Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 633

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 633
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 |      |        — |   |     |           |         — |   |     |       |   (105,149 | ) |
|                                    |     |                                                                    |     |                        |   (105,141 | ) |     |                     |  (101,910 | ) |     |                            |  (536,399 | ) |     |                   |  (215,795 | ) |     |      | (162,449 | ) |     |           |  (914,643 | ) |     |       | (1,121,694 | ) |
| Changes related to past services   |     | Adjustment of incurred claim elements                              |     |                        |     21,880 |   |     |                     |   (10,412 | ) |     |                            |         — |   |     |                   |         — |   |     |      |        — |   |     |           |         — |   |     |       |     11,468 |   |

<div align='center'>F-2 5 3</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 |                     |   |     |                     |                      |   |     |                            |                   |     |           |     |           |     |           |     |            |   |
|                                       |                      |                                                                           |     | Present value estimate |                     |   |     | Risk adjustment for |                      |   |     | Contractual service margin |                   |     |           |     |           |     |           |     |            |   |
|                                       | of future cash flows |                                                                           |     |                        | non-financial risks |   |     |                     | Retrospective method |   |     |                            | Fair value method |     |      Etc. |     | Sub-total |     |     Total |     |            |   |
| Insurance finance income and expenses |                      | Current profit or loss                                                    |     |                      W |           1,848,652 |   |     |                     |               42,200 |   |     |                            |           203,297 |     |    76,583 |     |