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Statutory Financial Information of Insurance Subsidiaries | 12 Months Ended
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Mar. 31, 2023
Disclosure Text Block [Abstract] |
Statutory Financial Information of Insurance Subsidiaries | Note 21. Statutory Financial Information of Insurance Subsidiaries Applicable laws and regulations of the States of Arizona and Nevada require Property and Casualty Insurance and Life Insurance to maintain minimum capital and surplus determined in accordance with statutory accounting principles. Audited statutory net income and statutory capital and surplus for the years ended are listed below: Years Ended December 31, 2022 2021 2020 (In thousands) Repwest: Audited statutory net income $ 34,963 $ 33,314 $ 22,898 Audited statutory capital and surplus 294,515 266,875 227,380 ARCOA: Audited statutory net income (loss) 2,319 (752) 2,438 Audited statutory capital and surplus 13,340 14,697 15,928 Oxford: Audited statutory net income (loss) (771) 23,217 6,296 Audited statutory capital and surplus 227,667 230,202 218,301 CFLIC: Audited statutory net income 3,637 6,019 8,082 Audited statutory capital and surplus 20,591 17,098 25,980 NAI: Audited statutory net income 1,017 1,874 2,127 Audited statutory capital and surplus 8,906 7,961 13,980 The amount of dividends that can be paid to shareholders by insurance companies domiciled in the State of Arizona is limited. There are restrictions on the ability of our insurance subsidiaries to transfer funds to us in the form of cash dividends, loans or advances. Their ordinary dividends are limited to the lower of 10% of prior year statutory surplus or prior year net income. Any extraordinary dividend, loans or advances to us from the insurance subsidiaries must be approved by the domiciliary insurance commissioner. Any dividend in excess of the limit requires prior regulatory approval. The statutory surplus for Repwest as of December 31, 2022 that could be distributed as ordinary dividends was $29.5 million. Oxford had a statutory net loss as of December 31, 2022, so no dividends can be distributed in calendar year 2023. Repwest paid a dividend of $22.6 million to U-Haul Holding Company during fiscal 2021. Repwest did not pay a dividend to U-Haul Holding Company in fiscal 2023 or 2022. Oxford paid a dividend of $18.6 million to U-Haul Holding Company during fiscal 2021. Oxford did not pay a dividend to U-Haul Holding Company in fiscal 2023 or 2022. Restricted net assets for our insurance subsidiaries were $95.8 million and $91.7 million as of December 31, 2022 and 2021, respectively. For our insurance subsidiaries, statutory accounting principles (“SAP”) differ from GAAP primarily in that: (i) premiums from deferred annuities are recognized as revenue under SAP, while they are accounted for as liabilities from investment contracts under GAAP; (ii) policy acquisition costs are expensed as incurred under SAP, while they are deferred and amortized over the effective period of the related life insurance policies or the present value of actual and expected gross profits from annuity deposits; (iii) policy benefits and losses are established using different actuarial assumptions; and (iv) investments are valued on a different basis and valuation allowances attributable to investments are different. In addition, certain assets are not admitted under SAP and are charged directly to surplus.

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- Definition The entire disclosure of statutory restrictions on the payment of dividends as prescribed by the National Association of Insurance Commissioners or state regulatory authorities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 505 -URI https://asc.fasb.org/subtopic&trid=4738323 + Details
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