Japan Post Holdings Disposes of 12,000 Shares of Aflac Inc. Under 10b5-1 Plan

Executive Summary

On September 30, 2026, Japan Post Holdings Co., Ltd., a 10% owner of Aflac Inc. ($AFL), filed a Form 4 disclosing the sale of 12,000 shares of Common Stock on September 28, 2026. The shares were sold in two tranches under a pre-arranged Rule 10b5-1 trading plan for total proceeds of approximately $1.36 million at a volume-weighted average price of roughly $113.63.

Transaction Details

• Reporting Owner: Japan Post Holdings Co., Ltd.
• Relationship: 10% Owner
• Security: Common Stock
• Filing Date: September 30, 2026
• Transaction Date: September 28, 2026
• Transactions Breakdown:
  • Tranche 1: 11,840 shares sold at a weighted average price of $113.62 (range: $113.21 – $114.20).
  • Tranche 2: 160 shares sold at a weighted average price of $114.25 (range: $114.22 – $114.29).
• Combined Volume: 12,000 shares
• Combined Gross Proceeds: $1,363,540.80
• Post-Transaction Holdings: 50,457,390 shares held indirectly through J&A Alliance Holdings Corporation as trustee of J&A Alliance Trust.

Market Significance & Analysis

The transaction is categorized as Low significance:

1. Proportion of Holdings: The disposition of 12,000 shares represents less than 0.03% of Japan Post's indirect holding of over 50.4 million shares in Aflac Inc.
2. Rule 10b5-1 Plan: The filing confirms the adoption of a pre-arranged Rule 10b5-1 trading plan, indicating this sale was systematically planned rather than driven by discretionary market timing or non-public fundamental developments.
3. Indirect Holding Structure: The shares are held indirectly through J&A Alliance Holdings Corporation acting as trustee of the J&A Alliance Trust, of which Japan Post is the sole settlor and beneficiary.