Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 647

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 647
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 |  (33,580 | ) |
|                                         |                            | Receipt of investment elements and refund of insurance premiums |     |                        | (140,620 | ) |     |                     |      — |     |                            |       — |     |   |       — |     |   |       — |     |        | (140,620 | ) |
|                                         |                            |                                                                 |     |                        |   46,833 |   |     |                     |      — |     |                            |       — |     |   |       — |     |   |       — |     |        |   46,833 |   |
| Other increase/decrease                 |                            |                                                                 |     |                        |     (672 | ) |     |                     |      — |     |                            |       — |     |   |      59 |     |   |      59 |     |        |     (613 | ) |
| Ending balance                          |                            | Reinsurance contract assets                                     |     |                        |  (81,178 | ) |     |                     | 19,688 |     |                            |  78,043 |     |   |  91,136 |     |   | 169,179 |     |        |  107,689 |   |
|                                         |                            | Reinsurance contract liabilities                                |     |                        | (323,273 | ) |     |                     | 39,435 |     |                            |  95,595 |     |   |  90,185 |     |   | 185,780 |     |        |  (98,058 | ) |
|                                         |                            | Net reinsurance contract assets (liabilities)                   |     |                      W | (404,451 | ) |     |                     | 59,123 |     |                            | 173,638 |     |   | 181,321 |     |   | 354,959 |     |        |    9,631 |   |

<div align='center'>F-26 8</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) |

|                                                      |                         |                                    |     |                                  2023 |         |   |     |                       |   |