Allied World Assurance Company Holdings' net income fell 42 percent for the fourth quarter - but the company still managed to chalk up record full-year earnings of $665 million.The re/insurer's profits for the last three months of 2010 totalled $92.8 million compared to $161.3 million in the same quarter of 2009. Earnings per share of $2.24 exceeded the $1.95 forecast of analysts polled by Bloomberg.Allied's full-year earnings were up around 10 percent from 2009's $606.9 million.Allied, which moved its corporate domicile from Bermuda to Switzerland last year, said its results were hit by $21.4 million of net losses from “major loss driven events”.Diluted book value per share rose by almost 25 percent during 2010 to $74.29.