<PAGE>
                  SECURITIES AND EXCHANGE COMMISSION
                        WASHINGTON, D.C. 20549
           FORM 10-K-Annual Report Pursuant to Section 13 or 15(d) of
                    the Securities Exchange Act of 1934
(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, 1998
                         ---------------------------------------------------
                                                                            
                                  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 29, 1998.  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 13,975,862 shares  of  AMERCO
Common  Stock,  was  $259,146,750.  The  aggregate  market  value  was
computed  using  the  closing price for the Common  Stock  trading  on
Nasdaq on June 22, 1998.

      5,385  shares of U-Haul International, Inc. Common Stock,  $0.01
par  value,  were outstanding at June 29, 1998.  None of these  shares
were  held  by non-affiliates.   U-Haul International, Inc. meets  the
conditions set forth in General Instructions (I)(1)(a) and (b) of Form
10-K  and  is  therefore filing this Form with the reduced  disclosure
format.

      Portions of AMERCO's Proxy Statement relating to  its
Annual  Meeting  of Stockholders to be held on August  28,  1998,  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..............................    11
                                 
                              PART II

ITEM   5.  MARKET FOR THE REGISTRANT'S COMMON EQUITY
           AND RELATED STOCKHOLDER MATTERS...............    12

ITEM   6.  SELECTED FINANCIAL DATA.......................    13

ITEM   7.  MANAGEMENT'S DISCUSSION AND ANALYSIS
           OF FINANCIAL CONDITION AND RESULTS OF
           OPERATIONS....................................    15

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  1997,  1996  and  1995
correspond  to  the  Company's fiscal years 1998,  1997  and  1996,
respectively.   The Company's three primary industry  segments  are
represented  by  Moving and Storage Operations (U-Haul  and  AREC),
Property and Casualty Insurance (RWIC) and Life Insurance (Oxford).
See Note 20 of Notes to Consolidated Financial Statements in Item 8
for financial information regarding the industry segments.
     
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  approximately  90% of the  Company's  real  estate
assets,   including  the  Company's  U-Haul  Center   and   Storage
locations.
     
Property and Casualty Insurance
     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.
     
     On  November 21, 1997, Oxford purchased all of the issued  and
outstanding  shares of Encore Financial, Inc. and its  subsidiaries
(Encore).   Encore's primary subsidiary is North American Insurance
Company  (NAI)  (domiciled in Wisconsin),  its  premium  volume  is
primarily  derived  from  the sale of credit  life  and  disability
products.   NAI's  subsidiary,  North  American  Fire  &   Casualty
Insurance  Company is a property and casualty company domiciled  in
Louisiana.   On  November 24, 1997, Oxford  purchased  all  of  the
issued  and outstanding shares of Safe Mate Life Insurance  Company
(domiciled in Texas), its premium volume is derived from  the  sale
of credit life and disability products.
                                 
                            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 the sale of
boxes and moving supplies).  At March 31, 1998, the Company's distribution
network included 1,200 U-Haul Centers and 14,500 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 15,700 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  may
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, 1998, the U-Haul rental equipment fleet
consisted of 90,000 trucks, 83,000 trailers and 16,000 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 sell 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 types of protection for
their goods in storage.
     
     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 typically may 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  the
Company takes 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 has also entered into a strategic and financial partnership
with  Private Mini Storage Realty, L.P., a Texas-based operator  of
45 self-storage properties.
     
     Through over 800 Company-owned or managed storage locations in
the United States and Canada, the Company offers for rent more than
26.1 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 8,900  storage  rooms
during fiscal 1998, average occupancy rates were 83.0%, with modest
seasonal variation.  During fiscal 1998 and fiscal 1997, delinquent
rentals as a percentage of total storage rentals were approximately
6%   in   each  year.  The  Company  considers  this  rate  to   be
satisfactory.
<PAGE> 5
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.  During the past
year, two major competitors combined.  Budget Rent-A-Car acquired
TRS (Ryder Truck Rentals) as a subsidiary.  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
Storage USA, account for only 11% of total industry square footage.
Convenience,  customer service and price are  the  key  competitive
factors.   Efficient  management  of  occupancy,  delinquency   and
expenses are the key profitability factors.
     
Employees
     For  the  period  ended  March 31, 1998,  the  Company's  non-
seasonal work force consisted of 14,000 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 $37.0 million primarily  for  removal
and disposal fees and remediation of over 3,000 underground storage
tanks.   There  are  approximately 200  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  two
state superfund sites located in 14 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 second is in dispute over statute of limitations
restrictions and a third is too recent to be assessed.

     A  subsidiary of U-Haul owns one property located  within  two
different  state  hazardous  substance  sites  in  the   State   of
Washington.  The property is located in Yakima, Washington  and  is
believed  to  contain  elevated  levels  of  pesticide  and   other
contaminants 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 substance site known as the  "Yakima
Valley  Spray  Site", and has named the subsidiary, U-Haul  Co.  of
Inland Northwest (Inland Northwest) as a "potentially liable party"
(PLP)  under  state law with respect to this site.  An  enforcement
order  has  been issued to Inland Northwest to conduct  a  remedial
investigation and feasibility study (RI/FS) of the site.  While the
state  has not, as yet, named any other PLPs at this site,  several
other  parties  are participating in the RI/FS  as  the  result  of
litigation brought by Inland Northwest.  This RI/FS group  retained
an  environmental  consultant to perform the  work  and  the  RI/FS
consultant costs are being shared with Inland Northwest paying  20%
of  the  costs.  The state has accepted the RI, but the FS has  not
been  completed  due  to  the disputes over  the  determination  of
cleanup levels for the site.  The state has indicated that, because
it  wants actual remediation to begin at the site in 1998, it plans
on  issuing an enforcement order to Inland Northwest concerning the
conduct  of  remediation even though the FS has not been completed.
No  agreement has been negotiated, as of this time, between  Inland
Northwest and other parties with respect to allocation of costs  of
remediation  or of the state's oversight costs at this  site.   The
process  of site assessment and cleanup at the Yakima Valley  Spray
Site   is   ongoing  and,  based  upon  the  information  currently
available,  Inland  Northwest is unable to  reasonably  assess  the
potential future costs, but the costs could be substantial.
<PAGE> 6
     In  addition, Inland Northwest has been named by the State  of
Washington as a PLP along with over 100 other PLPs with respect  to
another  state-listed hazardous substance site known as the "Yakima
Railroad Area".  The Yakima Valley Spray Site is located within the
Yakima Railroad Area.  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 Area.  Without conceding any liability, Inland
Northwest and several of the other PLPs implemented a bottled water
program.   Over the past five years, Inland Northwest has  incurred
an  average  annual expense of $720 for the bottled water  program.
Utilizing  grants of approximately $6.0 million from the Washington
Department  of Ecology (WDOE), the local governments have  expanded
the  existing municipal water system throughout the Yakima Railroad
Area  and  have connected many of the residences receiving  bottled
water  to the municipal water supply.  WDOE has reserved its rights
concerning  recovery  of the funds for the municipal  water  system
expansion.
     
     In  addition, WDOE is conducting additional investigations  of
the  scope  and extent of contamination within the Yakima  Railroad
Area.   One  facet  of this involves the sampling of  all  existing
monitoring  wells within the area, including those  at  the  Yakima
Valley  Spray  Site.  WDOE issued an enforcement  order  to  Inland
Northwest regarding such additional sampling.  The Company  expects
there  will  be costs associated with remedial measures to  address
the  regional groundwater contamination issue.  The process of site
assessment  on the Yakima Railroad Area is ongoing and, based  upon
the  information  currently available to Inland  Northwest,  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 imposition of the bottled water program  and
ordering  of site-specific actions at individual properties  within
the  Yakima Railroad Area, there has been no formal indication from
the  State  of Washington of its intentions regarding  future  cost
recoveries at the Yakima Railroad Area.
     
     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  provide  specialty
personal  and  commercial  insurance and reinsurance  products  and
services.   RWIC  focuses  on  selected regional  and  under-served
markets  in predominantly non-urban areas.  RWIC keeps distribution
expenses  low by using a network of independent agents and  brokers
working  directly with underwriters in the home office.  RWIC  also
capitalizes  on its knowledge of moving and rental  markets.   This
knowledge was gained through its years of insuring U-Haul  and  its
customers.   RWIC  provides insurance products to rental  equipment
stores,  self-storage  facilities  and  rental  vehicle  operators.
These  products  include  Commercial  Multi-Peril  lines,  Business
Owners Programs, Commercial Auto and Umbrella Liability.
     
     Oxford's business strategy is long-term capital growth through
direct writing of annuity, credit and accident and health products.
In  the  past, Oxford experienced significant growth by selectively
reinsuring certain life and annuity products.  Currently, Oxford is
pursuing  a  growth  strategy  of  increased  direct  writing   via
acquisitions,   expanded   distribution   channels   and    product
enhancement  and  diversity.   The acquisition  of  North  American
Insurance  Company  and Safe Mate Life Insurance  Company  in  1997
represents  a  significant  movement toward  this  long-term  goal.
Through    these   acquisitions,   Oxford   obtained    significant
distribution channels and administrative capabilities.
<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, 1997, approximately 39.7% of RWIC's
written   premiums   resulted  from  U-Haul  and  U-Haul-affiliated
underwriting  activities.   RWIC's  direct  underwriting  is   done
through  company-employed 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  not  reported  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  liability  for unpaid claims and unpaid  claims  expenses
represents  estimates of the amount necessary to settle all  claims
as  of the statement date.  Both unreported claims and incurred but
not  reported  claims are included in the liability.  RWIC  updates
the  liability estimate as additional facts regarding  claim  costs
become  available.  These estimates are subject to uncertainty  and
variation  due to numerous factors including, but not  limited  to,
court  decisions,  economic conditions and  public  attitudes.   In
estimating  reserves, no attempt is made to isolate inflation  from
the  combined effect of other 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:

                                         1997      1996      1995
                                       ---------------------------
                                             (in thousands)
Balance at January 1                 $ 332,674   341,981   329,741
  Less reinsurance recoverable          60,319    73,873    74,663
                                       ---------------------------
Net balance at January 1               272,355   268,108   255,078

Incurred related to:
  Current year                         132,291   112,394   114,110
  Prior years                           23,192    11,527     8,292
                                       ---------------------------
Total incurred                         155,483   123,921   122,402

Paid related to:
  Current year                          28,972    30,633    22,576
  Prior years                           89,336    89,041    86,796
                                       ---------------------------
Total paid                             118,308   119,674   109,372

Net balance at December 31             309,530   272,355   268,108
  Plus reinsurance recoverable          75,286    60,319    73,873
                                       ---------------------------
Balance at December 31               $ 384,816   332,674   341,981
                                       ===========================

     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 $35.2 million) increased by $23.2
million  in 1997 due to higher than anticipated losses and  related
expenses for claims associated with assumed reinsurance and certain
other business written on a direct basis.
     
     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
reserve  amount  as originally established.  This last  section  is
cumulative and should not be summed.
<PAGE> 8     
     The  operating results of the property and casualty  insurance
industry,  including RWIC, are subject to significant fluctuations.
Factors  which may influence this include 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.  Additionally,  there
may  be  other  unforeseen events that affect the profitability  of
property and casualty insurance companies.
     
Life Insurance
     Oxford underwrites life, health and annuity insurance, both as
a  direct  writer  and as an assuming reinsurer.   Oxford's  direct
writings principally related to the underwriting of credit life and
disability  insurance accounted for 18.3% of Oxford's premiums  for
the  year ended December 31, 1997.  Oxford's other direct lines are
related  to group life and disability coverage issued to  employees
of the Company accounted for 8.8% of Oxford's premiums for the year
ended  December  31,  1997.  In addition,  Oxford  administers  the
Company's  self-insured  group health and dental  plans.   Oxford's
reinsurance assumed lines accounted for 56.2% of premiums  for  the
year  ended  December 31, 1997, include individual life  insurance,
annuities, credit life and disability insurance.  These reinsurance
arrangements are entered into with unaffiliated reinsurers.   Prior
to   1997,   direct  premiums  included  travel  accident  products
reinsured from RWIC.
     
     Oxford's  subsidiaries, North American Insurance  Company  and
Safe  Mate  Life  Insurance  Company, underwrite  credit  life  and
disability   insurance.   Premiums  from  these  subsidiaries   are
included  in  Oxford's premiums from the acquisition dates  through
December 31, 1997 and account for 16.7% of Oxford's premiums.

Investments
     The  Company's  insurance operations investments  must  comply
with  the  insurance  laws of the State of  domicile.   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 94% of RWIC's  and  97%  of
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 retains primary liability  to
the  policyholder should the assuming insurer not be able  to  meet
its obligations under the reinsurance agreements.
     
Regulation
     The   Company's   insurance   operations   are   subject    to
comprehensive  regulation  throughout  the  United   States.    The
regulation  extends  to  such matters as  licensing  companies  and
agents,  restricting the types, quality or quantity 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.   Legislation  has been introduced in Congress  that  could
result  in  the  federal  government  assuming  some  role  in  the
regulation  of  the  insurance industry.  It  is  not  possible  to
predict  the future impact of changing state and federal regulation
on the operations of RWIC and Oxford.
     
     RWIC  and  Oxford  have  adopted the NAIC  minimum  risk-based
capitalization (RBC) requirements for insurance companies.   As  of
December  31,  1997, RWIC and Oxford are in compliance  with  these
requirements.   NAI  is  also  in  compliance  with  the  NAIC  RBC
requirements but triggered a State of Wisconsin RBC Company Action
Level  Event.  Oxford intends to cure the non-compliance by
<PAGE> 9
December 31, 1998 through improved operating performance and/or capital
restructuring.  The Company Action Level Event has no impact on the
Company's financial position or results of operations.
     
