Registration Statement - Specified Transactions (Form S-3)

As filed with the Securities and Exchange Commission on April 23, 2026

Registration No. 333-     ​

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM S-3

REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933

AFLAC INCORPORATED

(Exact name of registrant as specified in its charter)

Aflac Incorporated
1932 Wynnton Road
Columbus, GA 31999
(706) 323-3431

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)​

Daniel P. Amos
Chairman and Chief Executive Officer
Aflac Incorporated
1932 Wynnton Road
Columbus, GA 31999
(706) 323-3431

(Name, address, including zip code, and telephone number, including area code, of agent for service)​

Copies to:

Approximate date of commencement of proposed sale to the public: From time to time after the effective date of this registration statement.

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box: ☐

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box: ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act of 1933, please check the following box and list the Securities Act of 1933 registration statement number of the earlier effective registration statement for the same offering: ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act of 1933, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: ☐

If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act of 1933, check the following box: ☐

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act of 1933, check the following box: ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Securities Exchange Act of 1934.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act of 1933: ☐

The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.

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SUBJECT TO COMPLETION
DATED APRIL 23, 2026

PROSPECTUS

Up to 51,636,945 Shares of Common Stock

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This prospectus relates solely to the resale, from time to time, of up to 51,636,945 shares of common stock, par value $0.10 per share, of Aflac Incorporated ("Aflac"), by J&A Alliance Holdings Corporation, a Delaware corporation (the "Selling Stockholder" or "J&A Holdings"), in its capacity as the trustee of J&A Alliance Trust, a New York voting trust (the "Trust"). We will not receive any proceeds from the sale of shares of our common stock by the Selling Stockholder pursuant to this prospectus.

The Selling Stockholder may offer the shares of our common stock directly, through agents, or to or through underwriters or dealers. A prospectus supplement, if required, may describe the terms of the plan of distribution and set forth the names of any agents, underwriters or dealers involved in the sale of the shares of our common stock. See the section entitled "Plan of Distribution."

Our common stock is listed on the New York Stock Exchange ("NYSE") under the symbol "AFL." On April 22, 2026, the last reported sales price of our common stock on the New York Stock Exchange was $114.75 per share.

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Investing in our common stock involves risks. See "Risk Factors" on page 5 of this prospectus and "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, and in other documents that we subsequently file with the Securities and Exchange Commission ("SEC") that are incorporated by reference into this prospectus.

Neither the SEC nor any state securities commission or regulatory authority has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus or any prospectus supplement. Any representation to the contrary is a criminal offense.

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The date of this prospectus is            , 2026.

TABLE OF CONTENTS

About this Prospectus

This prospectus is part of a registration statement that we filed with the SEC utilizing a "shelf" registration process. By using a shelf registration statement, the Selling Stockholder may sell the shares of our common stock covered hereby from time to time and in one or more offerings.

Each time the Selling Stockholder sells shares of our common stock using this prospectus, to the extent necessary, we will provide a prospectus supplement that will contain specific information about the terms of that offering, which may include the number of shares being offered, the manner of distribution, the identity of any underwriters and other specific terms related to the offering. The prospectus supplement may also add, update or change information contained or incorporated by reference in this prospectus. If there is any inconsistency between the information in this prospectus and any prospectus supplement, you should rely on the information provided in the prospectus supplement. This prospectus does not contain all of the information included in the registration statement of which the prospectus forms a part. The registration statement filed with the SEC includes or incorporates by reference exhibits that provide more details about the matters discussed in this prospectus. You should carefully read the entirety of this prospectus, the related exhibits filed with the SEC and any prospectus supplement, together with the additional information described below under the heading "Where You Can Find More Information" before making an investment decision.

In this prospectus, except as otherwise indicated or as the context suggests otherwise, references in this prospectus to "we," "us," "our" or the "Company" are to Aflac Incorporated and its subsidiaries.

The term "Selling Stockholder" includes pledgees, donees, assignees, transferees or other successors-in-interest.

