Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 626

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 626
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| Expense ratio                                                         |     |                    — |     |             — |     | - Calculate unit costs such as performance, agent commissions, number of new/retained contracts, initial/continuing premiums, reserve funds, etc. based on a business plan (budget) incorporating future expense policies based on recent experience statistics.                                       |
| Discount rate                                                         |     |          3.75 ~ 4.80 |     |   2.31 ~ 4.55 |     | - Disclosure standard interest rate term structure provided by the Financial Supervisory Service                                                                                                                                                                                                       |
| The confidence level for the risk adjustments regarding non-financial |     |                75.00 |     |         75.00 |     | - The risk adjustment is calculated as the portion of 75th percentile exceeding the probability-weighted average of the present value of future cash flows, assuming that the probability distribution of the present value of future cash flows follows a normal distribution at each reporting date. |

<div align='center'>F-2 4 4</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                                                                                                                                                    |
| Non-life insurance: |     |                         |     |                         |     |                                                                                                                                                                          |
| Surrender ratio     |     |   General: 0.54 ~ 38.56 |     |   General: 0.00 ~ 52.76 |     | General: Calculated as the ratio of the number of and effective contracts compared to the number of contracts with experience from July 2017 to June 2024.               
 The assumptions are derived based on contracts where surrender and lapse have actually occurred.                                                                         |
|                     |     | Long-term: 1.60 ~ 25.25 |     | Long-term: 1.60 ~ 25.47 |     | Long-term: Calculated as the ratio of the number of canceled and effective contracts compared to the number of contracts with experience from October 2017 to June 2024. 
 The surrender ratio for zero and low surrender value products is separately