Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 638

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 638
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 ) |     |                         |    318 |   |     |                         |       — |   |     |       | (72,086 | ) |
| Recovery of investment elements and reinsurance premiums |     |                                               |     |                             | (152,684 | ) |     |                         |      — |   |     |                         | 152,684 |   |     |       |       — |   |
| Reinsurance finance income and expense                   |     | Current profit or loss                        |     |                             |   (2,156 | ) |     |                         |     29 |   |     |                         |   1,263 |   |     |       |    (864 | ) |
|                                                          |     | Other comprehensive income                    |     |                             |  (28,793 | ) |     |                         |    384 |   |     |                         |     116 |   |     |       | (28,293 | ) |
|                                                          |     |                                               |     |                           W |  (30,949 | ) |     |                         |    413 |   |     |                         |   1,379 |   |     |       | (29,157 | ) |

<div align='center'>F-25 9</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 |          |   |     |                         |        |   |     |                         |          |   |     |       |          |   |
|                          |     |                                                                     |     | Remaining coverage elements |          |   |     |                         |        |   |     | Incurred claim elements |          |   |     | Total |          |   |
|                          |     |                                                                     |     |     Excluding loss recovery 
                   component |          |   |     | Loss recovery component |        |   |     |                         |          |   |     |       |          |   |
| Cash flow for the period |     | Reinsurance premium paid                                            |     |                           W |  229,319 |   |     |                         |      — |   |     |                         |        — |   |     |       |  229,