UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16
Under the Securities Exchange Act of 1934
For the Month of March 2024
SHINHAN FINANCIAL GROUP CO., LTD.
(Translation of registrant's name into English)
20, Sejong-daero 9-gil, Jung-gu, Seoul 04513, Korea
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F √ Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1): _______
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7): _______
Indicate by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes No___√___
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- n/a .
Please refer to Exhibit 99.1 and 99.2
EXHIBIT INDEX
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Exhibit No. |
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Description |
99.1 |
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Independent Auditor’s Report (Separate Financial Statements) of Shinhan Life as of December 31, 2023 |
99.2 |
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Independent Auditor’s Report (Consolidated Financial Statements) of Shinhan Life as of December 31, 2023 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Shinhan Financial Group Co., Ltd. |
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(Registrant) |
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Date: March 4, 2024 |
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By: |
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/s/ CHUN Sang-yung |
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Name: CHUN Sang-yung |
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Title: Chief Financial Officer |
Exhibit 99.1
Independent Auditor’s Report (Separate Financial Statements) of Shinhan Life as of December 31, 2023
On March 4, 2024, Shinhan Life, our wholly-owned life insurance subsidiary, filed its audit report with the Financial Supervisory Service and the Korea Exchange of the Republic of Korea pursuant to the Act of External Audit of Stock Companies and KOSPI Market Disclosure Regulation.
Contents
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Page |
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Independent Auditors’ Report |
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1 |
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Separate Statements of Financial Position |
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3 |
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Separate Statements of Comprehensive Income |
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5 |
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Separate Statements of Changes in Equity |
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7 |
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Separate Statements of Cash Flows |
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9 |
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Notes to the SeparateFinancial Statements |
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10 |
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Independent Auditors’ Review Report on Internal Control over Financial Reporting |
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Refer to PDF |
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ICFR Operating Status Report by CEO and IAM |
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Refer to PDF |
Please refer to the attached PDF file to see more details of Audit Reports with separate financial statements.
Independent Auditors’ Report
(Based on a report originally issued in Korean)
To the Board of Directors and Shareholder
Shinhan Life Insurance Co., Ltd.
Opinion
We have audited the accompanying separate financial statements of Shinhan Life Insurance Co., Ltd. (the “Company”), which comprise the separate statement of financial position as of December 31, 2023, the separate statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising of material accounting policy information and other explanatory information.
In our opinion, the accompanying separate financial statements present fairly, in all material respects, the separate financial position of the Company as of December 31, 2023, and its separate financial performance and its separate cash flows for the year then ended in accordance with Korean International Financial Reporting Standards (“K-IFRS”).
Basis for Opinion
We conducted our audits in accordance with Korean Standards on Auditing (“KSAs”). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Separate Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the separate financial statements in Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other Matter
The separate statement of financial position of the Company as of December 31, 2022 and January 1, 2022 and the related separate statements of comprehensive income, changes in equity and cash flows for the year ended December 31, 2022 were audited by another auditor in accordance with KSAs and their report thereon, dated March 6, 2023, expressed an unqualified opinion. The separate financial statements that another auditor audited are those before reflecting the adjustments due to the adoption of K-IFRS 1117 Insurance Contracts described in Note 53. The comparative separate statements of financial position as of December 31, 2022 and January 1, 2022 and the related separate statements of comprehensive income, changes in equity and cash flows for the year ended December 31, 2022 has reflected such adjustments.
We have audited the adjustments reflected to the comparative separate financial statements as part of our audit of separate financial statements as of December 31, 2023 and for the period then ended. In our opinion, the adjustments to the accompanying separate financial statements present fairly, in all material respects, in accordance with K-IFRS. We were not engaged to audit, review, or apply any other procedures to the accompanying consolidated financial statements presented for comparative purposes, other than with respect to the adjustments, and accordingly, we do not express an audit opinion or any other form of assurance on the accompanying consolidated financial statements presented for comparative purposes taken as a whole.
Responsibilities of Management and Those Charged with Governance for the Separate Financial Statements
Management is responsible for the preparation and fair presentation of the separate financial statements in accordance with K-IFRS, and for such internal control as management determines is necessary to enable the preparation of separate financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the separate financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Auditors’ Responsibilities for the Audit of the Separate Financial Statements
ffrom material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with KSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these separate financial statements.
As part of an audit in accordance with KSAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
•Identify and assess the risks of material misstatement of the separate financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
•Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances.
•Evaluate the appropriateness of accounting policies used in the preparation of the separate financial statements and the reasonableness of accounting estimates and related disclosures made by management.
•Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the separate financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Company to cease to continue as a going concern.
•Evaluate the overall presentation, structure and content of the separate financial statements, including the disclosures, and whether the separate financial statements represent the underlying transactions and events in a manner that achieves fair presentation..
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
KPMG Samjong Accounting Corp.
