Japan Post Holdings Disposes of $13.5M in Aflac Stock Under 10b5-1 Plan

Insider Transaction Summary

Japan Post Holdings Co., Ltd., a 10% beneficial owner of Aflac Inc ($AFL), filed a Form 4 reporting open-market sales of 113,611 shares of Common Stock executed on October 15, 2026, for total gross proceeds of approximately $13.47 million.

Transaction Breakdown

• Tranche 1: 88,114 shares sold at a weighted average price of $118.19 (ranging from $117.87 to $118.86).
• Tranche 2: 19,122 shares sold at a weighted average price of $119.48 (ranging from $119.00 to $119.95).
• Tranche 3: 6,375 shares sold at a weighted average price of $120.31 (ranging from $120.04 to $120.67).

Key Context & Market Significance

• Rule 10b5-1 Adoption: The filing indicates that these sales were executed pursuant to a pre-arranged Rule 10b5-1 trading plan.
• Ownership Structure: The reported securities are held indirectly via J&A Alliance Holdings Corporation in its capacity as trustee of the J&A Alliance Trust, where Japan Post serves as the sole settlor and beneficiary.
• Portfolio Impact: Following the transaction, Japan Post continues to hold a substantial indirect stake of 50,134,329 shares in Aflac. The sale represents roughly 0.23% of its overall position, signaling routine portfolio management rather than a major shift in long-term conviction.