<PAGE>  1
            UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                        WASHINGTON, D.C. 20549

                               FORM 10-Q/A

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

           For the quarterly period ended September 30, 1995

                                  OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

For the transition period from __________________ to __________________

Commission      Registrant, State of Incorporation     I.R.S. Employer
File Number       Address and Telephone Number       Identification No.
_______________________________________________________________________

  0-7862          AMERCO                                 88-0106815
                  (A Nevada Corporation)
                  1325 Airmotive Way, Ste. 100
                  Reno, Nevada  89502-3239
                  Telephone (702) 688-6300


  2-38498         U-Haul International, Inc.             86-0663060
                  (A Nevada Corporation)
                  2727 N. Central Avenue
                  Phoenix, Arizona 85004
                  Telephone (602) 263-6645

Indicate by check mark whether the registrant (1) has filed all reports
required  to be filed by Section 13 or 15(d) of the Securities Exchange
Act  of 1934 during the preceding 12 months (or for such shorter period
that  the  registrant was required to file such reports), and  (2)  has
been subject to such filing requirements for the past 90 days.
Yes [X] No [ ].

29,513,492 shares of AMERCO Common Stock, $0.25 par value and 5,762,495
shares  of  AMERCO  Series  A  common  stock,  $0.25  par  value   were
outstanding at January 22, 1996.

5,385  shares  of  U-Haul International, Inc. Common Stock,  $0.01  par
value,  were  outstanding at January 22, 1996.  U-Haul  International,
Inc. meets the conditions set forth in General Instruction H(1)(a)  and
(b)  of  Form  10-Q and is therefore filing this form with the  reduced
disclosure format.
<PAGE>  2
                          TABLE OF CONTENTS



PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements.

         a)  Consolidated Balance Sheets as of September 30, 1995,
             March 31, 1995 and September 30,1994.....................    4

         b)  Consolidated Statements of Earnings for the
             Six Months ended September 30, 1995 and1994..............    6

         c)  Consolidated Statements of Changes in Stockholders'
             Equity for the Six Months ended September 30, 1995
             and 1994.................................................    7

         d)  Consolidated Statements of Earnings for the
             Quarters ended September 30, 1995 and 1994...............    9

         e)  Consolidated Statements of Cash Flows for the
             Six Months ended September 30, 1995 and 1994.............   10

         f)  Notes to Consolidated Financial Statements -
             September 30, 1995, March 31, 1995 and 
             September 30, 1994.......................................   11

Item 2.  Management's Discussion and Analysis of Financial
         Condition and Results of Operations..........................   18


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                        INTENTIONALLY BLANK
<PAGE>  4                
                  PART I.  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS.


               AMERCO AND CONSOLIDATED SUBSIDIARIES

                    Consolidated Balance Sheets
                                 

                                           September 30, March 31, September 30,
            ASSETS                              1995         1995       1994
                                           -------------------------------------
                                           (unaudited)   (audited) (unaudited)
                                                      (in thousands)


Cash and cash equivalents                  $    33,283       35,286      41,882
Receivables                                    338,489      300,238     260,727
Inventories                                     51,402       50,337      47,691
Prepaid expenses                                12,693       25,933      21,029
Investments, fixed maturities                  800,481      705,428     701,220
Investments, other                             139,681      135,220      97,727
Deferred policy acquisition costs               51,304       49,244      49,940
Other assets                                    18,757       30,057      18,192

Property, plant and equipment, at
  cost:
  Land                                         210,928      214,033     202,987
  Buildings and improvements                   738,535      735,624     710,680
  Furniture and equipment                      184,189      179,016     174,139
  Rental trailers and other rental                                    
    equipment                                  258,264      245,892     225,498
  Rental trucks                                933,013      913,641     905,669
  General rental items                          49,581       51,890      54,131
                                             ---------    ---------   ---------
                                             2,374,510    2,340,096   2,273,104
  Less accumulated depreciation              1,131,339    1,065,850   1,005,433
                                             ---------    ---------   ---------

       Total property, plant and
         equipment                           1,243,171    1,274,246   1,267,671



















                                           $ 2,689,261    2,605,989   2,506,079
                                             =========    =========   =========

The  accompanying notes are an integral part of these  consolidated
financial statements.
<PAGE>  5



                                          September 30, March 31, September 30,
 LIABILITIES AND STOCKHOLDERS' EQUITY           1995         1995      1994
                                          -------------------------------------
                                          (unaudited)   (audited) (unaudited)
                                                       (in thousands)

Liabilities:
  Accounts payable and accrued
    liabilities                            $   150,198      127,613     149,940
  Notes and loans                              796,738      881,222     752,529
  Policy benefits and losses, claims           475,220      475,187     464,883
    and loss expenses payable
  Liabilities from premium deposits            374,407      304,979     300,069
  Cash overdraft                                23,450       31,363      27,013
  Other policyholders' funds and
    liabilities                                 25,843       20,378       8,805
  Deferred income                                9,533        7,426       8,652
  Deferred income taxes                         92,008       71,037      85,404
                                             ---------       ------      ------

Stockholders' equity:
  Serial preferred stock, with or
    without par value, 50,000,000
    shares authorized; 6,100,000
    issued without par value and
    outstanding as of September 30, 1995,
    March 31, 1995 and September 30, 1994          -            -          -
  Serial common stock, with or with-
    out par value, 150,000,000 shares
    authorized                                     -            -          -
  Series A common stock of $0.25 par
    value, authorized 10,000,000 shares,
    issued 5,762,495 shares as of
    September 30, 1995 and March 31, 1995,
    and 9,238,015 shares as of
    September 30, 1994                           1,441        1,441       2,309
  Common stock of $0.25 par value,
    authorized 150,000,000 shares, issued
    34,237,505 shares as of September 30,
    1995 and March 31, 1995, and 30,761,985
    shares as of September 30, 1994              8,559        8,559       7,691
  Additional paid-in capital                   165,675      165,675     165,651
  Foreign currency translation                 (10,609)     (12,435)    (10,027)
  Unrealized gain(loss) on investments           6,771       (6,483)     (3,615)
  Retained earnings                            605,616      561,589     577,523
                                             ---------      -------     -------
                                               777,453      718,346     739,532
  Less:
    Cost of common shares in treasury,
      (1,380,937 shares as of September 30,
      1995  and 1,335,937 shares as of
      March 31, 1995 and September 30, 1994)    11,457       10,461      10,461
    Unearned employee stock
      ownership plan shares                     24,132       21,101      20,287
         
                                             ---------      -------     -------
         Total stockholders' equity            741,864      686,784     708,784

Contingent liabilities and commitments     
                                             ---------      -------     -------



                                           $ 2,689,261    2,605,989   2,506,079
                                             =========    =========   =========
<PAGE>  6

               AMERCO AND CONSOLIDATED SUBSIDIARIES

                Consolidated Statements of Earnings

                  Six Months ended September 30,
                            (Unaudited)

                                                   1995         1994
                                             -------------------------
                                                (in thousands except
                                                   per share data)

Revenues
  Rental and other revenue                  $    504,429       494,145
  Net sales                                      102,675        97,688
  Premiums                                        71,385        67,597
  Net investment income                           23,287        22,423
                                             -----------   -----------
       Total revenues                            701,776       681,853

Costs and expenses
  Operating expense                              353,185      325,364
  Advertising expense (see note 7)                24,061       14,356
  Cost of sales                                   58,001       53,288
  Benefits and losses                             68,099       66,279
  Amortization of deferred acquisition
    costs                                          7,799        5,676
  Depreciation                                    76,275       74,755
  Interest expense                                35,554       33,297
                                             -----------   ----------
       Total costs and expenses                  622,974      573,015

Pretax earnings from operations                   78,802      108,838
Income tax expense                               (28,293)     (39,354)
                                             -----------   ----------

