Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 587

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 587
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40,375 |     |           |        81 |     |           |  28,764 |   |     |                  |   28,406 |   |     |             |     — |     |             |   28,406 |   |
| KOREA FINANCE SECURITY CO., LTD                                                |     |       |    36,984 |     |           |    13,230 |     |           |  46,929 |   |     |                  |    1,991 |   |     |             |     — |     |             |    1,991 |   |
| MIEL CO.,LTD.                                                                  |     |       |       423 |     |           |       565 |     |           |       — |   |     |                  |        — |   |     |             |     — |     |             |        — |   |
| AIP Transportation Specialized Privately Placed Fund Trust #1                  |     |       |   165,492 |     |           |       885 |     |           | (88,843 | ) |     |                  | (152,566 | ) |     |             |     — |     |             | (152,566 | ) |

<div align='center'>F- 2 02</div>

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 16. | Investments in associates (continued) |

|                                                                                       |     |  2024 |           |     |           |           |     |           |         |   |     |                  |         |   |     |             |   |     |             |         |   |
| Investees                                                                             |     | Asset |           |     | Liability |           |     | Operating 
 revenue   |         |   |     | Net profit(loss) |         |   |     | Other       
 comprehen-  
 sive income 
 (loss)      |   |     | Total       
 comprehen-  
 sive income 
 (loss)      |         |   |
| Kiwoom-Shinhan Innovation Fund I                                                      |     |     W |    16,166 |     |           |       209 |     |           |     469 |   |     |                  |     253