A man has died and two children are in critical condition after the boat they were on capsized at Pauanui, Coromandel.

Emergency services were called to the incident about 2.30pm yesterday.

Five people were onboard and police today provided an update that one of them died.

Two children remain in Starship Hospital in a critical but stable condition.

Police said they would investigate, with support from Maritime NZ, the circumstances that led to the boat overturning.