Neither we nor the Selling Stockholder has authorized anyone to give you any information or to make any representation other than those contained in this prospectus, in any applicable prospectus supplement, in any documents that are incorporated by reference herein or therein or in any other documents to which we refer you. If anyone provides you with different or inconsistent information, you should not rely on it. The Selling Stockholder is not making an offer to sell or seeking an offer to buy shares of our common stock in any jurisdiction where an offer or sale is not permitted.

You should not assume that the information appearing in this prospectus or any applicable prospectus supplement or the documents incorporated by reference herein or therein is accurate as of any date other than their respective dates. Our business, financial condition, results of operations and prospects may have changed since those dates.

Cautionary Statement Regarding Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a safe harbor to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. We desire to take advantage of these provisions. This prospectus or documents filed with the SEC and incorporated by reference herein contain cautionary statements identifying important factors that could cause actual results to differ materially from those projected herein, and in any other statements made by our officials in communications with the financial community and contained in documents filed with or furnished to the SEC. Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks and uncertainties. In particular, statements containing words such as expect, anticipate, believe, goal, objective, strategy, may, should, estimate, intend, project, future, will, assume, potential, target, outlook, continue or similar words, as well as specific projections of future results, generally qualify as forward-looking. We undertake no obligation to update such forward-looking statements, except as may be required by law.

We caution readers that the following factors, in addition to other factors mentioned from time to time, could cause actual results to differ materially from those contemplated by the forward-looking statements:

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difficult conditions in global capital markets and the economy, including inflation

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defaults and credit downgrades of investments

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global fluctuations in interest rates and exposure to significant interest rate risk

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concentration of business in Japan

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limited availability of acceptable Japanese yen-denominated investments

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foreign currency fluctuations in the yen/dollar exchange rate

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differing interpretations applied to investment valuations

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significant valuation judgments in determination of expected credit losses recorded on the Company's investments

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decreases in the Company's financial strength or debt ratings

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decline in creditworthiness of other financial institutions

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the Company's ability to attract and retain qualified sales associates, brokers, employees, and distribution partners

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deviations in actual experience from pricing and reserving assumptions

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ability to continue to develop and implement improvements in information technology systems and on successful execution of revenue growth and expense management initiatives

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interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality, integrity or privacy of sensitive data residing on such systems, and uncertainty regarding the impact of the incident involving unauthorized access to the Company's network in June 2025

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subsidiaries' ability to pay dividends to Aflac

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inherent limitations to risk management policies and procedures

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operational risks of third-party vendors

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tax rates applicable to the Company may change

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failure to comply with restrictions on policyholder privacy and information security

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extensive regulation and changes in law or regulation by governmental authorities

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competitive environment and ability to anticipate and respond to market trends

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catastrophic events, including, but not limited to, as a result of climate change, epidemics, pandemics, tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, major public health issues, terrorism or other acts of violence, and damage incidental to such events

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ability to protect the Aflac brand and the Company's reputation

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ability to effectively manage key executive succession

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changes in accounting standards

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level and outcome of litigation or regulatory inquiries

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allegations or determinations of worker misclassification in the United States

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other risks that are described in the Company's filings with the SEC, including but not limited to the risks described in "Item 1A - Risk Factors" in the Company's most recent Annual Report on Form 10-K and that are otherwise described or updated from time to time in the Company's other filings with the SEC.

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Aflac Incorporated

Aflac Incorporated was incorporated in 1973 under the laws of the state of Georgia. We provide financial protection to millions of policyholders and customers in Japan and the United States ("U.S."). Our principal business is supplemental health and life insurance products with the goal to provide customers the best value in supplemental insurance products in Japan and the U.S. When a policyholder or insured gets sick or hurt, we pay cash benefits fairly and promptly for eligible claims. Throughout our 70-year history, our supplemental insurance policies have given policyholders the opportunity to focus on recovery, not financial stress.

