Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 482

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 482
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 the end of each reporting period.

The fair value of financial instruments is determined using valuation techniques; a method of using recent transactions between independent parties with reasonable judgment and willingness to trade, a method of referring to the current fair value of other financial instruments that are substantially identical, discounted cash flow model and option pricing models. For example, the fair value of an interest rate swap is calculated as the present value of the expected future cash flows, and the fair value of foreign exchange forwarding contract is calculated by applying the public forward exchange rate at the end of the reporting period.

The Group classifies and discloses fair value of financial instruments into the following three-level hierarchy:

| • |     | Level 1: Financial instruments measured at quoted prices from active markets are classified as fair value level 1. |

| • |     | Level 2: Financial instruments measured using valuation techniques where all significant inputs are observable market data are classified as level 2. |

| • |     | Level 3: Financial instruments measured using valuation techniques where one or more significant inputs are not based on observable market data are classified as level 3. |

<div align='center'>F- 8 3</div>

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 5. | Financial risk management (continued) |

i) Financial instruments measured at fair value

|                                                                        |     |    2023 |            |     |         |            |     |              |            |     |       |             |
|                                                                        |     | Level 1 |            |     | Level 2 |            |     | Level 3 (*3) |            |     | Total |             |
| Financial assets:                                                      |     |         |            |     |         |            |     |              |            |     |       |             |
| Due from banks measured at FVTPL                                       |     |       W |          — |     |         |     30,743 |     |              |          — |     |       |      30,743 |
| Loans at FVTPL (*1)                                                    |     |         |          — |     |         |    515,564 |     |              |  1,242,998 |     |       |   1,758,562 |
| Securities at FVTPL:                                                   |