<PAGE>  1

           UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                        Washington, D.C. 20549

                               FORM 10-Q

(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, 2001

                                  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.
________________________________________________________________________________

  1-11255                AMERCO                                   88-0106815
                         (A Nevada Corporation)
                         1325 Airmotive Way, Ste. 100
                         Reno, Nevada  89502-3239
                         Telephone (775) 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 [ ].

21,520,437 shares of AMERCO Common Stock, $0.25 par value were outstanding at
November 8, 2001.

5,385 shares of U-Haul International, Inc. Common Stock, $0.01 par value, were
outstanding at November 8, 2001. 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)  Condensed Consolidated Balance Sheets as of September 30, 2001
             (unaudited) and March 31, 2001................................    4

         b)  Condensed Consolidated Statements of Earnings for the Six
             months ended September 30, 2001 and 2000 (unaudited)..........    6

         c)  Condensed Consolidated Statements of Comprehensive Income for
             the Six months ended September 30, 2001 and 2000 (unaudited)..    7

         d)  Condensed Consolidated Statements of Earnings for the Quarters
             ended September 30, 2001 and 2000 (unaudited).................    8

         e)  Condensed Consolidated Statements of Comprehensive Income for
             the Quarters ended September 30, 2001 and 2000 (unaudited)....    9

         f)  Condensed Consolidated Statements of Cash Flows for the Six
             months ended September 30, 2001 and 2000 (unaudited)..........   10

         g)  Notes to Condensed Consolidated Financial Statements -
             September 30, 2001 (unaudited), March 31, 2001 and
             September 30, 2000 (unaudited)................................   11

Item 2.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations.........................................   22

Item 3.  Quantitative and Qualitative Disclosures About Market Risk........   30

PART II. OTHER INFORMATION

Item 1.  Legal Proceedings.................................................   31

Item 4.  Submission of Matters to a Vote of Security Holders...............   32

Item 6.  Exhibits and Reports on Form 8-K..................................   33
<PAGE>  3



















                          THIS PAGE LEFT
                        INTENTIONALLY BLANK
<PAGE>  4
                  PART I.  FINANCIAL INFORMATION

                   ITEM 1.  FINANCIAL STATEMENTS


               AMERCO AND CONSOLIDATED SUBSIDIARIES

               Condensed Consolidated Balance Sheets


                                                  September 30,   March 31,
Assets                                                2001           2001
                                                  -------------------------
                                                   (Unaudited)
                                                        (in thousands)


Cash and cash equivalents                       $    33,243         52,778
Inventories, net                                     80,319         84,005
Investments, fixed maturities                       974,405        952,482
Investments, other                                  420,923        464,958
Other assets                                        494,636        467,197
                                                  ------------------------

Property, plant and equipment, at cost:
  Buildings and improvements                        888,397        832,372
  Rental trucks                                   1,075,263      1,037,653
  Other property, plant, and equipment              669,120        660,802
                                                  ------------------------
                                                  2,632,780      2,530,827
  Less accumulated depreciation                   1,208,013      1,168,183
                                                  ------------------------

       Total property, plant and equipment        1,424,767      1,362,644
                                                  ------------------------









Total Assets                                    $ 3,428,293      3,384,064
                                                  ========================

























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











                                                  September 30,   March 31,
Liabilities and Stockholders' Equity                  2001           2001
                                                  -------------------------
                                                   (Unaudited)
                                                        (in thousands)

Liabilities:
  Notes and loans payable                       $ 1,095,574      1,156,848
  Policy benefits and losses, claims and
    loss expenses payable                           686,705        668,830
  Liabilities from premium deposits                 532,993        522,207
  Cash overdraft                                     35,762         26,484
  Deferred income                                    15,631         24,546
  Deferred income taxes                             189,859        139,419
  Other liabilities                                 200,791        230,364
                                                  ------------------------
         Total liabilities                        2,757,315      2,768,698

Stockholders' equity:
  Serial preferred stock -
    Series A preferred stock                            -              -
    Series B preferred stock                            -              -
  Serial common stock -
    Series A common stock                             1,441          1,441
  Common stock                                        9,122          9,122
  Additional paid-in capital                        312,347        312,128
  Accumulated other comprehensive income            (39,704)       (40,709)
  Retained earnings                                 815,383        755,174
  Cost of common shares in treasury, net           (412,692)      (406,617)
  Unearned ESOP shares                              (14,919)       (15,173)
                                                  ------------------------
         Total stockholders' equity                 670,978        615,366

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


Total Liabilities and Stockholders' Equity      $ 3,428,293      3,384,064
                                                  ========================

























The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE>  6

               AMERCO AND CONSOLIDATED SUBSIDIARIES

           Condensed Consolidated Statements of Earnings

                  Six months ended September 30,
                            (Unaudited)

                                                        2001        2000
                                                  -------------------------
                                                     (in thousands, except
                                                   share and per share data)

Revenues
  Rental revenue                                 $    700,981     680,283
  Net sales                                           118,272     113,961
  Premiums                                            202,880     121,495
  Net investment and interest income                   46,959      46,604
                                                   ----------------------
       Total revenues                               1,069,092     962,343

Costs and expenses
  Operating expenses                                  526,723     486,839
  Cost of sales                                        65,166      65,974
  Benefits and losses                                 180,773      95,815
  Amortization of deferred policy
   acquisition costs                                   20,933      16,558
  Lease expense                                        90,225      86,536
  Depreciation, net                                    40,831      44,485
                                                   ----------------------
Total costs and expenses                              924,651     796,207

Earnings from operations                              144,441     166,136

  Interest expense                                     40,856      44,052
                                                   ----------------------

Pretax earnings                                       103,585     122,084

Income tax expense                                    (36,896)    (43,239)
                                                   ----------------------

       Net earnings                              $     66,689      78,845
                                                   ======================


Basic and diluted earnings per common share:     $       2.84        3.35
                                                   ======================


Basic and diluted average common shares
  outstanding:                                     21,192,166  21,606,388
                                                   ======================





















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

               AMERCO AND CONSOLIDATED SUBSIDIARIES

     Condensed Consolidated Statements of Comprehensive Income

                  Six months ended September 30,
                            (Unaudited)

                                                        2001         2000
                                                       -------------------
                                                          (in thousands)
Comprehensive income:
  Net earnings                                       $ 66,689       78,845
    Changes in other comprehensive income:
     Foreign currency translation                      (3,120)      (3,585)
     Fair market value of cash flow hedge                (290)        (182)
     Unrealized gain (loss) on investments              4,415       (4,041)
                                                       -------------------

     Total comprehensive income                      $ 67,694       71,037
                                                       ===================




















































The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE>  8

               AMERCO AND CONSOLIDATED SUBSIDIARIES

           Condensed Consolidated Statements of Earnings

                   Quarters ended September 30,
                            (Unaudited)

                                                        2001         2000
                                                  ---------------------------
                                                    (in thousands, except
                                                  share and per share data)

Revenues
  Rental revenue                                 $    366,438      357,535
  Net sales                                            55,849       53,815
  Premiums                                            102,550       66,508
  Net investment and interest income                   24,373       25,048
                                                   -----------------------
       Total revenues                                 549,210      502,906

