Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 692

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 692
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 this Standard had always applied (except that an entity is not required to apply the recoverability assessment before the transition date); |

| 2) | To derecognize any existing balances that would not exist had this Standard always applied; and |

| 3) | To recognize all net differences arising from the initial application of this Standard as an adjustment to the retained earnings (or, if appropriate, other components of equity) at the date of initial application, without adjusting goodwill recognized from the past business combinations. |

In addition, the Group changed the classification and measurement of financial instruments related to the insurance business to manage the volatility of equity arising from the market value of insurance contract liabilities according to IFRS 17. For the financial instruments, their classification and measurement changed in accordance with the transition requirement of IFRS 17, the Group prepared the statement of financial position at the date of initial application of IFRS 17 by adjusting the classification and measurement of financial assets removed between the transition date of IFRS 17 and the initial application date in order to present comparative information as if IFRS 9 had been applied to the financial instruments.

Separate account assets and liabilities from the statements of financial position and revenues or expenses in separate accounts from the statements of comprehensive income, which had been presented as one line item in accordance with the Enforcement Rules of the Insurance Business Act under IFRS 4, are combined with the Group’s general account and presented as related assets, liabilities, incomes, and expenses under IFRS 17 with the elimination of intra-group transactions between the general account and the separate account.

<div align='center'>F-32 6</div>

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 52. | Adoption of IFRS 17‘Insurance Contracts’ (continued) |

|                                                             |     | Amount   
 (A) (*1) |             |     |                                                             |     | Amount   
 (B) (*2) |             |     | Increase 
 (B-A)    |            |
| Assets:                                                     |     |          |             |     | Assets:                                                     |     |          |             |     |          |            |
| Cash and due from banks at amortized cost                   |     | W        |  28,453,404 |     | Cash and due from