March 4, 2024
Seoul, Korea
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This report is effective as of March 4, 2024, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the accompanyingseparate financial statements and notes thereto. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any. |
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(In millions of won) |
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Note |
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December 31, 2023 |
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December 31, 2022 |
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January 1, 2022 |
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Assets |
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Cash and due from banks at amortized cost |
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4,7,8,10,50,52 |
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1,640,481 |
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1,483,695 |
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2,195,070 |
Financial assets at fair value through profit or loss |
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4,7,8,11,23,50 |
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11,478,700 |
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11,658,704 |
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12,452,780 |
Securities at fair value through other comprehensive income |
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4,7,8,12,23,50 |
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35,345,575 |
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32,629,372 |
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40,297,115 |
Securities at amortized cost |
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4,7,8,13,23 |
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4,348,023 |
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4,338,766 |
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4,339,749 |
Investments in subsidiaries and associates |
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14 |
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274,581 |
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265,493 |
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212,311 |
Loans and receivables at amortized cost |
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4,7,8,15,50 |
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4,707,291 |
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5,231,144 |
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5,276,416 |
Reinsurance contract assets |
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25 |
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62,815 |
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59,017 |
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- |
Right-of-use assets |
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16,50 |
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92,941 |
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113,158 |
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135,759 |
Property and equipment |
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17,50 |
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76,122 |
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81,416 |
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93,723 |
Intangible assets |
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18,50 |
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235,402 |
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269,300 |
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214,652 |
Derivative assets |
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4,7,8,21,50 |
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116,378 |
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92,074 |
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6,857 |
Current tax assets |
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48,50 |
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70,658 |
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114,391 |
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46,444 |
Investment property |
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20,23 |
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14,397 |
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14,610 |
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14,822 |
Net defined benefit assets |
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31 |
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34,257 |
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44,888 |
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32,751 |
Other assets |
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22 |
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10,694 |
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11,137 |
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11,444 |
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Total assets |
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W |
58,508,315 |
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56,407,165 |
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65,329,893 |
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(In millions of won) |
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Note |
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December 31, 2023 |
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December 31, 2022 |
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January 1, 2022 |
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Liabilities |
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Insurance contract liabilities |
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24 |
W |
45,528,986 |
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42,927,163 |
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50,622,187 |
Reinsurance contract liabilities |
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25 |
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93,120 |
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62,770 |
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281,763 |
Policyholders’ equity adjustments |
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27 |
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(1,025) |
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(1,616) |
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45,105 |
Investment contract liabilities |
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4,7,8,26,50 |
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1,831,826 |
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2,296,401 |
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3,142,578 |
Derivative liabilities |
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4,7,8,21,50 |
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239,940 |
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320,578 |
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143,286 |
Borrowings |
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4,7,8,28 |
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- |
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10,000 |
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- |
Debentures |
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4,7,8,29 |
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299,331 |
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643,451 |
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614,645 |
Other financial liabilities |
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4,7,8,30,35,50 |
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238,028 |
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304,988 |
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311,253 |
Lease liabilities |
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4,7,8,16,50 |
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91,566 |
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109,060 |
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127,406 |
Provisions |
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32 |
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75,565 |
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82,718 |
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91,850 |
Current tax payables |
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48,50 |
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55 |
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- |
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- |
Deferred tax liabilities |
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48 |
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1,631,841 |
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1,488,780 |
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1,641,830 |
Other liabilities |
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33 |
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32,533 |
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28,863 |
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24,833 |
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Total liabilities |
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50,061,766 |
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48,273,156 |
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57,046,736 |
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Equity |
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Capital stock |
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34 |
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578,274 |
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578,274 |
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578,274 |
Hybrid bonds |
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34 |
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299,452 |
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299,452 |
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299,452 |
Capital surplus |
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34 |
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820,023 |
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820,023 |
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2,233,525 |
Capital adjustments |
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34 |
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1,461 |
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1,464 |
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1,458 |
Accumulated other comprehensive income(loss) |
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34 |
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117,417 |
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113,667 |
