Japan Post Holdings Sells $1.49M of Aflac ($AFL) Under Rule 10b5-1 Plan

Overview of the Filing

On October 13, 2026, Japan Post Holdings Co., Ltd., a 10% beneficial owner of Aflac Inc ($AFL), filed a Form 4 detailing open-market sales of common stock executed on October 8, 2026.

Transaction Summary

• Security: Common Stock
• Total Volume Sold: 13,000 shares across four execution tiers:
  • 3,257 shares at a weighted average price of $112.95 ($112.53 – $113.52)
  • 950 shares at a weighted average price of $113.81 ($113.54 – $114.47)
  • 8,393 shares at a weighted average price of $115.05 ($114.59 – $115.59)
  • 400 shares at a weighted average price of $115.64 ($115.61 – $115.71)
• Aggregate Proceeds: Approximately $1,487,868.30 (weighted average price of ~$114.45 per share)
• Ownership Type: Indirect, held via J&A Alliance Holdings Corporation as trustee of the J&A Alliance Trust, of which Japan Post is the sole settlor and beneficiary.
• Remaining Indirect Stake: 50,369,140 shares.

Significance & Key Takeaways

1. Routine/Pre-Planned Execution: The filing notes that the transactions were executed pursuant to an affirmative defense under Rule 10b5-1, indicating pre-scheduled trading parameters rather than an ad-hoc discretionary trade based on non-public developments.
2. De Minimis Size: Selling 13,000 shares represents less than 0.03% of Japan Post's overall indirect position in Aflac (>50.3 million shares).
3. Market Impact: Due to the small transaction size relative to Japan Post's remaining position and the overall market capitalization of Aflac, this transaction has Low trading significance.