Applicable laws and regulations of the States of Arizona, Nevada, Texas and Oklahoma require Property and Casualty Insurance and Life Insurance to maintain minimum capital and surplus determined in accordance with statutory accounting principles. Statutory net income and statutory capital and surplus for the years ended are listed below:


		Years Ended March 31,
		2025			2024			2023
		(In thousands)
Repwest:
Statutory net income (loss)	$		43,247	$		43,028	$		34,963
Statutory capital and surplus			383,088			342,026			294,515
ARCOA:
Statutory net income (loss)			1,727			1,891			2,319
Statutory capital and surplus			18,094			16,063			13,340
Oxford:
Statutory net income (loss)			759			212			(771	)
Statutory capital and surplus			235,319			247,039			227,667
CFLIC:
Statutory net income (loss)			3,854			2,050			3,637
Statutory capital and surplus			23,975			22,478			20,591
NAI:
Statutory net income (loss)			—			887			1,017
Statutory capital and surplus			—			9,775			8,906

The amount of dividends that can be paid to shareholders by Oxford and Repwest which are 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 March 31, 2025 that could be distributed as ordinary dividends in fiscal 2026 is $38.3 million. The statutory surplus for Oxford as of March 31, 2025 that could be distributed as ordinary dividends in fiscal 2026 is $0.8 million. Repwest did not pay a dividend to U-Haul Holding Company in fiscal 2025, 2024 or 2023. Oxford did not pay a dividend to U-Haul Holding Company in fiscal 2025, 2024 or 2023. Restricted net assets for Property and Casualty Insurance and Life Insurance were $230.1 million and $101.2 million as of March 31, 2025 and 2024, 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 DAC is amortized on a constant-level basis over the expected term of the grouped contracts under GAAP; (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.