EXHIBIT 10.24 SUMMARY OF NAMED EXECUTIVE OFFICER COMPENSATION
Summary of FBL Financial Group, Inc.
Named Executive Officer Compensation — 2007
The table below summarizes certain calendar year 2007 compensation information regarding FBL Financial
Group, Inc.’s Chief Executive Officer, Chief Financial Officer and the other three highest compensated Executive
Officers, (collectively the “Named Executive Officers”). These salaries are subject to change at the discretion of
the Management Development and Compensation Committee and/or Board of Directors of the Company. These
salaries do not include the Company’s contributions to defined benefit and contribution plans and the Company’s
contributions to other employee benefit programs on behalf of the Named Executive Officers.
(1) Payable pursuant to the FBL Financial Group, Inc. 2007 Management Performance Plan. Goals for the plan
are set annually in such areas as membership accounts, insurance and annuity premium volume, expense controls
and earnings per share. Payments are made in early February of the year following performance, upon
certification by the Management Development and Compensation Committee of the level of goal attainment.
(2) Annually granted in mid-January pursuant to the 2006 Class A Common Stock Compensation Plan at date of
grant closing stock price as the exercise price; vest in five annual installments and expire in ten years. The grants
are incentive stock options to the extent permitted by tax law, with the remaining shares being nonqualified stock
(3) Annually issued in February pursuant to the 2006 Class A Common Stock Compensation Plan; these
restricted shares are subject to forfeiture if Company performance goals (measured by earnings per share and
return on equity) and other conditions are not met during the three years ended December 31, 2009, and assume
that expected operations will result in earning the target amount of approximately 50% of the amount granted.