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709,020 |
Retained earnings |
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34 |
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6,629,922 |
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6,321,129 |
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4,461,428 |
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Total equity |
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8,446,549 |
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8,134,009 |
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8,283,157 |
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Total liabilities and equity |
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W |
58,508,315 |
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56,407,165 |
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65,329,893 |
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See accompanying notes to the separate financial statements.
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(In millions of won) |
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Note |
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2023 |
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2022 |
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Insurance revenue |
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24,36 |
W |
2,629,139 |
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2,469,699 |
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Reinsurance revenue |
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25,37 |
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40,360 |
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34,983 |
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Insurance service expenses |
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24,36 |
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1,810,115 |
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1,713,261 |
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Reinsurance service expenses |
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25,37 |
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71,631 |
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62,328 |
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Other operating expenses |
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124,129 |
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91,924 |
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Insurance service result |
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663,624 |
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637,169 |
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Insurance finance income and investment income: |
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Insurance finance income from insurance contracts issued |
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24,38 |
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364,541 |
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883,170 |
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Insurance finance income from reinsurance contracts held |
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25,38 |
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19,095 |
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15,757 |
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Interest income |
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41,50 |
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1,538,432 |
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1,532,315 |
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Gains on financial assets at fair value through profit or loss |
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11,50 |
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1,187,285 |
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532,617 |
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Gains on disposal of securities at fair value through other comprehensive income |
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12 |
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54,256 |
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72,818 |
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Gains on disposal of loans at amortized cost |
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|
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48 |
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27 |
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Reversal of credit loss allowance |
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42,50 |
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7,564 |
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3,571 |
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Gains on foreign currency transaction |
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43 |
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172,736 |
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315,184 |
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Gains on derivatives |
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21,50 |
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147,499 |
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252,413 |
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Dividend income |
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45 |
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30,483 |
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42,542 |
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Fees and commission income |
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44,50 |
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12,489 |
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14,888 |
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Other investment income |
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46 |
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10,924 |
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16,461 |
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3,545,352 |
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3,681,763 |
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Insurance finance expenses and investment expenses: |
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Insurance finance expenses from insurance contracts issued |
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24,38 |
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2,500,731 |
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1,653,462 |
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Insurance finance expenses from reinsurance contracts held |
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25,38 |
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19,959 |
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16,936 |
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Interest expenses |
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41,50 |
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147,255 |
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94,761 |
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Losses on financial assets at fair value through profit or loss |
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11 |
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353,758 |
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1,319,165 |
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Losses on disposal of at fair value through other comprehensive income |
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12 |
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55,895 |
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56,757 |
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Losses on disposal of loans at amortized cost |
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|
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198 |
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73 |
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Provision for credit loss allowance |
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42,50 |
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24,406 |
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17,879 |
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Losses on foreign currency transaction |
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43 |
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41,437 |
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134,706 |
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Losses on derivatives |
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21,50 |
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301,322 |
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387,687 |
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Investment administrative expenses |
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40,50 |
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16,925 |
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20,106 |
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Other investment expenses |
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46 |
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80,773 |
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61,117 |
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3,542,659 |
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3,762,649 |
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Net finance result |
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W |
2,693 |
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(80,886) |
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(In millions of won) |
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Note |
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2023 |
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2022 |
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Operating profit |
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W |
666,317 |
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556,283 |
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Non-operating income and expenses |
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47 |
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(23,943) |
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(21,921) |
Profit before income taxes |
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|
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642,374 |
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534,362 |
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Income tax expense |
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48 |
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160,523 |
