<PAGE>
                  SECURITIES AND EXCHANGE COMMISSION
                        WASHINGTON, D.C. 20549
                               FORM 10-K
(Mark One)

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

For the fiscal year ended           March 31, 1997
                         ---------------------------------------------------
                                                                            
                                  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, Suite 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

   Securities registered pursuant to Section 12(b) of the Act:

                                                        Name of Each Exchange
Registrant                        Title of Class          on Which Registered
----------                        --------------        ---------------------
AMERCO                            Series A 8 1/2%       New York Stock Exchange
                                  Preferred Stock
U-Haul International, Inc.             None

   Securities registered pursuant to Section 12(g) of the Act:

             Registrant                       Title of Class
             ----------                       --------------
             AMERCO                           Common
             U-Haul International, Inc.       None

      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    .
          -----   ----

      Indicate  by  check  mark  if disclosure  of  delinquent  filers
pursuant  to  Item 405 of Regulation S-K is not contained herein,  and
will  not be contained, to the best of the registrant's knowledge,  in
definitive  proxy or information statements incorporated by  reference
in  Part III of this Form 10-K or any amendment to this Form 10-K.  [ ]

      22,614,087 shares of AMERCO Common Stock, $0.25 par value,  were
outstanding  at June 20, 1997.  The aggregate market value  of  AMERCO
Common Stock held by non-affiliates (i.e., stock held by persons other
than officers and directors of AMERCO or those persons who are parties
to  a  stockholder  agreement relating to 6,823,257 shares  of  AMERCO
Common  Stock,  was  $197,874,453.  The  aggregate  market  value  was
computed  using  the  closing price for the Common  Stock  trading  on
Nasdaq on June 20, 1997.

      5,385  shares of U-Haul International, Inc. Common Stock,  $0.01
par  value,  were outstanding at June 20, 1997.  None of these  shares
were  held  by non-affiliates.   U-Haul International, Inc. meets  the
conditions set forth in General Instructions (J)(1)(a) and (b) of Form
10-K  and  is  therefore filing this Form with the reduced  disclosure
format.

      Portions of AMERCO's definitive Proxy Statement relating to  its
Annual  Meeting  of Stockholders to be held on August  22,  1997,  are
incorporated by reference in Part III hereof.
<PAGE>   2                                        
                         TABLE OF CONTENTS

                                                          PAGE NO.
                              PART I

ITEM   1.  BUSINESS......................................     3

           A.   THE COMPANY..............................     3

           B.   HISTORY..................................     3

           C.   MOVING AND STORAGE OPERATIONS............     3

           D.   INSURANCE OPERATIONS.....................     6

ITEM   2.  PROPERTIES....................................    11

ITEM   3.  LEGAL PROCEEDINGS.............................    11

ITEM   4.  SUBMISSION OF MATTERS TO A VOTE OF
           SECURITY HOLDERS..............................    12
                                 
                              PART II

ITEM   5.  MARKET FOR THE REGISTRANT'S COMMON EQUITY
           AND RELATED STOCKHOLDER MATTERS...............    13

ITEM   6.  SELECTED FINANCIAL DATA.......................    14

ITEM   7.  MANAGEMENT'S DISCUSSION AND ANALYSIS
           OF FINANCIAL CONDITION AND RESULTS OF
           OPERATIONS....................................    16

ITEM   8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY
           DATA..........................................    26

ITEM   9.  CHANGES IN AND DISAGREEMENTS WITH
           ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
           DISCLOSURE ...................................    26

                             PART III

ITEM  10.  DIRECTORS AND EXECUTIVE OFFICERS OF
           THE REGISTRANTS...............................    26

ITEM  11.  EXECUTIVE COMPENSATION........................    26

ITEM  12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
           OWNERS AND MANAGEMENT.........................    26

ITEM  13.  CERTAIN RELATIONSHIPS AND RELATED
           TRANSACTIONS..................................    26

                              PART IV

ITEM  14.  EXHIBITS, FINANCIAL STATEMENT
           SCHEDULES AND REPORTS ON FORM 8-K.............    27
<PAGE>   3
                              PART I
                                 
                         ITEM 1.  BUSINESS

                          A. THE COMPANY

     AMERCO,  a  Nevada  corporation (AMERCO or  Company),  is  the
holding  company  for U-Haul International, Inc.  (U-Haul),  Amerco
Real  Estate  Company  (AREC), Republic Western  Insurance  Company
(RWIC) and Oxford Life Insurance Company (Oxford).  Throughout this
Form   10-K,  unless  the  context  otherwise  requires,  the  term
"Company"   includes  all  of  the  Company's  subsidiaries.    The
Company's principal executive offices are located at 1325 Airmotive
Way,  Suite 100, Reno, Nevada 89502-3239, and the telephone  number
of  the Company is (702) 688-6300.  As used in this Form 10-K,  all
references  to  a  fiscal year refer to the Company's  fiscal  year
ended   March  31  of  that  year.   RWIC  and  Oxford  have   been
consolidated  on  the basis of calendar years  ended  December  31.
Accordingly,  all  references to the  years  1996,  1995  and  1994
correspond  to  the  Company's fiscal years 1997,  1996  and  1995,
respectively.   See  Note  20  of Notes to  Consolidated  Financial
Statements  in  Item  8  for  financial information  regarding  the
Company's three primary industry segments, which are represented by
Moving  and Storage Operations (U-Haul and AREC), Property/Casualty
(Republic  Western  Insurance Company) and Life  Insurance  (Oxford
Life Insurance Company).
     
Moving and Storage Operations
     Moving  and self-storage operations consist of the  rental  of
trucks, automobile-type trailers and self-storage space to the  do-
it-yourself mover under the registered tradename U-Haul<REGISTERED TRADEMARK> 
throughout the United States and Canada.
     
     AREC  owns  the majority of the Company's real estate  assets,
including the Company's U-Haul Center and Storage locations.
     
Property/Casualty
     RWIC  originates  and  reinsures  property  and  casualty-type
insurance  products  for  various  market  participants,  including
independent third parties, the Company's customers and the Company.
     
Life Insurance
     Oxford  originates and reinsures life, health and annuity-type
insurance  products  and  administers  the  Company's  self-insured
employee health and dental plans.
                                 
                            B. HISTORY
                                 
     The Company was founded in 1945 under the name "U-Haul Trailer
Rental Company".  From 1945 to 1974, the Company rented trailers and,
starting in 1959, trucks on a one-way and "In-Town<REGISTERED TRADEMARK>" 
basis through independent dealers.  Since 1974, the Company has developed
a  network of Company-owned rental centers (U-Haul Centers) through
which  U-Haul  rents its trucks and trailers and  provides  related
products  and services (e.g., the sale and installation of hitches,
as  well  as  boxes and moving supplies).  At March 31,  1997,  the
Company's  distribution network included 1,100 U-Haul  Centers  and
14,200 independent dealers.
     
     
                 C. MOVING AND STORAGE OPERATIONS
                                 
Business Strategies
     The Company's present business strategy remains focused on do-
it-yourself   moving  and  self-storage  customers.   The   Company
believes  that  customer  access, in  terms  of  truck  or  trailer
availability and proximity of rental locations, is critical to  its
success.  Under the U-Haul name, this strategy is to offer,  in  an
integrated  manner  over  an extensive and  geographically  diverse
network  of  over  15,000  Company-owned  Centers  and  independent
dealers,  a  wide range of products and services to  do-it-yourself
moving and self-storage customers.
     
<PAGE>   4     
Moving Operations
     U-Haul has a variety of product offerings.  Rental trucks have
been designed with do-it-yourself customers in mind, and include
features such as Low Decks<REGISTERED TRADEMARK>, air conditioning,  
power steering, automatic transmissions, 
Gentle-Ride Suspensions<REGISTERED TRADEMARK>, AM/FM cassette
stereo systems and over-the-cab storage.  Aerodynamically designed 
U-Haul trailers are suited to the low profile of many newly
manufactured automobiles.  As of March 31, 1997, the U-Haul  rental
equipment  fleet  consisted of 86,000 trucks, 85,000  trailers  and
15,000 tow dollies.
     
     Additionally, the Company provides support rental  items  such
as furniture pads, hand trucks, Appliance Dollies<REGISTERED TRADEMARK>,  
Utility Dollies<REGISTERED TRADEMARK>, mirrors, tow bars, tow dollies and 
bumper hitches.  The Company also sells boxes, tape and packaging materials, 
and rents additional items such as floor polishers and carpet cleaning
equipment at its U-Haul Center locations.  U-Haul Centers also sell
and install hitches and towing systems, and propane.
     
     U-Haul offers protection packages such as 
(i) "Safemove<REGISTERED TRADEMARK>", which provides moving customers with a  
damage waiver, cargo protection and medical and life coverage and  
(ii) "Safestor<REGISTERED TRADEMARK>", which provides self-storage rental 
customers with various insurance coverages.
     
     Independent  dealers receive U-Haul equipment on a consignment
basis  and  are paid a commission on gross revenues generated  from
their rentals. The Company maintains contracts with its independent
dealers that can typically be canceled upon 30 days written  notice
by either party.
     
     A  high  percentage of the Company's rental revenue is derived
from do-it-yourself movers.  Moving rentals include: 
(i) "In-Town<REGISTERED TRADEMARK>" rentals, where the equipment is 
returned to the originating U-Haul location  and (ii) one-way rentals, 
where the equipment is returned to a U-Haul location in another city.
     
     The  U-Haul  truck  and trailer rental business  tends  to  be
seasonal,  with  proportionally  more  transactions  and   revenues
generated  in the spring and summer months than during the  balance
of the year.
     
     The  Company  designs and manufactures its  truck  van  boxes,
trailers  and  various other support rental equipment  items.   The
Company's  equipment is designed to achieve high safety  standards,
simplicity  of operation, reliability, convenience, durability  and
fuel  economy.  Truck chassis are manufactured by both foreign  and
domestic truck manufacturers.  These chassis receive certain  post-
delivery  modifications  and are joined with  van  boxes  at  seven
Company-owned manufacturing and assembly facilities in  the  United
States.
     
     The  Company  services and maintains its trucks  and  trailers
through  an  extensive  preventive-maintenance  program,  generally
performed  at  Company-owned facilities located at or  near  U-Haul
Centers.   Major  repairs  are  performed  either  by  the  chassis
manufacturers'  dealers or by Company-owned repair shops  and  take
advantage of manufacturers' warranties.
     
     
Self-Storage Business
     U-Haul  entered  the self-storage business in 1974  and  since
then  has  increased  the rentable square footage  of  its  storage
locations  through the acquisition of existing facilities  and  new
construction.  In addition, the Company has entered into management
agreements to manage self-storage properties owned by others.   The
Company  also  provides  financing  and  management  services   for
independent self-storage businesses.
     
     Through over 800 Company-owned or managed storage locations in
the United States and Canada, the Company offers for rent more than
19.7 million square feet of self-storage space.  The Company's self-
storage facility locations range in size up to 149,000 square  feet
of  storage space, with individual storage spaces in sizes from  16
square feet to 400 square feet or larger.
     
     The  primary  market  for  storage rooms  is  the  storage  of
household  goods.  With the addition of over 14,000  storage  rooms
during  fiscal 1997, average occupancy rates were in  the  mid  80%
<PAGE>   5
range,  with  modest seasonal variation.  During  fiscal  1997  and
fiscal  1996,  delinquent rentals as a percentage of total  storage
rentals  were approximately 6% in each year. The Company  considers
this rate to be satisfactory.

Competition
     The  do-it-yourself moving truck and trailer rental market  is
highly competitive and dominated by national operators in both  the
"In-Town<REGISTERED TRADEMARK>" and one-way markets.  Two competitors, 
Ryder and Budget Rent-A-Car, were sold during the past year and are  
under new management.  Management believes that there are two distinct  
users of rental trucks:  commercial users and do-it-yourself users.   
As noted above, the Company focuses on the do-it-yourself mover.  The
Company  believes  that  the  principal  competitive  factors   are
convenience  of  rental locations, availability of  quality  rental
equipment and price.
     
     The  self-storage  industry is highly  competitive.   The  top
three  national  firms, including the Company, Public  Storage  and
Shurgard,  account for only 11% of total industry  square  footage.
Efficient management of occupancy and delinquency rates, as well as
price and convenience, are key competitive factors.
     
Employees
     For  the  period  ended  March 31, 1997,  the  Company's  non-
seasonal work force consisted of 14,400 employees.
     
Amerco Real Estate Operations
     AREC  has  responsibility  for actively  marketing  properties
available for sale or lease. AREC is also responsible for  managing
any environmental risks associated with the Company's real estate.
     
Environmental Matters
     The  environment is protected by many federal, state and local
laws.  Environmental  laws impact the way the  Company  stores  and
disposes  of  various petroleum products (including gasoline,  fuel
oil  and  waste oil), tires, batteries and other materials used  in
the  rental,  maintenance and manufacturing of its  rental  fleets.
Since  fiscal  1990, the Company has incurred environmental-related
expenditures of approximately $31.5 million primarily  for  removal
and disposal fees and remediation of over 2,600 underground storage
tanks.   There  are  approximately 400  underground  storage  tanks
remaining.

     The Company has been named as a "potentially responsible party"
with  respect to disposal of hazardous waste at 16 federal  and  one
state superfund sites located in 13 states.  The Company has entered
into settlements for 15 of the sites for de minimus amounts.  One of
these  sites  has been disputed by the Company with no response  for
over five years.

     A  subsidiary of U-Haul owns one property located  within  two
different  state hazardous waste sites in the State of  Washington.
The  property is located in Yakima, Washington and is  believed  to
contain  elevated levels of pesticide and other contaminant residue
as  a  result of onsite operations conducted by one or more  former
owners.  The State of Washington has designated the property  as  a
state hazardous waste site known as the "Yakima Valley Spray Site".
The  subsidiary, U-Haul Co. of Inland Northwest (Inland Northwest),
has  been named by the State of Washington as a "potentially liable
party" (PLP) under state law with respect to this site, along  with
approximately   100   other  companies  and  individuals.    Inland
Northwest,  together with eight other companies  and  persons,  has
formed  a  committee that has retained an environmental consultant.
The  process of site assessment on the Yakima Valley Spray Site  is
ongoing  and,  based  upon the information currently  available  to
Inland Northwest regarding the volume and nature of wastes present,
Inland  Northwest  is  unable to reasonably  assess  the  potential
investigation   and  cleanup  costs,  but  the   costs   could   be
substantial.   Although  Inland  Northwest  has  entered  into   an
agreement with such other companies and persons under which  Inland
Northwest  has  assumed responsibility for  20%  of  the  costs  to
investigate  the site, no agreement among the parties with  respect
to cleanup costs has been entered into at the date hereof.
<PAGE>   6
     In  addition, Inland Northwest has been named by the State  of
Washington  as  a  PLP along with 300 other PLPs  with  respect  to
another  state-listed  hazardous waste site known  as  the  "Yakima
Railroad Site".  The Yakima Valley Spray Site is located within the
Yakima Railroad Site.  Inland Northwest has been notified that  the
Yakima  Railroad Site involves potential groundwater  contamination
in an area of approximately two square miles.  Inland Northwest has
contested its designation as a PLP at this site, but, at  the  date
hereof, no formal ruling has been issued in this matter.
     
     In   February  1992,  the  State  of  Washington   issued   an
enforcement  order  to  Inland Northwest and  eight  other  parties
requiring  an interim remedial action and the provision of  bottled
water  to  households that obtain drinking water from wells  within
the  Yakima Railroad Site.  Without conceding any liability, Inland
Northwest  and  several  of  the other PLPs  have  implemented  the
bottled  water program.  Over the past four years, Inland Northwest
has  incurred  an  average annual expense of $720 for  the  bottled
water program.  The State of Washington has stated its intention to
expand  the  existing  municipal water system to  supply  municipal
water to those households currently receiving bottled water, and it
is  estimated  that  the  cost thereof  will  be  approximately  $6
million, with such cost being allocated among the 300 PLPs.
     
     In  addition,  there  will be costs associated  with  remedial
measures  to address the regional groundwater contamination  issue.
The  process  of  site assessment on the Yakima  Railroad  Site  is
ongoing  and,  based  upon the information currently  available  to
Inland Northwest regarding the volume and nature of wastes present,
Inland  Northwest  is  unable to reasonably  assess  the  potential
investigation   and  clean-up  costs,  but  the  costs   could   be
substantial.   Moreover,  the  investigative  and  remedial   costs
incurred by the State can be imposed upon Inland Northwest and  any
other  PLP as a joint and several liability.  At the date  of  this
report, other than the indication of the expansion of the municipal
water system, there has been no formal indication from the State of
Washington  of  its intentions regarding future cost recoveries  at
the Yakima Railroad Site.
     
     Based upon the information currently available to the Company,
compliance   with  the  environmental  laws  and   its   share   of
investigation and cleanup costs of the hazardous waste  sites,  the
Company is not expecting to incur losses with respect to the  sites
that  would  have  a  material  adverse  effect  on  the  Company's
financial position or operating results.
     
                      D. INSURANCE OPERATIONS

Business Strategies
     RWIC's  principal  business strategy is to capitalize  on  its
knowledge  of  insurance products aimed at the  moving  and  rental
markets.   RWIC believes that providing U-Haul and U-Haul customers
insurance coverage has enabled it to develop expertise in the areas
of  rental vehicle lessee insurance coverage, self-storage property
coverage  and  general rental equipment coverage.   RWIC  plans  to
continue  to  use  this knowledge to expand its  customer  base  by
offering  similar products to insureds other than  U-Haul  and  its
customers.   In addition, RWIC continues to expand its  involvement
in  specialized areas by offering commercial multi-peril and excess
workers' compensation coverages.
     
     Oxford's business strategy emphasizes long-term capital growth
funded  through  earnings  from  direct  writing,  reinsurance  and
investment   activities.   In  the  past,  Oxford  has  selectively
reinsured life, health and annuity-type insurance products.  Oxford
will  pursue  its growth strategy by originating life, annuity  and
health   insurance  products  via  agent  and  direct  distribution
channels.  Oxford will also be providing reinsurance facilities  to
well-managed insurance or reinsurance companies which offer similar
products  and are in need of additional capital either as a  result
of  rapid  growth  or  regulatory demands,  or  are  interested  in
divesting non-core business lines.
<PAGE>   7
Property and Casualty
     RWIC's  underwriting activities consist of three basic  areas:
U-Haul and U-Haul-affiliated underwriting, direct underwriting  and
assumed  reinsurance  underwriting.  U-Haul  underwritings  include
coverage  for  U-Haul  and U-Haul employees  and  U-Haul-affiliated
underwritings  consist primarily of coverage for U-Haul  customers.
For the year ended December 31, 1996, approximately 38.5% of RWIC's
written   premiums   resulted  from  U-Haul  and  U-Haul-affiliated
underwriting  activities.   RWIC's  direct  underwriting  is   done
through  underwriters  and selected general agents.   The  products
provided  include  liability coverage for rental  vehicle  lessees,
storage  rental  properties and coverage  for  commercial  multiple
peril and excess workers' compensation.  RWIC's assumed reinsurance
underwriting is done via broker markets.
     
     RWIC's  liability for unpaid losses is based on  estimates  of
the  ultimate cost of settling claims reported prior to the end  of
the  accounting  period, estimates of reinsurers and  estimates  of
incurred but unreported losses which are based on RWIC's experience
and   insurance  industry  historical  experience.    Unpaid   loss
adjustment  expenses  are  based  on  historical  ratios  of   loss
adjustment expenses paid to losses paid.
     
     The  liabilities  are  estimates of the  amount  necessary  to
settle  all  claims as of the date of the stated reserves  and  all
incurred  but  not reported claims.  RWIC updates the  reserves  as
additional  facts regarding claims become available.  In  addition,
court  decisions,  economic conditions and public attitudes  impact
the  estimation of reserves and also the ultimate cost  of  claims.
In  estimating  reserves, no attempt is made to  isolate  inflation
from  the  combined effect of numerous factors including inflation.
Unpaid losses and unpaid loss expenses are not discounted.
     
     RWIC's unpaid loss and loss expenses are certified annually by
an  independent  actuarial consulting firm  as  required  by  state
regulation.
     
     Activity  in  the  liability  for  unpaid  claims  and   claim
adjustment expenses is summarized as follows:

                                         1996      1995      1994
                                       ---------------------------
                                             (in thousands)
Balance at January 1                 $ 341,981   329,741   314,482
  Less reinsurance recoverable          73,873    74,663    76,111
                                       ---------------------------
Net balance at January 1               268,108   255,078   238,371

Incurred related to:
  Current year                         112,394   114,110   102,782
  Prior years                           11,527     8,292     6,576
                                       ---------------------------
Total incurred                         123,921   122,402   109,358

Paid related to:
  Current year                          30,633    22,576    22,269
  Prior years                           89,041    86,796    70,382
                                       ---------------------------
Total paid                             119,674   109,372    92,651

Net balance at December 31             272,355   268,108   255,078
  Plus reinsurance recoverable          60,319    73,873    74,663
                                       ---------------------------
Balance at December 31               $ 332,674   341,981   329,741
                                       ===========================

     As a result of changes in estimates of insured events in prior
years,  the provision for unpaid loss and loss adjustment  expenses
(net of reinsurance recoveries of $23.4 million) increased by $11.5
million  in 1996 due to higher than anticipated losses and  related
expenses for claims associated with assumed reinsurance and certain
retrospectively rated policies.
     
     The table on page 10 illustrates the change in unpaid loss and
loss  adjustment  expenses.  The first line shows the  reserves  as
originally  reported  at the end of the stated  year.   The  second
section, reading down, shows the cumulative amounts paid as of  the
end  of  successive years with respect to that reserve.  The  third
section,  reading  down, shows revised estimates  of  the  original
recorded  reserve  as  of the end of successive  years.   The  last
section compares the latest revised estimated reserve amount to the
<PAGE>   8
reserve  amount  as originally established.  This last  section  is
cumulative and should not be summed.
     
     The  operating results of the property and casualty  insurance
industry,  including RWIC, are subject to significant  fluctuations
due  to  numerous  factors,  including  premium  rate  competition,
catastrophic  and  unpredictable  events  (including  man-made  and
natural   disasters),  general  economic  and  social   conditions,
interest rates, investment returns, changes in tax laws, regulatory
developments and the ability to accurately estimate liabilities for
unpaid losses and loss adjustment expenses.
     
Life Insurance
     Oxford underwrites life, health and annuity insurance, both as
a  direct  writer  and as an assuming reinsurer.   Oxford's  direct
writings  are primarily related to the underwriting of credit  life
and  credit accident and health business, which accounted for 18.7%
of  Oxford's premium revenues for the year ended December 31, 1996.
Oxford's  other  direct  lines  are  related  to  group  life   and
disability  coverage issued to employees of the Company.   For  the
year  ended  December  31,  1996, approximately  7.9%  of  Oxford's
premium  revenues  resulted from business  with  the  Company.   In
addition, direct premium revenue includes individual life insurance
acquired  from  other insurers.  Oxford administers  the  Company's
self-insured group health and dental plans.
     
     Oxford's  reinsurance  assumed  lines,  which  accounted   for
approximately 73.0% of Oxford's premium revenues for the year ended
December  31,  1996,  include individual life  insurance  coverage,
annuity  coverages, excess loss health insurance  coverage,  credit
life   and   credit   accident  and  health.    These   reinsurance
arrangements are entered into with unaffiliated insurers.

Investments
     RWIC's and Oxford's investments must comply with the insurance
laws  of  the State of Arizona, where the companies are  domiciled.
These  laws  prescribe  the  type,  quality  and  concentration  of
investments that may be made.  Moreover, in order to be  considered
an  acceptable reinsurer by cedents and intermediaries, a reinsurer
must  offer  financial  security.  The  quality  and  liquidity  of
invested  assets  are important considerations in determining  such
security.
     
     The  investment  philosophies of  RWIC  and  Oxford  emphasize
protection  of  principal through the purchase of investment  grade
fixed-income  securities.  Approximately 97%  of  both  RWIC's  and
Oxford's  fixed-income  securities  consist  of  investment   grade
securities.   The  maturity distributions are designed  to  provide
sufficient liquidity to meet future cash needs.
     
Reinsurance
     The  Company's insurance operations assume and cede  insurance
from and to other insurers and members of various reinsurance pools
and associations.  Reinsurance arrangements are utilized to provide
greater  diversification of risk and to minimize exposure on  large
risks.   However,  the original insurer remains liable  should  the
assuming  insurer  not  be able to meet its obligations  under  the
reinsurance agreements.
     
Regulation
     RWIC  and  Oxford  are  subject  to  comprehensive  regulation
throughout  the  United  States.  The regulation  extends  to  such
matters as licensing companies and agents, restricting the types or
quality   of  investments,  regulating  capital  and  surplus   and
actuarial  reserve maintenance, setting solvency standards,  filing
of  annual  and other reports on financial position, and regulating
trade  practices.   State  laws  also  regulate  transactions   and
dividends   between  an  insurance  company  and  its   parent   or
affiliates,  and  generally require prior approval or  notification
for any change in control of the insurance subsidiary.
     
     In   the   past  few  years,  the  insurance  and  reinsurance
regulatory  framework has been subjected to increased  scrutiny  by
the  National  Association of Insurance Commissioners  (the  NAIC),
state  legislatures,  insurance regulators and  the  United  States
Congress.   These regulators are considering increased regulations,
with  an  emphasis  on  insurance company investment  and  solvency
issues.   It  is  not  possible to predict  the  future  impact  of
changing state and federal regulation on the operations of RWIC and
Oxford.
<PAGE>   9     
     RWIC  and  Oxford  have  adopted the NAIC  minimum  risk-based
capitalization  requirements  for  insurance  companies.    As   of
December  31,  1996, RWIC and Oxford are in compliance  with  these
requirements.
     
