Japan Post-linked trust trims AFLAC (NYSE: AFL) stake with 16,800-share sale

Rhea-AI Filing Summary

AFLAC INC insider data show that a trust entity associated with Japan Post Holdings Co., Ltd. executed open-market sales of AFLAC common stock. On March 20, 2026, the trust sold 14,851 shares at a weighted average price of $106.33 per share, with individual trades priced between $106.14 and $107.07. It also sold 1,949 shares at a weighted average price of $107.53, from trades between $107.23 and $107.935. Following these transactions, the trust continues to indirectly hold 52,061,800 AFLAC shares, indicating that the sale represents a small portion of its overall position. The reporting parties note that detailed trade breakdowns within each price range are available to the company or regulators upon request.

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)
03/20/2026

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	03/20/2026		S		14,851	D	$106.33(1)	52,063,749	I	See footnote(2)
Common Stock	03/20/2026		S		1,949	D	$107.53(3)	52,061,800	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 $106.14 to $107.07 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 $107.23 to $107.935 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.	03/24/2026
	** 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

How many AFLAC (AFL) shares were sold in this Japan Post-related Form 4?

The Form 4 reports that a trust entity associated with Japan Post Holdings sold a total of 16,800 shares of AFLAC common stock. These were executed as two open-market sales of 14,851 and 1,949 shares, both on March 20, 2026.

At what prices were the AFLAC (AFL) shares sold by the Japan Post-linked trust?

The 14,851 shares were sold at a weighted average price of $106.33, from trades between $106.14 and $107.07. The 1,949 shares were sold at a weighted average price of $107.53, from trades between $107.23 and $107.935.

How many AFLAC (AFL) shares does the Japan Post-related trust hold after the sale?

After the reported transactions, the trust entity associated with Japan Post continues to indirectly hold 52,061,800 shares of AFLAC common stock. This indicates the 16,800 shares sold on March 20, 2026 represent a relatively small fraction of its overall position.

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

The shares 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, and Japan Post Holdings may be deemed beneficial owners but each disclaims beneficial ownership beyond any pecuniary interest.

What type of transactions are reported in this AFLAC (AFL) Form 4?

The filing reports open-market sales of AFLAC common stock, coded as “S” transactions. Both entries are non-derivative stock sales, and the filing characterizes them as sales in the open market or private transactions, with detailed price ranges disclosed in the footnotes.

Does the Form 4 explain how AFLAC (AFL) trade prices were reported?

Yes. For each sale, the filing reports a weighted average price and states that shares were sold in multiple transactions within a disclosed price range. The reporting person offers to provide the exact number of shares sold at each price upon request to the company or regulators.