Japan Post Holdings Co., Ltd. 4

What Happened
Japan Post Holdings Co., Ltd. (reported as a 10% owner via J&A Alliance Trust) sold a total of 19,600 shares of Aflac Inc. common stock in open-market transactions on April 1, 2026. The filings report two aggregated disposals: 13,993 shares at a weighted average price of $109.72 (≈ $1,535,312) and 5,607 shares at a weighted average price of $110.17 (≈ $617,723), for a combined proceeds of roughly $2,153,035. These were sales (S) — not purchases or option exercises.

Key Details

• Transaction dates: April 1, 2026 (filed April 3, 2026). Filing appears timely under Form 4 rules.
• Reported quantities & values: 13,993 shares @ $109.72 ($1.535M) and 5,607 shares @ $110.17 ($617.7K); total ~19,600 shares for ~$2.15M.
• Price notes: Reported prices are weighted averages across multiple trades. Footnotes state per-share trade ranges of $109.02–$110.02 and $110.03–$110.39; the filer can provide transaction-level breakdowns to the issuer or SEC on request.
• Shares owned after transaction: Amount owned following these transactions is not specified in this Form 4.
• Beneficial ownership structure: Securities are held directly by J&A Alliance Holdings as trustee for the J&A Alliance Trust. The filing explains the chain (J&A Holdings, General Incorporated J&A Alliance, and two individuals) and that Japan Post may be deemed a beneficial owner due to its role as sole settlor and beneficiary, though each party disclaims beneficial ownership except to the extent of pecuniary interest.

Context
This filing documents institutional selling by a reported 10% owner (not an executive-level insider). Sales by large shareholders can reflect portfolio rebalancing or liquidity needs; they are not direct signals of company performance. The filing’s footnotes clarify that the reported prices are aggregated averages across multiple trades and that further breakdowns can be provided on request.