetow, Safemove Plus, Safestor and Safehaul protection packages to U-Haul customers. We continue to focus on increasing the penetration of these products into the moving and storage market. The business plan for Property and Casualty Insurance includes offering property and casualty products in other U-Haul related programs.

Previous wording

On September 9, 2022, we announced that the Company was made aware of a data security incident involving U-Haul's information technology network. U-Haul detected a compromise of two unique passwords used to access U-Haul customers' information. U-Haul took immediate steps to contain the incident and promptly enhanced its security measures to prevent any further unauthorized access. U-Haul retained cybersecurity experts and incident response counsel to investigate the incident and implement additional security safeguards. The investigation determined that between November 5, 2021 and April 8, 2022, the threat actor accessed customer contracts containing customers’ names, dates of birth, and driver’s license or state identification numbers. None of U-Haul’s financial, payment processing or email systems were involved. U-Haul has notified impacted customers and relevant governmental authorities.

Current wording

On September 9, 2022, we announced that the Company was made aware of a data security incident involving U-Haul's information technology network. U-Haul detected two unique passwords were compromised and used to access U-Haul customers' information. U-Haul took immediate steps to contain the incident and promptly enhanced its security measures to prevent any further unauthorized access. U-Haul retained cybersecurity experts and incident response counsel to investigate the incident and implement additional security safeguards. The investigation determined that between November 5, 2021 and April 8, 2022, the threat actor accessed customer contracts containing customers’ names, dates of birth, and driver’s license or state identification numbers. None of U-Haul’s financial, payment processing or email systems were involved. U-Haul has notified impacted customers and relevant governmental authorities.

Previous wording

Several class action lawsuits related to the incident have been filed against U-Haul. The lawsuits have been consolidated into one action in the U.S. District Court for the District of Arizona (the "Court"). On October 27, 2023, the Court dismissed with prejudice all claims except those brought under the California Consumer Privacy Act. The remaining claims will be vigorously defended by the Company; however, the outcome of such lawsuits cannot be predicted or guaranteed with any certainty. The parties are currently working on a settlement agreement, which will then go through the approval process by the Court.

Current wording

Several class action lawsuits related to the incident were filed against U-Haul, which were consolidated into one action in the U.S. District Court for the District of Arizona (the "Court"). On October 27, 2023, the Court dismissed with prejudice all claims, except those brought under the California Consumer Privacy Act. The parties settled all remaining claims for $5.1 million pursuant to a settlement agreement approved by order of the Court on October 25, 2024. The full amount of $5.1 million is covered by insurance and has been paid by the insurer into trust for disbursement in accordance with the terms of the settlement agreement.

Previous wording

Our consolidated financial statements have been prepared in accordance with the generally accepted accounting principles (“GAAP”) in the United States. The methods, estimates and judgments we use in applying our accounting policies can have a significant impact on the results we report in our consolidated financial statements. Note 3, Accounting Policies, of the Notes to Consolidated Financial Statements in Item 8: Consolidated Financial Statements and Supplementary Data, of this Annual Report summarizes the significant accounting policies and methods used in the preparation of our consolidated financial statements and related disclosures. Certain accounting policies require us to make difficult and subjective judgments and assumptions, often as a result of the need to estimate matters that are inherently uncertain.

Current wording

Our consolidated financial statements have been prepared in accordance with the generally accepted accounting principles (“GAAP”) in the United States. The methods, estimates and judgments we use in applying our accounting policies can have a significant impact on the results we report in our consolidated financial statements. Note 3, Accounting Policies, of the Notes to Consolidated Financial Statements summarizes the significant accounting policies and methods used in the preparation of our consolidated financial statements and related disclosures. Certain accounting policies require us to make difficult and subjective judgments and assumptions, often as a result of the need to estimate matters that are inherently uncertain.

Previous wording

We have reserved each claim based upon the accumulation of current claim costs projected through each claimant’s life expectancy and then adjusted for applicable reinsurance arrangements. Management reviews each claim bi-annually, or more frequently if there are changes in facts or circumstances, to determine if the estimated life time claim costs have increased and then adjusts the reserve estimate accordingly at that time. We have factored in an estimate of what the potential cost increases could be in our liability related to claims incurred but not reported ("IBNR"). We have not assumed settlement of the existing claims in calculating the reserve amount unless it is in the final stages of completion.