Costs and expenses
  Operating expense                                   277,756      255,189
  Cost of sales                                        31,398       32,777
  Benefits and losses                                  89,341       53,580
  Amortization of deferred policy
   acquisition costs                                   11,139        8,689
  Lease expense                                        43,883       46,102
  Depreciation, net                                    10,581       21,675
                                                   -----------------------
Total costs and expenses                              464,098      418,012

Earnings from operations                               85,112       84,894

  Interest expense                                     19,736       21,242
                                                   -----------------------

Pretax earnings                                        65,376       63,652

Income tax expense                                    (23,690)     (22,419)
                                                   -----------------------

       Net earnings                              $     41,686       41,233
                                                   =======================


Basic and diluted earnings per common share:     $       1.82         1.77
                                                   =======================


Basic and diluted average common shares
  outstanding:                                     21,106,343   21,489,970
                                                   =======================























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

                          AMERCO AND CONSOLIDATED SUBSIDIARIES

                Condensed Consolidated Statements of Comprehensive Income

                               Quarters ended September 30,
                                        (Unaudited)

                                                        2001         2000
                                                       -------------------
                                                          (in thousands)
Comprehensive income:
  Net earnings                                       $ 41,686       41,233
    Change in other comprehensive income:
     Foreign currency translation                      (4,617)      (3,120)
     Fair market value of cash flow hedge                (647)        (206)
     Unrealized gain (loss) on investments             (4,374)      (1,783)
                                                       -------------------
     Total comprehensive income                      $ 32,048       36,124
                                                       ===================
























































The accompanying notes are an integral part of these consolidated financial
statements
<PAGE> 10

               AMERCO AND CONSOLIDATED SUBSIDIARIES

          Condensed Consolidated Statements of Cash Flows

                  Six months ended September 30,
                            (Unaudited)

                                                         2001        2000
                                                       -------------------
                                                          (in thousands)

Net cash provided by operating activities               44,650     118,092
                                                       -------------------

Cash flows from investing activities:
  Purchases of investments:
    Property, plant and equipment                      (91,265)   (260,914)
    Fixed maturities                                   (92,465)    (52,636)
    Mortgage loans                                        (561)    (13,591)
  Proceeds from sale of investments:
    Property, plant and equipment                       53,889     231,147
    Fixed maturities                                    75,973      58,550
  Changes in other investments                          45,604     (56,462)
                                                       -------------------

Net cash used by investing activities                   (8,825)    (93,906)
                                                       -------------------

Cash flows from financing activities:
  Net change in short-term borrowings                  (77,494)    (41,566)
  Principal borrowings (payments) on notes              16,220         (34)
  Investment contract deposits                          74,159      40,128
  Investment contract withdrawals                      (65,079)    (37,750)
  Changes in other financing activities                 (3,166)     (6,991)
                                                       -------------------

Net cash used by financing activities                  (55,360)    (46,213)
                                                       -------------------

Increase (decrease) in cash and cash equivalents       (19,535)    (22,027)

Cash and cash equivalents at beginning of period        52,778      48,435
                                                       -------------------

Cash and cash equivalents at end of period           $  33,243      26,408
                                                       ===================







Summary of Non-cash investing and financing
  activity:
  A note and other receivables were reduced
  in exchange for the purchase of storage
  properties from a related party.                   $  35,196         -


  An investment was received in
  exchange for the sale of storage
  properties to a related party.                     $     530      98,351















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

               AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Condensed Consolidated Financial Statements

     September 30, 2001, March 31, 2001 and September 30, 2000
                            (Unaudited)


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION
     AMERCO, a Nevada corporation (AMERCO), is the holding company for
U-Haul International, Inc. (U-Haul), Amerco Real Estate Company (Real Estate),
Republic Western Insurance Company (RepWest) and Oxford Life Insurance Company
(Oxford).

PRINCIPLES OF CONSOLIDATION
     The condensed consolidated financial statements include the accounts of
the parent corporation, AMERCO, and its wholly-owned subsidiaries.  All
material intercompany accounts and transactions of AMERCO and its subsidiaries
have been eliminated.  The financial statements and notes are presented as
permitted by Form 10-Q and do not contain certain information included in
AMERCO's annual financial statements and notes.

     The condensed consolidated balance sheet as of September 30, 2001 and the
related condensed consolidated statements of earnings for the three and six
months ended September 30, 2001 and 2000 and the condensed consolidated
statements of comprehensive income and the condensed consolidated cash flows
for the six months ended September 30, 2001 and 2000 are unaudited.  In the
opinion of management, all adjustments necessary for a fair presentation of
such condensed 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 one quarter lag.  There were no
effects related to intervening events which would materially affect the
consolidated financial position or results of operations for the financial
statements presented herein, except for as described in Note 9.

     Certain reclassifications have been made to the financial statements for
the three and six months ended September 30, 2000 to conform with the current
year's presentation.
<PAGE> 12




               AMERCO AND CONSOLIDATED SUBSIDIARIES

  Notes to Condensed Consolidated Financial Statements, Continued
                            (Unaudited)


2.  INVESTMENTS

     A comparison of amortized cost to market for fixed maturities is as
     follows:

     June 30, 2001
     -------------        Par Value               Gross       Gross    Estimated
     Consolidated         or number  Amortized  unrealized  unrealized   market
     Held-to-Maturity     of shares     cost      gains       losses      value
                          ------------------------------------------------------
                                               (in thousands)

     U.S. treasury
       securities
       and government
       obligations        $   4,100  $   3,610        164         -       3,774
     U.S. government
       agency mortgage-
       backed securities  $  11,299     11,245        265         (13)   11,497
     Corporate
       securities         $  43,607     43,704      1,591         (42)   45,253
     Mortgage-backed
       securities         $  35,264     34,827        699         (69)   35,457
     Redeemable preferred
       stocks                 4,541    114,674        247      (3,307)  111,614
                                       ----------------------------------------

                                       208,060      2,966      (3,431)  207,595
                                       ----------------------------------------

     June 30, 2001
     -------------        Par Value               Gross       Gross    Estimated
     Consolidated         or number  Amortized  unrealized  unrealized   market
     Available-for-Sale   of shares     cost      gains       losses      value
                          ------------------------------------------------------
                                               (in thousands)

     U.S. treasury
       securities
       and government
       obligations        $  42,760  $  43,280      1,812        (319)   44,773
     U.S. government
       agency mortgage-
       backed securities  $  31,620     31,364        725         (39)   32,050
     Obligations of
       states and
       political
       subdivisions       $  15,925     16,065        660        (112)   16,613
     Corporate
       securities         $ 608,680    604,300     14,257     (16,239)  602,318
     Mortgage-backed
       securities         $  31,270     31,203      1,013        (153)   32,063
     Redeemable preferred
       stocks                 1,260     31,834        281        (447)   31,668
     Redeemable common
       stocks                   633      7,900        -        (1,040)    6,860
                                       ----------------------------------------

                                       765,946     18,748     (18,349)  766,345
                                       ----------------------------------------

            Total                    $ 974,006     21,714     (21,780)  973,940
                                       ========================================






<PAGE> 13
               AMERCO AND CONSOLIDATED SUBSIDIARIES

  Notes to Condensed Consolidated Financial Statements, Continued
                            (Unaudited)


