Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 636

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 636
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 | ) |     |                     |         — |     |                            |         — |     |           |         — |     |       |         — |     |         — |     |         (9 | ) |
| Ending balance                        |     | Insurance contract assets                                                 |     |                        |     (1,325 | ) |     |                     |       203 |     |                            |         — |     |           |         — |     |       |        71 |     |        71 |     |     (1,051 | ) |
|                                       |     | Insurance contract liabilities                                            |     |                        | 39,847,061 |   |     |                     | 1,346,719 |     |                            | 4,848,662 |     |           | 2,876,232 |     |       | 2,044,368 |     | 9,769,262 |     | 50,963,042 |   |
|                                       |     | Net insurance contract liabilities                                        |     |                      W | 39,845,736 |   |     |                     | 1,346,922 |     |                            | 4,848,662 |     |           | 2,876,232 |     |       | 2,044,439 |     | 9,769,333 |     | 50,961,991 |   |

<div align='center'>F-2 5 6</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 of future cash outflows |           |     |                       |           |     | Present value estimate 
 of future cash inflows |            |   |     | non-financial risks |         |     | Contractual service 
 margin              |         |     | Total |        |
|                                                      |     |                                     |     |                           Other than insurance 
                          acquisition cash flow 
                                         amount |           |     | Insurance acquisition 
 cash flow amount