8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 25, 2004

AMERICAN FINANCIAL GROUP, INC.

(Exact name of registrant as specified in its charter)

Ohio	1-13653	31-1544320
___________________________________________________________________________________________________________
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

One East Fourth Street, Cincinnati, OH	45202
____________________________________________________________	______________________________
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code 513-579-2121

Section 8 - Other Events

Item 8.01 Other Events.

See attached Press Release.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

1. Financial statements of business acquired.  Not applicable.
   
   

2. Pro forma financial information.  Not applicable.
   
   

3. Exhibits
   
   

Exhibit No.	Description
99.1	Press release, dated August 25, 2004.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	AMERICAN FINANCIAL GROUP, INC.
Date: August 31, 2004
	By: Karl J. Grafe
	Karl J. Grafe
	Vice President

EX-99

Exhibit 99.1

AMERICAN FINANCIAL GROUP IMPLEMENTS SUCCESSION PLAN

Cincinnati, Ohio - August 25, 2004 - Carl H. Lindner, Chairman of the Board and Chief Executive Officer of American Financial Group, Inc. (NYSE/NASDAQ: AFG) announced today that Carl H. Lindner III and S. Craig Lindner will become the new Co-Chief Executive Officers of the Company, effective in January 2005.

"While I will remain Chairman and am in excellent health, I felt it very important that we have a succession plan. Carl and Craig, currently Co-Presidents, have been with the Company in various operating and leadership positions since the 1970's. Both have a deep understanding of our Company and a wealth of knowledge of the industry. They are committed to serving AFG's shareholders, employees and customers with integrity and energy. I am especially pleased that they share my passion and optimism for our business."

S. Craig Lindner, 49, has served as Co-President of AFG since 1996 and is also President and a director of Great American Financial Resources, Inc., an 82%-owned subsidiary, and American Money Management Corporation, a subsidiary that provides investment services to the Company and its affiliates.

Carl H. Lindner III, 51, has served as Co-President of AFG since 1996 and is also President of Great American Insurance Company. He has been primarily responsible for the Company's property and casualty insurance operations for over fifteen years.

Carl H. Lindner III and S. Craig Lindner expressed their appreciation for their father's accomplishments. He founded American Financial in 1959. With great vision and entrepreneurial ideas, the Company, under his direction, has become a leader in the specialty property and casualty and retirement annuity, supplemental insurance and life products businesses. AFG has grown to a nation-wide enterprise with over $21 billion in assets and a balance sheet that has never been stronger.

Through the operations of the Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses, and in the sale of retirement annuities, life and supplemental health insurance products.

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Contact:	Sandra W. Heimann	Web Sites:	www.afginc.com
	Vice President		www.GreatAmericanInsurance.com
	(513) 579-2121