Yes! Recent data released by Life Insurance Council clearly indicates that the 16 Life Insurance companies in India are moving the Indian Equity market. Literally.
While the FIIs pumped in around $ 8 billion in Indian equities in FY 2006, the Life Insurance companies invested around $ 35 billion worth of equities in FY 06-07.
What is [...]

Indian markets continued the bull run for the fourth straight year with 46% returns
in 2006.
FII flows in the Indian equity markets for the year 2006 stood at $ 8 billion
compared to $ 10 billion in 2005.
Domestic mutual funds contributed $ 3.5 billion. It is 17% higher than last year.
This is a healthy sign which indicates [...]