Japan Post Holdings Co., Ltd. 4

What Happened
Japan Post Holdings Co., Ltd. (reported as a 10% owner) sold a total of 16,800 shares of Aflac Inc. (AFL) in open-market transactions on March 20, 2026. The filing shows two disposals: 14,851 shares at an average price of $106.33 for proceeds of $1,579,107, and 1,949 shares at an average price of $107.53 for proceeds of $209,576 — total proceeds roughly $1,788,683. These were sales (S), not purchases, and typically reflect disposition by a large institutional/beneficial owner rather than an executive buying stock.

Key Details

• Transaction date: 2026-03-20 (filed with the SEC on 2026-03-24 — within the Form 4 two-business-day window).
• Reported trades: 14,851 shares @ $106.33 ($1,579,107) and 1,949 shares @ $107.53 ($209,576); combined = 16,800 shares, ~$1.79M.
• Price footnotes: weighted-average ranges reported — $106.14–$107.07 for the first group (F1) and $107.23–$107.935 for the second (F3); the filer can provide per-price breakdown on request.
• Ownership after transaction: not specified in the provided excerpt of the filing.
• Holder structure (F2): the shares are held directly by J&A Alliance Holdings (trustee of the J&A Alliance Trust). General Incorporated Association J&A Alliance and Kenji Sano may be deemed to beneficially own the securities held by the trustee; Japan Post may be deemed to beneficially own them as sole settlor and beneficiary — each party disclaims beneficial ownership except to the extent of pecuniary interest.

Context
This filing documents sales by a significant institutional/beneficial owner (10% owner) rather than insider trading by company management. Sales by large holders can be routine rebalancing or liquidity events and do not necessarily signal a change in company fundamentals. No option exercises, gifts, 10b5‑1 plan, or tax-withholding disposition were indicated in the provided notes.