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Medibank says policyholder growth strong

Medibank's policyholder growth since the end of the last financial year is twice that of the pcp

Medibank chief executive Craig Drummond says the private health insurer's policyholder growth since the end of the last financial year is twice that of the prior corresponding period.

Mr Drummond told Medibank's annual general meeting on Thursday that, in the first three months of the current financial year, the number of net resident policyholders has grown by 10,000 - or about 0.6 per cent.

"This is double the rate of growth seen in the same period in FY19," Mr Drummond said.

Mr Drummond said the company was also looking to cut costs in the face of higher claims.

"We are looking at additional measures that we can take within our business, as well as a continued focus on payment integrity and portfolio management," Mr Drummond said.

He said management expenses would be around $545 million for FY20, down from $560 million in FY19.

At 1127 AEDT, Medibank shares were 0.64 per cent higher at $3.16 against the backdrop of a lower overall market.