Press Release

American Financial Group, Inc. Declares Quarterly Dividend

CINCINNATI, July 1, 2005 /PRNewswire-FirstCall via COMTEX/ -- American Financial Group, Inc. (NYSE: AFG; Nasdaq) announced that as of July 1, 2005, it declared a quarterly dividend of $.121/2 per share of American Financial Group Common Stock. The dividend is payable on July 25, 2005, to holders of record on July 15, 2005.

(Logo: http://www.newscom.com/cgi-bin/prnh/20041208/CLW086LOGO )

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, supplemental insurance and life products.

SOURCE American Financial Group, Inc.

Anne N. Watson, Vice President - Investor Relations of American Financial Group, Inc., +1-513-579-6652

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