Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 649

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 649
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IDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 28. | Insurance contract liabilities (continued) |

|                                       |     |                                                                           |     |                     2023 |           |   |     |                   |         |     |      |         |   |     |       |           |   |
|                                       |     |                                                                           |     | Retroactive modification 
                   method |           |   |     | Fair value method |         |     | Etc. |         |   |     | Total |           |   |
| Unapplied premium allocation approach |     | Expected insurance premiums and other expected insurance service expenses |     |                        W |   776,917 |   |     |                   | 706,136 |     |      |  90,916 |   |     |       | 1,573,969 |   |
|                                       |     | Risk-adjusted change amount                                               |     |                          |    55,712 |   |     |                   |  36,036 |     |      |  24,797 |   |     |       |   116,545 |   |
|                                       |     | Contractual service margin amortization                                   |     |                          |   536,399 |   |     |                   | 215,795 |     |      | 162,449 |   |     |       |   914,643 |   |
|                                       |     | Recovery of insurance acquisition cash flows                              |     |                          |   133,781 |   |     |                   |     337 |     |      | 128,162 |   |     |       |   262,280 |   |
|                                       |     | Etc. (*)                                                                  |     |                          |   (18,762 | ) |     |                   |      65 |     |      |  11,218 |   |     |       |    (7,479 | ) |
|                                       |     |                                                                           |     |                          | 1,484,047 |   |     |                   | 958,369 |     |      | 417,542 |   |     |       | 2,859,958 |   |
| Premium allocation approach           |     |                                                                           |     |                          |    29,504 |   |     |                   |       — |     |      |  10,