Competition
     The  highly  competitive insurance industry includes  a  large
number  of  property  and  casualty insurance  companies  and  life
insurance companies.  Many competitors have been in business for  a
longer  period  of time or possess substantially greater  financial
resources.   Competition in the insurance business  is  based  upon
price,  product  design  and  services rendered  to  producers  and
policyholders.
<PAGE>  10                                 
<TABLE>
                                                  Unpaid Loss and Loss Adjustment Expenses
<CAPTION>
                                                               December 31
--------------------------------------------------------------------------------------------------------------------------  
                          1986     1987     1988     1989     1990     1991     1992     1993     1994     1995     1996
--------------------------------------------------------------------------------------------------------------------------
                                                              (in thousands)

<S>                     <C>       <C>      <C>      <C>      <C>      <C>      <C>      <C>      <C>      <C>      <C>        
Adjustment Expenses:    $146,391  168,688  199,380  207,939  226,324  236,019  238,762  314,482  329,741  341,981  332,674

  Paid (Cumulative)
        as of:
   One year later         54,627   49,681   59,111   50,992   55,128   65,532   83,923   70,382   86,796   89,041
   Two years later        92,748   91,597   89,850   87,850   97,014  105,432  123,310  115,467  139,247
   Three years later     124,278  110,834  114,979  116,043  120,994  126,390  153,030  146,640
   Four years later      137,744  129,261  133,466  132,703  133,338  143,433  173,841
   Five years later      151,354  142,618  145,864  142,159  144,764  153,730
   Six years later       161,447  152,579  153,705  151,227  152,424
   Seven years later     169,601  158,531  161,498  158,043
   Eight years later     173,666  165,021  167,224
   Nine years later      178,101  170,411
   Ten years later       181,743

Reserve Reestimated
        as of:
   One year later        167,211  187,663  200,888  206,701  229,447  231,779  251,450  321,058  338,033  353,508
   Two years later       192,272  190,715  202,687  206,219  221,450  224,783  254,532  323,368  340,732
   Three years later     192,670  194,280  203,343  199,925  211,998  223,403  253,844  309,936
   Four years later      199,576  195,917  199,304  198,986  207,642  214,854  231,536
   Five years later      201,303  195,203  200,050  197,890  200,629  198,320
   Six years later       202,020  196,176  198,001  194,601  189,601
   Seven years later     202,984  196,770  197,112  189,175
   Eight years later     202,654  196,072  195,522
   Nine years later      203,285  196,169
   Ten years later       204,814

   Initial Reserve
     in Excess
   of (Less than)
  Reestimated Reserve:
  Amount (Cumulative)   $(58,423) (27,481)   3,858   18,764   36,723   37,699    7,226    4,546  (10,991) (11,527)
</TABLE>                                     
<PAGE>  11
                            ITEM 2. PROPERTIES
                                     
     The  Company  and its subsidiaries own property, plant  and  equipment
that are utilized in the manufacture, repair and rental of U-Haul equipment
and that provide offices for the Company.  Such facilities exist throughout
the  United States and Canada.  The majority of land and buildings used  by
U-Haul  is  owned  in  fee and is substantially unencumbered,  also  U-Haul
manages  storage  facilities owned by others.   In  addition,  U-Haul  owns
certain  real estate not currently used in its operations.  U-Haul operates
1,100  U-Haul Centers (including Company-owned storage locations),  manages
145  storage centers and operates 12 manufacturing and assembly facilities.
The  Company also operates 80 repair facilities located at or near a U-Haul
Center.
                                     
                                     
                        ITEM  3.  LEGAL PROCEEDINGS
                                     
See  Note  14 of Notes to Consolidated Financial Statements in Item  8  for
disclosure  of  the action in the Superior Court of the State  of  Arizona,
Maricopa County, entitled Samuel W. Shoen, M.D., et al. v. Edward J. Shoen,
                          -------------------------------------------------
et  al.,  No.  CV88-20139,  instituted August 2,  1988  and  the  resulting
-------
bankruptcy proceedings (the "Shoen Litigation").

      On September 7, 1995, Paul F. Shoen, major stockholder of the Company
and  a director, filed a complaint in the Ninth Judicial District Court  of
the State of Nevada, Douglas County, entitled Paul F. Shoen v. AMERCO, Case
                                              -----------------------
No.  95-CV-0227.   The  complaint alleges that by failing  to  advance  his
expenses, including attorneys' fees and other charges, incurred by  him  in
the Shoen Litigation and the subsequent bankruptcy proceedings, the Company
breached his indemnification agreement with the Company.  Mr. Shoen alleges
that  the  Company  has  caused damages of no  less  than  $297,183  as  of
September  7,  1995, and seeks additional amounts to be alleged  at  trial.
The  Company has denied the allegations and believes it has valid  defenses
against  his  claims.   Paul F. Shoen filed a motion  for  partial  summary
judgment  on  November 15, 1995, and the Company filed  an  opposition  and
cross-motion  for  partial summary judgment on  December  11,  1995.   This
matter was heard on November 12, 1996, and both motions were denied.

      Sophia  M. Shoen, a major stockholder of the Company, has  reached  a
tentative  agreement  with the Company, which is subject  to  execution  of
definitive agreements, resolving a lawsuit in the Second Judicial  District
Court  of  the  State  of Nevada, Case No. CV96-01628  arising  out  of  an
arbitration proceeding entitled JAMS-ENDISPUTE Link No. 940517195.  In  the
                                --------------
arbitration proceeding, Sophia Shoen alleged that the Company breached  her
Share Repurchase and Registration Rights Agreement, dated as of May 1, 1992
(the Rights Agreement), with the Company by failing to timely register  the
sale  of  her  shares  of Common Stock which were sold  to  the  public  in
November 1994.  If the tentative agreement if consummated, (i) the  Company
will  pay Sophia M. Shoen $1.25 million, (ii) the Rights Agreement will  be
terminated, (iii) Sophia M. Shoen will release the Company and others  from
any  liability  relating  to  the  foregoing  proceedings  and  the  Rights
Agreement,  (iv) the Company will release Sophia M. Shoen and  others  from
any  liability  relating  to  the  foregoing  proceedings  and  the  Rights
Agreement  and (v) the shares of Common Stock held by Sophia M. Shoen  will
be  released from a stockholder agreement covering approximately 70% of the
Company's  Common  Stock.   No  assurance  can  be  given  that  definitive
agreements  will  be  executed  or that this tentative  agreement  will  be
consummated.

      In  the  normal course of business, the Company is a defendant  in  a
number  of  suits  and  claims.  The Company 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 the suits, claims, or proceedings
involving  the Company, individually or in the aggregate, are  expected  to
result  in  a  material  loss.   See "Item  1.   Business  -  Environmental
Matters."
<PAGE>  12
       ITEM  4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     On  January 17, 1997, the Company held its Combined Annual Meeting  of
Stockholders.   Prior  to  the meeting, the Company  had  not  held  annual
meetings  of stockholders for 1994, 1995 or 1996.  The 1994 Annual  Meeting
of  Stockholders was delayed as a result of litigation initiated by Paul F.
Shoen  in July 1994.  The 1994 Annual Meeting as well as the 1995 and  1996
Annual Meetings were subsequently delayed by court order in connection with
certain  litigation involving the Shoen family relating to control  of  the
Company.  As of October 1, 1996, the Company was no longer subject  to  any
restriction on its ability to hold annual meetings of stockholders.
     
     At  the Combined Annual Meeting of Stockholders, Aubrey K. Johnson and
Paul  F.  Shoen  were  elected to serve until the 1998  Annual  Meeting  of
Stockholders; William E. Carty and Charles J. Bayer were elected  to  serve
until the 1999 Annual Meeting of Stockholders; and Mark V. Shoen and Edward
J.   Shoen  were  elected  to  serve  until  the  2000  Annual  Meeting  of
Stockholders.  John M. Dodds and James P. Shoen continue as directors, with
terms expiring at the 1997 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  Combined  Annual  Meeting  of
Stockholders:
     
   Matters Submitted           Votes      Votes     Votes    Abstentions Broker
       To a Vote               Cast       Cast     Withheld                Non-
                               For        Against                         Votes
===============================================================================

1. Election of Directors
     Aubrey K. Johnson      19,750,812     45,032      -          -           -
     Paul F. Shoen          19,590,162    118,054      -          -           -
     William E. Carty       19,759,375     45,032      -          -           -
     Charles J. Bayer       19,758,697     44,782      -          -           -
     Mark V. Shoen          19,743,851     45,683      -          -           -
     Edward J. Shoen        19,751,564     45,683      -          -           -

2. Proposal to Amend the
   Restated Articles of
   Incorporation of the
   Company                  18,875,086    245,934       -       55,289        -

3. Proposal to ratify the
   decision of the Board
   of Directors to apply
   the U-Haul Drug
   Screening Program to
   members of the Board
   of Directors
   (advisory vote only)     18,314,727    743,517       -       96,618        -

     Subsequent to the Combined Annual Meeting of Stockholders, 
on February 4, 1997, Mark V. Shoen resigned from the Board of Directors.  
On that date, pursuant to Article III, Section 2 of the Company's By-Laws, 
the Board of Directors elected Richard J. Herrera, whose term expired at  
the Combined Annual Meeting of Stockholders, to fill the vacancy created by  
Mark V. Shoen's resignation.
<PAGE>  13
                                  PART II

ITEM  5.  MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER 
          MATTERS

     As  of June 20, 1997, there were approximately 2,500 holders of record
of the Company's Common Stock.
     
     The  Company's Common Stock has been traded on Nasdaq National  Market
(Nasdaq)  since November 1994.  In October 1996, the Company announced  the
change of its trading symbol to "UHAL" from "AMOO" to be more reflective of
the  majority of its operations.  The following table sets forth  the  high
and  low closing prices of the common stock of AMERCO trading on Nasdaq for
the periods indicated.
     
     
                                           For the Years Ended March 31,
                                  ---------------------------------------------
                                        1997                        1996
                                  ---------------------------------------------
                                  High        Low             High      Low
                                  ------------------          -----------------
      First  quarter              28 1/4      19 1/2          23 3/4     19 1/2
      Second quarter              41          21 1/2          19  3/4    14 3/4
      Third quarter               48 1/2      33 1/2          21         16 1/2
      Fourth quarter              38 1/2      24 1/2          25 1/2     17 

     The Company has not declared any cash dividends to common stockholders
for the two most recent fiscal years.

     The  Company  does not have a formal dividend policy.   The  Company's
Board of Directors periodically considers the advisability of declaring and
paying dividends in light of existing circumstances.  See Note 19 of  Notes
to  Consolidated Financial Statements in Item 8 for a discussion of certain
statutory   restrictions  on  the  ability  of  the   Company's   insurance
subsidiaries to pay dividends to the Company.

      See  Note 15 of Notes to Consolidated Financial Statements in Item  8
for  a discussion of the Company's non-cash dividends.  See Note 6 of Notes
to  Consolidated Financial Statements in Item 8 for a discussion of changes
to common shares outstanding and per share amounts.

      The  common  stock of U-Haul is wholly-owned by the  Company.   As  a
result,  no active trading market exists for the purchase and sale of  such
common  stock.   No cash dividends were declared to the Company  by  U-Haul
during the two most recent fiscal years.

      On  August 30, 1996, the Company sold 100,000 shares of its Series  B
Preferred  Stock for a total purchase price of $100 million to  Blue  Ridge
Investments, LLC, a subsidiary of NationsBank Corporation.  Exemption  from
registration for this transaction was claimed pursuant to Section  4(2)  of
the Securities Act of 1933, as amended, regarding transactions by an issuer
not  involving  any  public  offering.  The Series  B  Preferred  Stock  is
convertible under certain circumstances into 4,000,000 shares,  subject  to
the  Company's  prior  right to redeem the Series  B  Preferred  Stock,  of
AMERCO's  Common Stock or all of the outstanding capital stock  of  Picacho
Peak Investment Co., a wholly-owned subsidiary of the Company.
<PAGE>  14
Item 6.  Selected Financial Data.
<TABLE>
<CAPTION>
                                                            AMERCO AND CONSOLIDATED SUBSIDIARIES
                                                               ITEM 6. SELECTED FINANCIAL DATA

                                                                 For the Years Ended March 31,
                                              -------------------------------------------------------------------
                                                  1997           1996           1995          1994           1993
                                              -------------------------------------------------------------------
                                                           (in thousands, except per share data and ratios)
<S>                                       <C>               <C>           <C>           <C>            <C>
Summary of Operations:
Rental, net sales and other revenue       $   1,212,079      1,150,040     1,103,367     1,011,562        939,724
Premiums and net investment income              213,024        200,238       177,733       162,151        139,465
                                              ---------      ---------     ---------     ---------      ---------
                                              1,425,103      1,350,278     1,281,100     1,173,713      1,079,189
                                              ---------      ---------     ---------     ---------      ---------

Operating and advertising expense
  and cost of sales (4)                       1,022,077        936,284       824,170       774,699        735,978
Benefits, losses and amortization of
  deferred acquisition costs                    171,254        168,363       144,303       130,168        115,969
Depreciation (5)                                 74,721         81,847       151,409       133,485        110,105
Interest expense                                 73,523         67,558        67,762        68,859         67,958
                                              ---------      ---------     ---------     ---------      ---------
                                              1,341,575      1,254,052     1,187,644     1,107,211      1,030,010
                                              ---------      ---------     ---------     ---------      ---------
Pretax earnings from operations                  83,528         96,226        93,456        66,502         49,179
Income tax expense                              (29,344)       (35,832)      (33,424)      (19,853)       (17,270)
                                              ---------      ---------     ---------     ---------      ---------
Earnings from operations before
  extraordinary loss on early
  extinguishment of debt and
  cumulative effect of change
  in accounting principle                        54,184         60,394        60,032        46,649         31,909
Extraordinary loss on early
  extinguishment of debt, net (6)                (2,319)           -             -          (3,370)           -
Cumulative effect of change in
  accounting principle, net (7)                     -              -             -          (3,095)           -
                                              ---------      ---------     ---------     ---------      ---------
Net earnings                                $    51,865         60,394        60,032        40,184         31,909
                                              =========      =========     =========     =========      =========
Earnings from operations before
  extraordinary loss on early
  extinguishment of debt and cumulative
  effect of change in accounting
  principle per common share (2) (3) (8)    $      1.44           1.33          1.23          1.06            .83
Net earnings per common share (2) (3) (8)          1.35           1.33          1.23           .89            .83
Weighted average common shares
  outstanding (2) (8)                        25,479,651     35,736,335    38,190,552    38,664,063     38,664,063
Cash dividends declared:
  Preferred stock                                16,875         12,964        12,964         4,753            -
  Common stock                                      -              -             -           3,147          1,994
Ratio of earnings to fixed charges (1)             1.64           1.89          1.87          1.64           1.45
<PAGE> 15
Item 6.  continued
<CAPTION>
                                                         AMERCO AND CONSOLIDATED SUBSIDIARIES
                                                      ITEM 6. SELECTED FINANCIAL DATA, continued

                                                                 For the Years Ended March 31,
                                              --------------------------------------------------------------------
                                                  1997           1996           1995          1994           1993
                                              --------------------------------------------------------------------
                                                                           (in thousands)
<S>                                        <C>               <C>            <C>           <C>            <C>
Balance Sheet Data:
Total property, plant and
equipment, net                             $  1,247,066      1,316,715      1,274,246     1,174,236        989,603
Total assets                                  2,718,994      2,823,407      2,605,989     2,344,442      2,024,023
Notes and loans payable                         983,550        998,220        881,222       723,764        697,121
Stockholders' equity (8)                        602,320        649,548        686,784       651,787        479,958


(1) For  purposes  of  computing  the ratio of  earnings  to  fixed  charges,
    "earnings"  consists of pretax earnings from operations plus total  fixed
    charges  excluding  interest capitalized during  the  period  and  "fixed
    charges"   consists  of  interest  expense,  preferred  stock  dividends,
    capitalized interest, amortization of debt expense and discounts and one-
    third  of the Company's annual rental expense (which the Company believes
    is a reasonable approximation of the interest factor of such rentals).

(2) Reflects   the  adoption  of  Statement  of  Position  93-6,  "Employers'
    Accounting for Employee Stock Ownership Plans".

(3) For  the  fiscal year ended March 31, 1997, 1996, 1995 and 1994, earnings
    and  net  earnings per common share were computed after giving effect  to
    the dividends on the Company's Series A 8 1/2% preferred stock and Series
    B floating rate stock for the fiscal year ended 1997.

(4) Reflects  the  adoption  of  Statement of Position  93-7,  "Reporting  on
    Advertising Costs" during the year ended March 31, 1996.

(5) Reflects  the  change in estimated residual value during the  year  ended
    March 31, 1996.

(6) See  "Item 7. Management's Discussion and Analysis of Financial Condition
    and Results of Operations".

(7) Reflects the adoption of Statement of Financial Accounting Standards  No.
    106,  "Employers'  Accounting  for  Postretirement  Benefits  other  than
    Pensions".

(8) Reflects the acquisiton of treasury shares acquired pursuant to the Shoen
    Litigation  as discussed in "Item 7. Managment's Discussion and  Analysis
    of   Financial   Condition  and  Results  of  Operations  -   Stockholder
    Litigation".
</TABLE>
<PAGE>  16
ITEM  7.  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   the
Company   from   time   to  time  in  filings  with  the   Securities   and
Exchange   Commission  or  otherwise.   Such  forward  looking   statements
are   within   the   meaning  of  that  term  in   Section   27A   of   the
Securities  Act,  and  Section  21E  of  the  Securities  Exchange  Act  of
1934,  as  amended.   Such  statements many 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 the Company's report 
and in the Notes to the Company's Consolidated Financial Statements, describe  
factors, among others, that could contribute to or cause such differences,
or that could affect the Company's stock price.

General
     For   financial   statement  preparation,  the   Company's   insurance
subsidiaries   report  on  a  calendar  year  basis   while   the   Company
reports  on  a  fiscal  year  basis ending  March  31.   Accordingly,  with
respect   to  the  Company's  insurance  subsidiaries,  any  reference   to
the   years  1996,  1995  and  1994  correspond  to  the  Company's  fiscal
years  1997,  1996  and  1995, respectively.  There  have  been  no  events
related   to  such  subsidiaries  between  January  1  and  March   31   of
1997,   1996   or   1995  that  would  materially  affect   the   Company's
consolidated  financial  position  or  results  of  operations  as  of  and
for   the   fiscal   years   ended  March  31,   1997,   1996   and   1995,
respectively.
     
     Information   on  industry  segments  is  incorporated  by   reference
to  "Item  8.  Financial  Statements and  Supplementary  Data  -  Notes  1,
19   and   20   of  Notes  to  Consolidated  Financial  Statements".    The
notes    discuss    the    principles    of    consolidation,    summarized
consolidated    financial   information   and    industry    segment    and
geographic    area    data,    respectively.    In    consolidation,    all
intersegment  premiums  are  eliminated  and  the  benefits,   losses   and
expenses are retained by the insurance companies.

Results of Operations

Fiscal Year Ended March 31, 1997 Versus Fiscal Year Ended March 31, 1996

Moving and Storage Operations
     Revenues   consist  of  total  rental  and  other  revenue   and   net
sales.
     
     Total   rental   and  other  revenue  increased  by   $61.2   million,
approximately   6.3%,   to   $1,029.2  million   in   fiscal   1997.    The
increase   in  net  revenues  resulted  from  growth  in  the   rental   of
moving-related  equipment  and  self-storage  market,  which  grew  in  the
aggregate  by  $40.6  million  to $974.5 million,  as  compared  to  $933.9
million  in  fiscal  1996.   Truck  rental  revenues  growth  was  due   to
improved   utilization,  an  increase  in  the  fleet   size   and   higher
average   dollars   per   transaction.   Self-storage   facilities   rental
growth    was   positively   impacted   by   additional   rentable   square
footage   and  higher  management  fees  derived  from  storage  facilities
managed  for  others.   Other  revenues  increased  in  the  aggregate   by
$20.6   million.   An  increase  in  net  gains  from  the  sale  of   real
property   of   $10.1   million  was  the  largest   contributor   to   the
increase over the prior year for other revenues.
<PAGE>  17
     Net sales revenues were $179.4 million in fiscal 1997, an increase  of  
3.2% as compared to fiscal 1996 net sales of $173.8 million.  Revenue growth  
from the sale of moving support items (i.e. boxes, etc.), propane and hitches 
resulted in an $8.3 million increase during the year, offset by a $2.7 million 
decrease in revenue from gasoline sales and outside repair income.
     
     Cost of sales was $107.0 million in fiscal 1997, a decrease of 1.6% from   
$108.7 million in fiscal 1996.  A contributing factor towards the decrease was  
a $4.9 million decrease in allowances for inventory shrinkage and other 
inventory adjustments.  Material costs from the sale of propane and hitches 
increased by $3.7 million reflecting higher sales levels.
     
     Operating expenses increased to $898.7 million in fiscal 1997 from   
$821.3 million during fiscal 1996, an increase of 9.4%.  An aggregate   
increase in personnel, rental equipment maintenance and rental equipment  
lease expense of $56.8 million contributed to the increase.  Increased rental,  
sales and repair activity increased personnel costs.  Expansion of the rental  
fleet and transactional growth resulted in higher rental equipment maintenance 
costs.  Increased leasing activity resulted in higher lease expense for 
rental equipment.  Advertising expense in fiscal 1997 declined by $7.0 million  
to $31.9 million from $38.9 million in fiscal 1996.  This decrease reflects a   
one-time expense of $8.6 million recognized in fiscal 1996, due to the 
adoption of Statement of Position  93-7.  The Company had been deferring  
yellow  page  directory  costs  and  amortizing  the  costs over the life  of  
the directory.  The Company is currently  reviewing its implementation  
procedures.   All other operating expense categories increased in the aggregate
by $27.6 million to $232.0 million.
     
     Depreciation   expense  in  fiscal  1997  declined  by  $7.1   million
to  $74.7  million  from  $81.8 million in the  prior  year.   The  decline
from  the  prior  year  is  due to the increase  in  leasing  activity  and
the sale/leaseback of rental trailers in June 1996.

Property and Casualty
     RWIC   gross  premium  writings  for  the  year  ended  December   31,
1996   were  $167.8  million  as  compared  to  $174.2  million  in   1995.
The   rental   industry  market  accounts  for  a  significant   share   of
total   premiums,   46.5%  and  45.2%  in  1996  and  1995,   respectively.
These  writings  include  U-Haul  customers,  fleetowners  and  U-Haul   as
well as other rental industry insureds  with similar characteristics.     
RWIC  continues   underwriting reinsurance via broker markets.   Premiums  
in  this  area  decreased  during  1996 to $49.0 million, or 29.2% of total  
gross  premiums,  from comparable 1995 figures  of  $50.1  million,  or  
28.7%  of  total  premiums.   This decrease  can  be  primarily  attributed  
to  inadequate   pricing   and  market conditions.  Premium  writings  in   
selected general agency lines were 13.1% of total gross written premiums in   
1996 as compared to 16.3% in 1995.   This decrease  resulted  from  a business
decision  to withdraw from  a  regional  commercial multiple peril market.    
RWIC   continued   its direct multiple peril coverage of various commercial   
properties  and  businesses  during 1996.  These premiums accounted for 10.7%  
of the total gross written premium during the  year  ended December 31, 1996 
as compared to 9.1% during 1995.
     
     Net   earned   premiums  increased  $15.7  million,   or   11.2%,   to
$156.5  million  for  the  year  ended December  31,  1996,  compared  with
premiums  of  $140.8  million  for  the  year  ended  December  31,   1995.
The  premium  increase  was  primarily due to  increased  earnings  on  the
rental   industry   and   direct  multiple   peril   markets,   offset   by
decreases in assumed broker market reinsurance and general agency lines.
<PAGE>  18     
     Underwriting   expenses   incurred  were  $170.8   million   for   the
year  ended  December  31,  1996, an increase of  $19.9  million  or  13.2%
over  1995.   Comparable  underwriting  expenses  incurred  for  1995  were
$150.9  million.   The  increase  is  attributed  to  increased  commission
expense   and  losses  incurred.   Commission  expense  at  December   1995
was  reduced  by  $9.0  million  in order to realize  a  guaranteed  margin
on  a  canceled  general  agency  program  with  the  Pace  American  Group
of   Companies.   Commission  expense  in  1996  includes  a  $2.0  million
allowance   for   doubtful   accounts  as  a   result   of   a   settlement
agreement   with   the  Receiver  for  American  Bonding   Company,   which
provided   for   the   return   of  $2.3   million   of   funds   held   as
collateral.    Losses   incurred   increased   in   the   rental   industry
liability  and  broker  market  reinsurance segments,  and  was  offset  by
a  decrease  in  the  general  agency lines.   The  ratio  of  underwriting
expenses  to  net  earned  premium was 1.09 in 1996  as  compared  to  1.07
in 1995.
     
     Net   investment  income  was  $30.6  million  for  the   year   ended
December   31,  1996,  an  increase  of  2.2%  over  1995  net   investment
income   of   $29.9   million.   The  marginal   increase   resulted   from
enhanced   yield   provided  by  an  increased  investment   in   preferred
stock.
     
     Income  before  tax  expense  was $18.3 million  for  the  year  ended
December  31,  1996,  as  compared to $21.4  million  for  the  year  ended
December  31,  1995.   This  represents a  decrease  of  $3.1  million,  or
14.5%   over  1995.   Increased  premium  earnings  and  investment  income
were  offset  by  a  disproportionate  increase  in  underwriting  expenses
as discussed above.
     
Life Insurance
     Premiums   from   Oxford's  reinsurance  lines   before   intercompany
eliminations   were  $20.3  million  for  the  year  ended   December   31,
1996,  an  increase  of  $0.9  million or  4.6%  over  1995  and  accounted
for   73.0%   of   Oxford's   premiums  in  1996.    These   premiums   are
primarily   from   matured  term  life  insurance  and   deferred   annuity
contracts.     Increases    in   premiums   are    primarily    from    the
anticipated  increase  in  annuitizations  as  a  result  of  the  maturing
of deferred annuities.
     