Competition
     The  highly  competitive insurance industry includes  a  large
number  of  property  and  casualty insurance  companies  and  life
insurance companies.  Some of the insurance companies are owned  by
stockholders and others are owned by policyholders (mutual).   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
---------------------------------------------------------------------------------------------------------------------------
                           1987     1988     1989     1990     1991     1992     1993     1994     1995      1996     1997
---------------------------------------------------------------------------------------------------------------------------
                                                              (in thousands)
<S>                     <C>       <C>      <C>      <C>      <C>      <C>      <C>      <C>      <C>       <C>      <C>
Unpaid Loss and Loss
Adjustment Expenses:    $168,688  199,380  207,939  226,324  236,019  238,762  314,482  329,741  341,981   332,674  384,816

  Paid (Cumulative)
        as of:
   One year later         49,681   59,111   50,992   55,128   65,532   83,923   70,382   86,796   89,041    89,336
   Two years later        91,597   89,850   87,850   97,014  105,432  123,310  115,467  139,247  150,001
   Three years later     110,834  114,979  116,043  120,994  126,390  153,030  146,640  173,787
   Four years later      129,261  133,466  132,703  133,338  143,433  173,841  166,068
   Five years later      142,618  145,864  142,159  144,764  153,730  181,677
   Six years later       152,579  153,705  151,227  152,424  160,875
   Seven years later     158,531  161,498  158,043  157,979
   Eight years later     165,021  167,224  162,038
   Nine years later      170,411  170,749
   Ten years later       173,978

Reserve Reestimated
        as of:
   One year later        187,663  200,888  206,701  229,447  231,779  251,450  321,058  338,033  353,508   354,776
   Two years later       190,715  202,687  206,219  221,450  224,783  254,532  323,368  340,732  369,852
   Three years later     194,280  203,343  199,925  211,998  223,403  253,844  309,936  349,459
   Four years later      195,917  199,304  198,986  207,642  214,854  231,536  317,687
   Five years later      195,203  200,050  197,890  200,629  198,320  239,888
   Six years later       196,176  198,001  194,601  189,601  210,872
   Seven years later     196,770  197,112  189,175  200,556
   Eight years later     196,072  195,522  199,075
   Nine years later      196,169  204,442
   Ten years later       205,135

Cumulative Redundancy
   (Deficiency)         $(36,447)  (5,062)   8,864   25,768   25,147   (1,126)  (3,205) (19,718) (27,871) (22,102)
Retro Premium
   Recoverable          $ (1,168)     -         10      -      3,140    2,226     (105)  13,956   13,582   19,880
Reestimated Reserve:
Amount (Cumulative)     $(37,615)  (5,062)   8,874   25,768   28,287    1,100   (3,310)  (5,762) (14,289)  (2,222)

</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.   U-Haul  also
manages  storage  facilities owned by others.   In  addition,  U-Haul  owns
certain  real estate not currently used in its operations.  U-Haul operates
1,200  U-Haul Centers (including Company-owned storage locations),  manages
145  storage centers and operates 12 manufacturing and assembly facilities.
The Company also operates 125 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, as amended on March 9, 1998, alleges  that
by  failing  to reimburse him for 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.

      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".


       ITEM  4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     No  matter was submitted to a vote of the security holders during  the
fourth  quarter  of  the fiscal year covered by this  report,  through  the
solicitation of proxies or otherwise.
<PAGE> 12
                                  PART II

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

     As  of June 26, 1998, there were approximately 4,500 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 under the symbol "UHAL".  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,
                                 ---------------------------------------------
                                        1998                        1997
                                 ---------------------------------------------
                                   High        Low           High        Low
                                 ---------------------------------------------
      First  quarter              32          23 1/2         28 1/4     19 1/2
      Second quarter              31 7/8      26 1/2         41         21 1/2
      Third  quarter              35 7/8      24 1/2         48 1/2     33 1/2
      Fourth quarter              31          24 1/4         38  1/2    24 1/2

     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.

      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.

<PAGE> 13
<TABLE>
<CAPTION>
                                               AMERCO AND CONSOLIDATED SUBSIDIARIES
                                                  ITEM 6. SELECTED FINANCIAL DATA

                                                                 For the Years Ended March 31,
                                              -------------------------------------------------------------------
                                                   1998          1997           1996          1995          1994
                                              -------------------------------------------------------------------
                                                       (in thousands, except per share data and ratios)
<S>                                       <C>               <C>            <C>           <C>           <C>
Summary of Operations:
Rental and net sales                      $    1,195,634     1,146,751      1,107,782     1,067,916       972,930
Premiums and net investment income               214,308       213,024        200,238       177,733       162,151
                                              ----------     ---------      ---------     ---------     ---------
                                               1,409,942     1,359,775      1,308,020     1,245,649     1,135,081
                                              ----------     ---------      ---------     ---------     ---------

Operating expenses
  and cost of sales (4) (9)                      991,365       964,300        902,673       785,358       724,082
Benefits, losses and amortization of
  deferred acquisition costs                     208,607       194,768        174,646       159,236       149,686
Depreciation, net (5)                             69,655        66,742         83,989       148,018       131,371
                                              ----------     ---------      ---------     ---------     ---------
                                               1,269,627     1,225,810      1,161,308     1,092,612     1,005,139
                                              ----------     ---------      ---------     ---------     ---------
Earnings from operations                         140,315       133,965        146,712       153,037       129,942
Interest expense, net                             64,016        50,437         50,486        59,581        63,440
                                              ----------     ---------      ---------     ---------     ---------

Pretax earnings from operations                   76,299        83,528         96,226        93,456        66,502
Income tax expense                               (27,643)      (29,344)       (35,832)      (33,424)      (19,853)
                                              ----------     ---------      ---------     ---------     ---------
Earnings from operations before
  extraordinary loss on early
  extinguishment of debt and
  cumulative effect of change
  in accounting principle                         48,656        54,184         60,394        60,032        46,649
Extraordinary loss on early
  extinguishment of debt, net (6)                (13,672)       (2,319)           -             -          (3,370)
Cumulative effect of change in
  accounting principle, net (8)                      -             -              -             -          (3,095)
                                              ----------     ---------      ---------     ---------     ---------

Net earnings                                $     34,984        51,865         60,394        60,032        40,184
                                              ==========     =========      =========     =========     =========

Earnings from operations before
  extraordinary loss on early
  extinguishment of debt and cumulative
  effect of change in accounting
  principle per common share (2) (3) (7)    $       1.28          1.44           1.33          1.23          1.06
Net earnings per common share (2) (3) (7)            .66          1.35           1.33          1.23           .89
Weighted average common shares
  outstanding (2) (7)                         21,896,101    25,479,651     35,736,335    38,190,552    38,664,063
Cash dividends declared:
  Preferred stock                                 20,766        16,875         12,964        12,964         4,753
  Common stock                                       -             -              -             -           3,147
Ratio of earnings to fixed charges (1)              1.56          1.64           1.89          1.87          1.64
<PAGE> 14
<CAPTION>
                                                  AMERCO AND CONSOLIDATED SUBSIDIARIES
                                              ITEM 6. SELECTED FINANCIAL DATA, continued

                                                                 For the Years Ended March 31,
                                              -------------------------------------------------------------------
                                                  1998           1997           1996          1995          1994
                                              -------------------------------------------------------------------
                                                                        (in thousands)
<S>                                        <C>               <C>            <C>           <C>           <C>
Balance Sheet Data:
Total property, plant and
equipment, net                             $  1,275,756      1,247,066      1,316,715     1,274,246     1,174,236
Total assets                                  2,913,277      2,718,994      2,823,407     2,605,989     2,344,442
Notes and loans payable                       1,025,323        983,550        998,220       881,222       723,764
Stockholders' equity (7)                        595,059        602,320        649,548       686,784       651,787


(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" for the year ended  March
    31, 1995.

(3) Earnings  and  net earnings per common share were computed  after  giving
    effect to the dividends on the Company's Series B floating rate stock for
    the years ended March 31, 1998 and 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  years  ended
    March 31, 1998 and 1996.

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

(7) 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".

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

(9) Reflects the adoption of Statement of Position 98-1, "Accounting for  the
    Costs of Computer Software Developed or Obtained for Internal Use" during
    the year ended March 31, 1998.

</TABLE>
<PAGE> 15
    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 may  include,  but  not  be  limited
to,   projections  of  revenues,  income  or  loss,  estimates  of  capital
expenditures,  plans  for  future  operations,  products  or  services  and
financing  needs  or  plans,  as  well  as  assumptions  relating  to   the
foregoing.      The     words     "believe",    "expect",     "anticipate",
"estimate",   "project"   and   similar   expressions   identify    forward
looking  statements,  which  speak  only  as  of  the  date  the  statement
was   made.    Forward  looking  statements  are  inherently   subject   to
risks   and   uncertainties,  some  of  which  cannot   be   predicted   or
quantified.     Future   events   and   actual   results    could    differ
materially   from  those  set  forth  in,  contemplated  by  or  underlying
the  forward  looking  statements.   The  following  disclosures,  as  well
as  other  statements  in 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  1997,  1996  and  1995  correspond  to  the  Company's  fiscal
years  1998,  1997  and  1996, respectively.  There  have  been  no  events
related   to  such  subsidiaries  between  January  1  and  March   31   of
1998,   1997   or   1996  that  would  materially  affect   the   Company's
consolidated  financial  position  or  results  of  operations  as  of  and
for   the   fiscal   years   ended  March  31,   1998,   1997   and   1996,
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, 1998 Versus Fiscal  Year  Ended  March  31,
1997

Moving and Storage Operations
     Revenues consist of rental revenues and net sales.
     
     Rental  revenue  increased  by  $44.9  million,  approximately   4.6%,
to   $1,018.7   million   in   fiscal  1998.    This   increase   primarily
reflects  the  growth  in  truck  rental  revenues  which  benefited   from
transactional growth and higher average revenue per transaction.
     
     Net   sales  revenues  were  $176.9  million  in  fiscal  1998,  which
represents  an  increase  of  approximately  2.3%  as  compared  to  fiscal
1997  net  sales  of  $173.0 million.  Revenue  growth  from  the  sale  of
moving  support  items  (i.e.  boxes,  etc.)  and  propane  resulted  in  a
$5.6 million increase during the current year.
     
     Cost   of   sales  was  virtually  unchanged  at  $101.6  million   in
fiscal  1998,  as  compared  to  $103.8  million  in  fiscal  1997.   Lower
material  costs  associated  with  the sale  of  propane  offset  increased
costs in other areas.
<PAGE> 16
     Operating   expenses  increased  to  $896.0  million   during   fiscal
1998    from   $871.1   million   in   fiscal   1997,   an   increase    of
approximately    2.9%.     Increased   property   values    and    business
activity   contributed  to  a  $4.9  million  increase  in  taxes.    Lease
expense   contributed  an  increase  of  $3.9  million   to   reflect   new
leasing   activity   within  the  rental  fleet  and  storage   facilities.
Increased  rental  business  contributed to  a  $3.9  million  increase  in
liability    insurance.    A   reduction   in   expense    offsets(credits)
caused   an   increase  in  operating  expenses  of  $6.1   million.    All
other   operating   expenses   increased   in   the   aggregate   by   $6.1
million.
     
     Depreciation   expense   for   the  year   was   $69.7   million,   as
compared   to   $66.7   million   in  the  prior   year.    This   increase
reflects  a  $6.2  million  reduction in  gains  from  the  disposition  of
property,  plant  and  equipment  offset by  an  increase  in  depreciation
expense of buildings and non-rental equipment.

Property and Casualty
     RWIC   gross  premium  writings  for  the  year  ended  December   31,
1997   were  $174.2  million  as  compared  to  $167.8  million  for  1996.
This  represents  an  increase  of $6.4 million,  or  3.8%.   As  in  prior
periods,   the   rental  industry  market  accounts   for   a   significant
share   of   total   premiums,  52.4%  and  46.3%  for  the   years   ended
December   31,  1997  and  1996,  respectively.   These  writings   include
U-Haul   customers,  fleetowners  and  U-Haul  as  well  as  other   rental
industry   insureds   with  similar  characteristics.    RWIC   underwrites
professional   reinsurance  via  broker  markets  and  the  percentage   of
total  premiums  in  this  area  for 1997  remained  consistent  with  1996
at   29.1%   and   29.2%,   respectively.   RWIC   continues   its   direct
multiple   peril   coverage   of   various   commercial   properties    and
business  in  1997  with  premiums  accounting  for  13.3%  of  the   total
gross  premiums  for  the  year ended December  31,  1997  as  compared  to
10.7%   for  1996.   The  increase  is  the  result  of  planned   business
expansion.   Premium  writings  in  selected  general  agency  lines   were
5.2%  of  total  gross  written  premiums for  the  period  ended  December
31,   1997   as  compared  to  13.8%  for  1996.   This  decrease  resulted
from   the   cancellation  of  a  general  agency  agreement  in   November
1996.
     
     Net  earned  premiums  decreased $0.6  million,  or  0.4%,  to  $155.9
million   for   the   year   ended  December  31,   1997,   compared   with
premiums   of   $156.5   million  for  1996.    General   agency   earnings
decreased  $3.1  million  offset  by a  $2.5  million  increase  in  direct
multiple   peril,   assumed   treaty  reinsurance   and   rental   industry
segments.   The  $3.1  million  decrease in the  general  agency  lines  is
attributable  to  the  cancellation of  an  agency  agreement  in  November
1996.   The  $2.5  million  increase is due  to  a  $1.3  million  increase
in    the   assumed   treaty   reinsurance   line   attributable   to   the
reporting  of  unearned  premiums  from  brokers,  an  increase   of   $0.6
million  due  to  the  expansion  of the direct  multiple  peril  line  and
an increase of $0.6 million in rental industry markets.
     
     Net   investment  income  was  $31.3  million  for  the   year   ended
December   31,  1997,  an  increase  of  2.3%  over  1996  net   investment
income  of  $30.6  million.   The  increase resulted  from  enhanced  yield
provided by an increased investment in preferred stock.
     
     Underwriting   expenses   incurred  were  $186.5   million   for   the
year   ended   December  31,  1997,  an  increase  of  $17.7  million,   or
10.5%,   over   1996.   Comparable  underwriting  expenses   incurred   for
the  year  ended  December  31,  1996 were $168.8  million.   The  increase
is   attributed   to   increased  losses  and  loss   adjustment   expenses
incurred  and  general  underwriting  expenses  offset  by  a  decrease  in
net    commission   expense.   Losses   and   loss   adjustment    expenses
incurred   increased   $31.6  million  in  the   general   agency,   rental
industry  and  assumed  treaty  reinsurance  lines  offset  by  a  decrease
in   the  direct  multiple  peril  markets.   Approximately  $31.0  million
of   the   losses  and  loss  adjustment  expenses  incurred  increase   is
attributable   to   all   programs  and  results  from   an   increase   in
liabilities   for  unpaid  claims  due  to  estimated  future   losses   on
current   and   prior   business,   a  component   of   losses   and   loss
adjustment  expenses  incurred.   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  the
historical   experience  of  RWIC,  supplemented  by   insurance   industry
historical   experience.   Unpaid  loss  adjustment  expenses   are   based
on   historical  ratios  of  loss  adjustment  expenses  paid   to   losses
paid.    Unpaid   loss   and  loss  expenses  are  not   discounted.    Net
commission   expense  decreased  $15.7  million  due  to  the   recognition
of  contingent  commissions  on  reinsurance  agreements  for  the  general
agency   and   the   assumed   reinsurance   treaty   lines.    All   other
underwriting expenses increased in the aggregate of $1.8 million.
<PAGE> 17     
     RWIC   completed  the  year  ended  December  31,  1997  with   income
before  tax  expense  of  $0.7 million as compared  to  $18.3  million  for
the   same   period   ended   December  31,  1996.    This   represents   a
decrease    of   $17.6   million,   or   96.2%   over   1996.     Increased
underwriting    expenses   (including   losses    and    loss    adjustment
expenses   incurred)  were  the  primary  cause  for   the   reduction   in
income before taxes.
     