3.  SUMMARIZED CONSOLIDATED FINANCIAL INFORMATION OF INSURANCE SUBSIDIARIES

     A summarized condensed consolidated balance sheet for RepWest is
     presented below:

                                                           June 30,
                                                     -------------------
                                                       2001        2000
                                                     -------------------
                                                        (in thousands)

    Investments, fixed maturities                  $ 396,466     398,127
    Receivables                                      212,299     176,416
    Due from affiliate                                46,310      23,665
    Other assets                                      79,996      66,929
                                                     -------------------

         Total assets                              $ 735,071     665,137
                                                     ===================

    Policy liabilities and accruals                $ 381,350     325,043
    Unearned premiums                                113,463      77,364
    Other policyholders' funds and liabilities        59,117      52,867
                                                     -------------------
      Total liabilities                              553,930     455,274

    Stockholder's equity                             181,141     209,863
                                                     -------------------

         Total liabilities and
           stockholder's equity                    $ 735,071     665,137
                                                     ===================


     A summarized condensed consolidated income statement for RepWest is
     presented below:

                                         Quarter ended        Six months ended
                                           June 30,               June 30,
                                      -----------------------------------------
                                        2001      2000          2001      2000
                                      -----------------------------------------
                                                   (in thousands)

    Premiums                         $ 66,087    41,925       128,265    72,332
    Net investment income               7,449     7,744        15,865    15,752
                                      -----------------       -----------------
      Total revenue                    73,536    49,669       144,130    88,084

    Benefits and losses                62,371    35,519       122,638    60,101
    Amortization of deferred
      policy acquisition costs          6,590     3,186        11,630     6,360
    Operating expenses                 17,904    11,410        28,774    19,728
                                      -----------------       -----------------
      Total expenses                   86,865    50,115       163,042    86,189

    Income (loss) from operations     (13,329)     (446)      (18,912)    1,895
    Income tax benefit (expense)        4,708       273         6,687      (590)
                                      -----------------       -----------------

        Net income (loss)           $  (8,621)     (173)      (12,225)    1,305
                                      =================       =================
<PAGE> 14
               AMERCO AND CONSOLIDATED SUBSIDIARIES

  Notes to Condensed Consolidated Financial Statements, Continued
                            (Unaudited)


3.   SUMMARIZED CONSOLIDATED FINANCIAL INFORMATION OF INSURANCE SUBSIDIARIES,
     continued

     A summarized condensed consolidated balance sheet for Oxford is presented
     below:

                                                            June 30,
                                                     -------------------
                                                       2001        2000
                                                     -------------------
                                                        (in thousands)

    Investments, fixed maturities                  $ 577,939     481,879
    Investments, other                               173,863     148,115
    Receivables                                       30,541      18,120
    Deferred policy acquisition costs                 83,280      74,787
    Other assets                                       9,647       4,554
                                                     -------------------

        Total assets                               $ 875,270     727,455
                                                     ===================

    Policy liabilities and accruals                $ 187,758     149,151
    Premium deposits                                 532,993     463,360
    Deferred federal income taxes                     12,211       9,620
    Other policyholders' funds and liabilities        36,739      17,707
                                                     -------------------
      Total liabilities                              769,701     639,838

    Stockholder's equity                             105,569      87,617
                                                     -------------------

        Total liabilities and
          stockholder's equity                     $ 875,270     727,455
                                                     ===================


     A summarized condensed consolidated income statement for Oxford is
     presented below:

                                        Quarter ended         Six months ended
                                          June 30,                June 30,
                                      ----------------------------------------
                                       2001      2000          2001      2000
                                      ----------------------------------------
                                                   (in thousands)

    Premiums                        $ 37,905    26,020        77,538    51,524
    Net investment income              6,976     6,659        13,184    12,363
                                      ----------------        ----------------
      Total revenue                   44,881    32,679        90,722    63,887

    Benefits and losses               26,970    18,061        58,135    35,714
    Amortization of deferred
      policy acquisition costs         4,538     5,503         9,292    10,198
    Operating expenses                12,197     7,626        19,436    13,231
                                      ----------------        ----------------
      Total expenses                  43,705    31,190        86,863    59,143

        Income from operations         1,176     1,489         3,859     4,744
    Income tax expense                  (272)      (56)       (1,232)   (1,125)
                                      ----------------        ----------------

        Net income                  $    904     1,433         2,627     3,619
                                      ================        ================


<PAGE> 15
               AMERCO AND CONSOLIDATED SUBSIDIARIES

  Notes to Condensed Consolidated Financial Statements, Continued
                            (Unaudited)


4.  CONTINGENT LIABILITIES AND COMMITMENTS

     During the six months ended September 30, 2001, a subsidiary of U-Haul
entered into three transactions and has subsequently entered into one
transaction, whereby the subsidiary sold rental trucks, which were subsequently
leased back.  AMERCO has guaranteed $10,528,000 of residual values at
September 30, 2001 for these assets at the end of the respective lease terms.
Following are the lease commitments for the leases executed during the six
months ended September 30, 2001, and subsequently which have a term of more
than one year (in thousands):

                                              Net activity
             Year ended           Lease       subsequent to
              March 31,        Commitments      period end      Total
             --------------------------------------------------------

             2002              $     777            131           908
             2003                  1,553            524         2,077
             2004                  1,553            524         2,077
             2005                  1,228            524         1,752
             2006                  1,119            524         1,643
             Thereafter            3,416          1,965         5,381
                                 ------------------------------------
                               $   9,646          4,192        13,838
                                 ====================================


     In the normal course of business, AMERCO is a defendant in a number of
 suits and claims.  AMERCO is also a party to several administrative
 proceedings arising from state and local provisions that regulate the removal
 and/or clean-up of underground fuel storage tanks.  It is the  opinion of
 management that none of such suits, claims or proceedings involving  AMERCO,
 individually or in the aggregate are expected to result in a material
 loss.


5.  SUPPLEMENTAL CASH FLOWS INFORMATION

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

                                                            Six months ended
                                                              September 30,
                                                          2001          2000
                                                       ----------------------
                                                           (in thousands)

        Receivables                                 $  (14,209)       (20,937)
                                                       ======================

        Inventories                                 $    3,686            943
                                                       ======================

        Accounts payable and accrued expenses       $  (26,499)        (7,709)
                                                       ======================





<PAGE> 16
               AMERCO AND CONSOLIDATED SUBSIDIARIES

  Notes to Condensed Consolidated Financial Statements, Continued
                            (Unaudited)


6.  EARNINGS PER SHARE

     The following table reflects the calculation of the earnings per share:
<TABLE>
<CAPTION>

                                                              Weighted Average
                                                                Common Shares
                                                 Income          Outstanding       Per Share
                                              (Numerator)       (Denominator)        Amount
                                             -------------    ----------------     ---------
                                                            (in thousands, except
                                                          share and per share data)
<S>                                          <C>                 <C>               <C>
Quarter ended September 30, 2001:
 Earnings from operations                    $   41,686
 Less:  preferred stock dividends                 3,241
                                                 ------
 Basic and diluted earnings
   per common share                              38,445          21,106,343        $   1.82
                                                 ======          ==========            ====

