Japan Post Holdings Co., Ltd. filed an initial statement of beneficial ownership with the SEC on November 12, 2026, disclosing indirect beneficial ownership of 50,134,329 shares of Aflac Incorporated common stock as of November 4, 2026.

Key Highlights

  • Triggering event date: The date of event requiring the statement was November 4, 2026.
  • Shares reported: Japan Post Holdings disclosed indirect beneficial ownership of 50,134,329 shares of Aflac Incorporated common stock.
  • Ownership role: Japan Post Holdings is identified as a 10% Owner of Aflac Incorporated (NYSE:AFL).
  • Holding structure: The shares are held directly by J&A Alliance Holdings Corporation, acting as trustee of the J&A Alliance Trust, with Japan Post Holdings named as the sole settlor and beneficiary of the Trust.
  • Beneficial ownership disclaimer: According to the filing, Japan Post Holdings "expressly disclaim[s] beneficial ownership of the reported securities except to the extent of its pecuniary interest therein."
  • No derivative securities: Table II of the filing contains no derivative securities beneficially owned.

Japan Post Holdings' Indirect Stake in Aflac Through J&A Alliance Trust

According to the filing, the 50,134,329 shares of Aflac Incorporated common stock are held directly by J&A Alliance Holdings Corporation ("J&A Holdings") in its capacity as trustee of the J&A Alliance Trust. Japan Post Holdings Co., Ltd. is described as the sole settlor and beneficiary of that Trust, which the filing indicates is the basis on which Japan Post Holdings may be deemed to beneficially own the reported shares. The ownership is classified as indirect on the form.

The filing further discloses that General Incorporated Association J&A Alliance, Kenji Sano, and Tetsuya Numaguchi may also each be deemed to beneficially own the same securities. This is because, according to the filing, General Incorporated owns J&A Holdings, and Kenji Sano and Tetsuya Numaguchi each hold 50% of the equity interests in General Incorporated. All named parties, including Japan Post Holdings, expressly disclaimed beneficial ownership beyond their respective pecuniary interests, as stated in the filing's footnote.

The form was signed on November 12, 2026, by Yoshihiro Hiraga, Deputy Senior General Manager, acting as attorney-in-fact for Kenji Meguro. The filing references a Power of Attorney incorporated from Exhibit 99.1 of a Form N-PX filed by the reporting person on July 10, 2026. No derivative securities were reported in Table II of the form.

What Was Disclosed

Japan Post Holdings Co., Ltd. filed an initial beneficial ownership statement reporting indirect ownership of 50,134,329 Aflac Incorporated common shares held through the J&A Alliance Trust structure, with the event date of November 4, 2026, and no derivative securities reported.