Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 650

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 650
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     |      | 203,593 |   |     |       | 1,748,779 |   |

<div align='center'>F-2 71</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) |

|                                       |     |                                           |     |                     2023 |         |   |     |                   |         |   |     |      |         |   |     |       |           |   |
|                                       |     |                                           |     | Retroactive modification 
                   method |         |   |     | Fair value method |         |   |     | Etc. |         |   |     | Total |           |   |
| Unapplied premium allocation approach |     | Accrued reinsurance amount                |     |                        W |      27 |   |     |                   |  67,051 |   |     |      |   5,573 |   |     |       |    72,651 |   |
|                                       |     | Changes in incident fulfillment cash flow |     |                          |       2 |   |     |                   | (29,952 | ) |     |      |  (2,150 | ) |     |       |   (32,100 | ) |
|                                       |     | Etc. (*)                                  |     |                          |      (1 | ) |     |                   |  (2,021 | ) |     |      |   1,906 |   |     |       |      (116 | ) |
|                                       |     |                                           |     |                          |      28 |   |     |                   |  35,078 |   |     |      |   5,329 |   |     |       |    40,435 |   |
| Premium allocation approach           |     |                                           |     |                          |   4,550 |   |     |                   |       — |   |     |      |       — |   |     |       |     4,550 |   |
| Reinsurance revenue subtotal          |     |                                           |     |                          |   4,578 |   |     |                   |  35,078 |   |     |      |   5,329 |