AFL CFO Broden exercises options; post‑trade holding 135,021 shares

Rhea-AI Filing Summary

Aflac Incorporated (AFL) reported an insider transaction by its Sr. EVP and CFO, Max K. Broden. On 11/10/2025, he exercised employee stock options (transaction code M) to acquire 4,668 shares of common stock at an exercise price of $38.755 per share.

Following this transaction, his beneficial ownership stands at 135,021 shares held directly and 339 shares held indirectly through his spouse. The options were part of a grant that vested in three tranches during 2018–2020 and carry an expiration date of 06/26/2027.

Insights

Corporate governance analyst

Routine insider option exercise; neutral impact.

Aflac’s CFO exercised employee stock options for 4,668 shares at an exercise price of $38.755 on 11/10/2025, coded M (option exercise). This adds shares to direct holdings without indicating an open‑market purchase or sale.

The filing lists post-transaction holdings of 135,021 shares directly and 339 indirectly via spouse, clarifying ownership after the transaction. These are standard Form 4 disclosures and do not, by themselves, signal a change in strategy or fundamentals.

As a routine equity compensation event with limited size, this is typically neutral for valuation. Subsequent filings may provide additional context if further transactions occur.

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^*

Broden Max

(Last) (First) (Middle)

C/O AFLAC INCORPORATED

1932 WYNNTON ROAD

(Street)

COLUMBUS GA 31999

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AFLAC INC [ AFL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Sr. EVP, CFO

3. Date of Earliest Transaction (Month/Day/Year)
11/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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	11/10/2025		M		4,668	A	$38.755	135,021	D
Common Stock								339	I	Spouse

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
Employee Stock Option (right to buy)	$38.755	11/10/2025		M			4,668	(1)	06/26/2027	Common Stock	4,668	$0	0	D

Explanation of Responses:

1. The option vests 1,556 shares on 06/26/2018; 1,556 shares on 06/26/2019; and 1,556 shares on 06/26/2020.

Remarks:

	By: Brooke R. Phillips For: Max K. Broden	11/12/2025
	** 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.

FAQ

What did Aflac (AFL) disclose about its CFO’s stock transaction?

On 11/10/2025, the CFO exercised employee stock options (code M) to acquire 4,668 shares at $38.755 per share.

How many Aflac (AFL) shares does the CFO own after the transaction?

He beneficially owns 135,021 shares directly and 339 shares indirectly through his spouse.

What type of transaction is code M on Form 4 for Aflac (AFL)?

Code M indicates the exercise of a derivative security, such as an employee stock option.

What was the exercise price for the CFO’s Aflac (AFL) options?

The employee stock options were exercised at $38.755 per share.

When do the related Aflac (AFL) options expire?

The option grant has an expiration date of 06/26/2027.

How did the Aflac (AFL) option grant vest?

According to the notes, the grant vested in three tranches of 1,556 shares each on 06/26/2018, 06/26/2019, and 06/26/2020.