     Premiums    from    Oxford's   direct   lines   before    intercompany
eliminations  were  $7.5  million  in 1996,  a  decrease  of  $0.1  million
or  1.3%  from  the  prior  year.   This  decrease  in  direct  premium  is
primarily  attributable  to  the  credit  life  and  credit  accident   and
health    business   ($5.2   million   in   premium).    Oxford's    direct
business   related  to  group  life  and  disability  coverage  issued   to
employees   of   the   Company   accounted  for   approximately   7.9%   of
premiums  for  the  year  ended December 31,  1996.   Other  direct  lines,
including  the  credit  business,  accounted  for  approximately  19.1%  of
Oxford's premiums in 1996.
     
     Net   investment   income   before   intercompany   eliminations   was
$18.7  million  and  $16.5  million  for  the  years  ended  December   31,
1996   and   1995,  respectively.   This  increase  is  due  to  increasing
margins  on  the  interest  sensitive  business.   Gains  (losses)  on  the
disposition  of  investments  were $(0.4)  million  and  $4.8  million  for
1996  and  1995,  respectively.   Oxford reported  $2.3  million  and  $6.8
million of other income for 1996 and 1995, respectively.
     
     Benefits  and  expenses  incurred were  $38.3  million  for  the  year
ended  December  31,  1996,  an increase of  1.3%  over  1995.   Comparable
benefits  and  expenses  incurred  for  1995  were  $37.8  million.    This
increase   is   primarily  due  to  an  increase   in   annuitizations   on
maturing  deferred  annuities,  partially  offset  by  decreases  in  death
benefits and amortization of deferred acquisition costs.
     
     Operating    profit   before   tax   and   intercompany   eliminations
decreased  by  $2.0  million, or approximately  15.9%,  in  1996  to  $10.6
million,  primarily  due  to  the realization of  capital  gains  in  1995.
The   decrease  in  operating  profit  was  partially  offset   by   larger
margins on Oxford's interest sensitive business in 1996.

Interest Expense
     Interest  expense  increased  by $5.9  million  to  $73.5  million  in
fiscal  1997,  as  compared  to  $67.6  million  in  the  prior  year.  The
increase   resulted   from  higher  average  debt  levels   during   fiscal
1997.
<PAGE>  19
Extraordinary Loss on Extinguishment of Debt
     During  the second quarter of fiscal 1997, the Company extinguished debt   
of approximately $76.3 million by irrevocably placing cash into a trust of 
U.S. Treasury securities to be used to satisfy scheduled payments of principal  
and interest.  The Company also extinguished $86.2 million of its long-term  
notes originally due in fiscal 1997 through fiscal 1999.  These transactions
resulted in an extraordinary loss of $2.3 million, net of tax of $1.4 million 
($0.09 per share).

Results of Operations - Consolidated Group
     As  a  result  of  the  foregoing,  pretax  earnings  from  operations
of  $83.5  million  were  realized in fiscal 1997,  as  compared  to  $96.2
million   for   fiscal  1996.   After  providing  for  income   taxes   and
extraordinary  loss  on  early extinguishment of  debt,  net  of  tax;  net
earnings  for  fiscal  1997  were  $51.9  million,  as  compared  to  $60.4
million for the prior year.


Fiscal Year Ended March 31, 1996 Versus Fiscal Year Ended March 31, 1995

Moving and Storage Operations
     Revenues consist of total rental and other revenue and net sales.
     
     Total   rental   and   other  revenue  increased  by   $40.2   million
(4.3%)  to  $968.0  million  during  fiscal  1996.   The  increase  in  net
revenues   results   from   growth  in  the  rental   of   moving   related
equipment   and   self-storage   facilities   which   increased   in    the
aggregate  by  $39.2  million  to $933.9 million,  as  compared  to  $894.7
million  for  fiscal  1995.   In  excess  of  53%  of  the  rental  revenue
growth   was   realized  during  the  fourth  quarter   of   fiscal   1996.
Moving   related  rental  revenues  benefited  from  transactional   growth
(volume)   within   the  rental  fleet.   Self-storage  facilities   rental
growth  was  positively  impacted  by  an  increase  in  same  store  rents
realized   per  rentable  square  foot,  higher  management  fees   derived
from storage facilities managed for others and additional rentable square 
footage.  Other revenues increased in the aggregate by $1.0 million.
     
     Net   sales  revenues  were  $173.8  million  for  fiscal   1996,   an
increase  of  approximately  2.1% from fiscal  1995  net  sales  of  $170.2
million.    Revenue   growth  from  the  sale  of  moving   support   items
(i.e.,  boxes,  etc.),  hitches and propane  resulted  in  a  $9.1  million
increase   during   the  year,  which  was  offset  by   a   $1.2   million
decrease   in   revenue   from   gasoline   sales   consistent   with   the
Company's   ongoing  efforts  to  remove  underground  storage  tanks   and
gradually   discontinue   gasoline  sales.   Other   sales   decreased   by
$5.2   million  due  to  the  sale  of  discontinued  repair  parts  during
the fourth quarter of fiscal 1995.
     
     Cost  of  sales  was  $108.7  million for  fiscal  1996,  an  increase
of  16.2%  from  $93.5  million for fiscal 1995.   This  increase  in  cost
of   sales  reflects  a  $7.0  million  increase  in  material  costs  from
the  sale  of  moving  support  items, hitches  and  propane  as  a  result
of  higher  sales  levels  and  an  $8.1  million  increase  in  allowances
for inventory shrinkage and other inventory adjustments.
     
     Operating   expenses  increased  to  $821.3  million   during   fiscal
1996  from  $723.9  million  during fiscal  1995,  an  increase  of  13.5%.
Increased  rental  equipment  maintenance  costs  of  $53.6  million   were
related    to   rental   fleet   expansion   and   transactional    growth.
Increased  personnel  costs  of $16.8 million  were  due  to  the  increase
in  rental,  sales  and  repair  activity.  Advertising  expense  increased
to  $38.9  million  during  fiscal  1996  from  $29.1  million  for  fiscal
1995.   The  increase  primarily  reflects  a  one-time  expense  of   $8.6
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.
All   other   operating  expense  categories  increased  in  the  aggregate
by $17.2 million, 6.7%, to $273.5 million.
<PAGE>  20     
     Depreciation   expense  for  fiscal  1996  was   $81.8   million,   as
compared  to  $151.4  million  for fiscal  year  1995.   During  the  third
and  fourth  quarters  of  fiscal 1996, based  on  the  Company's  in-depth
market  analysis,  the  Company  increased  the  estimated  residual  value
of   certain  rental  trucks.   The  effect  of  the  change  in   estimate
reduced   depreciation   expense  for  fiscal   1996   by   $71.4   million
($35.7  million  during  the  third  quarter,  $26.6  million  during   the
fourth   quarter   for  the  fourth  quarter  change   and   $9.1   million
during the fourth quarter for the third quarter change).  The effect of the  
change increased net income for fiscal year 1996 by $44.4 million.

Property and Casualty
     RWIC   gross  premium  writings  for  the  year  ended  December   31,
1995  were  $174.2  million  as compared to $179.2  million  in  1994.   As
in   prior   years,   the   rental   industry   market   accounts   for   a
significant  share  of  total  premiums,  approximately  45.2%  and   42.8%
in   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
reinsurance  via  broker  markets.  Premiums  in  this  area  decreased  in
1995   to   $50.1   million,  or  28.7%  of  total  gross  premiums,   from
comparable   1994   figures   of  $58.3  million,   or   32.5%   of   total
premiums.    This   decrease   can   be  primarily   attributed   to   RWIC
electing   not   to   renew   several  treaties   because   of   inadequate
pricing   or   terms.    Also  contributing  to  the   decrease   was   the
discontinuation   of   a   significant   fronting   arrangement.    Premium
writings  in  selected  general agency lines  were  16.3%  of  total  gross
written   premiums  in  1995  as  compared  to  a  15.1%  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  9.1%  of   the   total   gross   written
premium during the year ended December 31, 1995.
     
     Net  earned  premiums  increased $7.4  million,  or  5.6%,  to  $140.8
million   for   the   year   ended  December  31,   1995,   compared   with
premiums  of  $133.4  million  for  the  year  ended  December  31,   1994.
This   increase   was   primarily  due  to  increased   earnings   on   the
assumed   treaty   reinsurance  business  and   the   expanded   commercial
coverage   discussed  above,  offset  by  decreased  premiums  on  canceled
agent programs and rental industry liability lines.
     
     Underwriting   expenses   incurred  were  $150.9   million   for   the
twelve  months  ended  December  31, 1995,  an  increase  of  $8.8  million
or  6.2%  over  1994.   The  increase occurred in incurred  loss  and  loss
adjusting   expense,   offset  by  decreased  commissions   expense.    The
change   in  incurred  loss  and  loss  adjusting  expense  resulted   from
increases  on  general  agency,  rental  industry  liability  and   assumed
treaty    reinsurance,   partially   offset   by   improved    underwriting
results   in   other   programs.   The  decrease  in   commission   expense
resulted  from  an  adjustment  made to  realize  a  guaranteed  margin  on
a   canceled   general   agency  program.   The   ratio   of   underwriting
expenses  to  net  earned  premium  remained  the  same,  1.07,   in   both
1995 and 1994.
     
     Net   investment  income  was  $29.9  million  for  the   year   ended
December   31,  1995,  an  increase  of  3.1%  over  1994  net   investment
income   of  $29.0  million.  The  increase  is  the  result  of  favorable
interest   rates  along  with  a  larger  portfolio  due   to   growth   in
business.
     
     Income   before  tax  expense  was  $21.4  million  as   compared   to
$23.2  million  for  the  year  ended December  1994.   This  represents  a
decrease   of   $1.8  million,  or  7.8%  over  1994.   Increased   premium
earnings   and   investment  income  were  offset  by  a   disproportionate
increase in underwriting expenses as discussed above.

Life Insurance
     Premiums   from   Oxford's  reinsurance  lines   before   intercompany
eliminations   were  $19.4  million  for  the  year  ended   December   31,
1995,  an  increase  of  $2.0  million or  approximately  11.5%  over  1994
and   accounted   for   71.8%  of  Oxford's  premiums   in   1995.    These
premiums   are   primarily   from   term  life   insurance   and   deferred
annuity   contracts  that  have  matured.   Increases   in   premiums   are
primarily   from   the   anticipated  increase  in  annuitizations   as   a
result   of   the  maturing  of  deferred  annuities  and  from  additional
production   in   the   credit  life  and  credit   accident   and   health
business.
<PAGE>  21     
     Premiums    from    Oxford's   direct   lines   before    intercompany
eliminations  were  $7.6  million in 1995,  an  increase  of  $1.4  million
or  22.6%  from  the  prior  year.   This increase  in  direct  premium  is
primarily  attributable  to  the  credit  life  and  credit  accident   and
health    business   ($5.6   million   in   premium).    Oxford's    direct
business   related  to  group  life  and  disability  coverage  issued   to
employees   of   the   Company   accounted  for   approximately   7.2%   of
premiums  for  the  year  ended December 31,  1995.   Other  direct  lines,
including  the  credit  business,  accounted  for  approximately  21.0%  of
Oxford's premiums in 1995.
     
     Net   investment   income   before   intercompany   eliminations   was
$16.5  million  and  $14.1  million  for  the  years  ended  December   31,
1995   and   1994,  respectively.   This  increase  is  due  to  increasing
margins   on   the   interest   sensitive   business.    Gains    on    the
disposition   of   fixed  maturity  investments  were  $4.8   million   and
$1.3  million  for  1995  and  1994, respectively.   Oxford  reported  $2.0
million   and   $1.9   million  of  other  income  for   1995   and   1994,
respectively.
     
     Benefits  and  expenses  incurred were  $37.8  million  for  the  year
ended    December   31,   1995,   an   increase   of   21.9%   over   1994.
Comparable   benefits   and  expenses  incurred   for   1994   were   $31.0
million.   This  increase  is  primarily due  to  disability,  credit  life
and   credit   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  the  disposition   of
fixed maturities.

     Operating   profit  before  intercompany  eliminations  increased   by
$2.9   million,   or  approximately  29.9%,  in  1995  to  $12.6   million,
primarily   due  to  the  increasing  margins  on  the  interest  sensitive
business    and    gains   on   the   disposition   of    fixed    maturity
investments,   which  were  partially  offset  by  the  increase   in   the
amortization of deferred acquisition costs.

Interest Expense
     Interest  expense  decreased  by $0.2  million  to  $67.6  million  in
fiscal  1996,  as  compared  to  $67.8 million  in  fiscal  1995.   Despite
average    debt    levels    increasing,    interest    expense    declined
reflecting a reduction in the average cost of funds.
     
Results of Operations - Consolidated Group
     As   a   result   of   the  foregoing,  pre-tax  earnings   of   $96.2
million  were  realized  in  fiscal  1996  as  compared  to  $93.5  million
in  fiscal  1995.   After  providing for income  taxes,  net  earnings  for
fiscal  1996  were  $60.4  million as compared to  $60.0  million  for  the
same period of the prior year.
<PAGE>  22
Quarterly Results
     The   following  table  presents  unaudited  quarterly   results   for
the  eight  quarters  in  the period beginning April  1,  1995  and  ending
March    31,    1997.    The   Company   believes   that   all    necessary
adjustments   have   been  included  in  the  amounts   stated   below   to
present    fairly,    and   in   accordance   with    generally    accepted
accounting  principles,  the  selected  quarterly  information  when   read
in    conjunction    with    the    consolidated    financial    statements
incorporated  herein  by  reference.   The  Company's  U-Haul  moving   and
storage   operations   are  seasonal  and  proportionally   more   of   the
Company's   revenues  and  net  earnings  from  its   U-Haul   moving   and
storage   operations  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 (in thousands except per share data).

                                            Quarter Ended
                                ----------------------------------------------
                                   Jun 30      Sep 30      Dec 31      Mar 31
                                     1996        1996        1996        1997
                                ----------------------------------------------
Total revenues                 $   379,192     417,223     320,583     308,105
Earnings from operations
  before extraordinary loss
  on early extinguishment
  of debt (6)                          -        39,741      (9,538)        -
Net earnings (loss) (4) (6)         40,005      37,737      (9,853)    (16,024)
Weighted average common
  shares outstanding (2) (5)    32,015,301  27,675,192  20,359,873  21,868,241
Earnings from operations
  before extraordinary loss
  on early extinguishment
  of debt per common share (6)         -          1.29       (0.72)        -
Net earnings (loss) per
  common share (1) (2) (5) (6)        1.15        1.22       (0.74)      (0.97)


                                            Quarter Ended
                                ---------------------------------------------- 
                                   Jun 30      Sep 30      Dec 31      Mar 31
                                     1995        1995        1995        1996
                                ----------------------------------------------
Total revenues                 $   348,698     389,861     313,063     298,656
Net earnings (loss) (3) (4)         15,177      35,332       7,701       2,184
Weighted average common
  shares outstanding (2) (5)    37,958,426  37,931,825  36,796,961  32,554,458
Net earnings (loss) per
  common share (1) (2)                0.31        0.85        0.13       (0.04)

_______________
(1) Net earnings (loss) per common share amounts were computed
    after giving effect to the dividends on the Company's Preferred Stock.

(2) Reflects the adoption of Statement of Position 93-6,
    "Employers' Accounting for Employee Stock Ownership Plan".

(3) Reflects the adoption of Statement of Position 93-7, "Reporting
    on Advertising Costs" in the first quarter of fiscal 1996.

(4) Reflects the change in estimated residual value during the
    third and fourth quarters of fiscal 1996.

(5) Reflects the acquisition of treasury shares acquired pursuant
    to the Shoen Litigation as discussed in "Item 7. Management's Discussion 
    and Analysis of Financial condition and Results of Operations-Stockholder
    Litigation".

(6) During second quarter of fiscal 1997, the Company extinguished 
    $76.3 million of debt and $86.2 million of its long-term notes originally   
    due in fiscal 1997 through fiscal 1999.  This resulted in an extraordinary  
    loss of $2.3 million, net of tax of $1.4 million ($0.09 per share).

<PAGE>  23
Liquidity and Capital Resources

Moving and Storage Operations
     To   meet  the  needs  of  its  customers,  U-Haul  must  maintain   a
large   inventory  of  fixed  asset  rental  items.   At  March  31,  1997,
net  property,  plant  and  equipment represented  68.9%  of  total  U-Haul
assets   and  45.8%  of  consolidated  assets.   In  fiscal  1997,  capital
expenditures  were  $203.9  million  as  compared  to  $291.1  million   in
fiscal   1996,   reflecting  expansion  of  the  rental   fleet   in   both
periods,   purchase   of  trucks  previously  leased  and   real   property
acquisitions.     The    capital   needs    required    to    fund    these
acquisitions   were   funded   with   internally   generated   funds   from
operations and the proceeds of equity, debt and lease financings.
     
     Cash   flows   from  operating  activities  were  $156.7  million   in
fiscal  1997,  as  compared  to  $146.6  million  and  $178.0  million   in
fiscal   1996  and  1995,  respectively.   The  increase  from  the   prior
year   is  due  to  payoffs  of  mortgage  receivables  offset  by   higher
operating expenses.
     
Property and Casualty
     Cash  flows  from  operating  activities  were  $15.0  million,  $31.0
million  and  $28.8  million  for  the  years  ended  December  31,   1996,
1995   and   1994,   respectively.   The  change  is   due   to   decreased
unearned   premium   reserve,   temporary   increases   in   paid    losses
recoverable  and  due  from  affiliates and  a  smaller  increase  in  loss
and   expense  reserves  than  for  the  year  ended  December  31,   1995.
These   decreases   in  cash  were  offset  by  a  decrease   in   accounts
receivable.
     
     RWIC's   cash   and   cash   equivalents  and  short-term   investment
portfolio  were  $30.8  and  $10.5  million  at  December  31,   1996   and
1995,   respectively.    This  level  of  liquid  assets,   combined   with
budgeted   cash   flow,   is  adequate  to  meet   periodic   needs.    The
balances  reflect  funds  in  transition from maturity  proceeds  to  long-
term  investments,  as  well  as  funds  for  an  investment  in  a  Texas-
based   self-storage  corporation,  made  in  February   1997,   in   which
RWIC   invested   $13.5   million  in  exchange   for   a   27.3%   limited
partnership  interest.   The  structure  of  the  long-term  portfolio   is
designed   to   match   future   liability   cash   needs.    Capital   and
operating   budgets  allow  RWIC  to  schedule  cash  needs  in  accordance
with investment and underwriting proceeds.
     
     RWIC   maintains   a  diversified  securities  investment   portfolio,
primarily  in  bonds  at  varying  maturity  levels  with  97.6%   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    is
adequate,   with   current  invested  assets  equal  to  99.4%   of   total
liabilities.
     
     Stockholder's   equity   increased  2.2%  from   $188.2   million   at
December   31,  1995  to  $192.3  million  at  December  31,  1996.    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  dividends  of  $6.7
million in December 1996 to its parent.
     
     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.   With  respect  to  RWIC, such  amount  is  $1.0  million.   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.
     
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
<PAGE>  24
consideration.     Benefit   and   claim   statistics    are    continually
monitored to provide projections of future cash requirements.
     
     Cash   provided  by  operating  activities  was  $16.5  million,  $9.0
million  and  $15.2  million  for  the  years  ended  December  31,   1996,
1995   and  1994,  respectively.   In  1996,  cash  flows  provided  (used)
by   financing   activities  were   $(10.0)  million.   During   1995   and
1994,   cash   flows   provided   by  financing   activities   were   $87.9
million   and  $1.1  million,  respectively.   Cash  flows  from   deferred
annuity   sales  increase  investment  contract  deposits,  which   are   a
component  of  financing  activities,  as  well  as  an  increase  in   the
purchase   of   fixed  maturities  which  are  a  component  of   investing
activities.   In  addition  to  cash flows  from  operating  and  financing
activities,   a   substantial   amount  of  liquid   funds   is   available
through   Oxford's  short-term  portfolio.   At  December  31,   1996   and
1995,   short-term   investments  aggregated   $4.5   million   and   $10.8
million,   respectively.    In  February  1997,   Oxford   invested   $11.0
million   for   a   22.2%  limited  partnership  in  a  Texas-based   self-
storage   corporation.   Management  believes  that  the  overall   sources
of liquidity will continue to meet foreseeable cash needs.
     
     Stockholder's  equity  of  Oxford  decreased  to  $75.3   million   in
1996   from  $106.2  million  in  1995.   During  1996,  Oxford  paid  cash
dividends of $33.9 million to its parent.
     
     Applicable   laws   and   regulations  of   the   State   of   Arizona
require   the   Company's  insurance  subsidiaries  to   maintain   minimum
capital    and   surplus   determined   in   accordance   with    statutory
accounting  practices.   With  respect  to  Oxford,  such  amount  is  $0.6
million.   In  addition,  the  amount of dividends  that  can  be  paid  to
shareholders   by   insurance  companies  domiciled   in   the   State   of
Arizona  is  limited.   Any  dividend  in  excess  of  the  limit  requires
prior    regulatory   approval.   Statutory   surplus    which    can    be
distributed   as  dividends  without  regulatory  approval   is   zero   at
December   31,   1996.   Any  1997  dividend  requires   prior   regulatory
approval.

Consolidated Group
     During  each  of  the  fiscal  years  ending  March  31,  1998,   1999
and   2000,   U-Haul  estimates  gross  capital  expenditures  will   range
from  $250-$300  million  as  a  result  of  acquisitions  for  the  rental
fleet    and    self-storage   locations.    This    level    of    capital
expenditures,  combined  with  an  average  of  approximately  $75  million
in   annual  long-term  debt  maturities  during  this  same  period,   are
expected   to   create  annual  average  funding  needs  of   approximately
$325-$375   million.    Management  estimates   that   U-Haul   will   fund
between   70%   and   88%  with  internally  generated   funds,   including
proceeds   from   the  disposition  of  older  trucks   and   other   asset
sales.   The  remainder  of  the  required  capital  expenditures  will  be
financed  either  through  lease  fundings,  credit  facilities,  new  debt
placements or 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  March  31,  1997,   the   Company   had
$983.6   million   in  total  notes  and  loans  payable  outstanding   and
unutilized   committed   lines   of   credit   of   approximately    $490.0
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.  At  March  31,  1997,  the  Company  was  in
compliance with these covenants.

     The   Company  is  further  restricted  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  any  subsidiary
<PAGE>  25
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.

Stockholder Litigation
     On  October  1,  1996,  the  Company  paid  the  last  portion  of   a
total   of   approximately   $448.1  million  to   the   plaintiffs   (non-
management   members  of  the  Shoen  family  and  their   affiliates)   in
full   settlement   of   a  long-standing  legal  dispute   involving   the
Shoen  family  and  related  to  control of  the  Company.   As  a  result,
the   plaintiffs  that  owned  AMERCO  stock  were  required  to   transfer
all   of  their  shares  of  Common  Stock  to  the  Company.   The   total
number of shares transferred was 18,254,976.
     
     An   issue  remains  regarding  whether  or  not  the  plaintiffs  are
entitled   to  statutory  post-judgment  interest  at  the  rate   of   ten
percent   (10%)   per   year  from  February  21,  1995   (the   date   the
Director-Defendants   filed  for  protection  under   Chapter   11)   until
the   judgment   was  satisfied.   On  July  19,  1996,    the   bankruptcy
court   ruled   the  plaintiffs  are  entitled  to  such   interest.    The
Director-Defendants   and   the   Company   have   appealed   the   court's
decision.    The   Company  has  deposited  approximately   $48.2   million
into  an  escrow  account  to  secure payment  of  the  disputed  interest,
pending   final  resolution  of  this  issue  (including  all  appeals   by
either  side).   If  the  interest  issue  is  decided  adversely  to   the
Company  and  the  Director-Defendants,  the  amount  deposited  into   the
escrow  account  will  be  transferred to  the  plaintiffs.   The  ultimate
outcome  of  this  issue  will  not  have  the  effect  of  increasing   or
decreasing  the  Company's  net  income,  but  could  reduce  stockholders'
equity.
     
     The  Company  has  deducted  for  income  tax  purposes  approximately
$324.0  million  of  the  payments  made  to  the  plaintiffs.   While  the
Company   believes  that  such  income  tax  deductions  are   appropriate,
there  can  be  no  assurance  that  such  deductions  ultimately  will  be
allowed in full.
     
Other
     On  April  1,  1995,  the  Company implemented  Statement  of
Position 93 - 7, "Reporting on Advertising Costs", 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.    Upon
implementation,  the  Company  recognized  additional  advertising
expense  of  $8,647,000 for advertising costs  not  qualifying  as
direct-response.   The  adoption had the effect  of  reducing  net
income  by  $5,474,000 ($0.15 per share) for the year ended  March
31,  1996.   The Company is currently reviewing its implementation
procedures.
     
     Other   pronouncements  issued  by  the  Financial  Accounting
Standards  Board  adopted during the year are not material  to  the
consolidated   financial  statements  of  the  Company.    Further,
pronouncements   with  future  effective  dates  are   either   not
applicable or not material to the consolidated financial statements
of the Company.
     
     The Company has conducted a review of its computer systems  to
identify  those  areas that could be affected by  the  "Year  2000"
issue  and  is  developing an implementation plan  to  resolve  the
issue.   The  Company  presently  believes,  with  modification  to
existing  software and converting to new software,  the  Year  2000
problem will not pose significant operational problems and  is  not
anticipated to be material to its financial position or results  of
operations in any given year.

Impact of Inflation
     Inflation has had no material financial effect on the Company's 
results of operations in the years discussed.
<PAGE>  26                                 
       ITEM  8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

     The   Report   of  Independent  Accountants  and  Consolidated
Financial  Statements of the Company, including the notes  to  such
statements  and the related schedules, are set forth  on  pages  30
through 81 and are hereby incorporated herein.


ITEM  9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNT
                   ING AND FINANCIAL DISCLOSURE

     The   Registrants  have  had  no  disagreements   with   their
independent  accountant  in  regard  to  accounting  and  financial
disclosure   matters  and  have  not  changed   their   independent
accountant during the two most recent fiscal years.


