Japan Post Holdings Co., Ltd. 4

What Happened Japan Post Holdings Co., Ltd. (reported as a 10% owner) sold a total of 53,000 shares of Aflac Inc. (AFL) in open-market/private-sale transactions on June 12, 2026. The filing lists three disposals: 5,369 shares at $116.76 ($626,884), 46,646 shares at $117.84 ($5,496,765), and 985 shares at $118.31 ($116,535), for a combined proceeds of $6,240,184. These were outright sales (transaction code S), which are typically portfolio or institutional transactions rather than insider purchases that might signal a bullish view.

Key Details

• Transaction date: June 12, 2026; Form 4 filed June 16, 2026 (appears later than the 2-business-day SEC deadline for Section 16 filers).
• Reported per-tranche amounts/prices: 5,369 @ $116.76; 46,646 @ $117.84; 985 @ $118.31; total 53,000 shares for $6,240,184.
• Footnotes note weighted-average price ranges across multiple trades (ranges reported in the filing: $116.25–$117.25; $117.275–$118.27; $118.28–$118.38). The reporting person will provide a breakdown of shares sold at each price on request.
• Ownership/structure: The shares are held directly by J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust; Japan Post may be deemed a beneficial owner due to its role as settlor and beneficiary. Several parties expressly disclaim beneficial ownership except to the extent of pecuniary interest (see footnote for details).
• Shares owned after transaction: not specified in the provided excerpt.

Context As a 10% institutional owner, Japan Post’s sale is likely portfolio-level activity rather than an individual executive signaling about company prospects. Sales by large shareholders are common for rebalancing or regulatory/strategic reasons and should be interpreted differently than insider purchases. The filing’s weighted-average price disclosures mean the trades occurred in multiple tranches across the noted price ranges; further breakdown is available from the filer upon request.