Exhibit 23.1




                         Consent of Independent Auditors

We consent to the reference to our firm under the caption "Experts" in the
Registration Statement (Form S-3) and related Prospectus of American Financial
Group, Inc. for the registration of debt securities, common stock, preferred
stock, warrants, depositary shares, stock purchase contracts, stock purchase
warrants, preferred securities and a guarantee of preferred securities of
American Financial Group, Inc., American Financial Capital Trust II, American
Financial Capital Trust III and American Financial Capital Trust IV and to the
incorporation by reference therein of our report dated February 19, 2003, with
respect to the consolidated financial statements and schedules of American
Financial Group, Inc. included in its Annual Report (Form 10-K) for the year
ended December 31, 2002, filed with the Securities and Exchange Commission.


                                                /s/ Ernst & Young LLP


Cincinnati, Ohio
June 25, 2003