Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 642

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 642
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IES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 28. | Insurance contract liabilities (continued) |

|                                                          |     |                                                                     |     |                        2024 |         |   |     |                         |       |   |     |                         |         |   |     |                     |       |     |       |         |   |
|                                                          |     |                                                                     |     | Remaining coverage elements |         |   |     |                         |       |   |     | Incurred claim elements |         |   |     |                     |       |     | Total |         |   |
|                                                          |     |                                                                     |     |              Excluding loss 
          recovery component |         |   |     | Loss recovery component |       |   |     | Present value estimate  
 of future cash flows    |         |   |     | non-financial risks |       |     |       |         |   |
| Beginning balance                                        |     | Reinsurance contract assets                                         |     |                           W |  19,971 |   |     |                         | 1,220 |   |     |                         |   4,244 |   |     |                     |   104 |     |       |  25,539 |   |
|                                                          |     | Reinsurance contract liabilities                                    |     |                             |     (59 | ) |     |                         |     — |   |     |                         |     (19 | ) |     |                     |     — |     |       |     (78 | ) |
|                                                          |     | Net reinsurance contract assets (liabilities)                       |     |                             |  19,912 |   |     |                         | 1,220 |   |     |                         |   4,225 |   |     |                     |   104 |     |       |  25,461 |   |
| Reinsurance revenue                                      |     | Accrued reinsurance amount                                          |     |                             |       — |   |     |                         |     — |   |     |                         |  15,934 |   |     |                     |   564 |     |       |  16,498 |   |
|                                                          |     | Changes in incident fulfillment cash flow                           |     |                             |       — |   |     |                         |  (255 | ) |     |                         |   3,476 |   |