(Bloomberg) -- Allianz SE, Europe’s biggest insurer and assetmanager, warned that stock-market turmoil may follow a recentrally.

“We see generally meager growth prospects, political dangers andrisks of a stock market crash,” Oliver Baete, board member anddesignate chief executive officer, said in an interview withGermany’s Manager Magazin published on Thursday. Holger Ullrich, aspokesman for Allianz, confirmed the comments.

An executive at Pacific Investment Management Co., which Allianzowns, also said Thursday that markets may get more volatile shouldGreece leave the euro area. Europe’s equity benchmark, the StoxxEurope 600 Index, has surged 19% in 2015 amid quantitative easingby the European Central Bank and record low bond yields.

“We want to reduce our risk and have some dry powder to buyassets in Europe,” Mihir Worah, Pimco’s chief investment officerfor asset allocation and real return, said in Sydney on Thursday.He put the chances of a Greek euro exit at 30%.

The Stoxx 600 dropped 0.5% to 407.03 at 10:17 a.m. London time,the second day of declines. It reached a record high on April15.

Allianz had 1.8 trillion euros ($2 trillion) of assets undermanagement at the end of 2014.

--With assistance from Alexander Kell in Frankfurt.

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