Activate the yeast by combining warm milk and active dry yeast in a small bowl. Let it sit for 5-10 minutes until frothy.

In a large mixing bowl, whisk together flour, sugar, salt, cinnamon, and nutmeg.

Make a well in the dry mixture and add the activated yeast mixture, softened butter, eggs, vanilla extract, and orange zest. Mix until a dough forms.

Knead the dough on a floured surface for 8-10 minutes until smooth and elastic.

Place the dough in a greased bowl, cover with a damp cloth, and let it rise in a warm place for 1-2 hours until doubled in size.

Punch down the dough and shape it into a large oval ring. Place on a baking sheet lined with parchment paper.

Tuck the figurine and dried bean into the dough from the bottom.

Cover the shaped dough with a cloth and let it rise for another 30-45 minutes.

Preheat the oven to 350°F (175°C).

Brush the top of the dough with the beaten egg and decorate with candied fruits and sliced almonds.

Bake for 25-30 minutes until golden brown. Let cool on a wire rack.