Japan Post trust trims AFLAC (NYSE: AFL) stake with 12,200-share sale

Rhea-AI Filing Summary

Japan Post-associated entities reported a small open-market sale of AFLAC INC common stock. J&A Alliance Holdings Corporation, as trustee of the J&A Alliance Trust, sold a total of 12,200 shares of AFLAC common stock in two open-market transactions on March 18, 2026. One tranche of 7,993 shares reflected a weighted average price of $108.14 per share within a $107.76–$108.75 range, and another 4,207 shares reflected a weighted average price of $108.99 per share within a $108.80–$109.18 range. After these sales, the filing shows 52,088,700 AFLAC shares indirectly held through the trust structure, indicating the sale represents only a very small portion of the overall position.

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 100-8791

(City) (State) (Zip)

UNITED STATES

(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)
03/18/2026

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	03/18/2026		S		7,993	D	$108.14(1)	52,092,907	I	See footnote(2)
Common Stock	03/18/2026		S		4,207	D	$108.99(3)	52,088,700	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 $107.76 to $108.75 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 $108.80 to $109.18 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.	03/20/2026
	** 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 the latest Form 4 filing report for AFL (AFLAC INC)?

The filing reports a small open-market sale of AFLAC shares. A trust-related entity associated with Japan Post sold 12,200 AFLAC common shares in two trades, while remaining indirect holdings stayed large at 52,088,700 shares after the transactions.

How many AFLAC (AFL) shares were sold in this insider transaction?

A total of 12,200 AFLAC common shares were sold. The sale occurred in two open-market tranches, one for 7,993 shares and another for 4,207 shares, representing only a very small fraction of the reported remaining indirect holdings.

At what prices were the AFLAC (AFL) shares sold in the Form 4?

The AFLAC shares were sold at weighted average prices near $108–$109. One tranche averaged $108.14 within a $107.76–$108.75 range, and the other averaged $108.99 within a $108.80–$109.18 range, reflecting typical market trading levels for that day.

Who is the reporting person in the AFL (AFLAC INC) Form 4 filing?

Japan Post Holdings Co., Ltd. is the reporting person. The filing explains the shares are held through J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust, with various related entities potentially deemed beneficial owners but disclaiming ownership beyond pecuniary interests.

How many AFLAC (AFL) shares remain held after the reported sale?

The filing shows 52,088,700 AFLAC shares indirectly held after the sale. This large remaining position means the 12,200 shares sold represent a very small percentage of the total stake associated with the trust structure and Japan Post.

Was the AFL (AFLAC) insider transaction a buy or sell action?

The Form 4 discloses a sell transaction in AFLAC common stock. Two open-market sale trades reduced the indirect holdings by 12,200 shares in total, while leaving more than 52 million AFLAC shares still indirectly held after the activity.