Life Insurance
     Premiums   from   Oxford's  reinsurance  lines   before   intercompany
eliminations   were  $16.7  million  for  the  year  ended   December   31,
1997,  a  decrease  of  $3.6  million or  17.7%  over  1996  and  accounted
for   56.2%   of   Oxford's   premiums  in  1997.    These   premiums   are
primarily   from  term  life  insurance  and  deferred  annuity   contracts
that   have   matured.   Decreases  in  premiums  are  primarily   due   to
decreased    policyholder   renewals   on   term   life    insurance    and
decreased annuitizations on deferred annuity contracts.
     
     Premiums    from    Oxford's   direct   lines   before    intercompany
eliminations  were  $8.1  million in 1997,  an  increase  of  $0.6  million
or  8.0%  from  the  prior  year.   This  increase  in  direct  premium  is
primarily   attributable   to   an  increase   in   life   and   disability
coverage   for   the   Company's  employees.   Oxford's   direct   business
related   to  group  life  and  disability  coverage  issued  to  employees
of  the  Company  accounted  for  8.8%  of  premiums  for  the  year  ended
December   31,   1997.    Other   direct  lines,   including   the   credit
business,  accounted  for  approximately  18.3%  of  Oxford's  premiums  in
1997.    Premiums  from  Oxford's  subsidiaries,  acquired   in   November,
1997,  were  $4.9  million  and accounted for  16.7%  of  premiums.   These
premiums   are  primarily  related  to  Medicare  supplement   and   credit
life and disability insurance.
     
     Net   investment   income   before   intercompany   eliminations   was
$17.8  million  and  $18.8  million  for  the  years  ended  December   31,
1997  and  1996,  respectively.  This decrease is  due  to  a  decrease  in
invested  assets  at  the  start of the year, which  is  the  result  of  a
$30.0  million  cash  dividend  paid to Oxford's  parent  on  December  31,
1996.
     
     Benefits  and  expenses  incurred were  $33.1  million  for  the  year
ended  December  31,  1997,  a  decrease of  8.3%  over  1996.   Comparable
benefits  and  expenses  incurred  for  1996  were  $36.1  million.    This
decrease   is  primarily  due  to  the  deferred  annuity  contracts   that
have    matured.     Benefits   and   expenses   incurred    by    Oxford's
subsidiaries were $3.8 million.
     
     Operating   profit  before  tax  and  intercompany  eliminations   was
$10.6   million   for  both  the  years  ended  December   31,   1997   and
December  31,  1996.   Included  in  operating  profit  for  1997  is  more
than $1.3 million from Oxford's subsidiaries.

Interest Expense
     Interest   expense,  net  of  interest  income,  increased  by   $13.6
million  to  $64.0  million  during  fiscal  1998,  as  compared  to  $50.4
million   in  fiscal  1997.   The  increase  can  be  primarily  attributed
to lower levels of interest income in the current year.

Extraordinary Loss on Extinguishment of Debt
     During    the   second   quarter   of   fiscal   1998,   the   Company
extinguished    $76.0    million   of   10.27%    interest-bearing    notes
originally  due  in  fiscal  1999  through  fiscal  2002.   This   resulted
in   an   extraordinary  loss  of  $4.0  million,  net  of  tax   of   $2.4
million ($0.18 per share).
     
     During    the   third   quarter   of   fiscal   1998,   the    Company
extinguished   $255.0   million   of  6.43%   to   8.13%   interest-bearing
notes   originally   due  in  fiscal  1999  through  fiscal   2010.    This
resulted  in  an  extraordinary  loss  of  $9.7  million,  net  of  tax  of
$5.6 million ($0.44 per share).
     
Results of Operations - Consolidated Group
      As  a  result  of  the foregoing, pretax earnings  of  $76.3  million
were  realized  in  fiscal  1998,  as compared  to  $83.5  million  in  the
prior   year.    After   providing   for  income   taxes,   earnings   from
operations  were  $48.7  million  in  fiscal  1998  as  compared  to  $54.2
million   in  fiscal  1997.   Following  deductions  for  an  extraordinary
loss  from  the  extinguishment  of debt,  net  earnings  for  the  current
year   were  $35.0  million,  as  compared  to  $51.9  million  in   fiscal
1997.
<PAGE> 18
Fiscal Year Ended March 31, 1997 Versus Fiscal Year Ended March 31, 1996

Moving and Storage Operations
     Revenues consist of rental revenues and  net sales.
     
     Rental  revenue  increased  by  $30.8  million,  approximately   3.3%,
to  $973.8  million  in  fiscal  1997.  The  increase  in  rental  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.
     
     Net   sales   revenues  were  $173.0  million  in  fiscal   1997,   an
increase  of  5.0%  as  compared  to  fiscal  1996  net  sales  of   $164.8
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.
     
     Cost  of  sales  was  $103.8 million in fiscal  1997,  a  decrease  of
0.3%   from   $104.1  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  $871.1  million  in  fiscal   1997
from  $800.3  million  during  fiscal  1996,  an  increase  of  8.8%.    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
$21.0 million.
     
     Depreciation  expense  in  fiscal  1997  declined  by  $17.3   million
to  $66.7  million  from  $84.0 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  and  an  increase
in net gains from the sale of real property of $10.1 million.

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,   46.3%  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.
     
     Net   investment  income  was  $30.6  million  for  the   year   ended
December   31,  1996,  an  increase  of  2.3%  over  1995  net   investment
income   of   $29.9   million.   The  marginal   increase   resulted   from
<PAGE> 19  
enhanced   yield   provided  by  an  increased  investment   in   preferred
stock.
     
     Underwriting   expenses   incurred  were  $168.8   million   for   the
year   ended   December  31,  1996,  an  increase  of  $19.6  million,   or
13.1%   over   1995.    Comparable  underwriting  expenses   incurred   for
1995  were  $149.2  million.   The  increase  is  largely  attributable  to
a  $16.6  million  increase  in  commission  expense  and  a  $1.5  million
increase   in  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.   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.   An  additional  increase  in  commission  expense
resulted   from   increased   acquisition   expenses   on   broker   market
reinsurance   business.    The  $1.5  million  losses   incurred   increase
consisted  of  increases  in  the  rental  industry  liability  and  broker
market   reinsurance  lines  and  was  offset  by   a   decrease   in   the
general  agency  lines.   All  other  underwriting  expenses  increased  in
the aggregate of $1.5 million.
     
     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  an  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  disability  insurance
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
$18.8  million  and  $16.7  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.
     
     Benefits  and  expenses  incurred were  $36.1  million  for  the  year
ended    December   31,   1996,   an   increase   of   15.7%   over   1995.
Comparable   benefits   and  expenses  incurred   for   1995   were   $31.2
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   net  of  interest  income   decreased   by   $0.1
million   to   $50.4  million  in  fiscal  1997,  as  compared   to   $50.5
million   in   the   prior  year.   Higher  average  debt   levels   during
fiscal  1997  increased  interest  expense  which  were  offset  by  higher
interest income from the previous year.
<PAGE> 20
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.


Quarterly Results
     The   following  table  presents  unaudited  quarterly   results   for
the  eight  quarters  in  the period beginning April  1,  1996  and  ending
March    31,    1998.    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  share  and   per
share data).

                                            Quarter Ended
                                ----------------------------------------------
                                   Jun 30      Sep 30      Dec 31     Mar 31
                                     1997        1997        1997     1998
                                ----------------------------------------------
Total revenues                 $   372,021     416,771     322,543     298,607
Earnings from operations
  before extraordinary loss
  on early extinguishment
  of debt (6) (7)                   29,198      39,032      (5,390)    (14,184)
Net earnings (loss) (3) (6) (7)     29,198      34,894     (15,236)    (13,872)
Weighted average common
  shares outstanding (4)        21,879,156  21,890,072  21,901,521  21,913,654
Earnings (loss) from operations
  before extraordinary loss
  on early extinguishment
  of debt per common
  share (2) (6) (7)                   1.09        1.54       (0.49)      (0.85)
  Net earnings (loss) per
  common share (both basic
  and diluted) (1) (2) (4)
  (6) (7)                             1.09        1.35       (0.94)      (0.84)

                                            Quarter Ended
                                ----------------------------------------------
                                   Jun 30      Sep 30      Dec 31     Mar 31
                                     1996        1996        1996       1997
                                ----------------------------------------------
Total revenues                 $   361,053     398,449     316,892     283,381
Earnings from operations
  before extraordinary loss
  on early extinguishment
  of debt (5)                       40,005      39,741      (9,538)    (16,024)
Net earnings (loss) (5)             40,005      37,737      (9,853)    (16,024)
Weighted average common
  shares outstanding (4)        32,015,301  27,675,192  20,359,873  21,868,241
Earnings (loss) from operations
  before extraordinary loss
  on early extinguishment
  of debt per common share
  (1) (2) (4) (5)                     1.15        1.29       (0.72)      (0.97)
Net earnings (loss) per
  common share (both basic
  and diluted) (1) (2) (4) (5)        1.15        1.22       (0.74)      (0.97)
<PAGE> 21
_______________
(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 98-1, "Accounting for the
    Costs of Computer Software Developed or Obtained for Internal Use" during
    the fourth quarter of fiscal 1998.

(3) Reflects the change in estimated residual value during the  fourth
    quarter of fiscal 1998.

(4) 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".

(5) 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).

(6) During the second quarter of fiscal 1998, the Company extinguished
    $76.0 million of 10.27% interest-bearing notes originally due in fiscal
    1999 through fiscal 2002.  This resulted in an extraordinary loss of
    $4.0 million, net of tax of $2.4 million ($0.18 per share).

(7) During the third quarter of fiscal 1998, the Company extinguished
    $255.0 million of 6.43% to 8.13% interest-bearing notes originally due in
    fiscal 1999 through fiscal 2010.  This resulted in an extraordinary loss
    of $9.7 million, net of tax of $5.6 million ($0.44 per share).

<PAGE> 22
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,  1998,
net   property,   plant  and  equipment  represented  approximately   67.7%
of   total   U-Haul   assets  and  approximately  43.8%   of   consolidated
assets.    In  fiscal  1998,  gross  capital  expenditures  for   property,
plant   and   equipment  were  $392.3  million,  as  compared   to   $203.9
million   in   fiscal   1997.    These   expenditures   primarily   reflect
expansion  of  the  rental  truck  fleet,  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, debt and lease financings.
     
     Cash   flow  from  operations  was  $127.8  million  in  fiscal  1998,
as  compared  to  $156.7  million in fiscal  1997  and  $146.6  million  in
fiscal  1996.   The  decrease  results from  an  increase  in  receivables,
an  increase  in  accounts  payable  and  accrued  expenses  offset  by  a
decrease in inventories.
     
Property and Casualty
     Cash  flows  from  operating  activities  were  $23.8  million,  $15.0
million  and  $31.0  million  for  the  years  ended  December  31,   1997,
1996  and  1995,  respectively.   The  change  for  1997  resulted  from  a
decrease  in  due  from  affiliates, offset  by  a  decrease  in  cash  due
to   a   decrease  in  net  income,  other  liabilities  and  federal   tax
payable   and   an   increase  in  accounts  receivable.    An   additional
increase  in  cash  resulted  from  increased  loss  and  expense  reserves
and   a   smaller  unearned  premium  decrease  than  for  the  year  ended
December 31, 1996.
     
     RWIC's   cash   and   cash   equivalents  and  short-term   investment
portfolio were $16.3 million and $30.8 million at December 31,   1997   and
December   31,   1996,  respectively.   This  level   of   liquid   assets,
combined   with   budgeted  cash  flow,  is  adequate  to   meet   periodic
needs.   The  decrease  is  attributable  to  a  $13.5  million  investment
in   a   Texas   based   self-storage partnership in February 1997.    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  94.0%   of   the
fixed-income   securities  consisting  of  investment   grade   securities.
The    maturity   distribution   is   designed   to   provide    sufficient
liquidity   to   meet   future  cash  needs.   Current  liquidity   remains
strong,   with   current  invested  assets  equal  to   100.7%   of   total
liabilities.
     
     Stockholder's    equity   increased   $3.1   million    from    $192.3
million   at   December  31,  1996  to  $195.4  million  at  December   31,
1997.    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.
     
     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
consideration.     Benefit   and   claim   statistics    are    continually
monitored to provide projections of future cash requirements.
<PAGE> 23     
     Cash   provided  by  operating  activities  was  $8.2  million,  $16.5
million   and  $9.0  million  for  the  years  ended  December  31,   1997,
1996   and  1995,  respectively.   In  1997,  cash  flows  provided  (used)
by   financing  activities  were  approximately  $(9.1)  million.    During
1996   and  1995,  cash  flows  provided  (used)  by  financing  activities
were   $(10.0)  million  and  $87.9  million,  respectively.   Cash   flows
from   deferred  annuity  sales  increase  investment  contract   deposits,
which   are   a  component  of  financing  activities,  as  well   as   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,   1997   and
1996,   short-term   investments  aggregated   $12.2   million   and   $4.5
million,    respectively.    Management   believes   that    the    overall
sources of liquidity will continue to meet foreseeable cash needs.
     
     Stockholder's  equity  of  Oxford  increased  to  $85.8   million   in
1997  from  $75.3  million  in  1996.  During  1997,  Oxford  did  not  pay
dividends  to  its  parent,  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,  the  amount  is   $0.4
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    $4.6
million  at  December  31,  1997.   These  restrictions  are  not  expected
to  have  a  material  adverse effect on the  ability  of  the  Company  to
meet its cash obligations.

Consolidated Group
      During  each  of  the  fiscal  years  ending  March  31,  1999,  2000
and   2001,  U-Haul  estimates  gross  capital  expenditures  will  average
approximately    $325   million   primarily   reflecting    rental    fleet
rotation.    This   level  of  capital  expenditures,   combined   with   a
potential   range   of   $30-$115  million   in   annual   long-term   debt
maturities,  if  certain  features  of  debt  are  exercised  during   this
same  period,  are  expected  to create annual  average  funding  needs  of
approximately   $375-$415  million.   Management  estimates   that   U-Haul
will   fund   100%   of   these  requirements  with  internally   generated
funds,  including  proceeds  from  the  disposition  of  older  trucks  and
other asset sales.

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,  1998,   the   Company   had
$1,025.3    million   in   total   notes   and   loans   outstanding    and
unutilized   committed   lines   of   credit   of   approximately    $220.0
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,  1998,  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
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.
<PAGE> 24     
     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).  The  escrow  account  is  reflected  as  a  component   of
"Other   assets"   in   the  Company's  financial   statements.    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.
     
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.
     
     For  the  year ended March 31, 1998, the Company  implemented
Statement of Position 98-1, "Accounting for the Costs of  Computer
Software  Developed or Obtained for Internal Use", issued  by  the
Accounting  Standards Executive Committee  in  March  1998.   This
statement  of position  establishes guidelines for the  accounting
for  the costs of all computer software developed or obtained  for
internal  use, including payroll and other direct costs.
     
