Japan Post unit trims AFLAC (NYSE: AFL) stake, retains 51.9M shares

Rhea-AI Filing Summary

Japan Post Holdings Co., Ltd., as a ten percent owner of Aflac Inc., reported indirect open-market sales totaling 14,500 shares of Aflac common stock on March 27, 2026. The trades were executed in three blocks: 7,336 shares at $106.60, 5,801 shares at $107.91, and 1,363 shares at $108.45 per share, each price representing a weighted average within specified intraday ranges. The shares are held by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust, with Japan Post potentially deemed a beneficial owner through its role as sole settlor and beneficiary. After these sales, the trust continues to hold 51,989,200 shares of Aflac common stock indirectly associated with Japan Post, which, along with related entities and individuals, expressly disclaims beneficial ownership except to the extent of any pecuniary interest.

Insider Trade Summary 10b5-1

Net Seller: 14,500 shares ($1,555,821)

Net Sell 3 txns

Insider Japan Post Holdings Co., Ltd.

Role 10% Owner

Sold 14,500 shs ($1.56M)

Type	Security	Shares	Price	Value
Sale	Common Stock	7,336	$106.60	$782K
Sale	Common Stock	5,801	$107.91	$626K
Sale	Common Stock	1,363	$108.45	$148K

Holdings After Transaction: Common Stock — 51,996,364 shares (Indirect, See footnote)

Footnotes (1)

1. The price reported represents the weighted average price of shares of Common Stock of Aflac Inc. (the "Issuer") sold in multiple transactions at prices ranging from $106.33 to $107.33 per share. The reporting person will provide to the Issuer, or the Securities and Exchange Commission staff, upon request, information regarding the number of shares sold at each price within the range. The reported securities are held directly by J&A Alliance Holdings Corporation ("J&A Holdings"), in its capacity as the trustee of the J&A Alliance Trust (the "Trust"). General Incorporated Association J&A Alliance ("General Incorporated"), Kenji Sano and Tetsuya Numaguchi each may be deemed to beneficially own the securities held by J&A Holdings (in its capacity as trustee of the Trust) because (i) General Incorporated owns J&A Holdings and (ii) Kenji Sano and Tetsuya Numaguchi each own 50% of the equity interests in General Incorporated. Japan Post Holdings Co., Ltd. ("Japan Post") may be deemed to beneficially own the shares of common stock owned directly by J&A Holdings, in its capacity as the trustee of the Trust, due to its role as the sole settlor and beneficiary of the Trust. Each of General Incorporated, Kenji Sano, Tetsuya Numaguchi and Japan Post expressly disclaim beneficial ownership of the reported securities except to the extent of its pecuniary interest therein. The price reported represents the weighted average price of shares of Common Stock of the Issuer sold in multiple transactions at prices ranging from $107.35 to $108.35 per share. The reporting person will provide to the Issuer, or the Securities and Exchange Commission staff, upon request, information regarding the number of shares sold at each price within the range. The price reported represents the weighted average price of shares of Common Stock of the Issuer sold in multiple transactions at prices ranging from $108.36 to $108.73 per share. The reporting person will provide to the Issuer, or the Securities and Exchange Commission staff, upon request, information regarding the number of shares sold at each price within the range.

Key Figures

Shares sold: 14,500 shares First trade block: 7,336 shares at $106.60 Second trade block: 5,801 shares at $107.91 +5 more

8 metrics

Shares sold 14,500 shares Total AFLAC common shares sold on March 27, 2026

First trade block 7,336 shares at $106.60 Open-market sale of AFLAC common stock

Second trade block 5,801 shares at $107.91 Open-market sale of AFLAC common stock

Third trade block 1,363 shares at $108.45 Open-market sale of AFLAC common stock

Post-transaction holdings 51,989,200 shares Indirect AFLAC shares held after March 27, 2026 sales

Price range (first block) $106.33–$107.33 per share Weighted average range for first sale group

Price range (second block) $107.35–$108.35 per share Weighted average range for second sale group

Price range (third block) $108.36–$108.73 per share Weighted average range for third sale group

Key Terms

weighted average price, beneficially own, pecuniary interest, ten percent owner

4 terms

weighted average price financial

"The price reported represents the weighted average price of shares of Common Stock of Aflac Inc."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

beneficially own financial

"each may be deemed to beneficially own the securities held by J&A Holdings"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

pecuniary interest financial

"expressly disclaim beneficial ownership of the reported securities except to the extent of its pecuniary interest therein"

ten percent owner financial

"Japan Post Holdings Co., Ltd. is listed as a ten percent owner"

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Japan Post Holdings Co., Ltd.