We are authorized to conduct insurance business in all 50 states, the District of Columbia, several U.S. territories, and Japan. Our website is: www.aflac.com. Information included on our website is not incorporated by reference into this filing. We make available free of charge through our website, our annual reports on Form 10-K, our quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports as soon as reasonably practicable after they have been electronically filed with or furnished to the SEC.

Our principal executive offices are located at 1932 Wynnton Road, Columbus, Georgia 31999 and our telephone number is (706) 323-3431.

Risk Factors

Investing in our common stock involves risk. Please see the risk factors described in "Item 1A - Risk Factors" in our most recent Annual Report on Form 10-K, which is incorporated by reference in this prospectus, as well as any risk factors included in any other filings we have made with the SEC that are incorporated by reference herein or set forth in any applicable prospectus supplement that accompanies this prospectus. Before making an investment decision, you should carefully consider these risks as well as other information we include or incorporate by reference in this prospectus. The risks and uncertainties we have described are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect our business operations, results of operations or financial condition. Additional risk factors may be included in an applicable prospectus supplement relating to a particular offering of shares of our common stock. These risks could materially affect our business operations, results of operations or financial condition and cause the value of our common stock to decline. You could lose all or part of your investment.

Use of Proceeds

All shares of common stock offered by this prospectus and any applicable prospectus supplement will be sold by the Selling Stockholder. We will not receive any proceeds from the sale of shares by the Selling Stockholder.

Description of Common Stock

Capitalization

We are authorized to issue up to 1,900,000,000 shares of common stock, par value $0.10 per share.

General

Holders of our common stock are entitled to cast one vote for each share held of record on each matter submitted to a vote at a meeting of shareholders, until such a share has been held by the same beneficial owner for a continuous period of longer than 48 months prior to the record date of the meeting, at which time each share becomes entitled to 10 votes. A majority of the votes cast is required for all actions to be taken by shareholders, except with respect to contested director elections, which requires a plurality of the votes cast. Subject to preferences that may be applicable to holders of any outstanding shares of preferred stock, holders of our common stock are entitled to such dividends as may be declared by our Board of Directors (the "Board") out of funds legally available therefor. Upon any liquidation, dissolution or winding up of Aflac, holders of our common stock are entitled to share equally and ratably in any assets remaining after the payment of all debt and other liabilities, subject to the prior rights of holders of any outstanding shares of preferred stock.

Holders of our common stock do not have any preemptive rights under our Articles of Incorporation, as amended (the "Articles of Incorporation") or our Amended and Restated Bylaws (the "Bylaws"). However, under the Shareholders Agreement dated as of February 28, 2019 (the "Shareholders Agreement"), by and among Aflac, Japan Post Holdings Co., Ltd., a Japanese corporation ("Japan Post"), the Selling Stockholder in its capacity as trustee of the Trust, and General Incorporated Association J&A Alliance, a Japanese general incorporated association ("General Incorporated"), the Selling Stockholder shall have the right to purchase up to such number of shares of our common stock that would allow it to maintain beneficial ownership of the outstanding shares of our common stock that is no less than its ownership percentage prior to any issuance of new shares of our common stock (subject to certain exceptions pursuant to the Shareholders Agreement). Holders of our common stock do not have any cumulative voting, subscription, redemption, sinking fund or conversion rights. The common stock is not subject to future calls or assessments by us.

Our common stock is listed on the New York Stock Exchange under the symbol "AFL."

Anti-Takeover Effects of Certain Provisions

Certain provisions of the Georgia Business Corporation Code, our Articles of Incorporation and our Bylaws summarized in the paragraphs above and in the following paragraphs may have an anti-takeover effect and could make the following transactions difficult: acquisition by means of a tender offer; acquisition by means of a proxy contest or otherwise; or removal of incumbent officers and directors. It is possible that these provisions could make it more difficult to accomplish or could deter transactions that shareholders may otherwise consider to be in their best interest or in the best interests of Aflac, including transactions that might result in a premium over the market price for shares of our common stock.

