Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 641

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 641
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 62</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 
          recovery component |         |   |     | Loss recovery component |       |   |     | Present value estimate  
 of future cash flows    |        |   |     | Risk adjustment for 
 non-financial risks |     |   |     |       |         |   |
| Beginning balance                                        |     | Reinsurance contract assets                                         |     |                           W |  26,901 |   |     |                         |    75 |   |     |                         |  2,659 |   |     |                     | 120 |   |     |       |  29,755 |   |
|                                                          |     | Reinsurance contract liabilities                                    |     |                             |       — |   |     |                         |     — |   |     |                         |    (33 | ) |     |                     |   — |   |     |       |     (33 | ) |
|                                                          |     | Net reinsurance contract assets (liabilities)                       |     |                             |  26,901 |   |     |                         |    75 |   |     |                         |  2,626 |   |     |                     | 120 |   |     |       |  29,722 |   |
| Reinsurance revenue                                      |     | Accrued reinsurance amount                                          |     |                             |       — |   |     |                         |     — |   |     |                         |  2,813 |   |     |                     |  79 |   |     |       |   2,892 |   |
|                                                          |     | Changes in incident fulfillment cash