Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 510

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 510
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 through foreign exchange forward contracts and interest rate swaps between different currencies.

<div align='center'>F-1 1 5</div>

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 6. | Insurance Risk (continued) |

| v) | Concentration of Insurance Risk |

v-1) The concentration of insurance risks by region as of December 31, 2023 and 2024 are as follow:

|               |     |               2023 |            |     |                      |         |     |       |            |
|               |     | Insurance Contract |            |     | Reinsurance Contract |         |     | Total |            |
| Domestic      |     |                  W | 38,360,261 |     |                      | 161,301 |     |       | 38,521,562 |
| International |     |                    |      5,001 |     |                      |       — |     |       |      5,001 |
|               |     |                  W | 38,365,262 |     |                      | 161,301 |     |       | 38,526,563 |

|               |     |               2024 |            |   |     |                      |         |     |       |            |   |
|               |     | Insurance Contract |            |   |     | Reinsurance Contract |         |     | Total |            |   |
| Domestic      |     |                  W | 41,195,537 |   |     |                      | 345,177 |     |       | 41,540,714 |   |
| International |     |                    |     (1,341 | ) |     |                      |       — |     |       |     (1,341 | ) |
|               |     |                  W | 41,194,196 |   |     |                      | 345,177 |     |       | 41,539,373 |   |

v-2) Market risk arising from insurance contracts

The amount of currency insurance liabilities (based on the fulfillment cash flows) as of December 31, 2023 and December 31, 2024 are as follows:

|                                                  |     |                  2023 |         |     |                    |         |     |                  2024 |