Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 632

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 632
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 (payment) of investment elements and refund of insurance premiums |     |                             |       — |   |     |                |      — |   |     |                        |      (2 | ) |     |                     |     — |     |       |      -2 |   |
|                                                 |     |                                                                           |     |                             |  89,756 |   |     |                |      — |   |     |                        | (45,566 | ) |     |                     |     — |     |       |  44,190 |   |
| Other increase/decrease                         |     |                                                                           |     |                             |   8,410 |   |     |                |      — |   |     |                        |  (6,108 | ) |     |                     |     2 |     |       |   2,304 |   |
| Ending balance                                  |     |                                                 Insurance contract assets |     |                             |  (6,506 | ) |     |                |      — |   |     |                        |   1,894 |   |     |                     |    24 |     |       |  (4,588 | ) |
|                                                 |     |                                            Insurance contract liabilities |     |                             | 135,670 |   |     |                |  2,579 |   |     |                        |  21,756 |   |     |                     | 1,944 |     |       | 161,949 |   |
|                                                 |     |                                        Net insurance contract liabilities |     | W                           | 129,164 |   |     |                |  2,579 |   |     |                        |  23,650 |   |     |                     | 1,968 |     |       | 157,361 |   |

<div align='center'>F-2 52</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 |            |   |     |                     |           |   |     |                            |           |   |     |                   |           |   |     |      |          |   |     |           |           |   |     |       |            |