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)2023 2022 Change % ChangeAdditionsContributions $186,418 $193,140 $(6,722) -3.5%Net Investment Income 214,718(209,603) 424,321 202.4%Other 46388 21.1%Total Additions 401,182 (16,425) 417,607 2542.5%DeductionsBenefits Payment 153,918 147,4676,451 4.4%Administrative Expenses2,5722,296 276 12.0%Total Deductions 156,490 149,7636,727 4.5%Net Increase244,692 ( 166,188) 410,880 247.2%Net Position, Beginning of Year2,722,1232,888,310(166,187) -5.8%Net Position, End of Year $ 2,966,815 $ 2,722,122 $244,693 9.0%Additions to Fiduciary Net PositionTotal additions to net position increased by $417.61 million compared to fiscal year 2022. This is due primarily to the net appreciation in the fair value of investments which increased by $424.32 million or 202.4% over fiscal year 2022. For fiscal year 2023, net investment income was $214.72 million compared to $(209.60) million in fiscal year 2022. Deductions from Fiduciary Net PositionDeductions represent medical and dental insurance subsidies paid for pensioners and their beneficiaries and administrative expenses. Current year deductions were $156.49 million, $6.73 million or 4.5% more than the total deductions of fiscal year 2022. 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 2023.12 SECTION 2 Financials 29'