Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 517

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 517
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 |   |
| The difference between the estimated ultimate loss and paid claims |     |                  |   5,070 |     |      |    10,497 |     |      |    23,673 |     |      |    53,601 |     |      |   275,396 |     |       |   368,237 |   |
| Discount effect                                                    |     |                  |       — |     |      |         — |     |      |         — |     |      |         — |     |      |         — |     |       |   (11,011 | ) |
| Future loss adjustment expenses                                    |     |                  |       — |     |      |         — |     |      |         — |     |      |         — |     |      |         — |     |       |     7,316 |   |
| Reported but unpaid claims                                         |     |                  |       — |     |      |         — |     |      |         — |     |      |         — |     |      |         — |     |       | 1,436,530 |   |
| Risk adjustment fornon-financialrisks                              |     |                  |       — |     |      |         — |     |      |         — |     |      |         — |     |      |         — |     |       |    14,041 |   |
| Reinsurance effect                                                 |     |                  |       — |     |      |         — |     |      |         — |     |      |         — |     |      |         — |     |       |   (94,435 | ) |
| Total liabilities for incurred claims                              |     |                W |       — |     |      |         — |     |      |         — |     |      |         — |     |      |         — |     |       | 1,720,678 |   |

<div align='center'>F-1 22</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) |

| (b) | Overview of the insurance risk – Shinhan EZ General Insurance CO., Ltd. |

| i) | Overview of insurance risks |

Insurance risk is defined as the