Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 513

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 513
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104,650 | ) |     |                                   | (86,772 | ) |
| Surrender rate(decrease)                          |     | Decreased by 9.16% |     |                                          | 38,556,883 |     |                                   | 39,031,830 |     |                                    | 8,041,498 |     |                                   | 7,651,376 |     |                                        |   5,984 |   |     |                                   |   5,984 |   |     |                                    |  115,085 |   |     |                                   | 133,903 |   |
| Expense                                           |     | Increased by 2.62% |     |                                          |            |     |                                   |            |     |                                    |           |     |                                   |           |     |                                        |         |   |     |                                   |         |   |     |                                    |          |   |     |                                   |         |   |
| Expense(inflation)                                |     | 0.26%p             |     |                                          | 39,592,255 |     |                                   | 40,031,868 |     |                                    | 7,024,540 |     |                                   | 6,669,753 |     |                                        | (12,430 | ) |     |                                   | (12,430 | ) |     |                                    |    9,624 |   |     |                                   |   9,624 |   |

| (*1) | The risk adjustment is calculated at the 75% confidence level. |

| (*2) | The risk adjustment included in the fulfillment cash flows was calculated without shock. |

| (*3) | The profit (loss) for the year consists of (i) an increase in the present value estimate of future cash flows that exceeds the carrying amount of the contractual service margin, resulting in a loss due to changes in assumptions, and (ii) changes in the present value estimate of future cash flows allocated to the loss component, which also result from changes in assumptions. |

<div align='center'>F-11 8</div>

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 6. | Insurance Risk (continued) |

| vii) | Credit risk arising from insurance contracts |

The amount of the reinsurance contracts held