Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 575

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 575
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25 | ) |     |                          |     — |   |     |            | — |     |         |   3,368 |
| IGIS Private Real Estate Investment No.462                                                 |     |           |      — |     |            |   4,607 |   |     |        |   (174 | ) |     |                          |     — |   |     |            | — |     |         |   4,433 |
| BNW Recharge Private Equity Fund                                                           |     |           |      — |     |            |   6,767 |   |     |        |    371 |   |     |                          |     — |   |     |            | — |     |         |   7,138 |

<div align='center'>F-1 90</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) |         |   |     | Change in                
 othercomprehensiveincome |       |     | Impairment 
 loss       |         |   |     | Ending  
 balance |           |
| United Partners Realasset Fund No.14                                    |     |         W |         — |     |            |  10,000 |   |     |        |      (2 | ) |     |                          |     — |     |            | —       |   |     |         |     9,998 |
| Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.12                |     |           |         — |     |            |  17,929 |   |     |        |      48 |   |     |                          |     — |     |            | —       |   |     |         |    17,977 |
| Shinhan Securities HIFI Bond SafeR 2Y Private Fund No.13