Current wording

We have reserved each claim based upon the accumulation of current claim costs projected through each claimant’s life expectancy and then adjusted for applicable reinsurance arrangements. Management reviews each claim bi-annually, or more frequently if there are changes in facts or circumstances, to determine if the estimated lifetime claim costs have increased and then adjusts the reserve estimate accordingly at that time. We have factored in an estimate of what the potential cost increases could be in our liability related to claims incurred but not reported ("IBNR"). We have not assumed settlement of the existing claims in calculating the reserve amount unless it is in the final stages of completion.

Previous wording

There was a $1.0 million and $2.0 million net impairment charge recorded in fixed maturity securities for fiscal 2024 and 2023, respectively.

Current wording

There was a $2.1 million and ($1.0) million net impairment charge recorded in fixed maturity securities for fiscal 2025 and 2024, respectively.

Previous wording

We file a consolidated tax return with all of our legal subsidiaries.

Current wording

We file a consolidated tax return with all of our legal U.S. subsidiaries. There is a separate tax return filing for U-Haul's Canadian subsidiary.

Previous wording

Please see Note 15, Provision for Taxes, of the Notes to Consolidated Financial Statements included in Item 8: Consolidated Financial Statements and Supplementary Data, of this Annual Report for more information.

Current wording

Please see Note 15, Provision for Taxes, of the Notes to Consolidated Financial Statements.

Previous wording

Please see Note 3, Accounting Policies, of the Notes to Consolidated Financial Statements included in Item 8: Consolidated Financial Statements and Supplementary Data, of this Annual Report for more information.

Current wording

Please see Note 3, Accounting Policies, of the Notes to Consolidated Financial Statements.

Previous wording

Self-storage revenues increased $86.6 million during fiscal 2024, compared with fiscal 2023. The average monthly number of occupied units increased by 7%, or 36,100 units during fiscal 2024 compared with the same period last year. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 2.9% improvement in average revenue per occupied square foot. The occupancy gains and revenue per square foot improvements slowed over the course of the fiscal year. During fiscal 2024, we added approximately 5.5 million net rentable square feet.

Current wording

Self-storage revenues increased $66.8 million during fiscal 2025, compared with fiscal 2024. The average monthly number of occupied units increased by 6.2%, or 35,441 units during fiscal 2025 compared with the same period last year. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 1.5% improvement in average revenue per occupied square foot. The occupancy gains and revenue per square foot improvements slowed over the course of the fiscal year. During fiscal 2025, we added approximately 6.5 million net rentable square feet.

Previous wording

Life insurance premiums decreased $9.4 million during fiscal 2024, compared with fiscal 2023 primarily due to decreased sales of single premium life products and policy decrements in Medicare supplement.

Current wording

Life insurance premiums decreased $6.0 million during fiscal 2025, compared with fiscal 2024 primarily due to decreased sales of single premium life products and policy decrements in Medicare supplement.

Previous wording

Property and casualty insurance premiums increased $1.6 million during fiscal 2024, compared with fiscal 2023. A significant portion of Repwest’s premiums are from policies sold in conjunction with U-Haul moving and storage transactions and generally correspond to the related activity at U-Haul during the same period.

Current wording

Property and casualty insurance premiums increased $4.1 million during fiscal 2025, compared with fiscal 2024. A significant portion of Repwest’s premiums are from policies sold in conjunction with U-Haul moving and storage transactions and generally correspond to the related activity at U-Haul during the same period.

Previous wording

Net investment and interest income decreased $30.2 million during fiscal 2024, compared with fiscal 2023. Changes in the market value of unaffiliated common stocks held at our Property and Casualty Insurance subsidiary accounted for $17.9 million of the increase. Our Life Insurance subsidiaries investment income increased $22.3 million primarily from gains on derivatives used as hedges to fixed indexed annuities. The Moving and Storage segment decreased as the interest income has been classified as Other interest income in fiscal 2024.

Current wording

Net investment and interest income increased $5.5 million during fiscal 2025, compared with fiscal 2024. At our Property and Casualty insurance subsidiaries, investment income decreased $1.9 million due to changes in the market value of common stocks investments offset by realized gains on the sale of common stock. Our Life insurance subsidiaries investment income increased $8.0 million primarily from gains on derivatives used as hedges to fixed index annuities.

Previous wording

Other revenue decreased $12.8 million during fiscal 2024, compared with fiscal 2023, caused primarily by decreases in our U-Box® program.

Current wording

Other revenue increased $40.3 million during fiscal 2025, compared with fiscal 2024, caused primarily by increases in our U-Box program.

