Who actually holds the AFLAC (AFL) shares related to this Japan Post Holdings filing?

The reported AFLAC shares are held directly by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust. Various related entities, including Japan Post Holdings, may be deemed beneficial owners but expressly disclaim beneficial ownership beyond any pecuniary interest in the securities.

Japan Post Holdings (AFL) linked trust sells 26,500 AFLAC shares in open-market trades

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

AFLAC Inc reported an insider filing showing that entities associated with Japan Post Holdings Co., Ltd. indirectly sold AFLAC common stock. J&A Alliance Holdings Corporation, as trustee of the J&A Alliance Trust, sold a total of 26,500 shares of common stock in two open-market transactions.

The filing reports 4,797 shares sold at an average price of $116.25 per share and 21,703 shares sold at an average price of $117.16 per share, with each sale executed across multiple trades within stated price ranges. The involved entities may be deemed to beneficially own the trust’s holdings but expressly disclaim beneficial ownership beyond any pecuniary interest.

Insider Trade Summary 10b5-1

Net Seller: 26,500 shares ($3,100,375)

Net Sell 2 txns

Insider Japan Post Holdings Co., Ltd.

Role null

Sold 26,500 shs ($3.10M)

Type	Security	Shares	Price	Value
Sale	Common Stock	4,797	$116.25	$558K
Sale	Common Stock	21,703	$117.16	$2.54M

Holdings After Transaction: Common Stock — 51,137,938 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 $115.84 to $116.83 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 $116.845 to $117.635 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: 26,500 shares Shares sold in first transaction: 4,797 shares at $116.25 Shares sold in second transaction: 21,703 shares at $117.16 +2 more

5 metrics

Total shares sold 26,500 shares Two open-market sales of AFLAC common stock

Shares sold in first transaction 4,797 shares at $116.25 Weighted average price per share for first sale

Shares sold in second transaction 21,703 shares at $117.16 Weighted average price per share for second sale

Price range first sale $115.84–$116.83 Multiple trades comprising the first weighted average

Price range second sale $116.845–$117.635 Multiple trades comprising the second weighted average

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 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... entities may be deemed to beneficially own..."

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Form 4 Insider Transactions: What Each Field Means →

06/12/2026 - 08:56 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)
06/10/2026

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	06/10/2026		S		4,797	D	$116.25⁽¹⁾	51,137,938	I	See footnote⁽²⁾
Common Stock	06/10/2026		S		21,703	D	$117.16⁽³⁾	51,116,235	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 $115.84 to $116.83 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 $116.845 to $117.635 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	06/12/2026
	** 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 insider transaction did AFLAC (AFL) report involving Japan Post Holdings?

AFLAC reported an insider filing where entities associated with Japan Post Holdings indirectly sold 26,500 AFLAC common shares. The sales were executed by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust in two open-market transactions at prices around $116–$117 per share.

How many AFLAC (AFL) shares were sold in this Form 4 filing?

The filing shows a total sale of 26,500 AFLAC common shares. This consisted of 4,797 shares in one transaction and 21,703 shares in another, both executed as open-market sales by the trust’s trustee entity linked to Japan Post Holdings.

At what prices were the AFLAC (AFL) shares sold in the reported transactions?

The 4,797 AFLAC shares were sold at a weighted average price of $116.25, within a $115.84–$116.83 range. The 21,703 shares were sold at a weighted average price of $117.16, within a $116.845–$117.635 range across multiple trades.

Was this AFLAC (AFL) insider transaction a direct trade by Japan Post Holdings?

No, the sales were executed by J&A Alliance Holdings Corporation in its capacity as trustee of the J&A Alliance Trust. Japan Post Holdings appears as a reporting person that may be deemed a beneficial owner through its relationship with the trust structure, subject to stated disclaimers.

What type of transaction is shown in AFLAC (AFL)’s Form 4 for Japan Post Holdings?

The Form 4 reports two open-market sale transactions of AFLAC common stock. Both are classified as non-derivative sales of existing shares held indirectly through a trust, rather than option exercises, grants, or other derivative-related activity, according to the transaction codes and descriptions.