                             PART III
                                 
   ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANTS

      Information regarding (i) directors and executive officers of
the   Company  is  set  forth  under  the  captions  "Election   of
Directors",  "Executive  Officers  of  the  Company",  and   "Shoen
Litigation"  and (ii) compliance with Section 16(a)  is  set  forth
under  the  caption  "Section 16(a) Beneficial Ownership  Reporting
Compliance" in the Company's Proxy Statement relating to  the  1997
Annual   Meeting  of  Stockholders  (the  "1997  Proxy  Statement")
incorporated by reference into this Form 10-K Report, which will be
filed  with  the Securities and Exchange Commission  in  accordance
with  Rule 14a-6 promulgated under the Securities Exchange  Act  of
1934,  as amended.  With the exception of the foregoing information
and  other information specifically incorporated by reference  into
this  report, the 1997 Proxy Statement is not being filed as a part
hereof.
     
                 ITEM 11.  EXECUTIVE COMPENSATION
                                 
      Information  regarding executive compensation  is  set  forth
under  the  caption  "Executive Compensation"  in  the  1997  Proxy
Statement,  which information is incorporated herein by  reference;
provided,   however,   that   the  "Board   Report   on   Executive
Compensation"  and the "Performance Graph" contained  in  the  1997
Proxy Statement are not incorporated by reference herein.
     
        ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
                       OWNERS AND MANAGEMENT
                                 
     Information regarding security ownership of certain beneficial
owners  and  management  is set forth under the  caption  "Security
Ownership of Certain Beneficial Owners and Management" in the  1997
Proxy  Statement,  which  information  is  incorporated  herein  by
reference.
                                 
     ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
                                 
       Information  regarding  certain  relationships  and  related
transactions of management is set forth under the captions "Certain
Relationships  and Related Transactions" and "Shoen Litigation"  in
the  1997 Proxy Statement, which information is incorporated herein
by reference.
<PAGE>  27     
                                 
                              PART IV

       ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND
                        REPORTS ON FORM 8-K

(a) The following documents are filed as part of this Report:
                                                           Page No.
                                                           --------   
   1.  Financial Statements

       Report of Independent Accountants                      30
       Consolidated Balance Sheets -
         March 31, 1997 and 1996                              31
       Consolidated Statements of Earnings -
         Years ended March 31, 1997, 1996 and 1995            33
       Consolidated Statements of Changes in Stockholders'
         Equity - Years ended March 31, 1997, 1996 and 1995   34
       Consolidated Statements of Cash Flows - Years ended
         March 31, 1997, 1996 and 1995                        36
       Notes to Consolidated Financial Statements             38

   2.  Additional Information

       Summary of Earnings of Independent Trailer Fleets      74
       Notes to Summary of Earnings of Independent
         Trailer Fleets                                       75

   3.  Financial Statement Schedules required to be filed
         by Item 8 and Paragraph (d) of this Item 14

       Condensed Financial Information of Registrant --
         Schedule I                                           77
       Supplemental Information (For Property-Casualty
         Insurance Underwriters) -- Schedule V                81

     All other schedules are omitted as the required information is
not  applicable  or the information is presented in  the  financial
statements or related notes thereto.

(b)   No  report on Form 8-K has been filed during the last quarter
of the period covered by this report.
<PAGE>  28
(c)  Exhibits

       Exhibit No.              Description
       -----------              -----------
          2.1     Order Confirming Plan (1)
          2.2     Second Amended and Restated Debtor's Plan of
                    Reorganization Proposed by Edward J. Shoen (1)
          3.1     Restated Articles of Incorporation (2)
          3.2     Restated By-Laws of AMERCO as of August 27, 1996 (3)
          4.1     Debt Securities Indenture (1)
          4.2     First Supplemental Indenture, Dated as of May 6, 1996 (4)
          4.3     Stockholders Rights Plan (5)
          4.4     AMERCO Stock Option and Incentive Plan(5)
         10.1     AMERCO Employee Savings, Profit Sharing and
                    Employee Stock Ownership Plan (5)
         10.2     U-Haul Dealership Contract (5)
         10.3     Share Repurchase and Registration Rights Agreement (5)
         10.4     Share Repurchase and Registration Rights Agreement (5)
         10.5     ESOP Loan Credit Agreement (6)
         10.6     ESOP Loan Agreement (6)
         10.7     Trust Agreement for the AMERCO Employee Savings,
                    Profit Sharing and Employee Stock Ownership Plan(6)
         10.8     Amended Indemnification Agreement (6)
         10.9     Indemnification Trust Agreement (6)
         10.10    Promissory Note between SAC Holding Corporation
                    and a subsidiary of AMERCO 
         10.11    Promissory Notes between Four SAC Self-Storage Corporation
                    and a subsidiary of AMERCO    
         10.12    Management Agreement between Three SAC Self-Storage 
                    Corporation and a subsidiary of AMERCO     
         10.13    Management Agreement between Four SAC Self-Storage 
                    Corporation and a subsidiary of AMERCO      
         10.14    Settlement Agreement, dated September 19, 1995, among
                    Mary Anna Shoen Eaton, Maran, Inc., Edward J. Shoen,
                    James P. Shoen, Aubrey K. Johnson, John M. Dodds,
                    William E. Carty and AMERCO(8)
         10.15    Full and Final Release of All Claims, dated September 19,
                    1995, executed by Maran, Inc., Mary Anna Shoen Eaton and
                    Timothy Eaton (8)
         10.16    Full and Final Release of All Claims, dated September 19,
                    1995, executed by AMERCO, Edward J. Shoen, James P. Shoen,
                    Aubrey K. Johnson, John M. Dodds and William E. Carty (8)
         10.17    Stock Purchase Agreement, dated September 19, 1995 among
                    Mary Anna Shoen Eaton, Maran, Inc., Edward J. Shoen,
                    James P. Shoen, Aubrey K. Johnson, John M. Dodds and
                    William E. Carty (8)
         10.18    Agreement, dated October 17, 1995, among AMERCO, 
                    Edward J. Shoen, James P. Shoen, Aubrey K. Johnson, 
                    John M. Dodds and William E. Carty (8)
         10.19    Directors' Release, dated October 17, 1995, executed by
                    Edward J. Shoen, James P. Shoen, Aubrey K. Johnson,
                    John M. Dodds and William E. Carty in favor of AMERCO (8)
         10.20    AMERCO Release, dated October 17, 1995, executed by AMERCO 
                    in favor of Edward J. Shoen, James P. Shoen, 
                    Aubrey K. Johnson, John M. Dodds and William E. Carty (8)
         10.21    Settlement Agreement with Paul F. Shoen (9)
         10.22    Series B Preferred Stock Purchase Agreement, dated as of
                    August 30, 1996 (3)
         10.23    Side Agreement, dated as of October 29, 1996(3)
         10.24    Settlement Agreement, dated October 15, 1996 between
                    L.S. Shoen and AMERCO
         12       Statements Re: Computation of Ratios
         21       Subsidiaries of AMERCO
<PAGE>  29
c.  Exhibits, continued
         23       Consent of Independent Accountants
         27       Financial Data Schedule


________________

(1) Incorporated   by  reference  to  the  Company's   Registration
    Statement on Form S-3, Registration no. 333-1195.
(2) Incorporated by reference to the Company's Quarterly Report  on
    Form 10-Q for the quarter ended December 31, 1992, file no.  
    0-7862.
(3) Incorporated  by reference to the Company Quarterly  Report  on
    Form  10-Q for the quarter ended September 30, 1996,  file  no.
    0-7862.
(4) Incorporated  by reference to the Company's Current  Report  on
    Form 8-K, dated May 6, 1996.
(5) Incorporated  by  reference to the Company's Annual  Report  on
    Form 10-K for the year ended March 31, 1993, file no. 0-7862.
(6) Incorporated  by  reference to the Company's Annual  Report  on
    Form 10-K for the year ended March 31, 1990, file no. 0-7862.
(7) Incorporated by reference to the Company's Quarterly Report  on
    Form 10-Q for the quarter ended September 30, 1994, file no. 
    0-7862.
(8) Incorporated by reference to the Company's Quarterly Report  on
    Form 10-Q for the quarter ended September 30, 1995, file no. 
    0-7862.
(9) Incorporated  by  reference to the Company's Annual  Report  on
    Form 10-K for the year ended March 31, 1995, file no. 0-7862.


<PAGE> 30
                                  







                  REPORT OF INDEPENDENT ACCOUNTANTS
                  ---------------------------------



To the Board of Directors
and Stockholders of AMERCO


In  our opinion, the consolidated financial statements listed in the
index  appearing  under Item 14(a)(1) and (3)  on  page  27  present
fairly,  in all material respects, the financial position of  AMERCO
and its subsidiaries at March 31, 1997 and 1996, and the results  of
their operations and their cash flows for each of the three years in
the  period  ended  March  31, 1997, in  conformity  with  generally
accepted accounting principles. These financial statements  are  the
responsibility of the Company's management; our responsibility is to
express  an  opinion  on  these financial statements  based  on  our
audits.   We  conducted our audits of these statements in accordance
with  generally  accepted auditing standards which require  that  we
plan  and  perform  the audit to obtain reasonable  assurance  about
whether  the financial statements are free of material misstatement.
An  audit  includes examining, on a test basis, evidence  supporting
the  amounts and disclosures in the financial statements,  assessing
the  accounting  principles used and significant estimates  made  by
management,   and   evaluating  the  overall   financial   statement
presentation.  We believe that our audits provide a reasonable basis
for the opinion expressed above.

As discussed in Note 1 to the consolidated financial statements, the
Company  changed its method of accounting for advertising  costs  in
fiscal 1996.

Our  audits were made for the purpose of forming an opinion  on  the
basic  financial  statements  taken as  a  whole.   The  Summary  of
Earnings of Independent Trailer Fleets included on pages 74  through
76  of  this  Form  10-K  is presented for  purposes  of  additional
analysis  and  is  not  a  required  part  of  the  basic  financial
statements.   Such information has been subjected  to  the  auditing
procedures  applied in the audits of the basic financial  statements
and,  in  our opinion, is fairly stated in all material respects  in
relation to the basic financial statements taken as a whole.




PRICE WATERHOUSE LLP

Phoenix, Arizona
June 23, 1997
<PAGE> 31
                AMERCO AND CONSOLIDATED SUBSIDIARIES
                                  
                     Consolidated Balance Sheets
                                  
                              March 31,


             Assets                                  1997        1996
                                                 ---------------------
                                                      (in thousands)

Cash and cash equivalents                      $    41,752      31,168
Receivables                                        238,523     340,564
Inventories                                         65,794      45,891
Prepaid expenses                                    17,264      16,415
Investments, fixed maturities                      859,694     879,702
Investments, other                                 127,306     126,555
Deferred policy acquisition costs                   48,598      49,995
Other assets                                        72,997      16,402
                                                 ---------------------

Property, plant and equipment, at cost:
   Land                                            209,803     212,593
   Buildings and improvements                      814,744     769,380
   Furniture and equipment                         199,126     188,734
   Rental trailers and other rental
     equipment                                     148,807     256,411
   Rental trucks                                   947,911     968,131
   General rental items                             21,600      24,197
                                                 ---------------------
                                                 2,341,991   2,419,446
   Less accumulated depreciation                 1,094,925   1,102,731
                                                 ---------------------

     Total property, plant and equipment         1,247,066   1,316,715
                                                 ---------------------
































                                               $ 2,718,994   2,823,407
                                                 =====================

The accompanying notes are an integral part of these consolidated financial 
statements.
<PAGE> 32



Liabilities and Stockholders' Equity                 1997        1996
                                                 ---------------------
                                                      (in thousands)
Liabilities:
   Accounts payable and accrued
     expenses                                  $   131,099     151,754
   Notes and loans                                 983,550     998,220
   Policy benefits and losses, claims
     and loss expenses payable                     469,134     483,561
   Liabilities from premium deposits               433,397     410,787
   Cash overdraft                                   23,606      32,159
   Other policyholders' funds and
     liabilities                                    30,966      25,713
   Deferred income                                  35,247       2,926
   Deferred income taxes                             9,675      68,739
                                                 ---------------------

Stockholders' equity:
   Serial preferred stock, with or
     without par value, 50,000,000
     shares authorized -
     Series A preferred stock, with no par
        value, 6,100,000 shares authorized;
        6,100,000 shares issued and
        outstanding as of March 31, 1997
        and 1996                                       -           -
     Series B preferred stock, with no par
        value, 100,000 shares authorized;
        100,000 shares issued and
        outstanding as of March 31, 1997,
        none issued and outstanding as of
        March 31, 1996                                 -           -
   Serial common stock, with or without
     par value, 150,000,000 shares
     authorized -
     Series A common stock of $0.25 par
        value, 10,000,000 shares
        authorized; 5,762,495 shares
        issued as of March 31, 1997 and 1996         1,441       1,441
   Common stock of $0.25 par value,
     150,000,000 shares authorized;
     36,487,505 and 34,237,505 shares
     issued as of March 31, 1997 and
     1996, respectively                              9,122       8,559
   Additional paid-in capital                      337,933     165,756
   Foreign currency translation
     adjustment                                    (14,133)    (11,877)
   Unrealized gain on investments                    4,411      11,097
   Retained earnings                               644,009     609,019
                                                 ---------------------
                                                   982,783     783,995
   Less:
     Cost of common shares in treasury, net
      (19,635,913 and 7,209,077 shares
      as of March 31, 1997 and 1996,
      respectively)                                359,723     111,118
     Unearned employee stock
       ownership plan shares                        20,740      23,329
                                                 ---------------------
          Total stockholders' equity               602,320     649,548

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


                                               $ 2,718,994   2,823,407
                                                 =====================
                                  
The accompanying notes are an integral part of these consolidated financial 
statements.
<PAGE> 33                
                AMERCO AND CONSOLIDATED SUBSIDIARIES
                                  
                 Consolidated Statements of Earnings
                                  
                        Years ended March 31,
                                  
                                             1997        1996        1995
                                        ----------------------------------
                                       (in thousands except per share data)
Revenues
  Rental and other revenue            $  1,032,697     976,234     933,163
  Net sales                                179,382     173,806     170,204
  Premiums                                 163,603     154,249     135,648
  Net investment income                     49,421      45,989      42,085
                                        ----------------------------------
       Total revenues                    1,425,103   1,350,278   1,281,100

Costs and expenses
  Operating expense                        915,102     827,622     730,685
  Cost of sales                            106,975     108,662      93,485
  Benefits and losses                      154,761     151,232     133,407
  Amortization of deferred
    acquisition costs                       16,493      17,131      10,896
  Depreciation                              74,721      81,847     151,409
  Interest expense                          73,523      67,558      67,762
                                        ----------------------------------
      Total costs and
      expenses                           1,341,575   1,254,052   1,187,644

Pretax earnings
  from operations                           83,528      96,226      93,456
Income tax expense                         (29,344)    (35,832)    (33,424)
                                        ----------------------------------
Earnings from operations before
  extraordinary loss on early
  extinguishment of debt                    54,184      60,394      60,032
Extraordinary loss on early
  extinguishment of debt, net               (2,319)        -           -
                                        ----------------------------------
      Net earnings                    $     51,865      60,394      60,032
                                        ==================================

Earnings per common share:
  Earnings from operations
    before extraordinary loss
    on early extinguishment of
    debt                              $       1.44        1.33        1.23
  Extraordinary loss on early
    extinguishment of debt, net              (0.09)        -           -
                                        ----------------------------------
      Net earnings                    $       1.35        1.33        1.23
                                        ==================================

Weighted average common
  shares outstanding                    25,479,651  35,736,335  38,190,552
                                        ==================================


The accompanying notes are an integral part of these consolidated financial 
statements.
<PAGE> 34
                AMERCO AND CONSOLIDATED SUBSIDIARIES

     Consolidated Statements of Changes in Stockholders' Equity

                        Years ended March 31,

                                          1997      1996      1995
                                        ---------------------------
                                               (in thousands)
Series A common stock of $0.25 par
  value:  10,000,000 shares
  authorized, 5,762,495 shares issued
  in 1997, 1996 and 1995
    Beginning of year                 $   1,441     1,441     1,438
      Exchange for Series A common
        stock                               -         -         871
      Exchange for common stock             -         -        (868)
                                        ---------------------------
    End of year                           1,441     1,441     1,441
                                        ---------------------------

Common stock of $0.25 par value:
  150,000,000 shares authorized in
  1997, 1996 and 1995, 36,487,505
  shares issued in 1997, 34,237,505
  in 1996 and 1995
    Beginning of year                     8,559     8,559     8,562
      Issuance of common stock              563       -         -
      Exchange for Series A common
        stock                               -         -        (871)
      Exchange for common stock             -         -         868
                                        ---------------------------
    End of year                           9,122     8,559     8,559
                                        ---------------------------

Additional paid-in capital:
    Beginning of year                   165,756   165,675   165,651
      Issuance of preferred stock        98,546       -         -
      Issuance of common stock           73,146       -         -
      Issuance of common shares under
        leveraged employee stock
        ownership plan                      485        81        24
                                        ---------------------------
    End of year                         337,933   165,756   165,675
                                        ---------------------------

Foreign currency translation:
    Beginning of year                   (11,877)  (12,435)  (11,152)
      Change during year                 (2,256)      558    (1,283)
                                        ---------------------------

    End of year                         (14,133)  (11,877)  (12,435)
                                        ---------------------------

Unrealized gain (loss) on
  investments:
    Beginning of year                    11,097    (6,483)      679
      Change during year                 (6,686)   17,580    (7,162)
                                        ---------------------------

    End of year                           4,411    11,097    (6,483)
                                        ---------------------------

The accompanying notes are an integral part of these consolidated financial 
statements.
<PAGE> 35                
                AMERCO AND CONSOLIDATED SUBSIDIARIES

     Consolidated Statements of Changes in Stockholders' Equity,
                              continued

                        Years ended March 31,


                                          1997      1996      1995
                                        ---------------------------
                                               (in thousands)
Retained earnings:
    Beginning of year                   609,019   561,589   514,521
      Net earnings                       51,865    60,394    60,032
      Preferred stock dividends paid:
        Series A ($2.13 per share for
          1997, 1996 and 1995)          (12,964)  (12,964)  (12,964)
        Series B ($39.11 per share
          for 1997)                      (3,911)     -         -
                                        ---------------------------

    End of year                         644,009   609,019   561,589
                                        ---------------------------

Less Treasury stock:
    Beginning of year                   111,118    10,461    10,461
      Net increase (12,426,836 shares
      in 1997, 5,873,140 shares in
      1996)                             248,605   100,657       -
                                        ---------------------------

    End of year                         359,723   111,118    10,461
                                        ---------------------------

Less Unearned employee stock
  ownership plan shares:
    Beginning of year                    23,329    21,101    17,451
      Increase in loan                        2     4,576     5,672
      Repayments from loan               (2,591)   (2,348)   (2,022)
                                        ---------------------------

    End of year                          20,740    23,329    21,101
                                        ---------------------------

Total stockholders' equity            $ 602,320   649,548   686,784
                                        ===========================


The accompanying notes are an integral part of these consolidated financial 
statements.
<PAGE> 36
                AMERCO AND CONSOLIDATED SUBSIDIARIES
                                  
                Consolidated Statements of Cash Flows
                                  
                        Years ended March 31,


                                         1997      1996      1995
                                      ----------------------------
                                              (in thousands)
Cash flows from operating
  activities:
Net earnings                        $   51,865    60,394    60,032
  Depreciation and amortization         94,364   102,427   163,890
  Provision for losses on accounts
    receivable                           3,465     4,492     4,958
  Net (gain) loss on sale of real
    and personal property               (7,979)    2,142    (3,390)
  Gain on sale of investments             (728)   (5,172)     (868)
  Changes in policy liabilities
    and accruals                          (403)   20,010    32,489
  Additions to deferred policy
    acquisition costs                  (13,065)  (21,507)  (12,119)
  Net change in other operating
    assets and liabilities              60,662    24,056   (22,848)
                                      ----------------------------
Net cash provided by operating
  activities                           188,181   186,842   222,144

Cash flows from investing
  activities:
  Purchases of investments:
    Property, plant and equipment     (203,943) (291,057) (434,992)
    Fixed maturities                  (189,763) (332,155) (186,000)
    Preferred stock                    (10,875)      -         -
    Real estate                            -      (8,127)  (11,576)
    Mortgage loans                     (38,339)  (10,560) (107,571)
  Proceeds from sales of
    investments:
    Property, plant and equipment      240,787   165,490   185,098
    Fixed maturities                   206,995   190,846   192,428
    Preferred stock                         59       -         -
    Real estate                            934     2,749       927
    Mortgage loans                      38,906    29,447    18,535
  Changes in other investments           5,402     9,169   (12,327)
                                      -----------------------------
Net cash provided (used) by
  investing activities                  50,163  (244,198) (355,478)






The accompanying notes are an integral part of these consolidated financial 
statements.
<PAGE> 37
                AMERCO AND CONSOLIDATED SUBSIDIARIES

          Consolidated Statements of Cash Flows, continued

                        Years ended March 31,


                                         1997      1996      1995
                                      ----------------------------
                                              (in thousands)
Cash flows from financing
  activities:
  Net change in short-term
    borrowings                        (347,000)   84,500   178,750
  Proceeds from notes                  562,300   140,141    68,845
  Debt issuance costs                   (6,240)   (1,663)   (1,422)
  Loan to leveraged Employee Stock
    Ownership Plan                          (2)   (4,576)   (5,672)
  Repayments from leveraged Employee
    Stock Ownership Plan loan            2,591     2,348     2,022
  Principal payments on notes         (229,970) (107,643)  (90,137)
  Issuance of preferred stock           98,546       -         -
  Issuance of common stock              73,709       -         -
  Extraordinary loss on early
    extinguishment of debt, net         (2,319)      -         -
  Net change in cash overdraft          (8,553)      796     4,804
  Preferred stock dividends paid       (16,875)  (12,964)  (12,964)
  Treasury stock acquisitions, net    (248,605) (100,657)      -
  Deferred tax-treasury stock          (80,997)  (34,938)      -
  Investment contract deposits          81,678   163,423    65,386
  Investment contract withdrawals      (57,789)  (75,529)  (59,434)
  Escrow deposit                       (48,234)      -         -
                                      ----------------------------

Net cash provided (used) by
  financing activities                (227,760)   53,238   150,178
                                      ----------------------------

Increase (decrease) in cash
  and cash equivalents                  10,584    (4,118)   16,844
Cash and cash equivalents at
  beginning of year                     31,168    35,286    18,442
                                      ----------------------------
Cash and cash equivalents at
  end of year                       $   41,752    31,168    35,286
                                      ============================










The accompanying notes are an integral part of these consolidated financial 
statements.
<PAGE>  38

                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
              Notes to Consolidated Financial Statements


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION
     AMERCO,  a  Nevada  corporation (the  Company),  is  the  holding
company  for  U-Haul International, Inc. (U-Haul), Amerco Real  Estate
Company  (AREC), Republic Western Insurance Company (RWIC) and  Oxford
Life  Insurance  Company (Oxford).  All references to  a  fiscal  year
refer to the Company's fiscal year ended March 31 of that year.

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 have been eliminated.
     
     The   operating  results  and  financial  position  of   AMERCO's
consolidated insurance operations are determined as of December 31  of
each  year.   There  were  no effects related  to  intervening  events
between  January  1  and March 31 of 1997, 1996  or  1995  that  would
materially  affect the consolidated financial position or  results  of
operations for the financial statements presented herein.  See Note 19
of   Notes   to  Consolidated  Financial  Statements  for   additional
information regarding the insurance subsidiaries.
     
DESCRIPTION OF BUSINESS
     Moving  and  self-storage  operations consist  of  the  rental  of
trucks,  automobile-type trailers and self-storage space to the  do-it-
yourself  mover  under the registered tradename U-Haulr throughout  the
United  States  and  Canada.  Additionally, the Company  sells  related
products  (such as boxes, tape and packaging materials). AREC owns  the
majority  of the Company's real estate assets, including the  Company's
Center  and  Storage locations.  AREC has responsibility  for  actively
marketing  properties  available for  sale  or  lease.   AREC  is  also
responsible  for managing any environmental risks associated  with  the
Company's real estate.
     
     RWIC originates and reinsures property and casualty type insurance
products  for various market participants, including independent  third
parties,  the  Company's customers and the Company.   RWIC's  principal
strategy is to capitalize on its knowledge of insurance products  aimed
at the moving and rental markets.
     
     Oxford  originates  and reinsures life, health  and  annuity  type
insurance products and administers the Company's self-insured  employee
health plan.
     
     RWIC  and  Oxford have been consolidated on the basis of  calendar
years  ended  December 31.  Accordingly, all references  to  the  years
1996, 1995 and 1994 correspond to the Company's fiscal years 1997, 1996
and 1995, respectively.
     
FOREIGN CURRENCY
     The consolidated financial statements include the accounts of  U-
Haul Co. (Canada) Ltd., a subsidiary of the Company.
     
     Assets and liabilities, denominated in currencies other than U.S.
dollars, are translated to U.S. dollars at the exchange rate as of the
balance sheet date.  Income and expense amounts are translated at  the
average exchange rate during the fiscal year.  The related translation
gains  or losses are included as a separate component of shareholders'
equity.
<PAGE> 39
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
     
ACCOUNTING ESTIMATES
     The  preparation  of  financial  statements  in  conformity  with
generally accepted accounting principles requires management  to  make
estimates  and assumptions that affect the reported amounts of  assets
and   liabilities  and  the  disclosure  of  contingent   assets   and
liabilities  at the date of the financial statements and the  reported
amounts of revenues and expenses during the reporting period.   Actual
results could differ from those estimates.
     
CASH AND CASH EQUIVALENTS
     The   Company  considers  liquid  investments  with  an  original
maturity of three months or less to be cash equivalents.
     
RECEIVABLES
     Accounts  receivable  of  RWIC and Oxford  include  premiums  and
agents' balances due, net of commissions payable and amounts due  from
ceding reinsurers.  Accounts receivable of RWIC and Oxford are reduced
by  amounts  considered  by management to be uncollectible.   Accounts
receivable  of  the Company's moving and storage subsidiaries  include
mortgage  and  other  notes receivable and trade accounts  receivable.
Accounts receivable are reduced by amounts considered by management to
be uncollectible based on historical collection loss experience and  a
review  of the current status of existing receivables by the Company's
rental subsidiaries.

