Japan Post unit trims AFLAC (NYSE: AFL) stake with 31,100-share sale

Rhea-AI Filing Summary

Japan Post Holdings Co., Ltd., as a 10% owner of AFLAC INC, reported indirect open-market sales of AFLAC common stock. An entity associated with Japan Post sold 31,100 shares in two transactions on May 22, 2026 at weighted-average prices within disclosed ranges around $118 per share.

The sales were executed through J&A Alliance Holdings Corporation acting as trustee of the J&A Alliance Trust, which directly holds the shares. After these trades, the filing shows that more than 51 million AFLAC shares remain indirectly held, indicating the sales represent a small portion of the reported position.

Insights

Equity ownership analyst

Japan Post-related entity makes small AFLAC share sale while retaining a very large stake.

The filing shows an entity linked to Japan Post Holdings sold 31,100 shares of AFLAC common stock in open-market transactions around $118 per share. These are non-derivative sales, so they directly reduce the share count held by the trust structure.

Post-transaction holdings are reported at more than 51 million shares, so the sale is small relative to the overall position. The securities are held through J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust, and several parties, including Japan Post, expressly disclaim beneficial ownership beyond their pecuniary interest.

The transactions therefore look routine in scale for a large shareholder. There is no reference here to trading plans or broader strategic changes; future context, if any, would need to come from subsequent ownership or transactional disclosures.

Insider Trade Summary 10b5-1

Net Seller: 31,100 shares ($3,663,055)

Net Sell 2 txns

Insider Japan Post Holdings Co., Ltd.

Role null

Sold 31,100 shs ($3.66M)

Type	Security	Shares	Price	Value
Sale	Common Stock	30,920	$117.78	$3.64M
Sale	Common Stock	180	$118.32	$21K

Holdings After Transaction: Common Stock — 51,331,725 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 $117.29 to $118.275 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 $118.31 to $118.33 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

Shares sold (total): 31,100 shares Small block sale: 180 shares at $118.32 Larger block sale: 30,920 shares at $117.78 +3 more

6 metrics

Shares sold (total) 31,100 shares Two open-market sales of AFLAC common stock on May 22, 2026

Small block sale 180 shares at $118.32 Weighted-average price; range $118.31–$118.33 per share

Larger block sale 30,920 shares at $117.78 Weighted-average price; range $117.29–$118.275 per share

Post-transaction holdings (line 1) 51,331,545 shares Indirect AFLAC common stock holdings after one reported sale

Post-transaction holdings (line 2) 51,331,725 shares Indirect AFLAC common stock holdings after the other sale

Net share direction 31,100 net shares sold TransactionSummary netBuySellShares and net-sell direction

Key Terms

weighted average price, beneficially own, trustee, pecuniary interest, +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.

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.

pecuniary interest financial

"expressly disclaim beneficial ownership of the reported securities except to the extent of its pecuniary interest therein."

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 →

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)
05/22/2026

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	05/22/2026		S		30,920	D	$117.78(1)	51,331,725	I	See footnote(2)
Common Stock	05/22/2026		S		180	D	$118.32(3)	51,331,545	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 $117.29 to $118.275 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 $118.31 to $118.33 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	05/27/2026
	** 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 Holdings report in this AFL (AFLAC INC) Form 4?

Japan Post Holdings reported that an associated entity executed two open-market sales of AFLAC common stock. In total, 31,100 shares were sold on May 22, 2026 at weighted-average prices around $118 per share, slightly reducing an already large indirect holdings position.

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

The filing reports sales totaling 31,100 AFLAC common shares. One 180-share trade used a weighted-average price between $118.31 and $118.33, and a 30,920-share trade used a weighted-average price between $117.29 and $118.275, all in open-market transactions.

How many AFLAC (AFL) shares does the Japan Post-related entity hold after the Form 4 sales?

After the reported sales, the filing shows indirect ownership of more than 51 million AFLAC shares. Individual transaction lines list post-transaction holdings of 51,331,545 and 51,331,725 shares, indicating the sales were small compared with the overall reported position.

Who actually holds the AFLAC shares reported in Japan Post’s AFL 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 and certain individuals have interests in that entity, and Japan Post may be deemed to beneficially own shares as sole settlor and beneficiary of the trust.

Does Japan Post Holdings claim full beneficial ownership of these AFLAC (AFL) shares?

No. The filing states that General Incorporated Association J&A Alliance, the two individuals named, and Japan Post each expressly disclaim beneficial ownership of the reported securities, except to the extent of their pecuniary interest in those AFLAC shares held through the J&A Alliance Trust structure.

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

Both entries are coded as “S,” indicating sales of non-derivative common stock in open-market or private transactions. There are no derivative exercises, gifts, or tax-withholding dispositions reported, and the transactionSummary shows a net-sell direction of 31,100 shares for the period.