Special Shareholder Meetings

Unless otherwise permitted by applicable law, our Bylaws provide that special meetings of shareholders may be called only by our (i) Board, (ii) Chairman of the Board, (iii) Chief Executive Officer or (iv) Secretary upon the written request of shareholders holding at least 25% of all the votes entitled to be cast on each issue to be considered at the special meeting as of the date of submission of the request.

Requirements for Advance Notification of Shareholder Nominations and Proposals

Under our Bylaws, to be properly brought before an annual meeting of shareholders, any shareholder proposal or nomination for election to the Board must be delivered to Aflac's Secretary not less than 90 days nor more than 120 days prior to the one-year anniversary of the preceding year's annual meeting; provided that in the event that the date of the annual meeting is called for a date that is not within 25 days before or after

such anniversary date, a shareholder's written notice must be delivered not later than the 10th day following the day on which public announcement of the date of such meeting is first made by us. Such notice must contain information specified in our Bylaws as to the director nominee or proposal of other business, information about the shareholder making the nomination or proposal and the beneficial owner, if any, on behalf of whom the nomination or proposal is made.

Georgia Business Corporation Code

We have elected in our Bylaws to be governed by the "business combination" provisions of the Georgia Business Corporation Code (Sections 14-2-1131 through 14-2-1133), which could be viewed as having the effect of discouraging an attempt to obtain control of us; however, we have not elected in our Bylaws to be governed by the "fair price" provisions of the Georgia Business Corporation Code (Sections 14-2-1110 through 14-2-1113), so the "fair price" provisions are not applicable to an attempt to obtain control of Aflac. The business combination provision generally would prohibit us from engaging in various business combination transactions with any interested shareholder (defined generally as a beneficial owner of 10% or more of our outstanding common stock) for a period of five years after the date of the transaction in which the person became an interested shareholder unless specified board of directors and shareholder approval conditions are met.

Selling Stockholder

On December 19, 2018, Aflac Incorporated and Aflac Life Insurance Japan Ltd. entered into a Basic Agreement regarding the "Strategic Alliance Based on Capital Relationship" ​(the "Basic Agreement") with Japan Post. Pursuant to the terms of the Basic Agreement, Japan Post agreed to form a capital relationship with us, whereby the Selling Stockholder would acquire and hold approximately 7% of the outstanding shares of our common stock.

In connection with the Basic Agreement, on February 28, 2019, we entered into the Shareholders Agreement. Pursuant to the terms of the Shareholders Agreement, the Selling Stockholder acquired, through open market transactions in the United States, beneficial ownership of approximately 7% of the outstanding shares of our common stock. The Shareholders Agreement requires us to maintain a shelf registration statement on Form S-3 registering the resale of our common stock held by the Selling Stockholder. Accordingly, we are filing a registration statement on Form S-3, of which this prospectus forms a part, with respect to the resale of these shares of common stock from time to time. In addition, we agreed in the Shareholders Agreement to keep the registration statement effective until the Selling Stockholder no longer holds any shares of common stock covered by this prospectus.

Information concerning the Selling Stockholder may change from time to time and any such changed information will be set forth in a prospectus supplement, in a post-effective amendment, or in filings we make with the SEC under the Securities Exchange Act of 1934 (the "Exchange Act") which are incorporated by reference herein.

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(1)

The reported securities are held directly by J&A Holdings, in its capacity as the trustee of the Trust. General Incorporated, Kenji Sano and Tetsuya Numaguchi each may be deemed to share voting power over the shares of common stock owned directly by J&A Holdings, in its capacity as trustee of the Trust, because (i) General Incorporated owns J&A Holdings and (ii) Kenji Sano and Tetsuya Numaguchi each own 50% of the equity interests in General Incorporated. Japan Post may be deemed to share investment power over the shares of common stock owned directly by J&A Holdings, in its capacity as the trustee of the Trust, due to its role as the sole settlor and beneficiary of the Trust. Each of General Incorporated, Kenji Sano, Tetsuya Numaguchi and Japan Post expressly disclaims beneficial ownership of the shares held directly by J&A Holdings (in its capacity as the trustee of the Trust).