INVENTORIES
     Inventories are primarily valued at the lower of cost or  market.
Cost is determined using the LIFO (last-in, first-out) method.

INVESTMENTS
     Fixed maturities consist of bonds and redeemable preferred stocks
which are classified as held-to-maturity or available-for-sale.  Fixed
maturity  investments classified as held-to-maturity are  recorded  at
cost  adjusted  for  the  amortization of  premiums  or  accretion  of
discounts while those classified as available-for-sale are recorded at
fair value with unrealized gains or losses reported on a net basis  as
a separate component of shareholders' equity.  Gains and losses on the
sale of securities classified as available-for-sale are reported as  a
component  of revenues using the specific identification  method.  The
Company  does  not  currently maintain a trading portfolio.   Mortgage
loans on real estate held by the insurance subsidiaries are carried at
unpaid  balances,  net  of  allowance  for  possible  losses  and  any
unamortized premium or discount.  Real estate is carried at cost  less
accumulated  depreciation.  Policy loans are carried at  their  unpaid
balance.   Impaired securities are written down to  fair  value  which
becomes the new cost basis.  Fair values for investments are based  on
quoted market prices or dealer quotes.
     
     Short-term  investments consist of other securities scheduled  to
mature within one year of their acquisition date.  See Note 4 of Notes
to Consolidated Financial Statements.

     Interest  on bonds and mortgage loans is recognized when  earned.
Dividends on common and redeemable preferred stocks are recognized  on
ex-dividend  dates.   Realized  gains  and  losses  on  the  sale   of
investments are recognized at the trade date and included in  revenues
using the specific identification method.
<PAGE>  40     
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
     
DEFERRED POLICY ACQUISITION COSTS
     Commissions  and  other  costs incurred in acquiring  traditional
life  insurance,  interest sensitive annuity contracts,  accident  and
health insurance and property-casualty insurance, which vary with  and
are  primarily  related to the production of new business,  have  been
deferred.
     
     Traditional  life,  certain  annuity  and  accident  and   health
acquisition costs are amortized over the premium paying period of  the
related  policies in proportion to the ratio of annual premium  income
to  expected  total premium income.  Such expected premium  income  is
estimated using assumptions as to mortality and withdrawals consistent
with those used in calculating the policy benefit reserves.

     Credit  and  health acquisition costs are deferred and  amortized
over the term of the contracts in relation to premiums earned.
     
     Acquisition costs for annuity contracts are being amortized  over
the  lives  of  the  contracts in relation to  the  present  value  of
estimated   gross  profits  from  surrender  charges  and  investment,
mortality and expense margins.

     Property-casualty  acquisition  costs  are  amortized  over   the
related contract period which generally does not exceed one year.
                                   
PROPERTY, PLANT AND EQUIPMENT
     Property,  plant  and  equipment are  carried  at  cost  and  are
depreciated  on  the straight-line and accelerated  methods  over  the
estimated  useful  lives  of the assets.  Maintenance  is  charged  to
operating  expenses  as incurred, while renewals and  betterments  are
capitalized.   Major overhaul costs are amortized over  the  estimated
period  benefited.  Gains and losses on dispositions are  included  in
other  revenue when realized.  Interest costs incurred as part of  the
initial  construction of assets are capitalized.  Interest expense  of
$3,430,000,  $1,807,000 and $1,727,000 was capitalized  in  the  years
ended 1997, 1996 and 1995, respectively.
     
     During  fiscal  1996, based on an in-depth market  analysis,  the
Company  increased  the  estimated salvage  value  of  certain  rental
trucks.   The effect of the change increased net income for  the  year
ended March 31, 1996 by $44,373,000 ($1.24 per share).
     
     Certain recoverable environmental costs related to the removal of
underground storage tanks or related contamination are capitalized and
depreciated  over the estimated useful lives of the  properties.   The
capitalized costs improve the safety or efficiency of the property  as
compared  to when the property was originally acquired or are incurred
in preparing the property for sale.
     
     At  March  31, 1997, the book value of the Company's real  estate
that  is  no  longer  necessary  for  use  in  the  Company's  current
operations,   and   available   for  sale/lease,   was   approximately
$32,682,000.  Such properties available for sale are carried at  cost,
less  accumulated depreciation, which is less than or  approximate  to
fair value.
     
FINANCIAL INSTRUMENTS
     The  Company enters into interest rate swap agreements to  reduce
its  interest  rate exposure; the Company does not use the  agreements
for  trading  purposes.   Amounts to be paid  or  received  under  the
agreements  are  accrued.  Although the Company is exposed  to  credit
loss for the interest rate differential in the event of nonperformance
by  the  counterparties  to the agreements,  it  does  not  anticipate
nonperformance by the counterparties.
<PAGE>  41                                   
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
     
     The Company has mortgage receivables which potentially expose the
Company  to  credit  risk.   The portfolio  of  notes  is  principally
collateralized   by  mini-warehouse  storage  facilities   and   other
residential   and   commercial  properties.   The  Company   has   not
experienced  losses  related to the notes  from  individual  notes  or
groups  of  notes in any particular industry or geographic  area.  The
estimated  fair values were determined using the discounted cash  flow
method,  using interest rates currently offered for similar  loans  to
borrowers with similar credit ratings.
     
Fair value summary of mortgage receivables:

                                            March        31,
                             -----------------------------------------------
                                      1997                     1996
                             -----------------------------------------------
                             Book        Estimated     Book       Estimated
                             value       fair value    value      fair value
                             -----------------------------------------------   
                                              (in thousands)

Mortgage receivables       $  58,682       66,484      154,736      157,867
                             ===============================================
     
     Other  financial  instruments that  are  subject  to  fair  value
disclosure  requirements  are carried in the financial  statements  at
amounts that approximate fair value, unless elsewhere disclosed.   See
Notes 4 and 5 of Notes to Consolidated Financial Statements.
     
     The   Company's  financial  instruments  that  are   exposed   to
concentrations  of  credit risk consist primarily  of  temporary  cash
investments  and trade receivables.  The Company places its  temporary
cash investments with financial institutions and limits the amount  of
credit  exposure to any one financial institution.  Concentrations  of
credit  risk with respect to trade receivables are limited due to  the
large  number of customers and their dispersion across many  different
industries and geographic areas.

POLICY BENEFITS RESERVES, UNPAID LOSSES AND LOSS EXPENSES
     Liabilities for policy benefits payable on traditional life and
certain  annuity policies are established in amounts adequate to  meet
estimated  future obligations on policies in force.  These liabilities
are  computed using the net level premium method and include mortality
and  withdrawal assumptions which are based upon recognized  actuarial
tables  and  contain margins for adverse deviation.  At  December  31,
1996,  interest  assumptions used to compute policy  benefits  payable
range from 2.5% to 12.8%.
     
     With  respect  to  annuity policies accounted for  as  investment
contracts, the liability for investment contract deposits consists  of
policy   account   balances  that  accrue  to  the  benefit   of   the
policyholders, excluding surrender charges.  Fair value of  investment
contract  deposits were $399,953,000 and $380,774,000 at December  31,
1996 and 1995, respectively.
     
     Liabilities for accident and health and other policy  claims  and
benefits  payable  represent estimates  of  payments  to  be  made  on
insurance claims for reported losses and estimates of losses  incurred
but  not  yet  reported.  These estimates are  based  on  past  claims
experience  and consider current claim trends as well  as  social  and
economic conditions.
<PAGE> 42                                   
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
     
     With  respect  to  property-casualty, the  liability  for  unpaid
losses  is  based  on the estimated ultimate cost of  settling  claims
reported prior to the end of the accounting period, estimates received
from  ceding reinsurers and estimates for unreported losses  based  on
RWIC's   historical  experience  supplemented  by  insurance  industry
historical  experience.   The  liability for  unpaid  loss  adjustment
expenses  is  based  on historical ratios of loss adjustment  expenses
paid  to  losses paid.  Amounts recoverable from reinsurers on  unpaid
losses  are estimated in a manner consistent with the claim  liability
associated  with the reinsured policy.  Adjustments to  the  liability
for  unpaid  losses  and loss expenses as well as amounts  recoverable
from reinsurers on unpaid losses are charged or credited to expense in
periods in which they are made.
     
RENTAL AND OTHER REVENUE
     The   Company  recognizes  its  share  of  rental  revenue   less
commission  on the accrual basis pursuant to contractual  arrangements
between  AMERCO  and it's fleet owners, rental dealers and  customers.
See  Note 9 of Notes to Consolidated Financial Statements for  further
discussion.
     
PREMIUM REVENUE
     Accident and health, credit life and health and property-casualty
gross  premiums are earned on a pro rata basis over the  term  of  the
related  contracts. The portion of premiums not earned at the  end  of
the  period  is recorded as unearned premiums.  Traditional  life  and
annuity   premiums   are   recognized  as  revenue   when   due   from
policyholders.   Revenue  for  annuity  policies  accounted   for   as
investment  contracts  consist  of investment  margins  and  surrender
charges that have been assessed against policy account balances during
the period.
     
REINSURANCE
     Reinsurance  premiums,  commissions  and  expense  reimbursements
related  to  reinsured business are accounted for on bases  consistent
with those used in accounting for the original policies issued and the
terms of the reinsurance contracts.  Premiums ceded to other companies
have  been  reported  as a reduction of premium  income.   Assets  and
liabilities relating to reinsured contracts are reported gross of  the
effects  of  reinsurance.  See also "Policy Benefits Reserves,  Unpaid
Losses and Loss Expenses" above.

INCOME TAXES
     In  addition  to charging income for taxes paid or  payable,  the
provision  for  income taxes reflects deferred income taxes  resulting
from  changes in temporary differences between the tax bases of assets
and   liabilities  and  their  reported  amounts  in   the   financial
statements.   The effect on deferred income taxes of a change  in  tax
rates  is  recognized  in  income in  the  period  that  includes  the
enactment date.
     
  The  Company files a consolidated federal income tax return with its
insurance subsidiaries.

NEW ACCOUNTING STANDARDS
     On  April  1, 1995, the Company implemented Statement of Position
93-7,  "Reporting  on  Advertising Costs", 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.   Upon  implementation,  the
Company  recognized additional advertising expense of  $8,647,000  for
advertising costs not qualifying as direct-response.  The adoption had
the  effect of reducing net income by $5,474,000 ($0.15 per share) for
the year ended March 31, 1996.  The Company is currently reviewing its
implementation procedures.
<PAGE>  43                                   
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
     
     Other  pronouncements issued by the Financial Accounting Standards
Board  adopted  during the year are not material  to  the  consolidated
financial  statements  of  the Company.  Further,  pronouncements  with
future effective dates are either not applicable or not material to the
consolidated financial statements of the Company.
     
EARNINGS PER SHARE
     Earnings  per common share are computed by dividing net  earnings
after  deduction of preferred stock dividends by the weighted  average
number  of common shares outstanding, excluding shares of the employee
stock  ownership  plan that have not been committed  to  be  released.
Preferred  dividends  include undeclared or unpaid  dividends  of  the
Company.   See  Notes  6  and  7 of Notes  to  Consolidated  Financial
Statements for further discussion.
     
FINANCIAL STATEMENT PRESENTATION
     Certain   reclassifications  have  been  made  to  the  financial
statements  for  the  years ended 1996 and 1995 to  conform  with  the
current year's presentation.
     
2.  RECEIVABLES
     
     A summary of receivables follows:

                                                     March 31,
                                               --------------------   
                                                 1997        1996
                                               --------------------     
                                                   (in thousands)

      Trade accounts receivable              $  15,273      16,885
      Mortgage and note receivables,
        net of discount                         39,806      54,802
      Note receivable and accrued interest
        from SAC Holding Corporation
        and its subsidiaries                    46,690     105,327
      Premiums and agents' balances
        in course of collection                 28,307      38,345
      Reinsurance recoverable                   73,069      83,261
      Accrued investment income                 14,308      15,243
      Independent dealer receivable              6,995      11,189
      Other receivables                         16,457      18,800
                                               --------------------
                                               240,905     343,852
      Less allowance for doubtful accounts       2,382       3,288
                                               --------------------

                                             $ 238,523     340,564
                                               ====================

     During  fiscal  1997,  a subsidiary of the  Company  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 the Company.

     The  Company's subsidiary received principal payments of  $436,000
and  interest  payments of $6,281,000 from SAC Holdings  during  fiscal
1997.   The note receivable balance outstanding at March 31, 1997  was,
in the aggregate, $46,690,000 bearing interest rates ranging from 8.37%
to 13.0%.

     On  June  27,  1996, the Company's subsidiary received $83,565,000
when a senior note from SAC Holdings was sold to an outside party.
<PAGE>  44                                   
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued


2.  RECEIVABLES, continued

     During  fiscal  1997,  a  subsidiary of  the  Company  funded  the
purchase  of  thirty-seven properties by SAC Holdings for approximately
$43,125,000.  Seven of the properties were purchased from  the  Company
at  a  purchase  price  equal to the Company's  acquisition  cost  plus
capitalized  costs.   In  March 1997, SAC  Holdings  sold  ten  of  the
properties to an outside party and reduced the Company's receivable  at
the time by $18,082,000.

     The Company currently manages the properties owned by SAC Holdings
pursuant to a management agreement, under which the Company receives  a
management  fee equal to 6% of the gross receipts from the  properties.
The  Company received management fees of $1,632,000 during fiscal 1997.
The  management fee percentage is consistent with the fees received  by
the Company for other properties managed by the Company.

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

3.  INVENTORIES
     
     A summary of inventory components follows:

                                                     March 31,
                                               --------------------   
                                                 1997         1996
                                               --------------------     
                                                   (in thousands)
      Truck and trailer parts
        and accessories                      $  40,936       23,609
      Moving aids and promotional items         10,508        9,488
      Hitches and towing components             14,348       12,756
      Other                                          2           38
                                               --------------------

                                             $  65,794       45,891
                                               ====================

     Certain  general  and administrative expenses  are  allocated  to
ending inventories.  Such costs remaining in inventory at fiscal years
ended 1997, 1996 and 1995 are estimated at $7,568,000, $6,773,000  and
$6,848,000, respectively.  For the fiscal years ended March 31,  1997,
1996  and  1995,  aggregate  general  and  administrative  costs  were
$511,473,000, $439,122,000 and $410,497,000, respectively.
     
     LIFO  inventories, which represent approximately 98% and  97%  of
total inventories at March 31, 1997 and 1996, respectively, would have
been  $4,611,000 and $4,166,000 greater at March 31,  1997  and  1996,
respectively, if the consolidated group had used the FIFO method.
<PAGE>  45                                   
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued
     

4.  INVESTMENTS
     
     Major  categories  of  net  investment  income  consist  of   the
following:
     
                                        Year ended December 31,
                                     ----------------------------  
                                      1996       1995       1994
                                     ----------------------------        
                                            (in thousands)

      Fixed maturities             $ 65,680     59,992     53,236
      Real estate                       279        727        223
      Policy loans                      519        554        604
      Mortgage loans                  7,193      7,887      5,338
      Short-term, amounts held by
        ceding reinsurers, net and
        other investments             1,499      1,601      2,064
                                     ----------------------------

      Investment income              75,170     70,761     61,465

      Less investment expenses       25,749     24,772     19,380
                                     ----------------------------

      Net investment income        $ 49,421     45,989     42,085
                                     ============================

     A  comparison of amortized cost to estimated fair value for fixed
maturities is as follows:

December 31, 1996    
-----------------    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        $  18,680  $  18,571      1,239        (24)    19,786
U.S. government
  agency mortgage-
  backed securities  $  50,465     50,171        528     (1,914)    48,785
Obligations of
  states and
  political
  subdivisions       $  30,135     29,920      1,242        (21)    31,141
Corporate
  securities         $ 170,180    174,469      3,795     (1,782)   176,482
Mortgage-backed
  securities         $ 109,962    108,476      1,565     (1,783)   108,258
Redeemable preferred
  stocks                   929     26,768        421       (257)    26,932
                                  ----------------------------------------

                                  408,375      8,790     (5,781)   411,384
                                  ----------------------------------------
<PAGE> 46
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued

4.  INVESTMENTS, continued
     
December 31, 1996   
-----------------    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        $  11,685  $  11,771        964          -     12,735
U.S. government
  agency mortgage-
  backed securities  $  26,085     25,575        331        (119)   25,787
Obligations of
  states and
  political
  subdivisions       $  11,900     12,085        558         (95)   12,548
Corporate
  securities         $ 307,711    311,335      7,359      (2,633)  316,061
Mortgage-backed
  securities         $  72,371     72,208      1,542        (560)   73,190
Redeemable preferred
  stocks                   436     10,815        202         (19)   10,998
                                  ---------------------------------------- 
                                  443,789     10,956      (3,426)  451,319
                                  ----------------------------------------
       Total                    $ 852,164     19,746      (9,207)  862,703
                                  ========================================

December 31, 1995   
-----------------    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        $  18,355  $  18,271      2,108          (1)   20,378
U.S. government
  agency mortgage-
  backed securities  $  60,376     59,912      1,348      (2,211)   59,049
Obligations of
  states and
  political
  subdivisions       $  34,300     33,983      1,742         (34)   35,691
Corporate
  securities         $ 192,334    197,475      6,102        (675)  202,902
Mortgage-backed
  securities         $ 110,561    108,827      2,884      (1,013)  110,698
Redeemable preferred
  stocks                   170      5,210        470          (4)    5,676
                                  ---------------------------------------- 

                                  423,678     14,654      (3,938)  434,394
                                  ----------------------------------------   
<PAGE> 47
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued
     
4.  INVESTMENTS, continued

December 31, 1995                           
-----------------                            Gross       Gross    Estimated
Consolidated                    Amortized  unrealized  unrealized   market
Available-for-Sale   Par Value     cost      gains       losses      value
                     ------------------------------------------------------    
                                          (in thousands)
U.S. treasury
  securities and
  government
  obligations        $  11,685  $  11,789      1,572          -     13,361
U.S. government
  agency mortgage-
  backed securities  $  20,711     20,713        637         (39)   21,311
Obligations of
  states and
  political
  subdivisions       $  10,400     10,581        660        (151)   11,090
Corporate
  securities         $ 319,611    324,804     14,595        (610)  338,789
Mortgage-backed
  securities         $  68,857     68,289      3,465        (281)   71,473
                                  ----------------------------------------  
                                  436,176     20,929      (1,081)  456,024
                                  ---------------------------------------- 

       Total                    $ 859,854     35,583      (5,019)  890,418
                                  ========================================

     Fixed  maturities estimated market values are based  on  publicly
quoted  market prices at the close of trading on December 31, 1996  or
December 31, 1995, as appropriate.
     
     The   amortized  cost  and  estimated  market  value  of   debt
securities  by  contractual  maturity  are  shown  below.   Expected
maturities will differ from contractual maturities as borrowers  may
have the right to call or prepay obligations with or without call or
prepayment penalties.

December 31, 1996                          
-----------------                           Amortized       Estimated
Consolidated                                  cost         fair value
Held-to-Maturity                            -------------------------     
                                                  (in thousands)

Due in one year or less                   $    20,151          20,454
Due after one year through five years          79,000          80,899
Due after five years through ten years        117,915         119,517
After ten years                                 5,894           6,539
                                            -------------------------        
                                              222,960         227,409

Mortgage-backed securities                    158,647         157,043
Redeemable preferred stock                     26,768          26,932
                                            -------------------------     

                                              408,375         411,384
                                            -------------------------     
<PAGE> 48
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued


4.  INVESTMENTS, continued

December 31, 1996                           Amortized       Estimated
-----------------                             cost         fair value
Consolidated                                -------------------------        
Available-for-sale                               (in thousands)

Due in one year or less                         8,773           8,846
Due after one year through five years          87,678          88,893
Due after five years through ten years        188,378         191,841
After ten years                                50,362          51,764
                                            -------------------------       
                                              335,191         341,344

Mortgage-backed securities                     97,783          98,977
Redeemable preferred stock                     10,815          10,998
                                            -------------------------    

                                              443,789         451,319
                                            -------------------------    

       Total                               $  852,164         862,703
                                            =========================


December 31, 1995                           Amortized       Estimated
-----------------                             cost         fair value  
Consolidated                                -------------------------    
Held-to-Maturity                                 (in thousands)

Due in one year or less                    $   24,214          24,539
Due after one year through five years          90,889          93,853
Due after five years through ten years        120,876         124,950
After ten years                                13,750          15,629
                                            -------------------------       
                                              249,729         258,971

Mortgage-backed securities                    168,739         169,747
Redeemable preferred stock                      5,210           5,676
                                            -------------------------    

                                              423,678         434,394
                                            -------------------------    

December 31, 1995                          
-----------------                           Amortized       Estimated
Consolidated                                  cost         fair value
Available-for-sale                          -------------------------    
                                                 (in thousands)

Due in one year or less                        14,692          14,812
Due after one year through five years         136,290         140,347
Due after five years through ten years        159,537         168,771
After ten years                                36,655          39,310
                                              347,174         363,240
                                            -------------------------    

Mortgage-backed securities                     89,002          92,784
                                            -------------------------      

                                              436,176         456,024
                                            -------------------------     

       Total                               $  859,854         890,418
                                            =========================
<PAGE>  49

                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued


4.  INVESTMENTS, continued

     Proceeds from sales of investments in debt securities during 1996
and  1995  were  $115,886,000 and $101,565,000,  respectively.   Gross
gains  of  $1,518,000 and $4,498,000 and gross losses of $654,000  and
$419,000   were  realized  on  those  sales  during  1996  and   1995,
respectively.
     
     At December 31, 1996 and 1995 fixed maturities include bonds with
an  amortized  cost of $18,728,000 and $18,015,000,  respectively,  on
deposit  with  insurance  regulatory  authorities  to  meet  statutory
requirements.
     
     Investments, other consists of the following:
                                                            March 31,
                                                    -----------------------
                                                       1997           1996
                                                    -----------------------    
                                                          (in thousands)
Short-term investments                             $  10,925         17,671
Mortgage loans                                        79,353         73,152
Real estate, foreclosed properties                    20,936         19,591
U.S. government security mutual fund                   5,883          5,883
Policy loans                                           8,627          9,372
Other                                                  1,582            886
                                                    -----------------------
                                                   $ 127,306        126,555
                                                    =======================

     Short-term investments consist primarily of fixed maturities  with
a maturity of three months to one year from acquisition date.  Mortgage
loans,   representing  first  lien  mortgages  held  by  the  insurance
subsidiaries,  are  carried  at  unpaid balances,  less  allowance  for
possible  losses and any unamortized premium or discount.  Real  estate
obtained through foreclosures and held for sale is carried at the lower
of  cost  or  fair value.  U.S. government securities  mutual  fund  is
carried at cost which approximates market.  Policy loans are carried at
their unpaid balance.
     
     At  December 31, 1996 and 1995, mortgage loans held as investments
with  a  book value of $79,353,000 and $73,152,000, respectively,  were
outstanding.   The  estimated  fair value  of  the  mortgage  loans  at
December  31,  1996  and 1995 aggregated $84,564,000  and  $81,924,000,
respectively.   The  estimated fair values were  determined  using  the
discounted cash flow method, using interest rates currently offered for
similar loans to borrowers with similar credit ratings.  Investment  in
mortgage  loans, included as a component of investments,  are  reported
net  of allowance for possible losses of $800,000 and $525,000 in  1996
and 1995, respectively.
<PAGE> 50     
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued


5.  NOTES AND LOANS PAYABLE
     
     Notes and loans payable consist of the following:

                                                         March 31,
                                                   -------------------
                                                      1997       1996
                                                   -------------------    
                                                      (in thousands)

      Short-term borrowings                      $    4,000     73,000

      Notes payable to banks under
         revolving lines of credit, unsecured,
            5.74% to 5.80% interest rates            60,000    338,000

      Medium-term notes payable, unsecured,
         5.85% to 8.08% interest
            rates, due through 2027                 387,000     95,050

      Notes payable to insurance companies,
         unsecured, 6.43% to 10.27% interest
            rates, due through 2006                 226,500    339,000

      Notes payable to public,
         unsecured, 7.85% interest
            rate, due through 2004                  175,000        -

      Notes payable to banks, unsecured,
         4.81% to 7.54% interest
            rates, due through 2001                  62,500     84,100

      Notes and Mortgages payable, secured,
         5.00% to 10.00% interest rates,
            due through 2010                         68,471     68,984

      Other notes payable, unsecured,
         9.50% interest rate,
            due through 2005                             79         86
                                                   -------------------
                                                 $  983,550    998,220
                                                   ===================
     Notes and mortgages payable are secured by land and buildings  at
various  locations with a net book value of $78,927,000 at  March  31,
1997.
     
     Revolving   credit   loans   (long-term)   are   available   from
participating  banks  under an agreement which provides  for  a  total
credit  line  of  $365,000,000 through  the  expiration  date  of  the
revolving  term  of July 12, 1999.  The Company may  elect  to  borrow
under  the  credit  agreement in the form  of  Eurodollar  borrowings,
domestic  dollar borrowings or issue letters of credit.  Depending  on
the  form  of borrowing elected, interest will be based on  the  prime
rate, the federal funds effective rate or the interbank offering  rate
and  in  addition, margin interest rates will be charged.   Loans  may
also be at a fixed rate based upon the discretion of the borrower  and
lender.  At March 31, 1997, the weighted average interest rate on  the
revolving credit loans outstanding was 5.78%.
<PAGE> 51
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued


5.  NOTES AND LOANS PAYABLE, continued
     
     Facility  fees, which are based upon the amount of  credit  line,
aggregated  $975,000 and $977,000 for 1997 and 1996, respectively.  As
of  March 31, 1997, loans outstanding under the revolving credit  line
totaled  $60,000,000.  Management intends to refinance the  borrowings
on   a  long-term  basis  by  either  replacing  them  with  long-term
obligations, renewing or extending them.

