Press Release

American Financial Group, Inc. Elects John I. Von Lehman to its Board of Directors

CINCINNATI--(BUSINESS WIRE)--Aug. 27, 2008--American Financial Group, Inc. (NASDAQ: AFG) (NYSE: AFG) today announced that its Board of Directors added John I. Von Lehman as a director. Mr. Von Lehman has also been appointed to serve as a member of the Audit Committee of the Board.

Mr. Von Lehman, age 56, began his career as a Certified Public Accountant with Haskins & Sells, a predecessor of Deloitte. He served The Midland Company, an Ohio-based provider of specialty insurance products and services ("Midland"), in various capacities, including as Chief Financial Officer from 1988 to 2006, as Executive Vice President from 1996 to 2007 and as Secretary from 1998 to 2007. Mr. Von Lehman also served as a director of Midland from 1991 to 2007.

Mr. Von Lehman meets the New York Stock Exchange requirements as an independent director. He satisfies the categorical independence standards set forth in the Company's Corporate Governance Guidelines and has been determined by the independent directors of the Company's Board of Directors to be an independent director and to satisfy the requirements for Audit Committee membership. The Board has designated Mr. Von Lehman as an audit committee financial expert under Item 407(d) of Regulation S-K.

About American Financial Group, Inc.

American Financial Group is an insurance holding company, based in Cincinnati, Ohio with assets in excess of $26 billion. Through the operations of 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 traditional fixed, indexed and variable annuities and a variety of supplemental insurance products. Great American Insurance Group's roots go back to 1872 with the founding of its flagship company, Great American Insurance Company.

CONTACT: American Financial Group, Inc.
Anne N. Watson,
Vice President - Investor Relations, 513-579-6652
or
Diane P. Weidner,
Director - Investor Relations, 513-369-5713
or
Web Sites: www.afginc.com
www.GreatAmericanInsurance.com

SOURCE: American Financial Group, Inc.