Japan Post Holdings Co., Ltd. 4

What Happened
Japan Post Holdings Co., Ltd. (reported as a 10% owner) sold a total of 14,900 shares of Aflac Inc. (AFL) in open-market transactions on March 26, 2026. The sales were split into 7,514 shares at $107.79 ($809,934) and 7,386 shares at $108.17 ($798,944), for an aggregate cash proceeds of approximately $1,608,878. These were outright sales (transaction code S), which are typically routine disposition transactions rather than an indication of company-specific sentiment.

Key Details

• Transaction dates: March 26, 2026 (both sales)
• Prices reported:
  • 7,514 shares at $107.79 (reported total $809,934) — weighted-price range for these sales reported as $107.04–$108.04 (Footnote F1)
  • 7,386 shares at $108.17 (reported total $798,944) — weighted-price range for these sales reported as $108.05–$108.29 (Footnote F3)
• Total shares sold: 14,900; total proceeds: ~$1.61M
• Shares owned after the transaction: not specified in the provided Form 4 filing
• Beneficial ownership structure: the reported shares are held directly by J&A Alliance Holdings as trustee of the J&A Alliance Trust; Japan Post may be deemed to beneficially own those shares due to its role as sole settlor and beneficiary, but parties disclaim ownership except to the extent of pecuniary interest (Footnote F2).
• Filing timing: Form 4 was filed Mar 30, 2026 for trades on Mar 26, 2026 (filed four days later); Form 4s are generally due within two business days of the transaction, so this filing appears later than typical.

Context

• This report concerns a 10% institutional owner (not an executive officer or director), so the sale reflects an institutional trustee transaction structure rather than a manager-level insider trade.
• Footnotes indicate the sales occurred across multiple trade prices within the stated ranges; the filer will provide a per-price breakdown to the issuer or SEC staff upon request.
• Sales (S) are common and less informative for bullish/bearish signals than purchases; retail investors often weigh purchases more heavily when assessing insider confidence.