Japan Post unit trims 18,100 AFLAC (NYSE: AFL) shares in sale

Rhea-AI Filing Summary

Japan Post Holdings Co., Ltd., through entities associated with the J&A Alliance Trust, reported open-market sales of a total of 18,100 shares of AFLAC Inc. common stock on March 11, 2026. The shares were sold in multiple transactions at weighted average prices within ranges of $109.14–$110.13 and $110.15–$110.22 per share. After these sales, the reporting structure associated with Japan Post continues to hold 52,168,000 AFLAC shares indirectly, and the related entities expressly disclaim beneficial ownership except to the extent of any pecuniary interest.

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)
03/11/2026

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	03/11/2026		S		17,820	D	$109.52(1)	52,168,280	I	See footnote(2)
Common Stock	03/11/2026		S		280	D	$110.18(3)	52,168,000	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 $109.14 to $110.13 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 $110.15 to $110.22 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.	03/13/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

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

Japan Post Holdings reported indirect open-market sales of 18,100 AFLAC shares. The trades occurred on March 11, 2026, through entities linked to the J&A Alliance Trust, slightly reducing a large pre-existing indirect position.

At what prices were the AFLAC (AFL) shares sold by the Japan Post-related entity?

The AFLAC shares were sold at weighted average prices within two tight ranges around $110. One group of trades ranged from $109.14 to $110.13 per share, and another from $110.15 to $110.22 per share.

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

After the reported sales, the Japan Post-related structure holds 52,168,000 AFLAC shares indirectly. These shares are held via J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust, reflecting a very large remaining position.

Who actually holds the AFLAC (AFL) shares linked to Japan Post Holdings?

The 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 sit above this entity, with Japan Post as sole settlor and beneficiary of the trust.

Does Japan Post Holdings fully claim beneficial ownership of the AFL (AFLAC) shares sold?

Japan Post and related entities expressly disclaim beneficial ownership except for any pecuniary interest. Although they may be deemed beneficial owners due to their roles in the trust structure, they limit that claim to economic interests only.

What type of insider transaction did the AFLAC (AFL) Form 4 disclose for Japan Post?

The filing disclosed open-market sales of common stock, coded as “S.” These were non-derivative transactions, reducing the indirect share count by 18,100 while leaving a substantial indirect holding in place afterward.