Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 556

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 556
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22 |   |     |               |     — |     |            | —      |   |     |         |  3,696 |

F-1 71

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) |

|                                                                                       |     |      2023 |        |     |            |         |   |     |        |        |   |     |               |       |     |            |   |     |         |        |
| Investees                                                                             |     | Beginning 
   balance |        |     | Investment 
 and        
 dividend   |         |   |     | Equity 
 method 
 income 
 (loss) |        |   |     | Change in     
 other         
 comprehensive 
 income        |       |     | Impairment 
 loss       |   |     | Ending  
 balance |        |
| Genesis North America Power Company No.1 PEF                                          |     |         W |  8,118 |     |            |  (4,384 | ) |     |        |  2,624 |   |     |               |     — |     |            | — |     |         |  6,358 |
| SH MAIN Professional Investment Type Private Mixed Asset Investment Trust No.3        |     |           | 43,244 |     |            | (10,595 | ) |     |        |  8,115 |   |     |               |     — |     |            | — |     |         | 40,764 |
| KOREA FINANCE SECURITY CO., LTD                                                       |     |           |  2,411 |     |            |       — |   |     |        |   (169 | ) |     |               | 1,003 |     |            | — |     |         |  3,245 |
| MIEL CO., LTD. (*1)                                                                   |     |           |      — |     |            |       — |   |     |        |      — |   |     |               |     — |     |            | — |     |         |      — |
| AIP Transportation Specialized Privately Placed Fund Trust #1                         |     |           | 44,821 |     |            |