     For  the  year ended March 31, 1998, the Company  implemented
Statement of Financial Standards No. 130, "Reporting Comprehensive
Income".  Effective for fiscal years beginning after December  15,
1997,  this  statement  establishes standards  for  reporting  and
displaying  comprehensive income and its  components  in  general-
purpose   financial  statements.   The  standard   requires   that
comprehensive  income  and  its components  be  displayed  in  the
financial statements, the items be classified by their nature and
display the accumulated balances of other comprehensive income  in
stockholders'  equity  separately  from  retained   earnings   and
additional  paid-in-capital.  The statement had no effect  on  the
Company's  results  of  operations,  financial  position,  capital
resources or liquidity.
     
     For  the  year ended March 31, 1998, the Company  implemented
Statement  of  Financial  Standards No.  131,  "Disclosures  about
Segments of an Enterprise and Related Information".  Effective for
financial   periods  beginning  after  December  15,  1997,   this
statement  requires public business enterprises to report  certain
information  about their operating segments in a complete  set  of
financial statements to stockholders; to report certain enterprise-
wide   information  about  their  products  and  services,   their
activities  in  different geographic areas and their  reliance  on
major  customers; and to disclose certain segment  information  in
their  interim financial statements.  The statement had no  effect
on  the  Company's  results  of  operations,  financial  position,
capital resources or liquidity.
     
     In June 1998, the Financial Accounting Standards Board issued
Statement  of Financial Accounting Standards No. 133,  "Accounting
for   Derivative   Instruments  and  Hedging  Activities".    This
statement  standardizes the accounting for derivative  instruments
by  requiring  that an entity recognize those items as  assets  or
liabilities  in  the statement of financial position  and  measure
them  at fair value.  It also provides for matching the timing  of
gain  or  loss  recognition  on the hedging  instrument  with  the
recognition  of (a) the changes in the fair value of hedged  asset
<PAGE> 25
or  liability attributable to the hedged risk or (b) the  earnings
effect  of  the  hedged  forecasted transaction.   This  statement
becomes  effective  for fiscal periods beginning  after  June  15,
1999.   The  Company is evaluating the effect this statement  will
have  on its financial reporting and disclosures and when  it  will
adopt the statement.
     
     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.
     
Year 2000 Disclosure

     The Company is and has been working since 1997 to identify and
evaluate   the  changes  necessary  to  its  existing  computerized
business  systems  to make these systems compliant  for  Year  2000
processing. The Year 2000 processing problem is caused by currently
installed computer systems and software products, including several
used  by  the Company, being coded to accept only two digit entries
in  the  date code field.  Beginning in the year 2000,  these  date
code  fields  will need to accept four digit entries to distinguish
21st  century  dates from 20th century dates.  The  Company's  date
critical  functions related to the Year 2000 and  beyond,  such  as
rental   transaction  processing  and  financial  systems  may   be
adversely affected unless these computer systems are or become Year
2000  compliant.   The  Company has been  replacing,  upgrading  or
modifying  key financial systems in the normal course of  business.
The  Company  is utilizing both internal and external resources  to
identify,  correct, reprogram and test its systems  for  Year  2000
compliance.   In particular, the Company has an outside  consulting
firm  on-site  currently  making  the  necessary  modifications  to
existing  systems.   The  Company expects to  be  fully  Year  2000
compliant by March 1999 at an estimated cost of approximately  $2.0
million.   Although the Company believes it will achieve compliance
on  a timely basis and does not anticipate incurring material costs
beyond  the estimated $2.0 million, no assurance can be given  that
the Company's computer systems will be Year 2000 compliant by March
1999  or otherwise in a timely manner or that the Company will  not
incur  significant additional costs pursuing Year 2000  compliance.
If  the  appropriate modifications are not made, or are not timely,
the  Year  2000 problem may have a material adverse effect  on  the
Company.  Furthermore, even if the Company's systems will  be  Year
2000  compliant, there can be no assurance the Company will not  be
adversely  affected by the failure of others to  become  Year  2000
compliant.   For  example, the Company may be  affected  by,  among
other  things,  the  failure of inventory  suppliers,  credit  card
processors,  security  companies,  or  other  vendors  and  service
providers to become Year 2000 compliant.  In an effort to  evaluate
and  reduce  its  exposure in this area, the  Company  has  ongoing
communication  with its vendors and other service  providers  about
their  progress  in identifying and addressing problems  to  ensure
that  their computer systems will be Year 2000 compliant.  However,
despite  the  Company's efforts to date, there can be no  assurance
that  the Year 2000 problem will not have a material adverse effect
on the Company in the future.
<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 76 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  1998
Annual   Meeting  of  Stockholders  (the  "1998  Proxy  Statement")
portions of which are 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  1998   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  1998  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  1998
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  1998
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  1998 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, 1998 and 1997                              31
       Consolidated Statements of Earnings -
         Years ended March 31, 1998, 1997 and 1996            33
       Consolidated Statements of Changes in Stockholders'
         Equity - Years ended March 31, 1998, 1997 and 1996   34
       Consolidated Statements of Cash Flows - Years ended
         March 31, 1998, 1997 and 1996                        36
       Notes to Consolidated Financial Statements             38

   2.  Additional Information

       Summary of Earnings of Independent Trailer Fleets      69
       Notes to Summary of Earnings of Independent
         Trailer Fleets                                       70

   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                                           72
       Supplemental Information (For Property-Casualty
         Insurance Underwriters) -- Schedule V                76

   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)
          4.5     AMERCO and Citibank, N.A. Trustee Second Supplemental
                    Indenture Dated as of October 22, 1997 (11)
          4.6     Calculation Agency Agreement (11)
          4.7     6.65%-AMERCO Series 1997 A Bond Backed Asset Trust
                    Certificates ("Bats") Due October 15, 1999 (11)
         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 (12)
         10.11    Promissory Notes between Four SAC Self-Storage
                    Corporation and a subsidiary of AMERCO (12)
         10.12    Management Agreement between Three SAC Self-
                    Storage Corporation and a subsidiary of AMERCO (12)
         10.13    Management Agreement between Four SAC Self-
                    Storage Corporation and a subsidiary of AMERCO (12)
         10.14    Agreement, dated October 17, 1995, among AMERCO,
                    Edward J. Shoen, James P. Shoen, Aubrey K. Johnson,
                    John M. Dodds and William E. Carty (8)
         10.15    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)
         10.16    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)
         10.17    Settlement Agreement with Paul F. Shoen (9)
         10.18    Series B Preferred Stock Purchase Agreement, dated as of
                    August 30, 1996 (3)
         10.19    Series B Preferred Stock Amended and Restated
                    Side Agreement, dated as of June 1, 1997 (10)
         10.20    Settlement Agreement, dated October 15, 1996
                    between L.S. Shoen and AMERCO (12)
         10.21    Settlement Agreement between AMERCO and Sophia
                    Shoen (10)
         12       Statements Re: Computation of Ratios
         21       Subsidiaries of AMERCO


     * Indicates compensatory plan arrangement
<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's 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.
(10)Incorporated by reference to the Company's Quarterly Report  on
    Form  10-Q  for the quarter ended June 30, 1997,  file  no.  0-
    7862.
(11)Incorporated by reference to the Company's Quarterly Report  on
    Form 10-Q for the quarter ended December 31, 1997, file no.  0-
    7862.
(12)Incorporated  by  reference to the Company's Annual  Report  on
    Form 10-K for the year ended March 31, 1997, 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, 1998 and 1997, and the results  of
their operations and their cash flows for each of the three years in
the  period  ended  March  31, 1998, 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.

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 69  through
71  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 26, 1998
<PAGE> 31
                AMERCO AND CONSOLIDATED SUBSIDIARIES
                                  
                     Consolidated Balance Sheets
                                  
                              March 31,


Assets                                               1998       1997
                                                 ---------------------
                                                      (in thousands)

Cash and cash equivalents                      $    31,606      41,752
Receivables                                        317,620     238,523
Inventories                                         68,887      65,794
Prepaid expenses                                    21,154      17,264
Investments, fixed maturities                      886,873     859,694
Investments, other                                 164,064     127,306
Deferred policy acquisition costs                   44,255      48,598
Other assets                                       103,062      72,997
                                                 ---------------------

Property, plant and equipment, at cost:
   Land                                            208,028     209,803
   Buildings and improvements                      838,419     814,744
   Furniture and equipment                         214,513     199,126
   Rental trailers and other rental
     equipment                                     158,750     148,807
   Rental trucks                                   939,561     947,911
   General rental items                             20,475      21,600
                                                 ---------------------
                                                 2,379,746   2,341,991
   Less accumulated depreciation                 1,103,990   1,094,925
                                                 ---------------------

     Total property, plant and equipment         1,275,756   1,247,066
                                                 ---------------------
























                                               $ 2,913,277   2,718,994
                                                 =====================

The accompanying notes are an integral part of these consolidated
financial statements.
<PAGE> 32
Liabilities and Stockholders' Equity                 1998       1997
                                                 ---------------------
                                                     (in thousands)
Liabilities:
   Accounts payable and accrued
     expenses                                  $   144,201     131,099
   Notes and loans                               1,025,323     983,550
   Policy benefits and losses, claims
     and loss expenses payable                     592,642     469,134
   Liabilities from premium deposits               425,347     433,397
   Cash overdraft                                   21,414      23,606
   Other policyholders' funds and
     liabilities                                    34,911      30,966
   Deferred income                                  45,298      35,247
   Deferred income taxes                            29,082       9,675
                                                 ---------------------

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, 1998
        and 1997                                       -           -
     Series B preferred stock, with no par
        value, 100,000 shares authorized;
        75,000 and 100,000 shares issued
        and outstanding as of March 31,
        1998 and 1997, respectively                    -           -
   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, 1998 and 1997         1,441       1,441
   Common stock of $0.25 par value,
     150,000,000 shares authorized;
     36,487,505 issued as of March 31,
     1998 and 1997                                   9,122       9,122         
   Additional paid-in capital                      313,444     337,933
   Accumulated other comprehensive income           (9,384)     (9,722)
   Retained earnings                               658,227     644,009
                                                 ---------------------

                                                   972,850     982,783
   Less:
     Cost of common shares in treasury, net
      (19,635,913 shares as of March 31,
      1998 and 1997)                               359,723     359,723
     Unearned employee stock
       ownership plan shares                        18,068      20,740
                                                 ---------------------
          Total stockholders' equity               595,059     602,320

Contingent liabilities and commitments           _____________________


                                               $ 2,913,277   2,718,994
                                                 =====================
                                  
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,
                                  
                                             1998        1997        1996
                                  --------------------------------------------
                                 (in thousands except share and per share data)
Revenues
  Rental revenue                      $  1,018,699     973,783     942,987
  Net sales                                176,935     172,968     164,795
  Premiums                                 164,613     163,603     154,249
  Net investment income                     49,695      49,421      45,989
                                        ----------------------------------
       Total revenues                    1,409,942   1,359,775   1,308,020

Costs and expenses
  Operating expense                        889,737     860,483     798,544
  Cost of sales                            101,628     103,817     104,129
  Benefits and losses                      194,413     178,275     157,515
  Amortization of deferred
    acquisition costs                       14,194      16,493      17,131
  Depreciation, net                         69,655      66,742      83,989
                                        ----------------------------------
       Total costs and expenses          1,269,627   1,225,810   1,161,308

Earnings from operations                   140,315     133,965     146,712

  Interest expense, net of interest
    income of $15,353, $25,604 and
    $17,071 in 1998, 1997 and 1996,
    respectively                            64,016      50,437      50,486
                                        ----------------------------------

Pretax earnings                             76,299      83,528      96,226

Income tax expense                         (27,643)    (29,344)    (35,832)
                                        ----------------------------------
Earnings from operations before
  extraordinary loss on early
  extinguishment of debt                    48,656      54,184      60,394
Extraordinary loss on early
  extinguishment of debt, net              (13,672)     (2,319)        -
                                        ----------------------------------
      Net earnings                    $     34,984      51,865      60,394
                                        ==================================   

Earnings per common share (both
  basic and diluted):
  Earnings from operations
    before extraordinary loss on
    early extinguishment of debt      $       1.28        1.44        1.33
  Extraordinary loss on early
    extinguishment of debt, net              (0.62)      (0.09)        -
                                        ----------------------------------
      Net earnings                    $       0.66        1.35        1.33
                                        ==================================   

Weighted average common
  shares outstanding                    21,896,101  25,479,651  35,736,335
                                        ==================================   

The accompanying notes are an integral part of these consolidated
financial statements.
<PAGE> 34
<TABLE>
<CAPTION>                                        
                                        
                                                   AMERCO AND CONSOLIDATED SUBSIDIARIES
                                        Consolidated Statements of Changes in Stockholders' Equity
                                                              (in thousands)
                                    
    
                                                                                                                      
                                                                                           Unearned
                                                          Accumulated                      Employee
                              Series A        Additional     Other                          Stock         Total
                               Common  Common  Paid-in   Comprehensive Retained  Treasury   Ownership  Stockholders' Comprehensive
                                Stock   Stock  Capital      Income     Earnings   Stock    Plan Shares    Equity         Income
                             ----------------------------------------------------------------------------------------------------- 
<S>                           <C>       <C>    <C>         <C>         <C>      <C>         <C>          <C>            <C>
Balance at March 31, 1995     $ 1,441   8,559  165,675     (18,918)    561,589   (10,461)   (21,101)      686,784
Leveraged employee stock
 ownership plan:
  Issuance of shares                                81                                                         81
  Purchase of shares                                                                         (4,576)       (4,576)
  Repayments from loan                                                                        2,348         2,348
Preferred stock dividends:
  Series A ($2.13 per share)                                           (12,964)                           (12,964)
Treasury stock purchase
 5,873,140 shares                                                               (100,657)                (100,657)
Comprehensive income:
 Net income                                                             60,394                             60,394       $ 60,394
 Other comprehensive income,
  net of tax:
   Foreign currency
    translation                                                558                                            558            558
   Unrealized gain on
    investments                                             17,580                                         17,580         17,580
                                                                                                                          ------
 Comprehensive income                                                                                                   $ 78,532
                                ------  -----  -------     --------    -------  ---------   --------      -------         ======
Balance at March 31, 1996       1,441   8,559  165,756        (780)    609,019  (111,118)   (23,329)      649,548

Issuance of common stock                  563   73,146                                                     73,709
Issuance of preferred stock                     98,546                                                     98,546
Leveraged employee stock
 ownership plan:
  Issuance of shares                               485                                                        485
  Purchase of shares                                                                             (2)           (2)
  Repayments from loan                                                                        2,591         2,591
Preferred stock dividends:
 Series A ($2.13 per share)                                            (12,964)                           (12,964)
 Series B ($39.11 per share)                                            (3,911)                            (3,911)
Treasury stock purchase
 12,426,836 shares                                                              (248,605)                (248,605)
Comprehensive income:
 Net income                                                             51,865                             51,865       $ 51,865
 Other comprehensive income,
  net of tax:
   Foreign currency
    translation                                             (2,256)                                        (2,256)        (2,256)
   Unrealized loss on
    investments                                             (6,686)                                        (6,686)        (6,686)
                                                                                                                          ------
 Comprehensive income                                                                                                   $ 42,923
                                -----   -----  -------     --------    -------  ---------   --------      -------         ======
Balance at March 31, 1997       1,441   9,122  337,933      (9,722)    644,009  (359,723)   (20,740)      602,320