|
77,364 |
Profit for the period |
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|
481,851 |
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456,998 |
Other comprehensive income (loss) for the period, net of income tax |
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Items that may be subsequently reclassified to profit or loss: |
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Gains (losses) on valuation of securities at fair value through other comprehensive income |
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2,087,218 |
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(5,241,685) |
Gains (losses) on valuation of derivatives held for cash flow hedges |
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105,477 |
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(97,818) |
Net finance income (expenses) from insurance contracts issued |
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|
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(2,162,910) |
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4,704,252 |
Net finance income (expenses) from reinsurance contracts held |
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|
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(20,765) |
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34,045 |
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|
9,020 |
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(601,206) |
Items that will not be subsequently reclassified to profit or loss: |
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Gains (losses) on valuation of securities at fair value through other comprehensive income |
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|
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3,896 |
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(9,700) |
Remeasurements of defined benefit liability |
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(9,166) |
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15,553 |
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(5,270) |
|
5,853 |
Total other comprehensive income (loss), net of income tax |
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12,21,34 |
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3,750 |
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(595,353) |
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|
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|
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Total comprehensive income (loss) for the period |
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|
W |
485,601 |
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(138,355) |
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|
|
|
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Earnings per share: |
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|
|
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|
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Basic earnings per share and diluted earnings per share in won |
|
51 |
W |
4,073 |
|
3,858 |
See accompanying notes to the separate financial statements.
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(In millions of won) |
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Equity attributable to equity holders of Shinhan Life Insurance Co., Ltd. |
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|
Capital stock |
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Hybrid bonds |
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Capital surplus |
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Capital adjustments |
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Accumulated other compre-hensive income (loss) |
|
Retained earnings |
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Total |
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Balance at January 1, 2022 (Before) |
W |
578,274 |
|
299,452 |
|
2,233,525 |
|
1,458 |
|
51,926 |
|
1,996,016 |
|
5,160,651 |
Changes in accounting policies |
|
- |
|
- |
|
- |
|
- |
|
657,094 |
|
2,465,412 |
|
3,122,506 |
Balance at January 1, 2022 (After) |
|
578,274 |
|
299,452 |
|
2,233,525 |
|
1,458 |
|
709,020 |
|
4,461,428 |
|
8,283,157 |
Total comprehensive income for the period: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
|
- |
|
- |
|
- |
|
- |
|
- |
|
456,998 |
|
456,998 |
Other comprehensive income, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses on valuation of securities at fair value through other comprehensive income |
|
- |
|
- |
|
- |
|
- |
|
(5,251,385) |
|
- |
|
(5,251,385) |
Losses on valuation of derivatives held for cash flow hedges |
|
- |
|
- |
|
- |
|
- |
|
(97,818) |
|
- |
|
(97,818) |
Net finance income from insurance contracts issued |
|
- |
|
- |
|
- |
|
- |
|
4,704,252 |
|
- |
|
4,704,252 |
Net finance income from reinsurance contracts held |
|
- |
|
- |
|
- |
|
- |
|
34,045 |
|
- |
|
34,045 |
Remeasurement of defined benefit plans |
|
- |
|
- |
|
- |
|
- |
|
15,553 |
|
- |
|
15,553 |
Total other comprehensive income |
|
- |
|
- |
|
- |
|
- |
|
(595,353) |
|
- |
|
(595,353) |
Total comprehensive income(loss) |
|
- |
|
- |
|
- |
|
- |
|
(595,353) |
|
456,998 |
|
(138,355) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other changes in equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based payment |
|
- |
|
- |
|
- |
|
6 |
|
- |
|
- |
|
6 |
Dividend payment on hybrid bonds |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(10,799) |
|
(10,799) |
Decrease in capital surplus, increase in retained earnings |
|
- |
|
- |
|
(1,413,502) |
|
- |
|
- |
|
1,413,502 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2022 |
W |
578,274 |
|
299,452 |
|
820,023 |
|
1,464 |
|
113,667 |
|
6,321,129 |
|
8,134,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions of won) |
|
Equity attributable to equity holders of Shinhan Life Insurance Co., Ltd. |
|
|
Capital stock |
|
Hybrid bonds |
|
Capital surplus |
|
Capital adjustments |
|
Accumulated other compre-hensive income (loss) |
|
Retained earnings |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2023 |
W |
578,274 |
|
299,452 |
|
820,023 |
|
1,464 |
|
113,667 |
|
6,321,129 |
|
8,134,009 |
Total comprehensive income for the period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
|
- |
|
- |
|
- |
|
- |
|
- |
|
481,851 |
|
481,851 |
Other comprehensive income, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on valuation of securities at fair value through other comprehensive income |
|
- |
|
- |
|
- |
|
- |
|
2,091,114 |
|
- |
|
2,091,114 |
Gains on valuation of derivatives intended for cash flow hedges |
|
- |
|
- |
|
- |
|
- |
|
105,477 |
|
- |
|
105,477 |
Net finance expenses from insurance contracts issued |
|
- |
|
- |
|
- |
|
- |
|
(2,162,910) |
|
- |
|
(2,162,910) |
Net finance expenses from reinsurance contracts held |
|
- |
|
- |
|
- |
|
- |
|
(20,765) |
|
- |
|
(20,765) |
Remeasurement of defined benefit plans |
|
- |
|
- |
|
- |
|
- |
|
(9,166) |
|
- |
|
(9,166) |
Total other comprehensive income |
|
- |
|
- |
|
- |
|
- |
|
3,750 |
|
- |
|
3,750 |
Total comprehensive income |
|
- |
|
- |
|
- |
|
- |
|
3,750 |
|
481,851 |
|
485,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other changes in equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(162,257) |
|
(162,257) |
Share-based payment |
|
- |
|
- |
|
- |
|
(3) |
|
- |
|
- |
|
(3) |
Dividend payment on hybrid bonds |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(10,801) |
|
(10,801) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2023 |
W |
578,274 |
|
299,452 |
|
820,023 |
|
1,461 |
|
117,417 |
|
6,629,922 |
|
8,446,549 |
See accompanying notes to the separate financial statements.
|
|
|
|
|
(In millions of won) |
|
2023 |
|
2022 |
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
Profit for the period |
W |
481,851 |
|
456,998 |
Adjustment for profit or loss (Note 52) |
|
(274,615) |
|
(574,708) |
Changes in assets and liabilities (Note 52) |
|
(702,715) |
|
(2,278,427) |
Income tax refund(paid) |
|
24,827 |
|
(71,758) |
Interest received |
|
1,027,457 |
|
1,164,919 |
Interest paid |
|
(33,496) |
|
(31,103) |
Dividends received |
|
40,321 |
|
47,180 |
Net cash inflow(outflow) from operating activities |
|
563,630 |
|
(1,286,899) |
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Disposal of financial assets at fair value through profit or loss |
|
509,489 |
|
969,855 |
Acquisition of financial assets at fair value through profit or loss |
|
(783,328) |
|
(1,008,703) |
Disposal of securities at fair value through other comprehensive income |
|
3,744,617 |
|
3,861,846 |
Acquisition of securities at fair value through other comprehensive income |
|
(3,138,261) |
|
(2,950,679) |
Disposal of securities at amortized cost |
|
- |
|
10,000 |
Acquisition of investments in subsidiaries |
|
(54,000) |
|
(20,000) |
Disposal of investments in associates |
|
- |
|
2,456 |
Acquisition of investments in associates |
|
- |
|
(35,981) |
Cash inflows from hedging activities |
|
14,224 |
|
12,197 |
Cash outflows from hedging activities |
|
(67,030) |
|
(138,834) |
Disposal of property and equipment |
|
665 |
|
369 |
Acquisition of property and equipment |
|
(16,744) |
|
(10,115) |
Disposal of intangible assets |
|
665 |
|
682 |
Acquisition of intangible assets |
|
(34,967) |
|
(123,083) |
Decrease in receivables at amortized cost |
|
21,741 |
|
30,214 |
Increase in receivables at amortized cost |
|
(3,502) |
|
(19,722) |
Net cash inflow from investing activities |
|
193,569 |
|
580,502 |
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Repayment of debt securities |
|
(656,645) |
|
- |
Proceeds from issuance of debt securities |
|
299,246 |
|
- |
Decrease in borrowings |
|
(34,100) |
|
- |
Increase in borrowings |
|
24,100 |
|
10,000 |
Decrease in other financial liabilities |
|
(1,501) |
|
(289) |
Increase in other financial liabilities |
|
896 |
|
193 |
Decrease in lease liabilities |
|
(30,351) |
|
(34,360) |
Dividends paid |
|
(162,257) |
|
- |
Hybrid bond interests paid |
|
(10,801) |
|
(10,799) |
Net cash outflow from financing activities |
|
(571,413) |
|
(35,255) |
|
|
|
|
|
Net increase(decrease) in cash and cash equivalents |
|
185,786 |
|
(741,652) |
Changes in cash and cash equivalents due to foreign currency translation |
|
558 |
|
245 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of year |
|
764,099 |
|
1,505,506 |
|
|
|
|
|
Cash and cash equivalents at the end of year |
W |
950,443 |
|
764,099 |
See accompanying notes to the separate financial statements.
Exhibit 99.2
Independent Auditor’s Report (Consolidated Financial Statements) of Shinhan Life as of December 31, 2023
On March 4, 2024, Shinhan Life, our wholly-owned life insurance subsidiary, filed its audit report with the Financial Supervisory Service and the Korea Exchange of the Republic of Korea pursuant to the Act of External Audit of Stock Companies and KOSPI Market Disclosure Regulation.