Quarter ended September 30, 2000:
 Earnings from operations                    $   41,233
 Less:  preferred stock dividends                 3,241
                                                 ------
 Basic and diluted earnings
   per common share                              37,992          21,489,970        $   1.77
                                                 ======          ===========           ====


Six months ended September 30, 2001:
 Earnings from operations                    $   66,689
 Less:  preferred stock dividends                 6,481
                                                 ------
 Basic and diluted earnings
   per common share                              60,208          21,192,166        $   2.84
                                                 ======          ==========            ====

Six months ended September 30, 2000:
 Earnings from operations                    $   78,845
 Less:  preferred stock dividends                 6,481
                                                 ------
 Basic and diluted earnings
   per common share                              72,364          21,606,388        $   3.35
                                                 ======          ==========            ====
</TABLE>
























<PAGE> 17
               AMERCO AND CONSOLIDATED SUBSIDIARIES

  Notes to Condensed Consolidated Financial Statements, Continued
                            (Unaudited)



7.  RELATED PARTIES

     During the six months ended September 30, 2001, subsidiaries of AMERCO
held various senior and junior notes with SAC Holding Corporation and its
subsidiaries (SAC Holdings).  The voting common stock of SAC Holdings is held
by Mark V. Shoen, a major stockholder of AMERCO.  AMERCO's subsidiaries
received interest payments of $16,253,308 and principal payments of $32,249,767
from SAC Holdings during the six months ended September 30, 2001.  The terms
of the notes with SAC Holdings are consistent with the terms of notes held
by U-Haul for other properties owned by unrelated parties and managed by
U-Haul.  These amounts are reflected in Investments, other of the condensed
consolidated balance sheet.

     During the six months ended September 30, 2001, a subsidiary of AMERCO
funded through a note the purchase of properties and construction costs for
SAC Holdings of approximately $20,699,000.  This amount is reflected in
Investments, other of the condensed consolidated balance sheet.

     U-Haul currently manages the properties owned by SAC Holdings pursuant to
a management agreement, under which U-Haul receives a management fee equal to
6% of the gross receipts from the properties.  Management fees of $3,756,000
and $2,690,000 were received during the six months ended September 30, 2001
and 2000, respectively.  The management fee percentage is consistent with the
fees received by U-Haul for other properties owned by unrelated parties and
managed by U-Haul.

     In August 2001, Real Estate completed the sale of one storage property to
SAC Holdings, for $341,000.  Real Estate received notes from the sale.  The
gain is reflected in the equity section of the condensed consolidated balance
sheet.

     In June 2000, Real Estate completed the sale of twenty-four storage
properties to Twelve SAC Self-Storage Corporation, Thirteen SAC Self-Storage
Corporation and Fourteen SAC Self-Storage Corporation, subsidiaries of SAC
Holding Corporation, for $98,351,000.  Real Estate received cash and notes
from the sale.  The gain is reflected in the equity section of the condensed
consolidated balance sheet.

     In September 2001, the Company purchased nine storage properties from
Five SAC Self-Storage Corporation, a subsidiary of SAC Holdings at a purchase
price of $35.2 million, which approximates fair value.  These properties were
not previously owned by the consolidated company.

     Management believes that the foregoing transactions were consummated on
terms equivalent to those that prevail in arm's-length transactions.

     During September 2001 the Company consummated a legal transfer of cash in
the amount of $7.5 million and real estate properties in the amount of
$65.5 million from Moving and Storage Operations and Real Estate to Oxford and
RepWest.  The transferred assets were recorded by RepWest and Oxford at their
original book value and no gain or loss was recorded.  See Note 9 for
additional discussion.


<PAGE> 18

               AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Consolidated Financial Statements, Continued
                            (Unaudited)


8.  NEW ACCOUNTING STANDARDS

       In July 2001, the Financial Accounting Standards Board ("FASB") issued
Statements of Financial Accounting Standards No. 141 (SFAS 141),
"Business Combinations", and No. 142 (SFAS 142), "Goodwill and Other
Intangible Assets".

      SFAS 141 supercedes Accounting Principles Board Opinion No. 16 (APB 16),
"Business Combinations".  The most significant changes made by SFAS 141 are:
(1) requiring that the purchase method of accounting be used for all business
combinations initiated after June 30, 2001, (2) establishing specific criteria
for the recognition of intangible assets separately from goodwill, and (3)
requiring unallocated negative goodwill to be written off immediately as an
extraordinary gain (instead of being deferred and amortized).

      SFAS 142 supercedes APB 17, "Intangible Assets".  SFAS 142 primarily
addresses the accounting for goodwill and intangible assets subsequent to
their acquisition (i.e., the post-acquisition accounting).  The provisions of
SFAS 142 will be effective for fiscal years beginning after December 15, 2001.
The most significant changes made by SFAS 142 are: (1) goodwill and indefinite
lived intangible assets will no longer be amortized, (2) goodwill will be
tested for impairment at least annually at the reporting unit level,
(3) intangible assets deemed to have an indefinite life will be tested for
impairment at least annually, and (4) the amortization period of intangible
assets with finite lives will no longer be limited to forty years.

      SFAS No. 141 and 142 are not expected to affect the consolidated
financial position or results of operations.

      During the quarter ended June 30, 2000, AMERCO adopted Staff Accounting
Bulletin No. 101 (SAB 101), "Revenue Recognition in Financial Statements",
which provides guidance on the recognition, presentation and disclosure of
revenue in the financial statements filed with the Securities and Exchange
Commission.  The adoption of SAB 101 was not material to AMERCO's
consolidated financial statements.

      SFAS No. 143, Accounting for Asset Retirement Obligations, requires
recognition of the fair value of liabilities associated with the retirement of
long-lived assets when a legal obligation to incur such costs arises as a
result of the acquisition, construction, development and/or the normal
operation of a long-lived asset.  Upon recognition of the liability, a
corresponding asset is recorded and depreciated over the remaining life of
the long-lived asset.  The Statement defines a legal obligation as one that
a party is required to settle as a result of an existing or enacted law,
statute, ordinance, or written or oral contract or by legal construction of a
contract under the doctrine of promissory estoppel.  SFAS 143 is effective for
fiscal years beginning after December 15, 2002.  Managament has not yet
determined the total likely effects of adopting this Statement on the financial
position or results of operations.

      In October 2001, the FASB issued SFAS No. 144, "Accounting for the
Impairment of Disposal of Long-Lived Assets," which addresses issues relating
to the implementation of FASB Statement No. 121 (FAS 121), "Accounting for
the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed
Of," and develops a single accounting model, based on the framework established
in FAS 121, for long-lived assets to be disposed of by sale, whether previously
held and used or newly acquired.  The Company is in the process of determining
the extent to which this statement will impact its results of operations or
financial position.







<PAGE> 19
               AMERCO AND CONSOLIDATED SUBSIDIARIES

  Notes to Condensed Consolidated Financial Statements, Continued
                            (Unaudited)


9. INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA

     Industry Segment Data - AMERCO has four industry segments represented by
Moving and Storage Operations (U-Haul), Real Estate (AREC), Property and
Casualty Insurance (RepWest) and Life Insurance (Oxford).

