EXHIBIT 23.1

                         CONSENT OF INDEPENDENT AUDITORS


We consent to the reference to our firm under the caption "Experts" in Amendment
No. 1 to the Registration Statement (Form S-3, No. 333-106657) 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
August 14, 2003