       Net earnings                         $     50,509       69,484
                                             ===========   ==========


Earnings per common share:
Net earnings                                $       1.16         1.70
                                             ===========   ==========


Weighted average common shares outstanding    37,931,825   37,053,707
                                             ===========   ==========





The   accompanying   notes   are  an   integral   part   of   these
consolidated financial statements.
<PAGE>  7             
               AMERCO AND CONSOLIDATED SUBSIDIARIES

    Consolidated Statements of Changes in Stockholders' Equity

                  Six Months ended September 30,
                            (Unaudited)

                                                   1995        1994
                                                ---------------------
                                                    (in thousands)
Series A common stock of $0.25 par
  value:  Authorized 10,000,000 shares,
  issued 5,762,495 as of September 30, 1995
  and 5,762,495 as of March 31, 1995 and
  9,238,015 as of September 30, 1994
    Beginning of period                         $  1,441       1,438
      Exchange for common stock                      -           871
                                                 -------     -------
    End of period                                  1,441       2,309
                                                 -------     -------

Common stock of $0.25 par value:
  Authorized 150,000,000 shares, issued
    34,237,505 as of September 30, 1995,
    and March 31, 1995 and 30,761,985
    as of September 30, 1994
    Beginning of period                            8,559       8,562
      Exchange for common stock                      -          (871)
                                                 -------     -------
    End of period                                  8,559       7,691
                                                 -------     -------
Additional paid-in capital:
  Beginning and end of period                    165,675     165,651
                                                 -------     -------

Foreign currency translation:
  Beginning of period                            (12,435)    (11,152)
  Change during period                             1,826       1,125
                                                 -------     -------

  End of period                                  (10,609)    (10,027)
                                                 -------     -------

Unrealized gain (loss) on investments:
  Beginning of period                             (6,483)        679
  Change during period                            13,254      (4,294)
                                                 -------     -------

  End of period                                    6,771      (3,615)
                                                 -------     -------

Retained earnings:
  Beginning of period                            561,589     514,521
    Net earnings                                  50,509      69,484
    Dividends paid to stockholders:
      Preferred stock: ($1.06 per share
        for 1995 and 1994, respectively)          (6,482)     (6,482)
                                                 -------     -------

  End of period                                  605,616     577,523
                                                 -------     -------

The   accompanying  notes   are   an  integral   part   of    these
consolidated financial statements.

<PAGE>  8

               AMERCO AND CONSOLIDATED SUBSIDIARIES

    Consolidated Statements of Changes in Stockholders' Equity

                  Six Months ended September 30,
                            (Unaudited)

                                                   1995        1994
                                                --------------------
                                                    (in thousands)
Less:
Treasury stock:
  Beginning of period                             10,461      10,461
  Net increase (45,000 shares in 1995)               996         -
                                                 -------      ------

  End of period                                   11,457      10,461
                                                 -------      ------

Unearned employee stock ownership
    plan shares:
  Beginning of period                             21,101      17,451
    Increase in loan                               3,168       2,955
    Proceeds from loan                              (137)       (119)
                                                 -------      ------

  End of period                                   24,132       20,287
                                                 -------      -------

Total stockholders' equity                     $ 741,864      708,784
                                                 =======      =======




The   accompanying  notes   are   an  integral   part   of    these
consolidated financial statements.
<PAGE>  9                               

               AMERCO AND CONSOLIDATED SUBSIDIARIES

                Consolidated Statements of Earnings

                   Quarters ended September 30,
                            (Unaudited)

                                                   1995        1994
                                              ----------------------
                                                (in thousands except
                                                   per share data)

Revenues
  Rental and other revenue                  $    269,118     265,183
  Net sales                                       49,559      46,386
  Premiums                                        40,683      36,038
  Net investment income                           11,907      11,913
                                              ----------  ----------
       Total revenues                            371,267     359,520

Costs and expenses
  Operating expense                              178,939     166,822
  Advertising expense (see note 7)                 7,192       7,357
  Cost of sales                                   29,042      25,738
  Benefits and losses                             40,858      39,867
  Amortization of deferred acquisition
    costs                                          4,871       2,592
  Depreciation                                    38,582      37,473
  Interest expense                                16,722      16,659
                                              ----------  ----------
       Total costs and expenses                  316,206     296,508

Pretax earnings from operations                   55,061      63,012
Income tax expense                               (19,729)    (22,941)
                                              ----------  ----------

       Net earnings                         $     35,332      40,071
                                              ==========  ==========

Earnings per common share:
Net earnings                                $       0.85        1.00
                                              ==========  ==========

Weighted average common shares outstanding    37,905,225  36,999,879
                                              ==========  ==========





The   accompanying  notes   are   an  integral   part   of    these
consolidated financial statements.
<PAGE>  10
               AMERCO AND CONSOLIDATED SUBSIDIARIES

               Consolidated Statements of Cash Flows

                  Six Months ended September 30,
                            (Unaudited)
                                                   1995        1994
                                                --------------------
                                                    (in thousands)
Cash flows from operating activities:
  Net earnings                                $   50,509      69,484
    Depreciation and amortization                 84,339      82,684
    Provision for losses on accounts
      receivable                                   2,819       1,868
    Net gain on sale of real and personal
      property                                       581         132
    Gain on sale of investments                   (2,970)     (1,066)
    Changes in policy liabilities and
      accruals                                    (3,334)     26,568
    Additions to deferred policy
      acquisition costs                          (11,954)     (7,770)
    Net change in other operating assets
      and liabilities                             23,954      27,705
                                                --------   ---------
Net cash provided by operating activities        143,944     199,605
                                                --------   ---------
Cash flows from investing activities:
  Purchases of investments:
    Property, plant and equipment               (143,082)   (255,231)
    Fixed maturities                            (162,081)    (86,291)
    Real estate                                   (5,629)         (8)
    Mortgage loans                                (7,384)    (36,087)
  Proceeds from sale of investments:
    Property, plant and equipment                 97,030      88,669
    Fixed maturities                              89,348     100,522
    Real estate                                      570         459
    Mortgage loans                                17,573       5,374
  Changes in other investments                     1,186        (834)
                                                --------   ---------
Net cash used by investing activities           (112,469)   (183,427)
                                                --------   ---------

Cash flows from financing activities:
  Net change in short-term borrowings           (163,500)     16,250
  Proceeds from notes                            140,184      66,000
  Loan to leveraged employee stock                            
    ownership plan                                (3,168)     (2,955)
  Proceeds from leveraged employee stock
    ownership plan                                   137         119
  Principal payments on notes                    (61,168)    (53,485)
  Net change in cash overdraft                    (7,913)        454
  Dividends paid                                  (6,482)     (6,482)
  Purchase of treasury shares                       (996)        -
  Investment contract deposits                   101,667      13,661
  Investment contract withdrawals                (32,239)    (26,300)
                                                --------   ---------
Net cash provided (used) by
   financing activities                          (33,478)      7,262
                                                --------   ---------
Increase (decrease) in cash and
   cash equivalents                               (2,003)     23,440
Cash and cash equivalents at
  beginning of period                             35,286      18,442
                                                --------   ---------
Cash and cash equivalents at
  end of period                               $   33,283      41,882
                                                ========   =========

The  accompanying notes are an integral part of these  consolidated
financial statements.
<PAGE>  11
               AMERCO AND CONSOLIDATED SUBSIDIARIES

            Notes to Consolidated Financial Statements

     September 30, 1995, March 31, 1995 and September 30, 1994
                            (Unaudited)


1.   PRINCIPLES OF CONSOLIDATION

  The consolidated financial statements include the accounts of the
     parent corporation, AMERCO, and its subsidiaries, all of which
     are  wholly-owned.   All  material intercompany  accounts  and
     transactions of AMERCO and its subsidiaries (herein called the
     "Company"  or the "consolidated group") have been  eliminated.
     The  consolidated balance sheets as of September 30, 1995  and
     1994,  and  the related consolidated statements  of  earnings,
     changes  in  stockholders' equity and cash flows for  the  six
     months ended September 30, 1995 and 1994 are unaudited; in the
     opinion  of management, all adjustments necessary for  a  fair
     presentation of such financial statements have been  included.
     Such  adjustments  consisted only of normal  recurring  items.
     Interim results are not necessarily indicative of results  for
     a full year.
  