     Information concerning operations by industry segment follows:
<TABLE>
<CAPTION>
                       Moving and         Property/           Adjustments
                         Storage   Real   Casualty    Life        and
                       Operations Estate  Insurance Insurance Eliminations Consolidated
                       ----------------------------------------------------------------
                                                (in thousands)
   <S<                <C>        <C>      <C>       <C>        <C>          <C>
   Six months ended
   September 30, 2001
   ------------------
   Revenues:
    Outside           $  831,133   6,031  141,985    89,943         -       1,069,092
    Intersegment             -    33,653    2,145       779     (36,577)          -
                       --------- -------  -------   -------    --------     ---------
    Total
     revenues         $  831,133  39,684  144,130    90,722     (36,577)    1,069,092
   Depreciation/
    amortization      $   52,420   5,550   12,262     9,411         -          79,643
   Interest
    expense           $   40,856  19,724      -         -       (19,724)       40,856
   Pretax
    earnings          $   95,945  22,693  (18,912)    3,859         -         103,585
   Income tax         $  (34,408) (7,943)   6,687    (1,232)        -         (36,896)
   Identifiable
    assets            $1,489,276 685,777  735,071   865,087    (346,918)    3,428,293


   Six months ended
   September 30, 2000
   ------------------
   Revenues:
    Outside           $  806,415   6,318   86,418    63,192         -         962,343
    Intersegment             -    34,845    1,666       695     (37,206)          -
                       --------- -------  -------   -------    --------     ---------
    Total
     revenues         $  806,415  41,163   88,084    63,887     (37,206)      962,343
   Depreciation/
    amortization      $   48,687   5,384    6,755    10,625         -          71,451
   Interest
    expense           $   44,052  22,244      -         -       (22,244)       44,052
   Pretax
    earnings          $  107,345   8,100    1,895     4,744         -         122,084
   Income tax         $  (38,689) (2,835)    (590)   (1,125)        -         (43,239)
   Identifiable
    assets            $1,437,776 747,255  665,137   727,455    (342,530)    3,235,093
</TABLE>
<PAGE> 20


               AMERCO AND CONSOLIDATED SUBSIDIARIES

  Notes to Condensed Consolidated Financial Statements, Continued
                            (Unaudited)


9. INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA, continued
<TABLE>
<CAPTION>

                        Moving              Property/             Adjustments
                      and Storage   Real    Casualty     Life         and
                      Operations   Estate   Insurance  Insurance  Eliminations  Consolidated
                      ----------------------------------------------------------------------
                                                 (in thousands)

   <S>                <C>          <C>       <C>        <C>         <C>            <C>
   Quarter ended
   September 30, 2001
   ------------------
   Revenues:
     Outside          $  428,620     3,616    72,500     44,474          -           549,210
     Intersegment            -      16,324     1,036        407      (17,767)            -
                       ---------   -------   -------    -------     --------       ---------

     Total revenue    $  428,620    19,940    73,536     44,881      (17,767)        549,210
   Depreciation/
     amortization     $   22,469     2,735     6,976      4,617          -            36,797
   Interest expense   $   19,736     9,517       -          -         (9,517)         19,736
   Pretax earnings    $   59,444    18,085   (13,329)     1,176          -            65,376
   Income tax         $  (21,796)   (6,330)    4,708       (272)         -           (23,690)
   Identifiable
     assets           $1,489,276   685,777   735,071    865,087     (346,918)      3,428,293


   Quarter ended
   September 30, 2000
   ------------------
   Revenues:
     Outside          $  418,193     3,802    48,590     32,321          -           502,906
     Intersegment            -      17,102     1,079        358      (18,539)            -
                       ---------   -------   -------    -------     --------       ---------
     Total revenue    $  418,193    20,904    49,669     32,679      (18,539)        502,906
   Depreciation/
     amortization     $   24,381     2,632     3,298      5,556          -            35,867
   Interest expense   $   21,242    10,911       -          -        (10,911)         21,242
   Pretax earnings    $   58,419     4,190      (446)     1,489          -            63,652
   Income tax         $  (21,177)   (1,459)      273        (56)         -           (22,419)
   Identifiable
     assets           $1,437,776   747,255   665,137    727,455     (342,530)      3,235,093
</TABLE>
<PAGE> 21


               AMERCO AND CONSOLIDATED SUBSIDIARIES

  Notes to Condensed Consolidated Financial Statements, Continued
                            (Unaudited)


9. INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA, continued
<TABLE>
<CAPTION>
   Geographic Area Data -  United                             United
     (All amounts are in   States     Canada   Consolidated   States   Canada  Consolidated
                           --------------------------------   -----------------------------
      U.S. $'s)                    Six months ended                   Quarter ended
                           --------------------------------   -----------------------------
                                                     (in thousands)
   <S>                   <C>           <C>       <C>        <C>         <C>       <C>
   September 30, 2001
   ------------------
   Total revenues        $ 1,045,510   23,582    1,069,092    536,770   12,440      549,210
   Depreciation/
     amortization        $    77,894    1,749       79,643     36,061      736       36,797
   Interest expense      $    40,817       39       40,856     19,749      (13)      19,736
   Pretax earnings       $    97,767    5,818      103,585     62,064    3,312       65,376
   Income tax            $   (36,896)     -        (36,896)   (23,690)     -        (23,690)
   Identifiable assets   $ 3,371,610   56,683    3,428,293  3,371,610   56,683    3,428,293

   September 30, 2000
   Total revenues        $   939,062   23,281      962,343   490,212    12,694      502,906
   Depreciation/
     amortization        $    69,281    2,170       71,451    34,765     1,102       35,867
   Interest expense      $    44,045        7       44,052    21,241         1       21,242
   Pretax earnings       $   116,869    5,215      122,084    60,738     2,914       63,652
   Income tax            $   (43,233)      (6)     (43,239)  (22,413)       (6)     (22,419)
   Identifiable assets   $ 3,177,402   57,691    3,235,093 3,177,402    57,691    3,235,093
</TABLE>
   During September, 2001 the Company consummated a legal transfer of cash in
the amount of $7.5 million and real estate properties in the amount of $65.5
million from Moving and Storage Operations and Real Estate to Oxford and
RepWest.  The transferred assets were recorded by the RepWest and Oxford at
their original book value; however, given the operating results and financial
position of the Company's insurance operations are reflected on a one quarter
lag, the amounts have not been reflected within identifiable assets line of the
Property/Casualty or Life Insurance segments above.  Since the Moving and
Storage and Real Estate operations are not reported on a one quarter lag,
the assets have been removed from the Real Estate industry segment
identifiable assets and are reflected as an adjustment and elimination within
the above table for the inclusion within the consolidated company.


 10. SUBSEQUENT EVENTS

     On November 5, 2001, AMERCO declared a cash dividend of $3,241,000
($0.53125 per preferred share) to preferred stockholders of record as of
November 15, 2001.
<PAGE> 22

    ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS
     This report contains forward-looking statements.  Additional written or
oral forward-looking statements may be made by AMERCO from time to time in
filings with the Securities and Exchange Commission or otherwise.  Management
believes such forward-looking statements are within the meaning of the
safe-harbor provisions.  Such statements may include, but not be limited to,
projections of revenues, income or loss, estimates of capital expenditures,
plans for future operations, products or services and financing needs or
plans, as well as assumptions relating to the foregoing.  The words "believe",
"expect", "anticipate", "estimate", "project" and similar expressions identify
forward-looking statements, which speak only as of the date the statement was
made.  Forward-looking statements are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified.  Future events
and actual results could differ materially from those set forth in,
contemplated by or underlying the forward-looking statements.  The following
disclosures, as well as other statements in this report and in the Notes to
AMERCO's Consolidated Financial Statements, describe factors, among others,
that could contribute to or cause such differences, or that could affect
AMERCO's stock price.

