Japan Post Holdings Co., Ltd. filed a Form 4 on August 24, 2026, disclosing the sale of Aflac Incorporated (NYSE:AFL) common stock on August 20, 2026, pursuant to a Rule 10b5-1 trading plan.

Key Highlights

  • First sale transaction: 9,621 shares of Aflac common stock were disposed of at a weighted average price of $116.45 per share, with individual transaction prices ranging from $115.90 to $116.90.
  • Second sale transaction: 3,479 shares were disposed of at a weighted average price of $117.03 per share, with prices ranging from $116.91 to $117.25.
  • Remaining beneficial ownership: Following both transactions, Japan Post Holdings reported indirect beneficial ownership of 50,804,690 shares of Aflac common stock.
  • Rule 10b5-1 plan: The filing indicates the 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, in its capacity as trustee of the J&A Alliance Trust, with Japan Post Holdings identified as the sole settlor and beneficiary of the Trust.
  • Ownership relationship: Japan Post Holdings is identified as a 10% owner of Aflac Incorporated.

Japan Post Holdings Sells Aflac Shares via Rule 10b5-1 Plan

According to the filing, Japan Post Holdings Co., Ltd., headquartered in Tokyo, Japan, executed two separate disposals of Aflac Incorporated common stock on August 20, 2026. The first transaction involved 9,621 shares sold at a weighted average price of $116.45, with individual prices ranging from $115.90 to $116.90 per share. The second transaction covered 3,479 shares at a weighted average price of $117.03, with prices ranging from $116.91 to $117.25 per share. Both transactions were coded "S" (sale) and carried out under a Rule 10b5-1 trading plan.

The filing describes a layered ownership structure through which Japan Post Holdings is deemed to beneficially own the shares. The securities are held directly by J&A Alliance Holdings Corporation, acting as trustee of the J&A Alliance Trust. General Incorporated Association J&A Alliance owns J&A Holdings, while Kenji Sano and Tetsuya Numaguchi each hold 50% of the equity interests in General Incorporated. Japan Post Holdings is identified as the sole settlor and beneficiary of the Trust. The filing states 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."

After both sales, Japan Post Holdings reported indirect beneficial ownership of 50,804,690 shares of Aflac common stock. The filing was signed by Yuki Takemura, Senior General Manager, as attorney-in-fact for Kenji Meguro, and submitted on August 24, 2026.

What Was Disclosed

Japan Post Holdings disclosed the sale of a combined 13,100 shares of Aflac common stock on August 20, 2026, through two transactions under a Rule 10b5-1 plan, leaving the reporting person with indirect beneficial ownership of 50,804,690 shares.