U-Haul Holding Company recently released its 10-K for the year ended March 31, 2025. The company operates a do-it-yourself moving and storage business in the United States and Canada through three segments: Moving and Storage, Property and Casualty Insurance, and Life Insurance. Its core operations include truck and trailer rentals, fixed and portable storage units, self-storage space, moving supplies, towing accessories, propane, and online services that connect customers with independent moving help and self-storage affiliates.
In Item 7, Management’s Discussion and Analysis says the annual report’s discussion is incorporated by reference into the MD&A and that the section ends with an outlook for fiscal 2027. U-Haul says its consolidated reporting uses a March 31 fiscal year, while its insurance subsidiaries report on a calendar-year basis and are consolidated accordingly; it states that the calendar-year consolidation does not materially affect presentation of financial position or results of operations. The company also says the MD&A should be read with Item 1, Item 8, and the risk factors, and that its forward-looking statements are based on current expectations and may differ materially from actual results.
U-Haul says its overall strategy is to maintain leadership in the North American do-it-yourself moving and storage market by using a broad supply chain, brand recognition, and geographic reach. It says its primary focus is expanding rental equipment, self-storage facilities, and portable moving and storage units, while also growing its dealer network and its Storage Affiliate and Moving Help capabilities. The company says its web platform and mobile app connect consumers with U-Haul operations, independent Moving Help providers, and thousands of independent self-storage affiliates, and that Truck Share 24/7, Skip-the-Counter self-storage rentals, and self-checkout for moving supplies allow customers to transact through mobile devices.
The Moving and Storage segment includes truck and trailer rentals, sales of moving supplies and towing accessories, propane sales, rental of fixed and portable moving and storage units, and management of self-storage properties owned by others. U-Haul says it operates under its registered trade name throughout the United States and Canada and continues to expand its dealer network to increase convenience and equipment availability. It also says its branded boxes, pads, and tape are designed to help customers protect belongings during moves.
The Property and Casualty Insurance segment provides loss adjusting and claims handling for U-Haul in the United States and Canada and underwrites parts of the Safemove, Safetow, Safemove Plus, Safestor, and Safehaul protection packages. U-Haul says it is focused on increasing penetration of these products in the moving and storage market and on offering property and casualty products in other U-Haul-related programs. The Life Insurance segment provides life and health insurance products primarily to the senior market through direct writing and reinsuring of life insurance, Medicare supplement, and annuity policies.
U-Haul says its critical accounting estimates include recoverability of property, plant and equipment, insurance reserves, self-insurance liabilities, impairment of investments, and income taxes. For property, plant and equipment, it reviews asset recoverability by vehicle class and compares projected undiscounted cash flows with carrying amounts, taking into account used-vehicle market prices and expected fleet life. For insurance reserves, it says life and health liabilities depend on assumptions including discount rates, mortality, morbidity, lapse, and persistency, while property and casualty reserves rely on historical data, industry averages, and estimates of reported and unreported losses.
The company says its self-insurance liabilities cover certain public liability and third-party property damage claims tied to rental equipment and moving operations, and are based on historical accident claims, actuarial projections, and claims incurred but not reported. It says it has maintained a self-insurance program for general liability related to moving operations since 2002 and also carries excess-of-loss coverage above specific limits. On investments, U-Haul says it recorded net impairment charges of $0.9 million in fiscal 2026 and $2.1 million in fiscal 2025 for fixed maturity securities. Today the company's shares have moved 1.58% to a price of $51.91. If you want to know more, read the company's complete 10-K report here.