<FN>
   The accompanying notes are an integral part of these consolidated financial statements.
</FN>
</TABLE>
<PAGE> 35
<TABLE>                                        
<CAPTION>
                                        
                                        
                                                       AMERCO AND CONSOLIDATED SUBSIDIARIES
                                            Consolidated Statements of Changes in Stockholders' Equity
                                                                  (in thousands)
                                        
    
                                                                                                                       
                                                                                           Unearned
                                                          Accumulated                      Employee
                              Series A        Additional     Other                          Stock         Total
                               Common  Common  Paid-in   Comprehensive Retained  Treasury   Ownership  Stockholders' Comprehensive
                                Stock   Stock  Capital      Income     Earnings   Stock    Plan Shares    Equity         Income
                                 -------------------------------------------------------------------------------------------------
<S>                           <C>       <C>    <C>         <C>         <C>      <C>         <C>           <C>           <C>
Balance at March 31, 1997       1,441   9,122  337,933      (9,722)    644,009  (359,723)   (20,740)      602,320
    
Repurchase of preferred stock                  (25,000)                                                   (25,000)
Leveraged employee stock
 ownership plan:
  Issuance of shares                               511                                                        511
  Purchase of shares                                                                             (5)           (5)
  Repayments from loan                                                                        2,677         2,677
Preferred stock dividends:
 Series A ($2.13 per share)                                            (12,964)                           (12,964)
 Series B ($81.04 per share)                                            (7,802)                            (7,802)
Comprehensive income:
 Net income                                                             34,984                             34,984       $ 34,984
 Other comprehensive income,
  net of tax:
   Foreign currency
    translation                                             (4,542)                                        (4,542)        (4,542)
   Unrealized gain on
    investments                                              4,880                                          4,880          4,880
                                                                                                                          ------
 Comprehensive income                                                                                                   $ 35,322
                                -----   -----  -------     --------    -------  ---------   --------      -------         ======
 Balance at March 31, 1998    $ 1,441   9,122  313,444      (9,384)    658,227  (359,723)   (18,068)      595,059
                                =====   =====  =======     ========    =======  =========   ========      =======









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


                                         1998      1997      1996
                                       ---------------------------
                                              (in thousands)
Cash flows from operating
  activities:
Net earnings                        $   34,984    51,865    60,394
  Depreciation and amortization        113,822    94,364   102,427
  Provision for losses on accounts
    receivable                           4,108     3,465     4,492
  Net (gain) loss on sale of real
    and personal property               (1,776)   (7,979)    2,142
  Gain on sale of investments             (944)     (728)   (5,172)
  Changes in policy liabilities
    and accruals                        37,021      (403)   20,010
  Additions to deferred policy
    acquisition costs                  (10,010)  (13,065)  (21,507)
  Net change in other operating
    assets and liabilities             (17,303)   60,662    24,056
                                       ---------------------------
Net cash provided by operating
  activities                           159,902   188,181   186,842

Cash flows from investing
  activities:
  Purchases of investments:
    Property, plant and equipment     (392,298) (203,943) (291,057)
    Fixed maturities                  (123,832) (189,763) (332,155)
    Common stock                        (8,573)      -         -
    Preferred stock                     (4,054)  (10,875)      -
    Equity investment                  (24,500)      -         -
    Real estate                            -         -      (8,127)
    Mortgage loans                     (17,551)  (38,339)  (10,560)
  Proceeds from sales of
    investments:
    Property, plant and equipment      291,321   240,787   165,490
    Fixed maturities                   131,334   206,995   190,846
    Preferred stock                      1,015        59       -
    Real estate                          1,331       934     2,749
    Mortgage loans                      21,715    38,906    29,447
  Changes in other investments         (16,699)    5,402     9,169
                                       ---------------------------
Net cash provided (used) by
  investing activities                (140,791)   50,163  (244,198)




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,


                                         1998      1997      1996
                                       ---------------------------
                                              (in thousands)
Cash flows from financing
  activities:
  Net change in short-term
    borrowings                         122,500  (347,000)   84,500
  Proceeds from notes                  300,000   562,300   140,141
  Debt issuance costs                   (2,956)   (6,240)   (1,663)
  Leveraged Employee Stock
    Ownership Plan:
     Purchase of shares                     (5)       (2)   (4,576)
     Repayments from loan                2,677     2,591     2,348
  Principal payments on notes         (380,727) (229,970) (107,643)
  Issuance of preferred stock              -      98,546       -
  Repurchase of preferred stock        (25,000)      -         -
  Issuance of common stock                 -      73,709       -
  Extraordinary loss on early
    extinguishment of debt, net        (13,672)   (2,319)      -
  Net change in cash overdraft          (2,192)   (8,553)      796
  Preferred stock dividends paid       (20,766)  (16,875)  (12,964)
  Treasury stock acquisitions, net         -    (248,605) (100,657)
  Deferred tax-treasury stock              -     (80,997)  (34,938)
  Investment contract deposits          51,943    81,678   163,423
  Investment contract withdrawals      (61,059)  (57,789)  (75,529)
  Escrow deposit                           -     (48,234)      -

                                       ---------------------------
Net cash provided (used) by
  financing activities                 (29,257) (227,760)   53,238
                                       ---------------------------

Increase (decrease) in cash
  and cash equivalents                 (10,146)   10,584    (4,118)
Cash and cash equivalents at
  beginning of year                     41,752    31,168    35,286
                                       ---------------------------
Cash and cash equivalents at
  end of year                       $   31,606    41,752    31,168
                                       ===========================

                                                                  






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, substantially all of
which  are  wholly-owned.   All  material  intercompany  accounts  and
transactions of AMERCO and its subsidiaries have been eliminated.
     
     RWIC  and  Oxford have been consolidated on the basis of  calendar
years  ended  December 31.  Accordingly, all references  to  the  years
1997, 1996 and 1995 correspond to the Company's fiscal years 1998, 1997
and 1996, respectively.
     
     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 1998, 1997  or  1996  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-Haul<REGISTERED TRADEMARK>
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.
     
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 in the Statement of Stockholders' Equity.
     
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 approximately three months or less to be cash equivalents
($6,568,000 as of March 31, 1998).
<PAGE> 39
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
     
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  in
the  Statement of Stockholders' 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.   Fair values for investments are based  on
quoted market prices, dealer quotes or discounted cash flows.
     
     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.
     
DEFERRED POLICY ACQUISITION COSTS
     Commissions  and  other costs which vary with and  are  primarily
related to the production of new business, have been deferred.   These
deferred policy acquisition costs are amortized in relation to revenue
such that profits are realized as a level percentage of revenue.
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 netted against
depreciation expense when realized.  Interest costs incurred  as  part
of  the  initial  construction of assets  are  capitalized.   Interest
expense  of  $2,210,000, $3,430,000 and $1,807,000 was capitalized  in
the years ended 1998, 1997 and 1996, respectively.  During fiscal 1998,
the Company increased the estimated salvage value and useful lives of
certain rental equipment.  The effect of the change increased net earnings
by $9,268,000 ($0.42 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.
<PAGE> 40
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
     
     At  March  31, 1998, 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
$45,946,000.  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.
     
     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:

                                 Book        Estimated
                                value       fair value
                              --------------------------
                                   (in thousands)
       March 31, 1998        $  80,220        82,420
                              ==========================

       March 31, 1997        $  66,484        68,928
                              ==========================
     
     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
below  as  well  as  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 AND LOSSES, CLAIMS AND LOSS EXPENSES PAYABLE
     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  mortality and withdrawal assumptions  which  are
based upon recognized actuarial tables and contain margins for adverse
deviation.  At December 31, 1997, 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 $391,732,000 and $399,953,000 at December  31,
1997 and 1996, 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> 41
                 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 REVENUE
     The   Company  recognizes  its  share  of  rental  revenue   less
commission  on the accrual basis pursuant to contractual  arrangements
between  AMERCO  and its 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 which are  accounted  for
as  investment  contracts  are included in net  investment  income  as
investment  margins until the policyholder annuitizes, at  which  time
the policyholders fund balance is recognized as premium.
     
REINSURANCE
     Reinsurance  premiums,  commissions and  expense  reimbursements,
related to ceded 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 ceded contracts are reported  gross  of  the
effects of reinsurance.  See also "Policy Benefits And Losses,  Claims
and Loss Expenses Payable" 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.
     
     For  the  year  ended  March 31, 1998,  the  Company  implemented
Statement  of  Position 98-1, "Accounting for the  Costs  of  Computer
Software  Developed  or  Obtained for Internal  Use",  issued  by  the
Accounting   Standards  Executive  Committee  in  March  1998.    This
statement  of  position establishes guidelines for the accounting  for
the  costs of all computer software developed or obtained for internal
use, including payroll and other direct costs.
<PAGE> 42
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

     For  the  year  ended  March 31, 1998,  the  Company  implemented
Statement  of  Financial  Standards No. 130, "Reporting  Comprehensive
Income".   Effective  for fiscal years beginning  after  December  15,
1997,   this   statement  establishes  standards  for  reporting   and
displaying  comprehensive income and its components in general-purpose
financial statements.  The standard requires that comprehensive income
and its components be displayed in the financial statements, the items
be classified by their nature and display the accumulated balances of
other  comprehensive  income in stockholders' equity  separately  from
retained  earnings and additional paid-in-capital.  The statement  had
no  effect on the Company's results of operations, financial position,
capital resources or liquidity.
     
     For  the  year  ended  March 31, 1998,  the  Company  implemented
Statement of Financial Standards No. 131, "Disclosures about  Segments
of  an  Enterprise and Related Information".  Effective for  financial
periods  beginning  after December 15, 1997, this  statement  requires
public business enterprises to report certain information about  their
operating  segments  in  a  complete set of  financial  statements  to
stockholders;  to  report  certain enterprise-wide  information  about
their  products and services, their activities in different geographic
areas  and their reliance on major customers; and to disclose  certain
segment  information  in  their  interim  financial  statements.   The
statement  had  no  effect  on the Company's  results  of  operations,
financial position, capital resources or liquidity.
     
     In  June  1998, the Financial Accounting Standards  Board  issued
Statement  of Financial Accounting Standards No. 133, "Accounting  for
Derivative  Instruments  and  Hedging  Activities".   This   statement
standardizes  the accounting for derivative instruments  by  requiring
that  an entity recognize those items as assets or liabilities in  the
statement  of financial position and measure them at fair  value.   It
also  provides for matching the timing of gain or loss recognition  on
the  hedging instrument with the recognition of (a) the changes in the
fair  value  of hedged asset or liability attributable to  the  hedged
risk  or (b) the earnings effect of the hedged forecasted transaction.
This  statement  becomes effective for fiscal periods beginning  after
June  15,  1999.  The Company is evaluating the effect this  statement
will  have on its financial reporting and disclosures and when it will
adopt the statement.

     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
     Basic  earnings  per  common  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 the purpose of the  calculation.
The  Company  does not have any potential common stock  that  was  not
included  in the calculation of diluted earnings per share because  it
is  antidilutive in the current period. Accordingly, basic and diluted
earnings per share are equal.  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 1997 and 1996 to  conform  with  the
current year's presentation.
<PAGE> 43

                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued


2.  RECEIVABLES
     
     A summary of receivables follows:

                                                     March 31,
                                               --------------------
                                                 1998        1997
                                               --------------------
                                                   (in thousands)

      Trade accounts receivable              $  15,994      15,273
      Mortgage and note receivables,
        net of discount                         35,027      39,806
      Note receivable and accrued interest
        from SAC Holding Corporation
        and its subsidiaries                    67,547      46,690
      Premiums and agents' balances
        in course of collection                 40,464      28,307
      Reinsurance recoverable                  120,262      73,069
      Accrued investment income                 14,853      14,308
      Independent dealer receivable              5,131       6,995
      Other receivables                         20,274      16,457
                                               -------------------
                                               319,552     240,905
      Less allowance for doubtful accounts       1,932       2,382
                                               -------------------

                                             $ 317,620     238,523
                                               ===================

     During  fiscal  1998,  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 $1,047,000
and  interest  payments of $6,847,000 from SAC Holdings  during  fiscal
1998.   The note receivable balance outstanding at March 31, 1998  was,
in the aggregate, $66,111,000 bearing interest rates ranging from 8.37%
to 13.0%.

     During  fiscal  1998,  a  subsidiary of  the  Company  funded  the
purchase  of  properties and construction costs  for  SAC  Holdings  of
approximately $24,574,000.  Three of the properties were purchased from
the Company at a purchase price equal to the Company's acquisition cost
plus  capitalized costs which approximated fair market value.  In March
1998, SAC Holdings sold three of the properties to an outside party and
reduced the Company's receivable by $2,814,000.

     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 $1,860,000 during fiscal 1998.
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,
                                               --------------------
                                                 1998         1997
                                               --------------------
                                                   (in thousands)
      Truck and trailer parts
        and accessories                      $  41,880       40,938
      Hitches and towing components             16,418       14,348
      Moving aids and promotional items         10,589       10,508
                                               --------------------

                                             $  68,887       65,794
                                               ====================

<PAGE> 44                                   
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued

3.  INVENTORIES, continued

     Certain  general  and administrative expenses  are  allocated  to
ending inventories.  Such costs remaining in inventory at fiscal years
ended 1998, 1997 and 1996 are estimated at $7,626,000, $7,568,000  and
$6,773,000, respectively.  For the fiscal years ended March 31,  1998,
1997  and  1996,  aggregate  general  and  administrative  costs  were
$526,431,000, $511,473,000 and $439,122,000, respectively.
     
     LIFO  inventories,  which represent approximately  98%  of  total
inventories at March 31, 1998 and 1997, would have been $4,716,000 and
$4,611,000  greater at March 31, 1998 and 1997, respectively,  if  the
consolidated group had used the FIFO (first-in, first-out) method.
     

