Swann, owned by IAG, only paid out around 10 per cent of the $1.07 billion in add-on insurance premiums it collected over a 10-year period, the royal commission has heard.

Earlier on Tuesday, Allianz reluctantly admitted some staff had tried to manipulate an independent report by consulting firm EY that was required by the regulator, APRA.

See how the day unfolded in the blog.