Japan Post trims Aflac (NYSE: AFL) stake in 10b5-1 share sale

Rhea-AI Filing Summary

AFLAC INC (AFL) reported that major shareholder Japan Post Holdings Co., Ltd. filed a Form 4 showing indirect open‑market sales of Aflac common stock on August 24, 2026, under a Rule 10b5-1 trading plan. An entity associated with Japan Post sold 7,765 shares at a weighted average price of $117.90 and 5,735 shares at a weighted average price of $118.18, for a total of 13,500 shares. The shares are held directly by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust, with Japan Post and other parties potentially deemed beneficial owners but each expressly disclaiming beneficial ownership except to the extent of any pecuniary interest.

Insider Trade Summary 10b5-1

Net Seller: 13,500 shares

Net Sell 2 txns

Insider Japan Post Holdings Co., Ltd.

Role 10% Owner

Sold 13,500 shs ($1.59M)

Type	Security	Shares	Price	Value
Sale	Common Stock F1, F2	7,765	$117.90	$915K
Sale	Common Stock F3, F2	5,735	$118.18	$678K

Holdings After Transaction: Common Stock — 50,778,290 shares (Indirect, See footnote)

Footnotes (3)

1. F1. 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 $117.08 to $118.08 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. F2. 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. F3. The price reported represents the weighted average price of shares of Common Stock of the Issuer sold in multiple transactions at prices ranging from $118.085 to $118.27 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 (first transaction): 7,765 shares of Common Stock Weighted average price (first transaction): $117.90 per share Shares sold (second transaction): 5,735 shares of Common Stock +2 more

5 metrics

Shares sold (first transaction) 7,765 shares of Common Stock Indirect sale on August 24, 2026 at a weighted average price

Weighted average price (first transaction) $117.90 per share Shares sold in multiple trades between $117.08 and $118.08

Shares sold (second transaction) 5,735 shares of Common Stock Indirect sale on August 24, 2026 at a weighted average price

Weighted average price (second transaction) $118.18 per share Shares sold in multiple trades between $118.085 and $118.27

Total shares sold 13,500 shares of Common Stock Sum of the two indirect open‑market sales reported

Key Terms

Rule 10b5-1, weighted average price, beneficially own, pecuniary interest, +1 more

5 terms

Rule 10b5-1 regulatory

"The filing indicates the trades were conducted pursuant to a Rule 10b5-1 trading plan"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

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 regulatory

"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"

indirect ownership financial

"The reported securities are held directly by J&A Alliance Holdings Corporation ... Japan Post may be deemed to beneficially own"

FAQ

What did Japan Post Holdings report in this Form 4 for AFL (AFL)?

Japan Post Holdings Co., Ltd., a major shareholder of AFLAC INC (AFL), reported indirect sales of 13,500 shares of Aflac common stock in open‑market transactions on August 24, 2026, executed under a Rule 10b5-1 trading plan.

How many AFL (AFL) shares were sold and at what prices?

An entity associated with Japan Post sold 7,765 AFL shares at a weighted average price of $117.90 and 5,735 shares at a weighted average price of $118.18. Both trades involved common stock in open‑market transactions.

Were the AFL (AFL) share sales by Japan Post direct or indirect?

The reported transactions reflect indirect ownership. The shares are held directly by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust, with Japan Post and other parties potentially deemed beneficial owners subject to pecuniary‑interest limitations.

Were the AFL (AFL) insider sales made under a Rule 10b5-1 plan?

Yes. The filing indicates the trades were conducted pursuant to a Rule 10b5-1 trading plan, meaning the sales followed a pre‑established trading arrangement rather than ad hoc timing decisions.

What price ranges applied to the AFL (AFL) insider sales?

For the 7,765‑share sale, the weighted average price of $117.90 reflects trades between $117.08 and $118.08 per share. For the 5,735‑share sale, the weighted average price of $118.18 reflects trades between $118.085 and $118.27 per share.

Does Japan Post fully own the AFL (AFL) shares reported in this Form 4?

The filing states Japan Post and related parties may be deemed to beneficially own the shares held by J&A Alliance Holdings as trustee, but each party expressly disclaims beneficial ownership except to the extent of its pecuniary interest in the securities.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 08/26/2026 - 12:09 PM Accepted by SEC EDGAR 08/26/2026 - 12:08 PM Learn about SEC filing dates

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)
08/24/2026

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	08/24/2026		S		7,765	D	$117.9(1)	50,784,025	I	See footnote(2)
Common Stock	08/24/2026		S		5,735	D	$118.18(3)	50,778,290	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 $117.08 to $118.08 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 $118.085 to $118.27 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 Kenji Meguro	08/26/2026
	** 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)