  The   operating  results  and  financial  position  of   AMERCO's
     consolidated insurance operations are determined on a  quarter
     lag.   There  were  no  effects related to intervening  events
     which  would  significantly affect  consolidated  position  or
     results  of operations for the financial statements  presented
     herein.

  The financial statements and notes are  presented as permitted by
     Form  10-Q and do not contain certain information included  in
     the Company's annual financial statements and notes.
  
  Earnings  per  share  are computed based on the weighted  average
     number of shares outstanding, excluding shares of the employee
     stock  ownership  plan  that have not  been  committed  to  be
     released.  Net income is reduced for preferred dividends.

  Certain   reclassifications  have  been  made  to  the  financial
     statements  for  the six months ended September  30,  1994  to
     conform with the current year's presentation.
<PAGE>  12
               AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Consolidated Financial Statements, Continued
                            (Unaudited)


2.   INVESTMENTS
  
  A comparison of amortized cost to market for fixed maturities  is
     as follows (in thousands, except for par value):

   June 30, 1995                                                             
-------------------    Par Value               Gross       Gross    Estimated
  Consolidated         or number  Amortized  unrealized  unrealized   market
  Held-to-Maturity     of shares     cost      gains       losses      value
                       ------------------------------------------------------

  U.S. treasury
    securities
    and government
    obligations        $  20,355  $  20,280      1,784          (5)   22,059
  U.S. government
    agency mortgage
    backed securities  $  62,793     62,251        875      (2,444)   60,682
  Obligations of
    states and
    political
    subdivisions       $  32,035     31,560      1,931        (143)   33,348
  Corporate
    securities         $ 186,613    191,434      4,005      (1,881)  193,558
  Mortgage-backed
    securities         $ 126,457    124,776      2,616      (1,935)  125,457
  Redeemable preferred
    stocks                    33      1,973        363          (7)    2,329
                                    ----------------------------------------

                                    432,274     11,574      (6,415)  437,433
                                    ----------------------------------------

  June 30, 1995                                
--------------------                           Gross       Gross    Estimated
  Consolidated                    Amortized  unrealized  unrealized   market
  Available-for-Sale   Par Value     cost      gains       losses      value
                       ------------------------------------------------------
  U.S. treasury
    securities and
    government
    obligations        $   9,685      9,794      1,234         -      11,028
  U.S. government
    agency mortgage
    backed securities  $   9,410      9,230        189        (118)    9,301
  States,
    municipalities
    and political
    subdivisions       $   2,385      2,353         36         (18)    2,371
  Corporate
    securities         $ 263,727    264,511     10,477      (1,573)  273,415
  Mortgage-backed
    securities         $  70,044     70,315      2,863      (1,086)   72,092
                                   -----------------------------------------
                                    356,203     14,799      (2,795)  368,207
                                   -----------------------------------------

         Total                    $ 788,477     26,373      (9,210)  805,640
                                   =========================================
<PAGE>  13
               AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Consolidated Financial Statements, Continued
                            (Unaudited)


3.   SUMMARIZED CONSOLIDATED FINANCIAL INFORMATION OF PONDEROSA
HOLDINGS, INC. AND ITS SUBSIDIARIES

  A summary  consolidated balance sheet (unaudited)  for  Ponderosa
     Holdings, Inc. and its subsidiaries is presented below:
  
                                                    September 30,
                                                   1995        1994
                                              ----------------------
                                                   (in thousands)

      Investments - fixed maturities         $   800,481    701,220
      Other investments                          117,940     97,727
      Receivables                                151,546    150,841
      Deferred policy acquisition costs           51,304     49,940
      Due from affiliate                          22,603     (1,531)
      Deferred federal income taxes                4,671      7,957
      Other assets                                 8,099     18,600
                                               --------------------
           Total assets                      $ 1,156,644  1,024,754
                                               ====================

      Policy liabilities and accruals        $   409,521    398,602
      Unearned premiums                           65,699     66,111
      Premium deposits                           374,407    300,069
      Other policyholders' funds and
        liabilities                               28,263     14,613
                                               --------------------
           Total liabilities                     877,890    779,395

      Stockholder's equity                       278,754    245,359
                                               --------------------

                Total liabilities and
                  stockholder's equity       $ 1,156,644  1,024,754
                                               ====================
<PAGE>  14
               AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Consolidated Financial Statements, Continued
                            (Unaudited)


3.   SUMMARIZED CONSOLIDATED FINANCIAL INFORMATION OF PONDEROSA
HOLDINGS, INC. AND ITS SUBSIDIARIES, continued

  A summarized   consolidated  income  statement  (unaudited)   for
     Ponderosa  Holdings,  Inc. and its subsidiaries  is  presented
     below:

                                        Six months ended September 30,
                                                1995        1994
                                            ---------------------
                                                (in thousands)

      Premiums                              $  76,442      76,865
      Net investment income                    23,516      22,498
      Other income                              4,471       3,245
                                            ---------------------
           Total revenue                      104,429     102,608
      Benefits and losses                      68,099      66,279
      Amortization of deferred policy
        acquisition costs                       7,799       5,676
      Other expenses                           12,121      12,756
                                            ---------------------
           Income from operations              16,410      17,897
      Federal income tax expense               (4,617)     (5,675)
                                            ---------------------

      Net income                            $  11,793      12,222
                                            =====================

4.   CONTINGENT LIABILITIES AND COMMITMENTS

  During the six months ended September 30, 1995, U-Haul Leasing  &
     Sales  Co., a wholly-owned subsidiary of U-Haul International,
     Inc.,  entered  into eight transactions, whereby  the  Company
     sold  rental trucks and subsequently leased them back.  AMERCO
     has  guaranteed $6,406,000 of residual values at September 30,
     1995  on these assets at the end of the lease term.  Following
     are  the lease commitments for the leases executed during  the
     six months ended September 30, 1995, which have a term of more
     than one year (in thousands):
  
                         Year ended      Lease
                          March 31,   Commitments
                         ------------------------
                           1996       $   5,426
                           1997           9,297
                           1998           9,297
                           1999           9,297
                           2000           9,297
                         Thereafter      22,467
                                        -------
                                      $  65,081
                                        =======
  
  See  discussion  related to the Shoen Litigation  under  Item  2.
     Management's  Discussion and Analysis of  Financial  Condition
     and Results of Operations - Liquidity and Capital Resources and 
     under Part II, Item 1. Legal Proceedings.
<PAGE>  15
                                 
               AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Consolidated Financial Statements, Continued
                            (Unaudited)


4.   CONTINGENT LIABILITIES AND COMMITMENTS, continued

  The  Company  is  a  defendant in a number of  suits  and  claims
    incident  to  the  type  of  business  conducted  and   several
    administrative  proceedings  arising  from  state   and   local
    provisions  that  regulate  the  removal  and/or  clean-up   of
    underground  fuel  storage  tanks. The  Company  owns  property
    within  two  state  hazardous  waste  sites  in  the  State  of
    Washington.   At  this  time, the remedial  clean-up  costs  or
    range   of   costs   for  such  sites  cannot   be   estimated.
    Management's  opinion  is that none of these  suits  or  claims
    involving AMERCO and/or its subsidiaries is expected to  result
    in any material loss.


