Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 566

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 566
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 |      (6 | ) |     |               |     — |     |            | —       |   |     |         |     5,994 |
| Happy Pet Life Care New Technology Investment Association No.2 |     |           |         — |     |            |    3,000 |   |     |        |     456 |   |     |               |     — |     |            | —       |   |     |         |     3,456 |
| Shinhan-Soo Secondary Investment Association                   |     |           |         — |     |            |    5,250 |   |     |        |      (1 | ) |     |               |     — |     |            | —       |   |     |         |     5,249 |
| Others                                                         |     |           |   225,498 |     |            |  (39,576 | ) |     |        |   4,942 |   |     |               |   424 |     |            | (289    | ) |     |         |   190,999 |
|                                                                |     |         W | 2,904,474 |     |            | (331,686 | ) |     |        | 125,088 |   |     |               | 9,738 |     |            | (15,583 | ) |     |         | 2,692,031 |

(*1) An impairment loss has been recognized due to accumulated unrealized losses since its initial acquisition.

(*2) For the year ended December 31, 2023 it is incorporated into the consolidation target as the Group held control due to increased equity ratio.

<div align='center'>F-1 8 1</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                                                                      |     | Beginning 
   balance |        |     | Investment 
 and        
 dividend   |         |   |     | Equity 
 method 
 income 
 (loss) |