New Zealand Rugby and the All Blacks are parting ways with AIG as a major sponsor.

The American insurance company has been a sponsor of New Zealand Rugby since 2012, with the initial five-year deal worth a reported $80m.

AIG renewed the multi-million dollar contract in 2016, retaining its central spot on the All Blacks jersey until the end of the 2021 season.

The current sponsorship agreement sees AIG directly sponsor the All Blacks, the All Blacks Sevens, the Maori All Blacks, the Black Ferns, the New Zealand Black Ferns Sevens and New Zealand Under 20 teams.

NZR Chief Executive Mark Robinson said the international insurance giant was giving both organisations ample time to prepare for new opportunities in the future.

"We have enjoyed a hugely successful and mutually beneficial commercial partnership that has helped both AIG and NZR to strengthen our respective brands on the world stage.

"Through this partnership, NZR and the six national teams sponsored by AIG have been able to grow rugby's presence in new and growing markets, with opportunities to play in new territories and introduce our teams to new fans all over the world," Robinson said.

"Lengthy commercial partnerships such as this are unusual, and the lead-in time provided means NZR is very well placed to attract new sponsors," Robinson said.

"AIG has been a special partner not only because of their presence on the front of the treasured black jersey, but because they have been a leading voice on social issues that are dear to NZR and to our athletes.

"We are proud that New Zealand Rugby players were the faces of their #EffortisEffort and #DiversityIsStrength campaigns, promoting positive social messages and equality on and off the sporting field. Such campaigns have received a number of accolades, including being recognised at prestigious international advertising ceremonies such as Cannes and the Clio Awards in New York.

"AIG has been behind the All Blacks through a dominant period on-field, including a Rugby World Cup win in 2015, the Black Ferns' 2017 Rugby World Cup win in Ireland, double gold at the Commonwealth Games and at the Sevens Rugby World Cup for the All Blacks Sevens and Black Ferns Sevens teams in 2018, while off-field, the All Blacks received the coveted Laureus Award and the Princess of Asturias Award.

"We will continue to work with AIG through another exciting period for our teams – with both the men's and women's sevens teams seeking gold at the Tokyo Olympics later in 2020, and the Black Ferns heading into the Rugby World Cup 2021 as defending champions and the tournament's host nation," Robinson said.