FORM 4

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

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(Print or Type Responses)                                                                                        

  Lindner             Keith      E.

  AMERICAN FINANCIAL GROUP, INC. (AFG)

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

  One East Fourth Street

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

4. Statement for
   Month/Day/Year

  February 20, 2003

  X  Director

     10% Owner

  X  Officer (give
     title below)

     Other (specify
           below)

  Cincinnati,   Ohio     45202

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

          Co- President       

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

277,039

D

Common Stock

1,891,621(a)

I

#1

Common Stock

2,217,661(a)

I

#2

Common Stock

1,949

I

#4

Common Stock

1,949

I

#5

Common Stock

341

I

#6

Common Stock

341

I

#7

Common Stock

1,949

I

#8

Common Stock

1,885

I

#9

Common Stock

1,949

I

#10

Common Stock

-0-

I

#11

Common Stock

1,500,000

I

#12

Common Stock

219.42

I

401-K

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) 

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)

Employee Stock Option

$18.45

2/20/03

A

55,000

(a)

2/23/13

Common

Stock

55,000

55,000

D

Explanation of Responses:

(a)   These Employee Stock Options ("Options") become exercisable as to 20% of the shares initially granted on the first anniversary of the date of grant, with an additional 20% becoming exercisable on each subsequent anniversary. The Options were granted under the Issuer's Stock Option Plan pursuant to Rule 16b-3.

Indirect #1   By Keith E. Lindner, Trustee of the Keith E. Lindner Living Trust dated June 2, 1992.
Indirect #2   By Keith E. Lindner, Trustee of the Keith E. Lindner 1996-2 Qualified Annuity Trust dated 3/28/96.
Indirect #3   Held by Spouse of Reporting Person.
Indirect #4   By Keith E. Lindner, Custodian for minor child.
Indirect #5   By Keith E. Lindner, Custodian for minor child.
Indirect #6   By Courtney O'Neil & Christopher Hewett, Trustees of the Keith E. Lindner 1992 Trust dated 12/22/92.
Indirect #7   By Keith E. Lindner and Christopher B. Hewett, Trustees of the Courtney O'Neil 1992 Trust dated 12/22/92.
Indirect #8   By Keith E. Lindner, Custodian for minor child.
Indirect #9   By Keith E. Lindner, & Christopher Hewett, Trustees of the Courtney O'Neil Living Trust Dated 6/02/92.
Indirect #10   By Keith E. Lindner, Custodian for Court Edward Lindner.
Indirect #11   Courtney O'Neil Lindner
Indirect #12   KEL Investment, LLC, a limited liability company directly or indirectly wholly-owned by the Reporting Person

**Intentional misstatements or omissions of facts constitute Federal Criminal violations

Karl J. Grafe ________                                            February 24, 2003

  See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a)

** Signature of Reporting Person                       Date 

Keith E. Lindner

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 (3/91)