Aflac ($AFL) Officer Masatoshi Koide Sells $1.56M in Common Stock

Overview & Context

On September 18, 2026, Masatoshi Koide, President and Representative Director of Aflac Life Insurance Japan (ALIJ), filed a Form 4 reporting transactions executed on September 16, 2026. The filing details an option exercise combined with open-market dispositions totaling 13,201 shares of Common Stock for an aggregate consideration of approximately $1.56 million.

Transaction Details

1. Option Exercise (Code M):

   • Exercised an employee stock option to acquire 3,201 shares at an exercise price of $35.52 per share (originally granted with an expiration date of February 14, 2027).

2. Open Market Dispositions (Code S):

   • Sold 3,201 shares at $117.93 per share, matching the option exercise volume ($377,493.93 total).
   • Sold an additional 10,000 shares at a weighted average price of $118.04 per share ($1,180,400.00 total), with executed prices ranging from $118.03 to $118.09.

Ownership Impact

• Prior Holdings (Pre-exercise): 86,422 shares
• Post-Exercise Peak: 89,623 shares
• Ending Direct Holdings: 76,422 shares
• Net Change: Net reduction of 10,000 direct shares (~11.6% decrease relative to pre-exercise holdings, or ~14.7% decrease relative to post-exercise peak).

Market Significance

This activity represents a combination of a routine stock option exercise-and-sell along with the disposition of an additional 10,000 existing shares. Given the insider's senior operating role within Aflac's core Japanese business and the total transaction value exceeding $1.5 million, this is classified as a Medium significance event.