UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C.  20549

                                    FORM 13F

                              FORM 13F COVER PAGE


                  Report for the Quarter Ended December 31, 2004



                          AMERICAN FINANCIAL GROUP, INC.
                 One East Fourth Street, Cincinnati, Ohio 45202
     -------------------------------------------------------------------------
     (Name and Address of Institutional Investment Manager Filing this Report)


                         Form 13F File Number:  28-4389


The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.

                                 Fred J. Runk
                     Senior Vice President and Treasurer
                                (513) 579-2489
                -----------------------------------------------
                (Name, Title and Phone Number of Person Signing
                 this Report on Behalf of Reporting Manager)



Signature:

s/Fred J. Runk                        Cincinnati, Ohio     February 10, 2005
- ----------------------------------
Fred J. Runk
Senior Vice President and Treasurer


Report Type:
     [X]  13F HOLDINGS REPORT.
     [ ]  13F NOTICE.
     [ ]  13F COMBINATION REPORT.








                                 Page 1 of 4

FORM 13F SUMMARY PAGE --------------------- Number of Other Included Managers: 1 ----------- Form 13F Information Table Entry Total: 87 ----------- Form 13F Information Table Value Total (thousands): $ 1,059,681 ----------- Name and 13F file numbers of all Institutional Investment Managers with respect to which this schedule is filed (other than American Financial Group, Inc.): Number 13F File Number Name of Subsidiary ------ --------------- ------------------------------------ 1. 28-498 Great American Insurance Company Page 2

FORM 13F INFORMATION TABLE Column 4: Column 5: Column 8: Column 2: Market Shares or Column 6: Column 7: Voting Authority Column 1: Title of Column 3: Value Principal Investment Other --------------------------- Name of Issuer Class CUSIP (000's) Amount Discretion Managers Sole Shared None -------------- ---------------- ----------- --------- ------------ ---------- -------- ---------- ------ --------- HOLDINGS OF GREAT AMERICAN INSURANCE COMPANY - -------------------------------------------- ENDURANCE SPECIALTY HLDGS LT SHS G30397 10 6 14,022 410,000SH Defined 1 410,000 GLOBAL CROSSING LTD SHS NEW G3921A 17 5 118 6,521SH Defined " 6,521 AMERICAN ELEC PWR INC COM 025537 10 1 2,850 83,000SH Defined " 83,000 AMERICAN INTL GROUP INC COM 026874 10 7 1,313 20,000SH Defined " 20,000 CABLEVISION SYS CORP CL A NY CABLVS 12686C 10 9 1,444 58,000SH Defined " 58,000 CITIGROUP INC COM 172967 10 1 13,490 280,000SH Defined " 280,000 COMCAST CORP NEW CL A 20030N 10 1 671 20,153SH Defined " 20,153 COMCAST CORP NEW CL A SPL 20030N 20 0 1,798 54,760SH Defined " 54,760 DPL INC COM 233293 10 9 7,222 287,600SH Defined " 287,600 ENERGY EAST CORP COM 29266M 10 9 2,142 80,300SH Defined " 80,300 FIFTH THIRD BANCORP COM 316773 10 0 1,594 33,700SH Defined " 33,700 FOUNDATION COAL HLDGS INC COM 35039W 10 0 922 40,000SH Defined " 40,000 GENTEK INC COM NEW 37245X 20 3 1,123 25,000SH Defined " 25,000 GREAT AMERN FINL RES INC COM 389915 10 9 669,891 38,565,995SH Defined " 38,565,995 INTERNATIONAL STL GROUP INC COM 460377 10 4 1,391 34,300SH Defined " 34,300 JPMORGAN & CHASE & CO COM 46625H 10 0 3,121 80,000SH Defined " 80,000 MARSH SUPERMARKETS INC CL B 571783 20 8 7,413 602,644SH Defined " 602,644 MARSH SUPERMARKETS INC CL A 571783 30 7 8,021 709,844SH Defined " 709,844 MERCK & CO INC COM 589331 10 7 1,607 50,000SH Defined " 50,000 NTL INC DEL COM 62940M 10 4 6,861 94,040SH Defined " 94,040 NATIONAL CITY CORP COM 635405 10 3 157,642 4,198,189SH Defined " 4,198,189 NEWS CORP CL B 65248E 20 3 1,152 60,000SH Defined " 60,000 NISOURCE INC COM 65473P 10 5 3,531 155,000SH Defined " 155,000 PNC FINL SVCS GROUP INC COM 693475 10 5 3,676 64,000SH Defined " 64,000 PEPCO HOLDINGS INC COM 713291 10 2 864 40,500SH Defined " 40,500 PFIZER INC COM 717081 10 3 6,991 260,000SH Defined " 260,000 PROGRESS ENERGY INC COM 743263 10 5 1,796 39,700SH Defined " 39,700 QWEST COMMUNICATIONS INTL IN COM 749121 10 9 79 17,902SH Defined " 17,902 SBC COMMUNICATIONS INC COM 78387G 10 3 1,547 60,000SH Defined " 60,000 SARA LEE CORP COM 803111 10 3 1,207 50,000SH Defined " 50,000 SEABULK INTL INC COM 81169P 10 1 635 52,456SH Defined " 52,456 SUNTERRA CORP COM NEW 86787D 20 8 913 65,000SH Defined " 65,000 TIME WARNER INC COM 887317 10 5 509 26,149SH Defined " 26,149 TORTOISE ENERGY INFRSTRCTR C COM 89147L 10 0 1,646 60,000SH Defined " 60,000 TYCO INTL LTD NEW COM 902124 10 6 1,608 45,000SH Defined " 45,000 UNITED AUTO GROUP INC COM 909440 10 9 1,172 39,600SH Defined " 39,600 VIACOM INC CL B 925524 30 8 1,638 45,000SH Defined " 45,000 WASHINGTON MUT INC COM 939322 10 3 1,697 40,134SH Defined " 40,134 ZENITH NATL INS CORP COM 989390 10 9 1,231 24,700SH Defined " 24,700

