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                                                                    EXHIBIT 23.1
 
                        CONSENT OF INDEPENDENT AUDITORS
 
We consent to the reference to our firm under the caption "Experts" in the
Registration Statement (Form S-3) and related Prospectus of American Financial
Group, Inc. for the registration of 4,600,000 Preferred Securities of American
Financial Capital Trust I and to the incorporation by reference therein of our
report dated March 15, 1996, with respect to the consolidated financial
statements and schedules of American Financial Group, Inc. included in its
Annual Report (Form 10-K) for the year ended December 31, 1995, filed with the
Securities and Exchange Commission.
 
                                            ERNST & YOUNG LLP
 
Cincinnati, Ohio
September 20, 1996
 
                        CONSENT OF INDEPENDENT AUDITORS
 
We consent to the incorporation by reference in the Registration Statement on
Form S-3 of American Financial Group, Inc. for the registration of 4,600,000
Preferred Securities of American Financial Capital Trust I of (a) the report of
Deloitte & Touche LLP dated February 15, 1995 (March 23, 1995 with respect to
the acquisition of American Financial Corporation as discussed in Note B to the
financial statements) relating to the consolidated financial statements of
American Premier Underwriters, Inc. and (b) the report of Deloitte & Touche
dated February 18, 1994 relating to the consolidated financial statements of
General Cable Corporation, both appearing in the American Financial Group, Inc.
Annual Report on Form 10-K for the year ended December 31, 1995, and to the
reference to Deloitte & Touche LLP and Deloitte & Touche under the heading
"Experts" in the Prospectus, which is part of such Registration Statement.
 
                                            DELOITTE & TOUCHE LLP
 
Cincinnati, Ohio
September 20, 1996