How many AFLAC (AFL) shares did Japan Post-related entities sell?

Entities associated with Japan Post Holdings sold a total of 86,155 shares of Aflac common stock. The Form 4 shows two open-market sale transactions on April 9, 2026, involving 75,148 shares and 11,007 shares, respectively, at prices just above $112 and $113.

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

After the April 9, 2026 transactions, entities associated with Japan Post Holdings indirectly held 51,636,945 Aflac common shares. These securities are owned by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust under a multi-party ownership structure.

Japan Post unit trims AFLAC (NYSE: AFL) stake with 86K-share sale

Q: Who actually holds the AFLAC (AFL) shares reported in Japan Post’s Form 4?

The Aflac shares are held directly by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust . Several related parties, including Japan Post Holdings, may be deemed to beneficially own them but explicitly disclaim beneficial ownership beyond their pecuniary interests.

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

Japan Post Holdings Co., Ltd., a 10% owner of Aflac Inc., indirectly sold a total of 86,155 shares of Aflac common stock in open-market transactions on April 9, 2026. The sales were executed at weighted average prices ranging from $112.50 to $113.74 per share.

Following these transactions, entities associated with Japan Post held 51,636,945 Aflac shares indirectly. The shares are held by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust, and multiple related parties, including Japan Post, may be deemed to beneficially own these securities but expressly disclaim beneficial ownership except to the extent of their pecuniary interest.

Insider Trade Summary 10b5-1

Net Seller: 86,155 shares ($9,756,507)

Net Sell 2 txns

Insider Japan Post Holdings Co., Ltd.

Role 10% Owner

Sold 86,155 shs ($9.76M)

Type	Security	Shares	Price	Value
Sale	Common Stock	75,148	$113.19	$8.51M
Sale	Common Stock	11,007	$113.61	$1.25M

Holdings After Transaction: Common Stock — 51,647,952 shares (Indirect, See footnote)

Footnotes (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 $112.50 to $113.50 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 $113.51 to $113.74 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: 86,155 shares First sale block: 75,148 shares at $113.19 Second sale block: 11,007 shares at $113.61 +2 more

5 metrics

Total shares sold 86,155 shares Open-market sales of Aflac common stock on April 9, 2026

First sale block 75,148 shares at $113.19 Weighted average price; trades between $112.50 and $113.50

Second sale block 11,007 shares at $113.61 Weighted average price; trades between $113.51 and $113.74

Shares held after transactions 51,636,945 shares Indirect Aflac holdings associated with Japan Post after April 9, 2026

Number of sale transactions 2 transactions Both coded as open-market sales of non-derivative common stock

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

"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.

indirect ownership financial

"The reported securities are held directly by J&A Alliance Holdings Corporation ... Japan Post may be deemed to beneficially own the shares..."

Form 4 Insider Transactions: What Each Field Means →

04/13/2026 - 09:41 AM

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).

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)
04/09/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/09/2026		S		75,148	D	$113.19⁽¹⁾	51,647,952	I	See footnote⁽²⁾
Common Stock	04/09/2026		S		11,007	D	$113.61⁽³⁾	51,636,945	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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 $112.50 to $113.50 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 $113.51 to $113.74 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.	04/13/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What did Japan Post Holdings disclose in its latest Form 4 for AFL?

Japan Post Holdings reported indirect open-market sales of 86,155 shares of Aflac common stock. The transactions occurred on April 9, 2026 at weighted average prices between $112.50 and $113.74 per share, and were made through a trust structure.

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

The reported Aflac share sales used weighted average prices. One block was sold in multiple trades between $112.50 and $113.50 per share, and another between $113.51 and $113.74 per share, reflecting typical open-market execution ranges.

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

The Aflac shares are held directly by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust. Several related parties, including Japan Post Holdings, may be deemed to beneficially own them but explicitly disclaim beneficial ownership beyond their pecuniary interests.

What does the weighted average price disclosure mean in AFLAC’s Form 4?

Weighted average price indicates shares were sold through multiple trades within a price range, then averaged. For these Aflac transactions, Japan Post reported ranges of $112.50–$113.50 and $113.51–$113.74 and offered to provide detailed breakdowns to Aflac or SEC staff on request.