Were the Aflac (AFL) share sales by the Japan Post affiliate open-market trades?

Yes. Both transactions reported by the Japan Post–related entity in Aflac (AFL) common stock are coded as “S” , described as open-market or private sales . The data specify weighted average prices and price ranges, indicating multiple executions within each sale.

19,900 Aflac (NYSE: AFL) shares sold by Japan Post affiliate entity

Q: What insider activity did Japan Post report in Aflac (AFL) stock?

Japan Post Holdings Co., Ltd., as a more-than-10% owner of Aflac (AFL) , reported indirect open-market sales of Aflac common stock by an affiliated trust entity. The transactions reduced that entity’s holdings but left it with over 52 million Aflac shares.

Q: Who actually holds the Aflac (AFL) shares linked to Japan Post?

The reported Aflac shares are held by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust . Japan Post, General Incorporated Association J&A Alliance, and Kenji Sano may be deemed beneficial owners but expressly disclaim beneficial ownership except for any pecuniary interest.

Q: What price ranges applied to the Aflac (AFL) sales by the Japan Post affiliate?

The first Aflac (AFL) sale had a weighted average price of $112.14 with trades between $111.39 and $112.39 . The second had a weighted average price of $112.55 , with executions between $112.40 and $112.91 , all involving Aflac common stock.

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Japan Post Holdings Co., Ltd., a more-than-10% owner of Aflac Inc., reported that an affiliated entity sold Aflac common stock in the open market. On March 4, 2026, J&A Alliance Holdings Corporation, as trustee of the J&A Alliance Trust, sold 7,756 shares at a weighted average price of $112.14 per share (in a range of $111.39–$112.39), and 12,144 shares at a weighted average price of $112.55 per share (in a range of $112.40–$112.91). After these transactions, the trust-related entity held 52,260,800 Aflac shares indirectly associated with Japan Post, which, along with related parties, expressly disclaims beneficial ownership except to the extent of any pecuniary interest.

Insider Trade Summary

Net Seller: 19,900 shares ($2,236,565)

Net Sell 2 txns

Insider Japan Post Holdings Co., Ltd.

Role 10% Owner

Sold 19,900 shs ($2.24M)

Type	Security	Shares	Price	Value
Sale	Common Stock	7,756	$112.14	$870K
Sale	Common Stock	12,144	$112.55	$1.37M

Holdings After Transaction: Common Stock — 52,272,944 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 $111.39 to $112.39 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") 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. The price reported represents the weighted average price of shares of Common Stock of the Issuer sold in multiple transactions at prices ranging from $112.40 to $112.91 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.

Form 4 Insider Transactions: What Each Field Means →

03/06/2026 - 04:15 PM

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)

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)
03/04/2026

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)
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	03/04/2026		S		7,756	D	$112.14⁽¹⁾	52,272,944	I	See footnote⁽²⁾
Common Stock	03/04/2026		S		12,144	D	$112.55⁽³⁾	52,260,800	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 $111.39 to $112.39 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 $112.40 to $112.91 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.	03/06/2026
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider activity did Japan Post report in Aflac (AFL) stock?

Japan Post Holdings Co., Ltd., as a more-than-10% owner of Aflac (AFL), reported indirect open-market sales of Aflac common stock by an affiliated trust entity. The transactions reduced that entity’s holdings but left it with over 52 million Aflac shares.

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

An affiliated trust entity indirectly associated with Japan Post sold 19,900 Aflac common shares in two trades. It sold 7,756 shares at a weighted average price of $112.14 and 12,144 shares at a weighted average price of $112.55, both through open-market transactions.

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

The reported Aflac shares are held by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust. Japan Post, General Incorporated Association J&A Alliance, and Kenji Sano may be deemed beneficial owners but expressly disclaim beneficial ownership except for any pecuniary interest.

How many Aflac (AFL) shares remain held after the reported sales?

After the March 4, 2026 transactions, the trust-related entity indirectly associated with Japan Post held 52,260,800 shares of Aflac common stock. This figure reflects the position following both reported open-market sales totaling 19,900 shares of Aflac (AFL).

What price ranges applied to the Aflac (AFL) sales by the Japan Post affiliate?

The first Aflac (AFL) sale had a weighted average price of $112.14 with trades between $111.39 and $112.39. The second had a weighted average price of $112.55, with executions between $112.40 and $112.91, all involving Aflac common stock.