Aflac Incorporated

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 1,634 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• Aflac's own 13F, and how it was treated. Aflac Incorporated files its own Form 13F-HR (CIK 0000004977, not a client-asset manager filing but Aflac's own directly-held, 13(f)-eligible equity portfolio). The Q2 2026 filing (accession 0001628280-26-054625, filed 7 Aug 2026, period 30 Jun 2026) reports exactly 4 information-table lines across 3 issuers, totaling $92,629,035: Trupanion Inc ($90,072,736), Pagaya Technologies Ltd common shares ($2,378,413) plus a Pagaya warrant line excluded as a derivative ($16,422 notional), and Ethos Technologies Inc ($161,464). This tiny filing (4 lines, versus tens of thousands of rows for the institutional 13Fs used in the register below) is not a proxy for Aflac's whole investment portfolio, which totals well over $100 billion in fixed maturities and other investments and is overwhelmingly non-13(f) fixed income; it only captures the handful of US-exchange-listed equity positions Aflac itself holds with investment discretion, each tied to a disclosed distribution alliance or acquisition, so all three are recorded as holdings rather than waved off.
• The insurer trap, applied. Aflac Japan (the company's large, wholly owned Japan operating subsidiary and the source of most of its investment portfolio) is excluded per the brief as a wholly owned operating subsidiary, not a holding. Aflac's general-account investment portfolio (predominantly Japanese and US fixed maturities) is investment held for the insurance business, not strategic ownership, and is excluded. Searched the Q2 2026 10-Q and FY2025 10-K for 'equity method', 'unconsolidated', 'joint venture', 'strategic investment', 'Trupanion', 'Empower', 'Varagon', 'Sound Point', 'Tree Line', 'affiliate', 'minority interest': none of the six named target companies/ventures appear by name in either filing's text. The filings do disclose an unnamed 'equity method investments' balance of $4,346 million at 30 Jun 2026 ($4,109 million at 31 Dec 2025) inside 'Other investments', with no individual investee named; per the brief's rule against assigning a combined balance to one investee, no holdings dollar figure is derived from that bucket for Sound Point, Varagon or Tree Line, even though those three are plausibly part of it. 'Empower' was searched per the brief's suggested term list but no Aflac relationship with a company by that name was found in the filings or in web search; not included.
• Three additional strategic minority stakes in private asset managers (Sound Point Commercial Real Estate Finance LLC, Varagon Capital Partners LP, Tree Line Capital Partners) are sourced entirely from Aflac Global Investments' own press releases (2021, 2020 and 2024 respectively), not from SEC filings, because none of the three is named in the 10-Q, 10-K or Aflac's own 13F (they are private LP/LLC interests, not 13(f) securities). Basis is 'press_report'/confidence 'reported' throughout. Percentages are quoted verbatim: Sound Point 9.9%, Tree Line 40%; Varagon's percentage was deliberately not disclosed by Aflac in its own release and is left null rather than estimated from a secondary Pensions & Investments characterization of 'equal stakes' with AIG.
• Vanguard case: Vanguard Group Inc (CIK 0000102909) filed 13F-NT (no holdings) for Q2 2026. This is the successors-summed case per the brief: Vanguard Capital Management LLC and Vanguard Portfolio Management LLC are summed into one 'The Vanguard Group' register row (54,259,322 shares) rather than listing Vanguard more than once.
• Capital Group family checked and excluded. All three verified Capital Group filer CIKs for this project (Capital World Investors 0001422849, Capital International Investors 0001562230, Capital Research Global Investors 0001422848) were checked against their own Q2 2026 13F-HRs; none holds any Aflac position (CUSIP 001055102 absent from all three information tables), so no 'Capital Group' register row is included. MFS (Massachusetts Financial Services Co, CIK 0000912938) was also checked and holds no Aflac position. Wellington Management (122,662 shares, $14,382,120), Franklin Resources (796,327 shares, $93,369,378) and FMR LLC/Fidelity (1,437,756 shares, $168,577,015) were all confirmed via their own Q2 2026 13F-HRs but fall outside the top 12 holders by share count and are omitted from the register rows above to keep to the brief's 8-12 target; all three source URLs and figures were independently verified during this research and can be re-added if a fuller register is wanted.
• Japan Post Holdings is the standout 'not just an index fund' register entry (see its method_note): a 10.15%, ~$6.0 billion strategic equity position held through a New York voting trust under a 2019 Shareholders Agreement tied to Aflac Japan's decades-long cancer-insurance distribution partnership through Japan Post's post office network (affiliates of Japan Post Holdings received approximately $102 million in commission and other payments from Aflac Japan and its affiliates in 2025, per the 2026 proxy's Related Person Transactions section). Its shares also carry a roughly 10x voting multiplier under Aflac's tenure-based voting structure once the qualifying holding period is met (proxy: 523,000,000 votes on 52,300,000 shares, i.e. 20.0% of available votes versus 10.2% of shares, before the Shareholders Agreement's proportional-voting cap on votes above 20% is applied). This file records shares and share-based percentages only throughout, never votes, per the brief's rule against conflating the two.
• Aflac Articles of Incorporation grant additional votes (up to 10 per share) to Common Stock held continuously in registered form by the same beneficial owner for a qualifying tenure period ('time-phased voting rights'), described in the 2026 proxy's 'Description of Voting Rights' section. This affects both the Amos and Japan Post rows above materially (see their method_notes) and would affect any other long-tenure registered holder; shares in 'street name' (essentially all of the institutional 13F holders in this register) are presumed one vote per share. This file reports shares and share-based percent_of_company only; it does not attempt to compute voting power for any row.
• Market capitalisation ($60.98 billion) and share price ($121.64) are stockanalysis.com's figures as of 17 August 2026. Cross-check: 501,343,298 shares x $121.64 implies approximately $60.98 billion, consistent with the reported market cap.
• Self-gate check: summing the twelve non-aggregate, non-member register rows (The Vanguard Group through Bank of America Corporation, which includes the strategic Japan Post Holdings row and the sovereign Norges Bank row) gives 207,843,573 shares against 501,343,298 shares outstanding, or 41.46%, within the expected 15 to 55 percent range for this register.