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The Norwegian and international economies have rebounded, but there is considerable uncertainty about the further path of the pandemic. High household debt and high property prices are the key vulnerabilities in the Norwegian financial system. It is vital that the banks are well capitalised to be able to absorb loan losses and provide loans to creditworthy customers during an economic downturn.

After the first three quarters of 2021, both banks and insurers show a better performance than in the corresponding period of 2020. For the banks, lower loan losses were the main factor behind the rise in profits. For the insurers, the stock market upturn helped to raise investment income. Non-life insurers also recorded an increase in profits from insurance business.