Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 695

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 695
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| (*) | Consisted of elimination of accounts receivable (payable) and others that are measured as part of insurance contracts under IFRS 17. |

<div align='center'>F-32 9</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) |

|                                                                                          |     | January 1, 2022                             |          |   |     |                   |            |   |
|:-----------------------------------------------------------------------------------------|:----|:--------------------------------------------|---------:|:--|:----|:------------------|-----------:|:--|
|                                                                                          |     | Accumulated othercomprehensive income(loss) |          |   |     | Retained earnings |            |   |
| Application of IFRS 4 on January 1, 2022 (the transition date)                           |     | W                                           | (984,936 |   |     |                   | 30,541,300 |   |
| Recognition of net difference from initial application of IFRS 17                        |     |                                             |  (42,601 | ) |     |                   |    627,174 |   |
| Elimination of financial assets at fair value through profit or loss (overlay approach)  |     |                                             | (209,645 | ) |     |                   |    209,645 |   |
| Reclassification of financial instruments under IFRS 17                                  |     |                                             |  (99,607 | ) |     |                   |    (10,001 | ) |
| Recognition of net insurance finance income from insurance contract assets (liabilities) |     |                                             |  459,556 |   |     |                   |          — |   |
| Tax effects from adjustments                                                             |     |                                             |  (27,990 | ) |     |                   |   (229,003 | ) |
| Total of adjustments for transition date                                                 |     |                                             |   79,713 |   |     |                   |    597,815 |   |
| Application of IFRS 17 on January 1, 2022 (the transition date)                          |     | W                                           | (905,223 |   |     |                   | 31,139