Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 105

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 105
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 made further capital investments totaling US$62 million in December 2017 in our subsidiaries located in Hong Kong, New York, Vietnam and Indonesia .In 2018, we acquired PT Archipelago Asset Management, the first acquisition of an Indonesian asset management firm by a Korean financial group, which we believe will strengthen our business portfolio in Indonesia and enhance our competitiveness in the Asian financial markets. Life Insurance Services Overview We provide life insurance products and services primarily through Shinhan Life Insurance. Shinhan Life Insurance provides services through diversified distribution channels consisting of financial planners, 63

telemarketers, agency marketers and bancassurance specialists. Shinhan Life Insurance had total assets of W56,501 billion, W58,641 billion and W59,843 billion as of December 31, 2022, 2023 and 2024, respectively, and net profits of W449 billion, W472 billion and W528 billion for the years ended December 31, 2022, 2023 and 2024, respectively. Since the merger, Shinhan Life Insurance has strived to establish itself as a top-tierinsurance company, focusing on its core insurance business, sustainable growth drivers, and excellent financial soundness, based on the vision of “NewLife, adding new values to life.” Products and Services Shinhan Life Insurance provides principally the following services:

| • |     | Life insurance. Shinhan Life Insurance develops products that are marketed to customer bases in various age groups through tailored marketing strategies and in-depth analysis of customer databases. For example, Shinhan Life Insurance provides optimized products to meet the diverse needs of customers, including whole life and term insurance, health insurance, pension insurance, and variable life insurance. |

| • |     | Sales channels. Shinhan Life Insurance has a variety of online and offline sales channels, including industry-leading financial consultants, telemarketers, general agents, bancassurance, and digital insurance. |

**To better serve its international customers, Shinhan Life Insurance established Shinhan Life Insurance Vietnam Co., Ltd. in Vietnam which began its business operations in January 2021 and also launched the financial consultant sales channel in February 2024. In response to the implementation of IFRS 17, Shinhan Life Insurance has updated its management strategies, financial closing and reporting processes and internal control systems. In addition, Shinhan Life Insurance upgraded its insurance risk measurement system in anticipation of the K-ICS,a new regulatory solvency regime for insurance companies. See “Item 3.D. Risk