AFLAC (AFL) 10% Owner Japan Post Holdings Sells Shares

What Happened
Japan Post Holdings Co., Ltd., reported as a 10% owner of Aflac Inc. (AFL), sold a total of 14,000 shares on September 11, 2026 in open-market or private transactions. The filing shows two reported dispositions: 13,173 shares at a reported weighted-average price of $115.12 (total $1,516,476) and 827 shares at a reported weighted-average price of $115.41 (total $95,444), for combined proceeds of about $1,611,920. These were sales (transaction code S), not purchases.

Key Details

• Transaction date: 2026-09-11; Filing date: 2026-09-15 (filed after the usual two-business-day window for Section 16 reporting).
• Prices reported on the Form 4: $115.12 (weighted average for the 13,173-share block; individual trades ranged $114.36–$115.36 per footnote) and $115.41 (weighted average for the 827-share block; trades ranged $115.365–$115.45 per footnote).
• Total shares sold: 14,000; total reported proceeds: ~$1.61 million.
• Shares owned after transaction: Not specified in the provided excerpt—see the full Form 4 for post-transaction holdings.
• Footnotes of note:
  • F1 & F3: Prices are weighted averages across multiple trades; detailed breakdowns by price are available on request to the issuer or SEC staff.
  • F2: The reported shares are held directly by J&A Alliance Holdings as trustee of the J&A Alliance Trust. Several parties (General Incorporated Association J&A Alliance, Kenji Sano, Tetsuya Numaguchi) and Japan Post may be deemed to beneficially own the trust-held shares for reporting purposes, though each disclaims beneficial ownership except for any pecuniary interest.

Context

• This is institutional selling by a reported 10% owner, not an insider executive buy or sale by a company officer. Such sales can reflect portfolio rebalancing or liquidity needs and are not direct indicators of company outlook.
• Transaction code S = sale (no options exercised or awards involved).
• Because the Form 4 was filed on Sept 15 for Sept 11 transactions, it appears to have been filed outside the typical two-business-day reporting window; check the full filing for any explanation.