                                                  Year ended
                                       -----------------------------
                                          1997       1996       1995
                                       -----------------------------
                                                (in thousands)
   A summary of revolving credit
     activity follows:

     Weighted average interest rate
        during the year                   5.76%      6.20%      5.62%
        at year end                       5.78%      5.73%      6.48%
     Maximum amount outstanding
        during the year              $ 338,000    343,000    293,000
     Average amount outstanding
        during the year              $ 128,000    281,750    191,146

   A summary of notes payable
     follows:

     Weighted average interest rate
        during the year                   5.87%      6.26%      5.25%
        at year end                       7.63%      5.93%      6.44%
     Maximum amount outstanding
        during the year              $ 195,000     73,000    135,000
     Average amount outstanding
        during the year              $  56,417     37,583     46,604

     AMERCO  has committed lines of credit with various banks totaling
$550,000,000 and uncommitted lines of credit of $82,528,000  at  March
31, 1997.
     
     The Company has executed interest rate swap agreements (SWAPS) to
potentially  mitigate the impact of changes in interest rates  on  its
floating rate debt.  These agreements effectively change the Company's
interest  rate exposure on $168,000,000 of floating rate  notes  to  a
weighted  average fixed rate of 7.64%.  The SWAP's mature at the  time
the  related  notes  mature.  Incremental interest expense  associated
with  SWAP  activity was $3,481,000, $2,959,000 and $7,092,000  during
1997, 1996 and 1995, respectively.
     
     At  March  31,  1997,  interest  rate  swap  agreements  with  an
aggregate   notional   amount   of  $168,000,000   were   outstanding.
Management  estimates  that at March 31, 1997 and  1996,  the  Company
would  be required to pay $5,000,000 and $9,000,000, respectively,  to
terminate  the agreements.  Such amounts were determined from  current
treasury rates combined with swap spreads on agreements outstanding.
     
     On  July  18, 1996, the Company extinguished debt of approximately
$76,250,000  by irrevocably placing cash into a trust of U.S.  Treasury
securities  to  be used to satisfy scheduled payments of principal  and
interest.  In August 1996, the Company extinguished $86,167,000 of  its
long-term notes originally due in fiscal 1997 through fiscal 1999.  The
above transactions resulted in an extraordinary loss of $2,319,000, net
of tax of $1,391,000 ($0.09 per share).
     
     Pursuant  to  a  shelf-registration statement, from September  13,
1996  through March 31, 1997, the Company issued $362,000,000 of  fixed
rate  medium-term notes ranging from 6.71% to 8.08% with maturity dates
ranging  from 1999 to 2028, and a $25,000,000 floating rate medium-term
note with a maturity date of October 1997.
<PAGE> 52
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued


5.  NOTES AND LOANS PAYABLE, continued

     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.   At  March 31, 1997, the Company was in  compliance  with
these covenants.
     
     The  annual  maturities of long-term debt for the next five  years
adjusted  for  subsequent activity (if the revolving credit  lines  are
outstanding to maturity), are presented in the table below:

                                          Year Ended
                       ------------------------------------------------    
                          1998      1999        2000     2001     2002
                       ------------------------------------------------       
                                          (in thousands)
Mortgages             $     487       420         183      261      278
Medium-Term and
  Other Notes            25,008    40,009      30,010   77,511       12
Insurance Placements     21,429    26,429      19,429   24,429   19,429
Bank Placements           1,600    40,900      24,818   24,818    4,818
Revolving Credit            -         -        60,000      -        -  
                       ------------------------------------------------
                      $  48,524   107,758     134,440  127,019   24,537
                       ================================================

     Interest  paid  in cash amounted to $69,972,000, $71,561,000  and
$67,191,000 for 1997, 1996 and 1995, respectively.

6.  STOCKHOLDERS' EQUITY
     
     The   authorized  capital  stock  of  the  Company  consists   of
150,000,000  shares  of  Common Stock, 150,000,000  shares  of  Serial
Common  Stock and 50,000,000 shares of Preferred Stock.  The Board  of
Directors  (the  Board) may authorize the Serial Common  Stock  to  be
issued  in such series and on such terms as the Board shall determine.
Preferred Stock issuance may be with or without par value.
     
     In  October  1993, the Company issued 6,100,000  shares  of  8.5%
cumulative,  no par, non-voting preferred stock.  The preferred  stock
is  not  convertible into, or exchangeable for, shares  of  any  other
class  or  classes  of  stock of the Company.  Dividends  are  payable
quarterly  in  arrears  and have priority as  to  dividends  over  the
Company's  common stock.  The preferred stock is not redeemable  prior
to  December  1, 2000.  On or after December 1, 2000, the Company,  at
its option, may redeem all or part of the preferred stock, for cash at
$25.00  per  share plus accrued and unpaid dividends to the redemption
date.
     
<PAGE> 53     
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued

6.  STOCKHOLDERS' EQUITY, continued
     
     On April 13, 1994, the Company and Edward J. Shoen entered into an
Agreement in Principle pursuant to which the Company agreed to  acquire
all  of the outstanding capital stock of EJOS, Inc., all of which stock
was held by Edward J. Shoen and a certain irrevocable trust established
by  Edward J. Shoen, in exchange for the same number of shares  of  the
Company's  common  stock as were held by EJOS, Inc.   In  exchange  for
EJOS,  Inc.'s capital stock, Edward J. Shoen and the irrevocable  trust
established by Edward J. Shoen received 3,483,681 and 559,443 shares of
the Company's common stock, respectively.  The exchange described above
was  effected in accordance with the terms of an Agreement and Plan  of
Exchange of Shares of EJOS, Inc. and AMERCO, dated May 18, 1994,  among
EJOS,  Inc.,  the  Company, Edward J. Shoen, and the irrevocable  trust
established  by  Edward  J.  Shoen.   Edward  J.  Shoen  is   a   major
stockholder, Chairman of the Board and President of the Company.
     
     On  August  24,  1994,  the  Company  entered  into  an  Exchange
Agreement  with Edward J. Shoen, the Company's Chairman of  the  Board
and  President.  Pursuant to the exchange agreement, in  exchange  for
3,483,681  shares of common stock owned by Edward J. Shoen, Edward  J.
Shoen  received 3,483,681 shares of Series A common stock.  The common
stock  and  the  Series  A common stock possess identical  rights  and
privileges.
     
     On  November  28,  1994,  the Company entered  into  an  Exchange
Agreement with Mark V. Shoen, a director and major stockholder of  the
Company.   Pursuant  to  the  exchange  agreement,  in  exchange   for
3,475,520 shares of Series A common stock owned by Mark V. Shoen, Mark
V.  Shoen received 3,475,520 shares of common stock.  The common stock
and the Series A common stock possess identical rights and privileges.
     
     On  May  31,  1995,  the Company purchased 45,000  shares  of  the
Company's Common Stock from Paul F. Shoen, a major stockholder  of  the
Company,  for  $996,000  or  $22.125 per share.   The  transaction  was
effected on Nasdaq.  Paul F. Shoen is the brother of Edward J., Mark V.
and  James  P. Shoen, who are major stockholders and directors  of  the
Company.
     
     On  August  30,  1996, the Company issued 100,000  shares  of  its
Series  B  Preferred  Stock with no par value  for  gross  proceeds  of
$100,000,000.   Dividends  are cumulative with  the  rate  being  reset
quarterly  and have priority as to dividends over the Company's  common
stock.    The   Series  B  Preferred  Stock is  convertible   under   certain
circumstances  into  4,000,000 shares, subject to the  Company's  prior
right to redeem the Series B Preferred Stock, of AMERCO's Common Stock,
$0.25 par value or all of the outstanding capital stock of Picacho Peak
Investment Co., a subsidiary of AMERCO.
     
     On October 14, 1996, the Company paid an additional $15,000,000 to
L.S.  Shoen  in  settlement of all outstanding disputes pursuant  to  a
Settlement, Mutual Release of All Claims and Confidentiality  Agreement
(Settlement  Agreement),  dated  October  15,  1996  with  the  Company
resolving  the  lawsuit in the District Court of Clark County,  Nevada.
The settlement resolves a long-standing dispute between the Company and
L.S.  Shoen regarding L.S. Shoen's entitlement to compensation pursuant
to an alleged lifetime employment contract.
     
     On  December 18, 1996, the Company sold 2,250,000 shares of Common
Stock,  $0.25 par value, to the public for $35.00 per share,  receiving
net proceeds of $74,228,000.
     
<PAGE>  54
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued

6.  STOCKHOLDERS' EQUITY, continued
     
     Pursuant  to  a  judgment  in the Shoen  Litigation,  the  Company
repurchased  shares  of  Common  Stock in  exchange  for  cash,  funded
damages, paid statutory post-judgment interest and placed funds into an
escrow  account  pending  the  outcome  of  a  dispute  involving   the
entitlement   of  the  plaintiffs  to  post-bankruptcy  petition   date
interest.  The following table reflects such transactions:

                                                         Statutory        Post
                        Shares       Cash     Damages   Post-Judgment  Petition
                     Repurchased     Paid     Funded       Interest    Interest
                     ----------------------------------------------------------
                              (in thousands except number of shares)

October 18, 1995
  Maran, Inc. (Maran)   3,343,076   $22,733       -            -             -
  Mary Anna Shoen Eaton       -         -      41,350          -             -

January 30, 1996
  L.S.S., (L.S.S.)        833,420     5,667       -            -             -
  Leonard S. Shoen            -         -      15,433        2,018           -

February 7, 1996
  Thermar, Inc.
  (Thermar)             1,651,644    11,231    30,554        4,110           -

July 19, 1996
  CEMAR, Inc.
  (Cemar)               2,331,984    15,857       -            -             -
  Cecilia M. Hanlon           -         -      43,139          129         8,283

September 6, 1996
  Katabasis
  International, Inc.
  (Katabasis)           4,041,924    27,485       -            -             -
  Samuel W. Shoen             -         -      74,771          224        15,726

September 20, 1996
  Kattydid, Inc.
  (Kattydid)            1,282,248     8,719       -            -             -
  Katrina Carlson         734,376     4,994    37,305          112         8,041

October 1, 1996
  Mickl, Inc.
  (Mickl)               4,035,924    27,444       -            -             -
  Michael L. Shoen            380         3    73,158          224        16,184

     Mary  Anna Shoen Eaton owns all the voting stock of Maran;  L.  S.
Shoen  owns all the voting stock of L.S.S.; Theresa M. Romero owns  all
the  voting  stock of Thermar; Cecilia M. Hanlon owns  all  the  voting
stock of Cemar; Samuel W. Shoen owns all the voting stock of Katabasis;
Katrina  Carlson owns all the voting stock of Kattydid and  Michael  L.
Shoen owns all the voting stock of Mickl.  L. S. Shoen is the father of
Edward J., Mark V., and James P. Shoen.  Mary Anna Shoen Eaton, Theresa
M.  Romero,  Cecilia  M.  Hanlon and Katrina (Shoen)  Carlson  are  the
sisters of Edward J., Mark V., and James P. Shoen.  Samuel W. Shoen and
Michael  L.  Shoen are the brothers of Edward J., Mark  V.,  and  James
P.   Shoen.   Edward  J.,  Mark  V.,  and  James  P.  Shoen  are  major
stockholders and directors of the Company.
     
     The above treasury share transactions were recorded net of tax  of
$121,204,000 ($86,266,000 for fiscal 1997 transactions and  $34,938,000
for fiscal 1996 transactions).
<PAGE>  55     
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued

7.  EARNINGS PER SHARE

     Earnings  per  share  are computed based on the  weighted  average
number  of  shares  outstanding for the  year  and  quarterly  periods,
excluding  shares of the employee stock ownership plan  that  have  not
been  committed to be released.  Preferred dividends include undeclared
or  unpaid  dividends  of  the Company.   Net  income  is  reduced  for
preferred dividends for purposes of the calculation.
     
     The  following table reflects the calculation of the earnings  per
share for the year ended March 31, 1997 as if the treasury acquisitions
disclosed  in Note 6 of Notes to Consolidated Financial Statements  had
taken  place as of the beginning of the year (in thousands  except  per
share data):
     
                                                Earnings per share calculation
                                                ------------------------------
                                                 Weighted         As adjusted
                                                 average          for treasury
                                                per share         acquisitions
                                                -----------       ------------
     Earnings from operations
       before extraordinary
       loss on early
       extinguishment of debt $    54,184
     Less dividends
       on preferred shares         17,456
                                ---------

                                   36,728       $      1.44              1.80
     Extraordinary loss on
       early extinguishment
       of debt                     (2,319)             (.09)             (.11)
                                ---------        ----------        ----------
     Net earnings for per
          share calculation   $    34,409       $      1.35              1.69
                                =========        ==========        ==========
     Weighted average common
       shares outstanding                        25,479,651        20,354,108
                                                 ==========        ==========
                                   
                                   

8.  INCOME TAXES

     The  components  of  the consolidated expense  for  income  taxes
applicable to operations are as follows:
     
                                                  Year ended
                                      -------------------------------
                                        1997        1996        1995
                                      -------------------------------
                                               (in thousands)
    Current:
      Federal                       $   3,404          -       12,629
      State                               169         637       1,038

    Deferred:
      Federal                          24,218      33,790      19,678
      State                             1,553       1,405          79
                                      -------------------------------

                                    $  29,344      35,832      33,424
                                      ===============================
<PAGE> 56                 
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued


8.  INCOME TAXES, continued

     Actual  tax expense reported on earnings from operations  differs
from  the  "expected"  tax expense amount (computed  by  applying  the
United  States  federal corporate tax rate of 35% in  1997,  1996  and
1995) as follows:

                                                Year ended
                                       ------------------------------
                                        1997        1996        1995
                                       ------------------------------
                                              (in thousands)

    Computed "expected" tax
      expense                        $ 29,232      33,679      32,696
    Increases (reductions) in taxes
      resulting from:
        Tax-exempt interest income       (767)       (714)     (1,243)
        Dividends received deduction       -           -          (62)
        Net reinsurance effect           (920)         -          120
        Canadian subsidiary income
          tax benefit                    (645)     (1,235)     (1,078)
        True-up of prior year
          estimated current tax            -        2,112       1,030
        Federal tax benefit of
          state and local taxes          (602)       (714)       (391)
        Other                           1,324         662       1,235
                                       ------------------------------
          Actual federal tax
            expense                    27,622      33,790      32,307
        State and local income tax
          expense                       1,722       2,042       1,117
                                       ------------------------------

          Actual tax expense
            of operations            $ 29,344      35,832      33,424
                                       ==============================

     Deferred tax assets and liabilities are comprised as follows:

                                                March 31,
                                          -------------------
                                            1997      1996
                                          -------------------
                                            (in thousands)
    Deferred tax assets
    Benefit of tax NOL and credit
      carryforwards                     $ 150,633   $  89,798
    Accrued liabilities                    14,953      15,218
    Deferred revenue from
      sale/leaseback                       10,173         150
    Policy benefits and losses,
      claims and loss expenses
      payable, net                         26,137      26,600
    Other                                     -         2,344
                                          -------------------
        Total deferred tax assets       $ 201,896   $ 134,110
                                          -------------------

    Deferred tax liabilities
    Property, plant and equipment       $ 195,080   $ 185,712
    Deferred acquisition costs             16,082      17,137
    Other                                     409         -
                                         --------------------
       Total deferred tax liabilities  $  211,571   $ 202,849
                                         --------------------

          Net deferred tax liability    $   9,675      68,739
                                         ====================

     In  light  of  the  Company's  history of  profitable  operations,
management  has  concluded that it is more likely  than  not  that  the
Company  will  ultimately realize the full benefit of its deferred  tax
assets.   Accordingly, the Company believes that a valuation  allowance
is not required at March 31, 1997 and 1996.  See also Note 14 of Notes to
Consolidated Financial Statements.
<PAGE> 57
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued


8.  INCOME TAXES, continued

     Income  taxes  paid in cash amounted to $4,949,000, $540,000  and
$9,465,000 for 1997, 1996 and 1995, respectively.

     Under the provisions of the Tax Reform Act of 1984 (the Act), the
balance   in  Oxford's  account  designated  "Policyholders'   Surplus
Account"  is  frozen at its December 31, 1983 balance of  $19,251,000.
Federal income taxes (Phase III) will be payable thereon at applicable
current  rates  if  amounts in this account  are  distributed  to  the
stockholder or to the extent the account exceeds a prescribed maximum.
Oxford  did  not  incur  a Phase III liability  for  the  years  ended
December 31, 1996, 1995 and 1994.
     
     The  Internal  Revenue Service has examined AMERCO's  income  tax
returns  for  the years ended 1992 and 1993.  All agreed  issues  have
been  provided for in the financial statements.  Tax returns  for  the
years ended March 31, 1994 and 1995 are currently under review.

     At  March  31,  1997 AMERCO and RWIC have non-life net  operating
loss  carryforwards available to offset taxable income in future years
of  $355,360,000 for tax purposes.  These carryforwards expire in 2003
through 2012.  AMERCO has alternative minimum tax credit carryforwards
of  $16,242,000 which do not have an expiration date, but may only  be
utilized  in  years  in which regular tax exceeds alternative  minimum
tax.  The use of certain carryforwards may be limited or prohibited if
a reorganization or other change in corporate ownership were to occur.

     During  1994, Oxford dividended their investment in  RWIC  common
stock  to its parent at its book value.  As a result of such dividend,
a  deferred intercompany gain arose due to the difference between  the
book  value and fair value of such common stock.  However,  such  gain
can  only  be triggered if certain events occur.  To date,  no  events
have  occurred which would trigger such gain recognition.  No deferred
taxes  have  been provided in the accompanying consolidated  financial
statements  as  management believes that no events  have  occurred  to
trigger such gain.
     
9.  TRANSACTIONS WITH FLEET OWNERS AND OTHER RENTAL EQUIPMENT OWNERS
     
     Independent   rental   equipment  owners   (fleet   owners)   own
approximately 12% of all U-Haul rental trailers, 0.03% of  all  U-Haul
rental  trucks  and certain other rental equipment.   There  are  over
5,000  fleet owners, including certain officers, directors,  employees
and  stockholders  of the Company.  All rental equipment  is  operated
under  contract with U-Haul whereby U-Haul administers the  operations
and marketing of such equipment and in return receives a percentage of
rental  fees  paid  by  customers.  Based  on  the  terms  of  various
contracts, rental fees are distributed to the Company (for services as
operators),  to  the fleet owners (including certain subsidiaries  and
related  parties  of  the  Company) and to Rental  Dealers  (including
Company-operated U-Haul Centers).
     
     Oxford reinsures short-term accidental death and medical insurance
risks  for  customers who rent vehicles owned by the Company and  fleet
owners.   Premiums earned were $318,000, $1,600,000 and $1,556,000  for
the  years  ended  December  31,  1996, 1995  and  1994,  respectively.
Effective April 1996, the treaty was canceled for new business.
     
     RWIC  insures and reinsures certain risks of U-Haul customers  and
independent  fleet  owners.  Premiums earned  on  these  policies  were
$40,800,000,  $43,400,000  and  $39,300,000  during  the  years   ended
December 31, 1996, 1995 and 1994, respectively.
<PAGE>  58     
     
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued

     
10.  EMPLOYEE BENEFIT PLANS
     
     The  Company participates in the AMERCO Employee Savings,  Profit
Sharing and Employee Stock Ownership Plan (the Plan) which is designed
to  provide  all eligible employees with savings for their  retirement
and to acquire a proprietary interest in the Company.
     
     The  Plan  has three separate features: a profit sharing  feature
(the   Profit  Sharing  Plan)  under  which  the  Employer  may   make
contributions  on  behalf  of participants;  a  savings  feature  (the
Savings  Plan) which allows participants to defer income under Section
401(k)  of  the  Internal Revenue Code of 1986; and an employee  stock
ownership  feature  (the  ESOP)  under  which  the  Company  may  make
contributions of AMERCO common stock or cash to acquire such stock  on
behalf  of  participants.  Generally, employees  of  the  Company  are
eligible  to  participate in the Plan upon completion of  a  one  year
service requirement.
     
     The  Company has arranged financing to fund the ESOP trust (ESOT)
and  to enable the ESOT to purchase shares.  Below is a summary of the
financing arrangements.

                    Amount outstanding
  Financing                 as  of                Interest Payments
     Date              March 31, 1997          1997      1996     1995
  --------------------------------------------------------------------         
                                    (in thousands)
  December 1989          $ 2,500             $  162    $  309     $313
  May 1990                   469                 45        59       72
  June 1991               17,771              1,472     1,131      745

     Shares  are  released  from collateral and  allocated  to  active
employees  based on the proportion of debt service paid  in  the  plan
year.   Contributions to the ESOT charged to expense were  $3,570,000,
$2,904,000  and  $2,571,000 for the years ended 1997, 1996  and  1995,
respectively.
     
     Effective  April  1,  1994,  the  Company  adopted  Statement  of
Position  93-6  "Employers' Accounting for  Employee  Stock  Ownership
Plans"   for  shares  purchased  subsequent  to  December  31,   1992.
Accordingly, the shares pledged as collateral are reported as unearned
ESOP  shares  in  the  statement  of financial  position.   As  shares
purchased  after  December 31, 1992 are released from collateral,  the
Company reports compensation expense equal to the current market price
of  the  shares,  and the shares become outstanding for  earnings  per
share  computations.  Dividends on allocated ESOP shares are  recorded
as  a  reduction  of retained earnings; dividends on unallocated  ESOP
shares are recorded as a reduction of debt and accrued interest.
<PAGE> 59     
                                   
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued

10.  EMPLOYEE BENEFIT PLANS, continued
     
Shares  purchased  prior to December 31, 1992 are  not  accounted  for
under  the  above guidance.  Dividends are recorded as a reduction  of
retained earnings, shares are considered outstanding for earnings  per
share  calculation,  and  compensation  expense  is  based  upon  debt
service.
     
     The shares held by ESOP as of March 31 were as follows:
     
                                      Shares issued         Shares issued
                                       prior to              subsequent to
                                  December 31, 1992       December 31, 1992
                                 ------------------------------------------
                                   1997        1996        1997        1996
                                 ------------------------------------------
                                    (in thousands)           (in thousands)
Allocated shares                  1,487       1,367          78          43
Shares committed to be
  released                          -           -            11          11
Unreleased shares                   749         980         742         783

Fair value of
  unreleased shares            $  7,574       9,499      18,926      18,988
                                 ==========================================

     For  purposes  of this schedule, fair value of unreleased  shares
issued prior to December 31, 1992 is defined as the historical cost of
such  shares.   Fair value of unreleased shares issued  subsequent  to
December  31,  1992 is defined as the March 31 trading value  of  such
shares for 1997 and 1996.
     
     Oxford  insures various group life and group disability insurance
plans  covering employees of the consolidated group.  Premiums  earned
were  $2,370,000,  $2,138,000 and $1,896,000 during  the  years  ended
December 31, 1996, 1995 and 1994, respectively, and were eliminated in
consolidation.


11.  POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS
     
     The  Company  provides  medical and life  insurance  benefits  to
retired  employees and eligible dependents over age 65 if the employee
meets specified age and service requirements.
     
     The   Company   uses  the  accrual  method  of   accounting   for
postretirement  benefits.  The Company continues to fund  medical  and
life insurance benefit costs as claims are incurred.
     
     The  components of net periodic postretirement benefit  cost  for
1997, 1996 and 1995 are as follows:

                                                       1997     1996    1995
                                                      ----------------------
                                                            (in thousands)
Service cost for benefits earned
  during the period                                 $   381      346     360
Interest cost on APBO                                   407      422     382
Other components                                        (58)     (81)     -
                                                      ----------------------

Net periodic postretirement benefit cost            $   730      687     742
                                                      ======================
<PAGE> 60
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued

11.  POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS, continued
     
     The  1997 and 1996 postretirement benefit liability included  the
following components:

                                                               1997      1996
                                                             -----------------
                                                              (in  thousands)
Actuarial present value of postretirement
 benefit obligation:
  Retirees                                                 $ (1,360)    (2,010)
  Eligible active plan participants                            (344)      (344)
  Other active plan participants                             (2,408)    (3,597)
                                                             -----------------
Accumulated postretirement benefit obligation                (4,112)    (5,951)
Unrecognized net gain                                        (3,838)    (1,366)
                                                             -----------------
                                                           $ (7,950)    (7,317)
                                                             =================

     The  discount rate assumptions in computing the information above
were as follows:

                                                       1997     1996      1995
                                                   ----------------------------
Accumulated postretirement benefit obligation          7.50%    7.00%     8.50%

     The  year-to-year  fluctuations in the discount rate  assumptions
primarily  reflect changes in U.S. interest rates.  The discount  rate
represents  the  expected yield on a portfolio of  high-grade  (AA-AAA
rated  or equivalent) fixed-income investments with cash flow  streams
sufficient to satisfy benefit obligations under the plans when due.

     The  assumed  health care cost trend rate used in  measuring  the
accumulated  postretirement  benefit obligation  was  7.50%  in  1997,
declining annually to an ultimate rate of 4.20% in 2011.
     
     If  the health care cost trend rate assumptions were increased by
1.0%,   the  APBO  as  of  March  31,  1997  would  be  increased   by
approximately $635,000.  The effect of this change on the sum  of  the
service   cost   and  interest  cost  components   of   net   periodic
postretirement  benefit  cost  for  1997  would  be  an  increase   of
approximately $105,000.
     
     Postemployment benefits provided by the Company are not material.

12.  REINSURANCE
     
     The  Company's insurance subsidiaries assume and cede reinsurance
on  both a coinsurance and risk premium basis.  RWIC and Oxford obtain
reinsurance for that portion of risks exceeding retention limits.  The
maximum amount of life insurance retained on any one life is $100,000.
     
     RWIC  also reinsures a wide range of property-casualty risks with
third  parties and insures general and auto liability, multiple  peril
and   workers'  compensation  coverage  for  the  consolidated  group,
independent  fleet owners and customers as a direct writer  and  as  a
reinsurer through third party companies.
     
