Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 646

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 646
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                     |  4,672 |   |     |                            |       — |     |  42,929 |   |     |  42,929 |     |       |   1,480 |   |
|                                    |     |                                                                    |     |                        | (233,110 | ) |     |                     |  9,478 |   |     |                            | 121,614 |     |  95,883 |   |     | 217,497 |     |       |  (6,135 | ) |
| Changes related to current service |     | Contractual service margin amortization                            |     |                        |        — |   |     |                     |      — |   |     |                            |  11,035 |     | (10,844 | ) |     |     191 |     |       |     191 |   |
|                                    |     | Risk-adjusted change                                               |     |                        |        — |   |     |                     | (2,982 | ) |     |                            |       — |     |       — |   |     |       — |     |       |  (2,982 | ) |
|                                    |     | Experience adjustment                                              |     |                        |   34,048 |   |     |                     |      — |   |     |                            |       — |     |       — |   |     |       — |     |       |  34,048 |   |
|                                    |     |                                                                    |     |                        |   34,048 |   |     |                     | (2,982 | ) |     |                            |  11,035 |     | (10,844 | ) |     |     191 |     |       |  31,257 |   |
| Changes related to past services   |     | Adjustment of accident factors                                     |     |                      W |  (27,816 | ) |     |                     | (1,518 | ) |     |                            |       — |     |       — |   |     |       — |     |       | (29,334 | ) |

<div align='center'>F-26 7</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