Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 299

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 299
---
 by 4.0% from W611,010 billion as of December 31, 2022 to W635,473 billion as of December 31, 2023, primarily due to an increase in borrowings, debt securities issued, and insurance contract liabilities. Our borrowings increased by 15.5% from W49,279 billion as of December 31, 2022 to W56,901 billion as of December 31, 2023 primarily as a result of an increase in bonds sold under repurchase agreements. Our debt securities issued increased by 5.5% from W77,289 billion as of December 31, 2022 to W81,562 billion as of December 31, 2023, primarily due to an increase in borrowings in Korean Won. Our insurance contract liabilities increased by 5.3% from W45,905 billion as of December 31, 2022 to W48,333 billion as of December 31, 2023, primarily due to remaining coverage elements of insurance contract liabilities. Total equity increased by 5.4% from W53,423 billion as of December 31, 2022 to W56,322 billion as of December 31, 2023, largely due to an increase in retained earnings and an increase resulting from additional hybrid bonds issued by the Group.

| ITEM 5.B. | Liquidity and Capital Resources |

We are exposed to liquidity risk arising from the funding of our lending, trading and investment activities and in the management of trading positions. The goal of liquidity management is for us to be able, even under adverse conditions, to meet all of our liability repayments on time and fund all investment opportunities. For an explanation of how we manage our liquidity risk, see “Item 4.B. Business Overview — Risk Management — Market Risk Management — Market Risk Management for Non-tradingActivities — Liquidity Risk Management.” In our opinion, the working capital is sufficient for our present requirements. The following table sets forth our debt and capital resources as of December 31, 2024.

|                                   |     | As of December 31, 2024 |         |
|:----------------------------------|:----|:------------------------|--------:|
|                                   |     | -In billions of Won     |         |
| Deposits                          |     | W                       | 422,781 |
| Long-term debt                    |     |                         |  94,839 |
| Call money                        |     |