Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 652

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 652
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 | 684,197 |   |     |      | 450,023 |   |     |       | 2,131,560 |   |

<div align='center'>F-2 7 3</div>

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 28. | Insurance contract liabilities (continued) |

|                                       |     |                                           |     |                     2024 |         |     |                   |         |   |     |      |         |   |     |       |         |   |
|                                       |     |                                           |     | Retroactive modification 
                   method |         |     | Fair value method |         |   |     | Etc. |         |   |     | Total |         |   |
| Unapplied premium allocation approach |     | Accrued reinsurance amount                |     |                        W |      67 |     |                   |  68,816 |   |     |      |  20,973 |   |     |       |  89,856 |   |
|                                       |     | Changes in incident fulfillment cash flow |     |                          |      58 |     |                   | (27,421 | ) |     |      |  (1,971 | ) |     |       | (29,334 | ) |
|                                       |     | Etc. (*)                                  |     |                          |      53 |     |                   | (11,372 | ) |     |      |   3,938 |   |     |       |  (7,381 | ) |
|                                       |     |                                           |     |                          |     178 |     |                   |  30,023 |   |     |      |  22,940 |   |     |       |  53,141 |   |
| Premium allocation approach           |     |                                           |     |                          |  20,437 |     |                   |       — |   |     |      |       — |   |     |       |  20,437 |   |
| Reinsurance revenue subtotal          |     |                                           |     |                          |  20,615 |     |                   |  30,023 |   |     |      |  22,940 |   |     |       |