Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 516

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 516
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 |       |   (1,000,513 | ) |
| Total (including variable insurance) |     |              |   (818,347 | ) |     |       |    (57,253 | ) |     |       |   (595,782 | ) |     |       |   (809,124 | ) |     |       | (1,546,404 | ) |     |           |  (92,244,490 | ) |     |       |  (96,071,400 | ) |
| Total (excluding variable insurance) |     |            W |   (384,691 | ) |     |       |    323,801 |   |     |       |   (220,861 | ) |     |       |   (451,468 | ) |     |       | (1,224,257 | ) |     |           |  (86,414,406 | ) |     |       |  (88,371,882 | ) |

As of December 31, 2023 and 2024, the amount to be paid upon request by the contractor of insurance contracts issued by Shinhan Life Insurance Co., Ltd. is W 52,555,004 million and W 53,227,935 million.

F-1 21

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) |

| (x) | Claims development |

The amount of claims development as of December 31, 2023 and 2024 are as follows:

|                                                                    |     |             2023 |         |     |      |           |     |      |           |     |      |           |     |      |           |     |       |           |   |
| Progress year                                                      |     | Year of incident |         |     |      |           |     |      |           |     |      |           |     |      |           |     |       |           |   |
|                                                                    |     |             2019 |         |     | 2020 |           |     | 2021 |           |     | 2022 |           |     | 2023 |           |     | Total |           |   |
| Undiscounted estimate of ultimate loss                             |     |