Previous wording

Total costs and expenses increased $228.8 million during fiscal 2024, compared with fiscal 2023. Operating expenses for Moving and Storage increased $99.7 million. Repair expenses associated with the rental fleet experienced a $33.0 million increase during fiscal year 2024 due to higher cost of preventative maintenance along with the costs associated with selling more retired trucks. Personnel related costs increased $50.3 million along with increases in liability costs, property taxes and building maintenance.

Current wording

Total costs and expenses increased $464.6 million during fiscal 2025, compared with fiscal 2024. Operating expenses for Moving and Storage increased $142.0 million. Repair expenses associated with the rental fleet experienced a $43.1 million decrease during the fiscal year while increases in personnel, liability costs, property taxes, utilities and building maintenance accounted for the remainder of the increase. Approximately $16.5 million of the operating expense increase was due to non-recurring costs associated with our transition to a new box supplier that we recognized in the second quarter of fiscal 2025.

Previous wording

Depreciation expense associated with our rental fleet increased $44.0 million for fiscal 2024 compared with fiscal 2023, due to an increase in the pace of new additions to the fleet combined with their higher cost. Net gains from the disposal of rental equipment decreased $91.8 million as resale values have decreased and the average cost of units being sold has increased. Depreciation expense on all other assets, largely from buildings and improvements, increased $40.0 million. Net losses on the disposal or retirement of land and buildings increased $2.3 million. Additional details are available in the following Moving and Storage section.

Current wording

Depreciation expense associated with our rental fleet increased $128.1 million for fiscal 2025 compared with fiscal 2024 due to an increase in the pace of new additions to the fleet combined with their higher cost. Net gains from the disposal of rental equipment decreased $140.2 million as resale values have decreased and the average cost of units being sold has increased. We increased the number of retired trucks sold compared to the same period last year. Depreciation expense on all other assets, largely from buildings and improvements, increased $25.9 million. Net losses on the disposal or retirement of land and buildings increased $7.8 million. Additional details are available in the following Moving and Storage section.

Previous wording

As a result of the above-mentioned changes in revenues and expenses, earnings from operations decreased $467.8 million to $977.8 million for fiscal 2024, compared with $1,445.6 million for fiscal 2023.

Current wording

As a result of the above-mentioned changes in revenues and expenses, earnings from operations decreased $261.6 million to $716.2 million for fiscal 2025, compared with $977.8 million for fiscal 2024.

Previous wording

Interest expense for fiscal 2024 was $256.2 million, compared with $224.0 million for fiscal 2023 due to an increase in our average cost of debt.

Current wording

Interest expense for fiscal 2025 was $295.7 million, compared with $256.2 million for fiscal 2024 due to an increase in our average amount of debt outstanding combined with a higher incremental cost of new debt.

Previous wording

Income tax expense was $211.5 million for fiscal 2024, compared with $294.9 million for fiscal 2023. See Note 14, Provision for Taxes, of the Notes to Consolidated Financial Statements included in Item 8: Consolidated Financial Statements and Supplementary Data, of this Annual Report for more information on income taxes.

Current wording

Income tax expense was $110.4 million for fiscal 2025, compared with $211.5 million for fiscal 2024. See Note 15, Provision for Taxes, of the Notes to Consolidated Financial Statements for more information on income taxes.

Previous wording

As a result of the above-mentioned items, earnings available to common stockholders were $628.7 million for fiscal 2024, compared with $924.5 million for fiscal 2023.

Current wording

As a result of the above-mentioned items, earnings available to common stockholders were $367.1 million for fiscal 2025, compared with $628.7 million for fiscal 2024.

Previous wording

Self-storage revenues increased $86.6 million during fiscal 2024, compared with fiscal 2023. The average monthly number of occupied units increased by 7%, or 36,100 units during fiscal 2024 compared with the same period last year. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 2.9% improvement in average revenue per occupied square foot. The occupancy gains and revenue per square foot improvements slowed over the course of the fiscal year. During fiscal 2024, we added approximately 5.5 million net rentable square feet.

Current wording

Self-storage revenues increased $66.8 million during fiscal 2025, compared with fiscal 2024. The average monthly number of occupied units increased by 6.2%, or 35,441 units during fiscal 2025 compared with the same period last year. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 1.5% improvement in average revenue per occupied square foot. The occupancy gains and revenue per square foot improvements slowed over the course of the fiscal year. During fiscal 2025, we added approximately 6.5 million net rentable square feet.

