Japan Post Holdings Co., Ltd., a notable insider shareholder of Aflac, sold 11,740 AFL shares on September 25, 2026 at $113.54 per share, a transaction worth about $1.33 million. The sale was reported as being made under a pre-scheduled Rule 10b5-1 trading plan, which sets up trades in advance and is designed to reduce the appearance that an insider is acting on new, nonpublic information. This trade matters because Japan Post is not an executive running day-to-day operations, but a significant shareholder whose transactions can affect market perception of insider conviction. Compared with one-off sales that may be tied to personal liquidity needs, a 10b5-1 plan and repeated transactions are often associated with structured portfolio management or an orderly reduction of a position. The September 25 sale continues a clear recent pattern: Japan Post also reported sales on September 21 ($1.20M), September 22 ($1.40M), September 23 ($407K), and September 24 ($823K). Taken together, the clustered timing and consistent direction (all sales) point to a planned divestment process rather than an abrupt change in outlook based on a single event.