drawInRect:withAttributes:

- (void)drawRect:(CGRect)frame
{
    NSMutableParagraphStyle *textStyle = [[NSMutableParagraphStyle defaultParagraphStyle] mutableCopy];
    textStyle.lineBreakMode = NSLineBreakByWordWrapping;
    textStyle.alignment = NSTextAlignmentCenter;
    UIFont *textFont = [UIFont systemFontOfSize:16];

    NSString *text = @"Lorem ipsum";

    // iOS 7 way
    [text drawInRect:frame withAttributes:@{NSFontAttributeName:textFont, NSParagraphStyleAttributeName:textStyle}];

    // pre iOS 7 way
    CGFloat margin = 16;
    CGRect bottomFrame = CGRectMake(0, margin, frame.size.width, frame.size.height - margin);
    [text drawInRect:bottomFrame withFont:textFont lineBreakMode:NSLineBreakByWordWrapping alignment:NSTextAlignmentCenter];
}