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Assuming the sale of all shares offered hereby.

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Plan of Distribution

We are registering the shares of our common stock covered by this prospectus to permit the Selling Stockholder to conduct public secondary trading of these shares of our common stock from time to time after the date of this prospectus. We have agreed to, among other things, bear all expenses, other than brokers' or underwriters' discounts and commissions, in connection with the registration and sale of the shares of our common stock covered by this prospectus. The Selling Stockholder reserves the right to accept and, together with its respective agents, to reject, any proposed purchases of the shares of our common stock to be made directly or through agents. If any successor to the Selling Stockholder named in this prospectus wishes to sell under this prospectus, we will file a prospectus supplement identifying such successor as the Selling Stockholder.

The shares of our common stock offered by this prospectus may be sold in one or more transactions:

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at a fixed public offering price or prices, which may be changed;

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at market prices prevailing at the time of sale;

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at prices related to such prevailing market prices;

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at varying prices determined at the time of sale; or

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at negotiated prices.

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These sales may be effected in one or more transactions:

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on any national securities exchange or quotation on which this common stock may be listed or quoted at the time of sale;

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in the over-the-counter market;

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through ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

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in block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction;

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in purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

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in transactions on such exchanges or services or in the over-the-counter market;

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through the writing or settlement of options (including the issuance by the Selling Stockholder of derivatives securities) or other hedging or derivative transactions, whether the options or such other derivative securities are listed on an options exchange or otherwise;

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privately negotiated transactions;

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short-sales (including short sales "against the box");

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by pledge to secure debts or other obligations;

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in other ways not involving market makers or established trading markets, including direct sales to purchasers or sales effected through agents;

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through a distribution by the Selling Stockholder to its partners, members, shareholders or beneficiaries;

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through any combination of the foregoing; or

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through any other method permitted pursuant to applicable law.

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In connection with the sales of the shares of our common stock, the Selling Stockholder may enter into hedging transactions with broker-dealers or other financial institutions that in turn may:

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engage in short sales of our common stock in the course of hedging their positions;

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sell these shares of our common stock short and deliver them to close out short positions;

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loan or pledge the shares of our common stock to broker-dealers or other financial institutions that in turn may sell the shares of our common stock;

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enter into option or other transactions with broker-dealers or other financial institutions that require delivery to the broker-dealer or other financial institutions of the shares of our common stock, which the broker-dealer or other financial institution may resell under the prospectus; or

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enter into transactions in which the broker-dealer makes purchases as a principal for resale of its own account or through other types of transactions.

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To the extent required by law, this prospectus may be amended or supplemented from time to time to describe a specific plan of distribution. Any prospectus supplement relating to a particular offering of our common stock by the Selling Stockholder may include the following information, including to the extent required by law:

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the terms of the offering;

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the names of any underwriters or agents;

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the public offering price or the purchase price of the securities;

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any delayed delivery arrangements;

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any underwriting discounts and other items constituting underwriters' compensation; and

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any discounts or concessions allowed or reallowed or paid to dealers.

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The shares of our common stock offered by this prospectus may be sold from time to time to purchasers:

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directly by the Selling Stockholder and its successor, which includes its donees, pledgees or transferees or their successors-in-interest; or

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through underwriting syndicates represented by managing underwriters or through underwriters without an underwriting syndicate, broker-dealers or agents, who may receive compensation in the form of discounts, commissions or agent's commissions from the Selling Stockholder or the purchasers of the shares of our common stock. These discounts, concessions or commissions may be in excess of those customary in the types of transaction involved.

