Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 631

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 631
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 ) |     |                |  (770 | ) |     |                        |     307 |   |     |                     |   122 |   |     |       |  (2,025 | ) |
| Ending balance                                  |     |                                                 Insurance contract assets |     |                             | (10,670 | ) |     |                |     3 |   |     |                        |     450 |   |     |                     |     7 |   |     |       | (10,210 | ) |
|                                                 |     |                                            Insurance contract liabilities |     |                             |  88,524 |   |     |                | 4,815 |   |     |                        |  10,340 |   |     |                     |   987 |   |     |       | 104,666 |   |
|                                                 |     |                                        Net insurance contract liabilities |     | W                           |  77,854 |   |     |                | 4,818 |   |     |                        |  10,790 |   |     |                     |   994 |   |     |       |  94,456 |   |

<div align='center'>F-2 51</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               |         |   |     |                     |       |     |       |         |   |
|                                                 |     |                                                                           |     | Excluding loss component    |         |   |     | Loss component |        |   |     | Present value estimate 
 of future cash flows   |         |   |     | Risk adjustment for 
 non-financial risks |       |     | Total |         |   |
| Beginning balance                               |     |                                                 Insurance contract assets |     | W                           | (10,670 | ) |     |                |      3 |