The last paper presented to the Institute on the general subject of investments was that by J. G. Day (J.I.A. 85, 123) in October 1958. He summarized and commented upon the actuarial approach as disclosed in the major post-war papers and the subsequent discussions on this subject and set forth succinctly the position that had been reached, so that there is no necessity for doing so again. However, a major development in the investment policies of life offices since then has been the increased interest in overseas investment, and it is the purpose of this paper to set forth some of the considerations affecting investment in this field.