Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 471

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 471
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     | 2023 |       |     | 2024 |       |
| Interest rate risk (*) |     |    W | 4,352 |     |      | 2,551 |

| (*) | Foreign subsidiaries are excluded from the calculation. |

<div align='center'>F- 7 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) |

i-5) Shinhan Securities

The VaR details for trading positions of Shinhan Securities as of and for the years ended December 31, 2023 and 2024 are as follows:

|                                  |     | 2023 |         |   |     | 2024 |         |   |
| Interest rate risk               |     |    W |  32,186 |   |     |      |  15,662 |   |
| Stock price risk                 |     |      |  20,384 |   |     |      |  14,321 |   |
| Foreign exchange risk            |     |      |  52,150 |   |     |      |  30,310 |   |
| Option volatility risk           |     |      |  12,418 |   |     |      |  42,703 |   |
| Portfolio diversification effect |     |      | (81,712 | ) |     |      | (41,549 | ) |
|                                  |     |      |  35,426 |   |     |      |  61,447 |   |

i-6) Shinhan Life Insurance

The VaR details for trading positions of Shinhan Life Insurance as of and for the years ended December 31, 2023 and 2024 are as follows:

|                        |     | 2023 |        |     | 2024 |        |
| Interest rate risk     |     |    W |  1,796 |     |      |    683 |
| Stock price risk       |     |      |  7,522 |     |      | 11,523 |
| Foreign exchange risk  |     |      | 52,394 |     |      | 55,467 |
| Option volatility risk |     |      |