Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 628

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 628
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     |       | (1,623,401 | ) |
| Other increase/decrease  |     |                                                                           |     |                             |        269 |   |     |                |    (490 | ) |     |                |        101 |   |     |       |       (120 | ) |
| Ending balance           |     | Insurance contract assets                                                 |     |                             |       (493 | ) |     |                |       — |   |     |                |         49 |   |     |       |       (444 | ) |
|                          |     | Insurance contract liabilities                                            |     |                             | 45,517,567 |   |     |                | 884,042 |   |     |                |  1,827,957 |   |     |       | 48,229,566 |   |
|                          |     | Net insurance contract liabilities                                        |     |                           W | 45,517,074 |   |     |                | 884,042 |   |     |                |  1,828,006 |   |     |       | 48,229,122 |   |

<div align='center'>F-24 8</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) |

|                                                 |     |                                                                          |     |                        2024 |            |   |     |                |         |   |     |                |           |     |       |            |   |
|                                                 |     |                                                                          |     | Remaining coverage elements |            |   |     |                |         |   |     | Incurred claim 
 elements       |           |     | Total |            |   |
|                                                 |     |                                                                          |     |    Excluding loss component |            |   |     | Loss component |         |   |     |                |           |     |       |            |   |
| Beginning balance                               |     | Insurance contract assets                                                |     |                           W |       (493 | ) |     |                |       — |   |     |                |        49 |     |       |       (444 | ) |
|                                                 |     | Insurance contract liabilities                                           |     |                             | 45,517,567 |   |     |