4.  INVESTMENTS
     
     Major  categories  of  net  investment  income  consist  of   the
following:
     
                                        Year ended December 31,
                                     ----------------------------
                                      1997       1996       1995
                                     ----------------------------
                                            (in thousands)

      Fixed maturities             $ 63,467     65,680     59,992
      Real estate                       223        279        727
      Policy loans                      605        519        554
      Mortgage loans                  7,187      7,193      7,887
      Short-term, amounts held by
        ceding reinsurers, net and
        other investments             2,797      1,499      1,601
                                     ----------------------------

      Investment income              74,279     75,170     70,761

      Less investment expenses       24,584     25,749     24,772
                                     ----------------------------

      Net investment income        $ 49,695     49,421     45,989
                                     ============================

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

December 31, 1997
-----------------    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        $  10,415  $  10,285      1,283         -      11,568
U.S. government
  agency mortgage-
  backed securities  $  40,988     40,772        512       (884)    40,400
Obligations of
  states and
  political
  subdivisions       $  27,395     27,231      1,430         -      28,661
Corporate
  securities         $ 154,893    158,243      4,516       (453)   162,306
Mortgage-backed
  securities         $ 105,915    104,535      1,870       (482)   105,923
Redeemable preferred
  stocks                 2,168     59,685      1,006       (216)    60,475
                                  ----------------------------------------

                                  400,751     10,617     (2,035)   409,333
                                  ----------------------------------------
<PAGE> 45                                   
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued
                                   
4.  INVESTMENTS, continued
     
December 31, 1997
-----------------    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        $  18,205  $  18,329      1,011          (7)   19,333
U.S. government
  agency mortgage-
  backed securities  $  36,128     35,570      1,334         (17)   36,887
Obligations of
  states and
  political
  subdivisions       $  11,225     11,624        413         (31)   12,006
Corporate
  securities         $ 305,595    308,408     11,792      (1,136)  319,064
Mortgage-backed
  securities         $  82,480     81,831      2,520         (65)   84,286
Redeemable preferred
  stocks                   531     13,869        677          -     14,546
                                  ----------------------------------------

                                  469,631     17,747      (1,256)  486,122
                                  ----------------------------------------

       Total                    $ 870,382     28,364      (3,291)  895,455
                                  ========================================

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
                                  ========================================

     Fixed  maturities estimated market values are based on publicly
quoted market prices at the close of trading on December 31, 1997 or
December 31, 1996, 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, 1997
-----------------                           Amortized       Estimated
Consolidated                                  cost         market value
                                            ---------------------------
Held-to-Maturity                                 (in thousands)

Due in one year or less                   $    14,357          14,457
Due after one year through five years         103,547         107,376
Due after five years through ten years         72,123          74,198
After ten years                                 5,732           6,504
                                             ------------------------
                                              195,759         202,535

Mortgage-backed securities                    145,307         146,323
Redeemable preferred stock                     59,685          60,475
                                             ------------------------

                                              400,751         409,333
                                             ------------------------
<PAGE> 47                                   
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued
     
4.  INVESTMENTS, continued

December 31, 1997
-----------------                           Amortized       Estimated
Consolidated                                  cost         market value
                                            ---------------------------
Available-for-sale                               (in thousands)

Due in one year or less                        20,100          20,231
Due after one year through five years         120,446         124,020
Due after five years through ten years        140,911         145,618
After ten years                                56,904          60,534
                                             ------------------------
                                              338,361         350,403

Mortgage-backed securities                    117,401         121,173
Redeemable preferred stock                     13,869          14,546
                                             ------------------------

                                              469,631         486,122
                                             ------------------------

       Total                               $  870,382         895,455
                                             ========================

December 31, 1996
-----------------                           Amortized       Estimated
Consolidated                                  cost         market 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
                                             ------------------------

December 31, 1996
-----------------                           Amortized       Estimated
Consolidated                                  cost        market value
                                            --------------------------
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
                                             ========================


     Proceeds  from  sales  of investments in debt  securities  during
1997,  1996  and 1995 were $69,252,000, $115,886,000 and $101,565,000,
respectively.   Gross gains of $1,132,000, $1,518,000  and  $4,498,000
and  gross losses of $515,000, $654,000 and $419,000 were realized  on
those sales during 1997, 1996 and 1995, respectively.
     
     At December 31, 1997 and 1996 fixed maturities include bonds with
an  amortized  cost of $15,443,000 and $18,728,000,  respectively,  on
deposit  with  insurance  regulatory  authorities  to  meet  statutory
requirements.
<PAGE> 48
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued


4.  INVESTMENTS, continued
     
     Investments, other consists of the following:
                                                            March 31,

                                                     ------------------
                                                       1998       1997
                                                     ------------------
                                                        (in thousands)
Short-term investments                             $  27,267     10,925
Mortgage loans                                        73,979     79,353
Equity investment                                     24,500        -
Real estate, foreclosed properties                    22,497     20,936
U.S. government securities mutual fund                 5,883      5,883
Policy loans                                           8,536      8,627
Other                                                  1,402      1,582
                                                     ------------------
                                                   $ 164,064    127,306
                                                     ==================
     
     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.   Equity
investments and 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
value.  Policy loans are carried at their unpaid balance.
     
     At  December 31, 1997 and 1996, mortgage loans held as investments
with  a  book value of $73,979,000 and $79,353,000, respectively,  were
outstanding.   The  estimated  fair value  of  the  mortgage  loans  at
December  31,  1997  and 1996 aggregated $74,240,000  and  $84,564,000,
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.  Investments in
mortgage  loans, included as a component of investments,  are  reported
net  of allowance for possible losses of $507,000 and $800,000 in  1997
and 1996, respectively.

     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 38%
limited partnership and Oxford invested $11,000,000 in exchange for a 31%
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.


<PAGE> 49
                 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,
                                                   --------------------
                                                       1998       1997
                                                   --------------------
                                                      (in thousands)

      Short-term borrowings, 6.31%
           interest rate                         $     6,500      4,000

      Notes payable to banks under
         revolving lines of credit, unsecured,
            5.85% to 5.94% interest rates            180,000     60,000

      Medium-term notes payable, unsecured,
         6.71% to 8.08% interest
            rates, due through 2027                  362,000    387,000

      Notes payable under Bond Backed Asset Trust,
         unsecured, 6.65% to 7.14% interest
            rates, due through 2033                  300,000        -

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

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

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

      Notes and mortgages payable, secured,
         7.00% to 10.00% interest rates,
            due through 2005                           1,752     68,471

      Other notes payable, unsecured,
         9.50% interest rate,
            due through 2005                              71         79
                                                   --------------------
                                                 $ 1,025,323    983,550
                                                   ====================

     Notes and mortgages payable are secured by land and buildings  at
various  locations with a net book value of $11,174,000 at  March  31,
1998.
     
     Revolving   credit   loans   (long-term)   are   available   from
participating  banks  under an agreement which provides  for  a  total
credit  line  of  $400,000,000 through  the  expiration  date  of  the
revolving  term  of June 30, 2002.  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.
<PAGE> 50
                 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 $622,000 and $975,000 for 1998 and 1997, respectively.   As
of  March 31, 1998, loans outstanding under the revolving credit  line
totaled  $180,000,000.  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
                                       -----------------------------
                                          1998       1997       1996
                                       -----------------------------
                                                (in thousands)
   A summary of revolving credit
     activity follows:

     Weighted average interest rate
        during the year                   5.95%      5.76%      6.20%
        at year end                       5.90%      5.78%      5.73%
     Maximum amount outstanding
        during the year              $ 285,000    338,000    343,000
     Average amount outstanding
        during the year              $ 203,250    128,000    281,750

   A summary of short-term
     borrowing follows:

     Weighted average interest rate
        during the year                   6.05%      5.87%      6.26%
        at year end                       6.31%      7.63%      5.93%
     Maximum amount outstanding
        during the year              $  57,000    195,000     73,000
     Average amount outstanding
        during the year              $  25,208     56,417     37,583

     AMERCO  has committed lines of credit with various banks totaling
$400,000,000 and uncommitted lines of credit of $87,466,000  at  March
31, 1998.
     
     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 $118,000,000 of floating rate  notes  to  a
weighted  average fixed rate of 7.87%.  The SWAP's mature at the  time
the  related  notes  mature.  Incremental interest expense  associated
with  SWAP  activity was $2,687,000, $3,481,000 and $2,959,000  during
1998, 1997 and 1996, respectively.
     
     At  March  31,  1998,  interest  rate  swap  agreements  with  an
aggregate   notional   amount   of  $118,000,000   were   outstanding.
Management  estimates  that at March 31, 1998 and  1997,  the  Company
would  be required to pay $7,000,000 and $5,000,000, respectively,  to
terminate  the agreements.  Such amounts were determined from  current
treasury rates combined with swap spreads on agreements outstanding.
     
     During the second quarter of fiscal 1998, the Company extinguished
$76,000,000 of 10.27% interest-bearing notes originally due  in  fiscal
1999  through fiscal 2002.  This resulted in an extraordinary  loss  of
$4,044,000, net of tax of $2,371,000 ($0.18 per share).

     In  October  1997, the Company issued $300,000,000 of Bond  Backed
Asset  Trust  Certificates  (BATs).  The  net  proceeds  were  used  to
initially  prepay  floating  rate indebtedness  of  the  Company  under
revolving  credit agreements.  Subsequent to the funding of  the  BATs,
the  Company  extinguished  $255,071,000 of 6.43%  to  8.13%  interest-
bearing notes originally due in fiscal 1999 through fiscal 2010.   This
resulted  in  an  extraordinary  loss of  $9,628,000,  net  of  tax  of
$5,645,000 ($0.44 per share).
     
     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.  As of March 31, 1998 the remaining amount of debt  that  is
considered  extinguished  as a result of the  defeasance  amounted  to
$14,000,000.
<PAGE> 51
                 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, 1998, 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
                        -----------------------------------------------
                          1999      2000        2001     2002     2003
                        -----------------------------------------------
                                          (in thousands)
Mortgages             $     110        62          46       37       30
Medium-Term and
  Other Notes            40,009    30,010          10   77,512      -
Revolving Credit            -         -           -        -    180,000
                       ------------------------------------------------
                      $  40,119    30,072          56   77,549  180,030
                       ================================================

     Interest  paid  in cash amounted to $76,035,000, $69,972,000  and
$71,561,000 for 1998, 1997 and 1996, 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 Serial 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.  Serial Preferred Stock issuance may be with or without par
value.
     
     The Company has 6,100,000 shares of 8.5% cumulative, no par, non-
voting  Series  A  (Series A) preferred stock.  The Series  A  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 Series A 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 Series A, for cash at $25.00 per share plus accrued and
unpaid dividends to the redemption date.
     
     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, as amended, 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.  In January 1998, the Company redeemed  25,000
shares of its Series B Preferred Stock for $25,000,000.
     
     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.
     
     During  the  year ended March 31, 1996, pursuant to a judgment  in
the  Shoen  Litigation,  the Company repurchased  5,828,140  shares  of
Common  Stock  in  exchange for $39,631,000,  funded  damages  of
$87,337,000 and paid statutory post-judgment interest of $6,128,000.
<PAGE> 52     
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued

6.  STOCKHOLDERS' EQUITY, continued

     During  the  year ended March 31, 1997, pursuant to a judgment  in
the  Shoen  Litigation, the Company repurchased  12,426,836  shares  of
Common  Stock  in  exchange for $84,502,000,  funded  damages  of
$228,373,000 and paid statutory post-judgment interest of $689,000  and
placed  funds of $48,234,000 into an escrow account pending the outcome
of  a  dispute  involving the entitlement of the  plaintiffs  to  post-
bankruptcy petition date interest.

     The plaintiffs included the father, brothers and sisters of Edward
J.,  Mark V., Paul F. and James P. Shoen who are major stockholders  of
the  Company,  and  Edward  J., Paul F. and  James  P.  Shoen  who  are
directors of the Company.
     
     The above treasury share transactions were recorded net of tax  of
$115,935,000 ($80,997,000 for fiscal 1997 transactions and  $34,938,000
for fiscal 1996 transactions).

7.  EARNINGS PER SHARE

     The  following table reflects the calculation of the earnings  per
share (in thousands except per share data):

                                                     Year ended
                                          -----------------------------------  
                                                 1998        1997        1996
                                          -----------------------------------
                                         (in  thousands except per share data)
      Earnings from operations
        before extraordinary
        loss on early extinguishment
           of    debt                 $         48,656      54,184      60,394
      Less dividends
           on    preferred   shares             20,664      17,456      12,962
                                            ----------------------------------
                                                27,992      36,728      47,432
      Extraordinary loss on early
         extinguishment of debt, net           (13,672)     (2,319)       -
                                            ----------------------------------
      
      Net earnings for per
           share    calculation       $         14,320      34,409      47,432
                                            ==================================
                                                  
      Earnings per common share (both
        basic and diluted):
      
      Earnings from operations
        before extraordinary loss
        on early extinguishment
           of    debt                 $           1.28        1.44        1.33
      Extraordinary loss on early
         extinguishment of debt, net             (0.62)      (0.09)         -
                                            ----------------------------------
      
      Net earnings                    $           0.66        1.35        1.33
                                            ==================================
      
      Weighted average common
        shares outstanding                  21,896,101  25,479,651  35,736,335
                                            ==================================
<PAGE> 53
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued

8.  INCOME TAXES

     The  components  of  the consolidated expense  for  income  taxes
applicable to operations are as follows:
     
                                                  Year ended
                                      -------------------------------
                                        1998        1997        1996
                                      -------------------------------
                                               (in thousands)
         Current:
           Federal                  $   2,098       3,404          -
           State                          406         169         637

         Deferred:
           Federal                     23,772      24,218      33,790
           State                        1,367       1,553       1,405
                                       ------------------------------

                                    $  27,643      29,344      35,832
                                      ===============================

     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  1998,  1997  and
1996) as follows:

                                                Year ended
                                      -------------------------------
                                        1998        1997        1996
                                      -------------------------------
                                              (in thousands)

    Computed "expected" tax
      expense                        $ 26,705      29,232      33,679
    Increases (reductions) in taxes
      resulting from:
        Tax-exempt interest income       (676)       (767)       (714)
        Net reinsurance effect           (166)       (920)         -
        Canadian subsidiary income
          tax benefit                    (524)       (645)     (1,235)
        True-up of prior year             950          -        2,112
        Federal tax benefit of
          state and local taxes          (620)       (602)       (714)
        Other                             201       1,324         662
                                       ------------------------------
          Actual federal tax
            expense                    25,870      27,622      33,790
        State and local income tax
          expense                       1,773       1,722       2,042
                                       ------------------------------

          Actual tax expense
            of operations            $ 27,643      29,344      35,832
                                       ==============================
<PAGE> 54
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued

8.  INCOME TAXES, continued
     
     Deferred tax assets and liabilities are comprised as follows:

                                                March 31,
                                          -----------------
                                            1998      1997
                                          -----------------
                                            (in thousands)
    Deferred tax assets
    -------------------
    Benefit of tax NOL and credit
      carryforwards                     $ 139,458   150,633
    Accrued liabilities                     7,663    14,953
    Deferred revenue from
      sale/leaseback                        9,794    10,173
    Policy benefits and losses,
      claims and loss expenses
      payable, net                         17,064    26,137
    Other                                     714       -
                                          -----------------
        Total deferred tax assets       $ 174,693   201,896
                                          -----------------

    Deferred tax liabilities
    ------------------------
    Property, plant and equipment       $ 188,952   195,080
    Deferred acquisition costs             14,823    16,082
    Other                                     -         409
                                          -----------------
         Total deferred tax liabilities $ 203,775   211,571
                                          -----------------

          Net deferred tax liability    $  29,082     9,675
                                          =================

     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, 1998 and 1997.  See also Note 14 of Notes
to Consolidated Financial Statements.

     Income taxes paid in cash amounted to $2,758,000, $4,949,000  and
$540,000 for 1998, 1997 and 1996, 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, 1997, 1996 and 1995.
     
