A lot of the answers are missing the override of sizeThatFits. With this subclass you can just create the label, set the padding, and then say label.SizeToFit() and voila.
import UIKit
class UILabelEx : UILabel
{
var padding : UIEdgeInsets = UIEdgeInsets(top: 0, left: 0, bottom: 0, right: 0)
override func drawTextInRect(rect: CGRect) {
super.drawTextInRect(UIEdgeInsetsInsetRect(rect, padding))
}
override func sizeThatFits(size: CGSize) -> CGSize
{
var adjSize = super.sizeThatFits(size)
adjSize.width += padding.left + padding.right
adjSize.height += padding.top + padding.bottom
return adjSize
}
}