Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 639

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 639
---
319 |   |
|                          |     | Recovery of reinsurance proceeds and other reinsurance profits      |     |                             |        — |   |     |                         |      — |   |     |                         |  (43,405 | ) |     |       |  (43,405 | ) |
|                          |     | Receipt of investment elements and recovery of reinsurance premiums |     |                             |        — |   |     |                         |      — |   |     |                         | (152,052 | ) |     |       | (152,052 | ) |
|                          |     |                                                                     |     |                             |  229,319 |   |     |                         |      — |   |     |                         | (195,457 | ) |     |       |   33,862 |   |
| Other increase/decrease  |     |                                                                     |     |                             |      745 |   |     |                         |   (347 | ) |     |                         |      (47 | ) |     |       |      351 |   |
| Ending balance           |     | Reinsurance contract assets                                         |     |                             |   19,436 |   |     |                         |  5,055 |   |     |                         |   38,323 |   |     |       |   62,814 |   |
|                          |     | Reinsurance contract liabilities                                    |     |                             | (143,204 | ) |     |                         | 23,112 |   |     |                         |   26,930 |   |     |       |  (93,162 | ) |
|                          |     | Net reinsurance contract assets (liabilities)                       |     |                           W | (123,768 | ) |     |                         | 28,167 |   |     |                         |   65,253 |   |     |       |  (30,348 | ) |

<div align='center'>F-2 60</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 |          |   |     |                         |        |   |     |                         |         |   |     |       |