FORM 4

U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utilities Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940

OMB APPROVAL

[ ] Check this box if no longer   subject to Section 16. Form 4   or Form 5 obligations   continue. See Instruction 1(b)

OMB Number:3235-0287 Expires:January 31, 2005 Estimated average burden hours per response0.5

(Print or Type Responses)

1.  Name and Address of Reporting Person   EmmerichTheodoreH.

2.  Issuer Name and Ticker or Trading Symbol   AMERICAN FINANCIAL GROUP, INC. (AFG)

6.  Relationship of Reporting Person to Issuer                (Check all applicable)

(Last)                   (First)                  (Middle)   1201 Edgecliff Place, #1052

3. IRS Identification,   Number of Reporting   Person, if an entity (Voluntary)

4.Statement forMonth/Day/Year   April 1, 2003

X  Director

10% Owner

Officer (give      title below)

Other (specify            below)

(Street)   Cincinnati,   Ohio     45206

5. If Amendment,    Date of Original    (Month/Day/Year)

7. Individual or Joint/Group Filing (Check Applicable Line)  X Form filed by One Reporting Person     Form filed by More than 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. Trans- action Date

2A. Deemed Execution Date, if any

3. Trans- action Code (Instr. 8)

4.  Securities Acquired (A) or Disposed of (D) (Instr. 3,4 and 5)

5. Amount of Securities Beneficially Owned

6. Owner- ship Form: Direct

7. Nature of In- Direct Bene-

(Month/ Day/ Year)

(Month/ Day/ Year)

Code

V

Amount

(A) or (D)

Price

Following Reported Transactions (Instr. 3 and 4)

(D) or Indirect (I) (Instr. 4)

Ficial Owner- ship (Instr. 4)

Common Stock

4/1/03

A

408

A

$19.629

17,352

D

Reminder:  Report on a separate line for each class of securities beneficially owned directly or indirectly.                                              Over 
*If the form is filed by more than one reporting person, see Instruction 4(b)(v)                                                              SEC 1474 (9-02) 

<PAGE>

FORM 4  (continued)                                                                        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. Conver- sion or| Exercise Price of Deriv- ative

3.  Trans- action Date

3A  Deemed Execution Date, if any

4. Transac- tion Code (Instr. 8)

5. Number of Deriv- ative Securities Ac- quired (A) or Dis- posed 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 Deriv- ative ecuri- ty

9.  Number of Deriv- ative Secur- ities Bene-

10. Owner- ship Form of De- rivative Secur

11. Nature of In- direct Bene- ficial Owner-

Security

(Month/ Day/ Year)

(Month/ Day/ Year)

Date

Expiration

Amount or

(Instr. 5)

icially Owned at End of

Ity Direct (D) or Indi-

Ship (Instr. 4)

Code

V

(A)

(D)

Exercisable

Date

Title

Number of Shares

Month (Instr. 4)

rect (I) (Instr. 4)

Explanation of Responses:
**Intentional misstatements or omissions of facts constitute Federal Criminal violations	Karl J. Grafe ________                          April 1, 2003
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a)	** Signature of Reporting PersonDate
	Theodore H. Emmerich
Note:  File three copies of this Form, one of which must be manually signed	By: Karl J. Grafe, as attorney-in-fact
	Page 2
If space provided is insufficient, see Instruction 6 for procedure	SEC 1474 (9-02)