Japan Post Holdings Co., Ltd. filed a Form 4 with the SEC on September 21, 2026, disclosing the sale of Aflac Incorporated common stock on September 17, 2026, pursuant to a Rule 10b5-1 plan.

Key Highlights

  • First tranche sold: 11,745 shares of Aflac common stock at a weighted average price of $116.54 per share, with individual transaction prices ranging from $115.875 to $116.875.
  • Second tranche sold: 1,155 shares at a weighted average price of $116.97 per share, with prices ranging from $116.88 to $117.12.
  • Remaining beneficial ownership: 50,544,290 shares of Aflac common stock following both transactions, held indirectly.
  • Ownership structure: Shares are held directly by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust, with Japan Post Holdings as the sole settlor and beneficiary of the Trust.
  • Rule 10b5-1 plan: The filing indicates transactions were made pursuant to a contract, instruction, or written plan satisfying the affirmative defense conditions of Rule 10b5-1(c).
  • Reporting relationship: Japan Post Holdings is identified as a 10% owner of Aflac Incorporated (NYSE:AFL).

Japan Post Holdings Reduces Aflac Stake via Trust Structure

According to the filing, Japan Post Holdings Co., Ltd., headquartered in Tokyo, Japan, disposed of a combined 12,900 shares of Aflac Incorporated (NYSE:AFL) common stock on September 17, 2026. The two separate sale transactions were conducted under a Rule 10b5-1 plan, as indicated by the checkbox marked on the form. The first transaction involved 11,745 shares sold at a weighted average price of $116.54, and the second involved 1,155 shares at a weighted average price of $116.97.

The filing describes a layered ownership structure. The shares are held directly by J&A Alliance Holdings Corporation in its capacity as trustee of the J&A Alliance Trust. Japan Post Holdings is identified as the Trust's sole settlor and beneficiary, which is the basis for its deemed beneficial ownership of the shares. The filing notes that General Incorporated Association J&A Alliance, Kenji Sano, and Tetsuya Numaguchi may also each be deemed to beneficially own the securities due to their respective interests in J&A Holdings. According to the filing, "each of General Incorporated, Kenji Sano, Tetsuya Numaguchi and Japan Post 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 50,544,290 shares of Aflac common stock, held indirectly. The form was signed by Yuki Takemura, Senior General Manager, as attorney-in-fact for Kenji Meguro, and was filed on September 21, 2026.

What Was Disclosed

Japan Post Holdings Co., Ltd. reported two dispositions of Aflac common stock on September 17, 2026, totaling 12,900 shares sold across two price ranges under a Rule 10b5-1 plan, with 50,544,290 shares remaining beneficially owned indirectly through a trust structure.