Japan Post Holdings Co., Ltd. filed a Form 4 with the SEC on September 4, 2026, disclosing a sale of Aflac Incorporated (NYSE:AFL) common stock executed on September 2, 2026, pursuant to a Rule 10b5-1 trading plan.

Key Highlights

  • Shares sold: Japan Post Holdings disposed of 13,500 shares of Aflac common stock on September 2, 2026.
  • Weighted average price: Shares were sold at a weighted average price of $117.19, with individual transaction prices ranging from $116.67 to $117.50 per share.
  • Remaining beneficial ownership: Following the transaction, Japan Post Holdings reported indirect beneficial ownership of 50,687,690 shares.
  • Rule 10b5-1 plan: The filing indicates the sale was made pursuant to a contract, instruction, or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
  • Ownership structure: The reported 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 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 Incorporated.

Japan Post Holdings' Sale and Indirect Ownership Structure in Aflac

According to the filing, Japan Post Holdings Co., Ltd., headquartered in Tokyo, Japan, sold 13,500 shares of Aflac Incorporated common stock on September 2, 2026. The transaction was coded "S" (sale) and classified as a disposition. The filing states that the weighted average sale price was $117.19 per share, with individual sales occurring at prices ranging from $116.67 to $117.50. The filing notes that Japan Post Holdings will provide information on the number of shares sold at each specific price within that range to Aflac or SEC staff upon request.

The filing describes a layered indirect ownership arrangement. According to the disclosure, 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. 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."

Following the reported transaction, Japan Post Holdings' indirect beneficial ownership in Aflac common stock stood at 50,687,690 shares, according to the filing. The Form 4 was signed by Yuki Takemura, Senior General Manager, as attorney-in-fact for Kenji Meguro, and dated September 4, 2026.

What Was Disclosed

Japan Post Holdings reported the sale of 13,500 shares of Aflac Incorporated common stock on September 2, 2026, at a weighted average price of $117.19 per share under a Rule 10b5-1 plan, leaving an indirect beneficial ownership position of 50,687,690 shares.