Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 547

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 547
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 amount exceeding the recoverable amount of the CGU. This is due to the decrease in recoverable amounts resulting from the deterioration of the business environment caused by the slowdown in the real estate and construction sectors. The amount of impairment loss recognized is included in the non-operating expenses, of the consolidated statement of comprehensive income. |

| (*2) | Included in general administrative expense, other operating income (expense), and insurance service expense of the consolidated statements of comprehensive income. |

<div align='center'>F-1 60</div>

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 15. | Intangible assets (continued) |

| (c) | Goodwill |

|                |     | 2023 |           |     | 2024 |           |
| Banking        |     |    W |   768,468 |     |      |   771,156 |
| Credit card    |     |      | 2,891,498 |     |      | 2,901,502 |
| Securities     |     |      |     1,265 |     |      |         — |
| Life insurance |     |      |   850,238 |     |      |   850,238 |
| Others         |     |      |   165,735 |     |      |   142,521 |
|                |     |    W | 4,677,204 |     |      | 4,665,417 |

| ii) | Goodwill impairment test |

The recoverable amounts of each CGU are evaluated based on their respective value in use.

ii-1) Explanation on evaluation method

The discounted cash flow method (DCF) is applied when evaluating the recoverable amounts based on value in use, considering the characteristics of each unit or group of CGU. However, the CGU of life insurance applied an actuarial enterprise valuation methodology based on stochastically expected cash flows in consideration of the characteristics of the insurance business.

ii-2) Projection period

When evaluating the value in use, 5.5 years of cash flow estimates are used in projection and the value thereafter is reflected as terminal value. However, 99 years of cash flow estimates for Shinhan Life Insurance Co., Ltd. is applied and the present value of the future cash flows thereafter is