Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 634

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 634
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1,623,401 | ) |
| Other increase/decrease               |                      |                                                                           |     |                        |                (117 | ) |     |                     |                   (3 | ) |     |                            |                 — |     |         — |     |         — |     |         — |     |       (120 | ) |
| Ending balance                        |                      | Insurance contract assets                                                 |     |                        |                (743 | ) |     |                     |                  124 |   |     |                            |                 — |     |         — |     |       175 |     |       175 |     |       (444 | ) |
|                                       |                      | Insurance contract liabilities                                            |     |                        |          37,213,497 |   |     |                     |            1,151,534 |   |     |                            |         5,772,838 |     | 2,782,796 |     | 1,308,901 |     | 9,864,535 |     | 48,229,566 |   |
|                                       |                      | Net insurance contract liabilities                                        |     |                      W |          37,212,754 |   |     |                     |            1,151,658 |   |     |                            |         5,772,838 |     | 2,782,796 |     | 1,309,076 |     | 9,864,710 |     | 48,229,122 |   |

<div align='center'>F-2 5 4</div>

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 28. | Insurance contract liabilities (continued) |

|                                    |     |                                                                    |     |                   2024 |            |   |     |                     |           |   |     |                            |           |   |     |                   |           |   |     |      |           |   |     |           |           |   |     |       |            |   |
|                                    |     |                                                                    |     | Present value estimate |            |   |     | Risk adjustment for |           |   |     | Contractual service margin |           |   |     |                   |           |   |     |      |           |   |     |           |           |   |