The following code splits the given number of "fractional years" into years, month, days and hours. It makes the simplifying assumptions that every year has 365 days, and that one month is exactly 1/12 of a year.
float tmp = lifeTime;
int years = tmp;
tmp = (tmp - years) * 12.;
int months = tmp;
tmp = (tmp - months) * 365./12.;
int days = tmp;
tmp = (tmp - days) * 24.;
int hours = tmp;
NSString *str = [NSString stringWithFormat:@"%d years %d month %d days %d hours ",
years, months, days, hours];
To update a label regularly, you can use the NSTimer
class (but updating every 1/100 second is much too often).