Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 523

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 523
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non-controllinginterests. |

| (*4) | Shinhan AI Co., Ltd was liquidated in the current period, and the amounts for the current and prior periods are those incurred before the liquidation. |

| (*6) | For the acquired company, the amount is from the consolidated statements of comprehensive income for the period after the acquisition point. |

<div align='center'>F-1 2 6</div>

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 7. | Investment in subsidiaries (continued) |

| (c) | Change in the scope of consolidation |

Change in consolidated subsidiaries for the year ended December 31, 2024 are as follows:

|          |                                       |                 2024 |                             |             |
|          |                                       |              Company |                             | Description |
| Excluded |                                       | Shinhan AI Co., Ltd. |                             | Liquidation |
|          | PT Shinhan Asset Management Indonesia |                      | Disposal                    |             |
|          | SHINHAN ASSET MGT HK, LIMITED         |                      | Decrease in ownership stake |             |

| (*) | Subsidiaries such as trust, beneficiary certificate, corporate restructuring fund and private equity fund which are not actually operating their own business are excluded. |

| 8. | Operating segments |

| (a) | Segment information |

| Segment     |     | Description                                                                                                                                                                   |
| Banking     |     | Credit to customers, lending to and receiving deposits from customers, and its accompanying work                                                                              |
| Credit card |     | Sales of credit cards, cash services, card loan services, installment financing, lease and its accompanying work                                                              |
| Securities  |     | Securities trading, consignment trading, underwriting and its accompanying work                                                                                               |
| Insurance   |     | Non-Life                                                                                                                                                                      |
| Credit      |     | Facility rental, new technology business financing, others and its accompanying work                                                                                          |
| Others      |     | Business segments that do not belong to the above segments, such as real estate trust, investment advisory services, venture business investment and other remaining business |

<div align='center'>F-12 7</div>

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)