Aflac (NYSE: AFL) major holder Japan Post sells 50K shares

Rhea-AI Filing Summary

Japan Post Holdings Co., Ltd., a more than 10% indirect owner of Aflac Inc., reported open-market sales of Aflac common stock through entities associated with the J&A Alliance Trust. On May 19, 2026, the trust sold a total of 50,000 shares in two transactions at weighted average prices around $118–$119 per share, executed across multiple trades within disclosed price ranges. The reported securities are held directly by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust, and Japan Post and related parties each disclaim beneficial ownership except to the extent of any pecuniary interest.

Insights

Equity analyst

Large holder reports routine open-market sales totaling 50,000 Aflac shares.

Japan Post Holdings, identified as a more than 10% owner, reported indirect open-market sales of 50,000 Aflac common shares via the J&A Alliance Trust and its trustee, J&A Alliance Holdings Corporation. The trades were executed on May 19, 2026 at weighted average prices in the high‑$110s.

The filing shows only non-derivative transactions and no remaining derivative positions, suggesting straightforward share sales rather than option-related activity. Footnote disclosures clarify complex ownership layers and that each related party disclaims beneficial ownership beyond its pecuniary interest.

Given the scale of the reported holdings and the modest size of the sale, this appears to be a portfolio adjustment by a major shareholder rather than a transformative change. Future company filings may provide additional context on any broader changes in this holder’s position.

Insider Trade Summary 10b5-1

Net Seller: 50,000 shares ($5,939,992)

Net Sell 2 txns

Insider Japan Post Holdings Co., Ltd.

Role null

Sold 50,000 shs ($5.94M)

Type	Security	Shares	Price	Value
Sale	Common Stock	35,804	$118.55	$4.24M
Sale	Common Stock	14,196	$119.43	$1.70M

Holdings After Transaction: Common Stock — 51,438,841 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 $118.115 to $119.115 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 $119.12 to $119.78 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: 50,000 shares First sale size: 14,196 shares First sale price: $119.43 per share +4 more

7 metrics

Total shares sold 50,000 shares Aggregate Aflac common shares sold on May 19, 2026

First sale size 14,196 shares Aflac common stock open-market sale on May 19, 2026

First sale price $119.43 per share Weighted average price for 14,196-share sale

Second sale size 35,804 shares Aflac common stock open-market sale on May 19, 2026

Second sale price $118.55 per share Weighted average price for 35,804-share sale

Price range first trade group $118.115–$119.115 per share Underlying trade prices for one sale block

Price range second trade group $119.12–$119.78 per share Underlying trade prices for second sale block

Key Terms

weighted average price, beneficially own, pecuniary interest, ten percent owner, +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."

ten percent owner financial

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

indirect ownership financial

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

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)
05/19/2026

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	05/19/2026		S		35,804	D	$118.55(1)	51,438,841	I	See footnote(2)
Common Stock	05/19/2026		S		14,196	D	$119.43(3)	51,424,645	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 $118.115 to $119.115 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 $119.12 to $119.78 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	05/21/2026
	** 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 did Japan Post report in its latest Form 4 for AFL (Aflac Inc.)?

Japan Post reported indirect open-market sales of Aflac common stock totaling 50,000 shares. The trades were executed on May 19, 2026, through J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust, at weighted average prices in the high-$110s per share.

How many Aflac (AFL) shares were sold in this Japan Post Form 4 filing?

The filing shows total sales of 50,000 Aflac common shares across two transactions. One involved 14,196 shares at a weighted average $119.43, and the other 35,804 shares at a weighted average $118.55, both executed on May 19, 2026, in multiple trades.

At what prices did Japan Post-linked entities sell AFL (Aflac) shares?

The reported weighted average prices were $118.55 and $119.43 per Aflac share. Footnotes state the underlying trades occurred in ranges of $118.115–$119.115 and $119.12–$119.78, with detailed trade-by-trade data available to Aflac or SEC staff on request.

Who actually holds the Aflac (AFL) shares sold in Japan Post’s Form 4?

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, Kenji Sano, Tetsuya Numaguchi, and Japan Post may be deemed beneficial owners but each disclaims beneficial ownership beyond any pecuniary interest.

Does this Form 4 mean Japan Post reduced its Aflac (AFL) stake significantly?

The Form 4 shows a sale of 50,000 Aflac shares by entities linked to Japan Post, but also discloses a much larger remaining indirect holding. Based on the filing’s share balances, the reported sale represents only a small fraction of the overall position.

Is the Japan Post Form 4 for AFL related to options or derivatives?

No, all reported transactions involve non-derivative Aflac common stock. The derivative section is empty, and transaction codes are “S” for sales, indicating straightforward open-market or private transactions rather than option exercises, conversions, or other derivative activity.