Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 520

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 520
---
 a risk. Shinhan EZ General Insurance Co., Ltd. monitors liquidity ratios to manage liquidity risk.

| ii-6) | Credit risk arising from insurance contracts |

Credit risk arising from an insurance contract refers to the possibility of economic loss that may occur if the reinsurer, the counterparty to the transaction, is unable to fulfill its obligations specified in the contract due to default or deterioration of credit rating. Shinhan EZ General Insurance Co., Ltd. transacts as a reinsurer with high-quality insurance companies that have been given a rating of BBB- or higher by S&P or an equivalent rating through strict internal review.

| ii-7) | Interest rate risk arising from insurance contracts |

Interest rate risk exposed to Shinhan EZ General Insurance Co., Ltd. ‘s insurance contracts is the risk of unexpected losses arising from changes in net interest income or net asset value depending on changes in interest rates. The consolidated entity manages this to minimize unexpected losses arising from interest rate changes.

F-1 2 4

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements (In millions of won) December 31, 2023 and 2024

| 7. | Investment in subsidiaries |

|                                        |     |    2023 |             |     |           |             |     |         |            |     |    2024 |             |     |           |             |     |         |            |
| Investees (*1), (*2)                   |     |   Asset 
 balance |             |     | Liability 
 balance   |             |     | Equity  
 balance |            |     |   Asset 
 balance |             |     | Liability 
 balance   |             |     | Equity  
 balance |            |
| Shinhan Financial Group (separate)     |     |       W |  37,289,555 |     |           |  11,190,414 |     |         | 26,099,141 |     |         |  37,672,303 |     |           |  11,324,128 |     |         | 26,348,175 |
| Shinhan Bank                           |     |         | 508,497,276 |     |           | 474,966,063 |     |         | 33,531,213 |     |         | 556,691,161 |     |           | 519,926,426 |     |         | 36