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The Selling Stockholder and any underwriters, broker-dealers or agents who participate in the sale or distribution of the shares of our common stock may be deemed to be "underwriters" within the meaning of the Securities Act of 1933 (the "Securities Act"). As a result, any profits from the sale of the shares of our common stock by such Selling Stockholder and any discounts, commissions or agent's commissions or concessions received by any such broker-dealer or agents may be deemed to be underwriting discounts and commissions under the Securities Act. If the Selling Stockholder is deemed to be an "underwriter" within the meaning of Section 2(a)(11) of the Securities Act, it will be subject to the prospectus delivery requirements of the Securities Act. Underwriters are subject to certain statutory liabilities, including, but not limited to, Sections 11, 12 and 17 of the Securities Act. If any entity is deemed an underwriter or any amounts deemed underwriting discounts and commissions, the prospectus supplement will identify the underwriter or agent and describe the compensation received from the Selling Stockholder.

The Selling Stockholder may sell shares of our common stock directly to purchasers. In this case, they may not engage underwriters or agents in the offer and sale of such shares.

We are not aware of any plans, arrangements or understandings between the Selling Stockholder and any underwriter, broker-dealer or agent regarding the sale of the shares of our common stock by the Selling Stockholder pursuant to this prospectus. The Selling Stockholder may, however, effect sales of shares pursuant to a Rule 10b5-1 trading plan, which may involve broker-dealers, and any such sales may be effected outside of this prospectus. We cannot assure you that the Selling Stockholder will sell any or all of the shares of our common stock offered by them pursuant to this prospectus. In addition, we cannot assure you that the Selling Stockholder will not transfer, devise or gift the shares of our common stock by other means not described in this prospectus.

The Selling Stockholder (including any successor) may elect to make an in-kind distribution of the shares of common stock to its members, partners, shareholders or beneficiaries. In such event, we may file a

prospectus supplement to the extent required by law in order to permit the distributees to use the prospectus to resell the common stock acquired in the distribution.

In addition, any shares of our common stock covered by this prospectus that qualifies for sale under Rule 144 or Rule 144A under the Securities Act may be sold under Rule 144 or Rule 144A rather than under this prospectus. The shares of our common stock covered by this prospectus may also be sold to non-U.S. persons outside the U.S. in accordance with Regulation S under the Securities Act rather than under this prospectus. The shares of our common stock may be sold in some states only through registered or licensed brokers or dealers. In addition, in some states the shares of our common stock may not be sold unless they have been registered or qualified for sale or an exemption from registration or qualification is available and complied with.

The Selling Stockholder and any other person participating in the sale of these shares of our common stock will be subject to the Exchange Act. The Exchange Act rules include, without limitation, Regulation M, which may limit the timing of purchases and sales of any of the shares of our common stock by the Selling Stockholder and any other person. In addition, Regulation M may restrict the ability of any person engaged in the distribution of the common stock to engage in market-making activities with respect to the particular common stock being distributed. This may affect the marketability of the shares of our common stock and the ability of any person or entity to engage in market-making activity with respect to this common stock.

We shall pay substantially all of the expenses incidental to the registration, offering and sale of the shares of our common stock covered by this prospectus to the public, including the payment of federal securities law and state blue sky registration fees, except that we will not bear any underwriting discounts or commissions or transfer taxes relating to the sale of the common stock.

Where You Can Find More Information

We file annual, quarterly and current reports, proxy statements and other information with the SEC under the Exchange Act. The SEC also maintains an Internet site that contains reports, proxy and information statements and other information about issuers who file electronically with the SEC. The address of that site is http://www.sec.gov. General information about us, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as well as any amendments and exhibits to those reports, are available free of charge through our website at www.aflac.com as soon as reasonably practicable after we file them with, or furnish them to, the SEC. Information on our website is not incorporated into this prospectus or our other securities filings and is not a part of these filings.

