b'LOS ANGELES FIRE AND POLICE PENSION SYSTEM MANAGEMENTS DISCUSSION AND ANALYSIS (Unaudited)Health Subsidy Plan (Continued)Changes in Fiduciary Net Position (Continued)Condensed Statement of Changes in Fiduciary Net Position($ in Thousands)2024 2023 Change % ChangeAdditionsContributions $164,560 $186,418 $ (21,858) -11.7%Net Investment Income 287,438 214,718 72,720 33.9%Other 7046 24 52.2%Total Additions 452,068 401,182 50,886 12.7%DeductionsBenefits Payment 164,341 153,91810,423 6.8%Administrative Expenses2,7012,572 129 5.0%Total Deductions 167,042 156,490 10,552 6.7%Net Increase285,026 244,692 40,334 16.5%Net Position, Beginning of Year2,966,8152,722,123 244,692 9.0%Net Position, End of Year $ 3,251,841 $ 2,966,815 $285,026 9.6%Additions to Fiduciary Net PositionTotal additions to net position increased by $50.89 million compared to fiscal year 2023. This is due primarily to the net appreciation in the fair value of investments which increased by $72.72 million or 33.9% over fiscal year 2023. For fiscal year 2024, net investment income was $287.44 million compared to $214.72 million in fiscal year 2023. Deductions from Fiduciary Net PositionDeductions represent medical and dental insurance subsidies paid for pensioners and their beneficiaries and administrative expenses. Current year deductions were $167.04 million, $10.56 million or 6.7% more than the total deductions of fiscal year 2023. This is due primarily to an increase in the number of pensioners receiving subsidy benefits and the increase in the maximum retiree health subsidy in fiscal year 2024. 11 28 LAFPP ANNUAL REPORT 2024'