Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 691

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 691
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    120,050 |
| Others                           |     |                |          — |     |            |    383,071 |     |            |          — |     |       |    383,071 |
|                                  |     |              W | 17,168,885 |     |            | 21,299,577 |     |            | 17,311,687 |     |       | 55,780,149 |

| 51. | Subsequent events |

To enhance the shareholders’ value, the Company made a decision on the acquisition and retirement of treasury stock amounted to W 500 billion based on the resolution of the board of directors on February 6, 2025.

| 52. | Adoption of IFRS 17‘Insurance Contracts’ |

The Group begins to apply IFRS 17 ‘Insurance Contracts’on accounting periods beginning on January 1, 2023. The prior year’s financial statements were retrospectively restated in accordance with the transition requirement of this Standard. This Standard replaces IFRS 4 ‘Insurance Contracts’. IFRS 17 provides new or revised requirements relating to recognition, measurement, presentation and disclosure principles of insurance contracts, reinsurance contracts and investment contracts with discretionary participation features. The Standard significantly changed the insurer’s accounting by requiring groups of insurance contracts to be measured at current estimates of future cash flows expected to occur in the performance of the contract and at risk adjustments and contractual service margins for separate non-financialrisks.

<div align='center'>F-3 2 5</div>

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 52. | Adoption of IFRS 17‘Insurance Contracts’ (continued) |

The Group applied a retrospective application as described below in accordance with IFRS 17 to insurance contracts, to the extent practicable, from the beginning date of the annual reporting period (the transition date) before its initial application date commences. The Group applied either the modified retrospective approach or the fair value approach to the insurance contracts impracticable to be applied with 1) below.

| 1) | To identify, recognize and measure each group of insurance contracts issued as if this Standard had always applied; |

| 1-1) | To identify, recognize and measure any assets for insurance acquisition cash flows as if