Previous wording

During fiscal 2024, we added approximately 5.5 million net rentable square feet of new storage. This was a mix of approximately 1.2 million square feet of existing self-storage acquired along with 4.3 million square feet of new development.

Current wording

During fiscal 2025, we added approximately 6.5 million net rentable square feet of new storage. This was a mix of approximately 1.8 million square feet of existing self-storage acquired along with 4.7 million square feet of new development.

Previous wording

Other revenue decreased $13.4 million during fiscal 2024, compared with fiscal 2023, caused primarily by decreases in our U-Box® program.

Current wording

Other revenue increased $39.4 million during fiscal 2025, compared with fiscal 2024, caused primarily by increases in our U-Box program.

Previous wording

Total costs and expenses increased $227.2 million during fiscal 2024, compared with fiscal 2023. Operating expenses increased $99.7 million. Repair expenses associated with the rental fleet experienced a $33.0 million increase during fiscal year 2024 due to higher cost of preventative maintenance along with the costs associated with selling more retired trucks. Personnel related costs increased $50.3 million along with increases in liability costs, property taxes and building maintenance.

Current wording

Total costs and expenses increased $448.2 million during fiscal 2025, compared with fiscal 2024. Operating expenses increased $142.0 million. Repair expenses associated with the rental fleet experienced a $43.1 million decrease during the fiscal year while increases in personnel, liability costs, property taxes, utilities and building maintenance accounted for the remainder of the increase. Approximately $16.5 million of the operating expense increase was due to non-recurring costs associated with our transition to a new box supplier that we recognized in the second quarter of fiscal 2025.

Previous wording

Depreciation expense associated with our rental fleet increased $44.0 million for fiscal 2024 compared with fiscal 2023 due to an increase in the pace of new additions to the fleet combined with their higher cost. Net gains from the disposal of rental equipment decreased $91.8 million as resale values have decreased and the average cost of units being sold has increased. Depreciation expense on all other assets, largely from buildings and improvements, increased $40.0 million. Net losses on the disposal or retirement of land and buildings increased $2.3 million. Additional details are available in the following Moving and Storage section.

Current wording

Depreciation expense associated with our rental fleet increased $128.1 million for fiscal 2025 compared with fiscal 2024, due to an increase in the pace of new additions to the fleet combined with their higher cost. Net gains from the disposal of rental equipment decreased $140.2 million as resale values have decreased and the average cost of units being sold has increased. Depreciation expense on all other assets, largely from buildings and improvements, increased $25.9 million. Net losses on the disposal or retirement of land and buildings increased $7.8 million.

Previous wording

Net premiums were $97.9 million and $96.2 million for the years ended December 31, 2023 and 2022, respectively. A significant portion of Repwest’s premiums are from policies sold in conjunction with U-Haul moving and storage transactions and generally correspond to the related activity at U-Haul during the same period.

Current wording

Net premiums were $102.0 million and $97.9 million for the years ended December 31, 2024 and 2023, respectively. A significant portion of Repwest’s premiums are from policies sold in conjunction with U-Haul moving and storage transactions and generally correspond to the related activity at U-Haul during the same period.

Previous wording

Net investment and interest income were $25.2 million and $7.3 million for the years ended December 31, 2023 and 2022, respectively. The main driver of the change in net investment income was the increase in valuation of unaffiliated common stock.

Current wording

Net investment and interest income were $23.2 million and $25.2 million for the years ended December 31, 2024 and 2023, respectively. The main driver of the change in net investment income was the decrease in valuation of unaffiliated common stocks offset by an increase in realized investment gain from the sale of common stock.

Previous wording

Operating expenses were $48.3 million and $45.0 million for the years ended December 31, 2023 and 2022, respectively. The change was primarily due to an increase in commissions, wages and other administrative expenses.

Current wording

Operating expenses were $47.7 million and $48.3 million for the years ended December 31, 2024 and 2023, respectively. The change was primarily due to a decrease in commissions in select geographies.

Previous wording

As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $62.5 million and $36.6 million for the twelve months ended December 31, 2023 and 2022, respectively.

Current wording

As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $54.7 million and $62.5 million for the twelve months ended December 31, 2024 and 2023, respectively.

Previous wording

Net premiums were $89.7 million and $99.1 million for the years ended December 31, 2023 and 2022, respectively. Medicare Supplement premiums decreased due to the advanced age of the block. Life premiums decreased primarily from the decrease in sales of single premium life and final expense. Deferred annuity deposits were $352.6 million or $26.1 million above prior year and are accounted for on the balance sheet as deposits rather than premiums.

