The deal was announced by the union in Auckland today and means the All Blacks and five other New Zealand rugby teams will display the AIG logo until May 2018.
NZRU chief executive Steve Tew said the deal was the second-most valuable sponsorship deal in world rugby, behind the current deal with adidas.
In addition to the All Blacks, AIG will sponsor the Black Ferns, the Maori All Blacks, the men's and women's sevens teams and the men's under-20 side.
"We are adding the AIG logo to the black jersey, in addition to that of adidas which has appeared since 1999," said Tew.
"However, this is not a decision we have taken lightly. Like all New Zealanders we greatly respect the rich and proud heritage of the black jersey, which is why NZRU consulted with senior players and others as we carefully weighed up this latest move.
"On balance it is a very positive opportunity to secure the additional funds that we need to help safeguard the future of the game in this country."
The AIG logo on the All Blacks jersey is just under one third the size of the maximum allowed under International Rugby Board guidelines in consideration of the historical significance of that jersey.
The logo will be across the chest of the jerseys, rather than on the sleeve as initially first thought.
AIG executive vice president Peter Hancock said the deal was the company's largest commitment to any sport.
The All Blacks Sevens team will first wear the new strip tomorrow at the HSBC Sevens World Series tournament on the Gold Coast in Australia.
The All Blacks will wear it when they take on Australia in Brisbane on 20 October.
All Blacks captain Richie McCaw said the new sponsorship arrangement had his support.
"It's really flattering that a company this big has chosen New Zealand rugby to be its cornerstone sponsorship. It shows incredible respect for our traditions, heritage and record of success across all our teams.
"This will really help make our game stronger right from the community game to the All Blacks so this is great news for rugby."
