Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 548

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 548
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 not applied as it is not significant.

<div align='center'>F-1 61</div>

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 15. | Intangible assets (continued) |

ii-3) Discount rates and terminal growth rates

The required rates of return expected by shareholders are applied to the discount rates. It is calculated in consideration of which comprises a risk-free interest rate, a market risk premium and systemic risk (beta factor). In addition, terminal growth rate is estimated based on inflation rate. However, for the life insurance CGU, since its cost of risk is reflected at future cash flows, the current discount rates based on the interest rate term structure of risk-free government bonds that reflects only the time value of money was applied.

Discount rates before tax and terminal growth rates applied to each CGU are as follows:

|             |     | Pre-tax discount rate before tax(%) |     | Perpetual growth rate(%) |
| Banking     |     |                          9.5 ~ 15.2 |     |                0.0 ~ 2.0 |
| Credit card |     |                         11.3 ~ 16.1 |     |                1.0 ~ 2.0 |
| Securities  |     |                                17.2 |     |                      2.0 |
| Others      |     |                         10.4 ~ 12.6 |     |                      1.0 |

In case of the life insurance CGU, a term structure discount rate of 3.92 % ~ 4.55 % was applied for each future period corresponding to future cash flows for 99 years.

ii-4) Key assumptions

Key assumptions used in the discounted cash flow calculations of CGUs (other than life insurance components) are as follows:

|                                |     | 2024 |     |     | 2025 |     |     | 2026 |     |     | 2027 |     |     | 2028 |     |     | 2029 |     |
| CPI growth (%)                 |     |      | 2.4 |     |      | 2.1 |     |      | 1.5 |     |      | 1.8 |     |      | 1.6 |