Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 693

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 693
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 |     |          |             |     | Reinsurance contract liabilities                            |     |          |     281,763 |     |          |            |
|                                                             |     |          |             |     | Investment contract liabilities                             |     |          |   2,953,698 |     |          |            |
| Other liabilities (*3)                                      |     |          |  56,067,163 |     | Other liabilities                                           |     |          |  46,447,117 |     |          |            |
|                                                             |     | W        | 598,613,763 |     |                                                             |     | W        | 591,648,572 |     | W        | (6,965,191 |
| Equity                                                      |     | W        |  49,538,422 |     | Equity                                                      |     | W        |  50,215,950 |     | W        |    677,528 |

| (*1) | Prepared in accordance with IFRS 9 ‘financial instruments’, IFRS 4 ‘Insurance Contracts’, and Enforcement Rules of the Insurance Business Act. (Application of the overlay approach under IFRS 4 to financial assets related to insurance contracts) |

| (*2) | Prepared in accordance with IFRS 9‘financial instruments’and IFRS 17‘Insurance Contracts’(changed business model is applied to financial assets related to insurance contracts under IFRS 17) |

| (*3) | Other assets and other liabilities under IFRS 4 include separate account assets amounted toW9,501,135million and separate account liabilities amounted toW9,834,894million, respectively. |

<div align='center'>F-32 7</div>

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 52. | Adoption of IFRS 17‘Insurance Contracts’ (continued) |

|                                                             |     | January 1, 2022 | Classification |   |  Transition 
  date (Jan. 
    1, 2022) 
       under 
      IFRS 4 |     |     | Separateaccount 
            (*1) |     |     | Policy loanexcluded 
 (*2)                |   |     |     | Classifica-tion due ton