     To  the  extent that a reinsurer is unable to meet its obligation
under  the  related reinsurance agreements, the Company  would  remain
liable  for the unpaid losses and loss expenses.  Pursuant to  certain
of   these  agreements,  the  Company  holds  letters  of  credit   of
$15,100,000 from reinsurers.  The Company has issued letters of credit
of $1,900,000 in favor of certain ceding companies.
<PAGE>  61     
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued

12.  REINSURANCE, continued
     
     RWIC  insures and reinsures general liability, auto liability  and
workers' compensation coverage for member companies of the consolidated
group.   Premiums  earned by RWIC on these policies  were  $19,700,000,
$12,700,000 and $20,600,000 during the years ended December  31,  1996,
1995 and 1994, respectively, and were eliminated in consolidation.
     
     RWIC  is  a  reinsurer  of municipal bond  insurance  through  an
agreement  with MBIA, Inc.  Premiums generated through this  agreement
are  recognized on a pro rata basis over the contract coverage period.
Unearned  premiums on this coverage were $5,000,000 and $4,800,000  as
of  December  31, 1996 and 1995, respectively.  RWIC's share  of  case
loss  reserves related to this coverage was insignificant at  December
31,  1996.   RWIC's  aggregate exposure for  Class  1  municipal  bond
insurance was $876,900,000 as of December 31, 1996.
     
     A   summary  of  reinsurance  transactions  by  business  segment
follows:

                                                                 Percentage
                                  Ceded       Assumed             of amount
                       Direct   to other    from other     Net   assumed to
                       amount   companies   companies    amount     net
                       ----------------------------------------------------
                                          (in thousands)
Year ended 1996
---------------
   Life insurance
     in force       $  35,298       463     2,392,339  2,427,174     99%
                      ==========================================

   Premiums earned:
     Life           $   1,869        18         8,016      9,867     81%
     Accident and
       health           4,740       171         1,469      6,038     24%
     Annuity               82       -          10,836     10,918     99%
     Property
       casualty       108,440    26,148        54,488    136,780     40%
                      ------------------------------------------
          Total     $ 115,131    26,337        74,809    163,603
                      ==========================================

                                                                 Percentage
                                  Ceded       Assumed             of amount
                       Direct   to other    from other     Net   assumed to
                       amount   companies   companies    amount     net
                       ----------------------------------------------------    
                                          (in thousands)
Year ended 1995
---------------
   Life insurance
     in force       $  35,257       481     2,586,485  2,621,261     99%
                      ==========================================

   Premiums earned:
     Life           $   2,078        17         8,414     10,475     80%
     Accident and
       health           4,877       183         2,574      7,268     35%
     Annuity              -         -           8,453      8,453    100%
     Property
       casualty        91,373    33,031        69,711    128,053     54%
                      ------------------------------------------
          Total     $  98,328    33,231        89,152    154,249
                      ==========================================

<PAGE>  62
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued


12.  REINSURANCE, continued

                                                                 Percentage
                                  Ceded       Assumed             of amount
                       Direct   to other    from other     Net   assumed to
                       amount   companies   companies    amount     net
                       ----------------------------------------------------    
                                          (in thousands)
Year ended 1994

   Life insurance
     in force       $  32,046       500     2,729,372  2,760,918     99%
                      ==========================================

   Premiums earned:
     Life           $   1,601        16         8,149      9,734     84%
     Accident and
       health           3,980       198         1,513      5,295     29%
     Annuity               61       -           7,696      7,757     99%
     Property
       casualty        86,869    40,871        66,864    112,862     59%
                      ------------------------------------------
          Total     $  92,511    41,085        84,222    135,648
                      ==========================================

13.  CONTINGENT LIABILITIES AND COMMITMENTS
     
     The   Company  occupies  certain  facilities  and  uses   certain
equipment  under  operating  lease  commitments  with  terms  expiring
through   2079.   Lease  expense  was  $85,903,000,  $69,097,000   and
$66,487,000  for  the  years ended 1997, 1996 and 1995,  respectively.
During  the year ended March 31, 1997, a subsidiary of U-Haul  entered
into  twelve  transactions,  and has subsequently  entered  into  nine
additional  transactions, whereby the Company sold  rental  trucks  or
trailers  and  subsequently leased back.  The Company  has  guaranteed
$54,001,000 of residual values and an additional $9,252,000 subsequent
to  March 31, 1997 for these assets at the end of the respective lease
terms.   U-Haul also entered into one transaction whereby the  Company
sold  rental trailers, and also entered into six transactions, whereby
the  Company  sold  computer equipment and subsequently  leased  back.
Certain  leases contain renewal and fair market value purchase options
as  well  as  mileage  and  other restrictions  similar  to  covenants
disclosed in Note 5 of Notes to Consolidated Financial Statements (Note 5) 
for notes payable and loan agreements.
                                   
     Following  are the lease commitments for leases having  terms  of
more than one year (in thousands):

                             Year end 1997             
                      ---------------------------      Net activity
                      Property, plant      Rental      subsequent to
      Year ended    and other equipment    fleet          year end       Total
      ------------------------------------------------------------------------

      1998              $  5,167           88,220         (5,298)       88,089
      1999                 4,741           88,220         (6,426)       86,535
      2000                 3,793           88,220         (6,426)       85,587
      2001                 2,344           72,300         (1,218)       73,426
      2002                   801           48,834          4,098        53,733
      Thereafter           8,367           98,792         14,164       121,323
                          ----------------------------------------------------
                        $ 25,213          484,586         (1,106)      508,693
                          ====================================================

     Subsequent to March 31, 1997, the Company has reduced future lease
commitments by $47,265,000 through early termination of certain leases.
Residual value guarantees were also reduced by $7,627,000 in connection
with the terminations.
<PAGE>  63
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued


13.  CONTINGENT LIABILITIES AND COMMITMENTS, continued
     
     In December 1996, the Company executed a $100 million Operating Lease
Facility (the Facility) with a number of financial institutions.  Under the
Facility, the lessor acquires land to be developed for storage locations by the
Company, as Construction Agent, or acquires existing storage locations with
advances of funds (the Advances) made by certain parties to the Facility.
The Company will separately lease land and improvements, including completed 
locations capitalized by the lessor, under the Facility and the respective 
lease supplements.  Funding under the Facility totaled $20,498,000 at
March 31, 1997.

     The Facility contains certain restrictions similar to those contained in
Note 5.  Upon occurence of any event of default, the lessor may rescind or
terminate any or all leases and, among other things, require the Company to
repurchase any or all of the properties.  The Facility has a three year term,
subject to the Company's option, with the consent of other parties, to renew
for successive one year terms.

     Upon the expiration of the Facility, the Company will be required to
either purchase all of the properties based on a purchase price equal to all 
amounts outstanding under the Advances, including the interest and yield 
thereon or, remarket all of the properties to a third party purchaser who may 
become a subsequent lessor to the Company.

     In the normal course of business, the Company is a defendant in  a
number  of  suits and claims.  The Company 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 such suits,  claims  or
proceedings  involving the Company, individually or in  the  aggregate,
are expected to result in a material loss.  Also see Notes 12 and 14 of
Notes to Consolidated Financial Statements.

14.  LEGAL PROCEEDINGS

     A  judgment  was  entered  on February  21,  1995,  in  the  Shoen
Litigation  against  Edward J. Shoen, James P. Shoen,  Paul  F.  Shoen,
Aubrey K. Johnson, John M. Dodds, and William E. Carty, who are current
members of the Board of Directors of the Company.  The Company was also
a  defendant in the action as originally filed, but was dismissed  from
the  action  on August 15, 1994.  The plaintiffs alleged,  among  other
things,  that  certain  of  the individual plaintiffs  were  wrongfully
excluded  from  sitting on the Company's Board  of  Directors  in  1988
through  the sale of Common Stock to certain key employees.  That  sale
allegedly prevented the plaintiffs from gaining a majority position  in
the  Company's  Common  Stock and control of  the  Company's  Board  of
Directors.   The plaintiffs alleged various breaches of fiduciary  duty
and  other  unlawful  conduct by the individual defendants  and  sought
equitable relief, compensatory damages, punitive damages, and statutory
post-judgment interest.

     Based  on the plaintiffs' theory of damages, the court ruled  that
the  plaintiffs  elected as their remedy in this  lawsuit  to  transfer
their  shares  of  stock  in the Company to  the  defendants  upon  the
satisfaction  of  the judgment.  The judgment was entered  against  the
defendants in the amount of approximately $461.8 million plus  interest
and  taxable  costs.  In addition, on February 21, 1995,  judgment  was
entered against Edward J. Shoen in the amount of $7 million as punitive
damages.   On March 23, 1995, Edward J. Shoen filed a notice of  appeal
with  respect to the award of punitive damages and the plaintiffs  have
subsequently  cross  appealed the judge's remittitur  of  the  punitive
damages from $70 million to $7 million.
<PAGE>  64
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued


14.  LEGAL PROCEEDINGS, continued

     Pursuant  to  separate  indemnification  agreements,  the  Company
agreed  to indemnify the defendants to the fullest extent permitted  by
law  or the Company's Articles or By-Laws, for all expenses and damages
incurred  by  the  defendants in this proceeding,  subject  to  certain
exceptions.   In  addition,  the transfer  of  Common  Stock  from  the
plaintiffs  to  the defendants implicated rights held by  the  Company.
For example, pursuant to the Company's By-Laws, the Company had certain
rights of first refusal with respect to the transfer of the plaintiffs'
stock.   Furthermore, the defendants' rights to acquire the plaintiffs'
stock  may  have  presented a corporate opportunity which  the  Company
would be entitled to exercise.

     On  February 21, 1995, Edward J. Shoen, James P. Shoen, Aubrey  K.
Johnson,  John M. Dodds, and William E. Carty (the Director-Defendants)
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.   In  late  April
1995,  the Director-Defendants, in cooperation with the Company,  filed
plans  of reorganization in the United States Bankruptcy Court for  the
District  of  Arizona,  all  of which proposed  the  same  funding  and
treatment of the plaintiffs' claims resulting from the judgment in  the
Shoen Litigation.  The plans of reorganization, as amended and restated
on  February 29, 1996, were confirmed by the bankruptcy court on  March
15,  1996.  The plans, as confirmed, shall collectively be referred  to
as the "Plan."

     On  October  17,  1995 the Company entered into an agreement  (the
Agreement)  with  the Director-Defendants whereby the  Company  agreed,
among   other   things,  to  fund  the  Plan   and   to   release   the
Director-Defendants from all claims the Company may have  against  them
arising    from    the    Shoen   Litigation.    In    addition,    the
Director-Defendants  agreed  (i)  to  release,   subject   to   certain
exceptions,  the  Company  from any claim  they  may  have  against  it
pursuant  to any indemnification agreements, (ii) to assign all  rights
they have under the Shoen Litigation to the Company, (iii) to waive all
appeal rights related to the Shoen Litigation (not including Edward  J.
Shoen's  appeal of the punitive damage award), and (iv) not  to  oppose
the  Company should it elect to exercise its right of first refusal  on
any  Common Stock to be transferred by the plaintiffs upon satisfaction
of the judgment in the Shoen Litigation.

     Pursuant  to  the  Plan, the Company repurchased  the  plaintiffs'
shares  of Common Stock as described in Note 6 in Notes to Consolidated
Financial  Statements.   As  a  result,  the  judgment  in  the   Shoen
Litigation   was  satisfied  in  full.   On  October   1,   1996,   the
Director-Defendants emerged from bankruptcy upon the filing  of  notice
with  the  bankruptcy court that the effective date  of  the  Plan  had
occurred  and  that  the Plan had been performed and was  substantially
consummated.
     
     As  of the date hereof, an issue remains regarding whether or  not
the  plaintiffs are entitled to statutory post-judgment interest at the
rate of ten percent (10%) per year from February 21, 1995 (the date the
Director-Defendants filed for protection under Chapter  11)  until  the
judgment was satisfied.  On July 19, 1996,  the bankruptcy court  ruled
the  plaintiffs are entitled to such interest.  The Director-Defendants
and  the  Company have appealed the court's decision,  The Company  has
deposited approximately $48.2 million into an escrow account to  secure
payment  of  the  disputed interest, pending final resolution  of  this
issue (including all appeals by either side) which has been recorded as
a component of other assets in the 1997 accompanying balance sheet.  If
the interest issue is decided adversely to the Company and the Director-
Defendants,  the  amount  deposited into the  escrow  account  will  be
transferred to the plaintiffs.  The ultimate outcome of this issue will
not  have  the  effect of increasing or decreasing  the  Company's  net
earnings, but could reduce stockholders' equity.
     
     The  Company  has  deducted for income tax purposes  approximately
$324.0  million  of  the  payments made to the plaintiffs.   While  the
Company believes that such income tax deductions are appropriate, there
can be no assurance that such deductions ultimately will be allowed  in
full.
<PAGE> 65
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued


15.  PREFERRED STOCK PURCHASE RIGHTS
     
     In  July  1988,  the  Company's  Board  of  Directors  adopted  a
stockholder-rights  plan,  and  such  rights  were  distributed  as  a
dividend  at the rate of one right for each outstanding share  of  the
Company's  common stock to the holders of record of common  shares  on
July  29, 1988.  As a result of the 400-for-1 common stock split  that
occurred  on  October 1, 1990, each outstanding share of common  stock
currently has one four-hundredth of a right associated with it.   When
exercisable, each right will entitle its holder to purchase  from  the
Company  one  one-hundredth of a share of the new Series  C  Preferred
Stock of the Company at a price of $15,000.  AMERCO has reserved 5,000
shares  of  authorized but unissued preferred stock for the  Series  C
Preferred  Stock  authorized  in this  stockholder-rights  plan.   The
rights  will become exercisable if a person or group of affiliated  or
associated  persons acquire or obtain the right to acquire  beneficial
ownership  of  50% or more of the common stock without approval  of  a
majority  of  the  Board  of Directors of the Company.   The  majority
approval must be made by members of the Board who were members  as  of
July  25, 1988 (Disinterested Directors) or subsequent members elected
to the Board if such persons are recommended or approved by a majority
of  the  Disinterested Directors.  The rights will expire on July  29,
1998  unless earlier redeemed by the Company pursuant to authorization
by a majority of the Disinterested Directors.
     
     In  the  event  the  Company is acquired in  a  merger  or  other
business  combination transaction after the rights become exercisable,
provision shall be made so that each holder of a right shall have  the
right  to  receive, upon exercise thereof and payment of the  exercise
price,  that number of common shares of such corporation which at  the
time  of  such  transaction would have a market or book value  of  two
times  the  exercise  price  of the right.   If  the  Company  is  the
surviving  company, each holder would have the right to receive,  upon
payment  of  the exercise price, common shares with a market  or  book
value of two times the exercise price.

16.  STOCK OPTION PLAN
     
     In  October 1992, the stockholders approved a ten year  incentive
plan  entitled the AMERCO Stock Option and Incentive Plan  (the  Plan)
for officers and key employees of the Company.
     
     Under  the  Plan,  Incentive Stock Options (ISOs),  Non-qualified
Stock  Options,  Stock  Appreciation Rights  (SAR),  Restricted  Stock
Dividend  Equivalents  and Performance Shares  may  be  awarded.   The
aggregate numbers of shares of stock subject to award under  the  Plan
may  not  exceed 3,000,000.  The stock subject to the Plan  is  AMERCO
Common  Stock unless prior to the date the first award is  made  under
the Plan, a Committee of at least two Board members determines, in its
discretion, to utilize another class of the Company's stock.
     
     The  Plan provides for the granting of ISOs as defined under  the
Internal Revenue Code and Non-qualified Stock Options under such terms
and  conditions  as the Committee determines in its  discretion.   The
ISOs may be granted at prices not less than one-hundred percent of the
fair  market value at the date of grant with a term not exceeding  ten
years.
     
     The  Plan  provides for the granting of SARs subject  to  certain
conditions and limitations to holders of options under the Plan.  SARs
permit  the optionee to surrender an exercisable option for an  amount
equal  to the excess of the market price of the common stock over  the
option price when the right is exercised.
<PAGE>  66                                   
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued


16.  STOCK OPTION PLAN, continued
     
     Under  the  Restricted  Stock feature of the  Plan,  a  specified
number   of   common  shares  may  be  granted  subject   to   certain
restrictions.  Restriction violations during a specified period result
in  forfeiture  of the stock.  The Committee may, at  its  discretion,
impose any restrictions on a Restricted Stock award.
     
     The  Plan  authorizes the Committee to grant Dividend Equivalents
in  connection  with  options.  Dividend  Equivalents  are  rights  to
receive additional shares of Company stock at the time of exercise  of
the option to which such Dividend Equivalents apply.
     
     Under  the  Plan, Performance Share units may be  granted.   Each
unit is deemed to be the equivalent of one share of Company stock  and
such units are credited to a Performance Share account.  The value  of
the units at the time of award or payment is the fair market value  of
an  equivalent  number of shares of stock.  At the end  of  the  award
period,  payment may be made subject to certain predetermined criteria
and restrictions.
     
     To date, no stock options or awards have been granted.

17.  RELATED PARTY TRANSACTIONS
     
     The  Company  has related party transactions with  certain  major
stockholders,  directors  and officers of the  consolidated  group  as
disclosed  in Notes 2, 6, 9 and 15 of Notes to Consolidated  Financial
Statements.
     
     During the years ended 1997, 1996 and 1995, the Company purchased
$3,281,000, $3,122,000 and $3,417,000, respectively, of printing  from
a  company  wherein  an officer is a major stockholder,  director  and
officer of the Company.
     
     During  the  years  ended 1997 and 1996,  the  Company  purchased
$11,164,000  and  $1,558,000 of computer  components  from  a  company
wherein  a  major  stockholder  was  the  family  trust  of  a   major
stockholder, director and officer of the Company, until June 1,  1996.
There were no purchases from the Company during the year ended 1995.
     
     Pursuant  to a Share Repurchase and Registration Rights Agreement,
dated  May  1,  1992,  among Sophia M. Shoen, Sophmar,  Inc.,  and  the
Company,  Sophia  M.  Shoen had the right to  require  the  Company  to
repurchase, with certain limitations, up to $3,000,000 of Common  Stock
owned  by her.  The Sophia Shoen Registration Rights Agreement provides
that the Company's obligations to repurchase any shares from Sophia  M.
Shoen  may be satisfied if such shares are purchased by the ESOP Trust.
Pursuant to the Sophia Shoen Registration Rights Agreement, on June 30,
1994,  Sophia M. Shoen sold 88,235 shares of Common Stock to  the  ESOP
Trust at the then appraised value of $17.00 per share, for an aggregate
sales price of approximately $1,500,000.  In addition, Sophia M. Shoen,
subject  to certain limitations and restrictions, may also elect  under
the Sophia Shoen Registration Rights Agreement to cause the Company  to
effect a registration under the Securities Act of 1933, as amended, and
applicable state securities laws of shares of Common Stock held by her.
Sophia  M.  Shoen sold 575,000 shares of Common Stock to the public  in
late  1994  pursuant  to  her registration rights.   Sophia  Shoen  has
reached a tentative agreement with the Company, subject to execution of
definitive  agreements, whereby the Company will pay Sophia  Shoen  the
sum  of  $1,250,000 to terminate the Share Repurchase and  Registration
Right  Agreement.  Sophia M. Shoen is a major stockholder  and  is  the
sister  of  Edward  J.,  Mark V. and James  P.  Shoen,  who  are  major
stockholders and directors of the Company.
<PAGE> 67
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued


17.  RELATED PARTY TRANSACTIONS, continued     

     Pursuant  to a Share Repurchase and Registration Rights Agreement,
dated  as of March 1, 1992, among Paul F. Shoen, Pafran, Inc.  and  the
Company,  Paul  F.  Shoen  had the right  to  require  the  Company  to
repurchase, with certain limitations, up to $3,000,000 of Common  Stock
owned  by  him.  The Paul Shoen Registration Rights Agreement  provides
that  the  Company's obligation to repurchase any shares from  Paul  F.
Shoen  shall  be  satisfied if such shares are purchased  by  the  ESOP
Trust.   Pursuant to the Paul Shoen Registration Rights Agreement,  (i)
on  June 30, 1994, Paul F. Shoen sold 58,825 shares of Common Stock  to
the  ESOP Trust at the then appraised value of $17.00 per share for  an
aggregate  sales price of approximately $1,000,000 and (ii) on  January
17,  1995, Paul F. Shoen sold 50,632 shares of Common Stock to the ESOP
Trust at the most recent closing price for the Common Stock trading  on
Nasdaq   of  $19.75  per  share  for  an  aggregate  sales   price   of
approximately  $1,000,000.   In addition, Paul  F.  Shoen,  subject  to
certain  limitations and restrictions, may also elect  under  the  Paul
Shoen  Registration Rights Agreement to cause the Company to  effect  a
registration  under  the  Securities  Act  of  1933,  as  amended,  and
applicable state securities laws of shares of Common Stock held by him.
Paul  F.  Shoen  sold 500,000 shares of Common Stock to the  public  in
March of 1995 pursuant to his registration rights.  Paul F. Shoen is  a
major stockholder and director of the Company.
     
     On  February  9,  1995,  Paul  F.  Shoen  executed  a  settlement
agreement  with  the  Company whereby Paul  F.  Shoen  agreed  to  the
dismissal  of  certain  claims  he  had  asserted  in  an  arbitration
proceeding  and in an action in the United States District  Court  for
the District of Nevada.  In exchange for Paul F. Shoen's agreement  to
dismiss  such claims, the Company agreed, among other things, to  work
in  good faith toward appointing independent trustees for the ESOP and
to  place Paul F. Shoen on the management's slate of directors for the
1994  Annual  Meeting  of Stockholders.  In addition,  the  settlement
agreement  provided for the Company to pay Paul F. Shoen $925,000  and
for  the  Company to receive a full release of all claims by  Paul  F.
Shoen  through  the  settlement date, including but  not  limited  to,
claims  for reimbursement of attorneys fees related to all matters  to
which  Paul  F. Shoen is or was a party.  The terms of the  settlement
will  not  result  in  a  material adverse  effect  of  the  Company's
financial position or results of operations.
     
     On  December  18,  1995,  the Company  reimbursed  Paul  F.  Shoen
$1,500,000 for a payment made to the plaintiffs in partial satisfaction
of the judgment in the Shoen Litigation.

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

18.  SUPPLEMENTAL CASH FLOW INFORMATION
     
     The  (increase) decrease in receivables, inventories and accounts
payable  and accrued liabilities net of other operating and  investing
activities follows:
     
                                                  Year ended
                                   ---------------------------------------
                                     1997            1996            1995
                                   ---------------------------------------
                                                (in thousands)

         Receivables             $  75,150         (45,734)        (57,645)
                                   =======================================

         Inventories             $ (19,903)          4,446          (1,325)
                                   =======================================

         Accounts payable and
           accrued expenses      $ (20,819)         24,137           3,549
                                   =======================================
<PAGE>  68                                   
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued


19. SUMMARIZED  CONSOLIDATED  FINANCIAL  INFORMATION  OF  INSURANCE
SUBSIDIARIES
     
     A summary consolidated balance sheet for RWIC is presented below:

                                                            December 31,
                                                    ----------------------
                                                         1996        1995
                                                    ----------------------
                                                          (in thousands)

      Investments - fixed maturities               $   401,198     414,323
      Other investments                                 13,609      16,730
      Receivables                                      116,373     138,650
      Deferred policy acquisition costs                  8,622       9,858
      Due from affiliate                                24,223      15,107
      Deferred federal income taxes                     16,941      17,298
      Other assets                                      28,721       7,488
                                                       -------------------
           Total assets                            $   609,687     619,454
                                                       ===================

      Policy liabilities and accruals              $   338,047     345,984
      Unearned premiums                                 50,699      64,379
      Premium deposits                                     -           -
      Other policyholders' funds and liabilities        28,592      20,909
                                                       -------------------
           Total liabilities                           417,338     431,272


      Stockholder's equity                             192,349     188,182
                                                       -------------------

                Total liabilities and
                  stockholder's equity             $   609,687     619,454
                                                       ===================
<PAGE> 69
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued

19. SUMMARIZED  CONSOLIDATED  FINANCIAL  INFORMATION  OF  INSURANCE
SUBSIDIARIES, continued

     A  summarized consolidated income statement for RWIC is presented
below:

                                               Year ended December 31,
                                       -----------------------------------
                                         1996          1995          1994
                                       -----------------------------------
                                                  (in thousands)

    Premiums                         $ 156,505       140,752       133,437
    Net investment income               30,572        29,906        29,026
    Other income                         2,016         1,714         2,835
                                       -----------------------------------
         Total revenue                 189,093       172,372       165,298
    Benefits and losses                131,407       129,497       115,217
    Amortization of deferred policy
      acquisition costs                  9,858         8,973         6,644
    Other expenses                      29,566        12,466        20,281
                                       -----------------------------------
         Income from operations         18,262        21,436        23,156
    Federal income tax expense          (5,502)       (6,722)       (6,960)
                                       -----------------------------------
    Net income                       $  12,760        14,714        16,196
                                       ===================================
     
     A  summary  consolidated balance sheet for  Oxford  is  presented
below:

                                                            December 31,
                                                     ---------------------
                                                         1996        1995
                                                     ---------------------
                                                          (in thousands)

      Investments - fixed maturities               $   458,496     465,379
      Other investments                                 92,762      90,234
      Receivables                                       13,553      16,734
      Deferred policy acquisition costs                 39,976      40,137
      Due from affiliate                                   149         148
      Deferred federal income taxes                     (9,908)    (14,585)
      Other assets                                       2,142       1,668
                                                       -------------------
           Total assets                            $   597,170     599,715
                                                       ===================

      Policy liabilities and accruals              $    80,589      73,203
      Unearned premiums                                    -           -
      Premium deposits                                 433,397     410,787
      Other policyholders' funds and liabilities         7,931       9,539
                                                       -------------------
           Total liabilities                           521,917     493,529
                                                       

      Stockholder's equity                              75,253     106,186
                                                       -------------------

                Total liabilities and
                  stockholder's equity             $   597,170     599,715
                                                       ===================
<PAGE>  70

                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued

19. SUMMARIZED  CONSOLIDATED  FINANCIAL  INFORMATION  OF  INSURANCE
SUBSIDIARIES, continued
     
     A   summarized  consolidated  income  statement  for  Oxford   is
presented below:

                                               Year ended December 31,
                                       -----------------------------------
                                         1996          1995          1994
                                       -----------------------------------
                                                  (in thousands)

    Premiums                         $  27,832        27,073        23,526
    Net investment income               18,746        16,508        14,060
    Other income                         2,294         6,801         3,202
                                       -----------------------------------
         Total revenue                  48,872        50,382        40,788
    Benefits and losses                 23,354        21,743        18,200
    Amortization of deferred policy
      acquisition costs                  6,635         8,158         4,252
    Other expenses                       8,309         7,871         8,598
                                       -----------------------------------
         Income from operations         10,574        12,610         9,738
    Federal income tax expense          (2,771)       (4,233)       (2,500)
                                       -----------------------------------
    Net income                       $   7,803         8,377         7,238
                                       ===================================
     
     Applicable  laws and regulations of the State of Arizona  require
maintenance of minimum capital determined in accordance with statutory
accounting  practices  in  the  amount  of  $400,000  for  Oxford  and
$1,000,000 for RWIC.  In addition, the amount of dividends  which  can
be  paid to shareholders by insurance companies domiciled in the State
of  Arizona is limited.  Any dividend in excess of the limit  requires
prior regulatory approval.  Statutory surplus which can be distributed
as dividends is $16,108,000 at December 31, 1996.
     
