I found a solution.
One just has to add the following code:
// Swift
textLabel.lineBreakMode = .ByWordWrapping // or NSLineBreakMode.ByWordWrapping
textLabel.numberOfLines = 0
// For Swift >= 3
textLabel.lineBreakMode = .byWordWrapping // notice the 'b' instead of 'B'
textLabel.numberOfLines = 0
// Objective-C
textLabel.lineBreakMode = NSLineBreakByWordWrapping;
textLabel.numberOfLines = 0;
// C# (Xamarin.iOS)
textLabel.LineBreakMode = UILineBreakMode.WordWrap;
textLabel.Lines = 0;
Restored old answer (for reference and devs willing to support iOS below 6.0):
textLabel.lineBreakMode = UILineBreakModeWordWrap;
textLabel.numberOfLines = 0;
On the side: both enum values yield to 0
anyway.
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