AFG Reports Charley Impact

August 27, 2004

Ohio-based American Financial Group Inc.has issued a preliminary estimate of its expected losses from Hurricane Charley.

Based on information available at this time, AFG estimates that its after-tax losses, net of reinsurance, will be approximately $8 million ($.10 per share).

Substantially all of the claims reported thus far are from commercial
policies covering businesses located in Florida. The company reiterated its 2004 core earnings guidance of $2.85 to $3.10 per share, including the impact of the hurricane losses.

Carl Lindner III, AFG co-president and head of the P/C Group stated,
“We extend our sympathies to all those affected by this disaster. Our claims teams are working with our agents and policyholders to identify and process covered claims as efficiently as possible.”

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