1 AMERICAN FINANCIAL CORPORATION EXHIBIT 21 - SUBSIDIARIES OF THE REGISTRANT The following is a list of subsidiaries of AFC at December 31, 1994. 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 Financial Enterprises, Inc. Connecticut 83% Great American Holding Corporation Ohio 100 Great American Insurance Company Ohio 100 American Annuity Group, Inc. Delaware 80 Great American Life Insurance Company Ohio 100 American Empire Surplus Lines Insurance Company Delaware 100 American National Fire Insurance Company New York 100 Great American Management Services, Inc. Ohio 100 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