5.   SUPPLEMENTAL CASH FLOWS INFORMATION

  The  (increase) decrease in receivables, inventories and accounts
     payable  and  accrued liabilities net of other  operating  and
     investing activities follows:

                                       Six months ended September 30,
                                               1995         1994
                                            ---------------------
                                                (in thousands)

        Receivables                       $  (35,299)      (41,291)
                                             =====================
        Inventories                       $   (1,065)        1,321
                                             =====================
        Accounts payable and
          accrued liabilities             $   22,585        23,758
                                             =====================

  Income taxes paid in cash amounted to $143,000 and $5,566,000 for
     1995 and 1994, respectively.

  Interest paid in cash amounted to $36,755,000 and $30,878,000 for
     1995 and 1994, respectively.

6.   RELATED PARTIES

  Subsequent  to  March  31,  1995, the  Company continued  to loan 
     TWO SAC Self-Storage Corporation (TWO  SAC) funds  for  the  
     purchase  of  an additional  33  self-storage properties.  
     Twenty-six of such self-storage properties were purchased from
     the Company at a price equal to the Company's acquisition cost
     plus capitalized costs. As of September 30, 1995, the outstanding
     balance of TWO SAC's loans from the Company, including interest, 
     was $46,723,000. During the six months ended September 30, 1995,
     principal payments of $218,000 and interest of $961,000  have been
     received from TWO SAC. Mark V. Shoen, a major stockholder, 
     director and officer  of the Company owns all  of
     the  issued  and outstanding voting common stock of  TWO  SAC.
     The  TWO  SAC  notes  will be secured  by  senior  and  junior
     mortgages  and are expected to mature in 2004 or 2005,  or  on
     demand.   The Company anticipates that it will sell to TWO SAC 
     approximately  4  more properties that have been acquired by the
     Company since June 1993.
<PAGE> 16  
                AMERCO AND CONSOLIDATED SUBSIDIARIES

          Notes to Consolidated Financial Statements, Continued
                               (Unaudited)



6.   RELATED PARTIES, continued

  During  the six months ended September 30, 1995, the  Company  received  
     principal  payments  of  $757,000, interest payments of $3,975,000,  
     and management fees of $527,000 from   SAC   Self-Storage
     Corporation  (SAC).  As of September 30, 1995, the outstanding
     balance SAC's loans from the Company, including interest was 
     $54,055,000.   Mark V. Shoen, a major stockholder,  director
     and  officer   of  the  Company owns all  of  the  issued  and
     outstanding voting common stock of SAC.


7.   NEW ACCOUNTING STANDARDS

  Statement  of Financial Accounting Standards No. 114 - Accounting
     by  Creditors for Impairment of a Loan.  Effective  for  years
     beginning after December 15, 1994,  the standard requires that
     an  impaired loan's fair value be measured and compared to the
     recorded  investment in the loan.  If the fair  value  of  the
     loan  is  less  than the recorded investment in  the  loan,  a
     valuation allowance is established.  The Company adopted  this
     statement  during the first quarter of fiscal  1996,  with  no
     material  impact  on  its financial condition  or  results  of
     operations.

    Statement   of  Financial  Accounting  Standards  No.   121   -
    Accounting  for  the Impairment of Long-Lived  Assets  and  for
    Long-Lived  Assets  to  be Disposed of.  Effective  for  fiscal
    years   beginning  after  December  15,  1995,   the   standard
    establishes  accounting standards for the impairment  of  long-
    lived  assets, certain identifiable intangibles,  and  goodwill
    related  to those assets to be held and used and for long-lived
    assets and certain identifiable intangibles to be disposed  of.
    This  Statement  requires that long-lived  assets  and  certain
    identifiable  intangibles to be held and used by an  entity  be
    reviewed   for  impairment  whenever  events  or   changes   in
    circumstances  indicate that the carrying amount  of  an  asset
    may   not  be  recoverable.   In  performing  the  review   for
    recoverability,  the  entity should estimate  the  future  cash
    flows  expected  to result from the use of the  asset  and  its
    eventual  disposition.  If the sum of the expected future  cash
    flows (undiscounted and without interest charges) is less  than
    the  carrying  amount  of  the asset,  an  impairment  loss  is
    recognized.   Otherwise, an impairment loss is not  recognized.
    Measurement  of  an impairment loss for long-lived  assets  and
    identifiable  intangibles that an entity expects  to  hold  and
    use  should  be  based on the fair value  of  the  asset.   The
    Company  has not completed an evaluation of the effect of  this
    standard.

  Statement of Position 93-7, Reporting on Advertising Costs  -  as
     issued  by  the  Accounting Standards Executive  Committee  in
     December  1993.  This statement of position provides  guidance
     on   financial  reporting  on  advertising  costs  in   annual
     financial  statements.   The statement  of  position  requires
     reporting advertising costs as expenses when incurred or  when
     the  advertising takes place, reporting the costs  of  direct-
     response  advertising, and amortizing the  amount  of  direct-
     response advertising reported as assets.
<PAGE> 17
                      AMERCO AND CONSOLIDATED SUBSIDIARIES

            Notes to Consolidated Financial Statements, Continued
                                 (Unaudited)



7.   NEW ACCOUNTING STANDARDS, continued

     The Company had been recording deferred yellow page directory  
     costs and amortizing the costs over the duration of each listing.
     The majority of listings last one year.  The Company adopted this
     statement effective April 1, 1995 recognizing additional 
     advertising expense of $8,647,000 upon implementation.
                                                          
  Other pronouncements issued by the Financial Standards Board with
     future  effective  dates  are either  not  applicable  or  not
     material  to  the  consolidated financial  statements  of  the
     Company.
  
                                 
8.   SUBSEQUENT EVENTS
  
  On October  18, 1995, the Company redeemed 3,343,076 shares of  Common
     Stock  held  by  Maran,  Inc.  in exchange  for  approximately
     $22,733,000  and paid approximately $41,352,000 to  Mary  Anna
     Shoen  Eaton  in  exchange for a full release  of  all  claims
     against the Company and the Director-Defendants, including all
     claims asserted by her in the Shoen Litigation.  See discussion 
     of the Shoen Litigation under Item 2. Management's Discussion
     and Analysis of Financial Condition and Results of Operations -
     Liquidity and Capital Resources and under Part II, Item 1. Legal 
     Proceedings.
  
  On November  7,  1995, the Company declared a  cash  dividend  of
     $3,241,000   ($0.53125  per  preferred  share)  to   preferred
     stockholders of record as of November 17, 1995.
  
<PAGE>  18
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.

RESULTS OF OPERATIONS
The  following table shows industry segment data from the Company's
  three  industry segments, rental operations, life insurance,  and
  property and casualty insurance, for the six months ended September
  30, 1995 and 1994. Rental operations is composed of the operations of
  U-Haul and Amerco Real Estate Company.  Life insurance is composed of
  the operations of Oxford Life Insurance Company (Oxford).  Property
  and  casualty insurance is composed of the operations of Republic
  Western  Insurance  Company (RWIC).   The  Company's  results  of
  operations have historically fluctuated from quarter to quarter.  In
  particular, the Company's U-Haul rental operations are seasonal and a
  majority of the Company's revenues and substantially all  of  its
  earnings from its U-Haul rental operations are generated in the first
  and second quarters each fiscal year (April through September).
<TABLE>

<CAPTION>

                                               Property/  Adjustments
                          Rental       Life     Casualty       and
                       Operations  Insurance   Insurance  Eliminations     Consolidated
                      -----------------------------------------------------------------                       
                                             (in thousands)

<S>                  <C>             <C>        <C>         <C>             <C>
Six months ended
  September 30, 1995
Revenues:
  Outside            $  602,687       24,265     74,824           -           701,776
$                       
  Intersegment             (270)         708      4,662       (5,100)            -
                      ---------      -------    -------     --------        ---------
    Total revenues      602,417       24,973     79,486       (5,100)         701,776 
                      =========      =======    =======     ========        =========
Operating profit         97,676        6,838      9,572          270          114,356
                      =========      =======    =======     ======== 
            
