Japan Post Holdings Sells $1.37M in Aflac Inc ($AFL) via Rule 10b5-1 Plan

Executive Summary

On October 1, 2026, Japan Post Holdings Co., Ltd., a 10% beneficial owner of Aflac Inc ($AFL), filed a Form 4 disclosing open-market sales totaling 12,100 shares of Common Stock on September 29, 2026. The sales generated aggregate proceeds of approximately $1.37 million at a volume-weighted average price of ~$113.36 per share. Following these transactions, Japan Post Holdings retains indirect beneficial ownership of 50,445,290 shares.

Transaction Details

The sales were executed in two tranches on September 29, 2026, under an affirmative defense conditions rule (Rule 10b5-1 trading plan indicated):

• Tranche 1: 6,378 shares at a weighted-average price of $113.10 (range: $112.55 – $113.55).
• Tranche 2: 5,722 shares at a weighted-average price of $113.64 (range: $113.56 – $113.67).
• Ownership Structure: Shares are held indirectly through J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust, of which Japan Post Holdings is the sole settlor and beneficiary.

Market Impact & Significance

The significance of this transaction is rated Low:

1. Proportion of Stake: The sale of 12,100 shares constitutes less than 0.03% of Japan Post's total holdings of over 50.4 million shares.
2. Trading Plan: The transactions were marked as executed pursuant to a Rule 10b5-1 trading plan, reflecting pre-scheduled liquidity management rather than an ad-hoc signal on company performance.
3. Long-Term Strategic Partner: Japan Post continues to maintain a massive multi-billion-dollar strategic equity holding in Aflac.