Medibank Private (ASX:MPL) reported policyholder growth of 22,400 in its resident private health insurance business in the nine months to March 31, up 25% from the same period a year earlier, according to a Tuesday filing with the Australian bourse.

The company said the resident private health insurance industry has become more competitive in recent months, with data showing consumers increasingly prioritizing value and some participants resorting to price-led customer propositions.

"While no new material trends have emerged in 2026, Medibank will continue to monitor utilization given historic behavior and competitor activity as we remain disciplined," it said.

Medibank maintained its fiscal 2026 guidance, saying it does not expect global events and volatility to have a direct impact on its businesses.

The company's main financial exposure is through its investment portfolio, which includes about AU$188 million of investments in equities, and through movements in Australia's cash rate where it flagged a roughly AU$7 million annual impact to investment income.