Interest expense                                                               35,554
                                                                            ---------
Pretax earnings                                                     
  from operations                                                              78,802
                                                                            =========
Identifiable assets                                                       
  at September 30     1,845,370      563,138    593,506     (312,753)       2,689,261
                      =========      =======    =======     ========        =========

Six months ended
  September 30, 1994
Revenues:
  Outside            $  588,897       19,682     73,274          -            681,853
  Intersegment              (41)         744      8,939       (9,642)             -
                      ---------      -------    -------     ---------       ---------
    Total revenues      588,856       20,426     82,213       (9,642)         681,853  
                      =========      =======    =======     ========        ========= 
Operating profit        124,197        6,295     11,602           41          142,135
                      =========      =======    =======     ======== 
     
Interest expense                                                               33,297
Pretax earnings                                                             ---------
  from operations                                                             108,838
                                                                            =========
Identifiable assets           
  at September 30     1,733,767      462,229    577,127     (267,044)       2,506,079
                      =========      =======    =======     ========        =========
</TABLE>
<PAGE>  19

SIX  MONTHS  ENDED  SEPTEMBER  30, 1995  VERSUS  SIX  MONTHS  ENDED
SEPTEMBER 30, 1994

U-Haul

          U-Haul  revenues  consist of (i) total rental  and  other
revenue  and  (ii)  net  sales.  Total  rental  and  other  revenue
increased by $9.0 million, approximately 1.8%, to $500.2 million in
the first six months of fiscal 1996.  The increase in the first six
months  of fiscal 1996 is primarily attributable to an increase  in
net  revenues  from  the  rental of moving  related  equipment  and
self-storage facilities which increased in the aggregate  by  $13.3
million  to  $512.1 million, as compared to $498.8 million  in  the
first  six  months of fiscal 1995.  Moving related rental  revenues
benefited  from  transactional growth  (volume)  within  the  truck
fleet.   Revenues  from the rental of self-storage facilities  were
positively  impacted by additional rentable square  footage.  Other
revenues decreased in the aggregate by $4.3 million.

          Net  sales revenues were $102.7 million in the first  six
months   of   fiscal  1996,  which  represents   an   increase   of
approximately  5.1% from the first six months of  fiscal  1995  net
sales  of  $97.7 million.  Revenue growth from the sale  of  moving
support items (i.e. boxes, etc.), hitches, and propane resulted  in
a  $5.3  million  increase during the six month period,  which  was
offset  by  a $0.6 million decrease in revenue from gasoline  sales
consistent with the Company's ongoing efforts to remove underground
storage tanks and gradually discontinue gasoline sales.

          Cost  of sales was $58.0 million in the first six  months
of  fiscal 1996, which represents an increase of approximately 8.8%
from  $53.3  million  for the same period  in  fiscal  1995.   This
increase  in  cost  of  sales reflects a $3.8 million  increase  in
material costs from the sale of moving support items, hitches,  and
propane  reflecting higher sales levels and a $1.0 million increase
in   allowances   for  inventory  shrinkage  and  other   inventory
adjustments.

          Operating  expenses increased to $346.4  million  in  the
first  six  months of fiscal 1996 from $322.3 million in the  first
six  months of fiscal 1995, an increase of approximately 7.5%.  The
change  from  the  prior year primarily reflects  a  $19.7  million
increase  in  rental  equipment maintenance  costs  which  reflects
rental  fleet expansion and transactional growth and a $6.2 million
increase  in   personnel costs due to the increase  in  rental  and
sales activity. All other operating expense categories decreased in
the  aggregate  by  $4.4  million,  approximately  6.5%,  to  $62.5
million.
 
          Advertising expense increased to $24.1 million in the first
six months of fiscal 1996 from $14.4 million in the first six months 
of fiscal 1995.  The increase primarily reflects a one-time expense 
of $8.7 million recognized during the first quarter of fiscal 1996, 
due to the adoption of Statement of Position 93-7 which requires 
immediate recognition of advertising costs not qualifying as direct-
response.
                                 
          Depreciation expense for the six month period  was  $76.3
million, as compared to $74.8 million during the same period of the
prior year.
          
Oxford - Life Insurance

          Premiums   from   Oxford's   reinsurance   lines   before
intercompany  eliminations were $8.9 million  for  the  six  months
ended  June  30, 1995, or 69.1% of total premiums for that  period.
This represents an increase of $0.7 million, or  8.5% over the same
period in 1994.  Reinsurance premiums are primarily from term  life
insurance, matured deferred annuity contracts, and credit insurance
business.   This increase in premiums is primarily attributable  to
the  recent (fourth quarter 1994) reinsurance agreement  of  credit
insurance business.
<PAGE> 20
          Premiums  from Oxford's direct lines before  intercompany
eliminations were $4.0 million for the six months  ended  June  30,
1995,  an  increase of $1.7 million from 1994.   This  increase  in
direct  premium  is primarily attributable to the credit  insurance
business  ($3.0  million  in premiums).  Oxford's  direct  business
related  to group life and disability coverage issued to  employees
of the Company for the six months ended June 30, 1995 accounted for
approximately 7.4% of premiums.  Other direct lines, including  the
credit  insurance  business, accounted for approximately  23.5%  of
Oxford's premiums for the six months ended June 30, 1995.

          Net  investment  income before intercompany  eliminations
was  $8.0 million and $7.7 million for the six months June 30, 1995
and  1994,  respectively.   This  increase  is  primarily  due   to
increasing  margins on the interest sensitive business.   Gains  on
the disposition of fixed maturity investments were $2.9 million and
$1.2  million   for the six months ended June 30,  1995  and  1994,
respectively.  Oxford had $1.0 million of other income for both  of
the six month  periods ended June 30, 1995 and 1994, respectively.

          Benefits and expenses incurred were $18.1 million for the
six  months  ended June 30, 1995, an increase of 28.3%  over  1994.
Comparable  benefits  and expenses incurred  for  1994  were  $14.1
million.   This  increase is primarily due to death and  disability
benefits  incurred and an increase in the amortization of  deferred
acquisition costs.

          Operating   profit   before   intercompany   eliminations
increased by $0.5 million, or approximately 7.9%, in 1995  to  $6.8
million,  primarily due to an increase in gains on the  disposition
of  fixed  maturity  investments that was partially  offset  by  the
amortization of deferred acquisitions costs.


RWIC - Property and Casualty

          RWIC gross premium writings for the six months ended June
30,  1995  were $81.4 million as compared to $93.6 million  in  the
first six months of 1994.  The rental industry market accounts  for
a  significant  share  of total premiums, approximately  41.5%  and
40.5%  in  the  first  six months of 1995 and  1994,  respectively.
These writings include U-Haul customers, fleetowners and U-Haul  as
well    as    other   rental   industry   insureds   with   similar
characteristics.    RWIC   continues   underwriting    professional
reinsurance  via broker markets.  Premiums in this  area  decreased
during  the first six months of 1995 to $27.9 million, or 34.3%  of
total  gross  premiums,  from  comparable  1994  figures  of  $38.7
million,  or  41.4%  of  total  premiums.   This  decrease  can  be
primarily attributed to RWIC electing not to renew several treaties
because  of  inadequate  pricing and  market  conditions.   Premium
writings in selected general agency lines were 16.9% of total gross
written  premiums  in  1995 as compared to  13.9%  in  1994.   RWIC
expanded  its  direct  business in 1995 to include  multiple  peril
coverage  for  a  variety of commercial properties and  businesses.
These  premiums  accounted  for 6.3% of  the  total  gross  written
premium during the first six months of 1995.
          
