Trust linked to Japan Post trims AFLAC (NYSE: AFL) stake

Rhea-AI Filing Summary

Japan Post Holdings Co., Ltd., as a ten percent owner of AFLAC Inc, reported indirect open-market sales of AFLAC common stock through a trust structure. On 2026-04-07, entities linked to Japan Post sold a total of 24,200 shares in two transactions at per-share prices around the low $110 range. After these sales, the filing shows indirect holdings of 51,889,100 shares of AFLAC common stock. The securities are held by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust, with multiple parties, including Japan Post, potentially deemed beneficial owners but each expressly disclaiming beneficial ownership beyond their pecuniary interest.

Insider Trade Summary 10b5-1

Net Seller: 24,200 shares ($2,672,907)

Net Sell 2 txns

Insider Japan Post Holdings Co., Ltd.

Role 10% Owner

Sold 24,200 shs ($2.67M)

Type	Security	Shares	Price	Value
Sale	Common Stock	24,160	$110.45	$2.67M
Sale	Common Stock	40	$110.87	$4K

Holdings After Transaction: Common Stock — 51,889,140 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 $109.815 to $110.81 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.

Key Figures

Shares sold (main trade): 24,160 shares Price per share (main trade): $110.45 per share Shares sold (second trade): 40 shares +4 more

7 metrics

Shares sold (main trade) 24,160 shares Open-market sale of AFLAC common stock on April 7, 2026

Price per share (main trade) $110.45 per share Weighted-average sale price for 24,160 shares of AFLAC common stock

Shares sold (second trade) 40 shares Additional open-market sale of AFLAC common stock on April 7, 2026

Price per share (second trade) $110.87 per share Sale price for 40 AFLAC common shares

Total shares sold 24,200 shares Combined open-market sales of AFLAC common stock reported in this filing

Shares held after transaction 51,889,100 shares Indirect AFLAC common stock holdings after April 7, 2026 sales

Price range detail $109.815–$110.81 per share Weighted-average price range for the main sale, per footnote

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 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"

trustee financial

"held directly by J&A Alliance Holdings Corporation ("J&A Holdings"), in its capacity as the trustee of the J&A Alliance Trust"

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.

settlor financial

"Japan Post may be deemed to beneficially own the shares ... due to its role as the sole settlor and beneficiary of the Trust"

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)
04/07/2026

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	04/07/2026		S		24,160	D	$110.45(1)	51,889,140	I	See footnote(2)
Common Stock	04/07/2026		S		40	D	$110.87	51,889,100	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 $109.815 to $110.81 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.

	/s/ Nobuyasu Kato, Rep. Exec. Officer and Executive Vice President of Japan Post Holdings Co., Ltd.	04/09/2026
	** 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)?

Japan Post, as a ten percent owner, reported indirect open-market sales of AFLAC common stock. Entities linked to Japan Post sold 24,200 shares on April 7, 2026, while continuing to hold over 51.8 million shares indirectly through a trust structure.

How many AFLAC shares were sold and at what prices in this Form 4?

The filing shows two sales totaling 24,200 AFLAC common shares. One trade involved 24,160 shares at a weighted-average price of $110.45 per share, and another involved 40 shares at $110.87 per share, both described as open-market sales.

How many AFLAC shares does the reporting group hold after these sales?

After the reported transactions, the filing lists indirect ownership of 51,889,100 AFLAC common shares. These shares are held through J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust, rather than directly by Japan Post Holdings Co., Ltd.

Who actually holds the AFLAC shares related to 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. Various parties, including General Incorporated Association J&A Alliance and Japan Post, may be deemed beneficial owners due to their roles and ownership interests in this structure.

What does the beneficial ownership disclaimer mean in this AFLAC Form 4?

The filing states that General Incorporated Association J&A Alliance, Kenji Sano, Tetsuya Numaguchi, and Japan Post each expressly disclaim beneficial ownership of the reported AFLAC shares, except to the extent of their pecuniary interest. This limits claims on full economic and voting control over the trust-held shares.

Were the AFLAC transactions by Japan Post open-market trades?

Yes. Both transactions are coded as “S” for sales and described as open-market or private sales of AFLAC common stock. A footnote adds that the main sale used a weighted-average price across multiple trades within a price range from $109.815 to $110.81 per share.