Verily sells insurance business Granular to Elevance Health

Verily, a life sciences unit of Alphabet, has agreed to sell its stop-loss insurance business, Granular, to Elevance Health. This move aligns with Verily's strategy to focus on artificial intelligence and reduce its project scope. Granular, launched in 2020, specializes in using data science to help employers manage healthcare costs. The terms of the sale have not been disclosed, but both companies express optimism about the acquisition. Verily has been transitioning away from Google's infrastructure and aims for greater independence. The company has explored various healthcare projects while Granular has become a significant revenue source.