GENERAL
     Information on industry segments is incorporated by reference from
"Item 1.  Financial Statements - Notes 1, 3 and 8 of Notes to Consolidated
Financial Statements".  The notes discuss the principles of consolidation,
summarized consolidated financial information and industry segment and
geographical area data, respectively.  In consolidation, all intersegment
premiums are eliminated and the benefits, losses and expenses are retained by
the insurance companies.
     For a discussion of new accounting standards please refer to Note 8 of the
Consolidated Financial Statements.

RESULTS OF OPERATIONS

SIX MONTHS ENDED SEPTEMBER 30, 2001 VERSUS SIX MONTHS ENDED SEPTEMBER 30, 2000

Moving and Storage Operations
     Revenues consist of rental revenues and net sales.  Total rental revenue
was $702.4 million and $679.1 million for the six months ended
September 30, 2001 and 2000, respectively.  Net revenues from the rental of
moving equipment increased by $16.1 million.  The increase was primarily
atributable to higher truck and trailer rental revenues and storage revenues.

     Net sales revenues were $118.2 million and $114.0 million for the six
months ended September 30, 2001 and 2000, respectively.  Revenue growth
resulted from an increase in the sale of moving support items and an increase
in the sale of propane.

     Cost of sales was $65.2 million and $66.0 million for the six months ended
September 30, 2001 and 2000, respectively.

     Operating expenses before intercompany eliminations were $521.0 million
and $491.8 million for the six months ended September 30, 2001 and 2000,
respectively.  Increased expenditure levels for personnel and rental equipment
maintenance, due to an increase in truck rental transactions, were primarily
responsible.

     Net depreciation expense was $46.9 million and $39.1 million for the six
months ended September 30, 2001 and 2000, respectively.  The increase reflects
depreciation on the rental truck fleet.

     Operating profit before tax and intercompany elimination was
$112.2 million and $121.6 million for the six months ended September 30, 2001
and 2000, respectively.

<PAGE> 23
Real Estate Operations
     Rental revenue before intercompany eliminations was $34.9 million and
$36.1 million for the six months ended September 30, 2001 and 2000,
respectively.  Intercompany revenue was $36.3 million and $34.8 million for
the six months ended September 30, 2001 and 2000, respectively.

     Net investment and interest income was $4.8 million and $5.1 million for
the six months ended September 30, 2001 and 2000, respectively.

     Net depreciation expense (income) was $(6.0) million and $5.3 million for
the six months ended September 30, 2001 and 2000, respectively. The decrease is
due to an increase in the gain from the sale of property plant and equipment.

     Operating profit before tax and intercompany elimination was $22.7 million
and $8.1 million for the six months ended September 30, 2001 and 2000,
respectively.  The increase mainly reflects a gain of $11.4 million on sales of
property plant and equipment.

Property and Casualty
     RepWest's premiums were $128.3 million and $72.3 million for the six
months ended June 30, 2001 and 2000, respectively.  General agency premiums
were $62.8 million and $20.3 million for the six months ended June 30, 2001
and 2000, respectively.  The change from 2000 to 2001 was the result of two
agency programs, Non-Standard Auto and Transportation, which are responsible
for $33.4 million of the increase.  Assumed treaty reinsurance premium was
$31.7 million and $22.9 million for the six months ended June 30, 2001 and
2000, respectively.  Of this increase, $6.3 million is associated with two
Non-Standard Auto treaties.  Rental industry revenue was $17.8 million and
$17.0 million for the six months ending June 30, 2001 and 2000, respectively.

     Net investment income was $15.9 million and $15.8 million for the six
months ended June 30, 2001 and 2000, respectively.  The increase is attributed
to increased invested assets and increased realized gains, offset by decreasing
market interest rates.

     Benefits and losses were $122.6 million and $60.1 million for the six
months ended June 30, 2001 and 2000, respectively.  This increase is due to
agency programs in Non-Standard Auto and Transportation that grew significantly
in the second half of 2000, as well as assumed treaty reinsurance and direct
multiple peril business.

     The amortization of deferred acquisition costs (DAC) was $11.6 million a
and $6.4 million for the six months ended June 30, 2001 and 2000, respectively.
The increase is mainly due to the premium growth and resultant deferral of
acquisition expenses in 2000 for the assumed treaty and general agency programs.

     Operating expenses were $28.8 million and $19.7 million for the six months
ended June 30, 2001 and 2000, respectively.  The increase is a result of
commissions on new agency business premium and premium taxes resulting from
increased premium writings.

     Operating profit (loss) before tax and intercompany elimination was
$(18.9) million and $1.9 million for the six months ended June 30, 2001
and 2000, respectively.  The decrease is mainly attributable to a significant
increase in incurred losses associated with Non-Standard Auto and Assumed
Treaty business and increased operating expense, offset by an increase in
earned premiums.

<PAGE> 24
Life Insurance
     Net premiums were $77.5 million and $51.5 million for the six months
ended June 30, 2001 and 2000, respectively.  Medicare Supplement premiums
increased $26.2 million; driven by new business, rate increases, and the
acquisition of Christian Fidelity Life Insurance Company (CFLIC).  Other
business segments had premium decreases totaling $0.2 million.

     Net investment income before intercompany eliminations was $13.2 million
and $12.4 million for the six months ended June 30, 2001 and 2000,
respectively.  The increase was primarily due to realized gains, offset by
decreasing market interest rates.

     Benefits were $58.1 million and $35.7 million for the six months ended
June 30, 2001 and 2000, respectively.  This increase is primarily due to a
greater volume of Medicare supplement business in force after the acquisition
of CFLIC, which accounts for $21.7 million.  Other health benefits increased
$0.7 million, as loss ratios were worse year over year.

     Amortization of DAC and the value of business acquired (VOBA) was
$9.3 million and $10.2 million for the six months ended June 30, 2001
and 2000, respectively.  The decrease is primarily due to annuity DAC
amortization.

     Operating expenses were $19.4 million and $13.2 million for the six
months ended June 30, 2001 and 2000, respectively.  Commissions have increased
$3.8 million primarily due to the increase in Medicare supplement premiums.
Personnel and other operating expenses net of fees collected increased
$2.4 million, largely due to the acquisition of CFLIC.

     Operating profit before tax and intercompany eliminations was $3.9 million
and $4.7 million for the six months ended June 30, 2001 and 2000, respectively.
The decrease is due to a decline in profits from the annuity line of business
of $1.4 million.  New annuity business contains a first year bonus interest
credited rate effecting initial spreads and there have been additional
marketing and administration costs associated with increased annuity sales.
All other segments including Medicare Supplemented improved year over year by
$0.6 million.

Interest Expense
     Interest expense was $40.9 million and $44.1 million for the six months
ended September 30, 2001 and 2000, respectively.  The decrease can be
attributed to total outstanding debt interest rate reductions.

