U-Haul Holding Company has recently released its 10-K report, providing an in-depth look at its operations and financial performance for the year ended March 31, 2023. The company operates as a do-it-yourself moving and storage operator for household and commercial goods in the United States and Canada. U-Haul's primary segments include Moving and Storage, Property and Casualty Insurance, and Life Insurance.
In the Moving and Storage segment, U-Haul rents trucks, trailers, portable moving and storage units, and specialty rental items, as well as self-storage spaces and moving supplies. The segment operates through a network of approximately 2,300 company-operated retail moving stores and 21,000 independent U-Haul dealers, with a rental fleet of approximately 188,700 trucks, 139,400 trailers, and 43,700 towing devices. Additionally, U-Haul offers online marketplace uhaul.com, connecting consumers to independent Moving Help service providers and independent self-storage affiliates.
The Property and Casualty Insurance segment provides loss adjusting and claims handling services, along with offering various protection packages to U-Haul customers. The Life Insurance segment focuses on providing life and health insurance products primarily to the senior market through direct writing and reinsuring of life insurance, Medicare supplement, and annuity policies.
In terms of financial performance, U-Haul reported a data security incident involving its information technology network, which led to the compromise of customer information. The company took immediate steps to contain the incident and enhance its security measures. Several class action lawsuits related to the incident have been filed against U-Haul, with the parties currently working on a settlement agreement.
U-Haul's consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States. The company emphasized the critical accounting estimates, including the recoverability of property, plant, and equipment, insurance reserves for life insurance and property & casualty, and self-insurance liability for certain public liability and third-party property damage claims related to its rental equipment.
Following these announcements, the company's shares moved -1.0%, and are now trading at a price of $62.26. For more information, read the company's full 10-K submission here.
