Large Aflac (AFL) holder tied to Japan Post sells 19,300 shares

Rhea-AI Filing Summary

Japan Post Holdings Co., Ltd., as an indirect owner, reported that shares of Aflac Inc. common stock held through trust structures were sold in open-market transactions. On March 5, 2026, 19,300 shares were sold in two trades at weighted-average prices of $110.90 and $111.43 per share, across stated price ranges.

The reported securities are held directly by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust. After these sales, 52,241,500 Aflac shares remained indirectly held. General Incorporated Association J&A Alliance, Kenji Sano and Japan Post may be deemed beneficial owners but each disclaims beneficial ownership except to the extent of any pecuniary interest.

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

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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 M0 100-8791

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
03/05/2026

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

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

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

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	03/05/2026		S		17,027	D	$110.9(1)	52,243,773	I	See footnote(2)
Common Stock	03/05/2026		S		2,273	D	$111.43(3)	52,241,500	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 $110.22 to $111.22 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") and Kenji Sano 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 owns 100% 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 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 $111.24 to $111.75 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.	03/09/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did AFL (Aflac Inc.) report for Japan Post Holdings?

Aflac Inc. reported that an entity associated with Japan Post Holdings indirectly sold 19,300 shares of its common stock. The sales were open-market transactions executed through a trust structure that directly holds the shares as trustee.

How many AFL common shares were sold in this Form 4 filing?

The Form 4 reports total sales of 19,300 Aflac common shares in two separate transactions. One trade covered 17,027 shares and the other 2,273 shares, both executed on March 5, 2026, in the open market.

At what prices were the AFL shares sold in the reported transactions?

The filing shows weighted-average sale prices of $110.90 and $111.43 per share. Footnotes explain the actual trades occurred within price ranges of $110.22–$111.22 and $111.24–$111.75, with full breakdowns available upon request.

How many AFL shares remain indirectly held after these insider sales?

After the reported sales, 52,241,500 Aflac common shares remained indirectly held through the trust structure. This figure reflects the holding following the second transaction and indicates continued substantial ownership associated with the reporting person’s affiliated entities.

Who actually holds the AFL shares involved in Japan Post’s Form 4?

The reported Aflac shares are held directly by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust. General Incorporated Association J&A Alliance, Kenji Sano and Japan Post Holdings may be deemed beneficial owners but each disclaims ownership beyond any pecuniary interest.

Were the AFL insider transactions direct or indirect holdings for Japan Post Holdings?

The Form 4 shows the transactions as indirect ownership for Japan Post Holdings. The shares are owned by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust, with Japan Post’s connection arising through its role as sole settlor and beneficiary.