May 23, 2026

‍

Japan Post Holdings Co., Ltd., a 10% owner of Aflac Inc. (NYSE: AFL), has sold approximately $28.6 million worth of Aflac shares so far in May, according to Form 4 filings with the U.S. Securities and Exchange Commission (SEC).
‍

The sales were reported between May 11 and May 20. After the latest reported sale, Japan Post Holdings owned 51,393,045 Aflac shares.
‍

Additional May sales came from Aflac directors Thomas J. Kenny and Arthur Reginald Collins, bringing total reported insider and major-holder sales for May to approximately $29.0 million. The month has not yet ended, so the final May total could change if additional filings are reported.
‍

Aflac is a supplemental insurance company best known for accident, health, disability, cancer, life, and hospital indemnity insurance products, with major operations in the United States and Japan.

‍

May Sales From Japan Post Holdings

‍

Japan Post Holdings reported multiple Aflac share sales in May:
‍

• May 20: 31,600 shares sold at $117.66 for approximately $3.7 million
• May 19: 50,000 shares sold at $118.80 for approximately $5.9 million
• May 18: 41,700 shares sold at $118.45 for approximately $4.9 million
• May 15: 23,500 shares sold at $116.85 for approximately $2.7 million
• May 14: 24,500 shares sold at $116.42 for approximately $2.9 million
• May 13: 24,200 shares sold at $115.36 for approximately $2.8 million
• May 12: 24,300 shares sold at $115.97 for approximately $2.8 million
• May 11: 24,100 shares sold at $114.85 for approximately $2.8 million 

‍

Director Sales Add to May Total

‍

Aflac also reported smaller director sales during the month.
‍

Thomas J. Kenny, a director, sold 1,740 shares on May 15 at $116.57 per share, for approximately $202,800. After the sale, Kenny owned 13,219 shares.
‍

Arthur Reginald Collins, a director, sold 2,300 shares on May 14 at $116.55 per share, for approximately $268,100. After the sale, Collins owned 6,186 shares.

‍

Major-Holder Selling Draws Attention

‍

The May selling is notable because it involves a 10% owner and exceeds $25 million before the month has ended.
‍

Large shareholder sales can attract investor attention when they occur across multiple consecutive trading days, especially when the seller remains a major strategic holder after the transactions.
‍

Japan Post Holdings still reported more than 51 million Aflac shares after the latest sale. That means the transactions reduced exposure but did not represent a full exit.

‍

Context: Planned Sales Lower the Signal Strength

‍

The filings indicate that at least some of the transactions were made pursuant to a contract, instruction, or written plan intended to satisfy Rule 10b5-1 conditions.
‍

That lowers the signal strength compared with discretionary open-market selling. Insider and major-holder sales can reflect portfolio management, diversification, tax planning, or pre-arranged trading activity rather than a negative view of the company.

‍

The Bigger Picture: Separating Routine Selling From Signal

‍

Large insider and major-holder sales become more relevant when they cluster over a short period, exceed typical dollar thresholds, or follow a major stock move.
‍

Platforms like LevelFields aggregate insider transactions and flag when activity exceeds key thresholds, helping investors identify when insider buying has historically aligned with meaningful stock movements alongside regulatory events, earnings trends, and buybacks, helping investors identify when leadership transitions have historically led to meaningful stock movements.