- Initial Statement of Beneficial Ownership (3)

FORM 3	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0104 Estimated average burden hours per response... 0.5
	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(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^*

BERDING JOHN B

2. Date of Event Requiring Statement (MM/DD/YYYY) 5/16/2012

3. Issuer Name and Ticker or Trading Symbol

AMERICAN FINANCIAL GROUP INC [AFG]

(Last) (First) (Middle)

301 EAST FOURTH STREET, 27TH FLOOR

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

__ X __ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)

(Street)

CINCINNATI, OH 45202

(City) (State) (Zip)

5. 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 Beneficially Owned
1.Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	117598 ⁽¹⁾	D
Common Stock	23746	I	ESPP ⁽²⁾
Common Stock	1144.484	I	401(k) ⁽³⁾

*Table II - Derivative Securities Beneficially Owned ( e.g.* , puts, calls, warrants, options, convertible securities)**
1. Title of Derivate Security (Instr. 4)	2. Date Exercisable and Expiration Date (MM/DD/YYYY)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivate Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security		6. Nature of Indirect Beneficial Ownership (Instr. 5)
Stock Option Grant	⁽⁴⁾	2/24/2015	Common Stock	52500	$20.28	D
Stock Option Grant	⁽⁴⁾	2/22/2016	Common Stock	52500	$26.89	D
Stock Option Grant	⁽⁴⁾	2/22/2017	Common Stock	43750	$36.57	D
Stock Option Grant	⁽⁴⁾	9/5/2017	Common Stock	20000	$28.61	D
Stock Option Grant	⁽⁴⁾	2/21/2018	Common Stock	50000	$27.20	D
Stock Option Grant	⁽⁴⁾	2/12/2019	Common Stock	25000	$19.10	D
Stock Option Grant	⁽⁴⁾	2/11/2020	Common Stock	25000	$24.83	D
Stock Option Grant	⁽⁴⁾	2/16/2021	Common Stock	27500	$34.34	D
Stock Option Grant	⁽⁴⁾	2/23/2022	Common Stock	30000	$38.11	D
Phantom Stock	⁽⁵⁾	⁽⁵⁾	Common Stock	982.422	$38.92	D

Explanation of Responses:
( 1)	Includes 115,348 shares of restricted stock granted pursuant to Issuer's stock incentive plan.
( 2)	Shares owned by the Reporting Person in the Issuer's Employee Stock Purchase Plan (the "ESPP"). The ESPP information reported herein is based on a plan statement dated as of April 30, 2012.
( 3)	Represents shares held in the Issuer's 401(k) Retirement and Savings Plan. The number of shares of Common Stock is based on a Plan Statement dated as of April 30, 2012.
( 4)	These Employee Stock Options were granted under the Issuer's Stock Option Plan and 2005 Stock Incentive Plan and become exercisable in five equal installments beginning on the first anniversary of the grant date.
( 5)	Represents amounts held by the Reporting Person in a retirement plan of the Issuer at April 30, 2012. Each share is the economic equivalent of one share of Common Stock. The Reporting Person's account balance is distributed in cash following termination of employment.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
BERDING JOHN B 301 EAST FOURTH STREET 27TH FLOOR CINCINNATI, OH 45202	X

Signatures
John B. Berding By: Karl J. Grafe, as Attorney-in-Fact		5/23/2012
^** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.