AFG Declares Quarterly Dividend

July 7, 2004

Cincinnati-based property/casualty insurer American Financial Group Inc. announced that as of July 1, 2004 it declared a quarterly dividend of 12.5 cents per share of American Financial Group Common Stock. The dividend is payable on July 25, 2004 to holders of record on July 15, 2004.

Through the operations of its 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 annuities, life and supplemental health insurance products.

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