Current wording

Net premiums were $83.7 million and $89.7 million for the years ended December 31, 2024 and 2023, respectively. Medicare Supplement premiums decreased $3.6 million due to the advanced age of the block. Life premiums decreased $2.8 million primarily from the decrease in sales of single premium life and final expense. Deferred annuity deposits were $455.9 million or $103.3 million above prior year and are accounted for on the balance sheet as deposits rather than premiums.

Previous wording

Net investment income was $124.7 million and $102.4 million for the years ended December 31, 2023 and 2022, respectively. Realized gains on derivatives used as hedges to fixed indexed annuities was $15.3 million this year compared to a $12.6 million realized loss for the prior year. The change in the provision for expected credit losses resulted in a $2.8 million additional increase to the investment income this year compared to a $2.9 million decrease last year. Net interest income and realized gain on the invested assets increased $3.0 million.

Current wording

Net investment income was $132.7 million and $124.7 million for the years ended December 31, 2024 and 2023, respectively. Realized gains on derivatives used as hedges to fixed indexed annuities were $2.0 million current year to date. The change in the provision for expected credit losses resulted in a current year to date $2.3 million additional increase to the investment income. Net interest income and realized gain on the invested assets increased $5.2 million.

Previous wording

Benefits and losses incurred were $155.2 million and $142.5 million for the years ended December 31, 2023 and 2022, respectively. Interest credited to policyholders increased $18.7 million due to an increase in the interest credited rates on equity - indexed annuities due to rising equity markets. Life benefits decreased $3.3 million due to fewer death claims and lower sales. Medicare supplement benefits decreased by $4.0 million from fewer policies in force.

Current wording

Benefits and losses incurred were $160.4 million and $155.2 million for the years ended December 31, 2024 and 2023, respectively. Interest credited to policyholders increased $13.5 million due to the rolling of the block into a higher interest rate environment. Life benefits decreased $3.5 million due to fewer death claims and lower sales. Medicare supplement benefits decreased by $2.2 million from fewer policies in force.

Previous wording

Amortization of deferred acquisition costs, sales inducement asset and the value of business acquired was $24.2 million and $27.9 million for the years ended December 31, 2023 and 2022, respectively.

Current wording

Amortization of deferred acquisition costs, sales inducement asset and the value of business acquired was $18.3 million and $24.2 million for the years ended December 31, 2024 and 2023, respectively. The decrease in amortization was driven by experience updates to assumptions impacting the expected term of the underlying contracts.

Previous wording

As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $19.7 million and $13.9 million for the years ended December 31, 2023 and 2022, respectively.

Current wording

As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $16.2 million and $19.7 million for the years ended December 31, 2024 and 2023, respectively.

Previous wording

As of March 31, 2024, cash and cash equivalents totaled $1,534.5 million, compared with $2,060.5 million as of March 31, 2023. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (U-Haul Holding Company, U-Haul and Real Estate). As of March 31, 2024 (or as otherwise indicated), cash and cash equivalents, other financial assets (receivables, other investments, fixed maturities, equity securities and related party assets) and debt obligations of each operating segment were:

Current wording

As of March 31, 2025, cash and cash equivalents totaled $988.8 million, compared with $1,534.5 million as of March 31, 2024. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (U-Haul Holding Company, U-Haul and Real Estate). As of March 31, 2025 (or as otherwise indicated), cash and cash equivalents, other financial assets (receivables, other investments, fixed maturities, equity securities and related party assets) and debt obligations of each operating segment were:

Previous wording

(b) Excludes ($32,676) of debt issuance costs

Current wording

(b) Excludes ($35,484) of debt issuance costs

Previous wording

As of March 31, 2024, Moving and Storage had available borrowing capacity under existing credit facilities of $506.1 million. The majority of invested cash at the Moving and Storage segment is held in government money market funds. Our current forecasted debt payments for fiscal 2025 on all borrowings are $535.0 million. For detailed information regarding our debt obligations, please see Note 10, Notes, Loans and Finance Leases Payable, net, of the Notes to Consolidated Financial Statements.

Current wording

As of March 31, 2025, Moving and Storage had available borrowing capacity under existing credit facilities of $475.0 million. The majority of invested cash at the Moving and Storage segment is held in government money market funds. Our current forecasted debt payments for fiscal 2026 on all borrowings are $649.6 million. For detailed information regarding our debt obligations, please see Note 10, Notes, Loans and Finance Leases Payable, net, of the Notes to Consolidated Financial Statements.