UILabel subclass initialize with custom color

1. Custom Label In swift

    class CustomLabel: UILabel {

    @IBInspectable var topInset: CGFloat = 5.0
    @IBInspectable var bottomInset: CGFloat = 5.0
    @IBInspectable var leftInset: CGFloat = 7.0
    @IBInspectable var rightInset: CGFloat = 7.0

    override func drawText(in rect: CGRect) {
        let insets = UIEdgeInsets(top: topInset, left: leftInset, bottom: bottomInset, right: rightInset)
        super.drawText(in: rect.inset(by: insets))
    }

    override var intrinsicContentSize: CGSize {
        let size = super.intrinsicContentSize
        return CGSize(width: size.width + leftInset + rightInset,
                      height: size.height + topInset + bottomInset)
    }
}

Screenshot

You do not need to override drawRect in your case,just create the class like this

class CircleLabel: UILabel {

    required init(coder aDecoder: NSCoder) {
        super.init(coder: aDecoder)!
        self.commonInit()

    }

    override init(frame: CGRect) {
        super.init(frame: frame)
        self.commonInit()
    }
    func commonInit(){
        self.layer.cornerRadius = self.bounds.width/2
        self.clipsToBounds = true
        self.textColor = UIColor.whiteColor()
        self.setProperties(1.0, borderColor:UIColor.blackColor())
    }
    func setProperties(borderWidth: Float, borderColor: UIColor) {
        self.layer.borderWidth = CGFloat(borderWidth)
        self.layer.borderColor = borderColor.CGColor
    }
}

Then

class ViewController: UIViewController {

    @IBOutlet weak var myCustomLabel: CircleLabel!
    override func viewDidLoad() {
        super.viewDidLoad()
        myCustomLabel.textColor = UIColor.blackColor()
        // Do any additional setup after loading the view, typically from a nib.
    }

}