Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 515

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 515
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 |                       |         |   |     |                |            |   |     |                       |         |   |     |                |            |   |
| Insurance contract (*1)   |     |                     W |       — |   |     |                |  3,412,769 |   |     |                       |       — |   |     |                |  4,357,245 |   |
| Reinsurance contract (*1) |     |                       |       — |   |     |                |     15,543 |   |     |                       |       — |   |     |                |     50,365 |   |
| Financial assets (*2)     |     |                       | (37,574 | ) |     |                | (4,258,875 | ) |     |                       | (35,934 | ) |     |                | (4,777,699 | ) |
| 100 bp Decrease           |     |                       |         |   |     |                |            |   |     |                       |         |   |     |                |            |   |
| Insurance contract (*1)   |     |                     W |       — |   |     |                | (4,382,646 | ) |     |                       |       — |   |     |                | (6,073,734 | ) |
| Reinsurance contract (*1) |     |                       |       — |   |     |                |    (17,723 | ) |     |                       |       — |   |     |                |    (59,948 | ) |
| Financial assets (*2)     |     |                       |  37,574 |   |     |                |  4,258,875 |   |     |                       |  35,934 |   |     |                |  5,837,965 |   |

| (*1) | This is the impact on capital (before tax) due to changes in expected cash flows of insurance and reinsurance contracts, excluding variable annuities/savings. |

<div align='center'>F-11 9</div>

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 6. | Insurance Risk (continued) |

| (*2) | Calculated for assets