Japan Post-linked trust trims AFLAC (NYSE: AFL) stake with small sale

Rhea-AI Filing Summary

Japan Post Holdings Co., Ltd., a more than ten percent owner of AFLAC Inc, reported two open-market sales of AFLAC common stock made on its behalf by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust. The transactions on June 1, 2026 totaled 9,060 shares, sold at weighted average prices around $112 per share across specified price ranges. After these sales, the trust continues to hold more than 51 million shares of AFLAC common stock, so Japan Post remains a very large indirect shareholder, and the activity represents only a small portion of its position.

Insider Trade Summary 10b5-1

Net Seller: 9,060 shares ($1,019,553)

Net Sell 2 txns

Insider Japan Post Holdings Co., Ltd.

Role null

Sold 9,060 shs ($1.02M)

Type	Security	Shares	Price	Value
Sale	Common Stock	8,530	$112.51	$960K
Sale	Common Stock	530	$112.91	$60K

Holdings After Transaction: Common Stock — 51,275,315 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 $111.85 to $112.85 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 $112.855 to $113.02 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 total: 9,060 shares First trade size: 530 shares Second trade size: 8,530 shares +3 more

6 metrics

Shares sold total 9,060 shares Common stock sold on June 1, 2026

First trade size 530 shares Open-market sale of common stock

Second trade size 8,530 shares Open-market sale of common stock

Weighted average price (530-share sale) $112.91 per share Multiple trades from $111.85 to $112.85

Weighted average price (8,530-share sale) $112.51 per share Multiple trades from $112.855 to $113.02

Indirect holdings after trades Over 51,000,000 shares Common stock held indirectly after June 1, 2026

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 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.

more than ten percent owner financial

"Japan Post Holdings Co., Ltd. is indicated as a more than ten percent owner of AFLAC Inc."

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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)
06/01/2026

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	06/01/2026		S		8,530	D	$112.51(1)	51,275,315	I	See footnote(2)
Common Stock	06/01/2026		S		530	D	$112.91(3)	51,274,785	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 $111.85 to $112.85 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 $112.855 to $113.02 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	06/03/2026
	** 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 Holdings reported two open-market sales totaling 9,060 AFLAC shares. The trades were executed on June 1, 2026 through a trust structure, at weighted average prices around $112 per share.

Who actually sold the AFLAC (AFL) shares for Japan Post?

The shares were sold by J&A Alliance Holdings Corporation in its role as trustee of the J&A Alliance Trust. Japan Post may be deemed to beneficially own the shares through this trust relationship and its role as sole settlor and beneficiary.

How many AFLAC (AFL) shares did Japan Post-linked entities sell and at what prices?

They sold 9,060 shares of AFLAC common stock. One trade of 530 shares used a weighted average price of $112.91, and another trade of 8,530 shares used a weighted average price of $112.51, each across stated price ranges.

Does Japan Post remain a major shareholder of AFLAC (AFL) after these sales?

Yes. The filing shows indirect holdings of more than 51 million AFLAC shares after the transactions. This indicates the 9,060-share sale is small relative to its overall stake and Japan Post remains a significant shareholder.

How is beneficial ownership of the AFLAC (AFL) shares structured for Japan Post?

The reported securities are held by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust. Various entities, including Japan Post, may be deemed to beneficially own the shares and expressly disclaim ownership beyond their pecuniary interest.

Were Japan Post’s AFLAC (AFL) sales made in open-market transactions?

Yes. Both entries are coded as “S”, described as open-market or private sales of common stock. Footnotes explain each price is a weighted average for multiple trades within specified price ranges on the trade date.