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The American International Group won't renew its deal when it expires at the end of 2021.
The AIG logo first appeared on the All Blacks jersey in 2012, with the sponsorship reportedly worth about $80 million.
AIG's current sponsorship agreement is for six years to the end of 2021 and they 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."
"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.
Daniel Glantz, AIG's Global Head of Sponsorship and Strategic Partnerships, said: "We thank New Zealand Rugby for their partnership and are proud of our many accomplishments together. New Zealand Rugby's staff and players have consistently demonstrated a commitment to excellence on and off the pitch, which has enhanced both of our brands and inspired rugby fans around the world."