This prospectus relates to a registration statement that we have filed with the SEC relating to the securities to be offered. This prospectus does not contain all of the information we have included in the registration statement and the accompanying exhibits and schedules in accordance with the rules and regulations of the SEC and we refer you to the omitted information. The statements this prospectus makes pertaining to the content of any contract, agreement or other document that is an exhibit to the registration statement necessarily are summaries of their material provisions and do not describe all exceptions and qualifications contained in those contracts, agreements or documents. You should read those contracts, agreements or documents for information that may be important to you. The registration statement, exhibits and schedules are available free of charge at the SEC's public reference room or through its website at http://www.sec.gov.

We "incorporate by reference" into this prospectus information we file with the SEC, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is deemed to be part of this prospectus and later information that we file with the SEC will automatically update and supersede that information. This prospectus incorporates by reference the documents set forth below that we have previously filed with the SEC. These documents contain important information about us and our financial condition.

The following documents listed below, which we have previously filed with the SEC, are incorporated by reference:

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our Annual Report on Form 10-K for the year ended December 31, 2025 (including the portions of our Definitive Proxy Statement, filed with the SEC on March 19, 2026, that are incorporated by reference therein); and

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the description of our capital stock contained in Exhibit 4.1 to our Annual Report on Form 10-K for the year ended December 31, 2025, including any amendments or reports filed for the purpose of updating such description.

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All documents filed by us under Section 13(a), 13(c), 14 or 15(d) of the Exchange Act from the date of this prospectus and prior to the termination of the offering of the securities are also incorporated into this prospectus by reference.

We will provide a copy of these filings, at no cost, upon your written or oral request to us at the following address or telephone number:

Aflac Incorporated
Office of the Secretary
1932 Wynnton Road
Columbus, Georgia 31999
(706) 323-3431

Exhibits to the filings will not be sent, unless those exhibits have been specifically incorporated by reference in this prospectus.

Legal Matters

Unless otherwise indicated in an applicable prospectus supplement, certain legal matters as to Georgia law in connection with the offering of the common stock will be passed upon for us by Audrey Boone Tillman, Esq., Executive Vice President and General Counsel of Aflac Incorporated. Additional legal matters may be passed upon for us by Skadden, Arps, Slate, Meagher & Flom LLP, New York, New York, or for any underwriters, dealers or agents, by counsel which we will name in an applicable prospectus supplement.

Experts

The consolidated financial statements and schedules of Aflac Incorporated and subsidiaries as of December 31, 2025 and 2024, and for each of the years in the three-year period ended December 31, 2025, and management's assessment of the effectiveness of internal control over financial reporting as of December 31, 2025 have been incorporated by reference herein in reliance upon the reports of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.

Part II - Information Not Required in Prospectus

Item 14. Other Expenses of Issuance and Distribution.

The expenses in connection with the issuance and distribution of the securities being registered, other than underwriting compensation, are set forth in the following table. Each amount shown, except the SEC Registration Fee, is estimated.

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Aflac Incorporated originally registered 52,300,000 shares of common stock on behalf of the Selling Stockholder pursuant to the Registration Statement on Form S-3 (File No. 333-237969) filed on May 1, 2020. The SEC registration fees for such unsold shares of common stock were subsequently carried forward pursuant to the Registration Statement on Form S-3 (File No. 333-271561) filed on May 1, 2023 and are hereby carried forward. Of the originally registered 52,300,000 shares, 51,636,945 remain unsold.

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Item 15. Indemnification of Directors and Officers.

The Georgia Business Corporation Code permits a corporation to indemnify a director or officer if the director or officer seeking indemnification acted in good faith and reasonably believed (i) in the case of conduct in his or her official capacity, that his or her action was in the best interest of the corporation, (ii) in all other cases, that his or her action was at least not opposed to the best interests of the corporation, and (iii) in the case of any criminal proceedings, that he or she had no reasonable cause to believe his or her conduct was unlawful, provided that indemnification in connection with a proceeding by or in the right of the corporation is limited to reasonable expenses incurred in connection with the proceeding. The Georgia Business Corporation Code prohibits indemnification of a director in connection with a proceeding by or in the right of the corporation (other than for reasonable expenses) if it is determined that the director has not met the relevant standard of conduct, or with respect to conduct for which he or she was adjudged liable on the basis that a personal benefit was improperly received by him or her, whether or not involving action in his or her official capacity. The Georgia Business Corporation Code additionally prohibits indemnification of an officer for liability arising in connection with appropriation of a business opportunity of the corporation, intentional or knowing violation of law, improper distributions or improper personal benefit.

