Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 625

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 625
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 ) |     |        |   (71,844 | ) |     |         |          — |     |          |         — |     |      | — |     |         | 107,668 |     |                    |     21 |   |     |         |  77,060 |   |     |     |     — |     |       |     86,691 |   |

| (*) | As of December 31, 2023 and 2024 contractor’s share adjustment amount is excludedW(-)1,024million andW(-)362million, respectively. |

<div align='center'>F-2 4 3</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) |

|                                                                       |     | Assumption value (%) |     |               |     |                                                                                                                                                                                                                                                                                                        |
|                                                                       |     |                 2023 |     |          2024 |     | Basis for calculation                                                                                                                                                                                                                                                                                  |
| Life insurance:                                                       |     |                      |     |               |     |                                                                                                                                                                                                                                                                                                        |
| Surrender ratio                                                       |     |         0.00 ~ 73.78 |     |  0.00 ~ 69.75 |     | - The ratio of surrendered contract amounts to the retained contract amounts, calculated based on statistics, by premium payment type, product group, interest rate category, payment term (zero/low-surrender-value insurance products), and duration                                                 
 - For zero/low-surrender-value insurance products, the surrender ratio for the period when there is insufficient experience statistics is calculated, using the log-linear regression model, so that it converges to 0.1% at the time of completion of premium payments.                               |
| Loss ratio                                                            |     |       17.00 ~ 756.00 |     | 8.00 ~ 316.00 |     | - Other than general mortality: the ratio of accident claims to insurance premiums to on-level risk insurance premiums by risk coverage and elapsed period based on the last five years’ experience statistics                                                                                         |
|                                                                       |     |                      |     |               |     | - General mortality: the ratio of actual mortality rate to expected mortality rate by risk coverage and elapsed period based on the last five years’ experience statistics