(Last) (First) (Middle)

2-3-1, OTEMACHI, CHIYODA-KU

(Street)

TOKYO 100-8791

(City) (State) (Zip)

JAPAN

(Country)

2. Issuer Name and Ticker or Trading Symbol
AFLAC INC [ AFL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/27/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/27/2026		S		7,336	D	$106.6(1)	51,996,364	I	See footnote(2)
Common Stock	03/27/2026		S		5,801	D	$107.91(3)	51,990,563	I	See footnote(2)
Common Stock	03/27/2026		S		1,363	D	$108.45(4)	51,989,200	I	See footnote(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported represents the weighted average price of shares of Common Stock of Aflac Inc. (the "Issuer") sold in multiple transactions at prices ranging from $106.33 to $107.33 per share. The reporting person will provide to the Issuer, or the Securities and Exchange Commission staff, upon request, information regarding the number of shares sold at each price within the range.

2. The reported securities are held directly by J&A Alliance Holdings Corporation ("J&A Holdings"), in its capacity as the trustee of the J&A Alliance Trust (the "Trust"). General Incorporated Association J&A Alliance ("General Incorporated"), Kenji Sano and Tetsuya Numaguchi each may be deemed to beneficially own the securities held by J&A Holdings (in its capacity as trustee of the Trust) because (i) General Incorporated owns J&A Holdings and (ii) Kenji Sano and Tetsuya Numaguchi each own 50% of the equity interests in General Incorporated. Japan Post Holdings Co., Ltd. ("Japan Post") may be deemed to beneficially own the shares of common stock owned directly by J&A Holdings, in its capacity as the trustee of the Trust, due to its role as the sole settlor and beneficiary of the Trust. Each of General Incorporated, Kenji Sano, Tetsuya Numaguchi and Japan Post expressly disclaim beneficial ownership of the reported securities except to the extent of its pecuniary interest therein.

3. The price reported represents the weighted average price of shares of Common Stock of the Issuer sold in multiple transactions at prices ranging from $107.35 to $108.35 per share. The reporting person will provide to the Issuer, or the Securities and Exchange Commission staff, upon request, information regarding the number of shares sold at each price within the range.

4. The price reported represents the weighted average price of shares of Common Stock of the Issuer sold in multiple transactions at prices ranging from $108.36 to $108.73 per share. The reporting person will provide to the Issuer, or the Securities and Exchange Commission staff, upon request, information regarding the number of shares sold at each price within the range.

	/s/ Nobuyasu Kato, Rep. Exec. Officer and Executive Vice President of Japan Post Holdings Co., Ltd.	03/31/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Japan Post report in AFLAC (AFL) shares?

Japan Post reported indirect open-market sales of 14,500 AFLAC common shares. The trades occurred on March 27, 2026 in three blocks at weighted average prices around $106.60, $107.91, and $108.45 per share through a trust structure.

At what prices were the AFLAC (AFL) shares sold by the Japan Post affiliate?

The reported AFLAC shares were sold at weighted average prices of $106.60, $107.91, and $108.45. Footnotes state each average reflects multiple trades within narrower ranges between $106.33 and $108.73 per share executed on March 27, 2026.

How many AFLAC (AFL) shares does the Japan Post-related trust hold after the sale?

Following the March 27, 2026 transactions, the J&A Alliance Trust, through J&A Alliance Holdings Corporation, holds 51,989,200 AFLAC common shares. These holdings are reported as indirect and subject to express disclaimers of beneficial ownership except for any pecuniary interest.

Who actually holds the AFLAC (AFL) shares related to Japan Post’s Form 4?

The AFLAC shares are held directly by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust. Japan Post may be deemed a beneficial owner due to being the trust’s sole settlor and beneficiary, but it and related parties expressly disclaim beneficial ownership beyond pecuniary interest.

What is the nature of Japan Post’s ownership in AFLAC (AFL) reported in this filing?

Japan Post is listed as a ten percent owner with indirect holdings of AFLAC common stock through the J&A Alliance Trust. The filing characterizes the March 27, 2026 trades as indirect open-market sales while emphasizing formal beneficial ownership is disclaimed except for any pecuniary interest.