          Net  earned premiums decreased $2.9 million, or 4.4%,  to
$63.5 million for the six months ended June 30, 1995, compared with
premiums  of $66.4 million for the six months ended June 30,  1994.
The  premium  decrease was primarily due to  one  time  changes  in
premium earning methodology and timing differences related to  run-
off and start up programs.
<PAGE> 21          
          Underwriting expenses incurred were $69.9 million for the
six  months ended June 30, 1995, a decrease of $0.7 million or 1.0%
over 1994.  Comparable underwriting expenses incurred for the first
six  months of 1994 were $70.6 million.  The decrease is due  to  a
reduction  in  acquisition expenses, which is the result  of  lower
commission  rates on start up programs, offset by  an  increase  in
administrative   expenses   and   taxes   related   to    increased
concentration in states with higher premium tax rates.
          
          Net  investment  income was $15.3  million  for  the  six
months ended June 30, 1995, an increase of 3.4% over the 1994 level
of  net  investment income of $14.8 million.  The marginal increase
is  the  result  of the shift in types of securities  held  in  the
portfolio.
          
          RWIC  completed the first six months of 1995 with  income
before tax expense of $9.6 million as compared to $11.6 million for
the  comparable  period  ended June 30, 1994.   This  represents  a
decrease of $2.0 million, or 17.2% over 1994. Deterioration in  the
level  of anticipated underwriting results in the Company's assumed
reinsurance  and  rental industry liability lines  were  offset  by
improved results in its general agency lines.

Interest Expense

          Interest  expense  increased by  $2.3  million  to  $35.6
million for the six months ended September 30, 1995, as compared to
$33.3  million  for the six months ended September 30,  1994.   The
increase   was   attributable  to  higher   average   debt   levels
outstanding.

Consolidated Group

          As  a  result of the foregoing, pretax earnings of  $78.8
million  were realized in the six months ended September 30,  1995,
as  compared  to $108.8 million for the same period in 1994.  After
providing  for income taxes, net earnings for the six months  ended
September 30, 1995 were $50.5 million, as compared to $69.5 million
for the same period of the prior year.
<PAGE> 22
QUARTERLY RESULTS

          The  following table presents unaudited quarterly results
for  the  ten  quarters in the period beginning April 1,  1993  and
ending September 30, 1995.  The Company believes that all necessary
adjustments  have been included in the amounts stated  below,  when
read  in  conjunction  with the consolidated  financial  statements
included herein, to present fairly and in accordance with generally
accepted accounting principles, the selected quarterly information.
The  Company's  results of operations have historically  fluctuated
from  period  to  period,  including  on  a  quarterly  basis.   In
particular,  the  Company's  U-Haul  business  is  seasonal  and  a
majority of the Company's revenues and substantially all of its net
earnings  from its U-Haul business are generated in the  first  and
second quarters of each fiscal year (April through September).  The
operating  results  for the periods presented are  not  necessarily
indicative of results for any future period.
          
                                     Quarter Ended
                       -----------------------------------------------
                       Sep 30,   Dec 31,   Mar 31,   Jun 30    Sep 30,
                        1994      1994      1995      1995 <F3> 1995 <F3>
                       -----------------------------------------------
                            (in thousands, except per share data)
Total revenues        $359,520   295,888   260,282   330,509    371,267
Net earnings (loss)     40,071     1,907   (11,359)   15,177     35,332
Net earnings (loss)
  per common share        1.00      (.04)     (.44)      .31        .85
  <F1>, <F2>

                                     Quarter Ended
                       -----------------------------------------------
                       Jun 30,   Sep 30,   Dec 31,   Mar 31,   Jun 30,
                        1993      1993      1993      1994      1994
                       -----------------------------------------------
                           (in thousands, except per share data)
Total revenues        $291,348   324,968   267,448   251,091   322,333
Net earnings (loss)     17,359    30,601     1,799    (9,575)   29,413
Net earnings (loss)
  per common share         .45       .79      (.02)     (.33)      .71
  <F1>,<F2>
________________
<F1>For  the  quarters ended December 31, 1993, March 31,  June  30,
   September  30,  December  31,  1994,  March  31,  June  30,  and
   September  30,  1995,  net  earnings  (loss)  per  common  share
   amounts  were  computed after giving effect to the  dividend  on
   the Company's Series A 8 1/2% Preferred Stock.

<F2>Reflects   the   adoption  of  Statement   of   Position   93-6,
   "Employers' Accounting for Employee Stock Ownership Plans."

<F3>Reflects   the   adoption  of  Statement   of   Position   93-7,
   "Reporting on Advertising Costs."

<PAGE>  23
QUARTER ENDED SEPTEMBER 30, 1995 VERSUS QUARTER ENDED SEPTEMBER 30,
1994

U-Haul
          
          U-Haul  revenues  consist of (i) total rental  and  other
revenue  and  (ii)  net  sales.  Total  rental  and  other  revenue
increased by $3.0 million, approximately 1.1%, to $266.3 million in
the  second quarter of fiscal 1996.  This increase reflects a  $7.3
million  increase in net revenues from the rental of moving related
equipment  and self-storage facilities primarily reflecting  growth
in   truck  rental  transactions  and  additional  rentable  square
footage.

          Net  sales  revenues  were $49.6 million  in  the  second
quarter   of   fiscal  1996,  which  represents  an   increase   of
approximately 6.8% from the second quarter of fiscal 1995 net sales
of  $46.4 million.  Revenue growth from the sale of moving  support
items  (i.e. boxes, etc.), hitches, and propane resulted in a  $3.1
million  increase during the quarter, which was offset  by  a  $0.3
million  decrease in gasoline sales consistent with  the  Company's
ongoing  efforts to remove underground storage tanks and  gradually
discontinue gasoline sales.

          Cost of sales totaled $29.0 million in the second quarter
of  fiscal  1996, which represents an increase of 12.8% from  $25.7
million for the same period in fiscal 1995.  This increase in  cost
of  sales  reflects a $2.0 million rise in material costs from  the
sale  of  moving support items and propane which can  be  primarily
attributed  to  higher sales levels and a $1.0  million  increase in
allowances for inventory shrinkage and other inventory adjustments.

          Operating  expenses increased to $177.9  million  in  the
second  quarter of fiscal 1996 from $168.5 million  in  the  second
quarter  of  fiscal 1995, an increase of approximately  5.6%.   The
change  from the prior year is almost entirely due to higher rental
equipment  maintenance costs reflecting an increase in  fleet  size
and  transaction  levels.  In the aggregate,  all  other  operating
expense categories decreased by $4.3 million in the second  quarter
of  fiscal 1996 reflecting efforts to contain expense growth during
this period.
          
          Depreciation expense for the three month period was $38.6
million, as compared to $37.5 million during the same period of the
prior year.

          
Oxford - Life Insurance

          Premiums   from   Oxford's   reinsurance   lines   before
intercompany  eliminations were $4.9 million for the quarter  ended
June  30,  1995, or 70.9% of total premiums for that period.   This
represents an increase of $0.5 million over the same period in 1994
or  an increase of 11.4%.  Reinsurance premiums are primarily  from
term life insurance, matured deferred annuity contracts, and credit
insurance business.  This increase is primarily attributable to the
recent (4th quarter 1994) reinsurance agreement of credit insurance
business.
          
          Premiums  from Oxford's direct lines before  intercompany
elimination's  were  $2.0 million for the quarter  ended  June  30,
1995, an increase of $0.1 million.  This increase in direct premium
is   primarily  attributable  to  the  credit  insurance  business.
Oxford's  direct  business  related to group  life  and  disability
coverage issued to employees of the Company for the
quarter  ended  June 30, 1995 accounted for approximately  6.8%  of
premiums.   Other  direct  lines, including  the  credit  business,
<PAGE> 24
accounted  for  approximately 22.3% of Oxford's  premiums  for  the
quarter ended June 30, 1995.
             
