Japan Post (NYSE: AFL) trims AFLAC stake with 17,400-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 a total of 17,400 shares of AFLAC common stock on March 13, 2026. The trades were executed in two blocks at weighted average prices around $109–$110 per share.

According to the filing, the shares are held directly by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust. After these sales, 52,132,700 AFLAC common shares remain indirectly held. Related entities, including Japan Post, may be deemed beneficial owners but expressly disclaim beneficial ownership beyond their pecuniary interests.

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

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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 M0 100-8791

(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	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/13/2026

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	03/13/2026		S		15,943	D	$109.06(1)	52,134,157	I	See footnote(2)
Common Stock	03/13/2026		S		1,457	D	$110.02(3)	52,132,700	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 $108.71 to $109.71 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 $109.72 to $110.62 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.	03/17/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transaction did Japan Post Holdings report in AFL (AFLAC Inc) shares?

Japan Post Holdings reported indirect sales of AFLAC common stock totaling 17,400 shares. The sales occurred on March 13, 2026, through open-market transactions executed in two price ranges, and were reported on a Form 4 as ten percent owner activity.

How many AFLAC (AFL) shares were sold and at what prices in this Form 4?

The filing shows total sales of 17,400 AFLAC common shares. One block of 15,943 shares was sold at weighted average prices between $108.71 and $109.71, and another 1,457-share block was sold between $109.72 and $110.62 per share.

Who actually holds the AFLAC shares tied to Japan Post in this Form 4?

The reported 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, while Japan Post is settlor and beneficiary; each party disclaims beneficial ownership beyond pecuniary interest.

How many AFLAC (AFL) shares remain held after the reported Japan Post-related sale?

After the March 13, 2026 transactions, 52,132,700 AFLAC common shares remain indirectly held. This figure reflects the position following the 17,400-share sale reported in the Form 4, indicating that only a small portion of the overall indirect stake was sold.

Were the Japan Post-related AFLAC share sales open-market transactions?

Yes, both transactions are classified as open-market sales of AFLAC common stock. The filing describes them as sales in the open market or private transactions, executed at weighted average prices within specified ranges between approximately $108.71 and $110.62 per share.