American Financial Group Announces Preliminary Estimate on Hurricane Ivan Losses

American Financial Group Announces Preliminary Estimate on
Hurricane Ivan Losses 


CINCINNATI, Sept. 30  /PRNewswire-FirstCall/ -- American Financial Group, Inc.
(NYSE:AFG) (NASDAQ:AFG) today issued a preliminary estimate of its expected
losses from Hurricane Ivan.  Based on information available at this time, AFG
estimates that its after-tax losses, net of reinsurance, will be approximately
$5 million ($.07 per share).  The Company currently estimates that its
after-tax losses from Hurricanes Charley, Frances and Ivan accumulate to
approximately $18 million ($.24 per share).  The Company does not yet have an
estimate of losses resulting from Hurricane Jeanne.

Carl H. Lindner III, AFG Co-President and head of the P&C Group stated: "Our
hearts go out to those directly affected by these storms and we will do our
part to help our insureds recover from the storms' effects.  As a result of the
three devastating hurricanes of the last six weeks, we are lowering our
estimate of expected earnings for 2004 to $2.75 to $2.90 per share."

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.

Forward Looking Statements

This press release contains certain statements that may be deemed to be
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
All statements in this press release not dealing with historical results are
forward-looking and are based on estimates, assumptions and projections.
Examples of such forward-looking statements include statements relating to: the
Company's expectations concerning market and other conditions, future premiums,
revenues and earnings; and rate increases.

Actual results could differ materially from those expected by AFG depending on
certain factors including but not limited to: the unpredictability of possible
future litigation if certain settlements do not become effective, changes in
economic conditions including interest rates, performance of securities
markets, and the availability of capital, regulatory actions, changes in legal
environment, judicial decisions and rulings, tax law changes, levels of
catastrophes and other major losses, adequacy of loss reserves of the insurance
businesses and other reserves, particularly with respect to amounts associated
with asbestos and environmental claims, availability of reinsurance and ability
of reinsurers to pay their obligations, competitive pressures, including the
ability to obtain rate increases and other changes in market conditions that
could affect AFG's insurance operations. 

DATASOURCE: American Financial Group, Inc.



CONTACT: Anne N. Watson, Vice President-Investor Relations of American

Financial Group, Inc., [phone] 



Web site:  http://www.afginc.com/

http://www.greatamericaninsurance.com/ 

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