Japan Post Holdings Co., Ltd. filed a Form 4 with the SEC on September 14, 2026, disclosing two open-market sales of Aflac Inc. common stock executed on September 10, 2026, pursuant to a Rule 10b5-1 trading plan.

Key Highlights

  • First sale: 11,765 shares of Aflac Inc. common stock were disposed of at a weighted average price of $114.21 per share, with individual transaction prices ranging from $113.64 to $114.47.
  • Second sale: 1,535 shares were disposed of at a weighted average price of $115.16 per share, with prices ranging from $114.70 to $115.64.
  • Remaining beneficial ownership: Following both transactions, Japan Post Holdings indirectly beneficially owned 50,612,190 shares of Aflac common stock.
  • Rule 10b5-1 plan: The filing indicates transactions were made pursuant to a contract, instruction, or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
  • Indirect ownership structure: The shares are held directly by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust, with Japan Post Holdings identified as the sole settlor and beneficiary of the Trust.
  • 10% owner status: Japan Post Holdings is identified in the filing as a 10% owner of Aflac Inc. (NYSE:AFL).

Japan Post Holdings' Sales of Aflac Shares via J&A Alliance Trust Structure

According to the filing, Japan Post Holdings Co., Ltd., headquartered in Tokyo, Japan, sold a combined 13,300 shares of Aflac Inc. common stock on September 10, 2026, across two separate transactions. The first transaction covered 11,765 shares at a weighted average price of $114.21, with individual prices ranging from $113.64 to $114.47 per share. The second covered 1,535 shares at a weighted average price of $115.16, with prices ranging from $114.70 to $115.64 per share. Both transactions carry transaction code "S," indicating open-market sales.

The filing describes a multi-layered indirect ownership structure. The shares are held directly by J&A Alliance Holdings Corporation ("J&A Holdings") in its capacity as trustee of the J&A Alliance Trust. General Incorporated Association J&A Alliance owns J&A Holdings, and Kenji Sano and Tetsuya Numaguchi each own 50% of the equity interests in General Incorporated. Japan Post Holdings is identified as the sole settlor and beneficiary of the Trust, which is the basis for its deemed beneficial ownership. The filing notes that each of General Incorporated, Kenji Sano, Tetsuya Numaguchi, and Japan Post Holdings "expressly disclaim beneficial ownership of the reported securities except to the extent of its pecuniary interest therein."

Following both reported transactions, Japan Post Holdings' indirect beneficial ownership stood at 50,612,190 shares of Aflac Inc. common stock, according to the filing. The form was signed by Yuki Takemura, Senior General Manager, as attorney-in-fact for Kenji Meguro, and dated September 14, 2026.

What Was Disclosed

Japan Post Holdings disclosed two sales of Aflac Inc. common stock on September 10, 2026, totaling 13,300 shares sold under a Rule 10b5-1 plan, reducing its indirect beneficial ownership to 50,612,190 shares held through the J&A Alliance Trust structure.