HOLDINGS OF OTHER ENTITIES EACH HAVING LESS THAN $100 MILLION IN 13F SECURITIES - ------------------------------------------------------------------------------- GLOBAL CROSSING LTD SHS NEW G3921A 17 5 258 14,224SH Defined 1 14,224 ALLIANCE RES PARTNER L P UT LTD PART 01877R 10 8 7,444 100,593SH Defined " 100,593 ALLIANCE RES PARTNER L P UT LTD PART 01877R 10 8 1,703 23,011SH Other 23,011 BRISTOL MYERS SQUIBB CO COM 110122 10 8 256 10,000SH Defined 1 10,000 BRISTOL MYERS SQUIBB CO COM 110122 10 8 256 10,000SH Other 10,000 CABLEVISION SYS CORP CL A NY CABLVS 12686C 10 9 6,536 262,500SH Defined 1 262,500 CABLEVISION SYS CORP CL A NY CABLVS 12686C 10 9 727 29,177SH Other 29,177 CITIGROUP INC COM 172967 10 1 3,373 70,000SH Defined 1 70,000 CITIGROUP INC COM 172967 10 1 1,445 30,000SH Other 30,000 COMCAST CORP NEW CL A 20030N 10 1 1,824 54,800SH Other 54,800 COMCAST CORP NEW CL A SPL 20030N 20 0 9,162 279,000SH Defined 1 279,000 DPL INC COM 233293 10 9 1,256 50,000SH Defined " 50,000 DPL INC COM 233293 10 9 251 10,000SH Other 10,000 ENERGY EAST CORP COM 29266M 10 9 2,135 80,000SH Defined 1 80,000 FIFTH THIRD BANCORP COM 316773 10 0 2,654 56,100SH Defined " 56,100 FOUNDATION COAL HLDGS INC COM 35039W 10 0 922 40,000SH Defined " 40,000 GENTEK INC COM NEW 37245X 20 3 1,796 40,000SH Defined " 40,000 JOHN HANCOCK BK &THRIFT OPP SH BEN INT 409735 10 7 725 67,200SH Other 67,200 HOST MARRIOTT CORP NEW COM 44107P 10 4 175 10,110SH Other 10,110 INTERNATIONAL STL GROUP INC COM 460377 10 4 4,299 106,000SH Defined 1 106,000 INTERNATIONAL STL GROUP INC COM 460377 10 4 1,217 30,000SH Other 30,000 LAIDLAW INTL INC COM 50730R 10 2 1,467 68,543SH Defined 1 68,543 MERCK & CO INC COM 589331 10 7 321 10,000SH Defined " 10,000 NRG ENERGY INC COM NEW 629377 50 8 1,565 43,411SH Defined " 43,411 NTL INC DEL COM 62940M 10 4 19,266 264,065SH Defined " 264,065 NTL INC DEL COM 62940M 10 4 730 10,000SH Other 10,000 NATIONAL CITY CORP COM 635405 10 3 5,955 158,562SH Defined 1 158,563 NATIONAL CITY CORP COM 635405 10 3 1,562 41,603SH Other 41,603 NEWS CORP CL B 65248E 20 3 1,536 80,000SH Defined 1 80,000 NISOURCE INC COM 65473P 10 5 683 30,000SH Defined " 30,000 PEPCO HOLDINGS INC COM 713291 10 2 213 10,000SH Defined " 10,000 PFIZER INC COM 717081 10 3 2,689 100,000SH Defined " 100,000 PFIZER INC COM 717081 10 3 1,076 40,000SH Other 40,000 PIMCO HIGH INCOME FD COM SHS 722014 10 7 6,240 417,700SH Defined 1 417,700 POPULAR INC COM 733174 10 6 10,916 378,640SH Defined " 378,640 SBC COMMUNICATIONS INC COM 78387G 10 3 515 20,000SH Defined " 20,000 SANTANDER BANCORP COM 802809 10 3 1,004 33,275SH Defined " 33,275 SEABULK INTL INC COM 81169P 10 1 237 19,600SH Sole 19,600 SEABULK INTL INC COM 81169P 10 1 2,582 213,201SH Defined 1 213,201 SEABULK INTL INC COM 81169P 10 1 1,187 98,000SH Other 98,000 SUNTERRA CORP COM NEW 86787D 20 8 2,106 150,000SH Defined 1 150,000 TORTOISE ENERGY INFRSTRCTR C COM 89147L 10 0 1,646 60,000SH Defined " 60,000 US BANCORP DEL COM NEW 902973 30 4 891 28,462SH Other 28,462 UNITED AUTO GROUP INC COM 909440 10 9 1,725 58,300SH Defined 1 58,300 VIACOM INC CL B 925524 30 8 4,913 135,000SH Defined " 135,000 VIACOM INC CL B 925524 30 8 364 10,000SH Other 10,000 WASHINGTON MUT INC COM 939322 10 3 2,333 55,179SH Defined 1 55,179 ZENITH NATL INS CORP COM 989390 10 9 997 20,000SH Other 20,000 ---------- REPORT TOTAL $1,059,681 ==========