Это довольно просто:
UIImage *backgroundImage = [UIImage imageNamed:@"image.png"];
UIImage *watermarkImage = [UIImage imageNamed:@"watermark.png"];
UIGraphicsBeginImageContext(backgroundImage.size);
[backgroundImage drawInRect:CGRectMake(0, 0, backgroundImage.size.width, backgroundImage.size.height)];
[watermarkImage drawInRect:CGRectMake(backgroundImage.size.width - watermarkImage.size.width, backgroundImage.size.height - watermarkImage.size.height, watermarkImage.size.width, watermarkImage.size.height)];
UIImage *result = UIGraphicsGetImageFromCurrentImageContext();
UIGraphicsEndImageContext();
Если вы хотите, чтобы фон и водяной знак имели одинаковый размер, используйте этот код
...
[backgroundImage drawInRect:CGRectMake(0, 0, backgroundImage.size.width, backgroundImage.size.height)];
[watermarkImage drawInRect:CGRectMake(0, 0, backgroundImage.size.width, backgroundImage.size.height)];
...