          Net  investment  income before intercompany  eliminations
was  $4.2  million and $4.1 million for the quarter ended June  30,
1995  and  1994, respectively.  This increase is primarily  due  to
increasing  margins on the interest sensitive business.   Gains  on
the disposition of fixed maturity investments were $2.8 million and
$1.0  million  for  the  quarters ended June  30,  1995  and  1994,
respectively.  Oxford had $0.5 million of other income, for both of
the quarters ended June 30, 1995 and 1994, respectively.

          Benefits and expenses incurred were $10.1 million for the
quarter  ended  June  30, 1995, an increase  of  34.7%  over  1994.
Comparable  benefits  and  expenses incurred  for  1994  were  $7.5
million.   This  increase is primarily due to  disability  benefits
incurred   and  an  increase  in  the  amortization   of   deferred
acquisition  costs,  primarily as  a  result  of  the  increase  in
realized capital gains on fixed maturity investments.
          
          Operating   profit   before   intercompany   eliminations
decreased  by  $0.2 million, or approximately 4.6% as  compared  to
$4.2  million  for  the  quarters ended June  30,  1995  and  1994,
respectively.
          
RWIC - Property and Casualty

          RWIC  gross  premium writings for the quarter ended  June
30,  1995  were $45.2 million as compared to $48.0 million  in  the
second quarter of 1994.  The rental industry market accounts for  a
significant share of total premiums, approximately 60.1% and  59.5%
in  the  second  quarters  of  1995 and 1994,  respectively.  These
writings include U-Haul customers, fleetowners and U-Haul  as  well
as  other  rental  industry insureds with similar  characteristics.
RWIC  continues  underwriting professional reinsurance  via  broker
markets.  Premiums in this area decreased during the second quarter
of  1995  to  $7.7 million, or 17.1% of total gross premiums,  from
comparable  1994  figures  of  $11.7 million,  or  24.4%  of  total
premiums.   This  decrease  can  be primarily  attributed  to  RWIC
electing  not  to  renew  several treaties  because  of  inadequate
pricing  and  market  conditions.   Premium  writings  in  selected
general agency lines were 16.5% of total gross written premiums  in
1995  as  compared  to  12.2% in 1994.  RWIC  expanded  its  direct
business  in 1995 to include multiple peril coverage for a  variety
of  commercial properties and businesses.  These premiums accounted
for  6.3% of the total gross written premium during second  quarter
1995.
          
          Net  earned premiums increased $3.2 million, or  8.8%  to
$39.5  million  for the quarter ended June 30, 1995, compared  with
premiums of $36.3 million for the quarter ended June 30, 1994.  The
premium increase was primarily due to timing differences related to
run-off and start up programs.
          
          Underwriting expenses incurred were $42.4 million for the
quarter  ended June 30, 1995, an increase of $2.5 million, or  6.3%
over 1994.  Comparable underwriting expenses incurred for the first
quarter  of  1994 were $39.9 million.  The increase is commensurate
with the increase in premiums.
          
          Net  investment income was $7.7 million for  the  quarter
ended  June  30, 1995, a decrease of 2.5% over 1994 net  investment
income of $7.9 million.
<PAGE> 25          
          RWIC  completed  the second quarter of 1995  with  income
before tax expense of $4.5 million as compared to $4.6 million  for
the  comparable  period  ended June 30, 1994.   This  represents  a
decrease of $0.1 million, or 2.2% over 1994.

Interest Expense

          Interest expense was unchanged at $16.7 million  for  the
quarter ended September 30, 1995.  Higher average debt levels  were
offset by a reduction in the average cost of borrowed funds.

Consolidated Group
          
          As  a  result of the foregoing, pretax earnings of  $55.1
million  were realized in the quarter ended September 30, 1995,  as
compared  to  $63.0  million for the same period  in  1994.   After
providing  for  income taxes, net earnings for  the  quarter  ended
September 30, 1995 were $35.3 million, as compared to $40.1 million
for the same period of the prior year.

LIQUIDITY AND CAPITAL RESOURCES


U-Haul

          To  meet the needs of its customers, U-Haul must maintain
a  large  inventory of fixed asset rental items.  At September  30,
1995,  net  property, plant and equipment represented approximately
67.3%   of   total  U-Haul  assets  and  approximately   46.1%   of
consolidated  assets.   In the first six  months  of  fiscal  1996,
capital  expenditures were $143.1 million, as  compared  to  $255.2
million  in  the first six months of fiscal 1995.  The decrease  in
capital  expenditures from the prior year is due to a  decrease  in
new  rental truck acquisitions. These acquisitions were funded with
internally generated funds from operations and debt financings.

          Cash  flows  from operations were $145.9 million  in  the
first  six months of fiscal 1996, as compared to $162.6 million  in
the first six months of fiscal 1995.  The decrease of $16.7 million
is  primarily  due to a decrease in net change of operating  assets
and  liabilities,  specifically  an  increase  in  receivables  and
accounts  payable and accrued liabilities and with  a  decrease  in
deferred income taxes.
          
Oxford - Life Insurance

          
          Oxford's  primary sources of cash are premiums,  receipts
from  interest-sensitive  products  and  investment  income.    The
primary  uses of cash are operating costs and benefit  payments  to
policyholders.  Matching the investment portfolio to the cash  flow
demands  of  the types of insurance being written is  an  important
consideration.   Benefit  and  claim  statistics  are   continually
monitored to provide projections of future cash requirements.

          Cash  provided (used) by operating activities were ($2.2)
million and $9.8 million for the six months ended June 30, 1995 and
1994,  respectively.   Cash  flows  from  new  annuity  reinsurance
agreements  increased investment contract deposits as well  as  the
purchase of fixed maturities.  Cash flows from financing activities
<PAGE> 26
of  new  annuity  reinsurance agreements were  approximately  $90.0
million  for  the six months ended June 30, 1995.  In  addition  to
cash  flow  from operating and financing activities, a  substantial
amount  of  liquid  funds is available through Oxford's  short-term
portfolio.   At  June  30,  1995 and 1994,  short-term  investments
amounted   to   $15.1  million  and  $9.1  million,   respectively.
Management  believes  that the overall sources  of  liquidity  will
continue to meet foreseeable cash needs.

          Stockholder's  equity  of  Oxford,  increased  to   $99.6
million in 1995 from $91.0 million in 1994.  Ponderosa holds all of
the common stock of RWIC.
          
          Applicable  laws and regulations of the State of  Arizona
require  the  Company's insurance subsidiaries to maintain  minimum
capital   determined   in  accordance  with  statutory   accounting
practices  in the amount of $400,000.  In addition, the  amount  of
dividends  that can be paid to stockholders by insurance  companies
domiciled  in  the State of Arizona is limited.   Any  dividend  in
excess  of  the  limit requires prior regulatory  approval.   These
restrictions are not expected to have a material adverse effect  on
the ability of the Company to meet its cash obligations.

RWIC - Property and Casualty
          
          Cash  flows  from operating activities were $0.6  million
and  $12.4 million for the six months ended June 30, 1995 and  June
30,  1994, respectively.  The change is due to decreased net income
and  reinsurance losses payable, offset by a decrease  in  accounts
receivable as compared to a large increase during the first half of
1994.

          RWIC's  short-term investment portfolio was $5.4  million
at  June  30,  1995.   This level of liquid assets,  combined  with
budgeted  cash  flow,  is adequate to meet  periodic  needs.   This
balance also reflects funds in transition from maturity proceeds to
long-term investments.  The structure of the long-term portfolio is
designed to match future cash needs.  Capital and operating budgets
allow RWIC to accurately schedule cash needs.
          
