Japan Post Holdings Co., Ltd. 4

What Happened

• Japan Post Holdings Co., Ltd. (reported as a 10% owner) sold a total of 27,845 shares of Aflac Inc. (AFL) in open-market transactions on June 22, 2026, generating about $3.25 million in proceeds. The filing reports two disposals: 23,416 shares at a weighted-average price of $116.57 (proceeds $2,729,603) and 4,429 shares at a weighted-average price of $117.46 (proceeds $520,230). Both line items are coded "S" (sale). Sales are typically routine portfolio/institutional transactions and do not necessarily indicate company insiders' views.

Key Details

• Transaction dates: 2026-06-22 (filed on 2026-06-23; filing appears timely).
• Reported sale amounts/prices:
  • 23,416 shares at weighted avg $116.57 (price range reported $116.18–$117.18 per footnote).
  • 4,429 shares at weighted avg $117.46 (price range reported $117.20–$117.72 per footnote).
• Total shares sold: 27,845; total proceeds ≈ $3,249,833.
• Shares owned after transaction: not specified in the information provided.
• Footnote on ownership structure: the shares are held directly by J&A Alliance Holdings as trustee of the J&A Alliance Trust; General Incorporated Association J&A Alliance and two individuals (Kenji Sano and Tetsuya Numaguchi) may be deemed to beneficially own for disclosure purposes, and Japan Post may be deemed to beneficially own due to its role as sole settlor and beneficiary — each party expressly disclaims beneficial ownership except to the extent of pecuniary interest.

Context

• This filing involves a large institutional/beneficial owner (a reported 10% holder), not an Aflac executive. Institutional sales are often rebalancing or liquidity actions and should be interpreted differently than insider purchases. The filing includes weighted-average prices and ranges (see footnotes) and does not indicate options exercise, awards, or gifts.