Contents
|
|
|
|
|
Page |
|
|
|
Independent Auditors' Report |
|
1 |
|
|
|
Consolidated Statements of Financial Position |
|
3 |
|
|
|
Consolidated Statements of Comprehensive Income |
|
5 |
|
|
|
Consolidated Statements of Changes in Equity |
|
7 |
|
|
|
Consolidated Statements of Cash Flows |
|
9 |
|
|
|
Notes to the Consolidated Financial Statements |
|
Refer to PDF |
Please refer to the attached PDF file to see more details of Audit Reports with consolidated financial statements.
Independent Auditors’ Report
(Based on a report originally issued in Korean)
To the Board of Directors and Shareholder
Shinhan Life Insurance Co., Ltd.
Opinion
We have audited the accompanying consolidated financial statements of Shinhan Life Insurance Co., Ltd. and its subsidiaries (the “Group”), which comprise the consolidated statement of financial position as of December 31, 2023, the consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising of material accounting policy information and other explanatory information.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2023, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Korean International Financial Reporting Standards (“K-IFRS”).
Basis for Opinion
We conducted our audits in accordance with Korean Standards on Auditing (“KSAs”). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other Matter
The consolidated statement of financial position of the Group as of December 31, 2022 and January 1, 2022 and the related consolidated statements of comprehensive income, changes in equity and cash flows for the year ended December 31, 2022 were audited by another auditor in accordance with KSAs and their report thereon, dated March 6, 2023, expressed an unqualified opinion. The consolidated financial statements that another auditor audited are those before reflecting the adjustments due to the adoption of K-IFRS 1117 Insurance Contracts described in Note 56. The comparative consolidated statements of financial position as of December 31, 2022 and January 1, 2022 and the related consolidated statements of comprehensive income, changes in equity and cash flows for the year ended December 31, 2022 has reflected such adjustments.
We have audited the adjustments reflected to the comparative consolidated financial statements as part of our audit of consolidated financial statements as of December 31, 2023 and for the period then ended. In our opinion, the adjustments to the accompanying consolidated financial statements present fairly, in all material respects, in accordance with K-IFRS. We were not engaged to audit, review, or apply any other procedures to the accompanying consolidated financial statements presented for comparative purposes, other than with respect to the adjustments, and accordingly, we do not express an audit opinion or any other form of assurance on the accompanying consolidated financial statements presented for comparative purposes taken as a whole.
Responsibilities of Management and Those Charged with Governance for the Separate Financial Statements
Management is responsible for the preparation and fair presentation of the separate financial statements in accordance with K-IFRS, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group’s financial reporting process.
Auditors’ Responsibilities for the Audit of the Separate Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with KSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with KSAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
•Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
•Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances.
•Evaluate the appropriateness of accounting policies used in the preparation of the consolidated financial statements and the reasonableness of accounting estimates and related disclosures made by management.
•Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Group to cease to continue as a going concern.
•Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
•Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
KPMG Samjong Accounting Corp.
March 4, 2024
Seoul, Korea
|
This report is effective as of March 4, 2024, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the accompanying consolidated financial statements and notes thereto. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions of won) |
|
Note |
|
December 31, 2023 |
|
December 31, 2022 |
|
January 1, 2022 |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Cash and due from banks at amortized cost |
|
4,7,8,10,50,52 |
W |
1,838,006 |
|
1,653,704 |
|
2,360,571 |
Financial assets at fair value through profit or loss |
|
4,7,8,11,23, 50 |
|
11,127,310 |
|
11,527,229 |
|
12,411,406 |
Securities at fair value through other comprehensive income |
|
4,7,8,12,23,50 |
|
35,674,980 |
|
32,753,803 |
|
40,338,093 |
Securities at amortized cost |
|
4,7,8,13,23 |
|
4,348,023 |
|
4,338,766 |
|
4,339,749 |
Investments in associates |
|
14 |
|
25,956 |
