Japan Post (AFL) affiliated trust sells 13,900 Aflac shares in open market

Rhea-AI Filing Summary

Japan Post Holdings Co., Ltd., as a ten percent owner of Aflac Inc., reported open-market sales of a total of 13,900 shares of Aflac common stock on June 8, 2026. The sales were executed indirectly through J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust.

The transactions were split into three blocks of 9,736, 3,314 and 850 shares at weighted average prices around $115.70, $116.73 and $117.33 per share. Footnotes state the trades occurred in multiple executions at prices ranging from $115.22 to $117.48 per share.

Japan Post, J&A Alliance Holdings, General Incorporated Association J&A Alliance and related individuals each expressly disclaim beneficial ownership of these securities except to the extent of their pecuniary interest.

Insights

Equity ownership and governance analyst

Japan Post-linked entity reported a small, indirect sale of Aflac shares.

The filing shows a total of 13,900 Aflac common shares sold in open-market transactions by an entity associated with Japan Post Holdings Co., Ltd., which is a ten percent owner. Prices ranged from $115.22 to $117.48 per share.

The transactions are classified purely as non-derivative open-market sales, with no option exercises or derivatives remaining in the filing. Given the scale relative to the tens of millions of shares referenced as indirectly held, this appears to be a routine portfolio adjustment rather than a transformative change in ownership.

Footnotes clarify the shares are held through the J&A Alliance Trust structure and that Japan Post and related entities disclaim beneficial ownership beyond any pecuniary interest. This framing indicates a complex holding structure, but the economic effect of these particular sales is limited based on the disclosed share counts.

Insider Trade Summary 10b5-1

Net Seller: 13,900 shares

Net Sell 3 txns

Insider Japan Post Holdings Co., Ltd.

Role 10% Owner

Sold 13,900 shs ($1.61M)

Type	Security	Shares	Price	Value
Sale	Common Stock	9,736	$115.70	$1.13M
Sale	Common Stock	3,314	$116.73	$387K
Sale	Common Stock	850	$117.33	$100K

Holdings After Transaction: Common Stock — 51,155,535 shares (Indirect, See footnote)

Footnotes (4)

1. F1. 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 $115.22 to $116.22 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. F2. 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. F3. The price reported represents the weighted average price of shares of Common Stock of the Issuer sold in multiple transactions at prices ranging from $116.23 to $117.23 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. F4. The price reported represents the weighted average price of shares of Common Stock of the Issuer sold in multiple transactions at prices ranging from $117.25 to $117.48 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

Total shares sold: 13,900 shares First trade size: 9,736 shares Second trade size: 3,314 shares +5 more

8 metrics

Total shares sold 13,900 shares Open-market sales on June 8, 2026

First trade size 9,736 shares Common stock sale on June 8, 2026

Second trade size 3,314 shares Common stock sale on June 8, 2026

Third trade size 850 shares Common stock sale on June 8, 2026

Weighted average price (largest block) $115.70/share 9,736-share sale of common stock

Weighted average price (3,314-share block) $116.73/share Common stock sale on June 8, 2026

Weighted average price (850-share block) $117.33/share Common stock sale on June 8, 2026

Price range of executions $115.22–$117.48/share Footnote trade ranges for reported sales

Key Terms

weighted average price, beneficially own, pecuniary interest, trustee, +1 more

5 terms

weighted average price financial

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

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."

trustee financial

"The reported securities are held directly by J&A Alliance Holdings Corporation in its capacity as the trustee..."

A trustee is a person or institution legally appointed to hold and manage assets or enforce an agreement on behalf of other people (beneficiaries). Think of a trustee as a neutral referee or custodian who must act in the beneficiaries’ best interests, follow the trust or contract rules, and handle distributions, recordkeeping and enforcement. Investors care because a trustworthy trustee protects their rights, ensures promised payments or remedies are delivered, and can influence recoveries if things go wrong.

ten percent owner financial

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

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/10/2026 - 09:40 AM Accepted by SEC EDGAR 06/10/2026 - 09:40 AM Learn about SEC filing dates

FAQ

What Aflac (AFL) insider activity did Japan Post report on June 8, 2026?

Japan Post Holdings Co., Ltd. reported indirect open-market sales totaling 13,900 Aflac common shares on June 8, 2026. The trades were executed through J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust, reflecting a modest reduction in an already very large position.

At what prices were the Aflac (AFL) shares sold in this Form 4?

The reported Aflac shares were sold at weighted average prices near $115.70, $116.73 and $117.33 per share. Footnotes explain individual trades occurred in multiple executions within ranges from $115.22 to $117.48, and detailed breakdowns are available upon request to the issuer or SEC staff.

How many Aflac (AFL) shares did Japan Post-linked entities sell in total?

The transactions disclose total open-market sales of 13,900 Aflac common shares. These are split into blocks of 9,736, 3,314 and 850 shares, all dated June 8, 2026. The filing characterizes them as non-derivative sales rather than option exercises or other derivative-related events.

Who actually holds the Aflac (AFL) shares involved in this Form 4 filing?

The securities are held directly by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust. General Incorporated Association J&A Alliance, certain individuals, and Japan Post Holdings Co., Ltd. may be deemed to beneficially own the shares through this structure but each disclaims beneficial ownership beyond pecuniary interest.

Does this Aflac (AFL) Form 4 indicate derivative exercises or only stock sales?

The Form 4 reflects only non-derivative transactions in Aflac common stock, coded as open-market sales. The derivative summary shows no option or other derivative exercises, and transaction codes and descriptions confirm these were straightforward sales rather than conversions or tax-withholding events.

Is Japan Post considered a ten percent owner of Aflac (AFL) in this filing?

Yes. The reporting person, Japan Post Holdings Co., Ltd., is identified as a ten percent owner of Aflac Inc. The filing nonetheless explains that Japan Post and related entities expressly disclaim beneficial ownership of the reported securities except to the extent of any pecuniary interest they may have.

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)
06/08/2026

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	06/08/2026		S		9,736	D	$115.7(1)	51,159,699	I	See footnote(2)
Common Stock	06/08/2026		S		3,314	D	$116.73(3)	51,156,385	I	See footnote(2)
Common Stock	06/08/2026		S		850	D	$117.33(4)	51,155,535	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 $115.22 to $116.22 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"), 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 $116.23 to $117.23 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 $117.25 to $117.48 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/ Yuki Takemura, Senior General Manager, as attorney-in-fact for Nobuyasu Kato	06/10/2026
	** 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)