Japan Post-linked trust trims AFLAC (NYSE: AFL) stake with 15K-share sale

Rhea-AI Filing Summary

Japan Post Holdings Co., Ltd., as a ten percent owner of AFLAC INC, reported indirect open-market sales of company stock. An affiliated trust structure sold a total of 15,000 shares of AFLAC common stock on March 23, 2026 in two transactions. The first covered 14,895 shares at a weighted average price between $106.35 and $107.31 per share, and the second 105 shares between $107.36 and $107.37. After these sales, entities associated with the reporting person held 52,046,800 shares of AFLAC common stock indirectly, indicating the disposals were small relative to the remaining position.

Insights

Equity ownership analyst

Small open‑market sales by an affiliated trust, with a very large remaining AFLAC stake.

The filing shows an affiliated trust entity sold 15,000 shares of AFLAC INC common stock on March 23, 2026 in open-market transactions. Prices ranged from $106.35 to $107.37 per share, reported as weighted averages across multiple trades.

The reported holdings after these transactions were 52,046,800 shares, all held indirectly through the trust structure. That means the shares sold represent only a small fraction of the total position, suggesting routine portfolio activity rather than a major repositioning.

Footnotes explain that J&A Alliance Holdings Corporation, acting as trustee of the J&A Alliance Trust, directly holds the shares, and various related parties, including Japan Post Holdings Co., Ltd., may be deemed beneficial owners to the extent of their pecuniary interest. There is no mention of a Rule 10b5‑1 trading plan in the excerpt, so the timing context is limited to this specific sale date.

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)
03/23/2026

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	03/23/2026		S		14,895	D	$106.78(1)	52,046,905	I	See footnote(2)
Common Stock	03/23/2026		S		105	D	$107.36(3)	52,046,800	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 $106.35 to $107.31 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 $107.36 to $107.37 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.	03/25/2026
	** 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-related entities report in AFL (AFLAC INC)?

Japan Post-related entities reported selling 15,000 AFLAC INC common shares on March 23, 2026. The sales were executed in the open market through an affiliated trust structure at weighted average prices slightly above $106 and $107 per share.

At what prices were the AFLAC shares sold in this Form 4 for AFL?

The reported AFLAC shares were sold at weighted average prices between $106.35 and $107.31 for 14,895 shares, and between $107.36 and $107.37 for 105 shares. Each range reflects multiple individual trades aggregated into a single reported price.

How many AFLAC shares do the Japan Post-related entities hold after this sale?

After the March 23, 2026 transactions, entities associated with Japan Post-related parties indirectly held 52,046,800 AFLAC common shares. This large remaining balance shows the 15,000 shares sold were a small portion of the overall position reported in the filing.

Who actually holds the AFLAC shares reported in this AFL Form 4?

The 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 and Kenji Sano may be deemed beneficial owners, and Japan Post Holdings may also be deemed a beneficial owner through its role with the trust.

What type of insider transaction is reported for AFLAC INC in this Form 4?

The Form 4 reports open-market sales of AFLAC INC common stock by an affiliated trust entity. Both transactions are coded “S,” indicating sales in open-market or private transactions, with no derivative exercises or tax-withholding dispositions disclosed in the provided data.

Is the Japan Post position in AFLAC still significant after these reported sales?

Yes, the position remains very large. After selling 15,000 shares, the affiliated entities still indirectly held 52,046,800 AFLAC shares. This indicates the transactions were modest relative to the total stake reported through the trust structure.