Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 586

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 586
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 |     |       | 11,868 |     |           | 347 |     |           | 1,868 |     |                  | 1,520 |   |     |             | — |     |             | 1,520 |   |
| Shinhan-Soo Secondary Investment Association                   |     |       |  6,764 |     |           |   — |     |           |     — |     |                  |    (1 | ) |     |             | — |     |             |    (1 | ) |

| (*) | Excluded the financial information of associates that are not subject to equity method due to disposal or of which the financial information is not available as of end of the year. |

<div align='center'>F- 201</div>

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 16. | Investments in associates (continued) |

|                                                                                |     |  2024 |           |     |           |           |     |           |         |   |     |                  |          |   |     |             |       |     |             |          |   |
| Investees                                                                      |     | Asset |           |     | Liability |           |     | Operating 
 revenue   |         |   |     | Net profit(loss) |          |   |     | Other       
 comprehen-  
 sive income 
 (loss)      |       |     | Total       
 comprehen-  
 sive income 
 (loss)      |          |   |
| BNP Paribas Cardif Life Insurance                                              |     |     W | 2,714,143 |     |           | 2,471,042 |     |           |  57,764 |   |     |                  |  (22,798 | ) |     |             | 3,917 |     |             |  (18,881 | ) |
| Shinhan-Neoplux Energy Newbiz Fund                                             |     |       |    52,550 |     |           |     6,398 |     |           |  26,255 |   |     |                  |    1,591 |   |     |             |     — |     |             |    1,591 |   |
| Shinhan-Albatross tech investment