          RWIC   maintains  a  diversified  investment   portfolio,
primarily in bonds at varying maturity levels.  Approximately 96.7%
of  the  portfolio  consists of investment grade  securities.   The
maturity  distribution is designed to provide sufficient  liquidity
to  meet  future  cash needs.  Current liquidity is adequate,  with
current invested assets equal to 96.3% of total liabilities.
          
          Stockholder's  equity increased 6.5% from $168.1  million
at  December  31, 1994 to $179.1 million at June  30,  1995.   RWIC
considers  current stockholder's equity to be adequate  to  support
future growth and absorb unforeseen risk events.  RWIC does not use
debt  or  equity  issues to increase capital and therefore  has  no
exposure  to capital market conditions.  RWIC paid no stockholder's
dividends during the six months ended June 30, 1995.
<PAGE> 27          
Consolidated Group

          At  September  30,  1995, total notes and  loans  payable
outstanding  was  $796.7 million as compared to $881.2  million  at
March 31, 1995, and $752.5 million at September 30, 1994.

          During  each of the fiscal years ending March  31,  1996,
1997,  and  1998, U-Haul estimates gross capital expenditures  will
average approximately $350 million as a result of the expansion  of
the rental fleet and self-storage operation.  This level of capital
expenditures,  combined  with  an  average  of  approximately  $100
million  in  annual  long-term  debt maturities  during  this  same
period,  are  expected to create annual average  funding  needs  of
approximately $450 million.  Management estimates that U-Haul  will
fund  approximately  60%  of  these  requirements  with  internally
generated funds, including proceeds from the disposition  of  older
trucks  and  other asset sales.  The remainder of  the  anticipated
capital  expenditures are expected to be financed through  existing
credit facilities, new debt placements and equity offerings.

Credit Agreements

          The Company's operations are funded by various credit and
financing  arrangements, including unsecured long-term  borrowings,
unsecured  medium-term notes, and revolving lines  of  credit  with
domestic  and foreign banks.  Principally to finance its  fleet  of
trucks  and  trailers, the Company routinely enters into  sale  and
leaseback transactions.  As of September 30, 1995, the Company  had
$796.7  million  in total notes and loans payable  outstanding  and
unutilized  committed  lines  of  credit  of  approximately  $405.0
million.

          Certain   of  the  Company's  credit  agreements  contain
restrictive financial and other covenants, including, among others,
covenants   with  respect  to  incurring  additional  indebtedness,
maintaining   certain   financial  ratios,  and   placing   certain
additional  liens on its properties and assets. In addition,  these
credit  agreements  contain  provisions  that  could  result  in  a
required prepayment upon a "change in control" of the Company.   At
September  30,  1995  the  Company was  in  compliance  with  these
covenants.

          The  Company is further restricted in the type and amount
of dividends and distributions that it may issue or pay, and in the
issuance  of  certain  types of preferred stock.   The  Company  is
prohibited from issuing shares of preferred stock that provide  for
any  mandatory  redemption,  sinking  fund  payment,  or  mandatory
prepayment,  or  that  allow the holders  thereof  to  require  the
Company or a subsidiary of the Company to repurchase such preferred
stock  at the option of such holders or upon the occurrence of  any
event or events without the consent of its lenders.

Shoen Litigation

          As  disclosed  in Part II, Item 1. Legal  Proceedings,  a
judgment has been entered in the Shoen Litigation against  five  of
the  Company's current directors and one former director.  The five
current  directors filed for protection under Chapter  11  of  the
federal  bankruptcy  laws, resulting in the issuance  of  an  order
automatically  staying the execution of the judgment against  those
defendants.   Those  defendants, in cooperation with  the  Company,
filed  plans  of  reorganization (collectively, the  Plan)  in  the
United  States Bankruptcy Court for the District of Arizona all  of
which  proposed  the same funding and treatment of the  plaintiffs'
<PAGE> 28
claims resulting from the judgment in the Shoen Litigation.  Under
the Plan, on October 18, 1995, the Company redeemed 3,343,076 shares
of Common Stock held by Maran, Inc., a Nevada corporation, in exchange 
for approximately $22.7 million and entered into a Settlement 
Agreement with Mary Anna Shoen Eaton (Shoen Eaton) whereby in exchange 
for approximately $41.4 million, Shoen Eaton released the current
directors and the Company from any liability relating to the
Shoen Litigation.  As a result of the foregoing, the judgment in the 
amount of approximately $461.8 million has been reduced to
approximately $377.2 million.
          
          Under the Plan, the Company will transfer to a settlement
trust  (the  Trust),  property having a stipulated  or  adjudicated
value  of  approximately $276.6 million.  Certain of the plaintiffs
will   receive  a  trust  certificate  representing  an  undivided,
fractional   beneficial  interest  in  the  Trust.   The   property
transferred to the Trust under the Plan will consist of (i)  $193.0
million  in  the Company's Series D Floating Rate Preferred  Stock;
(ii) a 1993 REMIC certificate held by the Company with a face value
of  approximately $12.5 million evidencing a pool of 61  commercial
mortgage loans which are secured by mortgages or deeds of trust  on
60  self-storage  properties; (iii)  mortgage  notes  held  by  the
Company  or  one  or  more of its subsidiaries  with  an  aggregate
principal  balance  of  approximately  $13.8  million;  (iv)   real
property  held  free and clear by the Company or  its  subsidiaries
having  a total fair value of approximately $47.2 million; and  (v)
approximately $10.1 million in cash.  In addition, under the  Plan,
the plaintiffs that are record holders of Common Stock will receive
approximately  $101.4  million  in the  Company's  Series  B  8.25%
Preferred  Stock in exchange for 14,911,900 shares of Common  Stock
held  by  such plaintiffs.  Upon the funding of the Trust, and  the
exchange  of  the plaintiffs' Common Stock for the Series  B  8.25%
Preferred Stock, the judgment will be satisfied.
          
          The  bankruptcy court commenced consideration of the Plan 
during November of  1995.  There is no assurance that the Plan will 
be confirmed by the  bankruptcy court or that the Plan, as confirmed, 
will  operate as  described above.  Because of the Plan's complexity, 
because the  Plan  has  not yet been confirmed, and because the Company 
has not finalized the accounting and tax treatment of the Plan, the 
Company  is  unable  to determine with certainty  the Plan's impact 
on the Company's financial  condition, results of operations, cash 
flows, or capital expenditure plans.  However, as a
result  of  funding  the  Plan, the  Company  is  likely  to  incur
additional  costs  in  the  future in  the  form  of  dividends  on
preferred stock and/or interest on borrowed funds.  For example, if
the  Plan, as confirmed, operates as described above, dividends  on
the  Series  B 8.25% Preferred Stock and on the Series  D  Floating
Rate  Preferred  Stock (at current interest rates), will  aggregate
approximately  $22.6 million per year.  In addition, the  Company's
outstanding  Common  Stock  would  be  reduced  by  an   additional
14,911,900  shares.  While the Plan, if confirmed, could reduce the  
Company's net income, the Company does not expect earnings per 
common share to be adversely affected by the Plan.  However, many
uncertainties remain about the Plan, including the tax and 
accounting treatments of the payments to be made by the Company
under the Plan.  Accordingly, the  Plan,  as confirmed,  could  result  
in  material  changes  in stockholders' equity and earnings per share.  
No provision has been made in  the Company's financial statements for 
any payments to be made  to  the plaintiffs or to the Trust pursuant 
to the Plan.  See Part II, Item 1. Legal Proceedings.
<PAGE>  29



                            SIGNATURES


     Pursuant to the requirements of the Securities Exchange Act of
1934,  the  registrant has duly caused this report to be signed  on
its behalf by the undersigned, thereunto duly authorized.


                                   AMERCO
                                   ___________________________________
                                            (Registrant)


Dated: January 22, 1996           By: /S/ GARY B. HORTON
                                   ___________________________________
                                        Gary B. Horton, Treasurer
                                      (Principal Financial Officer)