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Japan Post-linked trust sells 9,100 AFLAC (NYSE: AFL) shares in open market

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Japan Post Holdings Co., Ltd., reporting as a more than ten percent owner of Aflac Inc., disclosed that a related entity sold Aflac common stock on May 28, 2026. The shares are held directly by J&A Alliance Holdings Corporation, acting as trustee of the J&A Alliance Trust.

Across three open‑market transactions, the trust sold a total of 9,100 shares at weighted average prices ranging from about $112.57 to $114.955 per share. After these sales, the trust continues to hold approximately 51,295,652 Aflac shares indirectly associated with Japan Post.

Positive

  • None.

Negative

  • None.
Insider Japan Post Holdings Co., Ltd.
Role null
Sold 9,100 shs ($1.03M)
Type Security Shares Price Value
Sale Common Stock 6,493 $112.90 $733K
Sale Common Stock 2,247 $113.89 $256K
Sale Common Stock 360 $114.78 $41K
Holdings After Transaction: Common Stock — 51,295,652 shares (Indirect, See footnote)
Footnotes (1)
  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 $112.57 to $113.57 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 $113.59 to $114.59 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 price reported represents the weighted average price of shares of Common Stock of the Issuer sold in multiple transactions at prices ranging from $114.64 to $114.955 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.
Total shares sold 9,100 shares Open-market sales on May 28, 2026
Lot 1 sale 6,493 shares at $112.90 Aflac common stock, open-market sale
Lot 2 sale 2,247 shares at $113.89 Aflac common stock, open-market sale
Lot 3 sale 360 shares at $114.78 Aflac common stock, open-market sale
Remaining holdings 51,295,652 shares Aflac shares held after May 28, 2026 trades
Price range (lot footnote F1) $112.57–$113.57 per share Weighted average sale price range
Price range (lot footnote F3) $113.59–$114.59 per share Weighted average sale price range
Price range (lot footnote F4) $114.64–$114.955 per share Weighted average sale price range
weighted average price financial
"The price reported represents the weighted average price of shares of Common Stock of Aflac Inc."
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 ("J&A Holdings"), 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.
more than ten percent owner financial
"Japan Post Holdings Co., Ltd. is indicated as a more than ten percent owner"
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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)
TOKYO100-8791
(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)
DirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
05/28/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Common Stock05/28/2026S6,493D$112.9(1)51,295,652ISee footnote(2)
Common Stock05/28/2026S2,247D$113.89(3)51,293,405ISee footnote(2)
Common Stock05/28/2026S360D$114.78(4)51,293,045ISee 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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount 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 $112.57 to $113.57 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 $113.59 to $114.59 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.
4. The price reported represents the weighted average price of shares of Common Stock of the Issuer sold in multiple transactions at prices ranging from $114.64 to $114.955 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 Kato06/01/2026
** Signature of Reporting PersonDate
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 Japan Post report in AFLAC (AFL) shares?

Japan Post reported that a related trust entity sold 9,100 Aflac common shares in open-market trades on May 28, 2026. The sales were executed in multiple transactions at weighted average prices between about $112.57 and $114.955 per share.

Who actually holds the AFLAC shares linked to Japan Post’s Form 4 filing?

The Aflac shares are held directly by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust. Japan Post, General Incorporated Association J&A Alliance, and two individuals may be deemed beneficial owners but expressly disclaim ownership beyond their pecuniary interests.

How many AFLAC shares did the Japan Post-linked trust sell and at what prices?

The trust sold 9,100 Aflac common shares: 6,493 shares at $112.90, 2,247 shares at $113.89, and 360 shares at $114.78. Each reported price is a weighted average for multiple trades within a narrow intraday price range.

How many AFLAC shares remain held after the reported insider sales?

Following the May 28, 2026 transactions, the trust continues to hold about 51,295,652 Aflac common shares. This figure reflects the remaining indirect position associated with Japan Post after selling 9,100 shares in the disclosed open-market trades.

What does the Form 4 reveal about Japan Post’s ownership role in AFLAC?

Japan Post is identified as a more than ten percent owner of Aflac through its relationship to the J&A Alliance Trust. The filing notes Japan Post may be deemed a beneficial owner of the trust’s shares but disclaims beneficial ownership except to the extent of its pecuniary interest.