A UILabel subclass that adds padding around the text and handles layout properly.

NRLabel.m

    @interface NRLabel : UILabel
    @property (nonatomic) UIEdgeInsets textInsets;
    @end

    @implementation NRLabel

    - (void)setTextInsets:(UIEdgeInsets)textInsets
    {
        _textInsets = textInsets;
        [self invalidateIntrinsicContentSize];
    }
    
    - (CGRect)textRectForBounds:(CGRect)bounds limitedToNumberOfLines:(NSInteger)numberOfLines
    {
          UIEdgeInsets insets = self.textInsets;
          CGRect rect = [super textRectForBounds:UIEdgeInsetsInsetRect(bounds, insets)
                          limitedToNumberOfLines:numberOfLines];

          rect.origin.x    -= insets.left;
          rect.origin.y    -= insets.top;
          rect.size.width  += (insets.left + insets.right);
          rect.size.height += (insets.top + insets.bottom);

          return rect;
    }

    - (void)drawTextInRect:(CGRect)rect
    {
        [super drawTextInRect:UIEdgeInsetsInsetRect(rect, self.textInsets)];
    }

    @end

How about the text length is 0? For UILabel class, the textRectForBounds returns CGSizeZero when it's empty. It'd better add the following statement when overriding it.

    if (self.text.length > 0) {
        rect.size.width += (insets.left + insets.right);
        rect.size.height += (insets.top + insets.bottom);
    }