Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

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
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(Print or Type Responses)
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. Date of Earliest Transaction (Month/Day/Year)
11/29/2006
(Street)

CINCINNATI, OH 45202		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form 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. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction 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)
Code V Amount (A) or (D) Price
Common Stock               0 D  
Common Stock 11/20/2006   G V 9,553 D $ 0 1,791,732 (1) I #1 (2)
Common Stock 11/29/2006   M   50,000 A $ 37.88 1,841,732 I #1 (2)
Common Stock 11/29/2006   M   40,000 A $ 42.06 1,881,732 I #1 (2)
Common Stock 11/29/2006   M   22,579 A $ 35.69 1,904,311 I #1 (2)
Common Stock 11/29/2006   F   83,870 D $ 52.25 1,820,441 I #1 (2)
Common Stock               21,117 I #2 (3)
Common Stock               14,878.2 I #4 (4)
Common Stock               509,873 I #5 (5)
Common Stock               81,219 I #6 (6)
Common Stock               22,468 I #10 (7)
Common Stock               979,000 I #12 (8)
Common Stock               1,584 I #14 (9)
Common Stock               22,478 I #15 (10)
Common Stock               2,351,835 (1) I #18 (11)

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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. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction 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
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option $ 37.88 11/29/2006   M   50,000     (12) 03/14/2007 Common Stock 50,000 (13) 0 D  
Employee Stock Option $ 42.06 11/29/2006   M   40,000     (12) 03/20/2009 Common Stock 40,000 (13) 0 D  
Employee Stock Option $ 35.69 11/29/2006   M   22,579     (12) 02/26/2009 Common Stock 22,579 (13) 27,421 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 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, Attorney-in-Fact   11/30/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(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).
(1) On October 5, 2006, Indirect #18 transferred to Indirect #1 155,993 shares of the Issuer's Common Stock.
(2) Indirect #1 By Carl H. Lindner III, For the Second Amended & Restated Carl H. Lindner III Family Trust Dated 3/11/94.
(3) Indirect #2 By Marth S. Lindner (Spouse), Trustee for the Second Amended and Restated Marth A. Lindner Family Trust dated 3/11/94.
(4) Indirect #4 The Company Retirement and Savings Account. the number of shares of common Stock which would be represented by the value fo the Reporting Person's Company Securities funds account in the Issuer's Reitrement and Savings Plan is based on a statement dated as of 12/31/2005
(5) Indirect #5: By Keith E. Lindner, Trustee under an Irrevocable Trust Indenture with Carl H. Lindner III dated 11/1/82.
(6) Indirect #6: By Keith E. Lindner, Trustee under an Irrevocable Trust Indenture with Carl H. Lindner III dated 7/1/83.
(7) Indirect #10: By Keith E. Lindner, Trustee under an irrevocable Trust indenture with Carl H. Lindner III and Martha S. Lindner dated 9/26/89.
(8) Indirect #12: CHL Investments, LLC, a limited liability company directly or indirectly wholly-owned by the Reporting Person.
(9) Indirect #14: Carl H. Lindner III, Custodian of a minor.
(10) Indirect #15: Son of a Reporting Person
(11) Indirect #18: CHL III, TTEE of the CHL III 2005-1 Qualified Annuity Trust dated 10/26/2005.
(12) 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.
(13) The Reporting Person exercised this stock option using previously held shares of the Issuer.

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