1
                                                                    Exhibit 23.1



               Consent of Ernst & Young LLP, Independent Auditors

We consent to the reference to our Firm under the caption "Experts" and to the
incorporation by reference in the Registration Statement (Form S-3) for the
registration of $450 million of debt securities, common stock and trust
preferred securities and in Post-Effective Amendment No.___ to the Registration
Statement (Form S-3, No. 333-21995) and related Prospectuses of American
Financial Group, Inc. and American Financial Capital Trust II of our report
dated March 19, 1999, 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, 1998, filed with the Securities and
Exchange Commission.


                                                  /s/ Ernst & Young LLP


Cincinnati, Ohio
June 25, 1998