Consolidated Group
     As a result of the foregoing, pretax earnings totaled $103.6 million and
$122.1 million for the six months ended September 30, 2001 and 2000,
respectively.  After providing for income taxes, net earnings were
$66.7 million and $78.8 million for the six months ended September 30, 2001
and 2000, respectively.

<PAGE> 25
QUARTER ENDED SEPTEMBER 30, 2001 VERSUS QUARTER ENDED SEPTEMBER 30, 2000

Moving and Storage Operations
     Revenues consist of rental revenues and net sales.  Total rental revenue
was $367.0 million and $356.7 million for the quarters ended September 30, 2001
and 2000, respectively.  Net revenues from the rental of moving related
equipment increased by $8.3 million. This increase is primarily attributable
to higher truck and trailer rental revenues and storage revenues increased
$3.0 million due to increases in rates and in the number of storage rooms
rented.

     Net sales revenues were $55.8 million and $53.8 million for the quarters
ended September 30, 2001 and 2000, respectively.  Revenue growth resulted from
the sale of moving support items (i.e. boxes, etc.) which led to the majority
of the increase during the quarter.

     Cost of sales was $31.4 million and $32.8 million for the quarters ended
September 30, 2001 and 2000, respectively.

     Operating expenses before intercompany elimination were $267.5 million
and $255.2 million for the quarters ended September 30, 2001 and 2000,
respectively.  The increase reflects higher personnel and rental equipment
maintenance expenditures associated with an increase in truck rental
transactions.

     Net depreciation expense was $19.8 million and $19.0 million for the
quarters ended September 30, 2001 and 2000, respectively.  The increase
reflects an increase in depreciation recognized on the rental truck fleet.

     Operating profit before tax and intercompany elimination was $67.9 million
and $65.7 million for the quarters ended September 30, 2001 and 2000,
respectively.  The increase reflects increases in revenues over increases in
operating expenses.


Real Estate Operations
     Rental revenue before intercompany eliminations was $17.0 million and
$17.9 million for the quarters ended September 30, 2001 and 2000,
respectively.  Intercompany revenue was $17.6 million and $17.1 million for
the quarters ended September 30, 2001 and 2000, respectively.

     Net investment and interest income was $2.9 million and $3.0 million for
the quarters ended September 30, 2001 and 2000, respectively.

     Net depreciation expense (income) was $(9.2) million and $2.7 million
for the quarters ended September 30, 2001 and 2000, respectively.  The decrease
reflects the gain realized from the sale of property plant and equipment.

     Operating profit before tax and intercompany elimination was $18.1 million
and $4.2 million for the quarters ended September 30, 2001 and 2000,
respectively.  The increase reflects increases in the sale of property plant
and equipment.


<PAGE> 26
Property and Casualty

     RepWest's premiums were $66.1 million and $41.9 million for the quarters
ended June 30, 2001 and 2000, respectively.  General agency premiums were
$33.2 million and $12.7 million for the quarters ended June 30, 2001 and 2000,
respectively.  The change from 2000 to 2001 was the result of two agency
programs, Non-Standard Auto and Transportation, which are responsible for
$14.4 million of the increase.  Assumed treaty reinsurance premium were
$15.9 million and $13.2 million for the quarters ended June 30, 2001 and 2000,
respectively.

     Net investment income was $7.4 million and $7.7 million for the quarters
ended June 30, 2001 and 2000, respectively.

     Benefits and losses incurred were $62.4 million and $35.5 million for the
quarters ended June 30, 2001 and 2000, respectively.  The increase is a result
of new general agency business writings in Non-Standard Auto and
Transportation, as well as in assumed treaty reinsurance and direct multiple
peril business.

     The amortization of DAC was $6.6 million and $3.2 million for the quarters
ended June 30, 2001 and 2000, respectively.  The increase is due to the
increase in new business.

     Operating expenses were $17.9 million and $11.4 million for the quarters
ended June 30, 2001 and 2000, respectively.  The change is due to increased
commission expense resulting from new agency business premium writings on
Non-Standard Auto Transportation coverages, as well as Assumed treaty business.
General and administrative expenses also increased due to taxes resulting from
increased premium writings.

     Operating loss before tax and intercompany elimination was $13.3 million
and $0.4 million for the quarters ended June 30, 2001 and 2000, respectively.
The increase is mainly attributable to a significant increase in incurred
losses associated with Non-Standard Auto and Assumed Treaty business and
increased operating expense, offset by an increase in earned premiums.

<PAGE> 27
Life Insurance
     Net premiums were $37.9 million and $26.0 million for the quarters ended
June 30, 2001 and 2000, respectively.  Medicare Supplement premiums increased
by $11.7 million from new business, rate increases and the acquisition of
CFLIC.  Other business segments had premium increases totaling $0.2 million.

     Net investment income before intercompany eliminations was $7.0 million
and $6.7 million for the quarters ended June 30, 2001 and 2000, respectively.

     Benefits were $27.0 million and $18.1 million for the quarters ended
June 30, 2001 and 2000, respectively.  $8.7 million of the increase is due to
a greater volume of Medicare supplement business in force, of which the
acquisition of CFLIC accounts for the majority.  All other segments had benefit
increases of $0.2 million for the quarter.

     Amortization of DAC and VOBA was $4.5 million and $5.5 million for the
quarters ended June 30, 2001 and 2000, respectively.  The decrease is due
primarily to annuity DAC amortization.

     Operating expenses were $12.2 million and $7.6 million for the quarters
ended June 30, 2001 and 2000, respectively.  Commissions have increased
$3.2 million primarily due to the increase in Medicare supplement premiums.
Personnel and other operating expenses net of fees collected increased
$1.4 million primarily from the acquisition of CFLIC.

     Operating profit before tax and intercompany eliminations was
$1.2 million and $1.5 million for the quarters ended June 30, 2001
and 2000, respectively.  The decrease is due to a decline in profits
from the annuity line of business of $0.9 million.  New annuity business
contains a first year bonus interest credited rate effecting initial spreads
and there have been additional marketing and administration costs associated
with increased annuity sales.  All other segments including Medicare Supplement
improved year over year by $0.6 million.

Interest Expense
     Interest expense was $19.7 million and $21.2 million for the quarters
ended September 30, 2001 and 2000, respectively.  The decrease can be
attributed to interest rate reductions.

Consolidated Group
     As a result of the foregoing, pretax earnings were $65.4 million and
$63.7 million for the quarters ended September 30, 2001 and 2000, respectively.
After providing for income taxes, net earnings were $41.7 million and
$41.2 million for the quarters ended September 30, 2001 and 2000, respectively.















<PAGE> 28
LIQUIDITY AND CAPITAL RESOURCES

Moving and Storage Operations
     To meet the needs of its customers, U-Haul maintains a large inventory
of rental items.  In the six months ended September 30, 2001 and 2000,
capital expenditures were $120.9 million and $260.9 million, respectively
(See note 7 for additional discussion).  These expenditures primarily reflect
the expansion of the rental truck fleet.  The capital required to fund these
acquisitions was obtained through internally generated funds from operations
and through lease financings.

