AMERICAN FINANCIAL CORPORATION EXHIBIT 21 - SUBSIDIARIES OF THE REGISTRANT The following is a list of subsidiaries of AFC at December 31, 1997. All corporations are subsidiaries of AFC and, if indented, subsidiaries of the company under which they are listed. Percentage of State of Common Equity Name of Company Incorporation Ownership American Premier Underwriters, Inc. Pennsylvania 81% Pennsylvania Company Delaware 100 Atlanta Casualty Company Illinois 100 Infinity Insurance Company Indiana 100 Leader National Insurance Company Ohio 100 Republic Indemnity Company of America California 100 Windsor Insurance Company Indiana 100 Great American Holding Corporation Ohio 100 Great American Insurance Company Ohio 100 American Annuity Group, Inc. Delaware 81 AAG Holding Company, Inc. Ohio 100 Great American Life Insurance Company Ohio 100 Loyal American Life Insurance Company Alabama 100 Prairie National Life Insurance Company South Dakota 100 American Memorial Life Insurance Company South Dakota 100 American Annuity Group Capital Trust I Delaware 100 American Annuity Group Capital Trust II Delaware 100 American Annuity Group Capital Trust III Delaware 100 American Empire Surplus Lines Insurance Company Delaware 100 American National Fire Insurance Company New York 100 Brothers Property Corporation Ohio 80 Mid-Continent Casualty Company Oklahoma 100 Stonewall Insurance Company Alabama 100 Transport Insurance Company Ohio 100 The names of certain subsidiaries are omitted, as such subsidiaries in the aggregate would not constitute a significant subsidiary. See Part I, Item 1 of this Report for a description of certain companies in which AFC owns a significant portion and accounts for under the equity method. E-3