     Audited  statutory  net  income for  RWIC  for  the  years  ended
December  31,  1996,  1995 and 1994 was $16,807,000,  $12,273,000  and
$13,611,000, respectively; audited statutory capital and  surplus  was
$161,085,000  and  $152,156,000  at  December  31,  1996   and   1995,
respectively.
     
     Audited  statutory  net income for Oxford  for  the  years  ended
December  31,  1996,  1995  and 1994 was $12,815,000,  $8,912,000  and
$12,150,000, respectively; audited statutory capital and  surplus  was
$49,576,000   and  $73,580,000  at  December  31,   1996   and   1995,
respectively.
<PAGE>  71
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued


20.  INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA
     
     Industry  Segment  Data  - AMERCO's three industry  segments  are
Moving  and Storage Operations, Property/Casualty insurance  and  Life
insurance. Moving and Storage Operations is composed of the operations
of  U-Haul  International, Inc., which is engaged  in  the  rental  of
various  kinds of equipment and sales of related products and services
and  AREC.   Property/Casualty insurance is composed of the operations
of  Republic  Western  Insurance Company  which  operates  in  various
property  and  casualty  lines.  Life insurance  is  composed  of  the
operations of Oxford Life Insurance Company which operates in  various
life, accident and health and annuity lines.

     Information concerning operations by industry segment follows:
     
                 Moving    Property/             Adjustments
               and Storage Casualty     Life         and
               Operations  Insurance  Insurance  Eliminations  Consolidated
               ------------------------------------------------------------
                                    (in thousands)

1997
----
Revenues:
 Outside       $1,208,588    169,322     47,193          -       1,425,103
 Intersegment         -       19,771      1,679      (21,450)          -
                ----------------------------------------------------------
 Total revenue $1,208,588    189,093     48,872      (21,450)    1,425,103
                ==========================================================
Pretax
 operating
 profit        $  128,215     18,262     10,574          -         157,051
                ============================================
Interest
  expense                                                           73,523
Pretax                                                           ---------
   earnings
   from
   operations                                                   $   83,528
                                                                 =========
Identifiable
 assets        $1,811,145    609,687    597,170     (299,008)    2,718,994
                ==========================================================
Depreciation/
 amortization  $   75,607     12,040      6,717          -          94,364
                ==========================================================
Capital
 expenditures  $  203,943        -          -            -         203,943
                ==========================================================
<PAGE>  72
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued

20.  INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA, continued

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

1996
----
Revenues:
 Outside       $1,141,568    159,609     49,101          -       1,350,278
 Intersegment        (656)    12,763      1,281      (13,388)          -
                ----------------------------------------------------------
 Total revenue $1,140,912    172,372     50,382      (13,388)    1,350,278
Pretax          ==========================================================
 operating
 profit        $  129,082     21,436     12,610          656       163,784
                ============================================
Interest
  expense                                                           67,558
Pretax                                                           ---------
   earnings
   from
   operations                                                   $   96,226
                                                                 =========
Identifiable
 assets        $1,916,534    619,454    599,715     (312,296)    2,823,407
                ==========================================================
Depreciation/
 amortization  $   83,734     11,176      7,517          -         102,427
                ==========================================================
Capital
 expenditures  $  291,057        -          -            -         291,057
                ==========================================================

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

1995
----
Revenues:
 Outside       $1,097,111    144,642     39,347          -       1,281,100
 Intersegment         (42)    20,657      1,444      (22,059)          -
                ----------------------------------------------------------
 Total revenue $1,097,069    165,299     40,791      (22,059)    1,281,100
                ==========================================================
Pretax
 operating
 profit        $  128,278     23,074      9,824           42       161,218
                ============================================
Interest
  expense                                                           67,762
                                                                 ---------
Pretax
   earnings
   from
   operations                                                   $   93,456
                                                                 =========
Identifiable
 assets        $1,825,683    579,821    479,778     (281,605)    2,603,677
                ==========================================================
Depreciation/
 amortization  $  150,187      8,913      4,790          -         163,890
                ==========================================================
Capital
 expenditures  $  434,992        -          -            -         434,992
                ==========================================================  
<PAGE>  73
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued

20.  INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA, continued

Geographic Area Data -             United States    Canada    Consolidated
  (Canada is in U.S. $'s)          ---------------------------------------
                                               (in thousands)
1997
----
   Revenues                          $ 1,394,774      30,329     1,425,103
   Pretax earnings
     from operations                 $    81,686       1,842        83,528
   Identifiable assets               $ 2,674,603      44,391     2,718,994

1996
----
   Revenues                          $ 1,321,233      29,045     1,350,278
   Pretax earnings
     from operations                 $    92,699       3,527        96,226
   Identifiable assets               $ 2,777,146      46,261     2,823,407

1995
----
   Revenues                          $ 1,252,746      28,354     1,281,100
   Pretax earnings
     from operations                 $    90,378       3,078        93,456
   Identifiable assets               $ 2,550,252      53,425     2,603,677

21.  SUBSEQUENT EVENTS
                                   
     In February 1997, the Company, through its insurance subsidiaries,
invested in the equity of a limited partnership in a Texas-based  self-
storage corporation.  RWIC invested $13,500,000 in exchange for a 27.3%
limited partnership and Oxford invested $11,000,000 in exchange  for  a
22.2% limited partnership. U-Haul is a 50% owner of a corporation which
is  a general partner in the Texas-based self-storage corporation.  The
Company has a $10,000,000 note receivable from the corporation.
     
     On  May  6, 1997, the Company declared a cash dividend of $3,241,000
($.53125 per preferred share) to preferred stockholders of record  as  of
May 16, 1997.

     See  Notes  13 and 17 of Notes to Consolidated Financial  Statements
for other subsequent event disclosures.
<PAGE>  74  
<TABLE>
<CAPTION>                
                SUMMARY OF EARNINGS OF INDEPENDENT TRAILER FLEETS
                                        
                             Additional Information

         The  following  Summary of Earnings of Independent  Trailer  Fleets  is
presented  for  purposes of analysis and is not a required  part  of  the  basic
financial  statements.   Such information has been  subjected  to  the  auditing
procedures  applied  in the audits of the basic financial  statements  by  Price
Waterhouse LLP, independent accountants, whose report thereon appears  elsewhere
herein.
                                                                                
                                                                          Years Ended March 31,
                                                --------------------------------------------------------------------
                                                    1997           1996           1995           1994           1993
                                                --------------------------------------------------------------------
                                                    (in thousands except earnings per $100 of average investment)
<S>                                            <C>                <C>            <C>            <C>            <C>
Earnings data (Note A):
  Fleet Owner income:
    Credited to Fleet Owner gross
      rental income                            $   3,214          4,181          5,288          6,556          7,827
    Credited to Distribution, Accident
      and Canadian Duty Fund (Note D)                 36             69             66             71            114
                                                --------          -----          -----          -----          -----
      Total Fleet Owner income                     3,250          4,250          5,354          6,627          7,941
                                                --------          -----          -----          -----          -----
  Fleet Owner operation expenses:
    Charged to Fleet Owner (Note C)                1,639          2,182          2,127          2,404          3,100
    Charged to Distribution, Accident
      and Canadian Duty Funds (Note D)               131            254            234            237            290
                                                --------          -----          -----          -----          -----
      Total Fleet Owner operation
        expenses                                   1,770          2,436          2,361          2,641          3,390
                                                --------          -----          -----          -----          -----
      Fleet Owner earnings before
        Distribution, Accident and
        Canadian Duty Funds credit,
        depreciation and income taxes              1,480          1,814          2,993          3,986          4,551

  Distribution, Accident and Canadian
    Duty Funds credit (Note D)                        95            185            168            165            176
                                                --------          -----          -----          -----          -----
      Net Fleet Owner earnings before
        depreciation and income taxes          $   1,575          1,999          3,161          4,151          4,727
                                                ========          =====          =====          =====          =====
Investment data (Note A):
  Amount at end of year                        $     977          3,138          4,382          5,257          6,332
                                                ========          =====          =====          =====          =====
Average amount during year                     $   2,339          3,701          4,820          5,668          6,976
                                                ========          =====          =====          =====          =====
      Net Fleet Owner earnings before
        depreciation and income taxes
        per $100 of average investment
        (Note B)                               $   67.38          54.04          65.59          73.23          67.76
                                                ========          =====          =====          =====          =====


The accompanying notes are an integral part of this Summary of Earnings of Independent Trailer Fleets.
</TABLE>
<PAGE>  75
           NOTES TO SUMMARY OF EARNINGS OF INDEPENDENT TRAILER FLEETS
                                        
                             Additional Information
                                        
(A) The accompanying Summary of Earnings of Independent Trailer Fleets includes
    the operations  of  trailers  under the brand  name  of  "U-Haul"  owned by
    Independent Fleet Owners. Earnings data represent the aggregate  results of
    operations before  depreciation and taxes.  Investment  data  represent the
    cost of trailers and investments before accumulated depreciation.

    Fleet Owner income is based on Independent Rental Dealer reports of rentals
    transacted through  the  day preceding the last Monday  of  each  month and
    received by U-Haul International, Inc. by the end of the month and Company-
    Operated U-Haul Center reports of rentals transacted through the last day of
    each month.   Payments  to Fleet Owners for trailers lost  or  retired from
    rental service as a result of damage by accident have not been reflected in
    this summary  because  such  payments  do  not  relate  to  earnings before
    depreciation and income taxes but, rather, investment (depreciation).
   
    The investment data is based upon the cost of trailers to the Fleet Owners
    as reflected by sales records of U-Haul's manufacturing facilities.
   
(B) The summary of earnings data stated in terms of amount per $100 of average
    investment represents  the aggregate results of operations  (earnings data)
    divided by the average amount of investment during the periods. The average
    amount of  investment  is  based  upon a simple  average  of  the month-end
    investment during  each period.  Average earnings data  is  not necessarily
    representative of an individual Fleet Owner's earnings.
   
(C) A summary  of  operations expenses charged directly to  Independent  Fleet
    Owners follows:

                                              Year ended March 31,
                                         ---------------------------------------
                                            1997    1996    1995    1994    1993
                                         ---------------------------------------
                                                       (in thousands)
               

        Licenses                        $    434     436     503     520     593
        Public liability insurance           198     264     320     392     510
        Repairs and maintenance            1,007   1,482   1,304   1,492   1,997
                                         ---------------------------------------
                                        $  1,639   2,182   2,127   2,404   3,100
                                         =======================================

(D) The Fleet Owners, Independent Rental Dealers, U-Haul International, Inc. and
   Subsidiary U-Haul Rental Companies forego normal commissions on a portion  of
   gross  rental fees designated for transfer to the Distribution Fee Fund,  the
   Accident  Fund,  and the Canadian Duty Fund.  Designated expenses,  otherwise
   chargeable  to Fleet Owners, are paid from these Funds to the extent  of  the
   financial  resources  of  the Funds.  The amounts  designated  "Distribution,
   Accident  and  Canadian  Duty Funds credit" in the  accompanying  summary  of
   earnings  represent Operator Contribution expenses borne by the Funds,  which
   exceed Independent Fleetowner commissions foregone.
<PAGE>  76
           NOTES TO SUMMARY OF EARNINGS OF INDEPENDENT TRAILER FLEETS, continued
                                        
                             Additional Information
                                        
(E) Commissions foregone for transfer to the Distribution, Accident and Canadian
    Duty Funds (net of fees in excess of expenses incurred) follows:

                                                  Fleet Owners
                             Subsidiary     ----------------------
                               U-Haul       Subsidiary
                             Companies      Companies  Independent     Total
                             ----------------------------------------------- 
                                             (in thousands)
          Year ended:                                                          
               
        March 31, 1997          882            439          36        1,357
        March 31, 1996        1,287            624          69        1,980
        March 31, 1995          986            465          66        1,517
        March 31, 1994          873            399          71        1,343
        March 31, 1993          879            358         114        1,351
                                                                               




(F) A summary of Independent Fleet Owner expenses incurred by the Funds follows:
<TABLE>
<CAPTION>
                                                                    Year ended March 31,                                       
                                                            --------------------------------------------        
                                                             1997      1996     1995      1994      1993
                                                            --------------------------------------------
                                                                         (in thousands)
<S>                                                        <C>         <C>     <C>       <C>       <C>
Accident repairs                                           $ 1,111     1,675   1,295     1,085     1,199
Less portion allocated to fleets owned by subsidiary
  companies                                                    980     1,421   1,061       848       909
                                                            ------     -----   -----     -----     -----   
           Total Independent Fleet Owner expenses paid
             by funds                                          131       254     234       237       290
Add portion allocated to fleets owned by subsidiary
  companies                                                    980     1,421   1,061       848       909
Return of investment (accident reimbursement)                  246       305     222       258       152
                                                            ------     -----   -----     -----     -----
           Total expenses incurred by Funds                $ 1,357     1,980   1,517     1,343     1,351
                                                            ======     =====   =====     =====     =====
</TABLE>
<PAGE> 

     
                         Schedule I
                              
                              
        Condensed Financial Information of Registrant
                           AMERCO
                       Balance Sheets
                          March 31,


                                                        1997           1996
                                                    ------------------------
                                                          (in thousands)
Assets
------

   Cash                                           $     1,388          5,487
   Investment in subsidiaries                         629,415        613,606
   Due from unconsolidated subsidiaries               881,700      1,073,819
   Other assets                                        56,798          3,849
                                                    ------------------------

                                                  $ 1,569,301      1,696,761
                                                    ========================

Liabilities and Stockholders' Equity
------------------------------------

Liabilities:
   Notes and loans                                $   915,079        929,236
   Other liabilities                                   34,131         99,334
                                                    ------------------------

Stockholders' equity:
   Preferred stock                                        -              -
   Common stock                                        10,563         10,000   
   Additional paid-in capital                         337,933        165,756
   Foreign currency translation                       (14,133)       (11,877)
   Net unrealized gain on investments                   4,411         11,097

   Retained earnings:
     Beginning of year                                609,019        561,589
     Net earnings                                      51,865         60,394
     Dividends paid                                   (16,875)       (12,964)
                                                    ------------------------
                                                      644,009        609,019

   Less:
     Cost of common shares in treasury                359,723        111,118
     Unearned employee stock
       ownership plan shares                            2,969          4,686
                                                    ------------------------
          Total stockholders' equity                  620,091        668,191
                                                    ------------------------
                                                  $ 1,569,301      1,696,761
                                                    ========================

     See   accompanying   notes  to   condensed   financial
information and notes to consolidated financial  statements
incorporated herein by reference.
<PAGE>  
                    Schedule I, continued
                              
        Condensed Financial Information of Registrant
                           AMERCO
                   Statements of Earnings
                    Years Ended March 31,


                                          1997         1996         1995
                                     ------------------------------------
                                     (in thousands except per share data)

Revenues
--------
   Net interest income from
     subsidiaries                  $     58,723       63,133       66,050
   Other revenue                          2,445          753          465
                                     ------------------------------------

   Total revenues                        61,168       63,886       66,515
                                     ------------------------------------
Expenses
--------
   Interest expense                      71,039       63,133       66,050
   Other expenses                         7,374       14,119       11,515
                                     ------------------------------------

   Total expenses                        78,413       77,252       77,565
                                     ------------------------------------

   Operating loss                       (17,245)     (13,366)     (11,050)

   Equity in earnings of
     unconsolidated subsidiaries         98,895      107,550      102,583

   Income tax expense                   (27,466)     (33,790)     (31,501)

   Extraordinary loss on early
     extinguishment of debt, net         (2,319)         -            -
                                     ------------------------------------
                                  
      Net earnings                 $     51,865       60,394       60,032
                                     ====================================
   Earnings from operations
     before extraordinary loss
     on early extinguishment of
     debt                          $       1.44         1.33         1.23
   Extraordinary loss on early
     extinguishment of debt, net          (0.09)         -            -
                                     ------------------------------------
      Net earnings                 $       1.35         1.33         1.23
                                     ====================================

   Weighted average common
     shares outstanding              25,479,651   35,736,335   38,190,552
                                     ====================================

     See   accompanying   notes  to   condensed   financial
information and notes to consolidated financial  statements
incorporated herein by reference.

<PAGE> 79
                         Schedule I, continued
                                   
             Condensed Financial Information of Registrant
                                AMERCO
                       Statements of Cash Flows
                         Years Ended March 31,


                                           1997         1996         1995
                                       -----------------------------------     
                                                    (in thousands)

Cash flows from operating activities:
Net earnings                          $   51,865       60,394       60,032
  Amortization, net                        1,954           34          545
  Equity in earnings of
    subsidiaries                          65,392       69,085       67,139
  Increase (decrease) in amounts due
    from unconsolidated subsidiaries     192,119        3,195      (91,475)
  Net change in operating assets and
    liabilities                          (63,961)    (121,490)    (100,639)
  Other, net                              (8,641)      18,485       (8,194)
                                        ---------------------------------- 

Net cash provided (used) by
  operating activities                   238,728       29,703      (72,592)
                                        ----------------------------------

Cash flows from financing activities:
Net change in short term borrowings     (347,000)      84,500      178,750
Proceeds from notes                      562,000      140,000          -
Repayments from Leveraged Employee
  Stock Ownership Plan loan                1,717        1,717        1,717
Principal payments on notes             (229,157)    (106,826)     (89,706)
Debt issuance costs                       (5,612)      (1,027)        (319)
Issuance of common stock                  73,709          -            -
Issuance of preferred stock               98,546          -            -
Preferred stock dividends paid           (16,875)     (12,964)     (12,964)
Treasury Stock purchase, net            (248,605)    (100,657)         -
Deferred tax-treasury stock              (80,997)     (34,938)         -
Escrow deposit                           (48,234)         -            -
Extraordinary loss on early
  extinguishment of debt, net             (2,319)         -            -
                                        ----------------------------------

Net cash provided (used) by
  financing activities                  (242,827)     (30,195)      77,478
                                        ----------------------------------

Increase (decrease) in cash               (4,099)        (492)       4,886
Cash and cash equivalents
  at beginning of year                     5,487        5,979        1,093
                                        ----------------------------------

Cash and cash equivalents
  at end of year                      $    1,388        5,487        5,979
                                        ==================================


     Income  taxes  paid in cash amounted to $4,721,000, $285,000  and
$8,794,000  for 1997, 1996 and 1995, respectively.  Interest  paid  in
cash  amounted to $67,492,000, $67,150,000 and $65,840,000  for  1997,
1996 and 1995, respectively.
     
     See  accompanying  notes to condensed financial  information  and
notes  to  consolidated  financial statements incorporated  herein  by
reference.
<PAGE>  80
                         Schedule I, continued
                                   
             Condensed Financial Information of Registrant
                                AMERCO
               Notes to Condensed Financial Information
                     March 31, 1997, 1996 and 1995


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
     
     AMERCO,  a  Nevada corporation, was incorporated in April,  1969,
and  is  the holding company for U-Haul International, Inc.,  Republic
Western  Insurance Company, Oxford Life Insurance Company  and  Amerco
Real  Estate  Company.   The financial statements  of  the  Registrant
should   be  read  in  conjunction  with  the  Consolidated  Financial
Statements and notes thereto included in this Form 10-K.
     
     The  Company  is  included in a consolidated Federal  income  tax
return  with all of its U.S. subsidiaries.  Accordingly, the provision
for  income taxes has been calculated for Federal income taxes of  the
Registrant and subsidiaries included in the consolidated return of the
Registrant.   State taxes for all subsidiaries are  allocated  to  the
respective subsidiaries.
     
     The  financial  statements  include  only  the  accounts  of  the
Registrant  (a  Nevada  corporation), which  include  certain  of  the
corporate operations of AMERCO.  The debt and related interest expense
of   the   Registrant   have  been  allocated  to   the   consolidated
subsidiaries.   The  intercompany interest  income  and  expenses  are
eliminated in the consolidated financial statements.

2.  GUARANTEES
     
     AMERCO  has  guaranteed performance of certain long-term  leases.
See Note 13 of Notes to Consolidated Financial Statements.

3.   NOTES AND LOANS PAYABLE

      Notes and loans payable consist of the following:

                                                       March 31,
                                               ----------------------
                                                   1997         1996
                                               ----------------------
                                                     (in thousands)
      Medium-term notes payable, unsecured,
         5.85% to 8.08% interest
            rates, due through 2027           $  387,000       95,050
      Note payable to insurance companies,
         unsecured 6.43% to 10.27%
            interest rates, due
            through 2006                         226,500      339,000
      Notes payable to public,
         unsecured, 7.85% interest
            rate, due through 2004               175,000          -
      Notes payable to banks, unsecured,
         4.81% to 7.54% interest
            rates, due through 2001               62,500       84,100
      Other notes payable, unsecured,
         9.50% interest rate,
            due through 2005                          79           86
      Unsecured notes payable to banks
         under revolving lines of credit,
            5.74% to 5.80% interest rates         60,000      338,000

      Other short-term promissory notes            4,000       73,000
                                                 --------------------
                                              $  915,079      929,236
                                                 ====================

     For  additional  information, see Note 5 of Notes to  Consolidated
Financial Statements.
<PAGE>  81
<TABLE>
<CAPTION>                                   
                                   Schedule V
                                        
                      AMERCO AND CONSOLIDATED SUBSIDIARIES
     Supplemental Information (For Property-Casualty Insurance Underwriters)
                  Years ended December 31, 1996, 1995 and 1994

                                                                                                     
                                                                                                     
                                Reserves                                                         Amorti-
                              for Unpaid                                                         zation    Paid
                                Claims                                           Claims and        of     Claims
                       Deferred   and                                          Claim Adjustment  Deferred   and
                       Policy   Claim                        Net      Net     Expenses Incurred  Policy   Claim      Net
       Affiliation     Acqui-   Adjust-  Discount           Earned   Invest-  Related to         Acqui-  Adjust-   Premiums
           With         sition    ment    if any, Unearned  Premiums  ment    Current   Prior    sition    ment    Written
 Year   Registrant      Costs   Expenses Deducted Premiums    (1)    Income    Year     Year      Costs  Expenses    (2)
----    ----------      -----   -------- -------- --------  -------  ------   ------    -----    ------  --------  -------
                                     (in thousands)
 <S>                 <C>       <C>          <C>     <C>     <C>      <C>      <C>       <C>       <C>    <C>        <C>
 97 Consolidated                                                                                    
    property -                                                                                      
    casualty entity  $  8,622  332,674      N/A     50,699  136,780  30,572   112,394   11,527    9,858  119,674    129,034
              
 96 Consolidated                                                                                    
    property -                                                                                      
    casualty entity     9,858  341,981      N/A     64,379  128,083  29,906   114,110    8,292    8,973  109,372    125,789
         
 95 Consolidated                                                                                    
    property -                                                                                      
    casualty entity     8,973  329,741      N/A     63,938  112,862  29,026   102,782    6,576    6,644   92,651    119,952
          


(1) The earned premiums are reported net of intersegment transactions.  Earned
    premiums eliminated in consolidation amount to $19,725,000, $12,669,000 and
    $20,575,000 for the years ended 1997, 1996 and 1995, respectively.

(2) The premiums written are reported net of intersegment transactions.
    Premiums written eliminated in consolidation amount to $15,373,000,
    $14,206,000 and $19,407,000 for the years ended 1997, 1996 and 1995,
    respectively.

</TABLE>
<PAGE> 82
                           SIGNATURES

      Pursuant to the requirements of Section 13 or 15(d) 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.



                      By: /S/ EDWARD J. SHOEN
                          --------------------
                          Edward J. Shoen
                          President of U-Haul International, Inc.


Dated:  June 26, 1997

      Pursuant to the requirements of the Securities Exchange Act
of  1934,  this  report has been signed below  by  the  following
persons on behalf of the registrant and in the capacities and  on
the dates indicated.



    Signature                       Title               Date



/S/ EDWARD J. SHOEN         President of U-Haul     June 26, 1997
--------------------         International, Inc.
Edward J. Shoen              (Principal Executive
                              Officer)
                             

/S/ DONALD W. MURNEY        Principal Financial     June 26, 1997
-------------------------    and Accounting Officer
Donald W. Murney             



/S/ JAMES P. SHOEN          Director                June 26, 1997
-------------------------
James P. Shoen



/S/ HARRY B. DESHONG, JR.   Director                June 26, 1997
-------------------------
Harry B. DeShong, Jr.




/S/ MARK V. SHOEN           Director                June 26, 1997
-------------------------
William E. Carty



/S/ RICHARD J. HERRERA      Director                June 26, 1997
-------------------------
Richard J. Herrera