Japan Post Holdings Co., Ltd. filed a Form 4 with the SEC on September 3, 2026, disclosing the sale of Aflac Incorporated common stock on September 1, 2026, executed pursuant to a Rule 10b5-1 trading plan.

Key Highlights

  • First sale: 8,670 shares of Aflac common stock were disposed of at a weighted average price of $115.65 per share, with individual transaction prices ranging from $114.92 to $115.92.
  • Second sale: 4,130 shares were disposed of at a weighted average price of $116.01 per share, with prices ranging from $115.925 to $116.47.
  • Remaining stake: Following both transactions, beneficial ownership stands at 50,701,190 shares of Aflac common stock, held indirectly.
  • 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).
  • Ownership structure: 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.
  • Ownership role: Japan Post Holdings is identified in the filing as a 10% owner of Aflac Incorporated (NYSE:AFL).

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

According to the filing, Japan Post Holdings Co., Ltd. disposed of a combined 12,800 shares of Aflac Incorporated common stock on September 1, 2026, across two separate transactions. The first involved 8,670 shares sold at a weighted average price of $115.65, with individual prices ranging from $114.92 to $115.92 per share. The second involved 4,130 shares sold at a weighted average price of $116.01, with prices ranging from $115.925 to $116.47 per share. The filing notes that transaction-level detail by price is available upon request from the issuer or SEC staff.

The filing describes a layered ownership structure. The shares are held directly by J&A Alliance Holdings Corporation, acting as trustee of the J&A Alliance Trust. The filing states that General Incorporated Association J&A Alliance, Kenji Sano, and Tetsuya Numaguchi may each be deemed to beneficially own those securities, given that General Incorporated owns J&A Holdings and Sano and 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. Each of those parties, according to the filing, "expressly disclaim beneficial ownership of the reported securities except to the extent of its pecuniary interest therein."

Following both reported transactions, the filing states that beneficial ownership stands at 50,701,190 shares held indirectly. The filing was signed by Yuki Takemura, Senior General Manager, as attorney-in-fact for Kenji Meguro, and dated September 3, 2026.

What Was Disclosed

Japan Post Holdings disclosed the sale of 12,800 total shares of Aflac common stock on September 1, 2026, under a Rule 10b5-1 plan, reducing its indirectly held beneficial ownership to 50,701,190 shares, all held through a trust structure via J&A Alliance Holdings Corporation.