|
41,043 |
|
4,379 |
Loans and receivables at amortized cost |
|
4,7,8,15,50 |
|
4,775,933 |
|
5,282,587 |
|
5,321,737 |
Reinsurance contract assets |
|
25 |
|
62,815 |
|
59,017 |
|
- |
Right-of-use assets |
|
16,50 |
|
97,606 |
|
116,466 |
|
131,216 |
Property and equipment, net |
|
17,50 |
|
90,359 |
|
88,954 |
|
100,465 |
Intangible assets |
|
18,50 |
|
257,771 |
|
292,687 |
|
233,093 |
Derivative assets |
|
4,7,8,21,50 |
|
122,465 |
|
95,238 |
|
7,070 |
Current tax assets |
|
48,50 |
|
71,169 |
|
114,669 |
|
46,399 |
Deferred tax assets |
|
48 |
|
88 |
|
- |
|
- |
Investment property |
|
20,23 |
|
14,397 |
|
14,610 |
|
14,822 |
Net defined benefit assets |
|
31 |
|
34,796 |
|
44,907 |
|
32,751 |
Other assets |
|
22 |
|
99,671 |
|
77,451 |
|
67,939 |
Total assets |
|
|
W |
58,641,345 |
|
56,501,131 |
|
65,409,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions of won) |
|
Note |
|
December 31, 2023 |
|
December 31, 2022 |
|
January 1, 2022 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Insurance contract liabilities |
|
24 |
W |
45,533,987 |
|
42,928,691 |
|
50,622,187 |
Reinsurance contract liabilities |
|
25 |
|
93,120 |
|
62,770 |
|
281,763 |
Policyholders’ equity adjustments |
|
27 |
|
(1,025) |
|
(1,616) |
|
45,154 |
Investment contract liabilities |
|
4,7,8,26,50 |
|
1,831,826 |
|
2,296,401 |
|
3,142,578 |
Derivative liabilities |
|
4,7,8,21,50 |
|
240,771 |
|
321,561 |
|
143,791 |
Borrowings |
|
4,7,8,28 |
|
17,835 |
|
11,271 |
|
1,855 |
Debentures |
|
4,7,8,29 |
|
299,331 |
|
643,451 |
|
614,645 |
Other financial liabilities |
|
4,7,8,30,35,50 |
|
267,901 |
|
330,189 |
|
334,152 |
Lease liabilities |
|
4,7,8,16,50 |
|
101,294 |
|
118,702 |
|
131,587 |
Net defined benefit liabilities |
|
31 |
|
2,336 |
|
107 |
|
9 |
Provisions |
|
32 |
|
79,572 |
|
85,892 |
|
95,126 |
Current tax payable |
|
48,50 |
|
55 |
|
- |
|
- |
Deferred tax liabilities |
|
48 |
|
1,645,360 |
|
1,495,764 |
|
1,641,572 |
Other liabilities |
|
33 |
|
105,848 |
|
87,409 |
|
80,888 |
Total liabilities |
|
|
|
50,218,211 |
|
48,380,592 |
|
57,135,307 |
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Capital stock |
|
34 |
|
578,274 |
|
578,274 |
|
578,274 |
Hybrid bonds |
|
34 |
|
299,452 |
|
299,452 |
|
299,452 |
Capital surplus |
|
34 |
|
820,012 |
|
820,012 |
|
2,233,514 |
Capital adjustments |
|
34 |
|
1,461 |
|
1,464 |
|
1,458 |
Accumulated other comprehensive income |
|
34 |
|
124,738 |
|
121,477 |
|
713,878 |
Retained earnings |
|
34 |
|
6,599,197 |
|
6,299,860 |
|
4,447,807 |
Total equity |
|
|
|
8,423,134 |
|
8,120,539 |
|
8,274,383 |
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
|
W |
58,641,345 |
|
56,501,131 |
|
65,409,690 |
See accompanying notes to the consolidated financial statements.
|
|
|
|
|
|
|
|
|
(In millions of won) |
|
Note |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
Insurance revenue |
|
24,36 |
W |
2,641,027 |
|
2,469,699 |
|
Reinsurance revenue |
|
25,37 |
|
40,360 |
|
34,983 |
|
Insurance service expenses |
|
24,36 |
|
1,813,791 |
|
1,709,035 |
|
Reinsurance service expenses |
|
25,37 |
|
71,631 |
|
62,328 |
|
Other operating expenses |
|
|
|
141,809 |
|
102,289 |
|
Insurance service result |
|
|
|
2,681,387 |
|
2,504,682 |
|
|
|
|
|
|
|
|
|
Insurance finance income and investment income: |
|
|
|
|
|
|
|
Insurance finance income from insurance contracts issued |
|
24,38 |
|
364,541 |
|
883,170 |
|
Insurance finance income from reinsurance contracts held |
|
25,38 |
|
19,095 |
|
15,757 |
|
Interest income |
|
41,50 |
|
1,564,494 |
|
1,549,471 |
|
Gains on financial assets at fair value through profit or loss |
|
11,50 |
|
1,173,532 |
|
540,739 |
|
Gains on disposal of securities at fair value through other comprehensive income |
|
12 |
|
54,256 |
|
72,818 |
|
Gains on disposal of loans at amortized cost |
|
|
|
48 |
|
27 |
|
Reversal of credit loss allowance |
|
42,50 |
|
9,641 |
|
3,562 |
|
Gains on foreign currency transaction |
|
43 |
|
177,491 |
|
319,495 |
|
Gains on derivatives |
|
21,50 |
|
153,712 |
|
256,784 |
|
Dividend income |
|
45 |
|
30,483 |
|
42,543 |
|
Fees and commission income |
|
44,50 |
|
12,220 |
|
13,142 |
|
Other investment income |
|
46 |
|
210,815 |
|
175,115 |
|
|
|
|
|
3,770,328 |
|
3,872,623 |
|
Insurance finance expenses and investment expenses: |
|
|
|
|
|
|
|
Insurance finance expenses from insurance contracts issued |
|
24,38 |
|
2,500,731 |
|
1,653,462 |
|
Insurance finance expenses from reinsurance contracts held |
|
25,38 |
|
19,959 |
|
16,936 |
|
Interest expenses |
|
41,50 |
|
147,595 |
|
94,970 |
|
Losses on financial assets at fair value through profit or loss |
|
11 |
|
352,776 |
|
1,334,502 |
|
Losses on disposal of securities measured at fair value through other comprehensive income |
|
12 |
|
55,895 |
|
56,757 |
|
Losses on disposal of loans at amortized cost |
|
|
|
198 |
|
73 |
|
Provision for credit loss allowance |
|
42,50 |
|
25,813 |
|
19,948 |
|
