Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 483

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 483
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 |     |              |    783,587 |     |       |   4,199,936 |
| Hedging                                                                |     |         |          — |     |         |    614,285 |     |              |    224,195 |     |       |     838,480 |
|                                                                        |     |         |     46,578 |     |         |  3,984,056 |     |              |  1,007,782 |     |       |   5,038,416 |
|                                                                        |     |       W |  1,915,555 |     |         |  5,055,531 |     |              |  7,733,034 |     |       |  14,704,120 |

<div align='center'>F- 8 4</div>

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 5. | Financial risk management (continued) |

| the Group has estimated its fair value based on financial information within the recent audit report of underlying assets since it doesn’t have fair market value observable through active trading markets. Accounting estimates and assumptions used in preparing consolidated financial statements may lead to adjustment in response to changes in uncertainty, such as information and market conditions available in the future. In addition, the ultimate impact on the business, financial condition, performance, and liquidity of the Group is unpredictable. |

| (*3) | Shinhan Securities Co., Ltd.’ level 3over-the-counterderivatives is recognizedW66,866million in financial assets measured at fair value through profit or loss,W6,725,252million in financial liabilities designated at fair value through profit or loss,W629,223million in derivative assets, andW785,312million in derivative liabilities. The fair value ofover-the-counterderivatives classified as level 3 above is measured using Shinhan Securities Co., Ltd.’s internal valuation model. |

<div align='center'>F- 8 5</div>

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 5. | Financial risk management (continued) |

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