iOS UILabel last lines cut off of long text with Subclassed insets

I have been attempting to get insets working with a UILabel by using this subclassed method:

    @IBDesignable class TextLabelWithInsets: UILabel {
    @IBInspectable var topInset: CGFloat = 0.0
    @IBInspectable var leftInset: CGFloat = 0.0
    @IBInspectable var bottomInset: CGFloat = 0.0
    @IBInspectable var rightInset: CGFloat = 0.0

    var insets: UIEdgeInsets {
        get {
            return UIEdgeInsetsMake(topInset, leftInset, bottomInset, rightInset)
        }
        set {
            topInset = newValue.top
            leftInset = newValue.left
            bottomInset = newValue.bottom
            rightInset = newValue.right
        }
    }

    override func drawText(in rect: CGRect) {
        super.drawText(in: UIEdgeInsetsInsetRect(rect, insets))
    }

    override var intrinsicContentSize: CGSize {
        var contentSize = super.intrinsicContentSize
        contentSize.width += leftInset + rightInset
        contentSize.height += topInset + bottomInset
        print("Content Size: " + String(describing: contentSize))
        return contentSize
    }
}

The problem is that this only works for smaller blocks of text. It seems as if as soon as the text gets long enough, the last line is cut off.

Any ideas how this can be fixed? Adding extra pixels to the height works but makes smaller ones look dumb. I dont know what the problem is here, the code makes sense in my head.

Here is the rest in case this helps:

func commonInit() {
    oppositeSideEdgeSpacing = screen.size.width/4

    textLabel = TextLabelWithInsets(frame: .zero)
    textLabel.layer.cornerRadius = bubbleCornerRadius
    textLabel.clipsToBounds = true

    textLabel.topInset = bubbleTopInsetSpacing
    textLabel.bottomInset = bubbleBottomInsetSpacing
    textLabel.leftInset = bubbleLeftInsetSpacing
    textLabel.rightInset = bubbleRightInsetSpacing

    textLabel.numberOfLines = 0
    textLabel.translatesAutoresizingMaskIntoConstraints = false
    textLabel.textAlignment = .left
    textLabel.backgroundColor = UIColor(hexString: "CDDCE0") // TODO: Fix this

    addSubview(textLabel)

    if !isMessageFromCurrentUser {
        textLabel.topAnchor.constraint(equalTo: topAnchor, constant: bubbleEdgeSpacing).set(active: true)
        textLabel.leftAnchor.constraint(equalTo: leftAnchor, constant: bubbleEdgeSpacing).set(active: true)
        textLabel.rightAnchor.constraint(equalTo: rightAnchor, constant: -oppositeSideEdgeSpacing).set(active: true)
        textLabel.bottomAnchor.constraint(equalTo: bottomAnchor).set(active: true)
    }
}