     The  Internal  Revenue Service has examined AMERCO's  income  tax
returns  for  the years ended 1994 and 1995.  All agreed  issues  have
been provided for in the financial statements.

     At  March  31,  1998 AMERCO and RWIC have non-life net  operating
loss  carryforwards available to offset taxable income in future years
of  $324,963,000 for tax purposes.  These carryforwards expire in 2005
through 2012.  AMERCO has alternative minimum tax credit carryforwards
of  $14,647,000 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 its 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.
<PAGE> 55
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued
     
9.  TRANSACTIONS WITH FLEET OWNERS AND OTHER RENTAL EQUIPMENT OWNERS
     
     Independent   rental   equipment  owners   (fleet   owners)   own
approximately  9% of all U-Haul rental trailers and 0.03%  of  certain
other  rental equipment.  There are approximately 4,000 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).
     
     RWIC  insures and reinsures certain risks of U-Haul customers  and
independent  fleet  owners.  Premiums earned  on  these  policies  were
$49,400,000,  $40,800,000  and  $43,400,000  during  the  years   ended
December 31, 1997, 1996 and 1995, respectively.
     
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, 1998          1998      1997     1996
          ---------------------------------------------------------------------
                                            (in thousands)
          December 1989          $   900                 126       162      309
          May 1990                   351                  35        45       59
          June 1991               16,817               1,466     1,472    1,131

     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  $3,588,000,
$3,570,000  and  $2,904,000 for the years ended 1998, 1997  and  1996,
respectively.
     
     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
                                 ------------------------------------------
                                   1998        1997        1998        1997
                                 ------------------------------------------
                                                (in thousands)
Allocated shares                  1,587       1,487         118          78
Shares committed to be
  released                          -           -            11          11
Unreleased shares                   523         749         697         742

Fair value of
  unreleased shares            $  5,688       7,574      21,425      18,926
                                 ==========================================
<PAGE> 56                                   
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued

10.  EMPLOYEE BENEFIT PLANS, continued

     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 1998 and 1997.
     
     Oxford  insures various group life and group disability insurance
plans  covering employees of the consolidated group.  Premiums  earned
were  $2,785,000,  $2,370,000 and $2,138,000 during  the  years  ended
December 31, 1997, 1996 and 1995, 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
1998, 1997 and 1996 are as follows:

                                                   1998        1997       1996
                                                  ----------------------------
                                                          (in thousands)
Service cost for benefits earned
  during the period                             $   260         381        346
Interest cost on accumulated
  postretirement benefit                            301         407        422
Other components                                   (239)        (58)       (81)
                                                  ----------------------------
Net periodic postretirement benefit cost        $   322         730        687
                                                  ============================

     The  1998 and 1997 postretirement benefit liability included  the
following components:

                                                              1998       1997
                                                             -----------------
                                                              (in thousands)
Actuarial present value of postretirement
 benefit obligation:
  Retirees                                                 $ (1,589)    (1,360)
  Eligible active plan participants                            (381)      (344)
  Other active plan participants                             (2,769)    (2,408)
                                                             -----------------
Accumulated postretirement benefit obligation                (4,739)    (4,112)
Unrecognized net gain                                        (3,460)    (3,838)
                                                             -----------------
                                                           $ (8,199)    (7,950)
                                                             =================

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

                                                     1998      1997      1996
                                                    --------------------------
Accumulated postretirement benefit obligation        7.00%     7.50%     7.00%

     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  6.75%  in  1998,
declining annually to an ultimate rate of 4.20% in 2012.
<PAGE> 57
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued

11.  POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS, continued
     
     If  the health care cost trend rate assumptions were increased by
1.0%,  the accumulated postretirement benefit obligation as  of  March
31, 1998 would be increased by approximately $737,000.  The effect  of
this  change  on  the  sum  of  the service  cost  and  interest  cost
components of net periodic postretirement benefit cost for 1998  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 $7,900,000
from  reinsurers.   The  Company  has  issued  letters  of  credit  of
$2,800,000 in favor of certain ceding companies.
     
     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  $19,800,000,
$19,700,000 and $12,700,000 during the years ended December  31,  1997,
1996 and 1995, 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 $5,200,000 and $5,000,000  as
of  December  31, 1997 and 1996, respectively.  RWIC's share  of  case
loss  reserves related to this coverage was insignificant at  December
31,  1997.   RWIC's  aggregate exposure for  Class  1  municipal  bond
insurance was $964,700,000 as of December 31, 1997.
     
     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 1997
---------------
   Life insurance
     in force       $ 1,601,840   224,893     2,219,393  3,596,340     62%
                      ============================================

   Premiums earned:
     Life           $     3,527       160         7,034     10,401     68%
     Accident and
       health             7,916     1,217         1,930      8,629     22%
     Annuity                106       -           8,868      8,974     99%
     Property
       casualty         103,488    22,387        55,508    136,609     41%
                      --------------------------------------------
          Total     $   115,037    23,764        73,340    164,613
                      ============================================
<PAGE> 58
                 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 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
                      ==========================================

     In connection with Oxford's acquisitions during 1997 as disclosed in
Note 19 of Notes to Consolidated Financial Statements, the level of life
reinsurance transactions increased as of December 31, 1997.

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  $89,879,000,  $85,903,000   and
$69,097,000  for  the  years ended 1998, 1997 and 1996,  respectively.
During  the year ended March 31, 1998, a subsidiary of U-Haul  entered
into  twenty-four transactions, and has subsequently entered into  two
additional  transactions, whereby the Company sold rental  trucks  and
subsequently  leased back.  The Company has guaranteed $95,192,000  of
residual  values  at  March  31,  1998 and  an  additional  $3,740,000
subsequent  to  March 31, 1998 for these assets  at  the  end  of  the
respective  lease  terms.  U-Haul also entered into two  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.
<PAGE> 59
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued


13.  CONTINGENT LIABILITIES AND COMMITMENTS, continued
                                   
     Following  are the lease commitments for leases having  terms  of
more than one year (in thousands):

                            March 31, 1998
                      ---------------------------      Net activity
                      Property, plant      Rental      subsequent to
      Year ended    and other equipment    fleet          year end       Total
     -------------------------------------------------------------------------

      1999              $  5,740          100,200          2,091       108,031
      2000                 4,437          100,200          2,521       107,158
      2001                 2,869           94,287          2,521        99,677
      2002                 1,098           78,603          2,521        82,222
      2003                   774           64,939          2,521        68,234
      Thereafter           8,603          100,705          5,471       114,779
                          ----------------------------------------------------
                        $ 23,521          538,934         17,646       580,101
                          ====================================================

     During  the year ended March 31, 1998, the Company reduced  future
lease  commitments by $83,713,000 through early termination of  certain
leases.  Residual value guarantees were also reduced by $14,300,000  in
connection with the terminations.

     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 $48,216,000 at March 31, 1998.
     
     The  Facility  contains  certain restrictions  similar  to  those
contained  in  Note 5.  Upon occurrence 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  may  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.
<PAGE> 60
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued

14.  LEGAL PROCEEDINGS, continued

     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
subsequently  cross  appealed the judge's remittitur  of  the  punitive
damages  from $70 million to $7 million.  Both appeals were  denied  by
the  Court of Appeals of the State of Arizona on July 24, 1997 and  the
Supreme  Court  of the State of Arizona denied review of  the  case  on
March  17,  1998.   Edward J. Shoen has informed the  Company  that  he
intends  to  file an appeal with the United States Supreme  Court  with
respect to the award of punitive damages.
     
     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 the proceeding,  subject  to  certain
exceptions.

     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, among other things, (i) to release, subject
to certain exceptions, the Company from any claim they may have against
it  pursuant to any indemnification agreements and (ii) to  assign  all
rights they have under the Shoen Litigation to the Company.

     Pursuant to the Plan, the Company repurchased 18,254,976 shares of
the  plaintiffs' Common Stock.  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 $48,234,000 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 an "other asset"
in  Company's financial statements.  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> 61                                   
                 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.  The Board of Directors
is  evaluating  the  appropriateness of having an updated  shareholder
rights plan in place by July 29, 1998.
     
     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> 62     
                 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 1998, 1997 and 1996, the Company purchased
$2,816,000, $3,281,000 and $3,122,000, 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.
     
     On  July  7,  1997, the Company executed an agreement with  Sophia
Shoen whereby the Company paid $1,250,000 to Sophia Shoen to settle  an
arbitration  proceeding entitled JAMS-ENDISPUTE Link No. 940517195  and
                                 --------------
to  terminate  a  Share  Repurchase and Registration  Right  Agreement.
Sophia Shoen is a major stockholder of the Company.

     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  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.
<PAGE> 63
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued

18.  SUPPLEMENTAL CASH FLOW INFORMATION
     
     The  (increase) decrease in receivables, inventories and accounts
payable  and accrued expenses net of other operating and  investing
activities follows:
     
                                                  Year ended
                                   ---------------------------------------
                                     1998            1997            1996
                                   ---------------------------------------
                                                (in thousands)

         Receivables             $ (35,359)         75,150         (45,734)
                                   =======================================

         Inventories             $  (3,093)        (19,903)          4,446
                                   =======================================

         Accounts payable and
           accrued expenses      $  11,123         (20,819)         24,137
                                   =======================================


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

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

      Investments - fixed maturities               $   427,304     401,198
      Other investments                                 34,918      13,609
      Receivables                                      140,568     116,373
      Deferred policy acquisition costs                  7,203       8,622
      Due from affiliate                                18,377      24,223
      Deferred federal income taxes                     17,169      16,941
      Other assets                                       8,910      28,721
                                                       -------------------
           Total assets                            $   654,449     609,687
                                                       ===================

      Policy liabilities and accruals              $   389,574     338,047
      Unearned premiums                                 45,753      50,699
      Other policyholders' funds and liabilities        23,723      28,592
                                                       -------------------
           Total liabilities                           459,050     417,338

      Stockholder's equity                             195,399     192,349
                                                       -------------------

                Total liabilities and
                  stockholder's equity             $   654,449     609,687
                                                       ===================
<PAGE> 64
                                   
                 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,
                                       -----------------------------------
                                         1997          1996          1995
                                       -----------------------------------
                                                  (in thousands)

    Premiums                         $ 155,906       156,505       140,752
    Net investment income               31,292        30,572        29,906
                                       -----------------------------------
         Total revenue                 187,198       187,077       170,658
    Benefits and losses                170,036       151,258       132,723
    Amortization of deferred policy
      acquisition costs                  8,622         9,858         8,973
    Other expenses                       7,804         7,699         7,526
                                       -----------------------------------
         Income from operations            736        18,262        21,436
    Federal income tax
      benefit (expense)                    556        (5,502)       (6,722)
                                       -----------------------------------
    Net income                       $   1,292        12,760        14,714
                                       ===================================

     A  summary  consolidated balance sheet for  Oxford  is  presented
below:

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

      Investments - fixed maturities               $   459,569     458,496
      Other investments                                106,649      92,762
      Receivables                                       50,696      13,553
      Deferred policy acquisition costs                 37,052      39,976
      Due (to) from affiliate                             (238)        149
      Other assets                                      37,390       2,142
                                                       -------------------
           Total assets                            $   691,118     607,078
                                                       ===================

      Policy liabilities and accruals              $   157,315      80,589
      Premium deposits                                 425,347     433,397
      Other policyholders' funds and liabilities        11,598       7,931
      Deferred federal income taxes                     11,062       9,908
                                                       -------------------
           Total liabilities                           605,322     531,825

      Stockholder's equity                              85,796      75,253
                                                       -------------------

                Total liabilities and
                  stockholder's equity             $   691,118     607,078
                                                       ===================

     
     A   summarized  consolidated  income  statement  for  Oxford   is
presented below:

                                               Year ended December 31,
                                       -----------------------------------
                                         1997          1996          1995
                                       -----------------------------------
                                                  (in thousands)

    Premiums                         $  29,731        27,832        27,073
    Net investment income               17,811        18,793        16,730
                                       -----------------------------------
         Total revenue                  47,542        46,625        43,803
    Benefits and losses                 24,377        27,017        24,792
    Amortization of deferred policy
      acquisition costs                  5,572         6,635         8,158
    Other expenses                       6,953         2,399        (1,757)
                                       -----------------------------------
         Income from operations         10,640        10,574        12,610
    Federal income tax expense          (3,220)       (2,771)       (4,233)
                                       -----------------------------------
    Net income                       $   7,420         7,803         8,377
                                       ===================================
<PAGE> 65     
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued

19.    SUMMARIZED  CONSOLIDATED  FINANCIAL  INFORMATION  OF  INSURANCE
SUBSIDIARIES, continued

     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 stockholders 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 $20,270,000 at December 31, 1997.
     
     Audited  statutory  net  income for  RWIC  for  the  years  ended
December  31,  1997,  1996  and 1995 was $2,124,000,  $16,807,000  and
$12,273,000, respectively; audited statutory capital and  surplus  was
$157,027,000  and  $161,085,000  at  December  31,  1997   and   1996,
respectively.
     
     Audited  statutory  net income for Oxford  for  the  years  ended
December  31,  1997,  1996  and 1995 was $8,278,000,  $12,815,000  and
$8,912,000,  respectively; audited statutory capital and  surplus  was
$57,102,000   and  $49,576,000  at  December  31,   1997   and   1996,
respectively.
     
