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Using longitudinal data from the date of arrival, we study long‐term labour market and social insurance outcomes for all major immigrant cohorts to Norway since 1970. Immigrants from high‐income countries performed as natives, while labour migrants from low‐income source countries had declining employment rates and increasing disability programme participation over the lifecycle. Refugees and family migrants assimilated during the initial period upon arrival but labour market convergence halted after a decade and was accompanied by rising social insurance rates. For the children of labour migrants of the 1970s, we uncover evidence of intergenerational assimilation in education, earnings and fertility.