American Financial Group Inc - Annual Statement of Changes in Beneficial Ownership (5)

FORM 5

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
[ ] Form 3 Holdings Reported
[ ] Form 4 Transactions Reported

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^* LINDNER CARL H III	2. Issuer Name and Ticker or Trading Symbol AMERICAN FINANCIAL GROUP INC [AFG]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __ X __ Director _____ 10% Owner __ X __ Officer (give title below) _____ Other (specify below) Co-CEO & Co-President
(Last) (First) (Middle) ONE EAST FOURTH STREET	3. Statement for Issuer's Fiscal Year Ended (MM/DD/YYYY) 12/31/2007
(Street) CINCINNATI, OH 45202 (City) (State) (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _ X _ Form Filed by One Reporting Person ___ Form Filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)	4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock							0	D
Common Stock	5/3/2007		G	7179	D	$0.00	3200350 ⁽¹⁾	I	#1 ⁽²⁾
Common Stock	5/8/2007		G	13916	D	$0.00	3186434	I	#1 ⁽²⁾
Common Stock	6/6/2007		G	34812	D	$0.00	3625232 ⁽¹⁾	I	#1 ⁽²⁾
Common Stock	12/4/2007		G	5253	D	$0.00	3619979	I	#1 ⁽²⁾
Common Stock	12/21/2007		G	34224	D	$0.00	3585755	I	#1 ⁽²⁾
Common Stock	12/28/2007		G	35904	D	$0.00	3549851	I	#1 ⁽²⁾
Common Stock							32333	I	#2 ⁽³⁾
Common Stock							36687	I	#4 ⁽⁴⁾
Common Stock							0 ⁽⁵⁾	I	#5 ⁽⁶⁾
Common Stock							0 ⁽⁷⁾	I	#6 ⁽⁸⁾
Common Stock							191202 ⁽⁵⁾	I	#7 ⁽⁹⁾
Common Stock							191202 ⁽⁵⁾	I	#8 ⁽¹⁰⁾
Common Stock							30457 ⁽⁷⁾	I	#9 ⁽¹¹⁾
Common Stock							34360	I	#10 ⁽¹²⁾
Common Stock							30457 ⁽⁷⁾	I	#11 ⁽¹³⁾
Common Stock							1468500	I	#12 ⁽¹⁴⁾
Common stock							2376	I	#14 ⁽¹⁵⁾
Common Stock							34375	I	#15 ⁽¹⁶⁾
Common Stock							2635229 ⁽¹⁾	I	#18 ⁽¹⁷⁾

*Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g.* , puts, calls, warrants, options, convertible securities)**
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)	5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (MM/DD/YYYY)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of Derivative Securities Beneficially Owned at End of Issuer's Fiscal Year (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:
( 1)	On 3/30/2007, Indirect #18 transferred 215,582 shares of common stock to Indirect #1. On 7/2/2007, Indirect #18 transferred 215,708 shares of common stock to Indirect #1. And on 10/14/2007, Indirect #18 transferred 257,902 shares of common stock to Indirect #1.
( 2)	Indirect #1: CHL III, TTEE of the Second Amended & Restated CHL III Family Trust DTD 3/11/94.
( 3)	Indirect #2: Martha S. Lindner, TTEE of the Second Amended & Restated Family Trust DTD 3/11/94.
( 4)	Indirect #4: The Company's Retirement and Savings Plans. The number of shares of common stock which would be represented by the value of the Reporting Person's Company securities funds account in the Issuer's Retirement and Savings Plan is based on a statement dated as of 12/31/2007.
( 5)	On September 27, 2007, Indirect #5 transferred to two emancipated children of the Reporting Person, each 191,203 shares of common stock, and transferred to Indirect #7 and Indirect #8 each 191,203 shares of common stock.
( 6)	Indirect #5: By Keith E. Lindner, Trustee under an Irrevocable Trust Indenture with Carl H. Lindner III dated 11/1/82.
( 7)	On September 27, 2007, Indirect #6 transferred 30,457 shares of common stock each to two emancipated children of the Reporting Person and 30,457 shares of common stock each to Indirect #9 and Indirect #11.
( 8)	Indirect #6: By Keith E. Lindner, Trustee under an Irrevocable Trust Indenture with Carl H. Lindner III dated 7/1/83.
( 9)	Indirect #7: Keith E. Lindner TTEE, for a minor child, Irrevocable Trust Agreement DTD 11/1/82.
( 10)	Indirect #8: Keith E. Lindner TTEE, for a minor child, Irrevocable Trust Agreement DTD 11/1/82.
( 11)	Indirect #9: Keith E. Lindner TTEE, for a minor child, Irrevocable Trust Agreement DTD 7/1/83.
( 12)	Indirect #10: KEL, TTEE Under Irrevocable Trust Agreement with CHL III and Martha S. Lindner Grantors Dated 9/26/89.
( 13)	Indirect #11: Keith E. Lindner TTEE, of a minor, Irrevocable Trust Agreement DTD 7/1/83.
( 14)	Indirect #12: CHL Investments, LLC
( 15)	Indirect #14: CHL III, custodian of a minor.
( 16)	indirect #15: Son of the Reporting Person.
( 17)	Indirect #18: CHL III, TTEE CHL III 2005-1 Qualified Annuity Trust DTD 10/26/05.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
LINDNER CARL H III ONE EAST FOURTH STREET CINCINNATI, OH 45202	X		Co-CEO & Co-President

Signatures
Carl H. Lindner III By: Karl J. Grafe, as Attorney-in-Fact		2/5/2008
^** Signature of Reporting Person		Date

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