Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 635

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 635
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119,568 | ) |     |                            |  (433,780 | ) |     |                   |  (246,990 | ) |     |      |  (242,944 | ) |     |           |  (923,714 | ) |     |       | (1,092,950 | ) |
| Changes related to past services   |     | Adjustment of incurred claim elements                              |     |                        |     44,341 |   |     |                     |   (16,159 | ) |     |                            |         — |   |     |                   |         — |   |     |      |         — |   |     |           |         — |   |     |       |     28,182 |   |

<div align='center'>F-2 5 5</div>

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 28. | Insurance contract liabilities (continued) |

|                                       |     |                                                                           |     |                   2024 |            |   |     |                     |           |     |                            |           |     |           |           |     |       |           |     |           |     |            |   |
|                                       |     |                                                                           |     | Present value estimate 
   of future cash flows |            |   |     | Risk adjustment for 
 non-financial risks |           |     | Contractual service margin |           |     |           |           |     |       |           |     |           |     |            |   |
|                                       |     |                                                                           |     |   Retrospective method |            |   |     | Fair value method   |           |     | Etc.                       |           |     | Sub-total |           |     | Total |           |     |           |     |            |   |
| Insurance finance income and expenses |     | Current profit or loss                                                    |     |                      W |  1,399,565 |   |     |                     |    41,292 |     |                            |   173,539 |     |           |    83,110 |     |       |    81,754 |     |   338,403 |     |  1,779,260 |   |
|                                       |     | Other comprehensive income                                                |     |                        |