Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 624

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 624
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visions (continued) |

| (d) | Asset retirement obligation liabilities represent the estimated cost to restore the existing leased properties which is discounted to the present value using the appropriate discount rate at the end of the reporting period. Disbursements of such costs are expected to incur at the end of lease contract. Such costs are reasonably estimated using the average lease year and the average restoration expenses. The average lease year is calculated based on the past ten-year historical data of the expired leases. The average restoration expense is calculated based on the actual costs incurred for the past three years using the three-year average inflation rate. |

|                                                  |     | 2023 |            |   |     | 2024 |            |
| Outstanding guarantees and acceptances           |     |    W | 12,503,445 |   |     |      | 15,315,381 |
| Contingent guarantees and acceptances            |     |      |  4,337,751 |   |     |      |  5,068,782 |
| ABS and ABCP purchase commitments                |     |      |  1,533,047 |   |     |      |  2,123,665 |
| Endorsed bill                                    |     |      |         44 |   |     |      |      1,367 |
|                                                  |     |    W | 18,374,287 |   |     |      | 22,509,195 |
| Allowance for loss on guarantees and acceptances |     |    W |     63,161 |   |     |      |    104,451 |
| Ratio                                            |     |      |       0.34 | % |     |      |       0.46 |

F-2 42

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 |

|                                                     |     |           2023 |            |   |     |        |           |   |     |         |            |     |          |           |     |      |       |     |         |        |     |                    |      |   |     |         |         |   |     |     |       |     |       |            |   |
|                                                     |     | Life insurance |            |   |     |