mumbai the market share of private companies in life insurance business has gone up from 364 per cent in 200708 to 392 per cent in 200809 according to bajaj finserv a major private insurance player the company while releasing the results today said in 200809 the life insurance industry declined by 63 per cent against a growth of 23 per cent during the year before new business premium for the industry as a whole was around rs 87108 crore compared to rs 92989 crore the year before the company said while lic had to contend with a negative growth of 105 per cent the private sector companies grew marginally by one per cent in 200809 accordingly the market share of private players increased from 364 per cent last year to 392 per cent in 0809 the company said bajaj finserv itself reported new business premium of rs 4492 crore compared to rs 6674 crore in the previous year sanjiv bajaj managing director said the company chose not to pursue businesses that were not profitable which led to fall in the companys market share but it helped the company post a profit of rs 45 crore against a loss of rs 16 crore last year