Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 630

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 630
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,042 |   |
|                          |     | Net insurance contract liabilities                                        |     |                           W | 48,153,452 |   |     |                | 993,409 |   |     |                |  1,815,130 |   |     |       | 50,961,991 |   |

<div align='center'>F-2 50</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               |         |   |     |                     |       |   |     |       |         |   |
|                                                 |     |                                                                           |     | 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                           |       — |   |     |                |     — |   |     |                        |       — |   |     |                     |     — |   |     |       |       — |   |
|                                                 |     |                                            Insurance contract liabilities |     |                             |  78,665 |   |     |                | 3,139 |   |     |                        |   5,372 |   |     |                     |   451 |   |     |       |  87,627 |   |
|                                                 |     |                                        Net insurance contract liabilities |     |                             |  78,665 |   |     |                | 3,139 |   |     |                        |   5,372 |   |     |                     |   451 |   |     |       |  87,627 |   |
| Insurance income                                |     |                                                                           |