Two key states have signed off on a proposal for J&A Alliance Trust to acquire beneficial ownership of approximately 7% of Aflac Inc.'s common shares.

The parties received required approvals from the director of the Nebraska Department of Insurance on Dec. 31, 2019, and from the superintendent of the New York State Department of Financial Services on Dec. 13, 2019. All other regulatory approvals have also been obtained.

Aflac reached the shareholders agreement with Japan Post Holdings Co. Ltd., J&A Alliance Holdings Corp., solely in its capacity as trustee of J&A Alliance Trust, and General Incorporated Association J&A Alliance on Feb. 28, 2019.