Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
LINDNER CARL H
   2. Issuer Name and Ticker or Trading Symbol
AMERICAN FINANCIAL GROUP INC [AFG] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chairman of the Board
(Last)
(First)
(Middle)
ONE EAST FOURTH STREET		 3. Date of Earliest Transaction (Month/Day/Year)
10/25/2004
(Street)

CINCINNATI, OH 45202		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 05/19/2004   J V 449 (1) A $ 29.557 0 (2) D  
Common Stock 05/10/2004   G V 5 D $ 0 8,329,671 I Indirect #1 (3)
Common Stock 05/21/2004   G V 25 D $ 0 8,330,995 I Indirect #1 (3)
Common Stock 10/25/2004   P   35,000 A $ 28.0377 8,365,995 I Indirect #1 (3)
Common Stock 10/25/2004   P   38,874 (4) A $ 26.785 8,403,969 (2) I Indirect #1 (3)
Common Stock 10/25/2004   P   1,623 (4) A $ 26.785 349,401 (2) I Indirect #2 (5)
Common Stock 10/25/2004   P   5,740 (4) A $ 26.785 1,235,796 (2) I Indirect #3 (6)
Common Stock               0 (2) I Indirect #5 (7)
Common Stock               0 (2) I Indirect #6 (8)
Common Stock 10/25/2004   P   6,165 (4) A $ 26.785 1,327,270 (2) I Indirect #7 (9)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
LINDNER CARL H
ONE EAST FOURTH STREET
CINCINNATI, OH 45202		   X   X   Chairman of the Board  

Signatures

 Carl H. Lindner By: Karl J. Grafe, as Attorney-in-Fact   10/26/2004
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Distribution from the reporting person's retirement account.
(2) On 4/6/2004 Indirect #3 transferred 174,195 to Indirect #2. On 4/29/2004, Indirect #5 transferred 164,128 shares to Indirect #1 and Indirect #5 transferred 373,651 to Indirect #6. On 5/3/2004, Indirect #2 transferred 1,321,105 shares to Indirect #7. On 5/4/2004, Indirect #2 transferred 3,906,865 to Indirect #1 and Indirect #6 transferred 373,651 shares to Indirect #1. On 6/14/2004, the Reporting Person transferred 449 shares to Indirect #1. On 7/9/2004, Indirect #3 transferred 170,949 to Indirect #2. On 10/4/2004, Indirect #3 transferred 176,829 to Indirect #2.
(3) Indirect #1: By Carl H. Lindner Jr., et al, Trustees for the Carl H. Lindner Amended and Restated Family Trust dated 12/23/83.
(4) These shares were purchased through the Company Dividend Reinvestment Plan.
(5) Indirect #2: By Edyth B. Lindner, Spouse.
(6) Indirect #3: By Lou Ann Flint, Trustee of the Edyth B. Lindner 2002-2 Qualified Annuity Trust U/A dated 8/19/02.
(7) Indirect #5: Indiana Premier Fund, LLC, a limited liability company directly or indirectly wholly-owned by the Reporting Person.
(8) Indirect #6: New Energy
(9) Indirect #7: EBL, Trustee of the Edyth B. Lindner Family Trust dtd 4/13/04.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.