THE head of Australia’s only listed health insurer says the federal government no more needs to own leading insurer Medibank Private than it does former assets Telstra or the Commonwealth Bank, and he expects a swift listing if the Coalition wins the next election.

The managing director of NIB, Mark Fitzgibbon, said his company still wanted to play a role in industry consolidation, despite being rejected by several funds over its listed life.

”Further rationalisation will occur. We don’t need 36 health insurers; we don’t need government to own one of them, the largest,” Mr Fitzgibbons said.

He said he would be ”very surprised” if Medibank wasn’t floated quickly under a Coalition government.

”I think all the language and activity from Medibank Private seems to be indicating as much as well,” he said.

Medibank Private’s managing director, George Savvides, said ”all we know is that the government to date does not want to sell Medibank” but the company was prepared for possible changes in ownership.

He added that if the Coalition went ahead with a sharemarket sale, Medibank Private would ”take on a different approach in terms of strategic planning and having the organisation ready for privatisation” although its product and mission would not change substantially.

Medibank Private has four million policyholders and recently reported a 13 per cent lift in profit, with revenue up 9 per cent, with more than $5 billion in annual revenue.

Medibank Private would continue to expand its fast-growing health delivery business but further acquisitions were off the agenda.

Mr Savvides said although health insurance comprises the bulk of its revenue, the new health solutions division had bought four companies in the past three years and been growing at 100 per cent a year.

”Before we acquired them, we were 2000 people at Medibank with 20 health professionals on staff,” he said.

”After, we grew to 4500 and our health professionals grew to 1500.”

A Deloitte partner (actuaries and consultants), Stuart Rodger, said a Medibank float would have appeal to overseas interests.