Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 627

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 627
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325 |   |     |                |    64,033 |     |       |  5,179,467 |   |

<div align='center'>F-24 7</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) |

|                          |     |                                                                           |     |                        2023 |            |   |     |                |         |   |     |                |            |   |     |       |            |   |
|                          |     |                                                                           |     | Remaining coverage elements |            |   |     |                |         |   |     | Incurred claim 
 elements       |            |   |     | Total |            |   |
|                          |     |                                                                           |     |    Excluding loss component |            |   |     | Loss component |         |   |     |                |            |   |     |       |            |   |
| Cash flow for the period |     | Insurance premium received                                                |     |                           W |  6,209,129 |   |     |                |       — |   |     |                |          — |   |     |       |  6,209,129 |   |
|                          |     | Insurance acquisition cash flow payment                                   |     |                             |   (979,176 | ) |     |                |       — |   |     |                |          — |   |     |       |   (979,176 | ) |
|                          |     | Payment of insurance benefits and other insurance service expenses        |     |                             |       (715 | ) |     |                |       — |   |     |                | (1,497,502 | ) |     |       | (1,498,217 | ) |
|                          |     | Receipt (payment) of investment elements and refund of insurance premiums |     |                             |          — |   |     |                |       — |   |     |                | (5,355,137 | ) |     |       | (5,355,137 | ) |
|                          |     |                                                                           |     |                             |  5,229,238 |   |     |                |       — |   |     |                | (6,852,639 | ) |