     Cash provided by operating activities was $40.8 million and $61.0 million
for the six months ended September 30, 2001 and 2000, respectively.  The
decrease resulted primarily from a decrease in accounts payable and accrued
liabilities.

     At September 30, 2001, total outstanding notes and loans payable was
$1,095.6 million as compared to $1,156.8 million at March 31, 2001.

Real Estate Operations
     Cash provided (used) by operating activities was $(27.4) million and
$8.3 million for the six months ended September 30, 2001 and 2000,
respectively.  The decrease resulted from a decrease in accrued liabilities
and lower net earnings.

Property and Casualty
     Cash used by operating activities was $21.4 million and $1.8 million for
six months ended June 30, 2001 and 2000, respectively.  This change resulted
from increased accounts receibable and other assets and decreased net income
from December 2000 to June 2001, offset by an increase in loss and loss
adjusting expense and unearned premium reserves from December 2000 to
June 2001.

     RepWest's cash and cash equivalents and short-term investment portfolio
were $8.9 million and $10.4 million at June 30, 2001 and 2000, respectively.

     RepWest maintains a diversified securities investment portfolio, primarily
in bonds, at varying maturity levels with 88.0% of the fixed-income securities
consisting of investment grade securities.  The maturity distribution is
designed to provide sufficient liquidity to meet future cash needs.  Current
liquidity remains strong with current invested assets equal to 75.6% of total
liabilities.

     The liability for reported and unreported losses is based upon company
historical and industry averages.  Unpaid loss adjustment expenses are based
on historical ratios of loss adjustment expenses paid to losses paid.  Unpaid
loss and loss expenses are not discounted.

<PAGE> 29
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.

     Cash provided (used) by operating activities was $2.0 million and
$(3.4) million for the six months ended June 30, 2001 and 2000, respectively.
The increase in cash flows from operating activities relates to increase
premium writings and the timing of a settlement offset by higher claim
payments.  Cash provided by financing activities were $9.1 million and
$2.4 million for the six months ended June 30, 2001 and 2000, respectively.
Cash flows from deferred annuity sales increase investment contract deposits,
which are a component of financing activities.  The increase in investment
contract deposits over 2000 is due to growth in new deposits offset by
withdrawals and terminations of existing deposits.

     In addition to cash flows from operating and financing activities, a
substantial amount of liquid funds is available through Oxford's short-term
portfolio.  Short-term investments were $53.9 million and $51.6 million for
the six months ending June 30, 2001 and 2000, respectively.  Management
believes that the overall sources of liquidity will continue to meet
foreseeable cash needs.

Consolidated Group
     During each of the fiscal years ended March 31, 2002, 2003 and 2004,
AMERCO estimates gross capital expenditures will average approximately
$232 million primarily reflecting rental fleet rotation.  This level of
capital expenditures, combined with a potential range of
$77.5 - $175 million in annual long-term debt maturities during this same
period, are expected to create annual average funding needs of approximately
$310 - $407 million.  The Company plans to meet these needs through the cash
flows, existing lines of credit and asset sales.

Credit Agreements
     AMERCO'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, AMERCO routinely
enters into sale and leaseback transactions.  As of September 30, 2001,
AMERCO had $1,095.6 million in total notes and loans payable outstanding and
total unutilized lines of credit of approximately $150.0 million.

     Certain of AMERCO'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, assets and restricting the
issuance of certain types of preferred stock.  At September 30, 2001,
AMERCO was in compliance with these covenants.

     Reference is made to Note 5 of Notes to Consolidated Financial Statements
in AMERCO's Annual Report on Form 10-K for the fiscal year ended March 31, 2001
for additional information about AMERCO's credit agreements.
<PAGE> 30
ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     Reference is made to Part II, Item 7A, Quantitative and Qualitative
Disclosure About Market Risk, in AMERCO's Annual Report on Form 10-K for
the fiscal year ended March 31, 2001.
<PAGE> 31
                    PART II.  OTHER INFORMATION


                    ITEM 1.  LEGAL PROCEEDINGS

     In the normal course of business, AMERCO is a defendant in a number of
suits and claims.  AMERCO is also a party to several administrative proceedings
arising from state and local provisions that regulate the removal and/or
cleanup of underground fuel storage tanks.  It is the opinion of management
that none of the suits, claims or proceedings involving AMERCO, individually
or in the aggregate, are expected to result in a material loss.

     Reference is made to Part I, Item 1, Business, in AMERCO's Annual Report
on Form 10-K for the fiscal year ended March 31, 2001 for a discussion of
certain environmental proceedings and to Note 15 of Notes to Consolidated
Financial Statements in AMERCO's Annual Report on Form 10-K for the fiscal
year ended March 31, 2001 for a discussion of the California overtime
litigation.
<PAGE> 32
   ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

       The 2001 Annual Meeting of Stockholders was held on August 31, 2001.

      At the 2001 Annual Meeting of Stockholders James P. Shoen and
John M. Dodds were elected to serve until the 2005 Annual Meeting of
Stockholders.  William E. Carty and Charles J. Bayer continue as directors
with terms that expire at the 2002 Annual Meeting of Stockholders;
John P. Brogan and James J. Grogan continue as directors with terms that
expire at the 2003 Annual Meeting of Stockholders; and Edward J. Shoen
continues as a director with a term that expires at the 2004 Annual Meeting
of Stockholders.

     The following table sets forth the votes cast for, against or withheld,
as well as the number of abstentions and broker non-votes with respect to
each matter voted on at the 2001 Annual Meeting of Stockholders.

<TABLE>
<CAPTION>
Matters                                    Votes                                 Broker
Submitted                  Votes Cast      Cast        Votes                      Non-
To a Vote                     For         Against     Withheld   Abstentions     Votes

<S>                        <C>            <C>        <C>            <C>              <C>
Election of Directors

    James P. Shoen         18,333,462     48,720     1,215,411      28,365           -

    John M. Dodds          18,183,710     31,285     1,377,451      33,812           -
</TABLE>
<PAGE> 33


             ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits

     Exhibit No.              Description
     -----------              -----------

          3.1     Restated Articles of Incorporation (1)
          3.2     Restated By-Laws of AMERCO as of August 27, 1997 (2)
         10.1     Management Agreement between Twelve SAC Self Storage
                  Corporation and a subsidiary of AMERCO
         10.2     Management Agreement between Thirteen SAC Self
                  Storage Corporation and a subsidiary of AMERCO
         10.3     Management Agreement between Fourteen SAC Self
                  Storage Corporation and a subsidiary of AMERCO

(b) Reports on Form 8-K.

            A report on Form 8-K was filed on October 5, 2001 in connection
     with the establishment of AMERCO's Medium-Term Note Program, which
     provides for the issuance to the public of up to $350 million of notes
     with maturities of nine months or more from the date of issuance.  To
     date, no notes have been issued under the program.

_________________

(1)  Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q
     for the quarter ended December 31, 1992, file no. 1-11255.

(2)  Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q
     for the quarter ended December 31, 1997, file no. 1-11255.

<PAGE> 34
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.


                                  U-Haul International, Inc.
                                  ------------------------------------
                                           (Registrant)


Dated: November 13, 2001             By: /S/ DONALD W. MURNEY
                                    ------------------------------------
                                       Donald W. Murney, Treasurer
                                      (Principal Financial Officer)