     On  November  21,  1997, Oxford purchased all of  the  issued  and
outstanding  shares  of  Encore Financial, Inc.  and  its  subsidiaries
(Encore)  for  $11,569,000.   Encore's  primary  subsidiary  is   North
American  Insurance  Company  (NAI).   NAI  is  an  insurance   company
domiciled  in Wisconsin whose premium volume is  primarily
derived  from  the  sale  of credit life and disability  products. NAI owns
all of the issued and outstanding common shares of North American Fire &
Casualty Insurance Company, a property and casualty insurance company
domiciled in Louisiana.  On November  24,  1997, Oxford purchased all of
the issued and  outstanding shares of Safe Mate Life Insurance Company
for $2,243,000, domiciled in Texas, whose premium volume is derived from the
sale  of credit  life and disability products.  These purchases greatly increase
Oxford's  distribution channels and enhance administrative capabilities
in these markets.
<PAGE> 66
                 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 and 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 and 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)

1998
----
Revenues:
 Outside         $1,196,226    167,398     46,318          -       1,409,942
 Intersegment           -       19,800      1,224      (21,024)          -
                  ----------------------------------------------------------
 Total revenue   $1,196,226    187,198     47,542      (21,024)    1,409,942

Depreciation/
 amortization    $   97,764     10,807      5,251          -         113,822

Interest expense
 net of interest
 income of
 $15,353         $   64,016        -          -            -          64,016

Pretax earnings  $   64,923        736     10,640          -          76,299

Income tax       $   24,979       (556)     3,220          -          27,643

Extraordinary
  loss           $   13,672        -          -            -          13,672

Identifiable
 assets          $1,884,213    654,449    691,118     (316,503)    2,913,277
<PAGE> 67
                 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)

1997
----
Revenues:
 Outside         $1,146,807    167,352     45,616          -       1,359,775
 Intersegment           -       19,725      1,009      (20,734)          -
                  ----------------------------------------------------------
 Total revenue   $1,146,807    187,077     46,625      (20,734)    1,359,775

Depreciation/
 amortization    $   75,607     12,040      6,717          -          94,364

Interest expense
 net of interest
 income of
 $25,604         $   50,437        -          -            -          50,437

Pretax earnings  $   54,692     18,262     10,574          -          83,528

Income tax       $   21,071      5,502      2,771          -          29,344

Extraordinary
 loss            $    2,319        -          -            -           2,319

Identifiable
 assets          $1,811,145    609,687    607,078     (308,916)    2,718,994

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

1996
----
Revenues:
 Outside         $1,107,135    157,959     42,926          -       1,308,020
 Intersegment          (231)    12,699        877      (13,345)          -
                  ----------------------------------------------------------
 Total revenue   $1,106,904    170,658     43,803      (13,345)    1,308,020

Depreciation/
 amortization    $   83,734     11,176      7,517          -         102,427

Interest expense
 net of interest
 income of
 $17,071         $   50,486        -          -            -          50,486

Pretax earnings  $   61,524     21,436     12,610          656        96,226

Income tax       $   24,877      6,722      4,233          -          35,832

Identifiable
 assets          $1,916,533    619,454    614,300     (326,880)    2,823,407
 <PAGE> 68
                 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
                                   ---------------------------------------
  (All amounts are in U.S. $'s)                 (in thousands)
1998
----
Total revenues                      $ 1,379,183      30,759     1,409,942
Depreciation/amortization           $   111,072       2,750       113,822
Interest expense, net               $    64,295        (279)       64,016
Income tax                          $    27,643         -          27,643
Extraordinary loss                  $    13,672         -          13,672
Identifiable assets                 $ 2,863,416      49,861     2,913,277

1997
----
Total revenues                      $ 1,330,955      28,820     1,359,775
Depreciation/amortization           $    91,920       2,444        94,364
Interest expense, net               $    50,548        (111)       50,437
Income tax                          $    29,344         -          29,344
Extraordinary loss                  $     2,319         -           2,319
Identifiable assets                 $ 2,674,603      44,391     2,718,994

1996
----
Total revenues                      $ 1,281,047      26,973     1,308,020
Depreciation/amortization           $   100,143       2,284       102,427
Interest expense, net               $    51,339        (853)       50,486
Income tax                          $    35,832         -          35,832
Identifiable assets                 $ 2,777,146      46,261     2,823,407


21.  SUBSEQUENT EVENTS
     
     On  May  5, 1998, the Company declared a cash dividend of $3,241,000
($.53125  per preferred share) to the Series A preferred stockholders  of
record as of May 15, 1998.

     In  June 1998, the Company paid a cash dividend of $1,520,000 to the
Series B preferred stockholder.
     
     See  Note 13 of Notes to Consolidated Financial Statements for other
subsequent event disclosures.


<PAGE> 69
<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,
                                                --------------------------------------------------------------------
                                                    1998           1997           1996           1995           1994
                                                --------------------------------------------------------------------
                                                   (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                            $   2,317          3,214          4,181          5,288          6,556
    Credited to Distribution, Accident
      and Canadian Duty Fund (Note D)                 27             36             69             66             71
                                                --------          -----          -----          -----          -----
      Total Fleet Owner income                     2,344          3,250          4,250          5,354          6,627
                                                --------          -----          -----          -----          -----

  Fleet Owner operation expenses:
    Charged to Fleet Owner (Note C)                1,144          1,639          2,182          2,127          2,404
    Charged to Distribution, Accident
      and Canadian Duty Funds (Note D)                98            131            254            234            237
                                                --------          -----          -----          -----          -----
      Total Fleet Owner operation
        expenses                                   1,242          1,770          2,436          2,361          2,641
                                                --------          -----          -----          -----          -----
      Fleet Owner earnings before
        Distribution, Accident and
        Canadian Duty Funds credit,
        depreciation and income taxes              1,102          1,480          1,814          2,993          3,986

  Distribution, Accident and Canadian
    Duty Funds credit (Note D)                        70             95            185            168            165
                                                --------          -----          -----          -----          -----

      Net Fleet Owner earnings before
        depreciation and income taxes          $   1,172          1,575          1,999          3,161          4,151
                                                ========          =====          =====          =====          =====

Investment data (Note A):
  Amount at end of year                        $   3,875          5,402          6,871          8,593         10,107
                                                ========          =====          =====          =====         ======
  Average amount during year                   $   4,639          6,137          7,732          9,351         10,775
                                                ========          =====          =====          =====         ======
      Net Fleet Owner earnings before
        depreciation and income taxes
        per $100 of average investment
        (Note B)                               $   25.26          25.66          25.85          33.80          38.52
                                                ========          =====          =====          =====          =====


The accompanying notes are an integral part of this Summary of Earnings of Independent Trailer Fleets.
</TABLE>
<PAGE> 70
           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 the U-Haul 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,        
                                        ----------------------------------------
                                            1998    1997    1996    1995    1994
                                        ----------------------------------------
                                                     (in thousands)
               
               
       Licenses                        $     285     434     436     503     520
       Public liability insurance            156     198     264     320     392
       Repairs and maintenance               703   1,007   1,482   1,304   1,492
                                        ----------------------------------------
                                       $   1,144   1,639   2,182   2,127   2,404
                                        ========================================

(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> 71
      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:

                              Subsidiary           Fleet Owners
                                            -------------------------
                                U-Haul      Subsidiary
                             Companies      Companies     Independent     Total
                             --------------------------------------------------
                                                (in thousands)
               
     Year ended:                                                            
               
          March 31, 1998           $  947          482          28        1,457
          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




(F) A summary of Independent Fleet Owner expenses incurred by the Funds follows:
<TABLE>
<CAPTION>

                                                                           Year ended March 31,
                                                            ----------------------------------------------
                                                              1998      1997      1996      1995      1994
                                                            ----------------------------------------------
                                                                         (in thousands)
<S>                                                        <C>         <C>       <C>       <C>       <C>

Accident repairs                                           $ 1,049     1,111     1,675     1,295     1,085
Less portion allocated to fleets owned by subsidiary
  companies                                                    951       980     1,421     1,061       848
                                                            ------     -----     -----     -----     -----
           Total Independent Fleet Owner expenses paid
             by funds                                           98       131       254       234       237
Add portion allocated to fleets owned by subsidiary
  companies                                                    951       980     1,421     1,061       848
Return of investment (accident reimbursement)                  408       246       305       222       258
                                                            ------     -----     -----     -----     -----

           Total expenses incurred by Funds                $ 1,457     1,357     1,980     1,517     1,343
                                                            ======     =====     =====     =====     =====
</TABLE>
<PAGE> 72
                              Schedule I
                                   
                                   
             Condensed Financial Information of Registrant
                                AMERCO
                            Balance Sheets
                               March 31,


                                                        1998         1997
                                                    ----------------------
                                                          (in thousands)
Assets
------

   Cash                                           $     1,040        1,388
   Investment in subsidiaries                         686,331      629,415
   Due from unconsolidated subsidiaries               957,084      881,700
   Other assets                                        58,449       56,798
                                                    ----------------------

                                                  $ 1,702,904    1,569,301
                                                    ======================


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

Liabilities:
   Notes and loans                                $ 1,023,571      915,079
   Other liabilities                                   67,458       34,131
                                                    ----------------------

Stockholders' equity:
   Preferred stock                                        -            -
   Common stock                                        10,563       10,563
   Additional paid-in capital                         313,444      337,933
   Accumulated other comprehensive income              (9,384)      (9,722)

   Retained earnings:
     Beginning of year                                644,009      609,019
     Net earnings                                      34,984       51,865
     Dividends paid                                   (20,766)     (16,875)
                                                    ----------------------
                                                      658,227      644,009

   Less:
     Cost of common shares in treasury                359,723      359,723
     Unearned employee stock
       ownership plan shares                            1,252        2,969
                                                    ----------------------
          Total stockholders' equity                  611,875      620,091
                                                    ----------------------
                                                  $ 1,702,904    1,569,301
                                                    ======================


     See  accompanying  notes to condensed financial  information  and
notes  to  consolidated  financial statements incorporated  herein  by
reference.
<PAGE> 73
                         Schedule I, continued
                                   
             Condensed Financial Information of Registrant
                                AMERCO
                        Statements of Earnings
                         Years Ended March 31,


                                          1998         1997         1996
                                     ------------------------------------
                                     (in thousands except per share data)

Revenues
--------
   Net interest income from
     subsidiaries                  $     64,751       58,723       63,133
   Other revenue                            -             (1)          (2)
                                     ------------------------------------

   Total revenues                        64,751       58,722       63,131
                                     ------------------------------------

Expenses
--------
   Interest expense                      76,969       72,560       62,583
   Other expenses                         6,040        3,407       13,914
                                     ------------------------------------

   Total expenses                        83,009       75,967       76,497
                                     ------------------------------------

   Operating loss                       (18,258)     (17,245)     (13,366)

   Equity in earnings of
     unconsolidated subsidiaries         89,339       98,895      107,550

   Income tax expense                   (25,615)     (27,466)     (33,790)

   Extraordinary loss on early
     extinguishment of debt, net        (10,482)      (2,319)         -
                                     ------------------------------------


      Net earnings                 $     34,984       51,865       60,394
                                     ====================================

   Earnings from operations
     before extraordinary loss
     on early extinguishment of
     debt                          $       1.28         1.44         1.33
   Extraordinary loss on early
     extinguishment of debt, net          (0.62)       (0.09)         -

                                     ------------------------------------
      Net earnings                 $       0.66         1.35         1.33
                                     ====================================

   Weighted average common
     shares outstanding              21,896,101   25,479,651   35,736,335
                                     ====================================


     See  accompanying  notes to condensed financial  information  and
notes  to  consolidated  financial statements incorporated  herein  by
reference.
<PAGE> 74
                         Schedule I, continued
                                   
             Condensed Financial Information of Registrant
                                AMERCO
                       Statements of Cash Flows
                         Years Ended March 31,


                                           1998        1997          1996
                                        ----------------------------------
                                                    (in thousands)

Cash flows from operating activities:
Net earnings                          $   34,984      51,865        60,394
  Amortization, net                          270       1,954            34
  Equity in earnings of
    subsidiaries                          56,578      65,392        69,085
  Increase (decrease) in amounts due
    from unconsolidated subsidiaries     (74,909)    192,119         3,195
  Net change in operating assets and
    liabilities                          (69,642)    (63,961)     (121,490)
  Other, net                               1,074      (8,641)       18,485
                                        ----------------------------------

Net cash provided (used) by
  operating activities                   (51,645)    238,728        29,703
                                        ----------------------------------

Cash flows from financing activities:
Net change in short term borrowings      122,500    (347,000)       84,500
Proceeds from notes                      300,000     562,000       140,000
Leveraged Employee Stock Ownership
  Plan-repayments from loan                1,717       1,717         1,717
Principal payments on notes             (314,008)   (229,157)     (106,826)
Debt issuance costs                       (2,664)     (5,612)       (1,027)
Issuance of common stock                     -        73,709           -
Issuance (repurchase) of
  preferred stock                        (25,000)     98,546           -
Preferred stock dividends paid           (20,766)    (16,875)      (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            (10,482)     (2,319)          -
                                        ----------------------------------

Net cash provided (used) by
  financing activities                    51,297    (242,827)      (30,195)
                                        ----------------------------------

Increase (decrease) in cash                 (348)     (4,099)         (492)
Cash and cash equivalents
  at beginning of year                     1,388       5,487         5,979
                                        ----------------------------------

Cash and cash equivalents
  at end of year                      $    1,040       1,388         5,487
                                        ==================================


     Income taxes paid in cash amounted to $2,588,000, $4,721,000  and
$285,000 for 1998, 1997 and 1996, respectively.  Interest paid in cash
amounted  to $72,337,000, $67,492,000 and $67,150,000 for  1998,  1997
and 1996, respectively.
     
     See  accompanying  notes to condensed financial  information  and
notes  to  consolidated  financial statements incorporated  herein  by
reference.
<PAGE> 75
                         Schedule I, continued
                                   
             Condensed Financial Information of Registrant
                                AMERCO
               Notes to Condensed Financial Information
                     March 31, 1998, 1997 and 1996


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,
                                                   --------------------
                                                       1998       1997
                                                   --------------------
                                                       (in thousands)
      Medium-term notes payable, unsecured,
         6.71% to 8.08% interest
            rates, due through 2027              $   362,000    387,000
      Notes payable under Bond Backed Asset
         Trust, unsecured, 6.65% to 7.14%
            interest rates, due through 2033         300,000        -
      Notes payable to insurance companies,
         unsecured, 6.43% to 10.27% interest
            rates, due through 2006                      -      226,500
      Notes payable to public,
         unsecured, 7.85% interest
            rate, due through 2004                   175,000    175,000
      Notes payable to banks, unsecured,
         4.81% to 7.54% interest
            rates, due through 2001                      -       62,500
      Other notes payable, unsecured,
         9.50% interest rate,
            due through 2005                              71         79
      Notes payable to banks under
         revolving lines of credit, unsecured,
            5.85% to 5.94% interest rates            180,000     60,000
      Other short-term promissory notes,
            6.31% interest rate                        6,500      4,000
                                                   --------------------
                                                 $ 1,023,571    915,079
                                                   ====================


     For  additional  information, see Note 5 of Notes to  Consolidated
Financial Statements.
<PAGE>76
<TABLE>
<CAPTION>
                                   Schedule V
                                        
                      AMERCO AND CONSOLIDATED SUBSIDIARIES
     Supplemental Information (For Property-Casualty Insurance Underwriters)
                  Years ended December 31, 1997, 1996 and 1995
                                        



                                   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>
  98 Consolidated
     property -                                                                                      
     casualty entity  $   7,203     384,816     N/A     45,753   136,106   31,292   132,291   23,192    8,622     118,308 135,782
  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
                   







(1)  The earned premiums are reported net of intersegment transactions.  Earned
    premiums eliminated in consolidation amount to $19,800,000, $19,725,000 and
    $12,669,000 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 $20,287,000,
    $15,373,000 and $14,206,000 for the years ended 1997, 1996 and 1995,
    respectively.

</TABLE>
<PAGE> 77
                           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 29, 1998

      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 29, 1998
--------------------         International, Inc.
Edward J. Shoen              (Principal Executive
                              Officer)
                             

/S/ DONALD W. MURNEY        Principal Financial     June 29, 1998
-------------------------    and Accounting Officer
Donald W. Murney             



/S/ JAMES P. SHOEN          Director                June 29, 1998
-------------------------
James P. Shoen



/S/ DAVID SCHMELTZ          Director                June 29, 1998
-------------------------
DAVID SCHMELTZ




/S/ MARK V. SHOEN           Director                June 29, 1998
-------------------------
William E. Carty



/S/ RICHARD J. HERRERA      Director                June 29, 1998
-------------------------
Richard J. Herrera