Japan Post Holdings Co., Ltd. 4

What Happened
Japan Post Holdings Co., Ltd. (reported as a 10% owner) sold a total of 15,000 shares of Aflac Inc. (AFL) in open-market/private sales on March 23, 2026. The transactions were two dispositions: 14,895 shares at a weighted average around $106.78 (total ~$1,590,488) and 105 shares at a weighted average around $107.36 (total ~$11,273), for combined proceeds of approximately $1,601,761. These were sales (dispositions), not purchases.

Key Details

• Transaction dates: March 23, 2026; Form 4 filed March 25, 2026 (appears timely).
• Reported prices: weighted averages reported in ranges — $106.35–$107.31 for the larger block and $107.36–$107.37 for the smaller block; the filer will provide per-price breakdown to the SEC or issuer on request (Footnotes F1, F3).
• Shares sold: 14,895 and 105 shares (total 15,000). Proceeds ≈ $1.60M.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Ownership structure note (Footnote F2): the reported securities are held directly by J&A Alliance Holdings as trustee of a trust; General Incorporated Association J&A Alliance and Kenji Sano may be deemed to beneficially own those securities; Japan Post may be deemed to beneficially own them as sole settlor and beneficiary of the trust, though each party disclaims beneficial ownership except to the extent of pecuniary interest.
• Transaction code: S = Sale (open market or private sale).

Context
This filing reflects institutional selling by a reported 10% owner via a trust structure, not an executive insider's personal trade. Institutional sales can be motivated by many non-fundamental reasons (portfolio rebalancing, tax planning, trust needs) and do not by themselves indicate a change in company fundamentals.