Losses on foreign currency transaction |
|
43 |
|
47,851 |
|
138,823 |
|
Losses on derivatives |
|
21,50 |
|
307,698 |
|
392,232 |
|
Investment administrative expenses |
|
40,50 |
|
18,203 |
|
24,036 |
|
Other investment expenses |
|
46 |
|
288,708 |
|
221,334 |
|
|
|
|
|
3,765,427 |
|
3,953,073 |
|
Net finance result |
|
|
W |
4,901 |
|
(80,450) |
|
|
|
|
|
|
|
|
(In millions of won) |
|
Note |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
Operating profit |
|
|
W |
659,057 |
|
550,580 |
|
|
|
|
|
|
|
Non-operating expenses |
|
47 |
|
(19,202) |
|
(21,895) |
Equity in net income of associated companies |
|
14 |
|
(302) |
|
4,221 |
Profit before income taxes |
|
|
|
639,553 |
|
532,906 |
|
|
|
|
|
|
|
Income tax expense |
|
48 |
|
167,158 |
|
83,514 |
Profit for the period |
|
|
|
472,395 |
|
449,392 |
Other comprehensive income (loss) for the period, net of income tax |
|
|
|
|
|
|
Items that may be subsequently reclassified to profit or loss: |
|
|
|
|
|
|
Gains (losses) on valuation of securities at fair value through other comprehensive income |
|
|
|
2,087,606 |
|
(5,241,573) |
Equity in other comprehensive income of associates |
|
|
|
- |
|
3 |
Foreign currency translation adjustments for foreign operations |
|
|
|
(738) |
|
2,883 |
Gains (losses) on valuation of derivatives held for cash flow hedges |
|
|
|
105,477 |
|
(97,818) |
Net finance income (expenses) from insurance contracts issued |
|
|
|
(2,162,910) |
|
4,704,252 |
Net finance income (expenses) from reinsurance contracts held |
|
|
|
(20,765) |
|
34,045 |
|
|
|
|
8,670 |
|
(598,208) |
Items that will not be subsequently reclassified to profit or loss: |
|
|
|
|
|
|
Gains (losses) on valuation of securities at fair value through other comprehensive income |
|
|
|
3,896 |
|
(9,700) |
Equity in other comprehensive income of associates |
|
|
|
- |
|
(5) |
Remeasurements of defined benefit liability |
|
|
|
(9,305) |
|
15,471 |
|
|
|
|
(5,409) |
|
5,766 |
Total other comprehensive income (loss), net of income tax |
|
12,21,34 |
|
3,261 |
|
(592,442) |
|
|
|
|
|
|
|
Total comprehensive income (loss) for the period |
|
|
W |
475,656 |
|
(143,050) |
|
|
|
|
|
|
|
Profit attributable to: |
|
|
|
|
|
|
Equity holders of Shinhan Life Insurance Co., Ltd. |
|
|
|
472,395 |
|
449,392 |
|
|
|
W |
472,395 |
|
449,392 |
Total comprehensive income (loss) attributable to: |
|
|
|
|
|
|
Equity holders of Shinhan Life Insurance Co., Ltd. |
|
|
|
475,656 |
|
(143,050) |
|
|
|
W |
475,656 |
|
(143,050) |
Earnings per share: |
|
|
|
|
|
|
Basic earnings per share in won |
|
51 |
W |
3,991 |
|
3,792 |
See accompanying notes to the consolidated financial statements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions of won) |
|
Equity attributable to equity holders of Shinhan Life Insurance Co., Ltd. |
|
|
Capital stock |
|
Hybrid bonds |
|
Capital surplus |
|
Capital adjustments |
|
Accumulated other compre-hensive income (loss) |
|
Retained earnings |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2022 (Before) |
W |
578,274 |
|
299,452 |
|
2,233,514 |
|
1,458 |
|
43,802 |
|
1,996,063 |
|
5,152,563 |
Changes in accounting policies |
|
- |
|
- |
|
- |
|
- |
|
670,075 |
|
2,451,744 |
|
3,121,819 |
Balance at January 1, 2022 (After) |
|
578,274 |
|
299,452 |
|
2,233,514 |
|
1,458 |
|
713,877 |
|
4,447,807 |
|
8,274,382 |
Total comprehensive income for the period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
|
- |
|
- |
|
- |
|
- |
|
- |
|
449,392 |
|
449,392 |
Other comprehensive income, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses on valuation of securities at fair value through other comprehensive income |
|
- |
|
- |
|
- |
|
- |
|
(5,251,273) |
|
- |
|
(5,251,273) |
Equity in other comprehensive income of associates |
|
- |
|
- |
|
- |
|
- |
|
(2) |
|
- |
|
(2) |
Foreign currency translation adjustments for foreign operations |
|
- |
|
- |
|
- |
|
- |
|
2,883 |
|
- |
|
2,883 |
Losses on valuation of derivatives held for cash flow hedges |
|
- |
|
- |
|
- |
|
- |
|
(97,818) |
|
- |
|
(97,818) |
Net finance income from insurance contracts issued |
|
- |
|
- |
|
- |
|
- |
|
4,704,252 |
|
- |
|
4,704,252 |
Net finance income from reinsurance contracts held |
|
- |
|
- |
|
- |
|
- |
|
34,045 |
|
- |
|
34,045 |
Remeasurement of defined benefit plans |
|
- |
|
- |
|
- |
|
- |
|
15,471 |
|
- |
|
15,471 |
Total other comprehensive income |
|
- |
|
- |
|
- |
|
- |
|
(592,442) |
|
- |
|
(592,442) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other changes in equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based payment |
|
- |
|
- |
|
- |
|
6 |
|
- |
|
- |
|
6 |
Interest expenses on hybrid bonds |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(10,799) |
|
(10,799) |
Decrease in Additional Paid-In Capital, Transfer from Retained Earnings |
|
- |
|
- |
|
(1,413,502) |
|
- |
|
- |
|
1,413,502 |
|
- |
Reclassification of other comprehensive income to retained earnings |
|
- |
|
- |
|
- |
|
