AMERCO Reports Third Quarter 2003 Results

RENO, Nev., Feb. 18 -- AMERCO , the parent company for U-Haul International, Inc., Oxford Life Insurance Company, Republic Western Insurance Company, Amerco Real Estate Company, with the inclusion of SAC Holding Corporations and their wholly-owned subsidiaries (combined group), today reported a third quarter loss of $32.3 million, or ($1.73) per share. For the same period a year ago, the consolidated group reported a loss of $25 million, or ($1.36) per share. Third quarter rental revenues and net sales increased $19.2 million. Premiums and net investment and interest income decreased $30.5 million.

Total revenues for the quarter were $451.9 million compared to $463.7 million a year ago. Total revenues for the past nine months declined $15.3 million to $1.56 billion, due to a decline in insurance premium income of $76.5 million and an increase in rental revenues of $60 million for a net decrease of $15 million.

Total expenses for the quarter declined $39.9 million to $437.6 million. Total expenses for past nine months declined $81.5 million to $1.4 billion.

AMERCO will hold its investor call on Wednesday, February 19, 2002 at 10:30 a.m. Mountain Standard Time (MST). To hear a simulcast of the call over the Internet, or a replay, visit www.uhaul.com .

On Tuesday, February 18, 2003, the Company filed with the SEC an amended form 10-Q/A for the period ending September 30, 2002, to revise the presentation of certain information contained in the Footnote and Management's Discussion and Analysis sections of the original filing. There were no changes to operations.

Certain of the statements made in this press release regarding general revenues, income and general growth of our business constitute forward-looking statements contemplated under the Private Securities Litigation Reform Act of 1995 and certain factors could cause actual results to differ materially from those projected. For a brief discussion of the risks and uncertainties that may affect AMERCO's business and future operating results, please refer to form 10-Q for the quarter ended December 31, 2002 which has been filed with the SEC.