Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 281

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 281
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 |      9 |   |     |          |  N/M |   |
|                                                                                                     |     |                                         |    255 |   |     |      |   (187 | ) |     |          |  N/M |   |
| Total other comprehensive income (loss), net of income tax                                          |     |                                       W | (1,005 | ) |     |    W |    845 |   |     |          |  N/M | % |

N/M = not meaningful We recognized other comprehensive income of W845 billion in 2023 compared to other comprehensive loss of W1,005 billion in 2022, primarily due to recognizing valuation gain on securities at fair value through other comprehensive income, that may be reclassified subsequently to profit or loss, of W3,163 billion in 2023 compared to valuation loss on securities at fair value through other comprehensive income, that may be reclassified subsequently to profit or loss, of W5,929 billion in 2022, which was partially offset by recognizing net finance expense on insurance contract assets (liabilities) of W2,172 billion in 2023 compared to net finance income on insurance contract assets (liabilities) of W4,706 billion in 2022. We recognized valuation gain on securities at fair value through other comprehensive income, that may be reclassified subsequently to profit or loss, in 2023 compared to valuation loss on securities at fair value through other comprehensive income, that may be reclassified subsequently to profit or loss, in 2022 due to a significant increase in gain on valuation of government bonds in 2023 compared to 2022 due to appreciation in government bond values amidst volatility and fluctuations in financial markets. We recognized net finance expense on insurance contract assets (liabilities) in 2023 compared to net finance income on insurance contract assets (liabilities) in 2022 primarily due to a recovery in stock market indices in 2023 which led to our recognition of net gain on securities at fair value through other comprehensive income in 2023 compared to net loss on securities at fair value through other comprehensive income in 2022. Such recognition of net gain on securities at fair value through other comprehensive income in 2023 led to a corresponding increase in investment contract liabilities to investors under our variable insurance funds, resulting in our recognition of net finance expense on insurance contract assets (liabilities) in 2023. 208

Results by Principal Business Segment As of December 31, 2024, we were