- |
|
42 |
|
(42) |
|
- |
Balance at December 31, 2022 (Unaudited) |
W |
578,274 |
|
299,452 |
|
820,012 |
|
1,464 |
|
121,477 |
|
6,299,860 |
|
8,120,539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions of won) |
|
Equity attributable to equity holders of Shinhan Life Insurance Co., Ltd. |
|
|
Capital stock |
|
Hybrid bonds |
|
Capital surplus |
|
Capital adjustments |
|
Accumulated other compre-hensive income (loss) |
|
Retained earnings |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2023 |
W |
578,274 |
|
299,452 |
|
820,012 |
|
1,464 |
|
121,477 |
|
6,299,860 |
|
8,120,539 |
Total comprehensive income for the period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
|
- |
|
- |
|
- |
|
- |
|
- |
|
472,395 |
|
472,395 |
Other comprehensive income, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on valuation of securities at fair value through other comprehensive income |
|
- |
|
- |
|
- |
|
- |
|
2,091,502 |
|
- |
|
2,091,502 |
Foreign currency translation adjustments for foreign operations |
|
- |
|
- |
|
- |
|
- |
|
(738) |
|
- |
|
(738) |
Gains on valuation of derivatives intended for cash flow hedges |
|
- |
|
- |
|
- |
|
- |
|
105,477 |
|
- |
|
105,477 |
Net finance expenses from insurance contracts issued |
|
- |
|
- |
|
- |
|
- |
|
(2,162,910) |
|
- |
|
(2,162,910) |
Net finance expenses from reinsurance contracts held |
|
- |
|
- |
|
- |
|
- |
|
(20,765) |
|
- |
|
(20,765) |
Remeasurement of defined benefit plans |
|
- |
|
- |
|
- |
|
- |
|
(9,305) |
|
- |
|
(9,305) |
Total other comprehensive income |
|
- |
|
- |
|
- |
|
- |
|
3,261 |
|
- |
|
3,261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other changes in equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(162,257) |
|
(162,257) |
Share-based payment |
|
- |
|
- |
|
- |
|
(3) |
|
- |
|
- |
|
(3) |
Interest expenses on hybrid bonds |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(10,801) |
|
(10,801) |
Balance at December 31, 2023 |
W |
578,274 |
|
299,452 |
|
820,012 |
|
1,461 |
|
124,738 |
|
6,599,197 |
|
8,423,134 |
See accompanying notes to the consolidated financial statements
|
|
|
|
|
(In millions of won) |
|
2023 |
|
2022 |
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
Profit before income taxes |
W |
472,395 |
|
449,392 |
Adjustment for profit or loss (Note 52) |
|
(291,067) |
|
(582,788) |
Changes in assets and liabilities (Note 52) |
|
(707,446) |
|
(2,325,951) |
Income taxes received (paid) |
|
24,597 |
|
(71,970) |
Interest received |
|
1,048,077 |
|
1,179,902 |
Interest paid |
|
(33,496) |
|
(31,103) |
Dividends received |
|
40,321 |
|
47,180 |
|
|
553,381 |
|
(1,335,338) |
Cash flows from investing activities |
|
|
|
|
Disposal of financial assets at fair value through profit or loss |
|
507,025 |
|
972,389 |
Acquisition of financial assets at fair value through profit or loss |
|
(561,784) |
|
(891,305) |
Disposal of securities at fair value through other comprehensive income |
|
3,751,873 |
|
3,861,846 |
Acquisition of securities at fair value through other comprehensive income |
|
(3,349,281) |
|
(3,035,678) |
Disposal of securities at amortized cost |
|
- |
|
10,000 |
Disposal of investments in associates |
|
- |
|
2,456 |
Acquisition of investments in associates |
|
(25,200) |
|
(35,981) |
Cash inflows from hedging activities |
|
15,436 |
|
12,585 |
Cash outflows from hedging activities |
|
(70,720) |
|
(139,690) |
Disposal of property and equipment |
|
838 |
|
414 |
Acquisition of property and equipment |
|
(26,809) |
|
(12,484) |
Disposal of intangible assets |
|
665 |
|
648 |
Acquisition of intangible assets |
|
(40,908) |
|
(129,524) |
Decrease in receivables at amortized cost |
|
23,996 |
|
31,219 |
Increase in receivables at amortized cost |
|
(5,984) |
|
(23,046) |
Net cash inflow inflow from investing activities |
|
219,147 |
|
623,849 |
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Increase in non-controlling interests |
|
16,488 |
|
(782) |
Repayment of debentures |
|
(656,645) |
|
- |
Issuance of debentures |
|
299,246 |
|
- |
Decrease in borrowings |
|
(34,100) |
|
- |
Increase in borrowings |
|
24,100 |
|
10,000 |
Decrease in other financial liabilities |
|
(1,501) |
|
(289) |
Increase in other financial liabilities |
|
861 |
|
1 |
Decrease in lease liabilities |
|
(37,920) |
|
(40,471) |
Dividends paid |
|
(162,257) |
|
- |
Hybrid bond dividends paid |
|
(10,801) |
|
(10,799) |
Net cash outflow from financing activities |
W |
(562,529) |
|
(42,340) |
|
|
|
|
|
Net Increase in cash and cash equivalents |
|
209,999 |
|
(753,829) |
Changes in cash and cash equivalents due to foreign currency translation |
|
558 |
|
245 |
|
|
|
|
|
Cash and cash equivalents at the beginning of the period |
|
803,520 |
|
1,557,104 |
Cash and cash equivalents at the end of the period |
W |
1,014,077 |
|
803,520 |
See accompanying notes to the consolidated financial statements.
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