Aflac Incorporated's articles of incorporation provide that, to the fullest extent permitted by Georgia law, as the same exists or may be hereafter amended, no director of Aflac Incorporated shall be personally liable to Aflac Incorporated for monetary damages for any breach of the duty of care or other duty as a director, provided that Aflac Incorporated's articles of incorporation do not limit or eliminate liability for (i) a breach of duty involving an appropriation of a business opportunity of Aflac Incorporated; (ii) an act or omission not in good faith or involving intentional misconduct or a knowing violation of law; (iii) any action for which a director could be found liable pursuant to Section 14-2-154 of the Georgia Business Corporation Code, or any amendment or successor provision of such section; and (iv) any transaction from which the director derived an improper personal benefit. In addition, a director's liability will not be limited as to any payment of a dividend or approval of a stock repurchase that is illegal under Section 14-2-640 of the Georgia Business Corporation Code.

Aflac Incorporated maintains (i) director and officer liability insurance that provides for indemnification of the directors and officers of Aflac Incorporated and of its majority-owned subsidiaries, and (ii) company reimbursement insurance that provides for indemnification of Aflac Incorporated and its majority-owned subsidiaries in those instances where Aflac Incorporated and/or its majority-owned subsidiaries indemnified its directors and officers.

Item 16. Exhibits.

EXHIBIT INDEX

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To be filed, if necessary, subsequent to the effectiveness of this registration statement by an amendment to this registration statement or incorporated by reference pursuant to a Current Report on Form 8-K in connection with an offering of securities.

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Item 17. Undertakings.

The undersigned registrant hereby undertakes:

(1)

To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

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(i)

to include any prospectus required by Section 10(a)(3) of the Securities Act;

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(ii)

to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

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(iii)

to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

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provided, however, that paragraphs (i), (ii) and (iii) above do not apply if the information required to be included in a post-effective amendment by those clauses is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended, that are incorporated by reference in this registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

(2)

That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

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(3)

To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

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(4)

That, for the purpose of determining liability under the Securities Act to any purchaser:

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(i)

Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

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(ii)

Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which the prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

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(5)

That for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

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Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and persons controlling of the registrant pursuant to the foregoing provisions, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Columbus, State of Georgia, on April 23, 2026.

Dated: April 23, 2026

Aflac Incorporated

By:

/s/ Daniel P. Amos

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Daniel P. Amos
Chief Executive Officer
Chairman of the Board of Directors

SIGNATURES AND POWER OF ATTORNEY

We, the undersigned officers, directors and authorized representatives of Aflac Incorporated, hereby severally constitute and appoint Audrey Boone Tillman and J. Matthew Loudermilk, and each of them, the lawful attorneys and agents, with full power of substitution and authority, to sign for us and in our names in the capacities indicated below, any and all pre-effective and post-effective amendments to the registration statement on Form S-3 filed herewith, and any subsequent registration statement for the same offering which may be filed under Rule 462(b), and generally to do all such things in our names and on our behalf in our capacities as officers and directors to enable Aflac Incorporated to comply with the provisions of the Securities Act of 1933, as amended, and all requirements of the Securities and Exchange Commission, hereby ratifying and confirming our signatures as they may be signed by either of our said attorneys, or his or her substitute or substitutes, to any and all amendments to said registration statement or to any subsequent registration statement for the same offering which may be filed under Rule 462(b).

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated below as of April 23, 2026.