Water Safety New Zealand says last year's drowning toll was 37 deaths higher than the year before.
Chief executive Matt Claridge says 124 people lost their life in the water in 2011, incluing 14 pre-schoolers whose deaths were completely avoidable.
Mr Claridge says the total for 2011 is a provisional figure and needs to be checked against coroners' findings and other reports.
The drowning toll for the holiday period (from 4pm on 23 December to 6am on 4 January) stands at six on Tuesday. Last year, 10 people died.
On average, 105 people drown in New Zealand each year.